Business, Life, Dealing with Fear, and Turtles?
The following are some quotes from Inside the minds of the Turtle by Curtis Faith– where he revealed the extraordinarily successful trading system of the now-famous group of investors known as the “Turtles”.
“It may not be wise to let your fears rule your life, but it is just as unwise to ignore danger and act as if nothing can harm you.”
If You Want to Have Success…
In business and in life, if you want to have success you will most definitely need to handle risk in one form or another. Many people’s downfall to being successful is that they let their fear rule them – dictating if they make the right decision or not and what the right decision is. This is a trait you must combat in order to be successful – you must learn to look at fear from a third person perspective and analyze its significance.
The other side to this is the composed attitude is the “gunslinger” who is happy to put everything on the line time after time. Such a person is doomed to lose because history has proven that no one is 100% right all of the time. You, therefore, must learn to resist the urge to pull the trigger until you have delved deeper into what the risk can mean for you and your goals.
“Preparing to be wrong is not a defeatist or pessimistic perspective. It is simply a humble one. It is the one that acknowledges the unpredictable nature of uncertainty.”
With a logical approach to risk you can establish the proper steps to increase the likelihood of a result and have a plan for the “what if?” scenario. By preparing for risk you are not acknowledging defeat, but rather anticipating that things can and will go wrong occasionally. By having a plan to handle the negative you will be able to feel more comfortable about risk and be able to face it head on – which is the best approach. Not only will it help you face risk but those working for you or counting on you will be able to go along with the plan more effectively. They know that should things go wrong you are prepared to handle them and already know what the fall out will be.
“Risk is scary, to be sure, but it’s a fundamental aspect of the investing world. Without it, profit would not exist. The trick is to accept, anticipate, manage, and mitigate risk. In other words, master it.”
I encourage you to embrace risk and identify what it really is. By doing so you will be able to better lead those around you because you will exhibit confidence in knowing that you are placing your best outcome in higher probability and that you are prepared should a “What if” come true.