I never fully appreciated the impact of tailwinds and headwinds until I started cycling. I couldn’t believe the difference they make. Even when the winds are light, a tailwind does wonders. I wish I’d better understood this phenomenon earlier in life — not with respect to cycling, but with respect to life generally.
Recently, I read some comments by Warren Buffett about tailwinds and headwinds. Buffett stressed the importance of being in a business where tailwinds prevail.
“There are some businesses that are inherently far more opportunity than others,” he said. “So you want to give a lot of thought to which train you’re getting on.” It’s important to be “in businesses where tailwinds prevail rather than headwinds,” he added.
Take Mr. Buffett’s advice seriously, Vera. It will make life so much easier.
Twice in my life I joined businesses with headwinds: once with a chemical company and once with a small private college.
It’s not that either experience was bad. It’s just that there were limited opportunities. And the job was so much harder than it needed to be.
From an employment perspective, the chemical industry had been contracting for quite some time (still is). Technology, competition, demographics, globalization and commoditization had taken a heavy toll. It’s also a capital intensive business, which presents its own challenges, especially in this era of high-margin, capital-light businesses. In short, it’s an industry with headwinds, particularly with respect to employment and career opportunities.
That doesn’t mean you can’t have a satisfying successful career there. It just means there are industries with far more opportunity. And which are more exciting and dynamic. Why deal with headwinds if you can avoid them? (Of course, if you’re a chemical engineer, perhaps it’s the right place to be.)
The headwinds at the college were even stiffer. The 20th century was the century of colleges; the 21st is the century of universities. For a myriad of reasons, the vast majority of students want to attend a university, not a small college, especially one that is nestled in a rural community far from centers of commerce and industry.
Small, under-resourced colleges have a tough go of it these days. Most are struggling financially. There’s never enough money. Many are struggling academically, too.
Maintenance ends up being deferred. Salaries can’t keep pace with wealthier institutions and research universities, and it’s tough to compete for the best talent. The colleges have a hard time competing for the strongest academic students, too. It’s a constant struggle.
Again, it doesn’t mean you can’t have a satisfying career there. But it does mean the opportunities will be limited. And it means the environment is one of scarcity and not abundance.
Why deal with such headwinds? Why not go where tailwinds prevail?
One of my faults (there are many) is that I’m a sucker for a challenge. It’s a fault because it makes life harder than it needs to be. Looking back, I’m convinced I’d had been much better off looking for tailwinds instead of being attracted to headwinds, even though, from a career standpoint, things worked out pretty well for me. But perhaps not as well as they would have if I’d ridden more with tailwinds.
Don’t make the same mistake, Vera. Life is hard enough. Strive to ride with the wind, not against it. It will make the ride so much easier.