In a book written by Tilman Fertitta which highlights the continuation of the promise kept on a day to day basis. Mr. Feritta book was published by HarperCollins Leadership, NY, 2019. Mr. Feritta owns the Houston Rockets, five Golden Nugget Casinos and Hotels as well as 50 restaurant chains. In his book he offers advice to keep the promise on a day to day basis.

The 95:5 Rule What’s Your 5?

Most businesses are good at 95% of what they do, the other 5% determines if they will grow and excel.

Hopefully 95% of the business is good, to get at the other 5% pay attention to online reviews and feedback.

View your business through your customer’s eyes.

The 5% that you need to worry about are the many small things that people see, may not be a problem but it is just off a bit. If they are fixed you are well on the way to being exceptional.

Know and Leverage Your Strengths

It is critical to know what skills you bring to the table, and those you lack. Without that honesty, you may not be able to grow a business in all aspects and to keep growth going through a balance of skills.

If you have a strength, build on it, lean on it, use it for the good of the business.

Partner with Complementary Strengths

Never become partners with the same skill set as you.

If you lack a skill, bring someone in with that skill, to grow your business.

See the Opportunity, Seize the Opportunity

Every successful entrepreneur is an opportunist.

The economy runs in cycles, there are ups and downs, you need to prepare for the down cycle and be ready to seize the opportunities that come from it and allow for them to do better in the up cycles. Repeat.

Borrow money when you do not need it, because if you do need it, you likely will not get the money. The money you have borrowed can be patient money to look at opportunities to grow your business. Remember there is always another deal to be made, saying no can pay dividends if you are patient.

As an entrepreneur it is important to dream but dream realistically.

Not every deal needs to be a home run.

Always stay hungry, never become complacent. Define success by being better at something than anyone else.

If you want to lead, listen first. You have 2 ears, one mouth. If you are not hearing what you believe is the truth, doing something like Undercover Boss – to hear from the trenches can be useful.

A chat in the trenches can teach you a lot, but you will probably hear a fair amount of bullshit, but if you get one piece of useful information you will be a better leader. The more you do it, the better your become at separating the useful from the useless.

Know what you know and know what you do not. Rely on others for information, when you assemble your team, ensure that every person has something of value to contribute. Your instincts will let you know what’s good advice and what’s not.

An example of bullshit. A restaurant was not doing as well as the others in the same category. The reason given there are professional diners in the city. What is professional diners? The reality people are people, they expect good food, good service at a reasonable price and they were not doing it.

Stay involved in your business as much as possible and do not assume anything – follow up.

A great leader is also a great teacher. Take every opportunity to teach those around you.

A great leader accepts change. Sometimes the best decision is no decision at all.

Don’t overthink. Allow things to play out. Remember the KISS rule (Keep it Simple, Stupid).

Persistence is a valuable skill – keep punching

When things are hard, remember the basics

Linking to dividend paying stocks, reading and perhaps listening to Mr. Fertitta are important elements to see what successful people do to continually grow the business. If you watch the numbers and do not rely on too much debt, there are many opportunities to expand the business, but you access to credit to do that. Long term successful companies have the access to credit, how they expand is what shareholders consider, debate and vote with their shares. Buy, hold or sell is a great line in poker, but with patience it can be a great line for you.

There are more questions than answers, till the next time – to raising questions.