Was just reading OnStartups latest post  Startups: 10 Things MBA Schools Won’t Teach You and getting all excited I started to comment then I felt I had more than one item to share, so thought to just blog it!

1. Its a roller coaster ride, one day you think you are on top of the world; the next day you might be thinking of how to close shop!

2. Having reserves is so nice on an excel sheet, working to actually have some is a totally different story.

3. A two week collection time on an invoice is not as binding as you might think it is. Every client has their own payment policy, prepare to be agile in planning your cash flow!

4. Giving a big discount to get more work from a client in the future, is a hoax. Next time -most of the time – they will demand the same discount for giving you more work! Make sure you know what you are doing!

5. Doing good is great, and if you are as passionate about the stuff you help build as I am, then you need to exert a lot of effort into how many pro bono/at-cost projects you might want to do. This however, they teach you very well in MBA schools!

That’s it for now!

Disclaimer: I don’t have an MBA.

Popularity: 10% [?]

Freelancing is great, we surely need more freelancers in Jordan and everywhere else. Designers, programmers, accountants, copywriters, translators, event managers…you name it; all companies need it.

There are numerous problems with freelancing in Jordan:

1. Most people claiming to freelance have actually full-time jobs that prohibit it.
2. The above will cause you delays by default, because as there jobs are demanding you will have to be put as a second priority and suffer delays in your job request.
3. If they are actually 100% freelancers chances are they haven’t found someone to pay them for a full time job yet, and they will work with you until that dream job comes to life. Then, you get screwed over with delays and half a$$ed work.
4. Companies look to save with freelancers, elsewhere in the world a freelancer/contractor gets paid very well for a contracting Job to make up for the lack of full-time employment benefits. Which is a fair deal.

I think there should be an initiative to make self-employment a valid choice in the country:

1. Pay fair rates to freelancers while committing to pay on time.
2. Freelancers to become more professional and committed in their engagements.

I think a time like now with the economical situation everyone is facing, freelancing can save lots of companies. Most of which are not confident about expanding their employee base for fear of stable revenues, can really use a professional freelancer network to still satisfy their current projects and not commit to a larger employee base if the economical situation worsens and they their revenue levels decline.

People who prefer a relaxed and personally managed time can use freelancing jobs to help create the lifestyle they seek, working for few months, then taking time off and so on.

Popularity: 23% [?]

I’ve always thought that Greed is the deadliest sin of all 7 deadly sins. This video shows the spiral that created the credit crisis.

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

By far this is the best narrated visual explanation of the Credit Crisis I saw as of yet.

The most important aspect I learned before I decided to start a company was how to always calculate risk before taking it. To visualize the probability of the worst outcome, and how much damage it can do to me on all levels. If I am ok with it not being the end of the world then I can take the risk in hopes of the higher return of course.

You’d think the people on Wall St. would be a million times better at this, you have specialists in high risk investment for god’s sake. The moment that more than one bank started buying sub-prime mortgages; flags should have been risen everywhere. But I guess that’s when the financial system monitoring failed big time, everywhere. Because any person with little knowledge would know this to be the start of the end.

Yet, using simplified logic, one bank did it, then other banks thought why don’t we try it as well and mass hysteria started. The ability to fool your self, your own logic, economics 101 and experience is one great ability people have. And when greed takes over this ability becomes magnified. Happened in 2000 with the burst of the .com bubble as well.

What’s the next market? Alternative energy?

Note: Thanks TrippleM for posting this on Twitter.

Popularity: 13% [?]