April 29, 2010

Is It Better to Be a Jack of All Trades or Master of One? - Part II

The Generalist
A generalist is a person who knows a lot about a lot of different things, but isn't really an expert at any thing, in particular. [Sidebar: If you've never read the book, "The Four Hour Workweek," by Tim Ferris, then you're missing out. The book is inspiring and Tim is hilarious. He totally debunks the whole idea of what it takes to be a so-called "expert." And I concur! A friend once told me it only takes two good books to be an expert at almost anything! Here's why: Being an expert doesn't necessarily mean you know everything. And it doesn't necessarily mean you're the best.  It just means you know more than most people! And, with the exception of things like playing sports or an instrument, if you read two really good books about your niche and apply what you've learned, you probably will know more than most. And Tim pretty much agrees. In fact, on his blog, he has a post called, "The Top 5 Reasons to Be a Jack of All Trades." He argues that any skill can be mastered in about a year. (The oft-cited timeframe for mastering a skill is 10,000 hours.)]

As I was saying, a generalist has . . . well . . .  broad general knowledge, skills, and abilities in several areas.

And the advantages of being a generalist are:

1. More variety. They say, "variety is the spice of life." If that's true, then generalists must be having the "thyme" of their lives. They get to dibble and dabble and are less likely to get bored.
2. Able to sell to a larger market.
3. Able to offer more services.
4. Have multiple streams of income.
5. Built-in Plan B. If one area is not profitable, can easily move to another.

The disadvantages are:
1. May have lower rates.
2. May have to outsource or refer specialized work.
3. More difficult to juggle.

So, you see, there are advantages and disadvantages to both the Specialist and the Generalist.  Because of that, you may want to consider being . . . drum roll, please!! . . .

The Special General
In my experience, the ideal situation is to be what I call a Special General. Being a Special General is great because it represents the best of both worlds. So, what's a "Special General"? [Sidebar: OK . . . I totally made this up, but it's really cool, so follow me on this.]

A Special General is: someone who has in-depth knowledge of one subject matter/niche/area/topic/field/industry AND has in-depth knowledge in, at least, one other subject matter/niche/area/topic/field/industry. Here are some examples:   

• a realtor who carves out a niche for luxury AND historic homes
• a loan officer who also is a dog trainer
• a real estate attorney who also is an art dealer 

All would be considered Special Generals.

It takes time and dedication to become a Special General. They're not just giving that title out to anyone, you know! You have to earn it. And you have to commit to keeping up with what's going on in your chosen areas of concentration.

[Sidebar: When you think "Special General," think about someone like Ben Stein. He is (or has been): an economist, a lawyer, adjunct professor, speech writer, author, and actor (Ferris Bueller's Day Off). When you think "specialist," think Tiger Woods. I mean . . . despite his extracurricular activities, he's pretty much good at one thing . . . golf! Oh yeah . . . he's also pretty good at getting sponsors to pay him oodles of money, but still! He's a specialist. Finally, when you think "generalist," think . . . think . . . hmm . . . I'll have to think about that one. I was going to say "think CEOs" because they have broad general knowledge about the businesses they run, but they're probably experts at something. Ya think?]

Last, but not least . . .

Success . . . in general
Whether you choose to be a specialist, generalist, or a Special General, there are a few success principles to remember:

• Do what you enjoy
• Set goals
• Commit to excellence
• Be willing to keep up with an ever-changing marketplace (i.e., don't get left behind wondering who moved your cheese)
• Show character and integrity in all dealings
• Always be polite and courteous
• Commit to lifelong learning (i.e., read, study, learn, improve, train, crack the books)
• Help others get what they want
• Be consistent
• Be persistent
• Be professional (even when your clients drive you bananas!!)
• Be disciplined
• Be organized
• Take great care of your mental and physical health
• Always give your clients more than they expect because "there are no traffic jams on the extra mile"

Until next time.

Be well.

Posted by: shana@lakeviewtitle.com