The Ten Roads to Riches – The Ways the Wealthy Got There (and How You Can Too!) Summary - Road 3

Road #3: Becoming a Ride-Along

1.       There is no free-ride. You must still be a legitimate leader with awe-inspiring accomplishments.

2.      Rationales:

a.      CEOs are personal and media targets. Maybe you don’t want that.

b.      Successful CEOs are usually charismatic leaders. Not everyone inspires.

c.       Ride-alongs don’t score the most points, but they are usually team MVP.

Guidelines:

3.      Pick the right horse to hitch to.

a.      Most important: find the right guy. Second, find the right field/ firm.

b.      Ride-alongs remain with the same firm a long time.

c.       Ensure your horse has vision and skill, and is tough, single-minded and futurist. And you can trust him (It is like seeking a spouse).

d.      Pick a horse that has lost a few races, as long as they don’t lose the same way twice.

4.      Pick the right firm.

a.      Pick the right industry. Stick to it.

b.      Analyze the business strategy and management team. The real key is the leader.

5.      Choose – established or new.

a.      If you fear the added risk of a new venture, you can ride along at an established firm – making not billions, but potentially very many millions.

6.      Be loyal.

a.      Most important = be loyal and trustworthy. Loyalty today is more valuable than it has ever been because it is scarcer.

b.      But learn to say “no” and bring new insights (i.e., honest feedback and criticism). If you are loyal and trustworthy with a good track record of unique insight, the CEO will listen and love you.

c.       Be reasonable and rational firm cheerleader. Ride-alongs can’t grouse or complain. All you can do is present a strategy to fix what irks you.

d.      Live and breathe the firm’s vision. You must believe that your firm is making the world better.

7.      Have a “will do” attitude.

a.      Go beyond “can do”. Stretch yourself (beyond your comfort zone). Be flexible. Know and learn sales, marketing, branding, manufacturing, supply-chain management, and etc.

b.      You will do what’s important for the firm, whatever it is.

c.       You will take relevant skills and talent and get on the learning curve, fast.

d.      Volunteer for the ickiest and most unglamorous tasks.

Road #4: OPM (Where Most of the Richest Are)