In this episode, Seán O’Dowd, Managing Director at Silvercrest Asset Management in NYC, shares little known tidbits about Jack and the Beanstalk, including the different versions of the story and important lessons for business owners today.
Highlights from Seán O’Dowd:
- Jack and the Beanstalk has different versions throughout history and across cultures, with some portraying Jack as an anti-hero avenging his father’s death. The different versions may have been influenced by societal changes and norms, particularly the industrial revolution.
- Successful entrepreneurs often overcome significant hurdles in their early lives, developing a level of confidence and resiliency that can’t be taught but can greatly contribute to their success in business.
- Business owners know that their most valuable asset is their people. Investing in and nurturing employees can lead to great business success.
- Jack’s risk-taking can be viewed as a metaphor for entrepreneurs who take calculated risks to reap significant rewards, such as when Jack climbed the beanstalk.
- Curiosity in overcoming obstacles can lead to significant gains in business.
- It is critical to surround yourself with people who share similar values and ambitions, especially when you are starting out in business. This includes not just employees, but advisors such as bankers and attorneys as well.
- Every business needs truth tellers–people who are willing to tell you what you need to hear, not just what you want to hear.
- Jack’s resilience and persistence in the face of adversity, his repeated ascents up the beanstalk and confrontations with the giant, is his superpower.
- Business owners face “giants” (challenges) every day, such as changing legislation, competitive dynamics, or key employees leaving.
- Business decisions must come from a high degree of self-awareness. By acknowledging one’s strengths and weaknesses, a business owner can build a team that complements their abilities, leading to maximum efficiency. This process, while challenging, is crucial for entrepreneurial success.