Good judgment and imaginative foresight are two qualities which, working together, can make the “impossible” possible. The valuable habits of healthy skepticism and individual confidence can, and often do, help a determined individual refute the discouragement of the crowd. The executive must develop the ability to rationally and knowledgeably reach decisions and then go ahead—regardless of the “impossibility” of his goal.
One of the most valuable assets a businessman or executive can possess is the ability to study and weigh all the factors in a given situation and determine what is feasible and what is not—in short, to distinguish between the possible and the impossible. The ability is seldom innate; rather, it is acquired and developed. With it, an individual’s chances of achieving success are greatly enhanced. Without it, he can go only so far—or fail altogether. Many an otherwise capable—or even great—man has failed because he lacked this capacity.
Confronted by the perverse imp of the impossible, the veteran businessman organizes his thinking and examines all aspects of the situation with meticulous objectivity. He does this by asking himself a series of questions, the most important of which follow:
What—precisely and in detail—is the situation, proposition or issue under consideration?
What is at stake—what are the costs, what are the minimum and maximum the company stands to gain or lose?
Are there any precedents and, if so, can they be considered valid and applicable in this instance?
What do other parties—buyers or sellers, brokers, competitors, customers, etc.—stand to gain or lose either way?
What are the known obstacles and difficulties the company faces if it goes ahead—and precisely how can they be overcome?
What other difficulties are likely to arise—and if they do, what resources are available and what steps may be taken to cope with them?
Are all the facts known—could there be any additional, hidden pitfalls?
How long will it take to accomplish the objectives or goals in question if it is decided to proceed?
Would the company stand to gain more by devoting equal time and effort to something else?
Are the personnel who would be responsible for handling the matter fully qualified and dependable?
Once he has the answers to these questions, the businessman weighs them in the balance to determine whether the undertaking is possible or impossible. If the scales tip heavily in one direction or another, his choice is not hard to make. If, on the other hand, the plus and minus factors tend to balance, then he must use his judgment, sense of proportion—and even his business intuition—to decide.
* Source: How to Be Rich by J. Paul Getty