Speaking of Schwarzman, many people may not be very familiar with it. He is the founder of Blackstone Group, the world's largest alternative asset manager, a private equity firm with assets under management worth as much as $571 billion (as of the end of 2019).
Now net worth $17 billion, Schwarzman is the richest man in the private equity sector and once called Fortune the "new King of Wall Street."
This big man in the investment world is a down-to-earth legend, and it can be said that he has spent his life learning, thinking about how to succeed and how to pursue excellence.
Born in 1947 to a Jewish family in Pennsylvania, Schwarzman studied culture and behavior at Yale University as an undergraduate.
After graduating from Yale, Schwarzman joined Dijie Securities and later Lehman Brothers.
In 1985, Schwarzman and mentor Peter Peterson (a former president of Lehman) each set up Blackstone Group with $200,000.
In 1997, Blackstone's third investment fund reached $4 billion, making it the world's second largest private equity fund.
In 2007, Blackstone was listed through an IPO, and China Investment Corporation selected Blackstone as its first overseas investment target;
In 2008, the global financial crisis, Blackstone's profit fell in response, and the world fell into panic;
In 2013, Blackstone expanded rapidly, accelerating to get rid of competitors;
In 2019, Blackstone managed more than $550 billion in total funds, making it the titular king of PE
……
Schwarzman said frankly: "Success is not an easy task, along the way, I have encountered many difficulties, obstacles, setbacks and bumps. ”
He also condensed the experience and lessons accumulated over the decades in the book "Schwarzman: My Experience and Lessons", which is worth learning and learning.
10 management principles
At a certain stage of enterprise development, the founder must allow the company to introduce relevant talents and management systems, which is the key to the company's transition from a workshop-style enterprise to a well-managed corporate machine. - Schwarzman Schwarzkopf
1. Insist on growth, we must constantly ask questions, predict events, judge the hour and size up the situation, and take the initiative to seek progress and change.
2. Excellent corporate culture with scale advantages and the soul of small companies, employees can freely express their ideas.
3. Continuous innovation, in order to never be eliminated.
4. In order to succeed, you must have the courage to break the boundaries and venture into industries and fields that you don't have the right to enter.
5. Make decisions with caution: Every tiny act has the potential to have a profound impact on others, for better or worse.
6. Elite management of the enterprise, the pursuit of excellence, openness, adherence to integrity, and strive to hire people with the same beliefs.
7. Three basic tests for starting a business: Your vision must be ambitious enough, the company's product or service should be unique, and the timing must be correct.
8. All elements of a business are interrelated. For businesses to succeed, each department needs to operate independently and collaborate smoothly with other departments. Problems with any link in the system can result in losses or bankruptcy.
9. Important conclusion of entrepreneurship: The difficulty of starting and running a small business is almost the same as that of a large enterprise. The founding of a business, no matter how big or small, has a process from scratch, and you will bear the same financial burden and psychological pressure. It's just as difficult to raise money and find the right talent. In the face of the same difficulties and pressures, the only way to ensure the success of entrepreneurship is to devote yourself wholeheartedly.
10. Enterprise "eighty or ninety" talent concept: the person who scores 8 points is a task performer, and the person who scores 9 points is very good at executing and formulating first-class strategies. If the company is all 9 points talent, it can be successful. But 10 talents can proactively identify problems, design solutions, and push the business in new directions without getting instructions. 10 points of talent can bring a steady stream of benefits to the enterprise.
7 Rules for Successful Interviews
Any entrepreneur needs to have a number of key skills, the most important of which is perhaps the ability to assess talent from a high vantage point, objectively and impartially.
For interviewers, Schwarzman gives him the rules for a successful interview:
1. Be on time
Punctuality is your number one indicator of how much attention and preparation you place on your interview.
2. Be authentic
An interview is a process of mutual evaluation, a bit like lightning dating – everyone is looking for the right person. Be calm and generous, the other party will like the real you. If you show your true self, successfully pass the interview, and get a job offer, the results will naturally be great. But if the interview is unsuccessful, then the organization may not be for you, but it is better to know the truth and move on.
3. Be prepared
Research the company to be interviewed and familiarize yourself with important people and events in the company. Interviewers always like to discuss what's going on around them. In addition, this will also allow you to better describe what attracts you to the company and why, let the interviewer know your enthusiasm and yearning for the company, and understand your motivation for joining, so as to judge whether you meet the cultural requirements of the organization.
4. Be frank
Don't be afraid to talk about your ideas. Don't just think about impressing the interviewer, but pay more attention to how to communicate openly and honestly, and express your opinions bluntly.
5. Be confident
Attend interviews on an equal footing, not as a requester. In most cases, employers are looking for people who can take control of the situation. Of course, the premise is that these people are not self-conscious.
6. Stay curious
The best interviews are interactive interviews – candidates ask questions, ask for advice, and ask what the interviewer likes best when working for the company. Find ways to actively communicate with the interviewer and make sure that both parties are always in the same place, with questions and answers.
Interviewers also love to chat and share their knowledge and experience. Don't discuss anachronistic political issues unless the interviewer asks them first. In this case, describe your beliefs and reasons bluntly, but don't argue.
7. It is possible to talk about someone you know in the applicant institution, but only if you like and respect the person. Your interviewer will use this to examine your judgment of people.
25 work-life principles
1. The difficulty of doing big things is the same as doing small things. So choose an ambitious goal worth pursuing and let the rewards match your efforts.
2. The best executives are not born, but the result of acquired grinding. They are tireless and never-ending. Be good at researching the people and organizations that have achieved great success in your life, and they can provide free tutorials on how to succeed in the real world that can help you improve yourself.
3. Write or call someone you admire and ask them for advice or a chance to meet with them. You never know who wants to meet you. You'll end up learning a lot of important things from these people and building relationships that you'll enjoy for the rest of your life. People you make friends early in life will forge extraordinary emotional bonds with you.
4. People always feel that the most interesting topic is related to themselves. Therefore, be good at analyzing the problems of others and try to come up with ways to help others. Almost all men, no matter how prominent and noble they are, are willing to accept new ideas, provided, of course, that they are well thought out.
5. Each enterprise is a closed integrated system, and the internal components are unique in performance but interrelated. Good managers have insight into how each part works independently and how it works with each other.
6. Information is the most important business asset. The more you master, the more perspective you have, and the more likely you are to spot conventional patterns and anomalies in front of your competitors. So always keep an open mind to new things that come into the business, whether it's new people, new experiences, or new knowledge.
7. At a young age, embrace a job that provides you with a steep learning curve and tough opportunities to hone. The initial job is to lay the foundation for life, do not easily accept a job for the sake of temporary prestige.
8. When presenting yourself, remember that impressions are very important. The overall image must be flawless. Others will judge you as you really are through various clues and clues. Therefore, we must be punctual in our promises, be honest and honest, and be well prepared.
9. No amount of smart people can solve all problems. An open and honest team of smart people can be invincible.
10. People in distress tend to focus only on their own problems, and the way to solve them is usually in how you solve other people's problems.
11. A person's beliefs must transcend their own and personal needs, which can be their own company, homeland or service obligations. Any challenge chosen by the incentives of beliefs and core values is worth it, whether the end result is success or failure.
12. Always be black and white, never to be broken. Your integrity must be unquestionable. When one doesn't have to pay a price or bear the consequences, it's not hard to insist on doing the right thing. But when you have to give up something, it's hard to keep a credit history. Always be faithful in what you say and don't mislead anyone for your own benefit.
13. Be brave. Successful entrepreneurs, managers and individuals are people with the courage to win and the spirit of perseverance. They will be there at the right moment. When others are cautious, they accept the risk; when others look ahead, they act, but they choose to do it wisely. This trait is a sign of a leader.
14. Never be complacent. Nothing is set in stone. Whether it is an individual or a business, if you don't often seek ways to reinvent yourself and improve yourself, you will be defeated by your competitors. Especially organizations, because organizations are more fragile than they think.
15. Very few people can complete a sale in the first referral. Just because you have faith in something doesn't mean other people are willing to accept it as well. You need to be able to firmly market your vision again and again. Most people don't like change, so you need to convince them why they should embrace change. Don't be afraid to fight for what you want.
16. If you see a huge opportunity for change, don't wonder why others aren't taking action. You may have seen something that others didn't see. The more severe the problem, the more limited the competition, and the greater the reward for the problem solver.
17. At the end of the day, success is about seizing the few opportunities. Always keep an open mind, observe calmly, be highly alert, and be ready to seize opportunities at any time. Align the right people and other resources and then go all out. If you're not ready to do your best, either because the opportunity isn't as attractive as you think it is, or because you're not the right person to take advantage of it.
18. Time can have a negative impact on all transactions, sometimes even fatally. In general, the longer you wait, the more unexpected things you expect. Especially in difficult negotiations, it is necessary to have everyone at the negotiating table for a long enough time to reach an agreement.
19. Don't lose money!!! Objectively assess the risk of each opportunity.
20. Make decisions when you're ready, not under pressure. Or for personal ends, or because of internal political struggles, or because of some external need, other people will always urge you to make decisions. But almost every time you can say something like, "I need more time to think about this." I'll get back to you when I'm clear. "This strategy is very effective even in the toughest and most unpleasant situations.
21. Worry is a positive mental activity that broadens one's mind. If you can channel this emotion correctly, you can gain insight into the negative risks in any situation and take action to avoid them.
22. Failure is the best teacher of an organization. Talk openly and objectively about failure, analyze the problem, and you'll learn new rules about decision-making and organizational behavior from failure. If properly assessed, failure has the potential to change an organization's course and make it more successful in the future.
23. Hire 10 people as much as possible, as they are proactive in perceiving problems, designing solutions, and doing business in new directions. They will also attract and hire 10 other talent. 10 points to do everything will be handy.
24. If you think that a person is inherently good, be ready to help that person, even if everyone else is away from him. Anyone can be in trouble. When someone else needs it, an occasional act of kindness can change the trajectory of his life, creating unexpected friendships or loyalties.
25. Everyone has a dream. Do everything you can to help others achieve their goals.
The 10 Credoes of a Successful Life
1. Outstanding achievement = principle + experience + lesson + practice.
2. A meaningful life = creating something unexpected and far-reaching.
3. The secret of success: discover opportunities, seize opportunities, and never give up.
4. When facing problems, we must have the courage to challenge authority and challenge the hierarchy.
5. Worry is a positive mental activity that can broaden people's thinking.
6. There are infinite possibilities in life, you can be who you want to be, do whatever you want to do.
7. The more angles you understand the problem, the closer you are to the answer to the question. The more difficult the problem and the fewer solutions, the more valuable your suggestions will be.
8. People who pursue excellence are often enthusiastic about learning, diligent, they are good at asking questions, diligent in thinking, able to keenly capture the connection between ideas, and never lose their hands.
9. Success is about taking advantage of rare opportunities that you can't predict, but seizing them is premised on always being open-minded, highly alert, and ready to take, and willing to embrace major changes.
10. Sometimes there is a huge gap between reality and your own imaginary life and career, and this gap can be overwhelming and almost desperate. People often see only the aura of success or the bleakness of failure, but ignore the turning points that may completely change the trajectory of life, but it is at these turning points that we learn the most important experiences and lessons in career and life.
When people ask me how I succeed, my answer is basically the same: I see a unique opportunity and then go to great lengths to seize it.
In short, never give up!
Li Yuan: Boss coach, professional investor, Doctor of Philosophy in Management, founder of Lead Sheep Capital, founder of Boss Apocalypse.
The mission of life is to use his life's efforts to become the "old Chinese medicine" of the enterprise, helping 100 enterprises to achieve sustainable development, family wisdom and wealth from generation to generation through listing.
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