Invest for the long term (decades) in foundational infrastructure and future-oriented projects, even if immediate returns are negative, to build lasting competitive advantages. John Bragg never took a dividend for 50 years, reinvesting every dollar into growth.
When facing complete ruin or major setbacks, view them as redirections and opportunities for growth, rather than reasons to quit. This forces diversification, creative problem-solving, and ultimately makes you stronger.
Develop a long-term vision for your industry’s future, identifying opportunities in overlooked or seemingly unprofitable ventures by looking beyond immediate challenges. As John Bragg states, ‘Only those who look at the horizon find the right road. If you look at your feet, you will stumble.’
Collaborate and share knowledge, even with competitors, to expand the entire industry rather than fighting over existing slices. A larger overall market benefits everyone, making each individual slice bigger.
Prioritize the business’s long-term success and brand identity over personal ego or recognition, and maintain a frugal mindset even with immense wealth. As John Bragg states, ‘Never let your ego run your business.’
Cultivate a strong, long-standing reputation for absolute integrity and trustworthiness, as it can transcend divisions and unlock critical support when needed. This also means investing in the community rather than just extracting from it.
Be willing to ‘overpay’ for scarce, unique assets that are only available once, as their long-term value and the strategic advantage of reputation can outweigh the immediate cost. This also builds a reputation for fair dealing in consolidating industries.
Be present with your teams across all operations and lead by suggesting possibilities and fostering independent thought, rather than issuing direct commands. This cultivates strong leaders who discover their own capabilities.
Maintain organizational agility and empower employees to make quick, decisive actions, fostering a culture where calculated risks are encouraged. This allows for rapid implementation of new technologies and strategies, moving faster than larger, more bureaucratic competitors.
Push against self-imposed or societal limitations on what’s possible, encouraging yourself and others to rethink processes and achieve significantly more. John Bragg challenged a beekeeper’s limit, leading to a five-fold increase in managed hives.
Consider staying private to maintain long-term control and avoid short-term market pressures, allowing for strategic use of debt and the ability to take hits today to win tomorrow. Public ownership often incurs significant overhead and slows decision-making.
Actively seek new opportunities and ventures, especially when facing setbacks in your primary business, to reduce dependence on a single product or market. This strategy was forced upon John Bragg by a devastating crop failure, leading to new industries.
Never stop being a student, even after achieving success, and create practical, real-world learning experiences for employees. John Bragg gave executives company money to manage investment portfolios to teach them about business operations and capital allocation.
Don’t let limited local markets constrain ambition; actively seek global opportunities for your products or services. Be persistent and resilient in sales, making numerous attempts until success is achieved, as John Bragg did with 17 cold calls in Japan.
Identify and solve systemic inefficiencies in an industry by integrating different parts of the value chain (e.g., growing, processing, freezing, selling). This creates stability, reduces economic chaos, and unlocks new opportunities.
Identify opportunities in overlooked, ‘unsexy’ industries that are fragmented, have high regulatory barriers, and offer recurring revenue. These often present significant growth potential, especially when regulatory changes create new demand.
Develop a core set of attributes: being a self-starter, disciplined, open-minded, competitive, passionate, having a strong work ethic, willingness to take risks, persistence, and cost-consciousness. These are fundamental for enduring success.
When facing significant losses in a new venture, evaluate if the ’expensive education’ gained is valuable enough to continue, rather than just cutting losses. See it as an investment in future learning and potential.
When innovating, look for ways to adapt and integrate existing, proven technologies rather than always trying to build entirely new solutions from scratch. This can lead to faster and more cost-effective breakthroughs.
Prioritize reinvestment into business growth and core operations over lavish expenses or personal luxuries, maintaining a frugal mindset even with immense wealth. This ensures capital is always working for the business.
When preparing the next generation for leadership, train them as owners with a long-term perspective and strategic oversight, rather than just focusing on day-to-day management skills. Good owners can hire good management.
Maintain a lean and flat organizational structure with minimal management levels to enable faster decision-making and reduce bureaucracy. This fosters agility and quick execution compared to larger, more complex organizations.
Continuously innovate and invest in research and development, even in established or ‘wild’ industries, to improve efficiency, yield, and adapt to environmental challenges. Share findings to benefit the entire industry.
Exercise patience when encouraging change, understanding that forcing compliance may not create true leadership or lasting efficiency. Allow individuals to discover their own path to improvement and adoption.
Meticulously manage critical resources and logistics, even when facing inefficient or illogical external regulations, to ensure operational success. This includes adapting processes to work around external constraints.
Recognize that even seemingly ‘wasted’ time or detours can provide valuable skills and knowledge that become unexpectedly useful later in your chosen path. John Bragg’s year of law school helped him with contracts.
Implement small, seemingly insignificant cost-saving measures, even for minor perks like charging for coffee, to instill a culture of cost-consciousness throughout the organization. This reinforces the value of every dollar.