Success is an iceberg

As I was casually browsing through my LinkedIn news feed, I came across a spectacular image that immediately caught my attention. That image was of an iceberg.

Now, on a normal occasion, I find icebergs neither very appealing nor interesting, but this was not such an occasion. In this instance, the iceberg served as a manifestation of something very important:

That there always an underlying feature, idea, or story behind every single instance of success

Before we proceed to discuss this issue in more depth, let us actually look at the iceberg:

The most noticeable characteristic of this iceberg is that the amount of ice below the water is far greater than the amount of ice above the water. This also happens to be a true fact about icebergs, in case you were wondering. 

However, the interesting discussion here refers to the ratio between how much work one performs relative to the degree of success one achieves. The former is far greater than the latter.

So what does this all mean for us?

Quite simply, it means that the shortest way to success is to take the long way. It means that achieving our goals will take a great deal of time, hard work, failure, and perseverance. 

It means that there will be moments in your journey towards success when matters will become more challenging and difficult. 

Notice also that the width of the ice below the water increases as you approach the surface. This could refer to the fact that, as you get closer and closer to achieving your goal, more and more effort is needed to push through those final few steps when you are getting tired and fatigued. 

That a part of the natural world, such as an iceberg, is so in touch with our struggles and aspirations is fascinating and telling. The value of this image, in my view, lies exactly in its relation with the natural world.

This seems somewhat confusing so let me simplify my point: facing challenges and struggling your way towards success is a perfectly natural experience. In other words, it will definitely happen.

You will fail. You will be placed outside of your comfort zone. You will take risks.

But when you reach the surface, and breath the crispy antarctic air, it will all be worth it.

Visualise your path to success as an iceberg!

Defending Wall Street

Since the Financial Recession of 2008, Wall Street has been labelled as ruthless, reckless, and imprudent. There is certainly some merit in this view. The construction of asset-backed securities, and their misguided distribution throughout the economy, triggered a severe credit crunch, from which we are still recovering today.

Yet such shocks to the system are exceptions, rather than the rule, of the general framework. In fact, I aim to argue that Wall Street (I use the term to universally represent all financial sectors worldwide) is a significantly important part of a successful and healthy global economy. 

Why is Wall Street, and more importantly finance in general, so crucial? The answer rests in the relationship outlined below. Let's say a business identifies a profit opportunity, but does not possess the relevant resources to execute the initiative. How should the business proceed? Naturally, it would seek the help of an investment bank to finance its investment and create value in the process.

Innovative Idea + Finance = Tangible Progress

Any initiative that creates value and improves the standard of living requires resources to do so. It is the role of financial institutions to raise the necessary funding, usually through equity or debt, that enables a business to convert its idea into something tangible. 

In other words, finance facilitates entrepreneurship, which, in turn, serves as the engine of most developed countries. Thus, the beauty and value of Wall Street does not lies in its existence, per se, but rather in its capacity to search for and identify the relevant businesses that require assistance to make their investments happen. 

Note that the argument I have presented here is not at all complicated, even though it is most definitely overlooked. This fundamental role of finance is brushed aside, largely because the reception of finance in the press focuses on currency manipulation, the rigging of interest rates, and other malicious acts.

These harmful activities do occur on Wall Street. Unfortunately, eliminating them entirely is likely to prove both impossible and unfeasible, though reforms, such as Dodd-Frank, and regulators, such as the FSA, have certainly curbed this type of behaviour in recent years.

There is, moreover, an element of non-profit finance on Wall Street. This is the equivalent of the 'pro bono' work that law firms perform to demonstrate their consideration for the society at large. Non-profit finance focuses on initiatives that enhance progress in communities and schools. 

However, non-profit finance is not the main backbone of Wall Street. To fully appreciate the importance of Wall Street, let us perform a thought experiment.

Imagine that Wall Street did not exist, what would the world look like? (It is often easier to appreciate the importance of something by considering the impact of its absence). 

A short answer is this: we would likely return to the primitive age. Any businessperson hoping to change the world could not do so. The visions of Steve Jobs, Mark Zuckerberg, and Eric Schmidt could not be fulfilled (yes, even these entrepreneurs need finance to give them a boost).

Yes, I accept that Wall Street includes reckless behaviour, but so does Silicon Valley and almost every other industry. Behaving irrationally and at the expense of society if it serves our own interests is a perfectly human feature. 

Let us move beyond these fallacies of Wall Street and finance, focusing instead on their wider impact, which improves lives and creates jobs. 

Emotional Intelligence, it works!

Do you ever wonder why Harvey Specter, the protagonist in the TV series Suits, is so successful in his role as a corporate lawyer? Is it because he has a JD from Harvard Law? Unlikely, since many people have a law degree from Harvard, but not all are as successful as him. Is it because of his handsome appearance and good charm? Perhaps.

While Harvey Specter is a fictitious character, and he is unlikely to closely resemble anyone in the real world, my conjecture is that Harvey's success can ultimately be attributed to his emotional intelligence.

Emotional intelligence is a topic within psychology, and it is becoming more popular recently. It basically refers to the ability to handle one's emotions with care and thought, exercise self-confidence, and persevere in the face of adversity. Since Harvey is able to perform each of these (difficult) tasks very well, we have a possible explanation for his success.

Let us move beyond Harvey now, and consider how thinking about and developing our emotional intelligence could help us become more successful and happy.

To a very large extent, intelligence and hard work are necessary factors in education, the workplace, and in our personal lives. At the same time, however, life is full of tragedies, failures, and other unfortunate events.

Intelligence, per se, does not present a useful way to overcome these challenges: there is virtually no common ground between solving a differential equation and moving on from a relationship break-up. Thus, being able to do the former does not necessarily mean that you can do the latter.

In the realm of the legal world, in which Harvey operates, there are a lot of bright minds, and certainly a lot of hard workers. The distinguishing feature, then, is in fact whether one possesses a degree of emotional intelligence.

The job of a lawyer entails gruelling hours, working with hostile people, and sacrificing some part of your personal life. Being able to exercise self-restraint is, therefore, pivotal in performing the job effectively, not least because the failure to do so can result in a 'breakdown', which significantly hinders one's well being.

The point I am making here is that if you do not happen to be as smart as the person next to you, that does not mean your chances of achieving success are lower. Sure, most entrepreneurs and scientists, who have literally changed the world, were smart and intelligent. But then again, so were many of the ones who did not make it.

Again, the distinguishing feature is emotional intelligence, the ability to remain in control of yourself and refuse to give up when any sign of progress seems nonexistent.

To wrap things up, let me finish with the following:

Emotional intelligence is NOT determined. It is a skill. 

As with any other skill, your emotional intelligence can grow stronger with practice.

Start today. Before losing control and breaking out when things do not go as planned, take a moment to think. Think about your feelings, your state of mind, and how you should proceed from this difficult situation. 

Think about how Harvey handles himself in a high pressure environment and how you could do the same too. 

Think more about your emotional intelligence, and less about 'intelligence' alone. Your emotions are intricate and very powerful. Treat them with care and you will see yourself become a more fulfilled person.