Be Brilliant at the Basics
“Do you see a man skilful in his work? He will stand before kings; he will not stand before obscure men.” — Prov 22:29
What does it take to become a thought leader in your field? I am talking about a Warren Buffet-type authority.
How did Warren Buffet become the go-to person for investing?
I have been grappling with these questions while thinking about creating a course in finance and accounting and writing a business book. Do I have anything new to say? Why should anyone listen to what I have to say?
Searching for answers, I stumbled on a video about the one practice that set Kobe Bryant apart from his peers in basketball.
According to the narrator, he watched Kobe “with surgical precision” do the most basic footwork and offensive drills for 45 minutes before the training with his trainer. At the end of the session, he asked Kobe.
“You are the best player in the world; why were you doing such basic drills?”
Kobe: Why do you think I am the best player in the world? I never get bored with the basics.
Do you know the basics of your field?
Debits and credits, accounting principles and rules may be basic, but they are the foundation of the most complex accounting problems.
When I decided to study accounting in my third year of high school, I asked my teacher for the best accounting book for beginners. My mum bought me a used copy of Frank Woods’ Business Accounting Vol. 1. I studied this book over one summer holiday and practised every exercise. For every debit, there must be a credit. Debit the receiver, credit the giver. Assets equals liabilities plus capital. Asset, liability, income, expenses and capital.
Regardless of the complexity of the accounting subject, those basic concepts remain valid.
As a CFO today, my accounting expertise is rooted in the basic principles I learnt from Frank Woods’ book over 40 years ago (Oops!).
In today’s age of “accelerated change and overwhelming complexities,” we want to impress with our sophistication and knowledge of the latest innovation. Everyone wants to talk about blockchain, large language models and cryptocurrency. Yet, we cannot explain what we do to a six-year-old.
“If you can’t explain it to a six-year-old, you don’t understand it yourself.” — Albert Einstein
The key to becoming a thought leader in any area of your life is identifying and mastering the basics. From play to politics, basketball to business, from the classroom to the c-suite, mastering the mundane and monotonous will make you excel. Forget the fancy and flashy.
Applied with commitment, discipline and hard work, these steps will help you master the basics and increase your competence and confidence.
1) Start with the beginner’s mindset. Unlearn the complex, be humble and remain curious.
2) Relearn the fundamentals. I have also approached every complex problem with first principles thinking.
3) Practice consistently. Intentional, consistent practice over time will lead to competence.
4) Get a coach. Find someone to give you feedback and help you hone your craft. We cannot develop or progress without feedback.
To write my first book, I had to learn sentence structure, parts of speech and voice through basic drills to make my writing clear, concise and effective.
Mastering the basics is the first step in the journey to excellence.
What are the basics in your field?
