What Are The 3 Best Pieces of Advice Ever Received By James Caan?

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By James Mills, Associate Partner & Mentorship Coach, Lighthouse International

James Caan is the multimillionaire investor and entrepreneur who is probably most well-known for his TV appearances on the BBC TV show Dragon's Den. In a recent LinkedIn post he shared the three best pieces of advice he's ever received. This article uncovers the principles behind these pieces of advice as well as how they can be applied in our lives.

Create Win-Win Situations With People

At the heart of this piece of advice is the principle of fairness. This lesson came from watching his father run his leather jacket business. James Caan questioned his dad's lack of willingness to save £10 here and charge £10 extra there. James Caan received the following response to his question...

"...he said to always create a situation where all parties are happy as it helps build long-term relationships. As I recall, his exact words were “don’t squeeze the last drop of the lemon, leave something on the table for others too."

When we ignore the principle of fairness in any form of interaction, then we limit our ability to build long-term relationships...

Commit To Your Vision No Matter What The Circumstances

The ability to create a vision and have the confidence to follow this vision when others doubt it is at the heart of this lesson. His example of launching businesses at the time of recession also revealed that having trustworthy relationships with like-minded people is more important than economic conditions or large amounts of capital.

"I knew that if I backed talented people then they could succeed even in a tough economic climate, especially as a lot of their competitors were on the back foot."

When we focus our attention on developing and backing the people we have in our team, business or support network, then we are more able to weather any storm life presents us. This comes from synergy and collaboration.

Success Is a Journey - Not a Destination

This lesson very much comes from the principle of growth. James Caan talks about having a healthier view of failure and making mistakes. He explains that going through tough times is part of the process of becoming successful, because making mistakes enables us to learn, grow and become stronger...

"Almost every successful person, whether it’s an entrepreneur, an inventor or a sports star, has suffered their fair share of bumps along the way. I can guarantee that every single one of them will tell you how important those bumps were in helping them become successful. Rather than letting it put you off - pick yourself up, learn from your mistakes and go again." 

You can read more about each of these lessons in James Caan's LinkedIn post. 

How To Apply This!