January 2024 - Red Notice

I'm an avid reader of business books. Not the "get rich quick" ones or the "how to influence people" ones, but where you learn about how the business got started; regardless of whether that business goes on to success or failure. I'm completely fascinated by the first conversations that start a business. The meeting at the coffee shop, the two classmates with an idea, or the employee who was just fired. This is what I think is the most intriguing part of a company's life. Not the big IPO but the original idea on a napkin.

I love that you can start with nothing and over time create a structure that's akin to a living organism. Giving people jobs, community, friendships, and inspiration. These organisms can be nurtured in a million different ways, and you never really know the outcome until many years down the line.

These books give some insight into that and can help other founders learn some of the lessons. So, with this in mind I thought I'd share the lessons from each book I read; in the hope that others may tell me what founder stories they've enjoyed!!

I started this by a few LinkedIn posts reviewing Lost and Founder (Moz story) and The Founders (PayPal story), but have decided in order to keep them altogether I'd try it as a newsletter!

I'll try to write book review a month, and for the January newsletter (a week late) that will be....

This book was recommended to me by Rob Asplin from PwC and before I go over the key lessons from the book, I think it's worth saying that this may be one of the most incredible books I've ever read. The fact that it's a true story is mind blowing. Whatever is on your book wish list I suggest you make this the one next.

I loved every bit of the book. It's almost two books in one. Firstly the story of Hermitage Capital Management and how Russian privatization took place (absolutely crazy) and secondly the fight for the Magnitsky amendment. I'm not going to say anything else about the content as you need to read it!

The lessons I picked out from the book are as follows...

1) Throughout the book you can't help but think "just give up". But Browder is relentless. It's the Browders of the world that is why I love entrepreneurs. They are almost a different species of human. Logic and the easy options don't ever come into their thinking when theirs a vision to achieve. If you're going to start a company it's not going to be easy, it's going to be really hard, and you need to have levels of tenaciousness and perseverance that aren't human.

2) There's a story where Browder loses a lot of money ($900m). He talks about how horrible it feels. As an investor this really related to me, you have ups and downs, good and bad periods, and often the outside world might think that you don't really care. I can honestly say that it hurts to lose other people's money, physically, and Browder describes that pain in great depth. For those interested in become an investor (especially a VC) then be prepared to feel that pain, and if you don't then chances are you're not a great investor.

3) The importance of law in business. I've seen with my own career what happens when unscrupulous individuals try to game the system, abuse their power, and make their gains by deception. Everyone operating in business has a duty to do everything they can to call out poor behaviour and act with integrity. Of course because it's the right thing to do, but as importantly because without the law then corruption makes growth and prosperity almost impossible, and yes I know the west is a long way from perfect, again I've experienced it. But we can't let our guard down for one minute because if it becomes the wild west then business will be impossible.

Very pleased to get any thoughts and comments and if anyone has another book recommendation please let me know!