Dear Ben,
Listen carefully Medical School! Today it's the only sure career choice that ensures success, if you're good at it. People will always get sick and if you can make someone well, cost won't be an issue. I know this advice may be a little premature by a year or two, or eighteen, considering that you are only seven weeks old as I write this. However, I've kept all of this wisdom I'm about to pass on to you, my first child, for 40 years now. I've had some great teachers and I picked up a couple of things along the way on my own. So here's a little introduction to "Business 101" advice from your Dad, and a few other tidbits for good measure, for you to reference during your journey.
Hard work vs. a Good product
People use the term "sweat equity" with pride when referring to their work. What I've learned is that really, who wants to sweat at work? Does it help? Not really. What you need to remember is that it isn't how hard you work, it's what you sell that counts. If you're selling the wrong product you can work 24 hours a day and not prosper. Pick your line of work carefully. Be sure the fundamentals of the business you choose are sound. Remember you "Work to Live," you don't "Live to Work." If your generation is anything like the entitlement generation that is today in their twenties, this won't be a problem. Regardless of what career you choose, be better at it than anyone else.
Owning your own business
Timing is everything so maybe this works for you and maybe not. When you graduate from Kansas University (a given?) it is important that you go to work for someone else first. The education will prove invaluable. I've done it a little backwards, and wish I knew then what I know now. If you're the boss and have never been an employee for someone (and I don't mean the part-time job you take at the pool during the summer), you'll be less effective as an employer. Trust Dad on this one. You'll learn first-hand the unbelievable positive consequences of complimenting someone on a job well done, and the damage that can be done with misdirected words.
Being your own boss
Don't ever start your own business because you want to be your own boss. You'll never be your own boss. If you don't have a traditional boss, you have bankers, a board of directors, stockholders, major customers, voters (if you're a politician), business partners, etc. I've not found the perfect business where you have no "bosses." Maybe by the time you break 80 for the first time, I'll have figured it out for both of us.
Use mentoring
Along the way you'll meet some great people. One or two of them should become mentors of yours. Mentoring is a great concept because it is basically realizing that you are not breaking new ground with your life. Find someone that has already done it with great results, and learn from them.
More on mentoring
Be wary of people who don't even know you that immediately tell you how much money they made last year. Your mentor should be someone who quietly accomplishes a lot and says little. I've found this one quality consistently in the most successful people I've encountered during my career. When listening to a braggart, the formula is simple. All monetary amounts must be cut by one-third to get anywhere close to accurate information.
Find a good woman
I've had a bad one, and now I've got a good one. The difference is similar to that of drinking fine wine and drinking flaming gasoline. Also, don't marry for money. Make your own. Furthermore, when you find that good woman, ask her advice on business and investment matters. I don't know exactly why, but women have some kind of sixth sense about these things. Then listen.
Keep your left arm straight on take-a-way
Taken to an extreme, this, and other golf cliches, can do more harm than good. Read Harvey Pennick books. Find a teacher you like, stick with them, and tell anyone else giving you swing advice they're wasting their breath.
Unreasonable customers
We all have them. Understand that some customers in whatever business you're in are unreasonable and difficult by design. It's not personal. They're energy suckers. Let your competitors cater to their every whim. While they're doing that, you'll be busy with the good customers. Many of your customers and peers will become lifelong friends if you choose them carefully.
Gut Feelings
If you always go with your gut feelings, you'll seldom be wrong. What generally happens after we get our gut feelings is that we talk ourselves into something we shouldn't be doing.
Cell phones
I beg you, leave your cell phone in the car when playing golf.
Get involved in the industry in which you're employed
Unquestionably the best thing I ever did was to get directly involved in the AMOA at a young age. No matter the industry, get involved and volunteer your time. You'll get rewarded 100 times beyond any contribution you will make.
First is not always best
If you're getting every deal you present, you're selling your product too inexpensively.
Be loyal
In any business you'll be dealing with various suppliers and vendors. Stay loyal to a few. Don't get greedy because the "vendor of the week" will save you ten dollars. In the end, your vendors will reward you for loyalty.
Return phone Calls
Some people in business feed their egos by not returning phone calls. Notice that the more successful business people become, the more likely they are to return your phone call.
Story telling
As a friend once told me and it's true everyone has a story and they're looking for someone to tell it to. Listen.
Know what you don't know
There is nothing wrong with saying, "I don't know." Otherwise, you'd have to know everything, or act like it. That's when people make mistakes.
Ben, these are just a few tidbits that I've learned that I wanted to pass along. There will be much more to come, and it promises to be great fun for both of us.
Dad