I was in New York all last week and met some interesting people. Here’s one of the best nuggets I heard from a hedge fund portfolio manager:
I think, in the end, you gotta specialize in something. You need to know an industry and know everyone else in the industry, and how you’re different and better than the other guys. If you’re looking around the table and you don’t know who the sucker is — who’s off-base in their thinking — then it means you’re the sucker.
The general idea of knowing how you stack up against your competition — whether on a personal/career level or as a start-up — is very important.