Goal setting - Ma Yun's words of wisdom
“Focus is essential for business. When laying down the strategic goals for your business, you must never exceed three. Once you’ve exceeded three, you won’t be able to remember them, and neither will your workers. When you set down goals each year, just determine the three most important, and cut out the fourth."
In whatever we do, whether it is investing or carving out a niche in something, we should never lose our focus by trying to achieve too many things at a time - either we will forget or we will forgo.
Read also A note on entrepreneurship
Another piece of Ma Yun's advice for start-ups, but I think it's also applicable to whatever we chose to embark on -
"the first is what you want to do, the second is how to do it, the third is how long to do it for.”
To work out finer details, we can dive into SMART goal setting when the above are thought through.
And last but not least -"You cannot unify everyone’s thoughts, but you can unify them with a common goal."
[Source: https://vulcanpost.com/5407/jack-ma-success/
Yeah, instead of trying to get employees to believe in you, get them to believe that they can do it! They can achieve goal XYZ for the bigger good when they work together and are part of something bigger than themselves. (Which may requires high level skill of brainwashing motivation.)
--
If you extrapolate some of the above wisdoms on goal setting to your personal finance, what goals would you set?
PS:
Investors have goals... Hey, traders have goals too (albeit being shorter term ones).
Target entry price, target sell price, stop-loss points... all that mini-goals to help achieve the ultimate bigger goal of making money from the market. Just that there is always a tendency to shift our goal posts.
***
Popular posts from this blog
My household expenses rocketed this few months as I was on shopping spree. It's not because of the upcoming GST hike nor the attraction of Year-end sale. Image source: Unsplash It's because of my mom and because our household appliances are throwing in the towel one after another. Considering that it's been almost 10 years since we moved into the BTO, these appliances have been used way past their warranty and already to money's worth. I was surprised that some of them can even last for so long. First is our Samsung washing machine which the Start button spoilt. I bought one of Midea brand from Shopee at a sale. The only dissatisfaction is that it does not have a wash timer, unlike the Samsung one. Since we always wash almost the same load of clothing and use the same mode of wash, we can remember the estimated completion time now after a few washes. Second is the ceiling fan. Our old Fanco ceiling fan wasn't good, it required servicing in about a year's time a
Banks are pumping up interest rates in the shortest time span ever. (I saw that CIMB is currently offering as high as 4.2% on its fixed deposit! A rise of 1-2% in interest from just a few months ago. Darn, I should have waited.) This interest hiking spree is attributed to FED's rate hike , which caused the treasury bills yield to be climbing for a while. Hot money (from past QEs) have been flowing out of risk assets (cryptos, equities, junk bonds etc) to the supposedly more secure assets (bank deposits and gov bonds). Note that periods of past FED rate hikes are in year 1999-2000, 2004-2006 and 2007-2008. Then we see rate cuts after these periods. Inflation and loans interest rates have been climbing too. Layoffs are starting, economy seemed to be slowing. We won't be surprised to see recession , perhaps from next year, if the FED rate hike and inflation continue at this pace. Gotta keep a watch out for recession trends like a rise in the unemployment rate and a decrease in GD
I am finally back again after a 3 months blog hiatus. Not crushed or lost in space. I have started lately on a regular 35-hr work week and on my rest days I was preoccupied with taking care of family, household chores, going out with friends, reading novels and basically chilling. No inspiring topic here, just some quick updates. Inflation Despite most impacted by the rise in food prices, in terms of household expenses inflation, my family managed to get by comfortably enough on tingkat and homecook food. My next highest personal expenditure, after transportation, is meal-out with friends. With my regular work hours, income level has improved with slight sacrifice in terms of energy level. So I figured it justifies having those $20-per-pax dinners occasionally. I am made poorer too by my favourite eat-out food that have gone up in price by 10% or more! Mcd FOF meal $5 --> $5.80, Stuff'd chicken burrito $7.30 -> $8.10, Subway value meal $5.90 -> $6.50. T.T Currently going
What is Curve Finance? Before we dive into the tokenomic, I would recommend reading this article as a primer if you are not familiar yet with the Curve Protocol - Three minutes to take you to understand Curve Finance, the king of stablecoin trading platforms . (The article took me about 13 minutes to read instead of 3!) [I have purposely coloured the texts of various tokens such that it is easier to differentiate them as you read.] CRV is the native token of Curve Finance and distributed as reward for providing liquidity to the protocol. Now let's take a look at the brother protocol of Curve which serves a different purpose - Convex Finance. What is Convex Finance? It is a protocol that allows liquidity providers to earn trading fees and claim boosted CRV without locking up CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards (on Sushi) This means that one can stake their Curve LP token with ConvexFinance to get Convex LP tokens and then stake
I have been watching the bearish market unfold on the sideline, one that whacked almost every single asset class except for oil. Gold was not spared either as its price is sensitive to the Fed's rate hike. (Since it is mostly used as an inflation hedge in an investment portfolio, the non-yielding asset will have continued selling pressure if Fed continues its interest rate hike.) The worst of the bear-beaten lot must be cryptocurrency. Summer seems officially over and I don't know how long will this winter lasts. The massacre just got worse these few days. I was too confident and complacent last year to not harvest a fair share of profits while the sun shines. At the beginning of this year, I still DCA-ed into a few of them and thought maybe the sky was just... cloudy.. Until the hail storm comes, I have finally awoken to the fact that it is really winter now and how one catastrophe can trigger huge ripple effects. Some of my holdings with biggest price percentage decline: List
Disclaimer:
The contents of this blog are author's personal opinions and do not constitute advice to hold, buy or sell any securities, commodities or assets mentioned. I do not guarantee the accuracy and reliability of any information provided, and shall not be liable for any losses incurred from reading my posts or using the materials herein.
This blog may contain affiliate links to external sites.
Rainbow girl,
ReplyDeleteI see you have written down your own interpretations of what Ma Yun said in black ;)
Interesting...
""You cannot unify everyone’s thoughts, but you can unify them with a common goal."
You may want to explore how great leaders unify their people in companies, countries, and even religions ;)
That's doing the opposite of what you suggest...
They "sell" a dream, or vision to us. (That's why most listed companies have Vision or Mission Statement)
And in Singapore's context, remember our Singapore pledge?
The author who interpreted/translated Ma Yun words I suspect is another employee ;)
Hi SMOL,
DeleteAh yes, the common goal refers to vision mission. Now I see the right words!
"不能统一人的思想，但可以统一人的目标。"
The so-called common goal is actually a unified belief.
Thanks for your worthy comments. :)
I like what he said in this video too.
Be your own "shepherd" and sell your goal and vision to yourself or goodself. Isn't this nice way to motivate or unify your goodself to your own goals.
ReplyDelete