Lt. Commander
Join Date: Dec 2007
Posts: 120
I had lunch today at a sandwich shop that posted Warren Buffet's 10 Rules for Success on their wall.

I've been a fan of his for years and I have to say I wish he owned Cryptic.

Barring that, this would be my advice for Cryptic and PWE.

Buffet's 10 Rules for Success:

Quote:
1. Reinvest Your Profits. This makes sense not only in the stock market, but in a small business as well. Entrepreneurs who bleed all the profits out of a business find that they may struggle to grow the business into something larger and more valuable.

2. Be Willing to be Different. Buffet didn’t make his fortune by following the crowd. Instead, he invested when everyone else was panicked, and sold off when everyone else was buying. That strategy always beats the market. Doing what everybody else is doing - the same way they are doing it - is the recipe for becoming average. Nobody pays extra for “average”.

3. Never Suck Your Thumb. After you gather the information you need, make a decision. To Buffet, any time wasted to get to a decision is just “thumb sucking”. Success comes from immediately grabbing every opportunity that you can recognize.

4. Spell out the Deal In Advance. Your bargaining position is never stronger than before you are committed. So, advantage of that opportunity to spell out the details and specifics of any deal before you start. This is especially true when working with friends or family.

5. Watch Small Expenses. In the investment world, this translates into watching not just the returns offered by investment funds, but also the fees charged by the fund managers. This is so true in every aspect of small business and personal finance, as well.

6. Limit What You Borrow. Buffet claims to never have borrowed a significant amount of money. His advice is to remain debt-free, and then save and invest money. This is a very counter-cultural (see #2) contrast to those who preach getting rich using Other People’s Money.

7. Be Persistent. This is an advantage that the small entrepreneur has over larger, more established competitors. Persistence and ingenuity can, and often does win against large odds. If you’ve done your research, taken care of the details, watched your expenses and stayed out of debt, your success through persistence may only be a matter of time.

8. Know When to Quit. Don’t throw good money after bad. Resist the temptation to salvage a bad deal with a last-minute home run.

9. Assess the Risk. Buffet recommends thinking through both the best-case and the worst-case scenarios. This helps clarify the risks and rewards for any venture, which is critical to the decision making process.

10. Know What Success Means. Buffet doesn’t measure success in terms of dollars. As he says, “When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you.” Here is wisdom.
Lt. Commander
Join Date: Dec 2007
Posts: 120
# 2
04-13-2012, 11:56 AM
I don't think they need financial advice so much as basic game management advice. They seem to have the finances covered, but most moves they make around developing the game go down with a deafening thud.
Lt. Commander
Join Date: Dec 2007
Posts: 120
# 3
04-13-2012, 11:58 AM
Quote:
Originally Posted by Sekrit_Agent
I don't think they need financial advice so much as basic game management advice. They seem to have the finances covered, but most moves they make around developing the game go down with a deafening thud.
It's not really financial advice as I see it. It's advice for how to run an operation and, really, how to live.
Lt. Commander
Join Date: Dec 2007
Posts: 120
# 4
04-13-2012, 12:04 PM
I think what we are seeing at the moment is mostly 9 and 6. They are in a tight spot, but still viable if they are careful, so they are trying to tap dance their way through it.

When DDO faced similar, my understanding is that they actually borrowed significantly to reinvest, but they made large portions of their new content require F2P people to purchase access (subscribers get access to everything).

There is still some truly new content added, to appease those who don't want to pay for content at all, but the better stuff all costs you.

That meant having to raise the funds to cover the development push though....

I have no idea if that is still working for them... not logged into there in a while... but it was working well when I stopped playing.
Lt. Commander
Join Date: Dec 2007
Posts: 120
# 5
04-13-2012, 12:49 PM
it's long been my opinion that every Corporate Executive should not only have some kind of business degree, but also have read and understood (they should be tested on them) every book written by Warren Buffet, and every Biography of Henry Ford.
Lt. Commander
Join Date: Dec 2007
Posts: 120
# 6
04-13-2012, 01:59 PM
You can find the rules Cryptic follows ingame at the Lobi Crystal shop. If you get enough lockboxes you even get them read to you. And they seem to be very successful when I look at the messages who just got a D'kora or on the forums where people still try to show the devs that they should develop more KDF-stuff by buying tons of stuff on the C-Store. Who needs quality with a rabid fanbase like that of Star Trek?

Quote:
Originally Posted by Katic View Post
it's long been my opinion that every Corporate Executive should not only have some kind of business degree, but also have read and understood (they should be tested on them) every book written by Warren Buffet, and every Biography of Henry Ford.
Last semester I shared a house with three business students in Nottingham. When the first two left I found out that they had discarded all the utility bills (they were addressed to them). The third thought that we should ignore them because we were moving out too within a few weeks, hadn't payed his rent for months and planned to move out immediately after me and then bartering with the landlord for a reduced rent because he was afraid that the landlord would take his stuff to force him to pay when nobody else would be in the house. I think you will understand that I would prefer it if everybody with any kind of business education would be sent to the dark side of the moon.
Lt. Commander
Join Date: Dec 2007
Posts: 120
# 7
04-13-2012, 02:45 PM
Quote:
Originally Posted by K-Tar
You can find the rules Cryptic follows ingame at the Lobi Crystal shop. If you get enough lockboxes you even get them read to you. And they seem to be very successful when I look at the messages who just got a D'kora or on the forums where people still try to show the devs that they should develop more KDF-stuff by buying tons of stuff on the C-Store. Who needs quality with a rabid fanbase like that of Star Trek?.
aaaaaaand /thread.
Lt. Commander
Join Date: Dec 2007
Posts: 120
# 8
04-13-2012, 03:02 PM
nevermind.
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