Keys to Success #11: Why? Why? Why?

This may be one of the shortest Keys to Success, but a hugely important one.

Never accept the "truth" without knowing and understanding the reasons why it is the truth.

I have always asked the question "why?" multiple times in a single conversation in order to analyse the replies to my questions. Yes, people can find it annoying. Yes, I can over analyse sometimes, but I think it is better than being uninformed in decision making.

The other questions to also ask and "what?" and "when?"

Here is an example for you:

Advisor: I have done some research and believe that investing in Company X would be

a wise move and be quite profitable in growth and income revenue over the

next decade.

Me: Why (1) did you pick that industry?

Advisor: The cybersecurity sector is growing and as we move more toward cloud

computing and E-commerce, the need for cybersecurity will be ever more

important.

Me: Why (2) Comany X?

Advisor: Company X is one of the global leaders in the field of cyber security and is

used by many of the fortune 500 companies.

Me: Why (3) is this company any more special than their competitors?

Advisor: Here are copies of their financial and company reports which shows their

growth, market segments and penetrations, and forecasts/projections. Take a

look and let me know if you have more questions.

Me: No doubt the numbers and facts in the documents will show this to be the

case as you say. However, why (4) do you think they manage to be ahead of

their competitors?

Advisor: The management team has come from another major player who used to

dominate this area until recently. Their cyber experts are second to none and

their recruiting methods are superb. The management team has a financial

stake, which is plenty of incentive to make this one of the biggest companies

in this field.

You can see how asking the question "why" several times (four in the case above) gets you a clearer picture of what is going on so you can make informed decisions.

Asking why, will help you see more opportunities as well as see potential risk and failure in other areas.

Here's another case.....

Friend: Hey I have just put money into crypto currencies, several in fact!

Me: Why (1) did you do that?

Friend: Haven't you seen how much they have gone up over the last 12 months?

Me: Yes. I have. But why (2) have they gone up in value? Is there logic behind it?

Friend: I have no idea, but I'm not missing this opportunity! You should get in it also!

Me: Why (3) would I want to get into it?!

Friend: To make easy money of course!

Me: What (4) makes you think it will keep going up in value?

Friend: It's hot now, but I won't be in it forever.

Me: So when (5) will you get out?

Friend: Not sure, haven't figured it out yet.

Me: Let me know how you go. I'll stick to what I know and understand, but thanks

anyway!

Asking enough specific questions using "why", "what", "when" and even "how", will help you sort out the good ideas from the bad ones. The great people to do business with and the not so good ones. The bad advice versus the good advice. It will help separate the "bad eggs" from the "good eggs", so to speak.

It's about getting clarification so we can make better and more informed decisions. We work hard for our money, so we don't want to make sloppy investment decisions and lose our capital because we were too lazy to ask simple questions!

The words "why", "what", "how" and "when", when posed as a questions, puts the onus on the other person to explain and clarify their point. Asking it numerous times will increase clarification for you and investigate further if the person you are talking to, understands what they are actually talking about.

You can NEVER ask enough questions, and you can NEVER over clarify a point.

It is better to walk away and sleep on an idea, than it is to act immediately.

Opportunities will come and go.

You NEED to understand that if you miss this current "opportunity", or even the next one, there will be another one to follow sooner or later.

Opportunities will ALWAYS come and go. If that was not the case, then nobody would ever come across another opportunity again, we would have run out completely...... and we know that is NOT the case, it is absurd! If it was, humanity would be in big trouble!

Also, a last thought.... not all opportunities are actually suitable for you. Yes, they may be an opportunity, but possibly better suited to someone else's talents or skills.

Look for opportunities that suit YOU, your skill set, your knowledge set, your interests and your capabilities.

Understand that opportunities that suit you, may not suit me, and vice versa. Opportunities that suited Bill Gates and Steve Jobs would not have worked for me - because I had no interest in computing. Conversely, my opportunities would never have been of interest to Bill Gates or Steve Jobs either. We are all "wired" to see things differently, to see what others cannot, to see opportunities that others cannot.

So don't look to jump at everything that comes across your desk.

Pick and choose..... wisely.