A LIFE TIME OF DRY HOLES ? 

Friday 30th June, 2006 AD

Speaking with clients, friends and contacts from all over the world everyday, we pretty much get to hear it all. With successfully established businessmen and women, there seems to be a clearly recognizable trend, where success has come only after a long period of persistence and 
effort, without immediate or short-term reward or success. Where others would have given up, the successful 'start up' businessperson has continued to battle on. 

I met and interviewed Dr. Gary North in his hometown in Arkansas in 1999, while on a research and lecture tour in the USA. With a doctorate in history and economics, the man kept me riveted to my seat for over two hours, his grasp of ancient and modern history, economics and social 
science so vast it boggled my mind. Since then, I have enjoyed reading some of his writing as time has allowed. Recently, he made some interesting observations on today's subject;

"Some people are optimists. They are always looking for the next opportunity. They expect to do well. They don't worry about failures very much. For them, failures are learning opportunities. These people tend to become entrepreneurs. Despite the fact that most projects fail, these 
people are not deterred. They are convinced that their next project will be a winner. My favorite movie on this attitude is "Stars Fell on Henrietta," a little-known Robert Duvall film about an oil driller during the Great Depression. It's a good self-test film. It's about a lifetime of dry holes." What a great analogy North uses here, when one considers effort, dangers, risk and costs  associated with drilling for oil in the 1930's. 

"In contrast, some people are pessimists", he continues. "They are afraid of life's dry holes. They see setbacks as the normal course of affairs. They hang onto whatever they have and are afraid to put it on the line for the sake of a significantly better life."

North goes on to identify those in the middle, probably the most self-destructive of the three personality types, "Then the people who move from optimism to pessimism in wild mood swings; these people tend to be lured into get-rich-quick schemes. They do not see new projects as 
permanent commitments, should they actually pay off. They want to write a check and hit the jackpot. They are not seekers of life-transforming projects that offer hope. They are seekers of hot tips that offer spectacular returns for little or no effort or risk."

Completing his 'Three Personality Type' comments, North finishes with the observation that 'Optimist" is the one that is likely to pay off, "A person should keep trying, keep sinking dry holes. He must be systematic in his quest for opportunities. He must be ready to commit for a lifetime if the gusher comes in. The point is, the process involves a serious lifetime commitment and self-discipline. It also requires a lot of risk until such time as your ship comes in. When it does, don't be at the bus station." 

In recent Daily Digs, we have been digging out the answers to Sector Selection, a theme we will continue in the following few day's.

Sincerely - Philip Judge pjudge@anglofareast.com