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What It Takes: Lessons in the Pursuit of Excellence
Stephen A. Schwarzman, Chairman, CEO, and Co-Founder of Blackstone, an international investment firm with over $110 billion in stock value.
> Schwarzman co-established The Blackstone Group in 1985 with his mentor and friend Pete Peterson and Schwarzman had been CEO since then.
> After operating in the mergering business he vowed to operate a different kind of financial institution.
> When this semi-autobiography was published in 2019, Blackstone's assets under management was over $500 billion. It may reach $1 trillion in 2023.
> Schwarzman founded Schwarzman Scholars, this century’s version of the Rhodes Scholarship, in China.
Book overview
1) Reach Big
2) Share Strengths Confidently
3) Learn more Perspectives
4) Make decisions when you are ready, not under pressure.
1) Don’t Be Afraid to Go for Gold
Both small and big goals take effort, time, and commitment.
Smaller goals often takes as much drive to accomplish a big one.
The upside is potentially exponential, while the downside is capped.
In other words, if you are already expected to do something and finish, while your coworker worked on something that is out of the box... you won’t receive the promotion as you did nothing out of the ordinary.
(While there’s no assurance for success, if your coworker succeeds, the promotion will be for his or her creativity.)
2) Confidently explain your accomplishments and skills to others.
People tend to only remember what you tell them.
A first impression can make or break connections with people. There are countless opportunities to meet new people through networking events or regular work meetings. Standing out is more important than you might think and not impossible to do.
3) Rejection Can Strengthen You
The higher the risk, the greater the reward. With risk comes the possibility of failure and rejection.
Use failures as moments of reflection and learning.
Learn what you can do better next time and what to avoid.
Think about what your next step to be better.
Consistently aim to build upon your strengths, mitigate weaknesses, and enhance the skills you already have.
4) Stick to Morals and Maintain Your Work Ethic
Clearly define the company’s mission and values.
(5P Purpose ~ Principle ~ Passion
~ People ~ Performance)
Have the same work ethic that you demand from your staff. This will help you win long-term trust and respect. Always treat people like they are an asset to you
Positive organizational relationships are the foundation of a successful company. These relationships include the ones you create with your team and others.
5) Win-Win Negotiation for Both Sides
During a negotiation, learning how to listen is crucial, as it acts as an exchange of information with new contacts. Listen to what people need. .
Keep the goals of others in mind in every new discussion you have. If you can help them see a solution, you both win.
Be honest about your skills and what you can do. Try not to over-promise and under-deliver. Understand what people need and where you can help. If not, see if you can refer them to someone else.
Romans 12:2b + 3
...be transformed by the renewing of your mind, so that you may prove what the will of God is, that which is good and acceptable and perfect.
3 For through the grace...I declare... not to think more highly of himself than he ought to think; but to think so as to have sound judgment, as God has allotted to each a measure of faith.
6) Hire people who take pride in being creative and positively impact the rest of the group.
A success factor is looking out for people who can quickly solve minor problems.
This means they can pay more attention to solving more complex problems.
There is a tremendous difference over time.
At the same time, make decisions when you are ready, not under pressure. Know how to say:
" I need a little more time to think about this. I’ll get back to you.”
7) Making Tough Decisions proactively.
To keep yourself successful and growing, you need to recognize your weaknesses and address them in advance.
This may include staff or partnerships that once supported your business’ growth.
Cutting ties with a partner organization might hit you in the gut, but it might be the best decision for growth.
8) Learn from Others
Soak up all the information you can from successful peers.
People learn by doing, and learning from others is best.
The best learning comes from watching the people you aspire to be.
“... my growing belief [is] that the most important asset in business is information.
The more you know, the more perspectives you have
And, the more connections
you can make,
allow you to anticipate issues.”
– STEPHEN A. SCHWARZMAN
> Be excellent
> Present Strengths
> Build your relationships
> Drive win-win and
positive change in the world.