Last night at 7 o' clock, having fought off a terrible stint of the stomach flu and missed my opportunity to participate in the FIFA 11 Takeover Tour on Sunday in Downtown LA, I decided to head down to Orange County to pay my roommate Tim a visit and catch up before final preparations to move out of our place this morning. Having spent time catching up, reflecting on our weekends and discussing sports business, Tim and I decided to take in a movie on NetFlix and expand our understanding of business by learning about the life and times of J. Pierpont Morgan. Having never fully taken time to or understood the overall impact of his acclaimed life and fortune, I found striking similarities between the vaunted J.P. Morgan and many of the professional athletes and sports business practices we see today.
Born into a wealthy family in Hartford, Connecticut, J.P. Morgan had an upbringing that destined him to become something big. Having attended private school, studied at University in Germany and taken a keen interest in mathematics at an early age, the future financial and banking guru had the makings of a fine businessman as the heir to his fathers fortune in London. Having moved to the United States to act as an agent to his father business in New York, Pierpont quickly amassed an empire that left him with few followers and many critics.
Morgan's ascent to power was accompanied by dynamic financial battles. He wrested control of the Albany and Susquehanna Railroad, led the syndicate that broke the government-financing privileges of Jay Cooke, and soon became deeply involved in developing and financing a railroad empire by reorganization and consolidation in all parts of the United States. In doing so Morgan helped the railroads reorganize and achieve greater efficiencies as he fought against the speculators interested in speculative profits, and built a vision of an integrated transportation system. Morgan's process of taking over troubled businesses to reorganize them was known as "Morganization". Morgan reorganized business structures and management in order to return them to profitability and his reputation as a banker and financier also helped bring interest from investors to the businesses he took over.
Flashforward to 2010 and we'll see that the work a J.P. Morgan and his ability to generate interest, consolidate and add value to fading or stagnant business structures are not all that different than the actions of today's professional athletes. With the best in the industry amassing unforeseen fortunes, international affair and lucrative business contracts outside the field of play, today's leading sports professionals including Tiger Woods, Peyton Manning and Michael Jordan are cashing in on a manufactured and intelligently conceived brand that works extremely well in conjunction with their image, marketability, on field/court ability and their attainment of success at the highest level. While many feel that their career earnings, in particular those coming from endorsement deals, corporate sponsorships, exclusive partnerships and public appearances are astronomically high. Their ability to transcend the business of sport and extend the limits and opportunities of future competitors is no different than those afforded to businessmen, bankers and financiers looking to J.P. Morgan for inspiration and a feasible timeline to attaining unimaginable growth.
As with Morgan, professional athletes are often found to have carved their niche in sports long before their peers and similar others could comprehend the notion of trying to attain that level of athletic talent. Having an understanding and conceptual belief that one is going to reach the pinnacle of sports while in their youth is a mind set that few even conceive before they hit their teens or twenties. As with Morgan and his striving to achieve academic success through the opportunities bestowed to him by his father and family, athletes today are now reaping the benefit of wishful thinking, family lineage and unparalleled athletic opportunities through youth camps and AAU programs that are not easily affordable and are nationally competitive. Yet with all the opportunities afforded to these athletes, in particular today's youth having seen the advantages of participating in and training with such programs, today's athletes now have a clear understanding of how to best accomplish their goals of athletic and financial success with their God given talents and unbelievable ability to literally put the ball on the money.
Yet while attaining such a level of prestige comes with its advantages, so to do the critics, naysayers, doubters or my personal favorite, the haters. Even J.P. Morgan, the man responsible for merging the U.S. railroads, steel companies and federal treasury could not please everybody. While conservatives in the Progressive Era hailed Morgan for his civic responsibility, his strengthening of the national economy, and his devotion to the arts and religion, the left wing felt threatened by his enormous economic power. Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government in the 1895 crisis, for his financial resolution of the Panic of 1907, and for bringing on the financial ills of the New York, New Haven and Hartford Railroad. With an estate worth $68.3 million ($1.39 billion in today's dollars based on CPI, or $25.2 billion based on relative share of GDP), an art collection estimated at roughly $50 million, and his own private yacht collection which included his pride and joy the Corsair, Morgan set the standard of wealth and was truly the original boat sailing tycoon long before Jay-Z and his Big Pimpin video hit the airwaves some one hundred years later.
Yet while at the time his lavish $75,000 a year salary seemed like an untold amount of wealth, today's average employ would be completely content with making such an incredible amount of money in today's market. With athletes making in access of $100 million dollars in contracts, sign bonuses and incentives, its easy to see that their side projects and collaborative efforts only serve as a means of adding to the pile. The thing that makes them all one in the same though is their appreciation for the finer things in life, their ability to give themselves of service and their underlying passion for preserving and sharing their journey with others. Just as Morgan opened the J.P. Morgan Library and Art Museum to showcase his collection, Nike amassed the Tiger Woods and Michael Jordan Building's at its Headquarters in Beaverton, OR as a way of sharing in the collective career and history of its finest professional athletes.
Having sought business ventures and transformed the landscape of investment banking J.P. Morgan had a way of getting things done, plain and simple. In my conversation with Tim last night I asked him what the overriding factor in business was in terms of getting a job and working your way up the corporate ladder. Was it age, knowledge, networking, work experience or relationships? He simply stated that it was trust. The ability of someone else, be it your superior or similar others, to give you the responsibility to execute a task knowing that have what it takes to get the job done, no questions asked and under budget, that's it. With such a heavy investment paid to these athletes during the course of their careers, sponsors, team owners and fans carry with them this same idea of trust. Their ability to trust in their one's ability to win championships, to perform night in and night out, to reach out to the community and invest their fortunes in causes like non-profits, charities and small business expansion through cross collaborations and marketing campaigns are still the way of the world and were a staple in J. Pierpont Morgans life.
So while I sit here this morning with a better understanding of early nineteenth century business and a profound respect for the personal/professional empire that was J. Pierpont Morgan, I have come away with a further understand of what it takes to make wise investments and the importance of trust in everything that I do. J.P. Morgan was not successful because of his capital, but rather his ability to convince others that he had to time, energy, effort and resources to get the job done, on time, and in a more efficient manner than anyone else could. People trusted him and his practices, much like today's leagues, general mangers and owners trust that his players will produce and play at the highest level of sport possible in the ultimate pursuit of winning championships as reaching unparalleled marketability and success. Yet while there will always be critics, bloggers, the media and countless others in your inner circle that will wear you down and serve as a disheartening influence in your life, your ability to overcome adversity and surround yourself with those that will champion your game will ultimately lead you to personal satisfaction and success. I like to sum up my life, my daily approach to becoming the best at my craft and for helping those around me achieve their goals into one simple phrase. "Better Today in Preparation for Tomorrow," for it is the only way for one to put their best foot forward, without taking two steps back.
*For an exclusive look at the new NBA 2K11 Video: featuring Michael Jordan simply click on the title of this article
Last night at 7 o' clock, having fought off a terrible stint of the stomach flu and missed my opportunity to participate in the FIFA 11 Takeover Tour on Sunday in Downtown LA, I decided to head down to Orange County to pay my roommate Tim a visit and catch up before final preparations to move out of our place this morning. Having spent time catching up, reflecting on our weekends and discussing sports business, Tim and I decided to take in a movie on NetFlix and expand our understanding of business by learning about the life and times of J. Pierpont Morgan. Having never fully taken time to or understood the overall impact of his acclaimed life and fortune, I found striking similarities between the vaunted J.P. Morgan and many of the professional athletes and sports business practices we see today.
Born into a wealthy family in Hartford, Connecticut, J.P. Morgan had an upbringing that destined him to become something big. Having attended private school, studied at University in Germany and taken a keen interest in mathematics at an early age, the future financial and banking guru had the makings of a fine businessman as the heir to his fathers fortune in London. Having moved to the United States to act as an agent to his father business in New York, Pierpont quickly amassed an empire that left him with few followers and many critics.
Morgan's ascent to power was accompanied by dynamic financial battles. He wrested control of the Albany and Susquehanna Railroad, led the syndicate that broke the government-financing privileges of Jay Cooke, and soon became deeply involved in developing and financing a railroad empire by reorganization and consolidation in all parts of the United States. In doing so Morgan helped the railroads reorganize and achieve greater efficiencies as he fought against the speculators interested in speculative profits, and built a vision of an integrated transportation system. Morgan's process of taking over troubled businesses to reorganize them was known as "Morganization". Morgan reorganized business structures and management in order to return them to profitability and his reputation as a banker and financier also helped bring interest from investors to the businesses he took over.
Flashforward to 2010 and we'll see that the work a J.P. Morgan and his ability to generate interest, consolidate and add value to fading or stagnant business structures are not all that different than the actions of today's professional athletes. With the best in the industry amassing unforeseen fortunes, international affair and lucrative business contracts outside the field of play, today's leading sports professionals including Tiger Woods, Peyton Manning and Michael Jordan are cashing in on a manufactured and intelligently conceived brand that works extremely well in conjunction with their image, marketability, on field/court ability and their attainment of success at the highest level. While many feel that their career earnings, in particular those coming from endorsement deals, corporate sponsorships, exclusive partnerships and public appearances are astronomically high. Their ability to transcend the business of sport and extend the limits and opportunities of future competitors is no different than those afforded to businessmen, bankers and financiers looking to J.P. Morgan for inspiration and a feasible timeline to attaining unimaginable growth.
As with Morgan, professional athletes are often found to have carved their niche in sports long before their peers and similar others could comprehend the notion of trying to attain that level of athletic talent. Having an understanding and conceptual belief that one is going to reach the pinnacle of sports while in their youth is a mind set that few even conceive before they hit their teens or twenties. As with Morgan and his striving to achieve academic success through the opportunities bestowed to him by his father and family, athletes today are now reaping the benefit of wishful thinking, family lineage and unparalleled athletic opportunities through youth camps and AAU programs that are not easily affordable and are nationally competitive. Yet with all the opportunities afforded to these athletes, in particular today's youth having seen the advantages of participating in and training with such programs, today's athletes now have a clear understanding of how to best accomplish their goals of athletic and financial success with their God given talents and unbelievable ability to literally put the ball on the money.
Yet while attaining such a level of prestige comes with its advantages, so to do the critics, naysayers, doubters or my personal favorite, the haters. Even J.P. Morgan, the man responsible for merging the U.S. railroads, steel companies and federal treasury could not please everybody. While conservatives in the Progressive Era hailed Morgan for his civic responsibility, his strengthening of the national economy, and his devotion to the arts and religion, the left wing felt threatened by his enormous economic power. Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government in the 1895 crisis, for his financial resolution of the Panic of 1907, and for bringing on the financial ills of the New York, New Haven and Hartford Railroad. With an estate worth $68.3 million ($1.39 billion in today's dollars based on CPI, or $25.2 billion based on relative share of GDP), an art collection estimated at roughly $50 million, and his own private yacht collection which included his pride and joy the Corsair, Morgan set the standard of wealth and was truly the original boat sailing tycoon long before Jay-Z and his Big Pimpin video hit the airwaves some one hundred years later.
Yet while at the time his lavish $75,000 a year salary seemed like an untold amount of wealth, today's average employ would be completely content with making such an incredible amount of money in today's market. With athletes making in access of $100 million dollars in contracts, sign bonuses and incentives, its easy to see that their side projects and collaborative efforts only serve as a means of adding to the pile. The thing that makes them all one in the same though is their appreciation for the finer things in life, their ability to give themselves of service and their underlying passion for preserving and sharing their journey with others. Just as Morgan opened the J.P. Morgan Library and Art Museum to showcase his collection, Nike amassed the Tiger Woods and Michael Jordan Building's at its Headquarters in Beaverton, OR as a way of sharing in the collective career and history of its finest professional athletes.
Having sought business ventures and transformed the landscape of investment banking J.P. Morgan had a way of getting things done, plain and simple. In my conversation with Tim last night I asked him what the overriding factor in business was in terms of getting a job and working your way up the corporate ladder. Was it age, knowledge, networking, work experience or relationships? He simply stated that it was trust. The ability of someone else, be it your superior or similar others, to give you the responsibility to execute a task knowing that have what it takes to get the job done, no questions asked and under budget, that's it. With such a heavy investment paid to these athletes during the course of their careers, sponsors, team owners and fans carry with them this same idea of trust. Their ability to trust in their one's ability to win championships, to perform night in and night out, to reach out to the community and invest their fortunes in causes like non-profits, charities and small business expansion through cross collaborations and marketing campaigns are still the way of the world and were a staple in J. Pierpont Morgans life.
So while I sit here this morning with a better understanding of early nineteenth century business and a profound respect for the personal/professional empire that was J. Pierpont Morgan, I have come away with a further understand of what it takes to make wise investments and the importance of trust in everything that I do. J.P. Morgan was not successful because of his capital, but rather his ability to convince others that he had to time, energy, effort and resources to get the job done, on time, and in a more efficient manner than anyone else could. People trusted him and his practices, much like today's leagues, general mangers and owners trust that his players will produce and play at the highest level of sport possible in the ultimate pursuit of winning championships as reaching unparalleled marketability and success. Yet while there will always be critics, bloggers, the media and countless others in your inner circle that will wear you down and serve as a disheartening influence in your life, your ability to overcome adversity and surround yourself with those that will champion your game will ultimately lead you to personal satisfaction and success. I like to sum up my life, my daily approach to becoming the best at my craft and for helping those around me achieve their goals into one simple phrase. "Better Today in Preparation for Tomorrow," for it is the only way for one to put their best foot forward, without taking two steps back.
*For an exclusive look at the new NBA 2K11 Video: featuring Michael Jordan simply click on the title of this article
They would of had a field day with him at the Player Haters Ball.
ReplyDelete