| Word Count: 1,706 Estimated Read Time: 6 ½ Min. |
Everyone is trying to ‘get ahead.’ Never before in the history of the world has humanity been so deeply focused on their success. Baby Boomers believed in the virtues of hard work and productivity to achieve modest success. Theirs was a nose-to-the-grindstone mentality. Gen Xers – the generation that ushered in the age of technology to supercharge productivity — believed the key to success was in working smarter, not harder. Millennials, on the other hand, are convinced that the key to success is financial independence achieved through a host of side hustles. And Zellennials measure success in terms of investing in themselves, taking risks and pursuing dreams. Each generation has gone about finding success a little differently. But the one thing they all do agree on is that to succeed, it helps to look at those who have already achieved great success… especially if they did it almost entirely on their own.
It is no surprise then that business billionaires today have more followers and readers than William Shakespeare, Agatha Christie, Stephen King and Dr. Seuss combined. Indeed, the one thing Warren Buffett, Bill Gates, Jeff Bezos, Sir Richard Branson, Arianna Huffington, Michael Bloomberg, Elon Musk, Mark Cuban, Sam Walton, Sara Blakely, Mark Zuckerberg, Larry Ellison, Larry Page, Sergei Brin and Oprah Winfrey all have in common is that when they speak, people listen. And they try to emulate what they do, from what to wear and how to eat to how to manage time and money. They are seen as founts of wisdom. In fact, Warren Buffet’s annual letter to shareholders is read by tens of millions, and he’s been writing one every year for over half a century. In a world where fame is fleeting and what’s in today is out tomorrow, it is impressive to see the staying power of the ever-increasing popularity of billionaires, no matter how old they are.
Given the highest esteem in which their advice is held, it could be quite useful to compile their collective wisdom and tap into that savvy business acumen for business guidance. However, since being able to speak to any one of these billionaires is near impossible, distilling the nuggets of insight, intelligence and discernment they’ve shared over the years into one quick read is sure to be the next best thing.
Billionaire Advice Distilled
1. Embrace writing to clear your mind. Clear writing leads to clear thinking. – Jeff Bezos
Amazon founder Jeff Bezos is renowned for his emphasis on clear communication, particularly through writing. This philosophy is deeply ingrained in Amazon’s culture and has been a cornerstone of its success. For Amazon staff, writing isn’t just about communication; it’s a tool for thinking. Bezos believes writing down thoughts and ideas can help clarify and organize concepts. It helps synthesize thoughts so information shared is more succinct and sharp. Employees are encouraged to write about their ideas, projects, and challenges. This process helps refine thoughts, identify gaps in reasoning, and generate innovative solutions.
As part of that, Bezos is famous for wanting concise, impactful “Six Page Memos.” These documents, commonly limited to six pages, force writers to distill complex ideas into clear, actionable plans. This process encourages rigorous thinking and problem-solving. It also enhances focus and motivation. Limiting the length encourages the writer to prioritize key points which boosts efficiency.
All of that writing also establishes a strong culture of documentation. This includes writing detailed narratives about decisions, projects, and customer interactions. This practice preserves knowledge, facilitates learning, and ensures accountability. It also creates a historical archive of how decisions were made and what led to changes and course direction. Those written documents can be shared and reviewed, fostering collaboration and creates a sense of accountability and transparency.
While Bezos is perhaps the most vocal proponent of this philosophy, it’s likely that many other successful business leaders share similar views. Charlie Munger, Warren Buffett’s longtime business partner, is known for his emphasis on clear thinking and communication. And Warren Buffett once said “The best way you can improve yourself is to learn to communicate better. Your results in life will be magnified if you can communicate them better.”
2. High expectations are the key to absolutely everything. – Sam Walton
Sam Walton’s philosophy of “high expectations are the key to absolutely everything” has become synonymous with his leadership style and Walmart’s corporate culture. He was known for his relentless energy and determination. His own high expectations for himself pushed him to work tirelessly, often visiting stores and distribution centers all over the county to ensure they met his standards.
Walton was also not afraid to take risks, a characteristic often linked to high expectations. His decision to open stores in small towns, where competitors often shied away, was a prime example.
While Walton had high expectations for himself and his staff, he also empowered employees to meet those standards. This included giving store managers significant autonomy and encouraging them to find ways to improve operations. Those high expectations push individuals and organizations to reach their full potential. By setting ambitious goals, he found that his employees were more likely to strive for excellence. It also fostered a culture of innovation. When staff was challenged to do better, they were more likely to come up with new ideas and solutions. Moreover, in a competitive marketplace, high expectations were a differentiating factor for Walmart. By consistently exceeding customer expectations, they were able to gain a loyal customer base.
But Walton was absolutely not the only billionaire or incredibly successful person to emphasize the importance of high expectations. Known for his perfectionism, Steve Jobs, founder of Apple, demanded excellence from his teams and products. Jack Welch, CEO of General Electric, was such a believer in high expectations that he implemented a “rank and yank” system, where low performers were eliminated. This set a very high bar for employees, which was highly criticized but also highly effective. And, Elon Musk, founder of Tesla and SpaceX, embodies the spirit of high expectations. His expectations were so high that many initially laughed at his ideas of colonizing Mars, but no one is laughing now as SpaceX rockets travel regularly to the Space Station.
While the specific approaches may vary, these leaders understood the power of setting high standards and inspiring others to reach for greatness. US Astronaut Neil Armstrong once said “Shoot for the stars but, if you happen to miss, you’ll hit the moon instead.” He was paraphrasing Michelangelo who, 500 years before him, said “The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” What they were all saying is that it is important to set ambitious goals that challenge you to grow and learn. Billionaires’ collective advice for success is to push to do better. Aim high. Really high. For that, they all suggest surrounding oneself with people who inspire and demand excellence. That is probably why the greatest ideas come from time spent collaborating and working collectively.
3. Put people first. If you take care of your employees, they will take care of the clients. – Sir Richard Branson
The greatest leaders, who built powerhouse companies and organizations, know that it is more important to focus on the team’s success, not their own. Real leadership is not about personal gain but about positively impacting others. Only then can great creativity flow and ground-breaking innovations emerge. Companies are increasingly realizing the power of creating people-centric organizations that value the happiness of employees as much as the bottom line.
One company that deeply embraces a people-centric culture is Marriott International. From its origins as a nine-stool root beer stand in Washington, D.C. to the global, Fortune 200 business that it is today, its leaders have striven to stay true to the Marriott mission: “If we take care of our people, they will take care of our customers, and the customers will come back.” Marriott International built its reputation on that belief.
This people-first philosophy has been instrumental in the company’s growth and success. It’s not just hype and PR bluster. They have exemplified this in a number of ways. Marriott empowers its employees to make decisions and solve problems, fostering a sense of ownership and responsibility. The company emphasizes a strong culture of care, where employees feel valued and supported. This is evident in programs like Marriott’s long-standing commitment to diversity, equity, and inclusion. While the philosophy centers on employees, the ultimate goal is exceptional guest experiences. By investing in employees, Marriott creates a workforce equipped to deliver outstanding service. And the company places a strong emphasis on leadership development, nurturing talent from within and creating a pipeline of future leaders.
As a result, their employee morale and retention is high. Employees who feel valued and cared for were more engaged, productive, and loyal to the company. It also enhanced Customer Satisfaction. And happy employees led to happy customers. Employees, empowered and passionate about their work, were better equipped to deliver exceptional service. And their people-first culture fostered a positive work environment that has helped Marriott attract and retain top talent, which has given them a competitive edge.
But Marriott is not alone in this approach. Numerous successful companies and leaders have adopted a people-first approach and advise it to others. Costco, known for its generous employee benefits and fair wages, has built a loyal customer base by prioritizing employee satisfaction. Southwest Airlines, with its unique culture emphasizes employee happiness, which translates into a fun and welcoming experience for passengers. Tony Hsieh, the late CEO of Zappos, was a huge advocate for company culture and employee happiness, believing that a happy workforce would lead to happy customers.
And, of course, Sir Richard Branson, founder of the Virgin Group family of companies, is indeed famous for his employee-centric leadership style, often going above and beyond to support his staff. By prioritizing people, he demonstrated that investing in employees is not just a moral imperative but also a sound business strategy.
Stay tuned til next week, when we explore more wisdom and best practices that made people like Bill Gates and Mark Cuban go from broke to billionaire in record time. Don’t miss it.
Quote of the Week
“Success leaves clues.” Tony Robbins
© 2024, Keren Peters-Atkinson. All rights reserved.
