Happy Friday!! Welcome to another edition of educational Fridays, where we will post up material (videos, infographics, links, etc) to help you learn more about passive income and investing.
This video below, by Evan Carmichael, highlights the best rules for success from Michael Dell.
Michael Dell’s Top 10 Rules For Success:
1. Understand your point of impact
In a bid to enter business early, he applied to take a high school equivalency exam at age eight.
2. Look for experiments
In his early teens, he invested his earnings from part-time jobs in stocks and precious metals.
3. Be resourceful
He purchased his first calculator at age seven and encountered an early teletype terminal in junior high.
4. Build a culture
At age 15, after playing with computers at Radio Shack, he got his first computer, an Apple II, which he promptly disassembled to see how it worked.
5. Tough times present opportunities
In high school he sold subscriptions to the Houston Post in the summer. He earned $18,000 that year, exceeding the annual income of his history and economics teacher.
6. Be willing to experiment
As a freshman pre-med student, he started an informal business putting together and selling upgrade kits for personal computers.
7. Accept risks
Operating out of a condominium, the business sold between $50,000 and $80,000 in upgraded PCs, kits, and add-on components.
8. Develop partnerships
In 1992, aged 27, he became the youngest CEO of a company ranked in Fortune magazine’s list of the top 500 corporations.
9. Be passionate
On January 5, 2013 he bid to take Dell Inc. private for $24.4 billion in the biggest management buyout since the Great Recession.
10. Failures lead to success
Accolades for Dell include “Entrepreneur of the Year” (at age 24) from Inc. magazine and “Top CEO in American Business” from Worth magazine.
My favorite rule is #10, “failures lead to success,” because you should be willing to take risk and try different ways to get to success, and when you fail, you learn from those mistakes and you grow to be a smarter, stronger person. My second favorite is #9, “be passionate,” because you need passion to get through challenges and tough times. Which rule do you like the most?