Many concerns now make part or the whole of their dividends from by-products that formerly went to waste. How do we, as individuals, utilize our principal by-product? Our principal by-product is, of course, our leisure time. Many years of observation forces the conclusion that a man's success or failure in life is determined as much by how he acts during his leisure as by how he acts during his work hours. Tell me how a young man spends his evenings and I will tell you how he is likely to spend the latter part of his life.

The things that are most worthwhile in life are really those within the reach of almost every normal human being who cares to seek them out.

A price has to be paid for success. Almost invariably those who have reached the summits worked harder and longer, studied and planned more assiduously, practiced more self- denial, overcame more difficulties than those of us who have not risen so far.

The British have their own conception of what constitutes the typical American. He must have a flavor of the Wild West about him. He must do spectacular things. He must not be punctilious about dignity, decorum and other refinements characteristic of the real British gentleman. The Yankee pictured by the Briton must be a bustler. If he is occasionally flagrantly indiscreet in speech and action, then he is so much more surely stamped the genuine article. The most typical American the British ever set their eyes on was, in their judgment, Theodore Roosevelt.

It is a great mistake for presidents and other leading executives of organizations having branches throughout the country to chain themselves to their desks at headquarters and send out rigid instructions to those in charge of distant branches and offices. Because a man sits in a palatial office in New York or Chicago or Philadelphia or Detroit and draws a big salary, it does not necessarily follow that he knows better than the man on the spot what ought to be done.... Paul, Caesar, Napoleon did not merely sit at home and issue long-range instructions.

Temporary release from work, through vacations, becomes more welcome, more pleasurable, even more necessary, as we grow older.

Many of the most successful men I have known have never grown up. They have retained bubbling-over boyishness. They have relished wit, they have indulged in humor. They have not allowed ‘dignity’ to depress them into moroseness. Youthfulness of spirit is the twin brother of optimism, and optimism is the stuff of which American business success is fashioned. Resist growing up!