Monday, August 18, 2008

Olympia, WA—Had breakfast yesterday with Terry Trafton, who started, grew and sold a very successful business here in Olympia. He was a wrestler (like I was) while studying chemistry at North Carolina University, where he graduated 12th in his class in 1970.

When he started his business he read everything he could about startup and small business and then boiled in all down into five rules that he tells me he's consistently followed:

Terry’s Rules:

1. Spend less than you make.
2. Save the difference.
3. Outlast the bastard.
4. Live in the solution not the problem.
5. Stay away from nasty people.

Terry said it’s ok to share his rules, but he cautions: “You need to come up with your own rules. Every business is different. My model might not work for you.”

“He who knows most knows best how little he knows.” Thomas Jefferson

We held a special session of the IDEA Café here in Olympia Friday. The Executive Director of the local chamber of commerce and the head of the local Small Business Development Center attended and they both seemed to really like it. I’m going to talk with them more today about their ideas about how to get a Franklin Circle going here in Olympia.

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