“It’s true that hard work never killed anybody, but I figure, why take the chance?”
–Ronald Reagan
“Everybody wants to be famous, but nobody wants to do the work. I live by that. You grind hard so you can play hard.”
–Kevin Hart
“I do not know anyone who has got to the top without hard work. That is the recipe. It will not always get you to the top, but should get you pretty near.”
— Margaret Thatcher
When the subject of hard work comes up, it is not the hammock and shoreline that most people think of.
It is maximum effort and a willingness to outwork and spend more time than your competitors.
If you are very lucky, like Warren Buffett or Elon Musk, the challenge of hard work is a pleasure, and you love what you do.
But most of us secretly hope that the self-help books that promise you can work a few hours a week and make a fortune are true.
HARD WORK IMPORTANCE
So, who says hard work matters? Well, people who have achieved financial independence say so. For instance, see here.
But what does the term “hard work” actually mean?
It means different things to different people. If you are someone like me, it was working in the summer on the ranch when I was a teenager, baking in the sun 14 hours a day. For others, like tech entrepreneurs, it might mean you put in 18 hours daily. For some others, it might cover anything that requires them to get up from the couch.
Fortunately, there is a guide that gives some insight into the role and value of hard work. Malcolm Gladwell’s Outliers discusses the subject at length. For those who have not read it, I feel this book is one of the best I have ever read.
DEFINITION
Gladwell studied the fantastically successful and their work habits. Their skills ran the gamut: computer programming, music, law, sports, etc. For instance, music and computer programming giants were examined critically for their behavior patterns and attitudes. Gladwell also examined the associated research and psychological literature.
The conclusion: the wildly successful practice (and work) harder than anyone else. To paraphrase Gladwell: they work much, much harder. Gladwell estimates that the successful get the equivalent of 10,000 hours practicing on their craft before they gain mastery—whether their skill is music, computer programming, playing a musical instrument, or any other skill. Put another way, the time invested is 40 hours a week for almost five years. Think about that. The superachievers focus and spend that time on ONE SKILL. This experience is unlike spending 40 hours per week studying and attending college classes. Those courses cover a variety of subjects and skills; this is ONE primary skill. So, hard work and focus are critical and go hand in hand.
Gladwell also dismisses the notion that there are some who can circumvent this 10,000-hour hurdle with extraordinary talent and aptitude. He maintains that time put in is a better indicator of success than anything else.
WHY ELSE DOES IT MATTER?
There are several reasons:
- Your hard work is one of the few things you can completely control. For instance, when I transferred to the University, I was surrounded by salutatorians and valedictorians. I could not compete with them on pure intellect, so I outworked them and put more time into my studies.
- Your motivation can help you get noticed. Being a hard worker is a way to make an impression if you want to move up the chain of command.
- Your reputation as a hard worker and problem solver may expose you to other (better) opportunities.
- You prove something to yourself. The habit of hard work can help overcome obstacles that others may not be able to overcome.
Is it the only factor that matters? Hardly. There are many others, but it is one of the cornerstones of success.
SUMMARY:
- Many of the financially successful rated hard work as their most important attribute.
- Malcolm Gladwell feels that 10,000 hours developing one skill makes world-class success in that skill far more likely.
- Hard work is an attribute that helps
ACTION STEPS:
- Review your attitude toward hard work. How much do you do now?
- How much focus do you have? Both hard work and focus are needed. One does not mean much without the other.
- What will it take to out-work rivals and competitors? Make the time and focus commitments you need.
Disclaimer: consult with a professional financial fiduciary before taking any steps outlined here. Not all advice is suitable for your circumstances or investment style.
Photo Credit of Hammock: Dennis Mojado