Is Diligence and "Grit" the Key Factor for Success

The key difference between those who eventually succeed and those who don't is diligence. Of course there are lots of other personality traits, financial position, education, etc... but it is diligence and "grit" that determine the overall results. Most of us can achieve our goals if we just stay on task and keep "punching the bag" until we get the results we want.

It is easy to give up on stuff. No commitment and lack of effort means you didn't fail. Unfortunately, you also never really tried. Without consistent effort you won't accomplish your goals.

There are differences between those who give up and those who keep going. While the manly swagger is a sign of macho that doesn't mean such individuals have true self-esteem and self-efficacy. Putting on a "show" is very different than obtaining results day in and day out even when you don't feel like it at certain times.

We are not likely to succeed the first time we try something. There is a long learning curve that separates success from failure. If it was that easy we would all be successful. As humans we are not born with innate knowledge of our environment so we must learn.

There is no better recipe than time and learning. Our hearts should be open to learning, exploring new ideas, and adjusting our processes to master whatever business we are in. It doesn't matter if we are in college, working in a company or for ourselves. If you have high self-esteem, are passionate about your goals, and plug away at it everyday you are more likely to succeed. 

What type of skills are needed to manage a global firm?

We can't argue that business is becoming more global and interconnected but we can argue about what type of experiences are needed to effectively manage a global firm. There is experience and their is personality. In many cases, our personality will determine what type of experience we have. Global managers will have the ability to integrate new knowledge to understand things like culture while still being able to distribute products along a complex supply chain.

Personality: The first skill needed to success is one's personality. If you are not open to experience, can't empathize with other's culture, and are not willing to learn constantly you are not going to be an effective global manager.

Technology Oriented: Global managers will need to utilize and feel comfortable with emerging technologies they can apply to their business to track and manage global activities.

Scientific Thinking: The ability to investigate and understand problems from a micro and macro level will be important in creating competitive advantages.

Systems Thinking: Swoop above your business and you can see all of the working parts much like an Eagle Eye. The ability to see the entire picture from a systematic point of view is important.

Social and Emotional Intelligence: One will need to interact with people from various parts of the world. They should have the skill to understand how they feel and use the most appropriate methods of "connecting" with others.

Justice and Ethics: If you are going to be a global manager you will need to be trusted by people, employees, and governments. It will make a big difference in leading others, making contracts, and obtaining approvals. There will need to be a focus on one's global ethical system that most cultures agree with.

Experience: Of course there is always experience. Its hard to be global if you are not familiar with global companies and seen how things work on the "ground".

The Simplicity of Business and Its Complexity-Buy Low and Sell High

Business is about buying low and selling high. That seems straight forward enough but it really isn't when you start a business. Many small businesses go out of business relatively quickly because they are not able to master this problem. Actually, a lot of large businesses also close their doors when this issue arises.

What is the problem?

There are suppliers who give the best deals to those who purchase a lot. Unless you are a major company you are going to suffer from a lack of economies of scale. You will be buying from someone else who has purchased a large amount and then broke it apart. The price typically moves up as each supplier adds their profit margin.

Can this be solved?

It is important for businesses to continually think about their suppliers. Sometimes they negotiate other prices, they may need to look for cheaper alternatives overseas, and a few others get really unique and find whole new ways of doing business.

Is it always wise to sell what others are selling?

Yes and no. There are times when hot products are a great option because people purchase them at a premium rate. However, if you are a small store competing against a large chain you are going to need to do something else. Consider going niche, finding new types of products, or improving your service to add value.

Missing My American Coffee

It was just a little while ago that I could grab a cup of coffee and walk around. No so true in Italy. They have their own micro version of coffee but so far I have not found a "to go" disposable cup. This is great if you plan on sitting down in the cafe for a minute and relaxing not so great if you want to take your coffee with you.

I suspect this is one of the differences in European culture versus American culture. We like to take our stuff with us and run from one activity to the next while Europeans seem to like to relax. You can see this in the differences of hours worked and the amount of time we spend running.

There seems to be two different types of Americans. One type that is trying to climb the income ladder and crams to get as much stuff done as possible. Thee is also the other type that seems to watch an awful lot of tv. Relaxers and racers seem appropriate here.

In Europe I suspect there is more of a cultural outlook to relax and sit for a minute. Sip your small coffee and watch the people in the street walk past or chat with friends. Certainly not a bad idea but can be more difficult if you have things to do. There seems to be a lot of McCafe around to save the day as an American icon.

Tips for Time Management

Time is a continuous stream of activity. In the way we measure time it is limited, finite, and in the modern world almost always in short supply. Time management can help us gain a better grasp on our activities. While part of it actually has to do with time the other part is more goal oriented. It is important work think about what activities actually enhance your life and what activities should be removed or have served their purpose already.

Focusing on What is Important:

We clutter our lives with all types of different activities and things that are unimportant in the long run. We are not talking about spending time with family, working out, and down time but we are talking about other activities like unneeded activities that can be adjusted or responsibilities switched to other parties.

Let us say that you spend a considerable amount of time cleaning your house and you have a high income. If it is something that is really limiting your options you might want to consider outsourcing it to a cleaning person or have someone in your family help out during pressing times. The same can be said for laundry, errands, and car maintenance.

This all depends on your goals. Make sure you know what you want to accomplish and how you should be spending your time. Goal creation is important because it creates focus for your activities and helps you determine what precisely your efforts should be focused toward.

Managing Your Time Well:

Managing time well means breaking up time into segments that allow you to complete the most important stuff first. If you have the right goals and you know what you want to spend your time on then you have to schedule in a way that allows you to accomplish these goals.

One way to do this is to look at your rhythms. If you are more focused in the morning then spend your time working on detailed work in the morning. During the evening you might be more creative so keep your evenings more free for creative work.

There may also be meetings you must deal with. You will need preparation time so you may want to schedule time before each meeting to review. There may be kids games, classes, or things to do after work. Schedule them in a way that minimizes commute time and wasted time while you are out of the house.