Jim Simons, the founder of Renaissance Technology, has a set of five guiding principles for a successful organization. While these principles are very general, it provides special insight into the mind of one of the great hedge fund firms.
Doing the same things as other firms is never a good recipe for unique success; however, doing things different requires time and effort. A commitment to being different also requires a lot of smart people. You can’t be afraid to hire people smarter than you. Check your ego at the door because a special firm needs special people that have more talent than you.
Success with building a business is about creating beauty in the sense of generating elegant simplicity, having a special core idea or process, and stripping away the excess to find the essence of what you are trying to create. You should describe your organization in one sentence. Forget the long mission statements and focus on a simple theme.
And, don't forget being lucky. Luck comes with hard work, but you need a boost at the right time. All these principles may sound cliche, but there is always truth in the simple cliches. The core issue is always learning to execute on these cliches.
Doing the same things as other firms is never a good recipe for unique success; however, doing things different requires time and effort. A commitment to being different also requires a lot of smart people. You can’t be afraid to hire people smarter than you. Check your ego at the door because a special firm needs special people that have more talent than you.
Success with building a business is about creating beauty in the sense of generating elegant simplicity, having a special core idea or process, and stripping away the excess to find the essence of what you are trying to create. You should describe your organization in one sentence. Forget the long mission statements and focus on a simple theme.
And, don't forget being lucky. Luck comes with hard work, but you need a boost at the right time. All these principles may sound cliche, but there is always truth in the simple cliches. The core issue is always learning to execute on these cliches.
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