Fifty Years Experience: 101 Principles to Live and Work By, Pt 3

(Continued from Part 2):

I learned early in my 50 year career that we are not always smart enough to remember all that we know. So, it is well to be reminded of what we know. Accordingly, I formed the habit of writing down and reviewing the principles of success whenever I had time to kill.

Following are 101 of the most important concepts that kept me from venturing too far off the proven path.

Hopefully, some of these principles – many of which you probably already know – will help you compete more effectively in the years ahead, if you review them often.

69) Never try to make good news out of bad.

70) Be part of the solution, not part of the problem.

71) Remember: people who need it (help) the most resists it the most.

72) The secret to success is OPE: learning from Other People’s Experience.

73) Selective readers become the leaders.

74) Tell them what you’re going to tell them; then tell them; then tell them what you’ve told them.

75) There is a big difference between Playing to Win and Playing NOT to Lose.  Play to win.

76) Do different things.  Don’t just do things differently.

77) Management is the art of getting things done through others.

78) Leadership is the art of getting people to follow you in pursuit of worthwhile goals, objectives, ideals, values, etc.

79) Motivating is the art of inspiring and empowering others to pursue worthwhile goals, objectives, ideals, values, etc.

80) Motivation comes from within oneself; movement comes from outside oneself (often by force).

81) You get from others what you recognize, praise and reward.

82) Understand Profit and Loss:

Gross Sales minus Commissions and Discounts = Net Sales
Net Sales minus Cost of Manufacturing = Gross Profit
Gross Profit minus Operating Expenses (SG&A, R&D) = Operating Profit
Operating Profit + Other Income – Taxes = Net Profit
Net Profit + Depreciation + Non-Cash Charges = Cash Flow

83) Understand Balance Sheets:

Assets minus Liabilities = Net Worth
Assets are things the company owns and is owed
Liabilities are things the company owes

84) Be authentic. Be your best self at all times.

85) Establish unquestionable integrity and ethics.

86) Always tell the truth. You won’t need a good memory if you do.

87) When you don’t know what to do, it is sometimes best to do nothing.

88) Never curse, swear, use vulgar language or tell off-color or unethical jokes or stories.

89) Clearly delineate Unshakable Facts from estimates, opinions, rumors, etc.

90) Be a self-motivated super-achiever . . . every day.

91) Be a positive change agent.

92) Project an intelligent, thoughtful approach.

93) Put time to work for you:

Sleep on it
Let things work themselves out  
People forgive and forget
This too shall pass
Learn a new word each day
Understand compound interest and its effects
Read 3 books every day, 10 minutes each
Take one course each semester.

94) Develop and articulate clear strategies to guide your organization, department, activities and that of your subordinates.

95) Understand the difference between goals, objectives, missions, strategies, tactics, values, etc.

GENERAL STATEMENT OF MISSION AND VALUES is a top-level document outlining a corporation’s highest purposes and beliefs and why it does and believes what it does.  It normally summaries the senior goals, objectives and values of the enterprise.
STRATEGY is a series of top-level decisions about the goals and objectives that affect the nature and direction of a business in a fundamental, often irreversible and/or expensive manner.  Strategy formulation is normally made in the light of Corporate Values and is the responsibility of senior management.
GOALS are long-term objectives that provide a sense of direction and/or purpose . . . an ideal to shoot for. Goals need not be achievable.
OBJECTIVES support Goals and Strategies. They are desirable and measurable results that can be defined in specific terms and are achievable within a specified timetable.
TACTICS are operational plans and decisions that support the accomplishment of Goals, Objectives and Corporate Strategy.
VALUES are unlike goals, objectives, strategies and tactics. Values are the principles, beliefs and ideals that a Corporation holds most precious. In business, they guide our planning and acting.

96) Employees want “ABIP SCWD PL” in the following order:

Full appreciation for their work done,
A feeling of belonging,
Interesting work,
Help on personal problems,
Job security,
Good working conditions,
High wages,
Tactful discipline,
Promotion in the company,
The personal loyalty of their supervisor.

97) Employees have Physiological and Psychological needs that must be satisfied to motivate them.

Physiological Needs:

·Compensation
·Food
·Clothing
·Shelter
·Sex
·Comfort
·Etc.

Psychological Needs:

·Growth
·Achievement
·Recognition
·Responsibility
·Participation
·Interesting Work

Physiological Needs are normally well satisfied in America and are therefore not effective motivators.

Psychological Needs are the primary motivators in Western societies.  They must be satisfied to motivate oneself and others.

98) Nothing happens until somebody sells something.

99) Satisfying customer needs are rarely enough.  Discovering and satisfying wants and expectations are the keys to sales success. 

100) To find it when you need it, put it where you use it.

101) Don’t be greedy.  Pigs get slaughtered. 

Images: Courtesy of: http://wonderproject.wikispaces.com/

William Pauwels

About the author, William Pauwels: William A. Pauwels, Sr. was born in Jackson Michigan to a Belgian, immigrant, entrepreneurial family. Bill is a graduate of the University of Notre Dame and served in executive and/or leadership positions at Thomson Industries, Inc., Dow Corning, Loctite and Sherwin-Williams. He is currently CIO of Pauwels Private Investment Practice. He's been commenting on matters political/economic/philosophical since 1980. View all articles by William Pauwels

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