When you are a partner in a business, you have to have respect and know what each partner is good at. Adam Milstein is someone who knows first hand about respect and about what his partner is good at. While being interviewed, Adam spoke about the people that he believes have influenced him the most. The person he choose is his partner, David Hager. He speaks about how smart he is, how he is always ahead in the game by two steps and that he believes in his visions.
During the interview, Adam Milstein is asked about the last $100 he has spent. He is asked about what he spent it on and why he spent it. His reply was easy and quick to answer. It was his family. The last time he spent that kind of money, he spent it on taking his family to dinner. He knows that the one thing that is most important in life is family.
When Adam Milstein is asked about making mistakes as an entrepreneur, he offers this advice. Do not think that putting all your money into one thing is going to make you money immediately. It will take time and patience before you will see a return on your investment. Adam made this mistake himself when he was first getting into business.
When Adam was in school, he began selling art to the Israel temples. At first, Adam saw success from what he was doing- so much so that he put all his money into purchasing a large amount of art. When it slowed down and there was very little business, Adam had to wait patiently as the inventory that he had himself sold. So, the one thing that he tells people to not do, don’t place all your money into one thing immediately.
The one thing that Adam Milstein does tell you to do over and over again, understand what you are working on. Also, it is okay to ask others for help but you cannot rely on others to do your business. You have to be able to be a portion of the solution to understand the problem completely and know what it takes to fix the problem.