Own the Outcome and Your Work Ethic

You have to pursue what you want with a better strategy and more consistent effort than you think.

Charlie Munger hired Chet Holmes to lead his sales team. When Chet started, their magazine ranked dead last among 15 competitors. But Chet had an insightful idea. He discovered that out of 2,000 potential advertisers, only 167 accounted for 95% of the industry's revenue.

Chet identified those critical 167 and stopped chasing the other 1,833. His new strategy was straightforward: to conduct relentless outreach every two weeks. Like clockwork, he mailed physical objects, made follow-up phone calls, and sent a fax (this was before email).

Four months passed. Nothing happened.

Yet Chet refused to quit, knowing consistent effort eventually breaks through the noise. Finally, in month five, his persistence paid off when he landed Xerox, securing the largest deal in company history.

By month six, he acquired 28 key advertisers, doubling revenue. The magazine surged from last place to first in market share. Within three years, he captured all 167 targeted accounts.

• Did your one email to a prospective client get no reply? It wasn’t enough effort.

• Did your resume go unanswered? It wasn’t enough effort.

• Is your relationship with your spouse strained? It’s not enough effort.

• Is your team behind at work? It’s not enough effort.

The hard truth: You take a little initiative and expect immediate results. Rarely does success come that easily. If you remember nothing else from today, it must be this: “Your dreams demand consistent action, not occasional enthusiasm.”

Aim clearly, devise your strategy, and invest ten times more effort than you think necessary. Only then will you know you've given enough to accept the outcome.

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