Tải bản đầy đủ (.pdf) (15 trang)

BE MORE, MAKE MORE WORK LESS docx

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (255.58 KB, 15 trang )





BE MORE, MAKE MORE
WORK LESS










%H
PRUH

0DNH
PRUH
:RUN
OHVV
$UWLFOHVRQ
'HYHORSLQJ7KH
0LOOLRQDLUH0LQGHVW
$FROOHFWLRQRIDUWLFOHVWDNHQIURP9HURQLFD/LP¶V
0LOOLRQDLUH7KLQNLQJ
_
H-RXUQDOV
ZZZPLOOLRQDLUHWKLQNLQJFRP


3UHVHQWHGWR\RXE\9LF&DUUDUDRI6XFFHVV6HFUHWVFRXN
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

-867:+$7,6,77+$7<28:$17"
)RFXV-XVWZKDWGRHVLWPHDQ"
7KHGLFWLRQDU\GHILQHVLWDV³SRLQWRQZKLFKLQWHUHVWDFWLYLW\LVFHQWUHG´$QG
EHIRUHWKDWFRPHVWKHTXHVWLRQ:KDWZLOO\RXIRFXVRQ",QRWKHUZRUGV-XVW
ZKDWLVLWWKDW\RXZDQW"
6WRSIRUDPRPHQWDQGDVN\RXUVHOIWKDWTXHVWLRQ
0DQ\SHRSOHILQGLWTXLWHGLIILFXOWWRUHDOO\IRFXVLQRQZKDWLWLVWKDWWKH\UHDOO\
ZDQW0DQ\SHRSOHZKRUXQWKHLURZQEXVLQHVVIRUH[DPSOHILQGWKLVWREHD
ELJFKDOOHQJH7KH\PD\KDYHKHDUGWKDWLWLVIDUHDVLHUWRILQGDQLFKHDQGWKHQ
H[SDQGIURPWKHUHEXWVWLOOWKH\ILQGLWGLIILFXOWWRGRVR7KH\FDQ¶WVHHPWR
GHILQHWKHLUPDUNHWZLWKDQ\JUHDWFODULW\QRUGHILQHH[DFWO\ZKDWWKH\DUH
GHOLYHULQJWRWKHLUWDUJHWPDUNHW
1RWRQO\KDYHVRPHRIP\FOLHQWVEHHQJXLOW\RIWKDW,KDYHWRR%XWLQWKHODVW
ZHHN,KDYHEHHQZRUNLQJZLWKDQHZEXVLQHVVLGHDZKLFKLQYROYHVDWLJKWO\
GHILQHGWDUJHWPDUNHW,¶YHEHHQTXLWHDVWRXQGHGDVWRKRZPXFKHDVLHULWKDV
EHHQWRPDNHGHFLVLRQVDQGWRWDNHDFWLRQ,VLPSO\NQRZWKDWWKLVEXVLQHVV
LGHDZLOOWDNHRIILQQRWLPHDWDOO
$QGLWVWDUWHGZLWKPHJHWWLQJIRFXVHGLQWKHILUVWSODFHGHILQLQJZKDW,UHDOO\
ZDQWHG,GLGWKLVE\ILUVWFODULI\LQJDQGWKHQGHILQLQJERWKP\SHUVRQDODQGP\
EXVLQHVVYLVLRQDQGZK\,ZDQWHGLW2QFH,GLGWKDWILQGLQJP\SRLQWRIIRFXV
EHFDPHFU\VWDOFOHDU
6RKRZGR\RXILQG\RXUSRLQWRIIRFXV")LUVWO\VWRSOLVWHQLQJWRHYHU\RQHHOVH
TXLWHVRPXFK6WDUWOLVWHQLQJWR\RXUVHOIPRUH
6WDUWZLWKGHILQLQJZKDW\RXGRQ¶WZDQW,W¶VQRFRLQFLGHQFHWKDWWKLVLVWKHYHU\

ILUVWH[HUFLVHLQWKH*HW:KDW<RX5HDOO\:DQWLQ-XVW0LQXWHVD'D\V\VWHP
7KLVLVXVXDOO\PXFKHDVLHUIRUPRVWSHRSOHWKDWLWLVWRGHILQHZKDWWKH\ZDQW
ZLWKFODULW\6RVWDUWZLWKZKDW\RXGRQ¶WZDQW
7KHQPRYHRQWRGHILQLQJZKDWLWLVWKDW\RXUHDOO\ZDQW.HHSDVNLQJ\RXUVHOI
WKHTXHVWLRQ³:K\GR,ZDQWWKLV"´XQWLO\RXILQGWKDWLWFRQQHFWVZLWKVRPH
GHHSHUSDUWRI\RXDQGLJQLWHV\RXUVSLULW,QRWKHUZRUGV\RXUH\HVOLJKWXS
DQG\RXIHHOJRRG
(DUOLHULQWKH\HDU,DWWHQGHGDFRQIHUHQFHDQGLQP\QRWHV,ZURWH,QWHQWLRQ
$WWHQWLRQ 5HWHQWLRQ«««PHDQLQJ
:KDW<RX:DQW)RFXV 5HDFKLQJ<RXU'UHDP
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

*HWLQWR0LOOLRQDLUH7KLQNLQJWRGD\
$&7,2132,176
 0DNHDOLVWRIZKDW\RXGRQ¶WZDQW
 6WDUWJHWWLQJFODULW\WKHQRQZKDW\RXGRZDQW
 %XLOGXSWKHSLFWXUHVRWKDWLWH[FLWHV\RX8VH\RXULPDJLQDWLRQ
 'HFODUHLWDVDQLQWHQWLRQRUJRDO:ULWHLWGRZQ
.HHSIRFXVHGRQZKDW\RXZDQW.HHSWKHSDSHURQZKLFK\RXZURWHLW
GRZQLQIURQWRI\RXWRUHPLQG\RXUVHOI
3XW\RXUGRXEWVWRRQHVLGHDQGGRQ¶WZRUU\DERXWKRZLWZLOOKDSSHQ/HW
WKHLGHDVFRPHWR\RX
+DYHIXQ
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH


&$1<28%(),1$1&,$//<)5(("
'R\RXEHOLHYHWKDW\RXFDQKDYHDIUHHUHDVLHUDQGULFKHUOLIH"'R\RXEHOLHYH
WKDW\RXFDQEHILQDQFLDOO\IUHH"
<RXKDYHSUREDEO\KHDUGWKHVD\LQJ³7KHULFKJHWULFKHUDQGWKHSRRUJHW
SRRUHU´+DYH\RXHYHUVWRSSHGWRWKLQNZKDWWKDWUHDOO\PHDQV",PHDQUHDOO\
VWRSSHGWRWKLQNZKDWWKDWUHDOO\PHDQV
$V\RXWKLQNDERXWLWZKHUHGR\RXWKLQNULFKEHJLQV"$QGZKHUHGRHVSRRU
EHJLQ"
,WEHJLQVILUVWLQWKHPLQGDVDWKRXJKWRUDEHOLHIZKLFKLQLWVHOILVVLPSO\
KDELWXDOWKRXJKW:HEHFRPHZKDWZHWKLQNDERXWPRVWRIWKHWLPH
7KHPRVWLQWHUHVWLQJWKLQJDERXWDEHOLHILVWKDWLWLVDOZD\VWUXHLQWKDWZHZLOO
DOZD\VILQGHYLGHQFHWRSURYHRXUEHOLHIVWREHWUXH+RZPDQ\WLPHVKDYH\RX
VDLGLQWKHSDVW³,NQHZLW´RU³6HH,¶PULJKW´
2XUPLQGVDUHSURJUDPPHGWRORRNRXWIRUHYLGHQFHDQGSURRIWRPDNHXVULJKW
$IWHUDOOZHIHHOJRRGZKHQZHDUHULJKW$QGRIWHQWKLVSURYLGHVXVZLWKWKH
H[FXVHWRUHPDLQLQRXUFRPIRUW]RQHDQGQRWWDNHDFWLRQWRZDUGVDIXWXUH
ZKLFKZHPD\VHFUHWO\GHHSGRZQZLVKIRU
7KHUHDUHWKUHHUHDVRQVZK\PRUHSHRSOHDUHQRWZHDOWK\
L 7KH\GRQRWKDYHWKHVNLOOV
LL 7KH\GREHOLHYHWKDWWKH\GHVHUYHLW
LLL 7KH\GRQRWEHOLHYHWKDWWKH\FDQEHZHDOWK\
4XLWHRIWHQLWPD\QRWHYHQRFFXUWRDSHUVRQWKDWWKLQJVFDQEHGLIIHUHQW7KH
SDVWGRHVQRWFUHDWHWKHIXWXUH$QGGR\RXQRWLFHWKDWWZRRIWKHWKUHHUHDVRQV
KDYHWRGRZLWKZKDW\RXEHOLHYH"
$&7,9$7(<2855(7,&8/$5$&7,9$7,1*6<67(0
:HKDYHLQRXUPLQGVZKDWLVNQRZQDVD5HWLFXODU$FWLYDWLQJ6\VWHP5$6
7KH5$6LVUDWKHUOLNHDUDGDUORRNLQJRXWIRUZKDWHYHULWLVWKDWZHKDYHWROGLW
WRORRNRXWIRU
)RUH[DPSOHOHW¶VVD\WKDW\RXDUHORRNLQJWREX\DQHZFDU<RXVFRXWDURXQG

DQGGRVRPHUHVHDUFKDQGWKHQ\RXGHFLGHRQWKHPDNHDQGPRGHORIFDU\RX
ZRXOGOLNH³6XGGHQO\´\RXQRWLFHWKDWSDUWLFXODUPDNHDQGPRGHORIFDU±RQ
WKHURDGLQPDJD]LQHVLQQHZVSDSHUV«DOORYHUWKHSODFH7KH\MXVWMXPSRXW
DW\RX7KDWLV\RXU5$6DWZRUNSLFNLQJRXWWKHLQIRUPDWLRQWKDW\RXDUH
IRFXVLQJRQDQGEULQJLQJLWWR\RXUDWWHQWLRQZLWKLQFUHDVHGIUHTXHQF\DQG
YLYLGQHVV
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

$QGJXHVVZKDW"<RXU5$6ZRUNVLQH[DFWO\WKHVDPHZD\ZLWKUHJDUGWR\RXU
ILQDQFLDOVLWXDWLRQ,I\RXIUHTXHQWO\VD\WKLQJVOLNH³,ZRXOGOLNHWKDWEXW,FDQ¶W
DIIRUGLW´RU³,¶PEURNH´\RXUXQFRQVFLRXVPLQGVWHHUV\RXUEHKDYLRXUWRPDNH
\RXULJKWDQG\RXU5$6SLFNVXSHYLGHQFHRILWEHLQJVRDQGEULQJVLWWR\RXU
DWWHQWLRQ<RXJHWWRVD\³,NQHZLW´RU³6HH,¶PULJKW´
),567'(&,'(7+(10$1$*(<2857+,1.,1*
'HFLGHWREHILQDQFLDOO\IUHHDQGWKHQEHZLOOLQJWRFKDQJHKRZDQGZKDW\RX
WKLQN7KHQWDNHRQHSLHFHRIDFWLRQHDFKGD\WRJHW\RXWKHUH
:DWFKRXWIRU\RXUSDWWHUQVLQWKLQNLQJDQGZKDW\RXVD\WR\RXUVHOI&DWFK
\RXUVHOIZKHQ\RXILQG\RXUVHOIIRFXVLQJRQWKHQHJDWLYHDQGRQODFNRUD
IHHOLQJRIQRWHQRXJK)RFXVLQVWHDGRQZKDW\RXDOUHDG\KDYHZKDW\RXFDQ
KDYHDQGLPDJLQHDOOWKDW\RXGHVLUH
5HPHPEHUULFKRUSRRU±ERWKEHJLQZLWKDWKRXJKW<RXFDQFKRRVHWRQRWLFH
DOOWKDW\RXKDYHQ¶W\HWJRWDQGZKDWLVPLVVLQJIURP\RXUOLIHULJKWQRZRU\RX
FDQIHHOJRRGE\IRFXVLQJRQDOOWKDW\RXGRKDYHDQGLPDJLQLQJDOOWKDW\RX
ZDQW7KHFKRLFHDVDOZD\VLV\RXUV
*HWLQWR0LOOLRQDLUH7KLQNLQJWRGD\
$&7,2132,176
'HFLGHWRGD\WKDW\RXZDQWILQDQFLDOIUHHGRP

%HJLQE\ZDWFKLQJ\RXUVHOIWDONDQG\RXUODQJXDJH6WRSVD\LQJ³,FDQ¶WDIIRUG
LW´6WDUWVD\LQJ³,FDQKDYHWKDW´RUDVN\RXUVHOI³+RZFDQ,KDYHWKDW"
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

3/$<,1*0$.(%(/,(9(
&DQ\RXUHPHPEHUZKHQ\RXZHUHDNLGDQG\RXSOD\HGPDNHEHOLHYH",
UHPHPEHUSOD\LQJGRFWRUVDQGQXUVHVFRZER\VDQG,QGLDQVVFKRROWHDFKHU
FKDPSLRQKRUVHULGHUDLUSODQHSLORWH[SHUWFDUGULYHUSRWWHUFKHIKLWFKKLNHU
DPEXODQFHGULYHUDQGWKHOLVWJRHVRQ$Q\WKLQJWKDW,ZDQWHGWREHZDV
DOZD\VSRVVLEOH,QIDFWDQ\WKLQJWKDW,ZDQWHGWRKDYHDQGDQ\WKLQJWKDW,
ZDQWHGWRGRZDVDOVRSRVVLEOHHYHQ³ZKHQ,JURZXS´
$QGWKHQ,UHDOO\GLGVWDUWWRJURZXSDQG,EHJDQWRWKLQNOLNH³WKH
DGXOWV´««QRZWKLQJVZHUHQ¶WTXLWHVRHDV\DQGWKHUHZHUHDOONLQGVRIUHDVRQV
ZK\,FRXOGQ¶WGRZKDW,ZRXOGUHDOO\ORYHWRGR2EVWDFOHVZHUHHDV\WR
LGHQWLI\EXWQRWVRWKHSDWKWRWDNHPHWRP\GUHDP,EHFDPHDQH[FHOOHQW
VWXGHQWDWVFKRROSLFNLQJXSNQRZOHGJHFDPHHDVLO\WRPHDQGUHJXUJLWDWLQJ
ZKDW,KDGOHDUQWLQMXVWWKHULJKWZD\WRDFKLHYHRXWVWDQGLQJUHVXOWVDWVFKRRO
EXW,IRUJRWKRZWRWKLQNRXWVLGHRIWKHER[DQG,IRUJRWKRZWRWKLQNFUHDWLYHO\
DQG,IRUJRWKRZWRDSSUHFLDWHDQGZHOFRPHXQFHUWDLQW\DQGULVNWDNLQJ
6RZKHQ,WRRNWKHGHFLVLRQWROHDYHWKHFRPIRUWDQGVHFXULW\RIIXOOWLPH
SHUPDQHQWHPSOR\PHQWWRSXUVXHP\OLIHORQJGUHDPRIZRUNLQJIRUP\VHOIDQG
UXQQLQJP\RZQEXVLQHVV,KDGWRXQOHDUQROGZD\VRIWKLQNLQJDQGUHOHDUQ
KRZWRWKLQNOLNHFKLOGUHQGRZKHUHQRWKLQJLVHYHULPSRVVLEOHDQGWKHUHLV
DOZD\VDZD\LI\RXZDQWLWEDGO\HQRXJK
,KDGWROHDUQQHZZD\VWRGUHDP«DWILUVWLWZDVGLIILFXOW,ZDVVRKHPPHGLQ
E\P\RZQWKRXJKWVRIZKDWFRXOGRUFRXOGQRWEHDFKLHYHGWKDW,FRXOGQ¶W
FRPHXSZLWKPXFKLQP\GUHDP\HWDVNDVL[\HDUROGZKDWWKH\ZDQWDQG

WKH\ZULWHXPSWHHQSDJHV,KDGWRILQGDYLVLRQRIP\IXWXUHWKDWLVVR
FRPSHOOLQJDQGH[FLWLQJWKDWLWZRXOGWDNHPHWKURXJKWKHFKDOOHQJHVWKDW,IDFH
EHFDXVH,NQRZWKDWP\GUHDPLVDFKLHYDEOHDQGWKDW,FDQPDNHLWFRPHWUXH
,KDGWROHDUQWRORRNDWULVNWDNLQJDVDQDGYHQWXUHWRDSSUHFLDWHWKHIXQWKHUH
FDQEHLQWKHOHDUQLQJFXUYHDQGWRQRWWDNHP\VHOIVRVHULRXVO\DOOWKHWLPH,
KDGWROHDUQWKDWOLIHLVIXQDQGWRGLWFKWKRVHEHOLHIVWKDWZHUHKROGLQJPH
EDFNDQGWRUHDOLVHWKDWQRRQHZDVVWRSSLQJPHIURPP\GUHDPH[FHSW
IRU«PHP\VHOI,
3LHFHE\SLHFHWKHMLJVDZRIP\GUHDPKDVEHHQFRPLQJWRJHWKHUDQGHOHPHQWV
ZKLFKZHUHRQFHDGUHDPRUDYLVLRQDUHQRZUHDOLW\7KHUHLV\HWPRUHWRJR
DQG,FDQVHHLWDOOKDSSHQLQJLQWLPH$QGIRUWKHILUVWWLPHLQP\OLIH,KDYH
DOVROHDUQHGWRWUXO\UHOD[DQGHQMR\WKHMRXUQH\
,ZDQWIRU\RXWREHDEOHWRGUHDPDQGIRU\RXWRPDNH\RXUGUHDPFRPHWUXH
:LOO\RXGHFLGHWRVWDUWUHPHPEHULQJKRZWR³SOD\´PDNHEHOLHYH"6R\RXFDQ
NQRZZKDWLWLVWKDW\RXZDQW$QGWKHQZKHQZLOO\RXGHFLGHWRVWDUWPDNLQJ
\RXUGUHDPFRPHWUXH"
*HWLQWR0LOOLRQDLUH7KLQNLQJWRGD\
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

$&7,2132,176

6WDUWFROOHFWLQJGDWDDQGLQIRUPDWLRQRQKRZ\RXZRXOGOLNH\RXUOLIHWR
EH:KDWGRQ¶W\RXZDQW"$QGZKDWGR\RXZDQW"

.HHSSOD\LQJZLWKWKRVHLGHDVKRQLQJWKHPDQGUHILQLQJWKHPWRPDNH
WKHPIXOO\\RXUV


,GHQWLI\ZK\\RXPD\WKLQNWKDW\RXFDQ¶WKDYHHOHPHQWVRI\RXUGUHDP
EHUHDOLW\

'HFLGHKRZ\RXFDQFKDQJH\RXUWKLQNLQJDURXQGWKRVHVHHPLQJ
REVWDFOHV

$UHWKHUHDQ\VWHSV\RXFRXOGWDNHWRJHW\RXUVHOIRQHVWHSFORVHUWR\RXU
GUHDPDQGKDYHIXQZLWKLW"7KHQMXVWGRLW
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

$5(<287,5('2)127$&+,(9,1*<285*2$/6"
7KHRQHWKLQJWKDW,GRNQRZDERXWP\VHOILQWKHSDVWLVWKDWWKHUHKDYHEHHQ
PDQ\WKLQJVZKLFK,KDYHDFKLHYHGZLWKRXWDSSDUHQWO\KDYLQJVHWDQ\JRDOV
DQGFRQYHUVHO\PDQ\JRDOVWKDW,KDGVHWZULWWHQGRZQWKRXJKWDORWDERXW
DQG\HWGLGQ¶WDFKLHYH+DYH\RXIRXQGWKLVWREHWUXHIRU\RXWRR"
,GLVFRYHUHGWKDWWKHJRDOVWKDWUHDOO\PHDQWVRPHWKLQJWRPHWKH%,*RQHV
WKDW,UHDOO\ZDQWHGZHUHWKHYHU\RQHVWKDWVHHPHGWKHPRVWHOXVLYH,¶GKHDU
DQGUHDGVWRULHVDERXWSHRSOHZKRVDLGWKDWWKH\GLGQ¶WUHDOO\EHOLHYHWKDW
VRPHWKLQJFRXOGKDSSHQEXWWKH\ZURWHLWGRZQDQGUHDGLWHYHU\GD\DQGWKHQ
MXVWDVWKHGDWHDVVLJQHGWRWKHJRDOGUHZQHDUWKHJRDOFDPHWREH
:KLOVWWKLVZRUNVIRUVRPHSHRSOHLWZDVQ¶WTXLWHP\H[SHULHQFH,IRXQG
P\VHOIIHHOLQJGLVDSSRLQWHGDQGPRUHDEOHWRFRQVLGHUIHHOLQJOLNHDIDLOXUHWKDQ
RWKHUZLVH,IRXQGLWHYHQPRUHGLVVDWLVI\LQJWREHVHWWLQJJRDOVWKDQQRW$QG
WKHVWUHWFKJRDOVWKDW,KDGKHDUGZHUHPHDQWWREHPRWLYDWLQJRQO\VHHPHGWR
XOWLPDWHO\FRQWULEXWHWRDOHVVHUVHQVHRIVHOI
:DVWKHUHVRPHWKLQJ,ZDVPLVVLQJ"
:+$7,6%(+,1'7+(6(77,1*2)*2$/6"

*RDOVKHOSXVWRJHWFODULW\DQGIRFXV«DQGWRIHHOJRRG7KHODVWSLHFHLVRQH
WKDWZHRIWHQIRUJHWDERXWLIZHHYHQKHDUDERXWLW:K\GRZHZDQWZKDWZH
ZDQWDQ\ZD\"7KHGHHSHVWPRVWUHDVRQLVDOZD\VDGHVLUHWRIHHOJRRGLQVRPH
ZD\DQGNHHSLQJIRFXVHGRQWKHJRDOSURYLGHVWKHPRWLYDWLRQIURPWKH
DQWLFLSDWLRQRIWKHJRDOFRPLQJWREH
<HWWKHJRDOLWVHOIFDQRIWHQEULQJXSQRWVRJRRGIHHOLQJV+RZLVWKDWDQG
ZK\"
7KHUHDUHWKUHHHOHPHQWVWRJHWWLQJDQ\WKLQJZHZDQWWKHILUVWWZRRIZKLFK
DUH³LQQHU´HOHPHQWVDQGWKHODVWRQHDQ³RXWHU´HOHPHQW
'HVLUH
5HVLVWDQFH
$FWLRQ
:KHQ\RXWKLQNDERXWVRPHWKLQJWKDW\RXZDQWKRZGRHVLWIHHO"'RHVLWIHHO
WRWDOO\JRRG"2UGR\RXJHWDWLQJHRIQRWVRJRRG"
7KHH[WHQWWRZKLFK\RXIHHOWKHWLQJHVRIQRWVRJRRGJLYHV\RXDQLQGLFDWLRQ
RIKRZPXFKUHVLVWDQFH\RXKDYH
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

5HVLVWDQFHLVWKHFROOHFWLRQRIRSSRVLQJWKRXJKWVWR\RXUWKRXJKWVRQ\RXU
'HVLUHZKDW\RXZDQW7KHVHFDQEHWKRXJKWVVXFKDV³%XW,GRQ¶WKDYHLW´RU
³,FDQ¶WVHHKRZ,FDQJHWWKDW´RU³,FDQ¶WDIIRUGLW´DQGVRRQ<RXUGRPLQDQW
WKRXJKWLVWKDWZKLFK\RXWKLQNDERXWPRUHVWURQJO\DQGPRUHFRQVLVWHQWO\±
DQG\RXWHOOWKHEDODQFHEHWZHHQ\RXUOHYHORI'HVLUHDQG\RXUOHYHORI
5HVLVWDQFHIURPKRZ\RXIHHODERXW\RXUJRDO
7KHKLJKHUWKHOHYHORI\RXUGHVLUHDQGWKHORZHUWKHOHYHORI\RXUUHVLVWDQFH
WKHPRUHSRVLWLYH\RXIHHODQGWKHPRUHTXLFNO\DQGPRUHHDVLO\\RXDWWDLQ
\RXUJRDO$FWLRQVHHPVHIIRUWOHVVDQGWKLQJVVHHPWRDSSHDUWRMXVWIDOOLQWR

SODFH
%\WKH1DWXUDO/DZRI$WWUDFWLRQZHDWWUDFWWRRXUVHOYHVSHRSOHHYHQWV
LQIRUPDWLRQDQGFLUFXPVWDQFHVZKLFKDUHLQKDUPRQ\ZLWKRXUGRPLQDQW
WKRXJKW7KLVLVRXU5HWLFXODU$FWLYDWLQJ6\VWHPPHQWLRQHGLQ,VVXHLQ
DFWLRQ
+DYH\RXFRPHDFURVVDSHUVRQEHIRUHZKRPHQWLRQHGWKDWWKH\ZDQWHG
VRPHWKLQJDQGVRPHKRZVRPHRQHVKRZHGXSZLWKMXVWWKHWKLQJWKDWWKH\
ZDQWHGDQGWKH\GLGQ¶WKDYHWRJRRXWDQGORRNIRULW"7KDW¶VGHVLUHZLWKOLWWOH
UHVLVWDQFHZLWKDFWLRQEHLQJHDV\DQGVHHPLQJO\HIIRUWOHVV
:HKDYHEHHQZHOOFRQGLWLRQHGLQWRWKLQNLQJWKDWOLIHKDVWREHKDUGDQGD
VWUXJJOHLIZHDUHWRJHWZKDWZHZDQW<HWZHNQRZRISHRSOHZKRVHHPWR
KDYHWKLQJVMXVWKDSSHQIRUWKHP:KDWZHGRQ¶WUHDOLVHLVWKDWRXUEHOLHIV
DURXQGVWUXJJOHDQGZRUNLQJKDUGDUHWKHUHVLVWDQFH±WKHWKLQJVZKLFKPDNHLW
GLIILFXOWHYHQEHIRUHZHEHJLQ«DQGWKDWLVZKHQSURFUDVWLQDWLRQVHWVLQRUZH
JLYHXS
2UZHPD\ZRQGHUZK\ZHDUHQRWHQMR\LQJRUWDNLQJDFWLRQWRZDUGVRXUJRDO
HYHQWKRXJKZHKDYHDGHVLUHIRULW:KHQWKLVKDSSHQVRXUOHYHORIUHVLVWDQFH
LVJUHDWHUWKDQRXUOHYHORIGHVLUH,WLVOLNHGULYLQJDFDUZLWKRQHIRRWRQWKH
DFFHOHUDWRUDQGWKHRWKHURQWKHEUDNHDWWKHVDPHWLPH
6RWRPDNHLWHDVLHUWRDFKLHYH\RXUJRDOVPD[LPLVH\RXUGHVLUHDQGPLQLPLVH
\RXUUHVLVWDQFH
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

7+(5($/32:(5%(+,1'*2$/6
:KDW¶VPRUHPRVWRIXVKDYHEHHQWDXJKWKRZWRVHWJRDOV³EDFNZDUGV´±ZH
GHFLGHZKDWZHZDQWWKHQZRUNRXWWKHVWHSVRQKRZWRJHWWKHUH:HWKLQN
ZKHQ,KDYHWKLVWKHQ,ZLOOIHHOJUHDW$QGRIWHQZKHQZHJHWWKHUHWKH

HODWLRQLVVKRUWOLYHG±³,VWKLVLW"1RZZKDW"´7KHQZHVHWDQRWKHUJRDODQG
VWULYHWRZDUGVWKDWUHSHDWLQJWKHVDPHSURFHVVDQGSRWHQWLDOO\IHHOLQJWKHDQWL
FOLPD[RILWZKHQZHJHWWKHUH
:H¶YHEHHQXVHGWRVHWWLQJJRDOVLQWKLVORJLFDODQDO\WLFDOZD\EDVHGRQRXU
FRQVFLRXVGHVLUHV:HWKLQNDERXWZKDWZHZDQWVXFKDVFDUVKRPHVWUDYHO
PRQH\DQGVRRQZHVHWWKRVHDVJRDOVDQGWKHQZHWKLQNDERXWZKDWZHWKHQ
QHHGWRGRWRJHWWKHUH
:KDWZHRIWHQGRQ¶WGRDVSDUWRIWKDWJRDOVHWWLQJSURFHVVLVWRGHWHUPLQHRXU
XQFRQVFLRXVGHVLUHV2XUXQFRQVFLRXVGHVLUHVDUHWKHXQGHUO\LQJUHDVRQIRURXU
FRQVFLRXVGHVLUHVDQGDUHEDVHGRQVRPHNLQGRIIHHOLQJJRRGRUIHHOLQJEHWWHU
:HPD\KDYHWKHGHVLUHIRUDSSURYDOWREHOLNHGWREHUHFRJQLVHGWRKDYHD
VHQVHRIDFKLHYHPHQWRUIUHHGRPSHUKDSVZHZDQWVHFXULW\RUWREHORYHGRU
UHVSHFWHGDQGVRRQ
%\GRLQJWKLV\RXDOLJQ\RXUWKRXJKWVIHHOLQJVDQGDFWLRQVVRWKDWWKH\DUH
FRQJUXHQW7KHPRUHLQDOLJQPHQWWKH\DUHWKHHDVLHUDQGTXLFNHULWLVWRUHDFK
\RXUJRDOV
7KHVHIHHOLQJVDUHWKHUHDOSRZHUEHKLQGRXUJRDOV7KHPRUH\RXWDSLQWRWKDW
RQDGDLO\EDVLVWKHPRUH\RXWDSLQWRWKHEHKDYLRXUDQGDFWLRQDQGWKHOHVV
DWWDFKHG\RXEHFRPHWRWKHRXWFRPHLWVHOI2WKHURSSRUWXQLWLHVVKRZXSDQG
ZHPRUHUHDGLO\LGHQWLI\WKHPEHFDXVHZHDUHOHVVDWWDFKHGWRKRZWKLQJVPXVW
EH
(1-2<7+(-2851(<
,I\RXFDQUHDFKWKHSODFHZKHUH\RXIHHOVRJRRGWKDWWKHHQGUHVXOWLVQR
ORQJHUWKHPDLQHYHQWDQGWKHZD\WKDW\RXIHHOZKLOH\RXDUHRQWKHMRXUQH\
LVWKHQ\RXZLOOGLVFRYHUQRWRQO\WKDW\RXUTXDOLW\RIOLIHLQFUHDVHVEXW
DFKLHYLQJWKHJRDOLVHDVLHUDQGOHVVVWUHVVIXOSOXV\RXZRXOGKDYHHQMR\HG
\RXUVHOIDORQJWKHZD\
,I\RXFRXOGUHDFKMXVWRQHJRDOQH[W\HDUZKLFKRQHZRXOGLWEH"
*HWLQWR0LOOLRQDLUH7KLQNLQJWRGD\
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP

^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

$&7,2132,176
:ULWHGRZQZKDW\RXGRQ¶WZDQWDQGWKHQFODULI\ZKDW\RXGRZDQWEHLQJVXUH
WRVWDWHWKLVLQWKHSRVLWLYH
1RZDVN\RXUVHOI³)RUZKDWSXUSRVHGR,ZDQWWKLV":KDWZLOOLWJLYHPHPRUH
RIRUWKDW,GRQRWDOUHDG\KDYH"´
.HHSRQDVNLQJWKLVTXHVWLRQXQWLO\RXUHDFKVRPHNLQGRISRVLWLYHIHHOLQJVXFK
DVDVHQVHRIIUHHGRPVHFXULW\SHDFHUHVSHFWUHFRJQLWLRQHWF,GHQWLI\WKH
WRSRQHRUWZRIHHOLQJV±WKHVHDUHWKHHVVHQFHVRI\RXUJRDOV
,PDJLQHKDYLQJDOUHDG\DFKLHYHG\RXUJRDOVDQGUHYHOLQWKHIHHOLQJV
1RZDVN\RXUVHOIZKDWDFWLRQV\RXIHHOLQVSLUHGWRWDNHDQGQRWHWKHVHGRZQ
$OVRPDNHDQRWHRIRWKHUDFWLRQVWKLQJVWKDW\RXFRXOGGRZKLFKDOWKRXJKWKH\
PD\QRWVHHPWRGLUHFWO\FRQWULEXWHWRWKHJRDOZLOOEULQJ\RXWKHHVVHQFHVRI
\RXUJRDO
(QMR\WKHMRXUQH\
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

5(&(66,21":+$75(&(66,21"
)RUWKHSDVW\HDUWRHLJKWHHQPRQWKVWKHUHKDVEHHQWDONRIWKHLPSHQGLQJ
UHFHVVLRQ:KDW,KDYHSX]]OLQJRYHULV³,VLWKHUH\HW"2UQRW"´
:RXOGLWPDWWHUWR\RXZKHWKHURWKHUSHRSOHVDLGWKHUHZDVDUHFHVVLRQRUQRWLI
\RXDUHVWLOOUHDFKLQJ\RXUWDUJHWV"
:KHQ,ZDVZRUNLQJLQDVHFXULWLHVKRXVH,VSHQWDPRUQLQJZLWKWKHGHDOHUV
RQWKH86GHVN7KH+HDG'HDOHUDVNHGPHLI,ZDQWHGWRVHHWKHPPDNHDUXQ

RQWKHPDUNHW,ZDVFXULRXVDQGVDLG\HV+HVDLG³*UHDWZDWFKWKHVFUHHQV´
2YHUWKHQH[WIHZPLQXWHVKHDQGKLVWHDPSKRQHGXSDIHZODUJHFOLHQWVDQG
WROGWKHPWKDWWKH\UHFRPPHQGHGDSDUWLFXODUVWRFNWREX\$OOFOLHQWVVDLG\HV
DQGLQOHVVWKDQILIWHHQPLQXWHVWKHVWRFNSULFHZHQWXS:K\"%HFDXVHWKH
FOLHQWVWKRXJKWLWZDVDJRRGGHDOERXJKWWKHVWRFNDQGFDXVHGWKHVWRFNSULFH
WRULVH
)RUPHLWEHJJHGWKHTXHVWLRQ³:KLFKFDPHILUVW"7KHFOLHQWVWKLQNLQJLWZDVD
JRRGEX\"2UWKHVWRFNEHLQJDJRRGEX\LQWKHILUVWSODFH"´:KDWKDGUHDOO\
FDXVHGWKHVWRFNSULFHWRULVHZDVZKDWWKHGHDOHUVDQGWKHFOLHQWVZHUH
IRFXVLQJRQ
*52837+,1.
,WKLQNWKHUHFHVVLRQLVVLPLODU<HVWKHUHDUH³H[WHUQDOIDFWRUV´DQG,DPQRW
VXJJHVWLQJWKDW\RXLJQRUHWKHPFRPSOHWHO\+RZHYHUOHWPHVWUHWFK\RXU
LPDJLQDWLRQIRUDPRPHQW-XVWVXSSRVHWKDWHYHU\RQHGHFLGHGWRLJQRUHWKH
³H[WHUQDOIDFWRUV´MXVWVXSSRVHHYHU\RQHMXVWGLGQ¶WNQRZ«ZKDWLPSDFWZRXOG
WKDWKDYHRQWKHUHFHVVLRQ":RXOGLWKDSSHQ"
1RZMXVWVXSSRVHWKDWHYHU\RQHWKLQNVWKDWWKHHFRQRP\LVERRPLQJ+RZGR
WKH\WKLQNDQGEHKDYHGLIIHUHQWO\"7KHQWKURXJKWKHLU5HWLFXODU$FWLYDWLQJ
6\VWHPVHH,VVXHHYHU\RQHVWDUWVWRVHHHYLGHQFHWKDWWKHHFRQRP\LV
ERRPLQJ
7KHUHLVPXFKWREHVDLGDERXWH[WHUQDOIDFWRUVEHLQJGHWHUPLQHGE\JURXS
WKLQNRUJURXSFRQVFLRXVQHVVZKLFKWKHQLPSDFWVRQRXURZQEHKDYLRXUDQG
UHVXOWV
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\
+HUH

62:+$7"
+DYH\RXHYHUQRWLFHGDVLWXDWLRQZKHUHVRPHRQHKDVEXFNHGWKHWUHQG":KHUH

RWKHUVVDLGLWFRXOGQ¶WEHGRQHDQG\HWWKH\ZHQWDKHDGDQGGLGLW"
-HW%OXHLVRQHVXFKFRPSDQ\LWKDVEXFNHGWKHWUHQG3HRSOHVDLGWKDWFUHDWLQJ
DVXFFHVVIXOORZIDUHDLUOLQHEDVHGLQ1HZ<RUN&LW\ZRXOGQRWZRUN<HWWKDWLV
H[DFWO\ZKDW-HW%OXHKDVGRQHDQGWKH\KDYHZRQDZDUGDIWHUDZDUGIRUWKHLU
VHUYLFH$VWKH\VD\³7HQPLOOLRQFXVWRPHUVODWHUZHUHSURXGWREHSURYLQJ
WKHFULWLFVZURQJ´
6$6,QVWLWXWHLVDQRWKHUVXFKFRPSDQ\7KH\DUHDVRIWZDUHFRPSDQ\EDVHGLQ
WKH6WDWHV,QDQLQGXVWU\ZKHUHDYHUDJHVWDIIWXUQRYHULVZHOORYHU6$6
KDVDVWDIIWXUQRYHURIOHVVWKDQ$QGLQLQD\HDUWKDWEURXJKW
ZLGHVSUHDGOD\RIIVLQWKH86WHFKQRORJ\VHFWRU6$6PDLQWDLQHGIXOO
HPSOR\PHQW±LQIDFWWKH\VLJQLILFDQWO\H[SDQGHGWKHLUVDOHVIRUFH
7KHTXHVWLRQIRU\RXWKHQLV³:KDWZLOO\RXFKRRVHWRIRFXVRQ"´<RXFDQ
FKRRVHWRIRFXVRQWKHWKRXJKWWKDWUHFHVVLRQLVKDSSHQLQJDQGVREXVLQHVVZLOO
EHVORZDQGWRXJKRU\RXFDQFKRRVHWREXFNWKHWUHQGDQGORRNRXWIRUWKH
RSSRUWXQLWLHVDQGDOOWKHHYLGHQFHWKDWVRPHEXVLQHVVHVDUHVWLOOERRPLQJ
LQFOXGLQJ\RXUV
7KHUHDUHVWLOOPDQ\RSSRUWXQLWLHVWREHKDGLQDGRZQWXUQ)RUH[DPSOHZKHQ
WKHVWRFNPDUNHWLVORZWKDWLVWKHWLPHWREX\,I\RXZDLWXQWLOHYHU\RQHHOVH
WKLQNVWKDWWKHPDUNHWKDVDOUHDG\WXUQHG\RXDUHEHKLQGWKHFXUYHQRW
OHDGLQJLW
:KHQ\RXWKLQNDQGIHHOSRVLWLYHO\DERXWVRPHWKLQJ\RXUEHOLHIV\VWHPVDUH
GLIIHUHQW\RXPDNHGLIIHUHQWGHFLVLRQVDQG\RXVSHDNDQGEHKDYHGLIIHUHQWO\,Q
VKRUWLWLVRXU(;3(&7$7,21RIWKHUHVXOWWKDWGHWHUPLQHVWKHUHVXOWLWVHOI
3HUKDSV\RXPD\WKLQNWKDWWKLVLVWRRLGHDOLVWLFRUVLPSOLVWLF%XWLI\RXNQHZ
WKDWLWZRXOGPDNHDVLJQLILFDQWDQGSRVLWLYHGLIIHUHQFHWR\RXUVWUHVVOHYHOVDQG
\RXUUHVXOWVZRXOGQ¶W\RXZDQWWRWU\LWRXW"
*HWLQWR0LOOLRQDLUH7KLQNLQJWRGD\
%H0RUH0DNH0RUH:RUN/HVV 9HURQLFD/LP
^
9HURQLFD/LP±)LQGRXWKRZ<RXFDQJHWZKDW\RXZDQWLQPLQXWHVDGD\

+HUH

$&7,2132,176
 6WRSUHDGLQJWKHQHZVSDSHUVRUZDWFKLQJWKHQHZVIRUDZHHNWZRZHHNVD
PRQWK:KDWGLIIHUHQFHGRHVLWDFWXDOO\PDNHWR\RXDQG\RXUGD\E\WKH
HQGRIWKHZHHN"
 5DWKHUWKDQIRFXVLQJDQGWKHUHIRUHORRNLQJIRUHYLGHQFHWRVXSSRUW\RXU
EHOLHIWKDWWKHUHLVDGRZQWXUQLQWKHPDUNHWVWDUWORRNLQJIRUWKHXSVLGHV
5HJLVWHUWKRVH±ZULWHWKHPGRZQ
 6WDUWORRNLQJIRURWKHUHYLGHQFHRIRWKHUSHRSOHDQGEXVLQHVVHVGRLQJZHOO
,QVWHDGRIGLVPLVVLQJLWDVEHLQJGRZQWROXFNEHJLQWRVWDUWH[SHFWLQJWKDW
IRU\RXUVHOIWRR

×