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Lesson #5: Do Not Trade In Just Because the Chips are Low
Article Overview: “You’ve got to start with your gut, with something you are really passionate about, for a good reason,” says Schwab. “You won’t get there by sitting in a closet and thinking, ‘Boy I know the world must want this.’”
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Free Download - Charles Schwab Quotes By Charles Schwab |
Lesson #5: Do Not Trade In Just Because the Chips are Low
“You’ve got to start with your gut, with something you are really passionate about, for a good reason,” says Schwab. “You won’t get there by sitting in a closet and thinking, ‘Boy I know the world must want this.’”
All his life, Schwab has struggled with dyslexia. From his days of struggling to pass English literature in high school, to reading the annual reports of his own company, Schwab has had to learn how to overcome the disorder in order to not only function, but to thrive. “When I read, I can feel myself converting the written code into sounds before I can process it,” he explains. “Fast readers don't go through all that.”
Schwab trained himself to use both dictation and personal computers in order to overcome the hurdles. Yet, even today, he continues to struggle with the experience. “It's painful to think about it,” he says. “You don't like to go back and review the pain. I don't think 20 years ago I would have talked about this. But someone's got to do it, and I felt sufficiently secure that I could.”
Today, Schwab has not only learned to accept his disorder, but he has used it to his advantage, gaining enormous managerial lessons in the process. “Along the way, I’ve frustrated some of my associates because I could see the end zone of a particular thing quicker than they could, so I was moving ahead to conclusions,” he says. “I go straight from step A to Z, and say: ‘This is the outcome. I can see it.’”
On top of his dyslexia, Schwab, like most other entrepreneurs, had to deal with limited resources in the beginning. “When I started in this business, it was pretty crude to say the least,” he says. “I had little or no resources. I have one favorite example of a guy who came in to complain about something. He was from Chicago and had an accounting background. And I said, well, if you’re so damn smart, come out of accounting and start working here. So he came around and started helping me out. It was very difficult. We were mavericks at best.”
Located in between three major California universities in the midst of high unemployment, Schwab says he was able to have his pick of some of the brightest young minds. And yet, he admits, “I took anybody. They were a full collection of people. They took risks in their careers. Some were misfits at other places. I took a lot of misfits in. There were some strange people. Anybody who was a reasonable person and communicated well, I hired. I was one of the first businesses to hire women.”
All the while, Schwab was being told that his ideas on how to succeed in the brokerage business were unconventional and would never work. “The fact that I was out here and scrambling around as a little entrepreneur with no resources was fortuitous,” he says. “I wasn’t encumbered by those old guys telling me what to do.”
Schwab never gave up on his goals. “Faith, hope and charity,” say Schwab. “Hope is certainly a word that has enormous meaning to me – on a number of levels. It is a great word. It is a powerful word. It is a word that I relied on a lot in my career.”
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Re: You can now trade stock with your twitter account
- A nice idea for active traders who don't mind having their trades in the public domain.
The biggest drawback seems to be that you still have to go into e-Trade to complete the transaction. That removes what I thought would be the biggest advantage of stock-trading via Twitter - the ability to trade quickly and instantaneously while on the go...
On the other hand, having to confirm trades on e-Trade does mean that you can pull out of a deal if you have second thoughts!
What is your selling statigies?
- We currently deal with Hospitals, school boards and engineering firms. In the pass we have cold called made appointments and presented our product. We are now thinking of approaching sales in the way of Trade shows. What is your approach? Do you do trade shows?
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- We haven't sent out the physical letter yet as the person owning the list wanted to make modifications to the letter that we knew would work well but the List owner had a point - it didn't reflect her personality so her clients would know it didn't come from her.
Lesson learned for me. We're back to the drawing board with the list owner more involved in the development of the letter and emails.
I should have known better being a Business Analyst in my day job that you never leave the end-user out.
So Evan we haven't had the opportunity to test any of it yet but it's been a fun process for me to stand back and look at.
Trade fairs relevant for established business
- A trade fair is not necessarily the medium for introducing our company and its affairs.
Trade fair participation is usually for companies who are already established in business and these companies find this opportunity to showcase their new innovations to existing range and fresh introductions in their product lines.
Also some new client relationships are established thru walk in meetings - for established companies its a part of their marketing budget expenditure and research and development cost so its not a waste of money and effort.
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- [quote="bmueller47":czemqiul]I often come here to learn something, therefore I would like to know what is the real practical difference between licensing and franchising. I might have an answer, but you are at the forefront with your knowledge.[/quote:czemqiul]
Very good question. Although I am not an attorney, I will do my best to highlight what I believe are the main differences between franchising and licensing.
First, here in the US, franchising is very regulated buy the Federal Trade Commission. Not anyone can franchise, you have to go through various steps. Licensing doesn't come with as much regulation.
The franchisee can expect to have a very close relationship with his franchisor. In most cases, the franchisor will offer training, and on-going support. The franchisee will be able to use the franchisor's copyrights, trademarks, logo and so on. The franchisee is like the public face of the franchisor. This is I think the high value of franchising. Also, a franchise agreement will most likely define territories.
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