Luck, Timing And A Benefactor: Lessons From Early American Titans Of Industry

Like most young people who get breaks, luck has a lot to do with it, and timing. And the second factor, besides timing, is that as a young man usually all of us would admit that there was a mentor, a benefactor. And when an older person who you respect and admire has confidence in you, it’s a great booster to your own self-confidence.”

– Steve Wynn, regarding Tom Scott’s mentoring of Andrew Carnegie, on the History Channel’s “The Men Who Built America”

 Timing. Andrew Carnegie’s life was full of good timing and bad timing. Not unlike your life. Or mine.

As a 12-year old boy, “Andy” was working for Tom Scott’s Pennsylvania Railroad. He became Scott’s personal assistant and in short order, Scott took a special interest in Carnegie. He taught young Carnegie the railroad business, and along the way a thing or two about operating a business.

There’s much more to success in business than luck, timing and a benefactor.  Some things that are good. Others…not so much.

Ruthless business behavior isn’t limited to the stories you hear about today’s technology giants or social media moguls. It was well practiced by the men who built America. Winners don’t take well to losing. Some will do whatever it takes – legal or not, ethical or not – to gain an advantage.

Smartness isn’t the private domain of those who’ve built companies like Apple, Microsoft, Intel, Oracle or Facebook. Being smart pays off in every arena of life and in every era. Yet, there are many success stories whose main character was less than brilliant. You don’t have to be a top drawer brain to be successful in business.

Luck, timing and a person willing to show us the way or help us out are three common denominators often seen in the stories of successful people. That isn’t meant to diminish brilliance, determination and courage. Or the power of ruthlessness.

Post Civil War America was built mostly by ruthless men. Men whose business success was fueled by fearlessness, opportunity and an intense desire to best their peers. Putting the other guy out of business was often the primary objective in the early 1900’s. During America’s industrial age capitalism was dominated with men doing their best to gain a monopolistic advantage. From railroads, to steel, to oil and to electricity – early American business success came most to those able to dominate an infrastructure industry.

Could these industries have progressed without enemies driving the competitive spirit? Likely not. It’s the reason Edison invented the electric chair! Nor is it likely that any of these early pioneers of business could have achieved their success without luck, timing and a benefactor.

Take Edison and Tesla, one of Edison’s underlings. Both were brilliant (smart). Both were hard-working and devoted to their ideas. Tesla resigned from Edison’s company because of his firm belief that alternating current (AC) was more powerful and useful than direct current (DC). Edison was all in on DC and dismissed Tesla’s ideas so Tesla quit.

Edison had JP Morgan backing him. Tesla had Westinghouse.

JP Morgan ended up with the whole shebang called General Electric. Sometimes one benefactor wound up on top! It’s always better to have successful coat tails to latch onto. History might have been very different if Tesla’s benefactor had won. But he didn’t. Tesla’s horse lost and the rest is history.

Without boldness, courage, conviction in their rightness and confidence in their ability…it’s doubtful any of these early American businessmen would have found luck, timing or a benefactor. Good things don’t necessarily come to those who wait. More often than not, they come to those who step out from the crowd determined to find them, chase them down and own them. It’s high risk behavior.

But I wonder if it’s any riskier than those poor workers who suffered the abuses of working conditions that were life threatening. Living without options, no choices. Destined to accept whatever low wage was offered, working whatever schedule was imposed on them and suffering a life without hope for improvement.

The titans created their own choices. Failure was always an option, but so was success. It seems they were driven to have choice. And to connect with whomever could help them achieve their dream. They were committed to their own cause, their own idea and their own belief. I hope you are, too!

Randy

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Episode 160 – Why Is Choosing A Target Market So Difficult? (Narrower Is Better)

Business often looks like a typical dart board
Business often looks like a typical dart board…full of holes!

There’s riches in niches. Go narrow, go deep. These are terrific bits of advice.

They’re also very hard for people to figure out. I know because I’ve been helping business owners figure it out for a long time. It’s always (always) the first point of conversation, especially with business owners struggling to find a new level of success.

I now understand the dilemma better. I can’t fully explain it, but I do understand how it feels to be confused about a target market. I started looking in the mirror and realized I had no clue about my own target market.

My challenge was compounded due to my lifelong experience, my indifference to any particular industry or space and my utter contentment and satisfaction with just about any selected space. In today’s show I’ll explain my own situation in hopes you can look at your own, and better figure out a few things.

Just remember, it’s one thing to take aim at a particular target…it’s something different to actually hit it. That picture illustrates how many businesses aim and execute serving a target market. The target ends up with a bunch of holes all over the place. Part of that is the process necessary as we figure things out. We just have to make sure that we’re working to figure things out and not aimlessly throwing things toward the target. People often confuse them for the same activity.

Progress doesn’t have to be intentional. Sometimes we find success because we’re putting in the work and a happy accident happens. An accident that wouldn’t have occurred if we hadn’t shown up and put in the effort. But there are other times when we’re spinning our wheels by doing things without thinking…hoping something good will happen. Not a good way to go.

Like a good game of Battle Ship, we want to hit more than we miss!

Here were some of the things that were crucial for me. Your list might look very different.

a. Don’t want to be gone from home alot
b. Don’t want employees
c. Don’t want a long commute
d. Want high margins
e. Want to create digital learning (and help)
f. Want to be able to give more to causes

Later on I added a 7th – and very important – criteria. It’s a criteria that I think is worthwhile for anybody! The first 6 aren’t universal, but that 7th one is. It’s something that you must give lots of thought. And in thinking about it, you have to be true to who you are. It’s why I’m fond of various profile assessments that can help us know ourselves better. You don’t want to serve a market that isn’t a good fit for you.

Randy

P.S. Did I say “strategical” during today’s show? I certainly did. Come on, every podcaster makes up words. I’m adding that new word to my podcasting dictionary. 😀

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Special Episode – Are You An Over 40 Victim Of Fate?

I may be late, but at least I'm closer than 200 years.
I may be late, but at least I’m closer than 200 years.

I was once a fan of Jimmy Buffett. When I was younger. His early days. And I’ve never had so much as a single drink of alcohol. Go figure.

By the time he moved from the gulf coast to the mountains of Colorado to find himself, I was long gone as a fan. So when he returned to the Florida Keys and found his way back home to the gulf, I had been away from his current music for a few years, but his earliest work continued to be in my ear buds pretty regularly. Well, to be fair — I’ve always loved his voice. The whole Parrothead thing escaped me though. But, this isn’t about Jimmy Buffett so much. It is about one of his songs though. A song that I’ve sung thousands of times while driving in the car.

I’m out and about and “A Pirate’s Look At 40” pops into my head. I’ve seen him perform it live many times – pre-Cheeseburger in Paradise Jimmy Buffett.

Part of the lyrics are…

Yes I am a pirate, two hundred years too late
The cannons don’t thunder, there’s nothin to plunder
Im an over-forty victim of fate
Arriving too late, arriving too late

And so in keeping with the last few posts/podcasts/videos here – I began to wonder about my place in time. It’s not something we can do much about, but there are a few takeaways that might be able to help us.

Mentioned:

Myers-Briggs test
StrengthsFinder
DISC profile (this is the one I couldn’t think of)
Perry Marshall’s Marketing DNA Test

Today’s show was recorded out and about – not Inside The Yellow Studio. Give it a listen, it’s short.

Randy

Podcast Options:

• Subscribe via the iTunes store
• Android, Blackberry & other listeners can listen on Stitcher Radio
• Right-click here to download this episode to your computer
• Click here to playback in a new window

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Episode 159 – When You Blend In…You Don’t Stick Out!

When everybody else zigs, zag!
When everybody else zigs, zag!

Which economy are we now in? I forget.

Information? Knowledge?

We’re definitely still in the “Attention” economy, but haven’t we always been?

We want to stand out from the crowd.

But…we also want to fit in.

We want to hear about how really successful people did it…so we can do it, too. Over and over you hear the question asked, “How did you do it?” That’s because we think there’s some secret that we don’t know. And it’s because we don’t want to put in the work…especially if we can just copy somebody else’s work. Remember those jerks in school who’d stretch their arms over their desk so we couldn’t see their work? We hated those smart alecks.

But if we’re all copying each other – or if we’re all copying the successful people and trying to do exactly what they did – won’t we end up blending in? If we all dress alike, talk alike, work alike…won’t we be alike? And then, won’t that make us all average?

Is your brain tired yet? Mine is always tired. But such is the life when you have to live with my brilliance! It’s a curse.

Well, here’s what we really want…

To be part of the crowd, but we want the crowd to applaud us, follow us, friend us, subscribe to us, read us, watch us, buy from us, and hold us up above all the rest.

We want to be like everybody else…but better!

With more business. With more followers. With more fame. With more income.

Well, of course. Why not?

Indeed. Why not?

Randy

Podcast Options:

• Subscribe via the iTunes store
• Android, Blackberry & other listeners can listen on Stitcher Radio
• Right-click here to download this episode to your computer
• Click here to playback in a new window

 

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Perry Marshall’s Marketing DNA Test (My Results)

I’ve been on Perry Marshall’s list for years. He’s a Google Adwords and PPC brainiac. I’d also describe him as a terrific marketing guy. Oh, and he’s very likable.

You should check him out at PerryMarshall.com

Since I’m on his list I got the email he sent out telling about his new Marketing DNA Test. I spent a few minutes and took it. These are the results. That’s right, I’m unashamed. Transparency and authenticity – 2 words that make me want to vomit – are all the rage so here you go!

Enjoy. Laugh. Cry. Feel badly for me. Feel envy about my greatness. Pity my weaknesses. It’s all done in a real quest to learn more about myself. One of these days I’ll figure it out. Guess I’d better hurry things up, huh?

Randy

 

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