At the age of ten, Michael Bloomberg is still one of the richest billionaires in the world as well as an experienced businessman with classic success tips.
Billionaire Michael Bloomberg is a famous American businessman, engineer, politician and sponsor. He is the founder, Chairman of the Board and CEO of Bloomberg L.P. – a media company specializing in providing news, data and global financial services based in New York.
According to Forbes, the 76-year-old billionaire’s fortune is about $ 52.4 billion, making him the 8th richest person in the US and the 11th richest person in the world. In addition, Bloomberg also participated in the charity The Giving Pledge – where those whose names will give away half of their assets. In particular, he was the 108th mayor of New York City and held a position for three consecutive terms (2002-2013).
Born in a normal family with a father working as an accountant for a dairy company, during college, Bloomberg had to work as a car park attendant to cover tuition fees. After obtaining an electrical engineering degree from Johns Hopkins and an MBA from Harvard, he began working at Salomon Brothers New York in 1966 in the safe department, with a starting salary of $ 9,000 per year. After much effort, 6 years later, Bloomberg became a bond trader and also a shareholder at the company. At that time, he had to work 12 hours a day, 6 days a week, every week.
By the late 1970s, Bloomberg was lucky enough to be promoted to head of stock trading, but in 1979, John Gutfreund – CEO of Salomon Brothers at that time – asked him to leave his position to switch to the system of computer systems. newly established. This is essentially a demotion, but until later, Bloomberg did not regret it.
Three years later, Salomon Brothers announced that they would merge with Phibro Corporation, meaning that Bloomberg would have the opportunity to become rich as a shareholder of this place. However, in the middle of a career that seemed to be one step further, he was forced to quit his job with a $ 10 million pension. And this was a turning point in Bloomberg’s life – he founded his own company.
It can be said that the success of the 11th richest billionaire in the world today is the result of endless efforts, sweat and tears. And, here are 5 classic business success tips, drawn from the years of rolling on the market from media magnate Michael Bloomberg.
1. Create a product, make money from it and protect it
Share on the secret of building Bloomberg L.P., the billionaire said: “In business, you have to do these 3 things. Firstly, you have to create the products that people need. Second, you have to figure out how to make money from that product. Third, you have to think of a way to protect it. That’s all”.
“With Bloomberg, we also apply the same model. First, the products that people need are news that is updated quickly with business analysis. Next, to make money, we only provide our content through our own software, and customers have to pay upfront to gain access. So, how to protect the product? As pioneers, we need to increase the number of customers who are using the product. After the profit, we will re-invest to expand and create depth for the content. At the same time, we also invest in expanding our network globally to provide access to content for customers around the world. It is very difficult for competitors to copy this model. ”
At first glance, the billionaire’s advice seems quite simple. But in fact, many entrepreneurs and people who are responsible for managing the products of businesses sometimes miss new opportunities, because they do not know how to apply the above model. Naturally, the most important factor lies in creating products that customers prefer. However, once it comes to business, is to mention profits. Therefore, a business that wants to succeed needs to understand the business model (how to make money), the difference as well as the competitive advantage of the product (how to protect).
2. Don’t listen to what customers say they want
Sharing more on how to create products that customers need, billionaire Bloomberg offers surprising advice: “There are two groups of people that you should not absorb ideas in the process of creating products. The first is the customer, and the second is the salesperson. I don’t mean telling you to completely ignore your customers. Listen to them, but don’t take them in. “
In business, you have to do these 3 things. Firstly, you have to create the products that people need. Second, you have to figure out how to make money from that product. Third, you have to think of a way to protect it. That’s all.
He explained: “Because, both your customers and your salespeople just pay attention to the products they see in the present time. They can never know what could happen in the future. Therefore, instead of asking customers what they want and accepting their lead, boldly find out where they want to go to lead them there.
Here’s an extremely important advice: Listen to your customers, but do not blindly absorb any opinions from them. Because, typically, customers will only focus on what your competitors bring, and then require you to run to meet the same features. So, if you rely too much on their opinion, your end product will have a long list of very competitive features, but nothing outstanding.
Try to understand “why customers want” something more than see what they “want”. When you’re in contact with your customers, look for “the iceberg” (parts that customers really need, but don’t tell you or even themselves don’t know they need) rather than just study visible surface needs (things that customers say they want). Focusing on finding these hidden needs will help businesses discover the root of the problem, thereby providing optimal solutions. This advice is especially helpful when your business is in the process of developing new products for the future.
Bloomberg emphasized: “If chasing customers, then by the time you arrive, they have gone away.”
3. Be welcome to fail
On how to cope with failure, the media tycoon shared, “When someone messes up, I’ll walk with them. This action helps them understand that, even if they fail, they will not be alienated. Everyone was like that. I want everyone to be together whenever one of us fails. I want people to say, ‘we are all responsible for this’ – than pointing and judging. You may not always get it right, but it is better to try and fail than to refuse to try. ”
It was this motto that helped the billionaire successfully build a Bloomberg L.P. with a corporate culture that accepts risk and welcomes failure. In order to do that, he shared that, first of all, he must show support for those individuals who dare to take risks and do important, but unsuccessful work. This action will help “green light” for the organization, and make them understand that failure is very normal and even though it is okay.
Second, Bloomberg does not accept to blame others in the face of failure. Instead of criticizing the individual who took risks and failed, he wanted the whole organization to be united as a close team. He wanted them to see that it was not just the failure of one person, but the whole team. On the contrary, success is not the victory of one person, but the whole team.
4. Hire people who are better than you
It can be said, “recruiting people who are better than you” is the advice approved by many successful leaders. And, Michael Bloomberg is no exception. “I want my employees to be smart and have curiosity,” he said. They may not be smarter than you in everything, but at least, they have to be better than you in one area. It is a way for you to improve the capacity of the whole team. ”
“When recruiting, let’s see how they think. In interviews, I always mention unrelated topics that I know a little bit about. Whether or not the candidate knows how to enter, knows how to think and defend his or her views is really not important. The bottom line is how they get there. ”
“I want my employees to be smart and curious. They may not be smarter than you in everything, but at least, they have to be better than you in one area. ”
Besides, the billionaire also asked some questions to help recruit intelligent people in general. He advises employers to focus on how candidates think and see how they analyze, solve problems and synthesize views. When presenting, their arguments are logical and consistent. Are they enthusiastic in positive debate and raising their opinions. Can they think and adapt themselves to new information or perspectives?
5. Never give trolls what they want
In business, faced with negative complaints or criticism from the media or the opponent is inevitable. In response to this situation, CEO of Bloomberg L.P. shared the following: “How do you deal with negative comments or questions from the press? That is, never give them what they want. If they try to lure you with a very annoying question, just say ‘I haven’t heard people talk about this yet’, then continue. “
So, what about when your opponent talks badly about you to the media, an analyst, or directly to you? “Your opponent wants you to be depressed and depressed,” Bloomberg said. That’s why they say those things. After all, if someone comes in and slaps you in the face, the only thing you are not allowed to do is show them your pain. Because at that time, they won you twice. “
When someone speaks negatively about you (either the press or your opponent), look at yourself and find out what is inside that gives you confidence, hope and strength. Do not believe the words of detractors. If not, you’re just giving them what they want. As famous American author Jane Roberts once said: “You should often tell yourself, I will only respond to constructive suggestions. This helps you to be immune to negative thoughts of yourself and others. ”
* Source: Saigon Businessman