Outside of trading, I run two very successful franchises in the fitness industry. Never in my wildest dreams, while double majoring in Accounting and Finance, did I ever think I would own a fitness center, but it fell into my lap and I took advantage.
There wasn’t always two though. In the beginning I started with one fitness center and as we began to grow, rapidly I might add, I decided to pick up another one.
Having one small retail gym, and a wife who ran a lot of the day to day operations, there was not a need for multiple employees, which meant I did not have to manage people. However, as we grew, and as my wife had her first kid, this changed. We had to hire employees, and I had to learn how to manage people.
Managing people might seem like an easy task, and for some it may be, but for me it was a challenge. In the beginning I struggled. I started to hate the fact that we had two locations, everything was much more simple with one. However, you cannot grow effectively with just one.
I was young and had no idea what I was doing. As the trading day ended, my work really began. I would head to the gym and start doing the job myself, thinking my employees would watch me, the leader, and do the same when I was gone. Nope.
I had to learn how to delegate tasks to my employees, rather than to do everything myself. I had to learn that I needed to play to each individual’s strengths not their weaknesses. I needed to create confidence, not force something on them by changing their normal behavior. I needed the employee to be successful and feel successful, versus making sure the business was successful. Once I figured that out, the business became successful, and flourished. My job then became easy.
It all really clicked for me while attending a leadership conference. One might say, “leadership conference? why? it’s easy to be the boss and a leader.” Again, not for me. I struggled, I was bad.
I was actually very excited about this conference. It was something I really wanted to work on, a skill I knew I needed in order to become successful. I had my notepad and pen out, iphone on voice record mode, I was ready for notes.
As the speaker began to get into his presentation, I felt like I was at church. The presenter started talking about helping others versus a step by step program on how to become a leader. At the end of the presentation, I was confused. What did I just sign up for?
But, it all started to come together as I applied what I learned. I treated my employees better, I wanted to see my employees successful versus the business. I played to their strengths, not weaknesses, which in turn gave them confidence.
Confidence is everything, without it, you sit idle wondering what to do next.
By now, I’m sure some of you are saying isn’t this a trading blog, what does this have to do with banking coin? To you, I say, “Everything.”
You see, if you are confident and play to the strengths of the market, your job will become easy. Instead of focusing on the fast “dirty” money, focus on how you will become successful. Focus on the process, not the outcome.
As I review a few of my recent trades, it’s easy to see how I lost and made money. Money was made playing to strengths, while money was lost playing to weakness. I know that statement is so vague as well as cliche. But, when I look at my biggest loser over the past month, $GPRO, and look at a recent winner, $VSLR. Money was made playing to the strength of the market, solar. And, lost, playing a stock in a clear downtrend with no momentum.
If you pick up anything from this rambling of a post, it is to become a better leader in your own right. Play to your strengths, and the strengths of the market. Develop confidence through the process. Focus on how to make yourself (or others) successful, and the success will come. And, never force something that isn’t you, or isn’t working in the market. It just won’t work.
Case in point: GPRO
I’ll leave you guys with a short clip of the keynote speaker at the leadership conference, the man who opened my eyes to what it takes to become a leader.
Please take the six minutes to view clip, it’s excellent.
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RC – I watched your video, and I’m not too sure ol’ Drew is a true Dudley. See here: http://youtu.be/iNq1E3nx7HA
indeud. That’s more of the iBankCoin Dudley.
Dued. This post is extremely valuable to me at this exact moment in my life. I am struggling to lead, delegate, play to employee’s strengths etc. Yesterday I was so frustrated with an employee who had just broken a $4K LED light fixture that I punched a piece of wood and gave myself a boxers fracture. Thank you for once again helping with your excellent content.
PS – GIMO FTW
GIMO is on a tear! RC you’re spot on with this line of thought.
That GIMO looks beastly, but you can’t count out SINA. Has the squeeze look in front of earnings. Good look gentlemen in the final quarter.
RC, excellent post, all very true. TWTR as an organization is in the same predicament you were. Once they start concentrating on how others (actors, athletes, entrepreneurs, etc.) can make money via their platform, they will become immensely successful. They will go from $30bil to $150bil in no time if they can accomplish just that.
Good stuff, thanks for posting.
indued. Thanks for the comment.
Give that man a free year in your gym, he is a fat slob.
Here are the real keys to management:
ONE: This is one thing 99% of all managers just don’t get, at any level. Match the person with the job. I can’t count how many drag-ass punks I took and made into star players. First, find out what they really like and then find a place for that skill. They change over night into hard-charging super dedicated loyal employees that work extremely hard to get things done.
MOTIVATION:
Making people do what they normally do not want to do, as in working a lot harder for more hours. This is tough at first. But once the drag-asses see star players getting raises and promotions, then they all want to be a part of the team.
If you can put your feet up on your desk during the day with nothing to do, then you are a good manager.
Bingo.
Now on your note about my man Drew. He actually lost a lot of weight recently and is a friend of the franchise. Stop hating.
https://twitter.com/NuanceDrew
Hate – that’s a word thrown around so much on the Internet that it has lost it’s meaning.
When I was a drag-ass punk I was shown that the body has to be honed to a fine edge in order for the mind to operate clearly.
Cinnabon’s are really tempting, but the cost is prohibitive.
And I have real stories about real men, not fake made up stuff.
Take Steve, he fought all of the time. If he couldn’t get into a fight he would pick one. Everybody complained, “get rid of him, or else!”
But I believe in men, that everyone deserves one chance. So I confronted him and blew my stack, (not really, just a show). I told him everyone is crawling up my ass, that you’re gone, out of here yesterday. I gave him a chance to deck me right then and there but instead he broke down and told me that his Father had been shot and killed in a bar room brawl, and he’s been in trouble ever since.
So here’s a kid that no one had bothered to see what made him tick.
I said Steve, what the hell do you want to do with your life, what do you like to do?
He said “I can read schematics, design and build circuits”. I was floored. Here’s a guy that has a body like a fire plug and has that I ‘m going to kick your ass look on his face. I said ‘wait here”. I came back with a schematic diagram the size if a desk top and told him to build a black box for the electronic boys so they could test a Li-ion battery pack that has to withstand 450F.
The boy did it, it was amazing. He went from a drag-ass to a star player overnight. Then everyone wanted to poach from me but I said no, “I took him when everybody wanted to can his ass, now you want him after I trained him!” But eventually I let him transfer, another tip: Never hold a good man down, let him go and find his own way.
The kid turned out alright, he just needed a firm boot in the ass by someone who cared to get him going in the right direction.
To be fair. VSLR has sucked since day 1.
Well done with the post Rajun, it was a nice change of pace from the usual chart surfing.
Great article RC!
nice post,sir .. 2 thumbs up
Certainly one of my favourite blog posts of all time. Every employer can sympathize with you and has experienced many of the same issues. Keep up the great work and thanks.