I’d like a say a few words to continue our discussion.
To pelihu
1. Time and money.
pelihu wrote:
However, working hard is important as well. Edwarise suggested that he could do his job in 4-5 hours a day - the question then becomes well why doesn't he work just as smart and do twice as much? For bankers, there's always another client that can be wooed or another financial instrument that could be developed. If you're smart and efficient, you an get in on more deals, learn a lot more, get promoted more quickly and make tons more money.
Did I understand you right that you are thinking that all the time should be devoted to work and money? Why do you think so?
For me it’s not the true. I usually reject about 50% of projects which I get (because they are not interested for me, they don’t give me useful experience and connections for future, I have not time or I just don’t want to execute them).
2. Question # 3.
pelihu wrote:
Did you really use cooks as an example of passion and hard work? Seriously? I watch the food network almost every day and I'm pretty damn sure it's easier to make it to the Major Leagues (as in baseball) than it is to make $5mm as a cook. For every cook that makes $5mm I'll be happy to point out 1000 or 10000 working at McDonald's, Olive Garden and your local diner. And seriously, is it passion that got them to the top, or is it a combination of things unrelated to their passion for cooking, like being photogenic and quite frankly really lucky? What if I'm plain looking and not very charismatic, vivacious or talented? Will passion for the job really be enough, or will it propel me into a rewarding career as a line cook at Outback Steakhouse? I have lots of friends who have a passion for literature (used to be an English major), and the most that passion will every get them is tenure at a small liberal arts college. Realistically, passion and dedication in most lines of work will not be enough to allow you to afford a house and lifestyle in Palo Alto.
I have just one question. I want to understand your better. Do you really believe that to be a good successful cook (or smb else) is worse than to be bad ordinary banker? Why? My idea was that it’s much better to make smth you are really love and where you can really contribute to the society with your abilities using them in a best possible way. And do it in a way you like whenever the fashion, culture and other people do it.
I think it’s normal for every industry – for every one successful banker there are hundreds who just spent their time and best ages for nothing. I’ve seen it many times. I’m sure that many people in the world make wrong decision about their designations, and IMHO it’s one of the biggest problems of the human race. It’s really so boring to speak with such unrealized people in their forties.
3. Could I ask you about something personal? Never mind to skip it if you wouldn’t like.
As I understand you are Chinese in original, but spent all your life in US. I feel you are quite American-oriented in your thinking, their values areclose to you. What do you think about greatest Chinese culture and traditions? Are they close to you? Do they affect to your life-style, values and life-decision making process?
Are there any contradictions between them (Chinese and American) from your point of view?
You wrote you was going to be back and develop own business in China. Are you thinking about it yet or decided concentrated on IB career in US?
Thank you very much!
To everybody
4. About working hard and smart.
I meant that working smart is being strongly oriented on your result and understand clearly what do you do right now and why do you do it. And think every moment about do you really need to do it, is now the best time for it and how you can do it better, faster and more efficient. Focusing on real results of any efforts (personal results, not anybody else!) not so easy as it may seems. Many years ago I decided to analyze every minute I spend and found out that 80 % of my working time are useless for me in general – it brought no performance, no satisfaction, no money in the end. If you spent 50 % of your working time really right – I would admire you as much as possible.
Another important thing is reflection. It’s persistent analysis of the way you go. Just an example. When I was I child I grew potato for surviving on 5 lands in 15 km area around place I lived. I worked really hard and might work harder and harder, but for what? For just another few kg of harvest? I found that it’s better to look for other opportunities to use my abilities. I began trade on market and so on. And then I always think what can I do better for me right now, how I can better use my talents? The main problem of long ladders in big companies is that they psychologically fetter many young people, who became oriented on one long way and reduce attention to the world around. They became reflect on yourself and think about opportunities around less and just wait critical points on the straight way to make next decision. And some people (I’ve meet these cases) even if their young decision were obviously wrong just endure for years hoping for better. That’s why I like such guys as pelihu (he is really close to me in many things) – who are not to be afraid of thinking deeply and changing wrong decisions as soon as possible.
Work harder is good, but for me analyzing every moment why you do smth and how to do it better is more difficult and harder than just spending tomorrow more hours than yesterday or to leave the office later than the next table guy.
5. About hours and success
I don’t know how hours affect promotion in US. It does obviously depend on country, industry, company and even persons and their culture. But my experience says that orientation on final results, taking your own hours and projects under your full control, being more independent in managing your work usually helps. When I was younger I usually went to office later and left earlier than others (ever than my directors) and despite it grew much faster than anybody else around. I think it may show your leadership, result orientation, confidence and self-sufficiency. Now I also like more subordinates who just take the task and manage it yourself, not trying to be always in a field of view. If someone stays later than others he does not manage his time right or he tries to impress by his diligence. I don’t like both types.
And no less important factor mentioned by Audio. Many people just wasting their time at office waiting for appropriate time to go without any sense for them or for the company. It’s obviously common thing.
6. Factors of success
What are the real factors of life success? Hours you spent of course important. But I think not last in the list are family (it can really stimulate and inspire as nothing else), hobbies (they can develop many traits which difficult to develop by other things), general development and education (which is really important for business, for example in communications or understanding global trends, understanding people better and so on), sport (good fit is obvious), character improvement, traveling and rest of mind (it opens your creativity and vision) and so on. Hours do not help with them, they prevent. How the best way to combine all the things? It’s very individual question, but the balance between many factors are important for success in any field.
I know one guy, he is multibillionaire (Forbes-100, 11-digit capital though he lost a few billions this year). He got his fortune in the last 5-6 years. I think he will never work 100-hours a week in his life. But he is really interesting person. He has not MBA or great education, he is not a genious, and he has never planned his ladder. But he look around and see current opportunities very well. He likes to think and take things into doubts. Really great guy.
I knew also some people who really got his fortune by spending all their lives in the office. Some of them are really successful. But for me they often are quite boring. It’s difficult to speak with them about smth interesting but cars, money and shops. They look like they’ve never thought or discussed about serious things. Just chatting for politeness. Many bankers I’m working with are that type. They sold their human development like Faust sold his soul.
7. Age and money.
I believe now that money in a young age when the personality is not strong yet may be a bad thing. Bad for the person of course. Maybe it’s very rare in Europe and not very common in US, but in my country a lot of people became multimillionaires and even billionaires very quickly, under their 30. I know a few. For many it has bad effect on personality and character. I can understand it because even I has big problems with the prou after some quick success. It really hurt later and I think you are always need to pay for it. So it’s not a easy question – do you really want it al right now? I know that all young people want as much as possible and as soon as possible, but maybe it is better to get most benefits later and get the greater life early. Also question for consideration. Anyway it’s better to be very accurate with huge money in young age.
8. Once upon a time I decided to think how I can motivate young men better. How to pay them lower wage but get the most efforts and all the juice? And I realized that the best way – to promise everything great in the future if they would work as hard as possible for modest money right now and a few years. In one great poem it was written “hopes nourish youth” – great words. And then I realized that it’s a common thing to exploit people for centuries. Give me all your life for 5 (10, 20…) years, forget everything and then you will be free/happy/respected/rich whatever. It’s common business principle to manage youth. In NBA managers say “Play 5 years for 1M, be good and discipline, and you will get 5. And then 10. And maybe after 1o years on the decline of your career you will get 20 if you would be the good guy. You are playing now much better than those who get 20 right now? You deserve more? You can get awful injury? It’s not your issues, stupid boy, believe us!”. ...“Look at this Partner, his life so great and happy, he almost does do nothing and get millions! Do you want such a life? Do what we say and maybe sometime you’ll get it! You are ours!”. ...“Just 25 years in the army – it’s almost nothing! and see how big your pension will be! And what a respect! Isn’t it great?”.
In many industries this principle became dominant. And why in those industries there are not any trade unions? It’s contradicted with my previous point, but it’s also thing for consideration.
Sorry if I offence somebody, I don’t mean anything personal. I just like to speak with smart guys and discuss non obvious and interesting questions.