Monday, March 20, 2017

Hard work and discipline vs. luck and fun at work

You can be hardworking and disciplined businessman or investor and stay behind financially. It is a common situation. It is not how hard you work, but how smart you work. You can work hard on something that is not profitable or not sustainable. My experience is that activities which are the easiest to do and most profitable are the one to focus on.

If you choose the right operations, you don’t have to work that hard and still receive very high profits with ease. If you are in the right operation and you work hard, it brings you great profits, so hard work in the right operation is much desired.

Hard work in the wrong operation can make you financially comfortable, but unless you dump all the hard work on someone else’s shoulders, within a few years you will feel too tired of it and like most other businessmen, you will quit. Owners doing all the work will burn out, if their work is not also their passion.

It has been scientifically proven that 90% of all businesses quit within 3 years...
I am just kidding. Don’t believe everything that has label “it has been scientifically proven”. I have seen various statistics and they showed a quit rate that varied from 40%-90% within first three years.

All the statistics show that the quit rate is quite high and there is a higher chance that you will close your business within three years than that you’ll last the course. Don’t worry, though: even if one of your businesses closes, you can start another business. It is the “death” of legal entities that gets into statistical data, not the ‘real life’ of your business. Maybe you just had to abandon one legal entity to get rid of the bankruptcy and you used all your knowledge to start another legal entity.

If you can’t find out what you are passionate about, I have some good news for you. There are also businessmen who work without the passion, do not work hard and they still become wealthy. You don’t need to love your work to get rich. But it will be much easier for you. Those businessman are either very smart, delegating all the work to the right people, or, in some cases, they profit from not keeping their promises or from overpriced government deals.

My previous business partner’s idea of giving a promise was that he had to fulfill his promise only if it suits him and is profitable for him. If the situation changed and you had no leverage over him to make him keep his word, he would say: ‘The situation changed and you should know I wouldn’t keep my part of the agreement. It’s your fault. You know me and you should expect it.’ He considered breaking his word and lying a normal situation, and he expected the same behavior from others.

It is difficult for me to work with this type of people, but there are lots of businessmen who behave this way. They are very flexible with the rules and with fulfillment of deals, so they thrive very often. They are usually very good speakers, promising you whatever you need to hear so that you’ll do what they want you to do.

Don’t worry. After some experience you will find out how to identify this type of businessmen. But you will not be able to identify all the people who will take advantage of you. Get used to it that people will try to use you and lie to you when you deal with money or jobs. Don’t take it personally, it is natural process.

Discipline is the quality of doing what is necessary to do, when it is necessary to do, whether you like doing it or not. Disciplined action is very necessary for successful operations, whether in business or in your life. It is good to be disciplined and you will have big advantage by being disciplined in life.

However I know people who are not disciplined and who still became wealthy. It is better to be disciplined, in my opinion, but discipline is not a necessary quality for getting wealthy. You can be a manipulative speculator without an ounce of discipline and still get wealthy. Or you can have friends who won elections and you can get wealthy even easier, without having to work on your character or skills.

Luck in business is essential. There are so many variables so much that can go wrong, that without at least having some luck, it is impossible to grow a very successful business. For example, sometimes if your customers pay you on time and you have enough money to pay your employees and suppliers in time, you can consider yourself lucky. If your deal is fulfilled by your supplier, and he delivers your order, correctly and on time, you can consider yourself lucky. No one is lucky all the time, so expect that something will ruin your plans. Be prepared.

Our actions are not always caused by positive feelings and motives. Hatred and rage can offer energy for your activities as well, and many times ‘bad feelings’ can give you even more energy than  feelings like love or creative spirit. The problem with anger and hatred is that they should diminish over the long term. Anger is an emotion created to make you act swiftly, decisively and without fear. As soon as the threat or source of anger vanishes, so should the anger.

Short term anger is helpful, long term anger damages your health. If you are person who is afraid to start something or you are not a very active person, something bad that happens to you can become a blessing to you. It can ignite your anger and bring you towards the proper action. It is up to you if you use that momentum to create some assets, something with positive influence on your life like exercising or you miss your opportunity to use that energy flow and waste it.

You don’t have to enjoy everything you do to become wealthy. It is normal to do activities you don’t like, too, because they have to be done. When you build your startup company, you do almost everything by yourself. As soon as the company grows big and profitable enough, it is a good idea to delegate all the work that does not have to be done by you personally to someone who likes that work and is good at it. This delegation of work makes both of you happy.

Being wealthy is good for getting rid of activities which you don’t like to do, because you can pay someone else to do them. Until you become really wealthy, you have to stay disciplined and be  prepared to do things you don’t like to do.

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