“Go as far as you can see,” said Morgan. “When you get there, you’ll be able to see farther.”
If ever there was a dreamer in the world of high finance in America, it was Morgan. From creating the country’s first ever billion-dollar company to buying $200 million worth of government bonds and thereby preserving the U.S. government’s credit, Morgan created a reputation for himself throughout Wall Street as a big thinker. He was not afraid of high stakes, and indeed sought them out.
On the surface, it appeared as if Morgan never did anything on a small scale. But, appearances can be deceiving. Indeed, it was only by taking small and gradual steps towards his bigger ideas that he was able to work his way to the top. Morgan didn’t stop dreaming big, but he recognized that in order to achieve his dreams, he would need to take modest and practical steps in that direction.
Part of the importance of thinking big but acting small lies in the necessity of being realistic about one’s business plan. Indeed, it is necessary to have a grander vision to work towards; that is where the inspiration and the drive come from. But, as Morgan knew all too well, he would need to take practical and sensible actions to achieve that vision.
Morgan once said, “No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.” Much like a problem has to be reduced to a simpler form to understand, so too does a vision have to be reduced to a series of practical steps. It was Morgan’s understanding of this concept that led him to slowly build up his career. He didn’t start off at the top immediately; he didn’t jump right in to making million dollar deals. Instead, he worked his way up, gradually gaining experience, new skills and contacts along the way.
The first small step Morgan took was to educate himself to the best of his abilities. He attended the best schools and tried to learn from those who were already where he wanted to be – at the top. The University of Gottigen was therefore step number one. Step number two was taking up employment with Duncan, Sherman and Co. He never wanted to be a junior accountant; in fact, he never wanted to be a junior anything. But, he knew that he had to work his way up. From there, he took off. Without these years of hard work, Morgan never would have gained the experience or the reputation he had, which drove his career in the later years.
But, in planning out his steps, Morgan never ever lost sight of his vision, of the bigger picture he had in mind. Having faith that he could get there was all part of the plan; “When you expect things to happen, strangely enough, they do happen.”
Lesson #1: Take Small Steps To Big Ideas
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