Some Things I've Learned in Business (Sometimes the Hard Way), a thread:

1. Wealth comes from solving problems - you can solve small problems for lots of people, big problems for few people or big problems for lots of people (avoid small problems for few people!)

2. As quickly as you can, figure out how to work for yourself

3. If you have to work for someone else, figure out how she makes money and then help her make more of it

4. Seek positions in the parts of organizations that bring in money (sales, acquisitions, capital raising) and avoid positions that spend it (compliance, accounting)

5. Get and keep a reputation for honesty and integrity

6. Give people bad news promptly; but, ideally, not before you have a suggestion for solving the problem (note that these are sometimes in tension)

7. Always disclose risks up-front (and don’t try to hide them in a sea of bullshit)

8. Treat investors’ capital like gold - someone worked like a dog for it.

9. Be a long-term owner of assets; buying and selling a lot vaporizes value

10. Take a few accounting classes

11. Find a very good bookkeeper early in your career and keep that person around

12. All people go through ups and downs; be tolerant of good people going through down periods (but not indefinitely)

13. Once you become convinced an employee is not going to work out, fire her immediately - don’t wait

14. Thank your employees often

15. No one is going to solve your complicated problem for you magically; get advice, help, etc., but you’re going to have to solve your problem for yourself (and, in doing so, learn & grow)