Week of August 7, 2017
“Nothing would be done at all if one waited until one could do it so well
that no one could find fault with it.”
John Henry Cardinal Newman
The Passion Trap
“Follow Your Passion”…..”Do What You Love”…..”Build It and They Will Come”. These phrases have practically become big laws of career wisdom; but do they really lead to success? Many would-be entrepreneurs have found that starting businesses by following their passion results in no one following them.
Ultimately, passion matters but maybe not in the way you think. This short article points out “the brutal truth about following your passion” and contends that “skills trump passion” in the formula for success. This article should be required reading for anyone who intends to build a business and wants to avoid “the passion trap.”
The Other Retirement Shoe to Drop
Many boomers will have to delay retirement because of the hits their 401-Ks and IRAs took in 2008-2009. Others failed to save at all. A few prudent ones who’ve planned will find their living expenses well provided for except in one vital area: healthcare. This short article by a Chicago Tribune personal finance columnist suggests that even Boomers who’ve prepared for adequate retirement income have woefully underestimated what it will take to pay for their healthcare between retirement and death.
Take a moment to build into your plan what promises to be an eye popping amount for healthcare in retirement. Be ready.
A mentor of mine once told me that we are all created equal in only one way: We all get 24 hours in the day. It was a profound observation to which I would add this warning from the Stoics of antiquity: “Memento Mori” Take a few minutes for an elegant reflection on what that means to one man….and think about what it should mean to you.
Seven Closing Secrets
Vistage Speaker and former Porsche CEO Peter Schutz once observed that “If you listen to the customers, they will explain your business to you.” That wisdom is reflected in a recent short HBR article based on surveys of over 200 buyers. Check out “7 Reason Sales People Don’t Close the Deal” to see if any of these are reasons you or your team aren’t closing.
Knowing what NOT to do is as important as what to do.
Still the Plow horse: The plodding but consistent pace of the “plow horse” been one of Dr. Brian Wesbury’s favorite, and to date, consistent metaphors for the economy since the Great Recession of 2008-2009. Despite a robust stock market and continuing employment gains, he sees the economy as continuing to be go, but slow His one page summary “Unfortunately, Still a Plow horse” is worth reading.
Shameless Self Promotion Department
For several years, an independent survey has found that Vistage Member Companies outperform comparable nonmember companies. Updated research has determined that CEOs who’ve joined in the past five years outperform non-members by a wide margin as this one page recap explains.
If you know someone that wants this kind of edge, have them call me at 949-842-9997 or email me at Beth@chartingsuccess.com.