Lessons For Us From a Wall Street Legend
by Andy Strote, photo by Chris Li
Wall Street titan Byron Wein passed away a few years ago at age 90. Among other things, he was famous for his Life Lessons list.
Let’s look at a few of those lessons and see how freelancers and small agency owners could adapt them.
“Concentrate on Finding a Big Idea That Will Make an Impact on the People You Want to Influence”
Who do you want to influence? That’s easy:
Potential clients
Existing clients
Potential collaborators
What “big idea” could you use to make an impact?
How about a blog, podcast, or YouTube channel? The trick is to come up with an interesting topic or angle that hasn’t been done to death.
Consider starting a roundtable where you meet with members of your niche twice a year to exchange ideas.
Maybe take on a pro bono (fancy word for “free”) client to help your community. You’ll meet other business community leaders there.
“In Philanthropy, Try to Relieve Pain Rather Than Spread Joy”
This ties into the pro bono idea above, or into any financial support you can provide. Byron preferred to support social services, hospitals, and educational institutions to help make the world a better place rather than fund art galleries, theatres, or orchestras.
It’s something to consider, especially on a local level, where you can see the impact of your contribution.
Through your support, you’ll meet people you wouldn’t otherwise know, and that leads us to effective networking.
BTW, it doesn’t take Wall Street money to contribute. You could volunteer and contribute your time. Step it up and commit to a few dollars a month to make an even greater difference. I know a freelancer who has put up $1,000 a year for a student scholarship. There are many ways you can contribute.
“Network Intensely”
Luck plays a big role in life, and there’s no better way to encourage luck than to have a big network.
Networks multiply organically. Every person you network with has their own network.
You want to take advantage of the “friend of a friend” effect. That’s how you’ll meet the people you’re looking for.
To help freelancers improve their networking, I wrote Looking for new clients? Turn to your network first.
Make an effort to meet new people and establish relationships. How do you know when you’ve established a relationship?
Here’s an easy test: would either of you do a favor for the other if it took more than an hour of time? That’s what friends would do.
“Read All the Time”
By this, Byron meant books, newspapers, and magazines, not doom-scrolling social. Read to educate yourself, read to confirm or contradict your points of view and beliefs, read to travel to other countries.
We’re lucky. Most of the world’s knowledge is accessible. It’s just up to us to take advantage of it.
Through reading, you’ll become a more interesting, well-rounded person. That will be recognized by anyone you meet.
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“Travel Extensively”
Although our world has become more connected and you can read about and watch videos from around the globe, there’s nothing like being on the ground, experiencing new countries and new people firsthand.
Learn at least a few words of whatever language you need wherever you’re going. Start with hello, goodbye, please, thank you, and where is the washroom. Then, learn popular menu items because the most interesting places don’t have English-language menus.
Even if it’s a vacation, you never know where business opportunities will appear.
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