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	Monday, August 30, 2004

Choosing Your Battles ( On Business)   If you are like the billions of us, you would probably be also following closely the Athens Olympics 2004.  One of the top 3 countries that is winning is China, who will be hosting the 2008 Olympics.  The issue I want to highlight is China’s decision to choose its battles, which can be an important factor in facing life’s challenges.   China sent a delegation of 407 members, of which 80% of the Olympians were first timers, and their average was just 23 years old.  Many veterans were left home in favor of up-and-coming talents, and the strategy have been to sacrifice this years Olympics to gain much needed experience for the athletes who will be able to participate in the 2008 Olympics to be held in Beijing.  The obvious goal therefore is not to maximize this year’s medal haul, but to delay gratification to maximize the haul for 2008.   This has resulted in some disappointments, like for instance, in the field of gymnastics, which China traditionally excelled.  This year, the athletes averaged less than 19 years old.  This year, the  women gymnasts team finished seventh, while the male gymnasts finished fifth overall.    In life, we face many battles, and competition, and it therefore needs courage to understand that in order to win, a strategy would obviously be to focus your strength, and not to fight in every front. The other is to delay gratification.  Because of competitive pressures, many companies have made it their obvious strategy to maximize and optimize every deal.  In many transactions, it is considered a big no no to euphemistically engaged in behavior that “ leaves money in the table.”  But knowing what to sacrifice to build up future opportunities is and should continue to be a smart move.  For instance, E-bay owes its huge following to its decision at the start to give great deals to buyers and sellers alike as it was building up its business. The same can be said with many business successes like Hotmail, Yahoo, and Amazon.   A study was done early in the 70s where kindergarten students were given marshmallows, and were told not to eat them, because after recess, they would be exchanged with bigger ones.  As what happened, some of the kids ate them, while some hold on.  The proceedings were analyzed and a follow up study made years later.  It was found out that kids, who were able to “ delay gratification” and understood what to sacrifice in the present in order to wait for future rewards were found to be much more successful in their careers.   Do you have a concrete strategy on how to succeed in life? 7:43:46 AM     comment []   trackback []