What I Learned From 'The Will To Win'

“The Will To Win” written by Robert Herjavec is a great book that has some uplifting wisdom from which people of all ages can benefit.

Herjavec writes about the importance of taking risks and following your intuition in life. There were a few quotes that I really liked that supported my rational thought on risk vs. reward and following my own intuition.

Herjavec simplifies the importance of taking a risk when he says:

The more you avoid risk, the less likely it is that you’ll achieve all that is possible within your own capabilities. Risk in business, as in life, cannot be avoided. But it can be managed.

After I read this quote, I thought about Sir Isaac Newton’s third law of motion. For every action, there is an equal and opposite reaction. This directly applies to risk vs. reward. Herjavec’s family took an enormous risk when he was young; they migrated to Canada with only $20.

But the reward was tremendous as now Herjavec is a business tycoon and a star on the show "Shark Tank."

In his book Herjavec talks about the importance of trusting your own instincts in life. The following quote reassured me that some of the greatest minds in the world have worked on honing their instincts to produce tremendous results.

Herjavec described how the ancient cave dwellers lived with tremendous intuition and how he believes that's how they survived thousands of years ago.

The cave dwellers who possessed both sharp intuition and the willingness to take risks lived longer and produced more and healthier offspring, who then passed these traits down to their own descendants. I suspect they also passed along another survival trait: intuition. I am a firm believer in the value of education and experience. I am equally firm in my belief that anyone who sneers at or belittles the value of intuition in setting career goals and making business decisions is in danger of being gobbled up by a sabre-tooth tiger somewhere over the next hill.

Herjavec then described the psychology of taking the necessary steps to address risk in a rational manner. He listed and described 10 ways to eliminate the fear of taking a risk.

1. Assess the alternatives.
2. Measure the cost of missed opportunities.
3. Accept your status as a novice.
4. Build a support network.
5. Define the worst-case scenario.
6. Check the long-range view.
7. Look for a dividend from failure.
8. Reduce the downside.
9. Remember: Second guessing is for losers.
10. Do it. Nothing reduces fear and builds confidence better than taking action.

I personally like rules No. 2, No. 4 and  No. 10 the best. I like No. 2 because if you pass up opportunity in life there is no guarantee that another opportunity will arise. The legendary John Wooden, who won multiple basketball championships coaching UCLA, said that “wasting time is like throwing a gold coin into water.” Even the richest man in the world cannot buy a single second of time, therefore it is important to not pass up an opportunity.

I like No. 4 because it is important to build a supporting cast with anything that you do in life. In Gary Keller's book “The Millionaire Real Estate Investor,” he explains that no one ever made it to the top of Mount Everest without any help. This is why No. 4 really hit home for me. I like No. 10 because to achieve success we need to take action. I have taken numerous risks in my life including moving to the Philippines for 32 months, which had a tremendous impact on my perspective and my gratitude for everything in life.

Overall, this was a great book and definitely worth the read. I am grateful that Herjavec took the time to share some of his wisdom with the world.

Herjavec was born in 1962 in Varaždin, Croatia (formerly Yugoslavia) and grew up in Zbjeg. In 1970, when he was 8 years old, the family left the country, which had previously incarcerated Herjavec's father for speaking out against the regime. Herjavec's family arrived in Halifax with a single suitcase and only $20.

I have been watching the shows "Dragons' Den" and "Shark Tank" for many years, and there has been more than one episode when Herjavec has been almost in tears describing how his family arrived in Halifax facing tremendous adversity. Herjavec's story of his family's immigration to Canada shows that with industriousness, instinct and faith, people can achieve what they want to achieve in life.

Cheers to your investment success.

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