Step Up, Act, Initiate, Implement, Innovate, and Don't Be Afraid to Try

"It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."

Theodore Roosevelt

"How far you go in life depends on ..."

" ... your being tender with the young, compassionate with the aged, sympathetic with the striving, and tolerant of the weak and strong. Because someday in your life you will have been all of these." – George Washington Carver

There's More To Economics Than The Economy: The Economics of Self Improvement

Since 2007, the global economy―and more specifically United States―has been recovering from the most serious financial crisis since the great depression in the 1930’s. During this time, we’ve been consistently reminded by the media, economic analysts, or maybe even through our own personal finances that the economy is to be blamed for the tightening of our overall financial constraints. 

Lord Lionel Robbins, a British Economist and former head of the Economics department at the London School of Economics defined Economics as, “a social science that studies human behavior as a relationship between ends and scare means which have alternative uses.” Economics is a social science because it lies somewhere between the spectrum of hard sciences (like math, chemistry, and physics) and arts (theater, painting/drawing, and music). The heart of Economics subject-matter focuses on how human behavior dictates the decisions we make based on scarce means and unlimited wants―in other words, how we pay for all the stuff that we would like to have as opposed to what we actually need.

Economics can be further divided into different subsets of fields including microeconomics (Individuals and households), macroeconomics (economic aggregates), development economics (developing and developed nations), international economics (global trade and travel), political economics, etc.… All these disciplines recycle the same fundamental theories, concepts, and tools to explain how human behavior affects the growth and development of an entity, be it a private business, government, or the corporate sector. However, in this piece I would like to shed some light on a different dimension of Economics we often do not hear about in the media: I’ll call it Self-Economics.

What I call Self-Economics, borrows economic theories, concepts, and tools from the core subject-matter to explain how to achieve our own personal development goals―to maximizing our inherent resources and promote sustainable personal growth. For each and every one of us who is consistently looking to grow, improve, and challenge the status-quo―on the path of self-development―the fundamental tools and concepts of Economics can come in very handy.

I remember taking my very first Economics class in high school. In one of our class tests, I had really high hopes of scoring an excellent grade. However, to my disappointment, my grade was lower than what I expected. My first reaction was to corner a close friend of mine, one of the brightest in the class, and I asked to see his essay. After doing a quick scan of his A+ paper, I was not impressed. I didn’t think he wrote anything special that I didn’t already know―so why was there this huge gap between our scores.

My friend’s response was one of the single, most eye-opening moments in my educational career. He explained that Economics―same with any other field―has its own language and in order to adequately explain any concept I’ll need to use the right jargons. For example, the profit maximizing, equilibrium, point is where DD = SS (meaning market demand is equal to market supply…). That way, the professor knows that you know the root concepts and you’re not just playing a game of hit-or-miss. From that moment on, whenever I’ve been faced with an Economics question, I’ve always focused on starting by hitting the nail right on the head with the right definitions, equations, and graphs before going further with my own supportive analysis. I took this gold nugget of wisdom and I went on to earn my Bachelors and Masters Degrees in Economics and I’ve truly developed a great sense of respect for the subject and its applicability.

Now there’s one philosophy I fully subscribe to, without a doubt―one does not need to step in within the four walls of a classroom to get an education, or become a person of influence. Look at some of the most influential people in the world: Abraham Lincoln, Thomas Edison, and Eleanor Roosevelt. Non-the-less, one thing we all need is to adopt a lifelong learning lifestyle and seize opportunities to read, practice, and engage with those who have a similar threshold of thirst for learning and personal development as we do.

I also know there’s this distinctive gap between knowing and doing… and I do my best to make sure that whatever lessons I’ve learned in the classroom serve as applicable tools for improvement in my personal life and professional endeavors. I’d like to share with you three main lessons that I’ve learned as a student of economics over the course of the last 15 plus years:

Firstly, For every decision you make, think in term of harnessing all your resources to meet your goals in a way that fully maximizes your resource pool, and minimize costs and waste as much as possible―these resources could be financial (checking, savings, investment accounts), capital (vehicles, laptops, cellphones), people (family, professional networks, Toastmasters International and other leadership/educational clubs), energy (emotional, mental, physical), time, and our greatest resource―and weapon―brain power. A mentor of mine always said, “When you think enough, what you have is enough”. I’ll go one step further and say within the confines of all your resources, there’s nothing that you cannot accomplish.

Secondly, beware of averages―in grad school, my Microeconomics Professor would often say, “If Bill Gates walks in the Room right now, on average, we’re all billionaires…” A major part of economic analysis rests on marginal analysis rather than average analysis. Marginal analysis assesses how the final outcome of our choices can change as we add one additional unit of a resource. In other words, learn to factor into your decision making that we live in a very fluid and dynamic world. Everything is always changing. If you’re complacent you’ll die. Keep up with new information. Learn new things. Understand that nothing lasts forever, appreciate what you have for today, but seek to improve to prepare for tomorrow.

Thirdly, competition is not a bad thing. If you want to grow and improve, surround yourself with the right people. Connect with others who share your passion in any specific field, engage in friendly, healthy competition, and you’ll tend to gain traction in your quest for personal development. Adam Smith, the father of economics wrote the wealth of nations in 1776. His book marked the beginning of modern capitalism (the invisible hand theory) which promoted free trade and development across nations. Understand that no man is an island. In order to stay relevant, to compete and become better versions of ourselves, we need to connect with the right people. Consider acquiring relevant certifications that will bolster your professional growth. Join educational clubs like Toastmasters International to improve your public speaking skills and network with forward moving individuals.

We are all Economists―to some degree, regardless of whether we studied the subject in school or not. As we pursue the path of growth and personal development, let us keep in mind the importance of harnessing all our resources and using them in ways that maximizes our productivity and minimizes waste. Let’s abstain from the average mentality, and do our own marginal analysis, consistently assessing the changing conditions of our environment and drawing from the ever limitless pool of information at our disposal with the right goals in mind―personal development, community involvement, and positively impacting our sphere of influence.

Photo rights:

http://studyingeconomics.ac.uk/how-is-your-economics-degree-preparing-you-for-life/

http://leadenergy.org/2010/09/supply-demand-energy-innovation/

The Doctrine of the Mean - A Classic of Eastern Thought

The Doctrine of the Mean is a text rich with symbolism and guidance to perfecting oneself. The mean is a state of equilibrium of the mind and the internal harmony of our being. 

Confucius said, “The virtue embodied in the doctrine of the Mean is of the highest order. But it has long been rare among people.”

Look within for all the answers you seek about your purpose. Listen intently to the yearning of your heart.

The path of the mean is not far to seek; each man has the law of it in himself; and it is to be pursued with earnest sincerity.

Only the Superior man can follow the mean; the Mean man is always violating it.

The superior man, while there is anything he has not studied, or while in what he has studied there is anything he cannot understand, will not intermit his labor.

While there is anything he has not inquired about, or anything in what he has inquired about which he does not know, he will not intermit his labor.

While there is anything he has not reflected on, or anything which he has reflected on which he does not apprehend, he will not intermit his labor.

While there is anything he has not discriminated or his discrimination is not clear, he will not intermit his labor.

If there be anything which he has not practiced, or his practice fails in earnestness, he will not intermit his labor.

If another man succeed by one effort, he will use a hundred efforts.

If another man succeed by 10 efforts, he will use a thousand.

Let a man proceed in this way, and, though dull, he will surely become intelligent; though weak, he will surely become strong.

---

The above abstract was culled from one of the Four Books of Confucian philosophy – strive to adopt such mode of thinking towards your life.

Willpower - Building Mental Toughness

I'm sure, at some point in our lives, we have all heard the faint voice of doubt at the back of our minds saying - It's done... I've failed... I'll try again next time... Maybe tomorrow... I can't do it... and so on... At the same time, there's an even fainter voice that says - Maybe one more time. Henry Ford depicts this scenario perfectly in his famous quote: "If you think you can... If you think you can't... Either way - you're right."

This blog post has been pending in my mind for quite some time now. Only recently did it occur to me that if I keep waiting for the perfect conditions - to write the perfect piece on willpower - it may never be written. Procrastination is indeed the thief of time - and in this case, the thief of blog posts. In the famous words of Pearl Buck, "I don't wait for moods. You accomplish nothing if you do that. Your mind must know it has got to get down to work." And all of a sudden I decided to give my take on this very important nugget on success – Willpower.

Willpower is simply the difference between action and inaction. Have you ever thought of doing something then suddenly you realize your plan may be a little more farfetched than you initially thought. In this case, fear is the only thing stopping you from holding on with conviction to attain that which you're willing to strive for.

Some may call this the fear of failure - why try when you're going to fail anyway... Right?!? Wrong. Someone very wise said, don't' try. Just do it. Start by stating to yourself, with true conviction, your plans and then following through by making a plan and applying the steps - one at a time. The mistake so many people make is attempting to convince others of their plans and having to ask for permission to bring their dreams to reality. Unfortunately, not everyone is blessed with an ever-present supporting cast constantly chanting - You can do it!!! Go for it!!! You're the best!!! You can't fail? And so on…

The bottom line is until we can come to a place in life where we become our primary and most influential cheerleader, we will always be hindered from reaching our true potential. When others are exhausted and saying, "it's a wrap." You, on the other hand, KNOW it's not over yet. That's willpower. This is the purpose of willpower. Gradually building your mental toughness up to a point where you trust your capabilities. You refuse to believe that you are inadequate, that you’re unequipped… Refuse to give up.

One of my all-time favorite motivational quotes, stated in various versions by many greats including Churchill, Edison, Coelho, and many others, "You're never failing once you're trying... You're only failing when you're failing to try." You build mental toughness, grit, resilience, persistence, willpower by trying again. Believing in yourself that if you think you can then it is truly possible. Even when everyone else says it's over, it can't be done, failure is inevitable… There's that ever-present voice of conviction saying it's possible.

It could be academics, entrepreneurial goals, sports, athletics, life in general... Build that belief in possibilities... possibilities in your capabilities that you can do it. Even when others in your shoes would have thrown in the towel, you will look ahead with conviction and say I promise to be the last man standing when the smoke settles... I promise to adopt the mentality of a champion and not give up regardless of how bleak the surrounding evidence is... That is willpower. The mindset of gods to never give up and believe in one's self… Against all odds.

Life Lesson by Maya Angelou

“There were people who went to sleep last night, 
poor and rich and white and black, 
but they will never wake again. 

And those dead folks would give anything at all 
for just five minutes of this weather 
or ten minutes of plowing. 

So you watch yourself about complaining. 

What you're supposed to do 
when you don't like a thing is change it. 
If you can't change it, 
change the way you think about it.” 

My newest Mantra... Every Damn Day!

You don't have to be the strongest, fastest or smartest to be the best but... As long as you keep trying... pushing... recovering and choosing to never give up... you can be sure that there's a reward waiting at the end of the tunnel. It's a tried and true fact of life. Check it. Anyone who's ever succeeded at anything in life has had to encounter some form of failure along the way. 

Regardless of the venture, goal or dream, persistence is guaranteed to pay off in one way or the other... Reminding me of one of my most favorite quotes... "A big shot is just a little shot that kept on shooting".

Go hard, every damn day and you'll live a life of satisfaction knowing that your time on earth, which is very limited, is invested in something. A great mentor of mine has been known to popularly say, "Only a fool lives without goals".

I'll add one more gear to the above and say, if you keep at it, keep working, putting in time, sweat and effort, every damn day... you might surprise yourself at where you'll end up...

Give your personal best, 100%, everyday...

Every damn day!