Dear Mr. CEO,
Your company is doing very well financially. You have followed lesson 4 with persistence. Your saving is growing. What are you going to do with that saving?
Putting your savings in a saving account earns you a very small interest. Seeing your neighbor doing well with investing his cash into different venture, you might be tempted to do the same.
I must warn you. If you get into something you don’t know, you are heading into a land of mines. I myself followed some great traders and lost all of my fortune. I learned some excellent chart techniques to predict a stock. Without any knowledge about the company and its business, I bought the stock with confidence that I knew where it was heading to. The business was gone shortly due to debts. I learned a great lesson that I must know what I am dealing with.
If you invest in something you don’t understand, you have no way of knowing if it’s a good business or not. When problems occur, you will have no way to predict what might happen next and what might help the business. Consider this before you commit to any investment.
Managers of great businesses have an ability to truly understand their industry, its competitive landscape, and what their customers want. They also have the ability to adapt to changes.
Understanding is the key to success. You must learn to understand something before you do. You must think things through before you act. Learn to understand another person’s point of view before you you jump into a conclusion. Be willing to adapt to their point of view if it makes good sense.
To watch the episode, click on http://smckids.com/episodes/?vidlink=05
See you in the next lesson.
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PS: I call you Mr. CEO as you are really a CEO. You are the CEO and president of your own personal service corporation. You are the president and CEO of your own life. If you work for someone or some company, you provide your services to them in form of employment. If you are a business owner, you provide services to your customers. No matter what you do, you provide services. You are responsible for every aspect of your own company, yourself. And if you read my post, you are really capable of your own title as president and CEO of your own life.