I once had the opportunity to work with Joe Ritchie, the owner of Chicago Research and Trading - he was a brilliant man. He wasn't just brilliant because of the incredible mathematical formulas he created for forecasting option trends - he was brilliant in the way he treated his employees.
He had two basic philosophies:
One - treat your employee like a craftsman. He would go on to explain that if you hired someone to build you a cabinet and you allowed that person to make the decisions and create their vision, you would end up with a piece of art. But, if you stood over that person correcting and directing everything they did - the cabinet would never "belong" to the creator and would end up being just a collection of pieces of wood.
Two - employ "Message to Garcia" people. During the Spanish-American War there was an important message that needed to be taken to General Garcia (IIRC) - a soldier was dispatched. They didn't know where Garcia was or how this soldier was going to be able to reach him - they just gave him his assignment and asked him to do it. The soldier didn't stand around asking for advice, demanding to know from his superiors what his next steps should be, or needing a detailed plan in order to start. He just hopped on his horse and went forward to accomplish his mission. Of course, in order to have "Message To Garcia" employees, there has to be a relationship of trust between the employee and the employer. And the understanding that risk is okay - because even though you sometimes make mistakes and have to retrace your route - usually the greatest risk reaps the greatest rewards.
Two - employ "Message to Garcia" people. During the Spanish-American War there was an important message that needed to be taken to General Garcia (IIRC) - a soldier was dispatched. They didn't know where Garcia was or how this soldier was going to be able to reach him - they just gave him his assignment and asked him to do it. The soldier didn't stand around asking for advice, demanding to know from his superiors what his next steps should be, or needing a detailed plan in order to start. He just hopped on his horse and went forward to accomplish his mission. Of course, in order to have "Message To Garcia" employees, there has to be a relationship of trust between the employee and the employer. And the understanding that risk is okay - because even though you sometimes make mistakes and have to retrace your route - usually the greatest risk reaps the greatest rewards.
So, who do you allow your employees to be?
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