I’ve been working at the same restaurant for 16 years. Since I am only 30 years old, that adds up to more than half my life.
During my time in the restaurant industry, I have seen more restaurants come and go than I can remember. Many local restaurants have changed owners and names 3 and 4 times during my career.
There are a bunch of stats somewhere that say that most small businesses fail, and an even larger percentage of restaurants fail. That’s probably true, and it is a tough business, but I don’t see it that way.
I see that successful restaurants are run by people who work harder and smarter than their competitors. Successful restaurants are the ones where the owners or managers do what needs to be done, regardless of whether they want to.
For all of the restaurants that I’ve seen fail over the years, the strong majority of them failed because the people running them didn’t work hard enough. My management team likes to say that everyone known what needs to be done, but very few people will actually do it.
That means you have to fire the family member that is stealing from you. You have to point out to the server that she is dressed inappropriately. You have to eat shit from angry customers.
Most people won’t do that. Most people don’t go the extra mile.
The same is true in my other businesses.
My competition in freelance writing is notorious for missing deadlines and outsourcing work to India. When I deliver an article that makes sense to human readers on time, people are surprised.
When it comes to Amazon sellers, there are tons of people willing to find a product in a store and list it on Amazon. However, when you tell them that there is real money to be made from bundling together multi-packs, the balk at the idea of learning how to properly label products with expiration dates. That’s too much work. They’re lazy.
As traders, we like to envision that guys like Warren Buffet and David Harding are our competition. In reality, it’s much more likely that the people on the other side of our trades are the same lazy people that fail at running restaurants, freelance writing, and Amazon selling.
While the majority of the money in the market is controlled by legitimate traders, the majority of traders are actually quite lazy. They’re the people looking to make easy money from quick tips and inside information.
These people can be beat. Easily. Just by showing up for work everyday. I’ve made an entire career out of that principle.
We don’t need to outwit Bill O’Neil to make money. We just need to ride along with him and collect some of the donations that these lazy traders are making to the market everyday.