In the nature of things, an agent cannot be so faithful to his employer as to himself. Many who are employers will call to mind instances where the best employees have overlooked important points which could not have escaped their own observation as a proprietor. No man has a right to expect to succeed in life unless he understands his business, and nobody can understand his business thoroughly unless he learns it by personal application and experience. A man may be a manufacturer: he has got to learn the many details of his business personally; he will learn something every day, and he will find he will make mistakes nearly every day. And these very mistakes are helps to him in the way of experiences if he but heeds them. He will be like the Yankee tin-peddler, who, having been cheated as to quality in the purchase of his merchandise, said: “All right, there’s a little information to be gained every day; I will never be cheated in that way again.” Thus a man buys his experience, and it is the best kind if not purchased at too dear a rate.
Among the maxims of the elder Rothschild was one, all apparent paradox: “Be cautious and bold.” This seems to be a contradiction in terms, but it is not, and there is great wisdom in the maxim. It is, in fact, a condensed statement of what I have already said. It is to say; “you must exercise your caution in laying your plans, but be bold in carrying them out.” A man who is all caution, will never dare to take hold and be successful; and a man who is all boldness, is merely reckless, and must eventually fail. A man may go on “’change” and make fifty, or one hundred thousand dollars in speculating in stocks, at a single operation. But if he has simple boldness without caution, it is mere chance, and what he gains to-day he will lose to-morrow. You must have both the caution and the boldness, to insure success.
The Rothschilds have another maxim: “ Never have anything to do with an unlucky man or place.” (This particular maxim is also discussed in the 48 Laws of Power). That is to say, never have anything to do with a man or place which never succeeds, because, although a man may appear to be honest and intelligent, yet if he tries this or that thing and always fails, it is on account of some fault or infirmity that you may not be able to discover but nevertheless which must exist.
There is no such thing in the world as luck . There never was a man who could go out in the morning and find a purse full of gold in the street to-day, and another to-morrow, and so on, day after day: He may do so once in his life; but so far as mere luck is concerned, he is as liable to lose it as to find it. “Like causes produce like effects.” If a man adopts the proper methods to be successful, “luck” will not prevent him. If he does not succeed, there are reasons for it, although, perhaps, he may not be able to see them.