Uncompromising Principles - Now and Forever

As the year draws to a close, I find myself reflecting on the stories that have shaped my thinking, the lessons that have stood the test of time, and the principles that guide us in moments of decision. This newsletter, though a little overdue, is my last for the year before I resume in January 2025. It’s a special one—a story about principles that has stayed with me for ages, and I hope it will resonate with you just as deeply.

Sixty years ago, Warren Buffett faced a pivotal moment that would forever shape his career—and offer timeless lessons for entrepreneurs.

In 1964, Buffett, then a budding investor, decided to sell his shares in Berkshire Hathaway, a struggling textile company. He had negotiated a deal with the CEO, Seabury Stanton, to sell his shares at $11.50 apiece. But when the tender offer arrived, Stanton had shaved the price down to $11.375 per share.

A mere 12.5 cents per share might seem inconsequential to most. To Buffett, however, it was a breach of trust. Feeling insulted, he refused to sell. Instead, he made a decision that he later described as emotionally driven—he bought out the company to oust Stanton and took control of Berkshire Hathaway.

Fast forward to today, and those shares are worth over $674,756 each. What began as a decision rooted in principle and pride ultimately led Buffett to transform Berkshire Hathaway into one of the world’s most successful conglomerates.

Now, let’s unpack the lessons from this story for entrepreneurs:

1. Principles Over Pennies

Buffett’s reaction underscores the value of integrity in business. While Stanton’s move might have saved a fraction of a percent, it cost him everything in the long run. For entrepreneurs, staying true to your principles builds trust—a currency far more valuable than any short-term gain.

2. Emotion Can Be Both an Asset and a Liability

Buffett himself admits that his decision was not purely rational. Entrepreneurs often make emotionally charged decisions, especially when trust is broken. The key is channeling that emotion constructively—as Buffett did by turning a loss into an empire.

3. Adapt and Pivot

Berkshire Hathaway’s textile business was failing when Buffett took over. Instead of clinging to a sinking ship, he pivoted, turning the company into a powerhouse of investments. Entrepreneurs must remain flexible, always looking for opportunities to adapt.

4. The Long Game Pays Off

Buffett’s story is a testament to patience and vision. Transforming Berkshire Hathaway didn’t happen overnight, but his steadfast commitment to growth paid off exponentially. As an entrepreneur, think beyond immediate wins and focus on sustainable success.

5. Every Decision Shapes the Future

If Stanton had honored his word, the business world might look very different today. As entrepreneurs, seemingly small decisions can ripple outward in ways we can’t predict. Always weigh the broader implications of your actions.

6. Trust is Non-Negotiable

Finally, Stanton’s decision to undercut Buffett for a trivial amount damaged his reputation irreparably. In business, trust is a cornerstone of lasting relationships. Compromising it for short-term benefits can have devastating consequences.

The story of Buffett and Berkshire Hathaway is not just about stocks and business deals. It’s a lesson in the power of principles, the importance of trust, and the transformative potential of sticking to your values. As you navigate your entrepreneurial journey, remember: Sometimes, standing firm on your principles isn’t just the right thing to do—it’s the smartest move you can make.

New year's resolutions don't work. If you want better outcomes, try this instead.

As entrepreneurs, our time and energy are some of our most valuable assets. Every New Year, I take a moment to reflect on how I’ve been using them. My go-to method? A personal year-end audit to evaluate what worked, what didn’t, and what needs to change.

For years, I’ve been using a structured approach inspired by the Year Compass (a free reflection and planning PDF).

Here’s how it works for me:

• Reflect on the past year: What strategies drove growth? What habits or activities drained my energy without delivering results?

• Plan for the year ahead: What projects or ideas deserve more focus? Which ones need to be retired?

For example:

• Why am I still chasing leads in markets that haven’t proven fruitful?

• Why do I keep scheduling calls with people who aren’t aligned with my goals or letting every one pick my brain vs it being meaningful for me too?

• When am I going to sunset that side project that’s only distracting me from bigger wins?

• Why do I say yes, when I should say no…

By taking a step back, I can almost always do better.

This practice has been a game-changer for me, leading to some of the most impactful decisions in my career. If we keep doing the same things expecting different results, we’re only setting ourselves up for frustration.

Filling out PDFs or journals can feel clunky. Want to try it for yourself? Check out the new digital version here: https://yearcompass.vercel.app/

Take this moment to invest in yourself and your future. The clarity you’ll gain is well worth it. Let’s make this year your best one yet! Would love to hear your feedback.

When Simplicity Outlasts Innovation

As entrepreneurs, we’re often drawn to shiny new tools, platforms, and technologies that promise to revolutionize the way we work. But every so often, a story comes along that reminds us of the power of simplicity and the value of solving the right problems—no more, no less.

I recently stumbled upon a post about Hilligoss Bakery in Brownsburg, Indiana. Back in the early 80s, they plugged in a set of Commodore 64s to serve as their point-of-sale system. The software, written in BASIC, has been running flawlessly for 42 years. No internet. No hackers. No updates. Just consistent, reliable service.

It’s remarkable when you think about it. In a world constantly chasing innovation, this small bakery leaned into a solution that wasn’t flashy but perfectly met their needs. And decades later, it’s still doing its job better than many “modern” systems could hope to.

There’s an important lesson here:

• Not every problem needs a new solution. Sometimes the simplest, most enduring tools are the ones that work best.

• Innovation isn’t always the answer. Solving a problem often means focusing on what’s essential, not what’s trendy.

• Longevity matters. A solution built to last can often outshine one designed to impress.

In our quest for constant improvement, it’s easy to overlook what’s already working. We assume that "new" equals "better," forgetting that some systems and processes stand the test of time precisely because they’re not complicated.

This isn’t to say innovation isn’t important—far from it. But before we rush to build something new, we need to ask ourselves:

• Is this a problem that truly needs solving?

• Are we solving it in a way that prioritizes longevity and simplicity?

As we build and grow, let’s keep stories like this in mind. Sometimes, the best tools aren’t the ones that are cutting-edge—they’re the ones that simply get the job done.

Here’s to creating solutions that last.

Unlimited Consulting…

What happens when you flip the traditional consulting model on its head? Instead of charging by the hour, you offer unlimited, indefinite access for a one-time fee—and back it up with a full-year, no-questions-asked refund policy.

Sounds risky, right? But that’s exactly what one entrepreneur did, and it led to $200,000 in revenue, 80 active collaborations, and a consulting model that’s both unconventional and surprisingly effective.

If you’re curious about how this approach works, why it’s sustainable, and how it can inspire your own business experiments, read the fully story below. It’s a fascinating case study in scaling simplicity.

Sometimes, breaking the rules is the most scalable move you can make.

https://a16z.com/apps-unwrapped/

"Apps Unwrapped" is an initiative by Andreessen Horowitz (a16z) that showcases their favorite AI applications of the year. In 2024, the a16z consumer team, along with fellow AI enthusiasts and early adopters, tested numerous AI apps, experimenting with tools for writing songs, creating podcasts, and automating daily tasks. They curated a selection of standout products that delighted and inspired them throughout the year

By not waiting for a business epiphany

This thread go me thinking. Here are 50 more ideas for you to explore in the new year, that are low to no capital based. Just grit and intention based.

Here’s a list of 50 additional low-capital, skill-based local business ideas that align with the genre you're exploring:

Home and Property Services

1. Residential painting services

2. Gutter cleaning and maintenance

3. Landscaping and garden design

4. Handyman services

5. Closet design and installation

6. Solar panel cleaning and maintenance

7. Pool cleaning and maintenance

8. Smart home setup and installation

9. Carpet and upholstery cleaning

10. Appliance repair

Personal Services

11. Personal stylist or shopper

12. Fitness trainer or yoga instructor

13. Virtual assistant for local businesses

14. Personal tech tutor (for seniors or kids)

15. Custom tailoring or clothing alterations

16. Life coaching or career counseling

17. Freelance writing or resume writing services

18. At-home massage therapy

19. Language tutoring or translation services

20. Makeup artist or skincare consultant

Food and Beverage

21. Farmer’s market vendor (homemade jams, baked goods, etc.)

22. Coffee cart or mobile espresso bar

23. Craft Nutritional drink mix delivery service

24. Specialty charcuterie board creation

25. Local meal kit delivery service

26. Cottage bakery (from home kitchen if allowed locally)

27. Healthy snack subscription service

28. Seasonal pop-up food stand (e.g., lemonade, tacos)

29. Homemade ice cream or gelato cart

30. Artisanal candy or chocolate making

Pet Services

31. Mobile pet grooming van

32. Dog walking or running service

33. Pet sitting and overnight care

34. Custom pet furniture design

35. Pet photography services

36. Exotic pet care services (birds, reptiles, etc.)

37. Training for specific pet behaviors

38. Pet nutrition consulting

39. Personalized pet apparel or accessories

40. Pet-friendly Airbnb host services

Specialty and Niche Markets

41. Custom furniture assembly

42. Local event planning and coordination

43. Professional decluttering for moving or downsizing

44. Luxury picnic setup service

45. Custom mural painting for homes or businesses

46. Drone photography/videography services

47. Outdoor adventure guide (kayaking, hiking, etc.)

48. Vehicle customization (vinyl wraps, custom lights)

49. Sustainable clothing or upcycling business

50. Customized party decorations or balloon installations

These ideas are designed to cater to local needs, offer niche value, and are accessible for individuals starting with limited resources or support. Most can be built upon basic skills, tools, and hustle—allowing for steady growth over time.

Who Should You Spend More Time With?

Finding new, amazing friends is hard. Doubling down on your best relationships is easy and valuable. Most of us never do it.

Here’s a quick way to refocus your time and energy on the relationships that matter most:

1. Make a list: Write down everyone you’ve spent more than 2 hours with in the last couple of years. Yes, everyone.

2. Gut check: Compare each pair one by one—who makes you feel more energized, supported, or inspired? Trust your instincts here; this is all about your gut feeling, not logic.

3. Focus on the winners: The people who “win” most often in these comparisons are probably the ones you should spend more time with. They’re often folks you’ve unintentionally drifted away from—not out of conflict, but simply because life got busy.

4. Quiet the noise: If your brain tries to overthink it, promise yourself you’ll do a more logical, head-focused version later. For now, let your gut lead.

5. Reassess later: Once you’ve done this gut-based sorting, you can compare it with a head-driven list to see where they align—or differ.

This exercise isn’t about cutting people off; it’s about investing more energy in relationships that truly add value to your life. The clarity you gain can help you build a stronger, more supportive network that aligns with your entrepreneurial journey.

Bonus! Thought of the week

If your calendar could talk, it’d say:

“I don’t just track your time—I expose your excuses.”

A punchy reminder to align your schedule with your priorities, not your distractions!

In the new year let the last year be your guide.

Fun Fact: In 181 BCE, Rome founded Aquileia, a Roman colony in Northern Italy, which became a critical center for trade and military operations.