Many concerns now make part or the whole of their dividends from by-products that formerly went to waste. How do we, as individuals, utilize our principal by-product? Our principal by-product is, of course, our leisure time. Many years of observation forces the conclusion that a man's success or failure in life is determined as much by how he acts during his leisure as by how he acts during his work hours. Tell me how a young man spends his evenings and I will tell you how he is likely to spend the latter part of his life.
J.P. Morgan, then past 70, was asked by the son of an eminent father why he [Morgan] didn't retire. When did your father retire? asked Mr. Morgan, without looking up from his desk. In 1902. When did he die? Oh, at the end of 1904. Huh! snapped Mr. Morgan, If he had kept on working he would have been alive still. Work is God's best medicine. It is God's medicine for man.
Which is more worthwhile earning: a large fortune or the esteem and gratitude of the nation? This question is prompted anew by the death of ex-Secretary of the Interior [Franklin K.] Lane. He remained in public service, doing most noble work, until his means became absolutely exhausted, and he died before having had the opportunity to reaccumulate any bank account.... He died leaving no estate whatsoever. Is what he did leave more to be desired, more to be coveted, than a fortune reaching into six or seven figures?
...the incontestable truth is that America has been built up by optimists, not by pessimists, but by men possessing courage, confidence in the nation's destiny, by men willing to adventure, to shoulder risks terrifying to the timid.
It is easier to start taxes than to stop them. A tax an inch long can easily become a yard long. That has been the history of the income tax. Would not the sales tax be likely to have a similar history [in the U.S.]? ... Canadian newspapers report that an increase in the sales tax threatens to drive the Mackenzie King administration out of office. Canada began with a sales tax of 2%.... Starting this month the tax is 6%. The burden, in other words, has already been increased 200% ... What the U.S. needs is not new taxes, is not more taxes, but fewer and lower taxes.
The fellow who isn't fired with enthusiasm is apt to be fired.
Now, ideas are the raw material of progress. Everything first takes shape in the form of an idea. But an idea itself is worth nothing. An idea, like a machine, must have power applied to it before it can accomplish anything. The men who have won fame and fortune through having an idea are those who devoted every ounce of their strength and every dollar they could muster to putting it into operation. Ford had a big idea, but he had to sweat and suffer and sacrifice to make it work.
Backboneless employees are too ready to attribute the success of others to luck. Luck is usually the fruit of intelligent application. The man who is intent on making the most of his opportunities is too busy to bother about luck.
The person who renders loyal service in a humble capacity will be chosen for higher responsibilities, just as the biblical servant who multiplied the one pound given him by his master was made ruler over ten cities.
I resolve for 1920 to sit down all by myself and take a personal stock-taking once a month. To be no more charitable in viewing my own faults than I am an viewing the faults of others. To face the facts candidly and courageously. To address myself carefully, prayerfully, to remedying defects.
Inflationary trends are under way. Wage increases, through strikes or threatened strikes, are rampant. Government expenditures are ballooning ominously. Hoarding has contributed unconscionably to price-boosting. The Government should institute measures calculated to arrest inflation. America's commitments are already so mountainous, international and domestic, that the pruning knife should be applied. You and I, all American taxpayers, don't possess limitless resources-our pockets are not bottomless. Curb inflation at every turn!
It is when things go hardest, when life becomes most trying, that there is greatest need for having a fixed goal.
It is the hard-boiled employer, not the soft-hearted species, that incites most of our strikes and does most ot endanger the harmonious progress of democracy.
For my part, I rather distrust men or concerns that rise up with the speed of rockets. Sudden rises are sometimes followed by equally sudden falls. I have most faith in the individual or enterprise that advances step by step. A mushroom can spring up in a day; an oak takes 50 years or more to reach maturity. Mushrooms don't last; oaks do. The real cause for an enormous number of business failures is premature over-expansion, attempting to gallop before learning to creep. Sudden successes often invite sudden reverses.
Enthusiasm is the parent of enterprise. Search and you will find that at the base and birth of every great business organization was an enthusiast, someone consumed with earnestness of purpose, with confidence in their powers, with faith in the worthwhileness of their endeavors.
When it comes to betting on yourself... you're a chicken-livered coward if you hesitate.
Finally, there is more genuine joy in climbing the hill of success, even though sweat may be spent and toes may be stubbed, than in aimlessly sliding down the path to failure. If a straight, honorable path has been chosen, the gaining of the summit yields lasting satisfaction. The morass of failure, if through laziness, indifference or other avoidable fault, yields nothing but ignominy and sorrow for self and family and friends.
I don't feel myself that I Know it all, but I have enough conceit to be successful. That observation was made by a businessman in his 30s who was making notable headway, although his path bristled with difficulties. Business places no premiums on shrinking violets. Employers prefer men who have self-assurance, forcefulness, go-aheadness, men who know their jobs and know that they know it.
After visiting several of America's most fashionable playgrounds, I have reached the conclusion that men who work hard enjoy life most. The men at such places can be divided into two classes, first, busy men of affairs ... and, second, rich loafers. I was impressed by the obvious enjoyment corporation heads and other important executives were deriving from their vacation activities.... The idle rich fellows, on the other hand, although indulging in exactly the same activities, palpably were bored.
Do too many executives still indulge in the short-sighted habit of issuing orders without taking the slightest pains to explain to those responsible for carrying them out the whyfor and wherefor of the orders? Where employees come in daily and hourly contact with the public, surely it is important that care be taken to fit them to reply intelligently to courteous questions. ""Because them are orders"" isn't a satisfying reply-even less satisfactory to the management than to the public.
The man without religion is as a ship without a rudder.
The fittest, not the richest, make the most enviable mark. Pampered sons of plutocrats may shine for a time in society, but not in the world of affairs and of service unless they rip off their coats and get to work early and stay late. To be born with a golden spoon in the mouth is more of a handicap than a help in attaining worthwhile success in this age.
Managing the other fellow's business is a fascinating game. Trade unionists all over the country have pronounced ideas for the reform of Wall Street banks; and Wall Street bankers are not far behind in giving plans for the tremendous improvement of trade union policies. Wholesalers have schemes for improving the retailer; the retailer knows just what is wrong in the conduct of wholesale business-and we might go through a long list.... Yet for some reason the classes that ought to be helped keep on stubbornly clinging to their own method of running their affairs.
Has your work become very easy? Do you find you can do it with little effort? Has it ceased to impose any strain or fatigue upon you? Do you no longer feel loss of vitality after a long spell of it? Can you now do it as easy as water rolls off a duck's back? If so, look out! Do some stock-taking. Examine your output.... Work done with little effort is likely to yield little result. Every job can be done excellently or indifferently. Excellence necessitates effort-hard, sustained, concentrated effort.
The things that are most worthwhile in life are really those within the reach of almost every normal human being who cares to seek them out.
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