1) Start Low
“It is well that young men should begin at the beginning and occupy the most subordinate positions. Many of the leading business men of Pittsburgh had a serious responsibility thrust upon them at the very threshold of their career. They were introduced to the broom, and spent the first hours of their business lives sweeping out the office.
I notice we have janitors and janitresses now in offices, and our young men unfortunately miss that salutary branch of a business education. But if by chance the professional sweeper is absent any morning the boy who has the genius of the future partner in him will not hesitate to try his hand at the broom.”
2) Aim High
“My advice to you is ‘aim high’. I would not give a fig for the young man who does not already see himself the partner or the head of an important firm. Do not rest content for a moment in your thoughts as head clerk, or foreman, or general manager in any concern, no matter how extensive. Say each day to yourself: ‘My place is at the top.’ Be king in your dreams.”
3) Attract Attention
“There is no service so low and simple, neither any so high, in which the young man of ability and willing disposition cannot readily and almost daily prove himself capable of greater trust and usefulness, and, what is equally important, show his invincible determination to rise.
Some day, in your own department, you will be directed to do or say something which you know will prove disadvantageous to the interest of the firm. Here is your chance. Stand up like a man and say so. Say it boldly, and give your reasons, and thus prove to your employer that, while his thoughts have been engaged upon other matters, you have been studying during hours when perhaps he thought you asleep, how to advance his interests.
You may be right or you may be wrong, but in either case you have gained the first condition of success. You have attracted attention.
Your employer has found that he has not a mere hireling in his service, but a man; not one who is content to give so many hours of work for so many dollars in return, but one who devotes his spare hours and constant thoughts to the business. Such an employee must perforce be thought of, and though of kindly and well. Your foot, in such a case, is upon the ladder; the amount of climbing done depends entirely upon yourself.”
4) Start Saving Early
“There is one sure mark of the coming partner, the future millionaire; his revenues always exceed his expenditures. He begins to save early, almost as soon as he begins to earn. No matter how little it may be possible to save, save that little. Invest it securely, not necessarily in bonds, but in anything which you have good reason to believe will be profitable, but no gambling with it, remember. A rare chance will soon present itself for investment.
The little you have saved will prove the basis for an amount of credit utterly surprising to you. Capitalists trust the saving young man. For every hundred dollars you can produce as the result of hard-won savings, Midas, in search of a partner, will lend or credit a thousand; for every thousand, fifty thousand.”
5) Put All Your Eggs in One Basket
“And here is the pristine condition of success, the great secret: concentrate your energy, thought, and capital exclusively upon the business in which you are engaged. Having begun in one line, resolve to fight it out on that line, to lead in it; adopt every improvement, have the best machinery, and know the most about it.
The concerns which fail are those which have scattered their capital, which means that they have scattered their brains also. They have investments in this, or that, or the other, here, there and everywhere. “Don’t put all your eggs in one basket” is all wrong. I tell you “put all your eggs in one basket, and then watch that basket.”
Look round you and take notice; men who do that do not often fail. It is easy to watch and carry the one basket. It is trying to carry too many baskets that breaks most eggs in this country. He who carries three baskets must put one on his head, which is apt to tumble and trip him up. One fault of the American business man is lack of concentration.”
To summarize what I have said:
Aim for the highest; never enter a bar-room; do not touch liquor, or if at all only at meals; never speculate; never endorse beyond your surplus cash fund; make the firm’s interest yours; break orders always to save owners; concentrate; put all your eggs in one basket, and watch that basket; expenditure always within revenue; lastly, be not impatient, for, as Emerson says..
“No one can cheat you out of ultimate success but yourselves.”