In “Adjusting Your Failure Quotient” I’m sharing a recent event that highlights our need to sometimes approach issues from a different perspective – especially when we are frustrated.
Much has been debated over the issues of EQ (Emotional Quotient) and IQ (Intelligence Quotient) and the relative importance of each. As a writer I’d like to add another acronym into the mix: FQ. FQ? Failure Quotient. Your ability to handle adversity, disappointment and the inevitable ‘no’s’ you’ll hear as you try to get people interested in your book, your message, your product, your investment strategy and for financial professionals – just in “you” as an advisor.
EQ and IQ are important, they allow us to bring our personality and intellect to our profession, but FQ is what determines the winners. How many times can you hear ‘no’ before you quit? It still surprises me that not everyone I talk to wants to hire me to speak at their industry events and buy large quantities of my book for their attendees. Not kidding! Can you handle 5, 10, 15, 25, 50 ‘no’s’ in a row? Getting even a single ‘no’ feels like a kick in teeth some days and tests your FQ.
Your ability in Adjusting Your Failure Quotient is what will determine your eventual success in the financial industry. How many times can you hear ‘no’ before you quit? After ten years promoting “Rich is a State of Mind”, some days it is still a surprise to me that not everyone I talk to is interested in what I have to say. I suspect that this happens to you as well, and that’s alright—simply go out and find the people who are interested, and give them your best.
My point? Work on developing your FQ, your ability to respond to ‘no’s’, ‘maybes’, and business disappointments. Keep the passion about what you do, and remember that it isn’t about you, it’s about them – your clients and prospects. I know that after this recent experience, my FQ has expanded to a new level.
I hope you enjoy it. As always, “thank you” for listening (questions and podcast ideas always welcome!)