Good Judgement

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Good Judgement

I have a rule: I don't do business with people who have never failed.  What I mean by that is if someone who I don't know well comes to me with a proposal, and I ask them what their past business experiences have been like, if they tell me that everything they've ever touched has turned to gold, I:

  1. immediately don't trust them
  2. want to be anywhere else at that moment (because Midas is probably going to talk for a loooong time and in great detail about how successful he's been in the past)

Maybe it's cynical of me, but I've tried working with those types of entrepreneurs before, and it hasn't panned out.  They just aren't grounded in reality.  EVERY move they make is a good one in their minds, and they often don't look at the big picture.

That type of mindset should not be confused with optimism, though.  I can work with optimists all day, as long as it's an optimism that is grounded in experience.  And how do we get experience?  Yep—from making some bad calls every now and again.  And really, we've ALL made bad calls, so when approaching potential business partners, it's a good thing to be honest about how things have gone in the past, so that the future can be more clearly seen.  

So no, not everything you've ever touched needs to be gold.  Sometimes in a business relationship, a little tin in your past is even more valuable.