Lesson #4: Do What You Love Most
Lesson #4: Do What You Love Most
Morgan’s fervor for business first showed itself as a young boy, having grown up in a very business-oriented household. When he was 12 years old, Morgan and his cousin Jim Goodwin organized a show called the Grand Diorama of the Landing of Columbus. As its manager, Morgan knew that it was his responsibility to take care of the finances. He kept records of all the expenses incurred in the production of the show, so detailed in fact that even today’s accountant would be impressed. He also kept accounts of all the tickets that had been sold. At the end of the production, Morgan produced a balance sheet outlining the entire venture, which he titled Morgan & Goodwin, Grand Diorama Balance Sheet, April 20, 1849.
Morgan loved everything about business – from the mundane routines of creating balance sheets to the fast-paced and exciting high-stakes transactions he would later go on to make. Taking an extremely hands-on approach later in his career, Morgan would regularly read and inspect ledgers put together by his own clerks, who came to fear his ability to spot even the most trivial of errors. It was the passion Morgan had for all aspects of his work that allowed him to succeed. For Morgan, his job wasn’t simply a job; his career wasn’t simply his career. Rather, Morgan’s work was his life; it was the very air he breathed. By loving what he did to such a degree, Morgan was able to excel in his industry beyond those who were simply there to work a job.
It was Morgan’s passion for business that also enabled him to rebound with equal determination after soured deals and public condemnation. During the American Civil War, Morgan made a deal that nearly ended in disaster and caused him much public ridicule. A man by the name of Simon Stevens had approached Morgan to help finance the refitting of 5,000 rifles, which the U.S. government had deemed obsolete. These guns were then going to be sold at twice the cost, for $22 per rifle to the Union army. Morgan thought the deal looked too good to turn down, so he made the loan. But, the gun alterations were taking longer than expected and Morgan, growing impatient and suspecting some foul play, removed himself from the deal. The government then, too, withdrew, causing Stevens to sue for breach of contract. In the eyes of the public, Morgan was thought to be to blame and he was much despised for a period for having caused the government both undue stress and financial loss at a time when it was already weak.
But, Morgan bounced back from that ordeal, much like every other, with drive and energy, determined to keep stride. He stuck to what he did best and he loved doing it; that was what made him such a success.
Lesson 4 Do What You Love Most
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Morgan was one of those lucky few who knew from the get-go what he wanted to spend his life doing. There was never any doubt in Morgan’s mind, or to anyone who knew him, that he was meant for a career in business. It had been his passion from day one; he breathed business and knew it like the back of his hand. He had a natural aptitude for wheeling and dealing and to deny this would have been America’s tragic loss. It was in listening to his heart and following his passion that Morgan was able to achieve such astounding success.
Morgan’s fervor for business first showed itself as a young boy, having grown up in a very business-oriented household. When he was 12 years old, Morgan and his cousin Jim Goodwin organized a show called the Grand Diorama of the Landing of Columbus. As its manager, Morgan knew that it was his responsibility to take care of the finances. He kept records of all the expenses incurred in the production of the show, so detailed in fact that even today’s accountant would be impressed. He also kept accounts of all the tickets that had been sold. At the end of the production, Morgan produced a balance sheet outlining the entire venture, which he titled Morgan & Goodwin, Grand Diorama Balance Sheet, April 20, 1849.
Morgan loved everything about business – from the mundane routines of creating balance sheets to the fast-paced and exciting high-stakes transactions he would later go on to make. Taking an extremely hands-on approach later in his career, Morgan would regularly read and inspect ledgers put together by his own clerks, who came to fear his ability to spot even the most trivial of errors. It was the passion Morgan had for all aspects of his work that allowed him to succeed. For Morgan, his job wasn’t simply a job; his career wasn’t simply his career. Rather, Morgan’s work was his life; it was the very air he breathed. By loving what he did to such a degree, Morgan was able to excel in his industry beyond those who were simply there to work a job.
It was Morgan’s passion for business that also enabled him to rebound with equal determination after soured deals and public condemnation. During the American Civil War, Morgan made a deal that nearly ended in disaster and caused him much public ridicule. A man by the name of Simon Stevens had approached Morgan to help finance the refitting of 5,000 rifles, which the U.S. government had deemed obsolete. These guns were then going to be sold at twice the cost, for $22 per rifle to the Union army. Morgan thought the deal looked too good to turn down, so he made the loan. But, the gun alterations were taking longer than expected and Morgan, growing impatient and suspecting some foul play, removed himself from the deal. The government then, too, withdrew, causing Stevens to sue for breach of contract. In the eyes of the public, Morgan was thought to be to blame and he was much despised for a period for having caused the government both undue stress and financial loss at a time when it was already weak.
But, Morgan bounced back from that ordeal, much like every other, with drive and energy, determined to keep stride. He stuck to what he did best and he loved doing it; that was what made him such a success.
Lesson 4 Do What You Love Most
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