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“The most common cause of executive failure is inability or unwillingness to change with the demands of a new position. The executive who keeps on doing what he has done successfully before is almost bound to fail.” — Peter Drucker

“A person of intellect without energy added to it, is a failure.”

~Sebastien-Roch Nicolas De Chamfort

Commentary: Lots of people have great business ideas and/or are extremely intelligent. This is great – but if you do not apply your intelligence, take action on your ideas, then it is simply an intellectual exercise.

In small business and in life, if you are doing anything at all (instead of simply stagnating), then you will inevitably have people criticize you. People that take action and build things of any importance are constantly criticized. You can either let the criticism crush you or you can deal with it.

Tim Ferris has a fantastic post about how Dr. Martin Luther King handled criticism. In his famous “Letter from a Birmingham City Jail”, Dr. King notes:

While confined here in the Birmingham city jail, I came across your recent statement calling my present activities “unwise and untimely.” Seldom do I pause to answer criticism of my work and ideas. If I sought to answer all the criticisms that cross my desk, my secretaries would have little time for anything other than such correspondence in the course of the day, and I would have no time for constructive work. But since I feel that you are men of genuine good will and that your criticisms are sincerely set forth, I want to try to answer your statements in what I hope will be patient and reasonable terms.

Note that Dr. King was in jail and under the strain of criticism few humans are likely to endure. The full letter is long but definitely worth a read. He not only dismisses most criticism, the criticism he deems as fair he engages vigorously and makes his case passionately.

Business and Life Lesson: Most criticism can be dismissed, the valid criticism (typically from people whom you respect) should be listened to and acknowledged. Don’t let critics prevent you from doing what you deem necessary to live the life you want to live.

“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” - From an interview with Steve Jobs.

Commentary: Perseverance has been a common trait among successful people in life, government and business. Keeping your eyes on the ball and not giving up is a must-have life skill.

Bonus Quote:

“Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and always will solve the problems of the human race.” - Calvin Coolidge, 3oth President of the US.

“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.” — Jim Rohn

Commentary: I believe planning your life is as important as planning your business, yet many still put more thought into their wedding, their next car purchase, the lottery or their enemies than they do on actually making a plan for their life. If you don’t plan your life, you’ll simply wander through life aimlessly. In fact, Michael Gerber speaks about this in The E-Myth; designing your business around your life plan.