A Lesson About Attitude From the US Open Golf Championship

This year, the U.S.A.’s national golf championship was held in the state of Washington. Much fanfare heralded the tournament, since the Pacific Northwest had never played host to a US Open before, and the venue (Chambers Bay Golf Course, near Seattle) opened less than a decade ago. The location, abutting Puget Sound, is visually stunning, and the golf course is reminiscent of an old British links-style layout, in both its overall design and in the abundance of sloping hillocks that test the skill and patience of even the most experienced competitors. In defiance of stereotypes about the region, too, not a drop of rain fell during the event, and blue skies and brilliant sunshine were the rule.

But there was one big problem, and many of the players in the field didn’t shy away from expressing their feelings about it: namely, the greens were below the standard than professional golfers expect in a major golf championship. A few of the competitors groused loudly and publicly, and suggested that Chambers Bay should not be a future US Open venue, barring an improvement in the quality of the putting surfaces. Incidentally, putting played a conspicuous role in the outcome of the tournament, as long-hitting Dustin Johnson missed a short stroke on the final hole to hand Jordan Spieth an outright victory.

Nonetheless, one indication of an exceptional championship golf course is its tendency to reward talent, skill, and top-notch play. The winner of this year’s US Open was by no means unheralded; Spieth was arguably the best male golfer in the world entering the championship. Irrespective of the quality of the greens at Chambers Bay, a great champion still found a way to prevail.

Focus on the factors you can control; accept the circumstances you can’t.

Tempting though it may have been to impugn the course conditions, and by extension, the staff and organizers of the event, all of the competitors in this year’s US Open faced exactly same obstacle to success. Whether a player loved the putting surfaces or hated them made no difference to the reality of the situation; if he wanted an opportunity to contend for the trophy, he would need to handle those greens to the best of his ability.

Examples abound of challenges that every business has to handle in order to compete:  taxes, customer service and retention, innovation, marketing, investment and fundraising, various categories of paperwork. Often, these difficulties coincide with each other, or arise amid unfavourable circumstances. The sooner you accept the circumstances you can’t control, the more time you can to devote to offering a great product or service to your customers, rather than making excuses.

Keep your troubles in perspective.

The gripers at Chambers Bay probably could have benefited from a little perspective.

Most amateur golfers would relish the opportunity to putt on greens as smooth and verdant as the ones competitors in the US Open were complaining about. (The typical green at a municipal golf course is bumpy, pockmarked with divot holes, and peppered with patches of dead grass.) On second thought, what percentage of the human population has the opportunity to enjoy a regular round of golf at all—let alone play the game for a living?

Likewise, while there is nothing easy about founding and maintaining a business, you should always try to maintain a sense of perspective. At least you live in a country that affords you the chance to become an entrepreneur and lead a comfortable lifestyle, all while enjoying significant personal and political freedoms.

For the vast majority of people, easy street doesn’t exist. But success is that much sweeter when you know you’ve overcome adversity in order to attain it.

Lessons for the Entrepreneur

As the old adage goes, "Those who can, do; and those who can't, teach."

This isn't a slam against your professor but, when it comes to business, nothing beats real life experience. There is a lot you can learn by diving into an entrepreneurship that you could never get from a classroom. 

Consider these lessons:

You Are Your Schedule

Show of hands: who has ditched a college class? Everybody, right? It's hard to imagine getting through four years of business school without sleeping in at least once a semester. Out in the real world you won't have that luxury. You'll learn very fast that your work schedule is what will dictate your potential for success. This might mean taking a meeting on a Saturday morning or working into the wee hours to get a project done. You don't have a lot of options because running a business doesn't mean you can get a "do over" test or hand in a paper late.

Say Goodbye to Down Time

There's a reason why Spring Break is so vital to college students: It's an official break. A week without worrying about tests or papers or classes. In your business you can take a vacation, but chances are during that first year of the startup you'll be putting in some serious work hours and vacations will be on hold. This doesn't mean you'll be working around the clock (not all the time at least) but you'll come to value that time you can take off a lot more.

Keep Your Eyes on the Prize

A typical college semester could be filled with a variety of classes. Yes, they're all going for the same degree but you'll be multitasking up a storm as you juggle multiple classes, homework, projects and tests. For your business you'll benefit from those multitasking skills you developed but you'll also learn the value of laser-like focus. Always keep the big goal front and center and learn to delegate.

Go Beyond the Books

As a business major you'll be required to take some basic accounting courses. The key word here is "basic." In your business, you'll be getting a crash course in whole new level of accounting with regard to taxes, payroll, insurance and shelters not to mention maximizing profits and adjusting for losses. That's a lot of numbers to keep track of and no, you won't be graded on a curve.

Business Relationships Trump Frat Buddies

College is a time for fun. It's the first change students have to live on their own and make decisions. Usually that means a lot of parties. Once you've graduated, you'll need to start building business relationships. Some of your fellow classmates might be a benefit in terms of networking connections but it's vital to strike out on your own and create forge new friendships with people who can help your company.

If you're in college now, embrace the good times because it's an upwards climb from here on out! 

Lessons Learned From Warren Buffett

 

When it comes to business success you have to admire Warren Buffett. Whether you agree with his politics or not, you have to admit he is an extremely successful businessman. He is now entering his 47^th year as the CEO of Berkshire Hathaway, one of the most trusted and profitable conglomerate of the modern business world. When Warren Buffett speaks, people pay attention. Here are some of the valuable insights that Buffett uses in his business practices every day. Can you adapt them for your small business?

Motivate for Success

Although Buffett has made a reputation as a master of acquisition he is also seen as an enormous motivator. He understands that a corporate culture is built on the success of managers at all levels. By acknowledging their successes you can foster a strong sense of loyalty and dedication that is key for your own business’s profitability.

In a recent shareholder letter Buffet wrote: "[We] possess a cadre of truly skilled managers who have an unusual commitment to their own operations and to Berkshire. At Berkshire, managers can focus on running their businesses: They are not subjected to meetings at headquarters nor financing worries nor Wall Street harassment. They simply get a letter from me every two years and call me when they wish. Our trust is in people rather than process. A 'hire well, manage little' code suits both them and me."

Take Smart Risks

You can’t build the kind of financial empire that Buffet has built without taking risk. However, that doesn’t mean entering into a contract or decision without being informed. Don’t act on “gut checks” alone. Instead, get as much information about every vendor, contractor or company you intend to partner up in business with. Once you make that decision, stick to it and let it ride out. Following a business plan towards success is about the long game.

Build a Strong and Trusted Team

No matter how big or small your business might be you’re not in this alone. Even if you’re currently the sole operator that doesn’t mean you shouldn’t seek out advice from trusted allies outside of your company. These loyal advisors could be considered part of your management team. The key thing to take from Buffett is that you’re only as strong as the people you surround yourself with. Who is on your team?

Embrace Your Mistake, Fix It and Move On

You’re going to make mistakes in your business. There is no way to avoid that. What you can avoid is dwelling in those mistakes at the expense of growth. Here’s how Buffett explained this lesson in a shareholder’s letter:  

"When I took control of Berkshire in 1965, I didn't exploit this advantage," Buffett wrote in his shareholder letter last year. "Berkshire was then only in textiles, where it had in the previous decade lost significant money. The dumbest thing I could have done was to pursue 'opportunities' to improve and expand the existing textile operation -- so for years that's exactly what I did. And then, in a final burst of brilliance, I went out and bought another textile company. Aaaaaaargh! Eventually I came to my senses, heading first into insurance and then into other industries."

What have you learned from Warren Buffett?