The Key to Success
Character; Education; Industry; Wealth.
These are the successive stages on the road to success, and they follow in their regular order.
Character belongs to every man individually, and can not be copied from another. It lies in the man; that is all anybody can tell about it. Natural probity combined with insight into what you are doing, your trade, business, occupation, etc., are the factors that make up character. It is different from reputation, for a man may have a bad reputation and still possess a good character. But he can not have a bad character and possess a good reputation. The power to succeed in business is character.
Education goes with character, and means more than learning or mere knowing. It means capacity and ability to utilize what you know. This is education.
You must not only know things but also know how to apply your knowledge, otherwise you are as well off as if you knew nothing.
Industry means diligence in developing character and utilizing education for all they are worth.
“The hand of the diligent maketh rich,” says Solomon, the wisest man that ever lived. He also says, “The diligent gaineth favor.”
Wealth comes by the observance of the foregoing and certain things which should be added. For instance:
To become industrious you must give yourself and your fellow man a fair exchange for what you receive.
You must watch your intellectual, spiritual and worldly welfare.
Progressive Colored Americans must seek opportunity which does not come of itself, and which has been denied them in the past.
You must make yourself, and follow high standards.
Start Right in Life
By Avoiding Foolish and Unnecessary Extravagances
Economy tells us we must learn to do without many things we would like, and forego all unnecessary luxuries, recreations and pleasures which call for money.
We can be happy without these things and enjoy the forgotten pleasures of home.
Cut down on rent, table, clothes, etc.
The burden of economy falls upon the women who do the marketing, cooking and housework.
Let the men save on personal expenses. A woman can throw out more at the back door than a man can bring in through the front, but his billiards or pool, cigars and drinks soon devour the pennies and dimes saved by the wife.
Do not buy what you do not need or that you can get along without.
Do not make fun of pennies and dimes as unimportant. Instead of saying, “It is only a penny,” say “It is a whole penny.”
Strive to learn economical buying. No one has enough money to say that cost is of no account. Get the very best for your money. Don’t buy blindly without inquiring the price, and always remember that a penny or a dime in your pocket is just as much at home as in that of the merchant.
Do not ride when you can walk. You need exercise and walking is the best and cheapest method, much cheaper and better than the bowling alley.
Don’t buy two pounds of meat when one pound will do; nor a bushel when a peck is sufficient.
The first fruits and vegetables of the season are expensive; wait a few days and they will be cheaper and more mature.
Quick Sales and Small Profits
Our modern system of transacting business has so materially changed from what it was a decade or so ago, that a special training is required to make a success.
Theoretically, the difference between the cost price and the selling price represents profit. But it often represents loss.
If goods could be delivered at your place of business at the invoice or purchase price, the selling price might cover some profit. But complications begin as soon as you have made a purchase.
There is transportation, insurance, demurrage, haulage, rent, light, heat, clerk hire, taxes, and perhaps license fees, to be added to the burden of the cost price.
With such, and so many additional charges, how can there be any profit, if the goods are sold customers at a fair price that will attract them?
There is only one way to cover possible loss and that is in getting rid of the goods at a small profit. If you do not, depreciation enters the field to compete with the other troubles, and with handling, dust, mussing, etc., you will have to put up a sign “Selling below cost,” or “Bargain Sale.”
A quick turn is the best turn in business, and to hold on to a price until you get a fixed profit you have determined on, is like refusing a good job because the wages or salary is lower than you have calculated upon getting. The opportunity slips away.
A landlord demands a certain rent for his premises and he will not come down a dollar a month. So his property is untenanted for a long time, and he loses in pocket although eventually he gets his price.
Make quick turns at small profits and repeat often. Nickel car fares are making the car companies multi-millionaires.
The Early Bird Gets the Worm
This is a saying that contains a large load of philosophy.
There is always a worm around for an early bird to pick up for breakfast. Of course it is very foolish for the worm to come out, but that is the way things are in this world.
What you have to do is to play the part of the bird by getting there first. To carry out the idea, remember that you are not the only bird after the foolish worm.
This means hustle on your part, and that is what every business must show—hustle.
In any event do not be the worm.
You watch the markets and take advantage of every fall in prices. Perhaps there is a small telegram in an out of the way place in your morning newspaper, which intimates that there is going to be a large shipment to market of potatoes, peaches, cabbages and so on. Down you go and put in an order at a small price and you get the product. Or, you have a lot on hand and a glut will lower prices. Up you get and down you go to sell out your lot at less than the market rates to those who have not yet seen the approach of a glut.
You do not have to wait for breakfast or for anything—just travel and hustle.
The weather report mentions a probable frost. Down you go and mark up the product likely to be affected. Everybody—every early bird is doing it, and it is the custom of business men to do this.
The worm picked up by the early bird is the man who says “Pooh! I don’t believe there is going to be any glut or any frost.”
This is a mighty big country and things are coming and going all the time. There is a big production and it is crowded to the point where there is liable to be a frost—that is a deficiency in the market, and then you have a glut. Keep your eyes and ears open and watch the market reports.