Business Is an Intellectual Sport

I'm Colin Richards, President and founder of Lord and Richards, and I'm excited to share some critical principles for both investors and business owners who are new or still young. These principles are the same that experienced business owners should keep in mind. However, if you're beginning, you have an opportunity for a head start to build and design a business that will help you be successful.?

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At Lord and Richards, our multi-generational advisory team helps people of all ages and experiences. Our clients include people from all walks of life. Some of our clients are still employed, others are business owners, and some have already retired.?

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In this segment, we're dialing in on the “intellectual” aspect of business. Many people today are concerned that events outside their control could disrupt their future plans. At Lord and Richards, we build a unique plan to help you achieve success through financial independence. Whether you choose to work through your retirement years or not, you’ll have sufficient resources to do what you want with the people you love. You’ll have the financial independence from having to work unless you want to. The key is all in the planning.?

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At Lord and Richards, we're more than brokers or stock purchasers. We build a comprehensive plan for our clients to achieve financial independence without worry. That's what we're all about. When we sit with business owners, we apply many of those same planning principles while emphasizing areas of specific interest or importance. One of the things I most enjoy is mentoring and advising business owners. As the founder and owner of Lord and Richards, I’m exploring that world every day. I have had opportunities to be mentored by astute and wise business owners, entrepreneurs, and CEOs. Among these mentors, is Keith Cunningham, whom I’ve mentioned many times in previous discussions. He’s the author of several outstanding books and offers some of the best business advice available. One comment he’s made is this; “Business is an intellectual sport. And if you play the game with your emotions and glands, you're gonna get killed.” Let’s examine that.

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Many business owners are influenced by the emotions of the game. They may think they're being logical, but they are often building arguments that support their latest entrepreneurial idea. Keith calls this the “entrepreneurial seizure.” How do you get ahead of that? How do you manage your emotions, so they don’t overrule your intellect, not just in business, but in all aspects of life??

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To succeed in business, you need to set aside dedicated, undisturbed “thinking time.” That’s right, 100% undistracted thinking time. This time is so important because you learn to ask yourself great questions, which is how you get great answers. This strategy also works for many other areas of life besides investing or managing a business.?

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To begin, sit down at a designated time, your thinking time. Eliminate distractions. Turn off the TV, put your phone away, and avoid crowded places. If you can, close your eyes while you think. As great questions arise, write them down. From those questions, you will find great answers. That’s the genius of it; when you ask yourself great questions, you get great answers.?

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Let me share some examples of good questions to ask yourself.?

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“What is the one thing that if it were accomplished today would have the greatest impact on my business?"

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That would be one to write down. You can apply this question to your life in general as well.?

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“What is the one thing that if it were accomplished today would have the greatest impact on my life?”?

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You can explore the question from the spiritual to the physical, from your family to your business, from your investments to beyond. All these areas of your life would benefit because asking this question will help you to prioritize. As business owners, investors, and people, it's easy to try to run off in different directions at the same time.?

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Here's another great question I encourage you to ask yourself.?

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“What would I hope other business owners wouldn't ask or find out about my business?”?

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That one helps you identify how you feel about whether your business is up to par, what you don't want to talk about or write down, and ultimately what you may need to fix. When you start dealing with the “one thing” questions, you have guiding initiatives for the month, year, quarter, or your entire life. Having these guiding initiatives can help bring you incredible focus.

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Here’s another thought-provoking question.?

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"If my business could talk, if my financials could talk as an investor, what would they say are the challenges?”?

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If your business and documents could talk, what would they say to you? What challenges might they bring up? I don't mean for you to focus on the negative, but one of the qualities of highly successful business owners and investors is a healthy dose of paranoia.?

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Of course, we put ourselves in God’s hands. We want to live a life based on faith, not fear. We place ourselves in God’s hands, but we must still foresee the dangers. Here's one last question for you to think about.

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“What don't I see? What am I not seeing that if I did see would make all the difference?”?

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As you begin to develop the habit of thinking time, I encourage you to set aside a dedicated period each week, perhaps each day or a few days, when you give yourself a half hour to an hour to learn. Ask yourself great questions, and from that, you will get great answers. This strategy can help guide you through the intellectual side of the sport of business, to the success you're seeking. When investing, whether in your life, physical goals, or spiritual goals, I advise you to ask yourself great questions.?

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At Lord and Richards, we’re having these kinds of conversations and guiding our clients like this every single day. It would be our privilege to begin a conversation with you. It just starts with a simple phone call.