2023: 3 Books, 3 Learnings
Hope y’all are having a great start to 2024!
2023 has been a significant year with lots of learnings. M&A environment has been tricky. Valuations for good technology-oriented companies are still high and I lost a few deals to strategic or PE buyers.
Yet, there were few that I came close to and was able to negotiate a fair price. However, for other reasons, had to abandon the deal. With the roller-coaster ride of 2023, came lots of learnings!
But few of my key learnings:
Be decisive.
Many a time, while evaluating options or any opportunities, we tend to spend much time, energy, and attention dilly-dallying or postponing a decision.
I have been guilty of this as well. But the best approach is always to have a framework in place and make the best decision based on the information you have. Right or Wrong, time will tell.
There is a difference between rushing into a decision vs. making a quick decision. Experience lets you differentiate between the two.
Here is a book that I recently read which helped provide more clarity to the thinking.
https://www.annieduke.com/site/uploads/howToDecide_excerpt.pdf
Focus.
When I started my search to acquire a company, I was broad in sectors, evaluating, several businesses and business models. This was an important step to get to where I am now.
But, as cliché as it sounds, staying focused creates better results.
Trying four things vs. one is always better and you accomplish more. While advising clients, I always said to pick a niche and focus on a specific segment of the market. After all, that is a core principle of marketing.
If businesses are guilty of broad-based marketing; So, are we in our personal lives. We have limited time, and attention, so use it wisely.
Ron Shaich (founder of Panera Bread) provides great examples and how we can use them in real life.
Care for Self.
I always thought self-caring was equivalent to being selfish or putting yourself before others. Growing up, we were always taught to put ourselves after others.
Yes, self-indulgence is bad. However, taking care of your physical and mental needs is probably one of the most important responsibilities you have towards the gift of life given to you.
I believe only now, it has become ok to talk about these issues. We routinely see cricketers, athletes, and business leaders talk about mental health issues - which was non-existent a few years back.
Even things like dressing up for work (even if it is your home office) help, in my opinion. Was fake commute just a fad?
So, never compromise on taking the time to rest, exercise, be with loved ones, or take a long walk in silence.
It is not guaranteed that you will be rejuvenated but it is guaranteed that if you do not, things will only worsen!
I happened to stumble upon this book. Good read. If you have recommendations do write in comments.
There have been many more learnings but the above deemed worthy of writing.
All, have a wonderful 2024!