You can’t win the game unless you’re in the game

This adage applies to so many things in life, but I’d like to highlight two.

In business, particularly when starting or running your own business, “making your own luck” simply means being in a position to capitalize on opportunities that come your way. Recommendations on how to be successful often overlook the most obvious steps: getting started in the first place and not giving up, no matter what obstacles present themselves along the way. The oft-repeated advice to never give up until you’ve reached your ultimate goal lends itself to the possibility of working on something that will never lead to a successful outcome. There is no one-size-fits-all formula for striking the ideal balance between perseverance and stubbornness to the point of self destruction. If there were, it would have been produced by now. Ultimately this is a personal decision but finding a way to mitigate risk and overhead can mean the difference between survival and throwing in the towel.

In business, personal creative endeavors and ones career, there is a compound effect that begins the moment the clock starts running. The fact that the consulting firm I founded has existed for 10 years in a relatively young industry says something about our ability to endure. By remaining lean and agile, we have been able to survive during slow periods. By building meaningful relationships and focusing on always exceeding our clients expectations, we’ve been able to grow primarily through word of mouth. We've had the luxury of being selective about the clients and projects we take on.

Stories of businesses on the verge of collapse or being shut down moments before a reversal in fortunes are legion. In the startup I co-founded, we recently signed a game changing client not long after seriously questioning the viability of the business itself. Because we persisted, got our name out there, actively hustled and did our best to make customers happy, we were in a position to capitalize on an opportunity that basically fell into our laps. This type of thing has happened to me more times in life than I can count. I ascribe a great deal to dumb luck and am consciously thankful for the opportunities I’ve had. At the same time, if I hadn’t been positioned to grab hold as luck flew by and skilled enough to put it to good use, it wouldn’t have mattered.

For the average person with the the majority of their earning years ahead of them, the most effective investing strategy is to acquire broad exposure into equity markets in the most cost-effective way possible and hold them over time. Years ago I came across the financial services firm Creative Planning and the common sense philosophy of the founder, Peter Mallouk. In 2017, I read the book Unshakeable, which he co-wrote with motivational speaker Tony Robbins. Shortly afterward, I read his 2014 book The Five Mistakes Every Investor Makes and how to Avoid Them, which despite how powerful it is can be read in a single sitting. My biggest takeaway from those books was that by staying in the game - in this case leaving your money where it is and buying when everyone else is selling (or simply eliminating any of your own decision making) - despite the inevitable occurrence of ups and downs, you position yourself most efficiently to accumulate wealth in the long run. Furthermore, if you gain even a cursory knowledge of the history of the equities markets, you will be a much more confident investor. Similar to how the understanding that very few airplanes crash relative to the total number of flights allows us to sit in a seat in a metal tube traveling hundreds of miles an hour tens of thousands of feet above the surface of the earth. If you know that over time, the stock market has always resulted in more capital for those with broad exposure, you can more easily weather the anxiety-inducing storms that will come your way. I have spoken to many colleagues and friends in my age group who have chosen to put most if not all of their capital into savings accounts or CDs. I’ve heard first hand accounts of entire portfolios being liquidated as markets tumbled and waiting too long to buy back in, resulting in tremendous missed opportunity.

Being in the game means deciding to participate in the first place. It means showing up for practice when you are tired or would rather be doing something else. It means focusing on scoring one point at a time even when it appears you have no chance of winning the game. These anecdotes translate well into the professional world. Almost everyone has had an idea for a business at some point, but very few take action. Even fewer forge ahead after the first inevitable setback. Ideas are a dime a dozen - execution matters.

Most days, running your own business feels akin to being clubbed in the back of the head and kicked repeatedly after hitting the ground. There are days, however, like a single perfect shot during an otherwise infuriating round of golf, that make this seem like a small price to pay. These are the days of signing record contracts, receiving praise from customers, being profiled in the media. It is an emotional roller coaster. I don’t particularly like roller coasters but I plan on riding this one until I’m forced to get off.