Who is Edward W. Scripps?
Scripps is the person who built a media empire that includes daily newspapers in 20 markets. Some other notable assets of Scripps include Scripps Howard News Service, United Media, and the worldwide licensing and syndication home of Peanuts and Dilbert.
Scripps started his first business in 1878, after he borrowed $10,000. He launched a newspaper in Cleveland called “The Penny Press.” With the paper, he discovered a successful formula and used it to build the first chain of newspapers.
Scripps has prescribed the 23 code of conduct for success in business. These are taken from excerpts of his essay “Some Outlandish Rules for Making Money.” What are these?
- Never spend as much money as you earn. The lesser your expenditures is compared to your earnings, the sooner you will become rich.
- It is more blessed to pay wages than to accept them. At least, it is more profitable.
- Never do anything yourself that you can get someone else to do for you. If people are doing things for you, you have more time and energy to do those things which no one else can do for you.
- Never do anything today that you can put off till tomorrow. Today, you have so much to do and so do not waste any time and energy in doing something that you can postpone till tomorrow. Most of the things that you do not have to do today are not worth doing at all.
- Always buy, never sell. It is always better to run one risk instead of two risks. In both buying and selling, you have the risk of getting the worst bargain. When you adopt Scripps rule, you you reduce half your chances of loss.
- Never do anything, if you can help it that someone else is doing. It is not worth competing with other people in any occupation or business if it is Possible for you to have a monopoly in some other field.
- If anyhow you need to take an occupation or do a business which has existing competitors, then you do your work in some other way than that in which it is done by the other. You need to remember that there always is a good, better and best way. When you take the best way then no one else can compete with you.
- If you have done something once or have taken a way to do something, don’t do the same thing again or don’t do the thing in the same way. If you have used a certain way to do something, you know that there is a better way to do the same thing.
- If you’re succeeding in anything you are doing, don’t let anyone else know of your success. If you let others know about your success, others will also try to do the same thing and some become your competitor.
- When you become rich, as you will become rich if you follow my advice, don’t let anyone know it. Knowledge about your wealth will attract other people and tax gatherer and they will try to snatch away things fro you.
- One of the greatest assets any man can secure is a reputation for eccentricity. If you have a reputation like that you’ll be able to do a lot of things. It will save you from enmity of others, even though you do things that you want to do. Eccentricity will save you from indignation, animosity and antagonism resulting from the acts that you perform, which otherwise will cause problems for an ordinary man.
- Never hate anybody. Hatred is a useless expenditure of mental and nervous energy. Revenge costs much of energy and gains nothing.
- The wise man regulates his conduct rather by reason than by instinct. If you find that many people applauding you and only a few are condemning, be sure that you are doing something wrong. If people ridicules and scorns you, be sure that you’re in the right course.
- It is far more important to learn what not to do than what to do. It is possible to learn that in two ways- from your own mistakes and by observing the mistakes of others.
- Posterity can never do anything for you. Therefore, you should invest nothing in posterity.
- A man can do anything he wants to do in this world. If you want to do something badly, you can always do it. If you want to become rich, you can become rich.
- After what I have said it goes without further saying that you should save money. Only saving cannot make you rich. Only you can make yourself rich. Savings are capital. You learn things by doing them and it is also true for capital. The capitalist who handles capital learns how to handle capital profitably.
- Fools say that money makes money. I say that money does not make money. It is only men who make money.
- There are two cardinal sins in the economic world: one is giving something for nothing, and the other is getting something for nothing. And the greater sin of these is getting something for nothing, or trying to do so. I really doubt if anyone ever does get some-thing for nothing. (Don’t marry a rich wife. Women are what they are. At best they are hard enough to get along with. They are always trying to make a man do something that he doesn’t want to do, and generally succeeding. When a woman is conscious of the fact that she has furnished all or any part of your capital, her influence over you will be so great as to be the worst handicap you can carry.)
- I would advise you to refuse to be an heir. If you’re a prospective heir of your father or some other relative, you should also consider that a handicap.
- Despise not the day of small things, but rather respect the small things. You can easily make a profit on a very small capital in comparison to a profit off of a large capital. You need to learn to make a profit on a business run with a small capital and then only you’ll be able to run businesses with higher capital. You must learn how to handle it profitably. Once you learn it, you’ll be able to create more profit from small capital.
- It is far easier to make money than to spend it. As it becomes more and more difficult to spend money, you will spend less and less of it, and hence there will be more money to accumulate.
- The hardest labor of all labor performed by man is that of thinking. When you become rich, you should train your mind to think about accumulating more wealth.
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