I found a good excerpt on Mark Cuban’s blog. He attended Indiana University when Bob Knight was the basketball coach. Cuban was reflecting on what was the greatest thing learned from the famed basketball coach:
When I was at Indiana you were on 60 Minutes. In your interview you said one single thing that I took to heart. I reminded myself of it while it was in school at Indiana. I reminded myself of it when I failed. I reminded myself of it before any of the many businesses I have started I will continue to remind myself before any of my endeavors going forward. Its also the best advice I’ve been able to give people of any age who ask me for advice. Its also the characteristic I look for when choosing a partner or hiring…You said, and I’m paraphrasing: “Everyone has got the will to win, its only those with the will to prepare that do win.” Words for every athlete and those of us who partake in the Sport of Business to live by.
Trading rules, or a good entrepreneurial plan if pursuing some business idea, are important, but that will to prepare is even more critical.