Key Idea #1: You can never know all the perils you'll face as you climb the mountain of success.

And besides, if you did, you'd probably stay on the ground. In 1989, the company Peter worked for declared bankruptcy. Instead of walking away, Peter and a small team of fellow employees bought the company's assets, thinking that they could not only keep it alive, but also make it better than ever. But, they faced numerous obstacles including: finding the money to purchase the assets, relocating to a new state, and quickly establishing new headquarters when their original plans fell through. According to Peter, there's nothing in the world he would trade for all of those experiences, and there's nothing he would trade to ever have them again!

Topic for discussion: When asked about his secret to the exceptional growth of his business, Peter replied, "if you're going to jump into a river and swim, if you're swimming down current, it helps." What does he mean? (When he began his business, climbing-as-a-sport suddenly exploded nationwide. Peter and his team had no influence on this turn of events. They were in the right place at the right time to benefit from this strong current of interest.)

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Key Idea #2: When you've gone too far up the mountain to turn back you do the only thing you can, you go forward.

As an entrepreneur, Peter and his team did not have the "safety net" of a large corporation to catch them if they fell. In fact, Peter is convinced that you cannot succeed if you are constantly looking for a safety net. He says that you must believe in your vision so strongly that, if you focus and believe in your abilities and you can't afford to fail, you will succeed.

Topic for discussion: To insure a better chance for success, what are some actions you could consider before you begin your climb? (Thoroughly research your potential market to be sure that there is a need for what you will offer, save six months to one year of your income as a reserve, consider partnering with an "expert" in your field, keep your regular job until your new venture begins to realize a profit, keep you overhead low, locate other entrepreneurs who are where you want to be and ask them to show you how they did it.)

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Key Idea #3: It's easier to make the climb to the top if you have great team of people.

Topic for discussion: How did Peter form his team?

First, he created Black Diamond as an employee-owned business. Everyone can own stock in the business; therefore, everyone has a stake in its success. Secondly, the management structure is "flat," meaning everyone's ideas concerning the direction and operation of the company are heard. Everyone is given as much authority and responsibility as possible to do the job the way he or she sees best. Finally, he sought to employ like-minded individuals -- people who were climbers personally, and who could believe in Peter's entrepreneurial vision.