Book: The Snowball - Warren Buffet and the business of life, Alice Schroeder

When I decided to start reading this book in February, I was honestly quite daunted by it, and for a moment considered reading something else as I did not want to mess up my 'two-books-a-month' average. What a ridiculous reason not to read a book!

It's quite a read; a highly recommendable read. I particularly resonated with how highly Warren Buffet regards and protects his reputation. I had always been aware of, and heard his name as one of the richest men in the world, but never really knew that much about him and his business dealings. Although my knowledge and understanding of how investments and the stock market work is very limited, it was fascinating to get greater insight into this world.

What I found really interesting, was when I read Donald Trump's book, the emphasis was very much on thinking big, and buying the biggest and best. Whereas in this book, it is clear the Warren Buffet had a very different view, and considered very carefully how and where to spend every dollar.  Both practices clearly worked for these two successful businessmen; I recon it is about knowing exactly what it is that you want to achieve and having a very clear uncompromising vision of how you are going to get there.

As much as Warren Buffet enjoyed making money, he also enjoyed teaching. These are the lessons I take from the book:

1. Reputations matter - one of my favourite quotes from the book: "Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless."
2. Be uncompromising when it comes to your values;
3. Read biographies and learn lessons from people that most inspire you;
4. Have passion for what you do;
5. Give away your money to good causes. Initially Warren did not like the thought of parting with his money at all, but later in life he implemented incredible strategies to invest in philanthropic initiatives.  There is a great quote from Andrew Carnegie in the book that gets referred to, "He who dies rich, dies disgraced." and lastly,
6. Live within your means, don't get into debt. 

Recommendable: 9/10

Getting to know Gidoeon Galloway

When I first heard about “King Price,” I will be honest that my first reaction was, “ho hum – another short term insurer”. Then over the December break last year I read  “How To Build a Happy Sandpit” (by Colin Browne) about the insights of South African business leaders on how to create and maintain a brilliant organisational culture – a really fascinating read; especially as he focusses on local companies. 

In the book reference is made to Gideon Galloway, CEO of King Price and my interest was tweaked as I read: “At King Price a challenging new insurance company, things are not what they appear…while the company is an insurer and the office space is for the most part a call centre, you’d be easily led to believe it’s a creative agency of some sort. There’s a reason for that: Galloway owns one of those too. But the bigger reason is because that’s the space in which Galloway wants to work. Pop art bedecks the walls, the sales leader board is like a board game with bobble heads representing each salesperson, there are Slush Puppy machines, free popcorn and on the day I arrived to interview Galloway, he approached me across the office space on a mountain bike. Galloway’s office is full of toys because that’s what he predominantly thinks about and yet the purpose of the business remains in basic terms no different to that of any other insurer. Ask Galloway what the point is and he’s clear about it: work is hard. That is how it should be. But there’s no point in making work spaces that don’t aim for the maximum enjoyment within that context.” What a fascinating, fun and quirky take on insurance company environments.

I sent through a couple of my own questions to Gideon, and am thrilled to share his insights on being a dynamic businessman:

What has been one of the most important business lessons that you have learnt since starting your own company? It will always costs twice as much as what you originally envisage it will.  

What do you do to keep yourself motivated? I’m generally always motivated. I think your outlook on life in general has big impact on the way you view the world. Changing people's lives, however, that really motivates me.

  

Why do you wake up in the morning?  I would like to think I make a difference. Leave everything a little better than how I found it.

How do you use strategic partnerships to your advantage? Partnerships are extremely important, advantageous and must form the basis of a win-win relationship. This can then be further extended to friendships.

What are the marketing lessons that you have learnt over the years? You are your worst enemy. Get input from your team, customers and an advertising agency. Don't view your business with your own tunnel vision approach. Stay ahead with technology and how consumers change their needs, preferences and behaviour and don't be prudish regarding marketing/advertising spend. It takes money to make money!

What does integrity in the workplace mean to you? Everything. One of King Price's core values is: Be Real.

What frustrates you most about communication internally and externally within the workplace? Too many meetings and too many e-mails. The essence of real human interaction in communication is getting lost.

What do you love most about running a business? The people and the culture. I also love to buy office toys! (clearly as per the excerpt from the book and the photo above!)

What frustrates you most about running a business? Red tape - bureaucracy. Tax. Labour law. Formalities…

What does it mean to you to run your own business? Freedom. I have ADD so it's a privilege for me to be able to wake up and do what I love every day and get paid to accumulate office toys.

Gideon Galloway is the founder and CEO of King Price Insurance, a new player in the South African short term insurance industry. An avid entrepreneur, Gideon has founded several successful companies and sat on the board of directors for various other insurance brands before founding King Price Insurance. Gideon has profound knowledge and passion for the insurance industry, and his twelve years of short term insurance experience, insight and adventurous spirit has resulted in King Price’s revolutionary, world first pricing strategy. Through accurate risk rating, customers receive the same insurance cover but at the best possible price. The pricing model is the first of its kind, as customer can enjoy decreased premiums on a monthly basis. A keen adventurer, Gideon has summited Kilimanjaro, enjoys paragliding and kite surfing and is currently training for the Lesotho Highland Marathon. 

For more infor on King Price, visit: www.kingprice.co.za