Words Into Works #092 | The Five Buckets Principle

In his book, The Diary of a CEO, Steven Bartlett discusses the profound concept of the “five buckets” that determine an individual’s professional potential.

He introduces this idea with an anecdote about Elon Musk, emphasizing how people’s perceptions change based on the fullness of these buckets.

The five essential buckets are:

1. Knowledge. What you know and understand.
2. Skills. How you apply what you know.
3. Network. The people you know and can collaborate with.
4. Resources. What you have in terms of assets and tools.
5. Reputation. How the world perceives and values you.

Let’s discuss The Five Buckets Principle in more detail.

The Five Buckets Principle: Explained

British entrepreneur Steven Bartlett wrestled with a moral dilemma in his early career: should he focus on building a business that would benefit him financially or return to Africa to potentially save lives?

After a chance meeting in New York with Radhanath Swami, a spiritual guru, Bartlett’s quandary was put into perspective, due to the guru’s profound advice: “You cannot pour from empty buckets.”

Bartlett realized he needed to ensure his own “buckets” were full before he could make a meaningful impact. Years later, after achieving considerable success, he realized the interconnected nature of these buckets.

Gaining knowledge, for instance, leads to skills that subsequently build one’s professional network. Moreover, a rich network brings resources. But combining these four buckets cultivates a solid reputation one can leverage further.

It’s important to mention here that the initial two buckets, knowledge and skills, are foundational. Bartlett warns against prioritizing short-term gains like a larger paycheck or impressive title over these foundational elements.

To illustrate the risk of failing to fill the five buckets in the right order, Bartlett shares the cautionary tale of Richard, a young employee who prematurely accepted a CEO role without the requisite knowledge and skills.

Predictably, due to his failure to gain the necessary experience to thrive in his role, the former employee’s stint as a CEO was short-lived, reaffirming the importance of filling one’s buckets in the correct order.

Conclusion

Applied knowledge is skill, and the more you can expand and apply your knowledge, the more value you’ll create in the world. This value will be repaid in a growing network, abundant resources and a robust reputation. Make sure you fill your buckets in the right order.

Bartlett underscores that the surest path to sustainable success and influence is to fill these buckets in the correct sequence.

True prosperity, Bartlett asserts, is not just about accumulating wealth but about what you know and can accomplish.