Lessons from a Bank, A book on Mindset and more...
An informative week
Reflection for the week:
The recent Bank Run issue with SVB is known to all. What are the learnings from the same to every entrepreneur, professional and everyday individual (like me !) ?
Here are a few lessons I have understood from the same.
>Do not keep all your funds (personal or business) in a single bank. A bank run (or for that matter anything else in the world of finance) could happen to any bank.
>Use alternate monetary forms if possible. e.g. Gold, fixed deposits, cash, property investment etc. which can be liquidated and accessed in case of your main operating accounts being unaccessible, and you need funds to run your business and life.
>Build partnerships with your service providers - logistics, housing, employee benefits, office services, suppliers, etc. which can be used for extended credit / services support in case of short term financial issues with the bank.
> Maintain internal and external communication - If there is an issue with the bank, which can affect cash availability, share the reality with your stakeholders and audience in a practical way, and also what you are doing to address the same. It may not be your fault, but you are still affected and your commitments and deliverables are still your responsibility.
A Book to consider:
Do you read - if not, do spend at least 1 hour a week (if not a day) for reading without distractions.
A Book on STOICISM I can suggest:
The Daily Stoic: 366 Meditations on Wisdom, Perseverance, and the Art of Living by Ryan Holiday and Stephen Hanselman
Why Stoicism?
Stoicism provides us with timeless wisdom for leading a better life.
The drive within us, drives whats outside of us. I recall a quote by Seneca:
It’s not because things are difficult that we dare not venture. It’s because we dare not venture that they are difficult.
This book is on my list to read.
What I am working on this week:
> Building a list of key target influencers whom I would like to connect with and work with to grow knowledge. This will help create focus on key areas I am interested in, and help build a knowledge base.
Suggestion: Have a clear goal for the week. 1 Goal is better than 10, as you can invest more energy, focus and passion into that goal. Be as specific as you can, and this will generate the desired results faster.