The James Dicks Blog

Back in the glory days of NASA, during the Apollo missions to the moon, the famed Flight Director, Gene Kranz coined the phrase that “failure is not an option.”  And with that attitude, he and his staff overcame some devastating problems and made history.  But let’s also remember, they weren’t without their share of failures and they learned from each one of them to achieve the greatest success in the end. 

So, in that respect, failure can be as valuable an experience as success – as long as we learn from our disappointments and setbacks.  Now I’m not a proponent of failure, as a matter of fact, I believe it should be avoided at all costs.  But I am realistic enough to know that it will happen now and again.  When we stumble, that experience has a way of helping us to sharpen our skills much better than success. When we fail and take the time to learn from them, we realize what we need to accomplish next in order to improve.

It took Thomas Edison thousands of attempts to finally find the right combination of filaments and gasses that would become the modern day light bulb.  Thousands!  He realized that in order to successfully accomplish a project, you needed to rely on others.  So he brought together teams of people that had different kinds of skills, and started them working together on problems, many of which developed into visionary projects.  He set up something called an “Invention Factory” in Menlo Park, New Jersey and recruited the best minds from around the world. Together, Edison and his “brain trust” team developed invention after invention.  From light bulbs, to motion pictures, the phonograph – all-in-all over one thousand patents came out of Edison’s “Invention Factory.” 

Teamwork plays a huge part in the success or failure of a project.  There’s an old saying that says “a chain is as strong as its weakest link.”  That’s why we must make sure that everyone on the team is as strong as they can be through proper planning, effective communication, and making certain that the right person is assigned to the right job.  A team member’s performance is a product of both the ability to do the work and the motivation to accomplish what is assigned to them.

Success can more likely be achieved if the team leader is encouraging to the members of the team.  We all feel a strong need to be appreciated and the leader should make sure that every member of the team shares in the glory.  The leader has the eyes and ears of the “boss” but the leader also has a responsibility to share the successes (and the failures) with the other members of the team.  Reward the team for a good job.  How about buying a pizza at lunch, have a party or maybe give them some time off.  The leader must also continue to challenge the team members and foster an environment of non-threatening, open communication. Everyone has ideas and those ideas could be the foundation of the company’s next great success. 

In today’s economic environment, business must be prepared to take a risk.  But, on the flipside, when risks are taken, the chances for devastating failures or sky-high successes are amplified.  Make sure you and your teams are totally prepared for any and all possibilities.  Hedge your chances for failure by effective planning but be careful.  Many times business plans not to fail, rather than plan to be successful.  There’s no shame in failure unless you don’t learn from your “bumps in the road.”  Project planning and corporate leadership is about working the correct plan and encouraging the right mindset of the team throughout the mission.  We must always aim our capabilities and our intentions toward complete success, rather than planning not to fail.  If failure shows its ugly head – as Thomas Edison would have said – just go “back to the drawing board.”  Again, failure can be as valuable an experience as success – as long as we learn from our disappointments and our setbacks.   

Helping others is what it’s all about and in today’s tough world; giving someone an advantage is extremely important. That advantage can come in many forms – things like verbal support, information that can be used in their personal or professional lives, or maybe an introduction.  It’s called many things but the meaning of mentorship has always been a word that brings up all kinds of positive impressions in my life. There have been so many people over the years that have offered their knowledge and support as I trudged through some very difficult periods in my life.  I’ve had many people that I would classify as my mentors but my uncle is the central person in helping to shape my personal and professional life. 

Now, mentorship does not mean doing it for someone but rather offering the support so that someone can do it for themselves. You’ve heard the old saying “give them a fish and they live for a day – teach them to fish and they live for a lifetime.”  That’s what mentoring someone is all about; giving them direction and practical knowledge so they can use your experience to expand on their own skills to discover personal solutions that work for them.  What you found to be a solution might not work exactly the same way for the next person.  We’re all different and our needs are very specific.  But the need to develop a positive attitude and the importance of showing respect and dignity to the next guy is pretty much the same for everyone. 

I’ve searched for mentors from all walks of life to ensure that I developed a well-rounded method of conducting all aspects of my life.  My time in the U.S. Marines was full of mentors, even though at the time I didn’t see them that way.  I learned so much in the Marines and these are lessons that I use every day of my life. 

If you are developing a small business, there are organizations like SCORE Association (Service Corps of Retired Executives).  This group offers businesses a free counselor/mentor from a group of retired business executives who are just itching to get back into the business world.  Even the Department of Defense has a mentor program.  Since 1991, the Department of Defense Mentor-Protégé Program (MPP) has offered extensive assistance to small disadvantaged businesses. Helping these businesses to expand the overall base of their specific marketplace has produced more jobs and increased national income.

If you are looking for a mentor, be certain that you choose the right individual or organization before moving forward. Ask questions and tell them what you want to achieve.  And if you are searching for that one special individual in your area to set you on the right path, same thing holds true. If you feel that a specific person can help you, just walk right up to them and ask them if they’d be interested in being your mentor.  Once you find the right group or individual you’ll know.  Never forget, mentorship is a team effort.

The attributes that make a great team in a mentoring environment include things like mutual respect, trust and a clear vision. A useful mentor holds the vision of what is possible, and leads the way to the vision. A mentor must believe in the vision as much as the learner does.  A mentor will offer wise advice, will show those he or she is guiding “the ropes” and will invest the time and energy necessary to successfully develop that individual. The more open the learner is to accessing this knowledge and insight, the more insightful these discoveries will be.  The mentor is an extraordinary person; a person we all aspire to be. A mentor is someone just like you. 

We are approaching the final quarter of the year and I just want to remind you about something that I consider a very important aspect of any well-balanced financial life.  Make sure that you accomplish frequent financial checkups to ensure that you are on the proper path to develop your assets effectively.  Situations can change very quickly in life and you must consider, on a regular basis, the composition and structure of your personal financial goals, tools and investments.  There are many issues to consider.  Things like getting rid of unnecessary debt, developing proper spending habits, checking your insurance needs, examining your taxes, and determining whether or not you need to rebalance your portfolio. I’m sure you could come up with a number of other areas that, on a personal level, will positively or negatively affect your financial life.  Check it all.

There are numerous methods of determining the best methods of handling our money that didn’t exist a decade ago.  Most of us have personal computers at home that can be used to assist your financial development.  There are many software programs that can help guide you by showing where your money is currently going.  These programs can help you determine the best methods of using your cash to enhance your investments.  Determine how much is coming in, how much is going out and establish where the money is going.  It’s really that easy.  Once you know those facts, you can make your adjustments.

One question that you really should ask yourself is whether the investment methods you use are actually working for you to build financial wealth.  If there have been problems, changes in the market trends, an alteration in your personal lifestyle (a new baby, a recent move, a new job, you’ve just married, just divorced) then make the necessary changes to make sure your money is working to fit your life’s changes and goals.  Interest rates are down today and it may be time to consider refinancing your home but only you know whether that’s something you should do or not.  Plus, make sure you build at least three to six months worth of living expenses, if you don’t already have that amount put away safely. 

Other areas of interest to your personal financial life include your insurance coverage.  If your agent hasn’t called you recently, pick up the phone and dial your agent’s office and request that you take an inventory of your coverage (home, life, auto) and adjust where needed.  For goodness sake, examine your credit report at least once a year.  It might be a good idea to actually contact the credit agencies twice a year, especially if you are about to make a major purchase.  

Just as you need to develop and then redevelop your short and long term goals throughout the year, so it goes with the state of your financial well-being.  This should not be an unpleasant chore but rather something enjoyable.  Remember, by conducting these occasional checkups, you are insuring that positive financial results are more likely to be attained. 

Anything can happen throughout the year (as this year has shown), which can force you off your fiscal course.  Events that can make a difference in your life occur at a moment’s notice.  Just make sure that when unforeseen events occur, you make the needed corrections that will rebalance your financial life.  Plan to make a quick check every three months or so.  This is all part of goal setting that I believe is so important to leading a balanced and prosperous life.  Stay focused and make sure you perform your personal checkups on a regular basis. 

Creating a successful business is about more than financial achievement; it’s more about the satisfaction of creating a service or a product.  It’s about taking something that didn’t exist before and making it become reality.  It’s about the sheer enjoyment of focusing on a vision and enjoying the risks and possibilities that come from creating a business through entrepreneurship.  More and more Americans are leaving the corporate environment and becoming their own bosses.  Some enter the realm of business ownership as a result of a downsizing, others as a result of a mid life crisis.  Whatever the reason, the growth of small, privately owned business across the nation is at record levels.  The bottom line is we live in a country that allows us realize our dreams, both professionally and personally, if we work hard. 

Your passions will help you to create a business you understand.  That’s very important – do something you appreciate – something you enjoy.  Do what you know.  Do what you like.  Success is never a foregone conclusion, but if you do something you identify with, you’re more likely to realize positive results.  Remember, an entrepreneurial attitude is just as important to a firmly established company as it is to a start-up.  If you can maintain the “start-up” approach to building the business, you foster a mentality of accomplishment throughout the organization, no matter what its age or its size.  But never forget – entrepreneurship is difficult.

Your attitude can make all the difference.  There are always challenges and you should focus on opportunities rather than problems.  Make the customer number one and strive for high productivity.  If you have employees, make sure you set the pace and the example and foster an attitude that creates an “ownership” process throughout the company.  Don’t ever stop taking reasonable and evaluated risks.  Communicate your vision with employees and customers and keep it simple. 

Don’t be misled; there is a lot of information to learn.  Business owners need to develop working relationships with a variety of individuals including customers, wholesalers, dealers, staff, bankers and other professionals such as lawyers, accountants and other specialized professionals.  Entrepreneurs must make important decisions daily, often at a moment’s notice and most times, under pressure.  Owning a business can be very challenging but remember it’s going to take a lot of hard work and long hours.  Get to know your strengths and your weaknesses and then adjust to make sure that success becomes more likely.  Entrepreneurship isn’t always as attractive and glamorous as some pundits may portray. Ask someone who’s done it. If you start your own business, life as you know it will never be the same.  It might be better than expected, then again, it just could be worse than you could ever imagine; but it will definitely be different from anything you’ve ever done. 

If you decide to make a go of it, follow your heart, your passions, and learn all you can about your business and your customer base.  Perhaps your company will be the next one that is included in the Forbes Celebrity 100 as a global billion dollar a year power player.  Keep pushing forward and never give up. 

I’ve noticed recently that we seem to be worrying about everything.  Yes, the past year has been tough on a lot of people and a lot of businesses. We agonize about the current state of the economy, we are concerned about the horrific possibility of terrorism in our local communities, we worry about whether we’ll be ready for retirement, and we are very concerned about how our children will fair in this highly demanding and , at times, difficult world. 

I usually find that if I’m not certain of where I’m going or how I’m getting there, I will tend to have more concerns than if I actively sit down and plan for the future.  We hear on the financial news programs every day that investors are “worried” about a variety of things that will move the markets lower.  What’s the point?!  Let’s start planning our personal situations and stop creating the anxiety.  The summer months are over and we are now preparing for autumn and the changing colors of the trees, feeling a nip in the air, and the smells of the season from cinnamon to evergreen.  I don’t know about you but I think this is a great time of year.  

Sure, there are some challenges ahead which could complicate our national and personal finances.  The negative scenarios that the U.S. economy is pushing through today along with the ever-increasing cost of energy could certainly cause a drain on our personal finances and put tension on the retail sector as well as pressuring the trade gap.  But there’s not a lot we can do personally to generate solutions for these hot topics.  The one thing we can do to sustain our personal “corner of the world” is to develop a positive and constructive attitude.  It really does help.  When you decide to carve out your personal path using even a small amount of confidence, you can’t help but develop the belief that you can succeed at anything you set out to do, no matter what the odds.  Believe me, I’ve done it. 

Positive thoughts and actions create positive results. If you have the wrong attitude then your trading could also be affected.  Doing anything with the wrong attitude will lead you in a direction that will be a burden rather than a blessing.  Individually, things can be tough to deal with but collectively – as an encouraging population – we can do anything.  As we approach the final quarter of the year, I’m hopeful for the months ahead and I hope you are too.  We’ve proven this factor in the past and I have no doubt that we will bear it out again in the future. Become proactive and cheerful by developing your attainable goals while staying focused on the situation(s) at hand.

The improvement of anything you do in life requires you to get the education you need, whether formal or informal.  If you feel like you need to improve your personal investing skills why not find a trading group in your local area and work with others to perfect your skills or take a formal class.  You’ve heard me say it before – it’s all about education.  If you are learning to play golf, I’m sure you have to practice.  If you are trying to master algebra, you have to study.  The same is true for an effective and profitable financial life.  Never give up! Determine your direction, get educated and you will get results! 

Happy trading!