Let’s start with the most important lesson about success that is too often overlooked. When Arye moved to New York to start his financial career - he struggled. He hustled and applied for a lot of jobs, and still - he struggled. Don’t let your fear of rejection stop you from pursuing what you want. Write a note for yourself and repeat after me: Rejection is a good thing!
Getting rejected means that you are pursuing something worthwhile and that you are not settling!
Alright, that being cleared let's have a look at Arye Bourkhoff. You may have never heard of him, but he’s one of the most famous bankers in Hollywood, and maybe on all of Wall Street. Bourkoff is the founder of LionTree LLC, a specialized M&A advisory bank. As always, if you have the time (in this case 1h:42min), go check out the full episode below.
His company LionTree is an independent investment and merchant bank focused on unlocking capital, industries, and entrepreneurs across the global digital economy.
But why does he work in finance? Here is his pitch on why finance is the fuel for dreams to come true.
People, especially entrepreneurs have hopes and dreams that sometimes take the form of businesses. Those businesses need capital to see the light of day, to realize the dream, and that's finance!
Well, I am sold. Speaking about pursuing your dreams… Arye did not follow his passion (like many successful people). Yes, you have read that right. Following your passion is terrible advice. Instead, these people brought their passion and personal strength to their current job. Don’t miss out on your chance in a great company because the role they are interviewing for, doesn't exactly fit your definition of a dream job. If it's truly a great place to work, you will be able to use your strengths and your passions to create your dream job from within. If it turns out that the place is not so great, then pack your things and move on. If you choose to do so, make sure, no matter what, to stay kind and humble when you say goodbye. Arye has a great mantra in order to remember to be kind to everyone.
The toe you are stepping on today - could be connected to the ass you have to kiss up to, tomorrow.
I often get asked for book recommendations. But how do you differentiate good books from bad ones? In my opinion, if there was one good lesson inside or one tool for my life that could be implemented, it was worth reading it. Well, if we apply the same test for podcasts, then Arye really nailed it. One of the most asked questions in career and life is this:
How do you know if you are making progress or if you are stuck? After all, progress doesnt happen linearly. (Don’t take my word for it, instead read ‘Mastery’ by Robert Green) Arye has a very simple but powerful system to answer that heavy question.
Take a look at your schedule. From now on you are going to color-code your meetings/activities. There are only two color categories: offense and defense. Let me explain. Every meeting that was initiated by someone else because they want something from you, or even worse, they just want you to participate is going to be defense-colored. Now on the other hand all the meetings YOU initiated will be offense-colored.
So far so good, now comes the magic... Take a mere look at your schedule and you will immediately see the ratio between offense and defense. Keep in mind that every line of work is, of course, different and has its nuances, but if you have a 50/50 ratio then chances are that you are not moving forward. You should strive for an 80/20 ratio and you shouldn't settle for anything less than 70/30.
Alright, but let's say you have an important management position and people need/want something from you all the time. Great, let's apply Arye’s test of urgency: First, block your entire schedule. Now you have created more empty slots for your future self to go on the offense. In addition to that create an unusual time slot in your schedule. It could be extremely early in the day 4:30 am for example, or super late, let's say after 10 pm. Everyone who “needs” to see you and can’t find a free time slot in your schedule (because remember- you blocked it and there aren’t any) will be referred to this unusual timeslot.
If they accept this and show up, then at least you know that they truly believe it is important. But for the majority of cases, you would be surprised what people suddenly can convey via email. This will clear out a lot of noncrucial meetings and free up your schedule to shift from defense to offense.
I encourage you to give both systems a try and see how it improves your progress.
I want to close with another piece of advice that springs from a question Arye asks all his employees: What’s your edge? Meaning, what makes you special in what you do? It’s a great question so ask yourself.
What is my edge and my competitive advantage?
It could literary be anything. A unique point of view, special knowledge that only you possess, a relationship you bring to the table, or of course any combination of factors. It won't hurt you to have some sort of an answer next time you enter a negotiation for your salary.
With that, I am leaving you for now.
Have a successful day,
GNF
Bonus#1: If you haven't had enough of Arye check out his year-end letter at LionTree including an extensive reading list.
Bonus#2: Here are the book tips that most influenced him and his thinking:
Bonus#3: His name means lion - in case you were wondering why the company is named LionTree.