Four habits of the highly successful
Waking up early, sticking to routines, and knowing the business case for family time can all help
WHAT sets out the Warren Buffetts of this world from the myriad failed investors, the corporate empire builders from the miserable bankrupts? In 1989, Stephen R Covey published one of the most influential management books ever, The Seven Habits of Highly Effective People. Being proactive and having a clear goal are two of the more obvious. But the seventh (“sharpen the saw”) appreciates that even geniuses get tired. Long-term success also depends upon having a sustainable lifestyle.
This sounds fluffy, and we should be wary of survivorship bias – drawing false conclusions by ignoring the many business failures who also followed such advice. But here are four ideas for how to live like a highly effective person.
GET UP EARLY
Workaholic Apple chief executive Tim Cook starts emailing staff at 4.30am. And he’s not alone. Last year, The Guardian rounded up several leading executives and asked them what time they get up: AOL’s Tim Armstrong rises at 5am; Newton Investment Management’s Helena Morrissey springs out of bed at 5am; and Vodafone’s comparatively lazy Vittorio Colao at 6am.
Why does this matter? Serial entrepreneur Luke Johnson has argued that few successful business founders are late risers. Meanwhile, research by Christopher Randler of the University of Education, Heidelberg suggests that early birds are more proactive than evening people, and thus tend to do better in business. But it’s not a biological advantage: those poor night owls may just be out of synch with typical corporate work patterns.
STICK TO YOUR ROUTINES
Mason Curry’s analysis of creative types (Daily Rituals: How Artists Work) has relevance for executives too. “A solid routine fosters a well-worn groove for one’s mental energies and helps stave off the tyranny of moods,” he argues. In short, rigorously shaping your day around a series of rituals can make you more effective over the long term, by warding off workplace fatigue.
You don’t need to take Tchaikovsky’s two-hour daily walk, or Dickens’s three-hour stroll. It can be as simple as dividing up your time and measuring output. Prolific novelist Anthony Trollope only worked for three hours a day. Yet if he finished a book, he would start on another if his allotted time wasn’t up. But routine is contentious. Citing Walmart’s Sam Walton, Johnson says it can prevent you from managing priorities. So don’t let it take over.
USE FAMILY HUMAN CAPITAL
Real work/life balance is pure mythology, but most high-flyers manage a family life. BlackRock managing director Obie McKenzie, for example, uses his 84-minute morning commute to talk to his wife. If this sounds curated, that’s because it is. Research by Harvard Business School, drawing on 4,000 interviews with senior executives, found that what matters is how you make use of your family’s human capital, however little time you have. The executives credited partners with urging them to take bigger risks, and to pursue opportunities that won’t pay off immediately.
COMPOUND KNOWLEDGE
Returning to that sharpened saw, few stay a success without pursuing what Covey called “a balanced programme for self-renewal.” He might have meant self-education. Buffett estimates he spends 80 per cent of his time reading, saying knowledge is like “compound interest.” JP Morgan’s Jamie Dimon uses weekends to pore over a mountain of material, and returns on Monday with questions for employees. But swotting up on your firm’s business model may not be the best tactic. Booz & Co’s 2012 CEO Study identified a rising trend for appointing outsiders to top leadership posts. A wider range of interests could help you make any jump. Or just read what you want: Dimon’s 2010 summer reading list included three biographies of Lincoln.
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