Page 141 - Psychology of Money - Timeless Lessons on Wealth, Greed, and Happiness-Harriman House Limited (2020)
P. 141
In 2006 Warren Buffett announced a search for his eventual replacement.
He said he needed someone “genetically programmed to recognize and
COBACOBA
avoid serious risks, including those never before encountered.”⁴⁵
I have seen this skill at work with startups my firm, Collaborative Fund, has
backed. Ask a founder to list the biggest risks they face, and the usual
suspects are mentioned. But beyond the predictable struggles of running a
startup, here are a few issues we’ve dealt with among our portfolio
companies:
Water pipes broke, flooding and ruining a company’s office.
A company’s office was broken into three times.
A company was kicked out of its manufacturing plant.
A store was shut down after a customer called the health department
because she didn’t like that another customer brought a dog inside.
A CEO’s email was spoofed in the middle of a fundraise that required all of
his attention.
A founder had a mental breakdown.
