The chapter on "The Specialist" is almost inseparable from this
chapter. One is the positive, the other the negative. What we have said
about the specialist we could repeat by taking the opposite of the
question for the generalist.
This one point, however, we wish to make clear, even at the risk of
repetition. Do not be a generalist in business. If you divide your
efforts your results will surely be divided. The business man who goes
in many outside ventures will not get along as far in the matter of
wealth as the man who does one thing well.
We hear about "The jack of all trades," but the aftermath of the jack
of all trades is "master of none."
Only one concern in fifty succeeds in business, therefore it calls for
your best efforts if you wish to succeed. It calls for a singleness of
purpose.
If you make more money than is necessary in your business put out the
money in some form of investment that will require little of your
attention. Buy mortgages or real estate. Get stuff that you can put in
the green box in the safety deposit vault and not have to worry about.
The stockbroker has a lot of unwritten history about the business man
who divides his energies between his office and the ticker. The
business man who is trying to make more progress than his competitor in
business and at the same time trying to beat out the stock market is
dividing his energies, and between the two occupations he is likely to
fail. Be a generalist in pleasure and recreation, but not in business.