07-JULY 31-2021

“There is no royal, flower-strewn path to success. And if there is, I have not found it. For if I have accomplished anything in life,
it is because I have been willing to work hard.” –CJ Walker

What Worked, What Didn’t, What’s Next?

One of the common denominators of successful people is their ability to persevere when things don’t go as planned.  Effective people don’t allow themselves to get bogged down in feelings that don’t serve their purpose.

On the other hand, ineffective, unsuccessful people allow their emotions to rule rather than their rational and objective nature.  They lament what happened or what didn’t and become victims rather than masters of their circumstances.

We all have disappointments.  We all suffer setbacks.  If we’re going to attempt anything worthwhile, we’re going to experience failure.  The mature – and ultimately successful – person sees failure as part of success.  When one method fails, they try again with a new one.  Sometimes it takes many attempts.

In my coaching/consulting work, I see all too often the tendency to fix blame instead of fix problems.  Rather than looking at challenges rationally and objectively, emotions are allowed to dictate the process.

They’re unable to make corrections without invalidation.  Something goes wrong and they want to blame.  Profit isn’t reaching fast enough and someone needs to be fired.  There’s never a shortage of people or things on which to blame the failure.

I suggest a different approach.  It’s a process I call, “What Worked, What Didn’t, What’s Next?”

This practice works whether you’re dealing with a business, a relationship, a project or your life.  The key is to evaluate often, objectively and then to move on.

And the more often and impartially you measure and evaluate, the better it works.  It’s just feedback – and feedback is neither positive nor negative.  It’s simply information.  I call feedback the “Breakfast of Champions.”  Looking at what happened with a healthy degree of detachment allows us to make better decisions.

What Worked?
What actions moved us toward our objective?  What’s worth repeating?  What felt good?  What created excellence?

Acknowledge your successes.  Celebrate!  Praise your own as well as the efforts of others.

When you focus on what worked, you begin with positive energy.  And you create momentum toward solutions.

What Didn’t?
OK, where did we screw up?  What created the mistake?  Not who dropped the ball, but when, where and how did we drop it?  How can we avoid it next time?

It’s rarely people who mess up but rather systems that don’t adequately support them.  Most people mean well and try their best.  The focus should be on how to better support one another to reduce errors and increase quality.

There are many ways to accomplish what you desire.  Often, in finding new ways, we create things we never would have if the first or second effort had succeeded.

Acknowledge the mistakes, make new plans and devise new strategies.

What’s Next?
Regardless of how well or how badly things went, it’s history.  Nothing is going to change the past.  Being upset about it, feeling guilty, placing blame or even resting too long on our laurels will cause us to lose headway.

One might be wise to us the U.S. Marine Corps acronym, FIDO – Forget It, Drive On.  But I would add one more piece: learn from the experience.

After you analyze what happened, the question should be, “What’s next?”  This takes the focus off from what’s happened and places it on where we’re going and what needs doing.

You can quickly go through this process alone or with a group.  It can take a few moments or several hours, depending on the complexity of the project.

The key is to do it with impartially and objectivity.  Mistakes, corrections and new attempts are merely part of successful ventures.  They don’t mean anything; they’re simply opportunities to create excellence.

July 31, 2020

YESGood morning.
Dr. Frankenstein worked to bring a human back to life by performing a series of operations and introducing a shock of electricity from lightning.  The result was an uncontrol-lable life form that was subject to rage and destruction.
The measures that were taken to limit the spread of COVID-19 has created such a monster as Facebook, Alphabet, Apple and Amazon show that the previous quarter of closures were more than kind.  The flipside of the regulations is the destruction of smaller competitors.
Have we created a monster that’ll serve to create higher market prices or will it end up consuming the entire system in an eventual bear market?

Now here’s the rest of the news:

The Economic “Rocket” Crashes according to John Persinos.
For the past several weeks, the optimists were assuring us that the beleaguered U.S. economy was poised to take off like “a rocket ship.”  That seemed to be their favorite bullish metaphor.
Houston, we have a problem…
The U.S. Commerce Department reported Thursday that gross domestic product (GDP) plunged by a shocking 32.9% in the second quarter on an annualized basis, the worst quarterly decline ever (see chart).

statista

Over the past 200 years, the U.S. has never witnessed an economic decline of this speed & magnitude.  Neither the Great Depression nor the Great Recession saw this sort of contraction.
For context, the worst quarter during the financial crisis of 2008 was the 8.4% GDP drop in the fourth quarter of that year.  In 1932, at the nadir of the depression, the economy shrank that year by 14% (the government didn’t start keeping quarterly GDP records until 1947).
Official pronouncements this year about the economy and the pandemic have been consistently wrong.  Back in February, high-level policymakers were insisting that the coronavirus was contained and the economy was holding up nicely.  Um, no.
Pandemic-induced business closures and quarantines will remain with us into the foreseeable future.  America now faces the worst of both worlds: a surging coronavirus pandemic & a collapsing economy.

Here’s the good news: You should not exit the stock market.  In fact, later in this article, John will pinpoint a way for you to not only stay invested but also reap outsized gains.  Despite this unprecedented crisis, our savvy investing team can steer you toward money-making opportunities.  But first, let’s take an unvarnished look at reality…  [read complete article here!]

SAY OF THE DAY

“To improve is to change, to be perfect is to change often.” —Winston Churchill

July 31, 2019

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