Damn it feels good to be a gansta

Today the results of the Apprentice project were revealed. For people who are not familiar with the Apprentice project, basically the class splits up into groups (there 7 groups in our class and our group had 7 members) and each group is given an envelope with cash (aka seed capital), and we have four weeks to make as much money as possible, with the total amounts submitted with cash on hand the last day of the 4th week. At the way end, all the groups pool their profits together, and the group that created the most value from the initial investment keep all the profits (with the seed capital + an investment return back to the professor). Some basic rules are that everything must be legal, and we are not allowed any outside investment in consumer durables, services, or cash.

Two days before the deadline we were hit with a twist, where groups were allowed to merge with or acquire a single other group. Teams that joined would be graded as one team, thus it was clearly beneficial to join with another group.

I've decided to re-invest a portion of my earnings into books to help develop my entrepreneurial skills:

Business Plans That Win $$: Lessons from the MIT Enterprise Forum
The Art of the Start: The Time-Tested, Battle-Hardened
The Successful Business Plan, 4th Edition: Secrets and Strategies

and a fun one:
The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich

Lessons learned:

Poor group dynamics can be the Achilles heel of a project. It doesn't matter how talented the individuals in a group are because if there are poor group dynamics then they are unable to perform at their full potential. It's usually easier and more efficient when there is a single natural leader (if there's more than one leader, there could be excessive friction over disagreements).

Poor communication will lead to failure. Poor group dynamics will most likely lead to poor communication. Poor communication leads to poor logistics which leads to poor execution. Enough said.

Don't overestimate your revenues while underestimating your expenses. You hear it over and over again. Don't overestimate your revenues and underestimate your expenses. You never really know what it's like until you have a hands on experience with it happening. Everything always looks nicer on paper.

Be friendly with your competitors. Gauge the market situation. Know who you're going up against and how they're doing. More information is better than no information. Also, you never know when you might need their help and goodwill goes a long way.

Manage time effectively. Be wary of deadlines. Don't spend too much time brainstorming if it won't leave you with enough time for execution. Have an adequate plan but don't forget to get the ball rolling.

Have fun. If you aren't enjoying what you're doing then overall you won't be as motivated to do what you have to do.

I love life.

EB