What It Takes

Stephen A. Schwarzman, What It Takes: Lessons in the Pursuit of Excellence, Simon & Schuster, 2019.

蘇世民、趙燦譯，蘇世民：我的經驗與教訓，香港中和出版，2020

我們平常人希望能從這些傳記中，學到思考、與做事情 (決策) 的方法 (151 頁)，以提升自己的能力。164 頁設定兩個組織的目標 (excellence and integrity)，使用專注 (focus) 和尋求幫忙 (ask for help when needed) 達成 100% 的卓越目標；考慮長期的名聲 （reputation)，例如誠實、努力工作、尊重別人、言出必行。張忠謀自傳中描述，德儀的基本價值是 integrity (誠信正直) ；張創辦人於 1994 年寫下10條的經營理念，最重要的第一條：台積電堅持高度職業道德，例如說真話、不誇張、不作秀、用人的首要條件是品格與才能等。

347 頁建立公司文化 (Lifetime learning, excellence, relentless innovation in action)。

Franz Müntefering 稱私募股權投資者 (private equity investors) 為蝗蟲 (locusts) ，197 頁有作者的回答。

人生有非常多的不確定性。作者得知某哈佛 (MBA) 同屆畢業生的薪水是 10,000 時，要求多 $500 才願意入職，最後，如願以償。同樣的情景也發生在張忠謀身上，福特不願意多付一塊錢，因而投入半導體產業，改變了人生的軌跡。當然，這一些領袖人物到哪邊都可以發光發熱。

萬事起頭難，兩位創辦人出來創業的時候 ，(1987) 和 MIT 管理校產基金人員約好，卻被放鴿子。這和張忠謀創辦台積電的情況類似 (國科會主委多次杯葛、市場與技術質疑、央行總裁不看好此商業模式、募款不順)。

多年之後，作者放下心結 (?)，在 2018 年，捐款 3.5 億美元給沒有淵源的 MIT，成立計算學院。美國這種例子真的很多，也是其大學能夠不斷持續壯大的原因之一。上回，在 Bradley 大學擔任講座的陳教授說，只要在他們碩班唸製造工程碩士，Caterpillar  就提供每位學生每一年四萬五美金的獎學金。

What It Takes: Lessons in the Pursuit of Excellence

From Blackstone chairman, CEO, and co-founder Stephen A. Schwarzman, a long-awaited book that uses impactful episodes from Schwarzman's life to show readers how to build, transform, and lead thriving organizations. Whether you are a student, entrepreneur, philanthropist, executive, or simply someone looking for ways to maximize your potential, the same lessons apply.

People know who Stephen Schwarzman is--at least they think they do. He's the man who took $400,000 and co-founded Blackstone, the investment firm that manages over $500 billion (as of January 2019). He's the CEO whose views are sought by heads of state. He's the billionaire philanthropist who founded Schwarzman Scholars, this century's version of the Rhodes Scholarship, in China. But behind these achievements is a man who has spent his life learning and reflecting on what it takes to achieve excellence, make an impact, and live a life of consequence.

Folding handkerchiefs in his father's linen shop, Schwarzman dreamed of a larger life, filled with purpose and adventure. His grades and athleticism got him into Yale. After starting his career in finance with a short stint at a financial firm called DLJ, Schwarzman began working at Lehman Brothers where he ascended to run the mergers and acquisitions practice. He eventually partnered with his mentor and friend Pete Peterson to found Blackstone, vowing to create a new and different kind of financial institution.

Building Blackstone into the leading global financial institution it is today didn't come easy. Schwarzman focused intensely on culture, hiring great talent, and establishing processes that allow the firm to systematically analyze and evaluate risk. Schwarzman's simple mantra "don't lose money" has helped Blackstone become a leading private equity and real estate investor, and manager of alternative assets for institutional investors globally. Both he and the firm are known for the rigor of their investment process, their innovative approach to deal making, the diversification of their business lines, and a conviction to be the best at everything they do.

Schwarzman is also an active philanthropist, having given away more than a billion dollars. In philanthropy, as in business, he is drawn to situations where his capital and energy can be applied to drive transformative solutions and change paradigms, notably in education. He uses the skills learned over a lifetime in finance to design, establish, and support impactful and innovative organizations and initiatives. His gifts have ranged from creating a new College of Computing at MIT for the study of artificial intelligence, to establishing a first-of-its-kind student and performing arts center at Yale, to enabling the renovation of the iconic New York Public Library, to founding the Schwarzman Scholars fellowship program at Tsinghua University in Beijing--the single largest philanthropic effort in China's history from international donors.

Schwarzman's story is an empowering, entertaining, and informative guide for anyone striving for greater personal impact. From deal making to investing, leadership to entrepreneurship, philanthropy to diplomacy, Schwarzman has lessons for how to think about ambition and scale, risk and opportunities, and how to achieve success through the relentless pursuit of excellence. Schwarzman not only offers readers a thoughtful reflection on all his own experiences, but in doing so provides a practical blueprint for success.

8 rules for a successful interview

Being a strong and accurate assessor of talent is perhaps one of the most critical skills required of any entrepreneur. I’ve been thinking about how to do this well since those early interviews on Wall Street and I’m proud to say that Blackstone is a firm that not only attracts, but also develops, highly talented people....

1. Be on time. Punctuality is the first indicator of how much thought and preparation you have put into an interview.
2. Be authentic. Interviews are a mutual assessment, a bit like speed dating; everyone is looking for the right fit. Be comfortable and natural, and chances are you will be liked for who you are. If you share who you are and the interview results in a job offer, that’s great. If it doesn’t work, it’s likely that the organization wasn’t right for you either. Better to know and move on.
3. Be prepared. Learn about the company. Interviewers always enjoy discussing what’s happening in their environment. Plus it’s a good way for you to hear how enthusiastic an employee feels about the place where he or she works. Describe what draws you to the company and why. An interviewer wants to understand your motives and whether they fit with the organization’s culture.
4. Be candid. Don’t be afraid to talk about what’s on your mind. Focus less on impressing the interviewer and more on being open and striving for an honest conversation.
5. Be confident. Approach the situation as an equal, not as a supplicant. In most situations, employers are looking for someone who can hold the table. Provided they are not arrogant.
6. Be curious. The best interviews are interactive. Ask questions, ask for advice, ask your interviewers what they enjoy most about working for their organization. Find a way to engage interviewers, and always make sure the conversation goes both ways. Inter- viewers like to talk too, so that they can share what they know.
7. Avoid discussing divisive political issues unless you are asked. In which case, be straightforward. Describe what you believe and why, but don’t be argumentative.
8. Mention people you know at an organization only if you like and respect them. Your interviewer will be judging your taste in people.

25 Rules for Work and Life

From deal making to investing, leadership to entrepreneurship, philanthropy to diplomacy, Schwarzman has lessons for how to think about ambition and scale, risk and opportunities, and how to achieve success through the relentless pursuit of excellence.

1. It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.
2. The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success. They offer a free course from the real world to help you improve.
3. Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.
4. There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to good ideas provided you are thoughtful.
5. Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.
6. Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.
7. When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don’t take a job just because it seems prestigious.
8. When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.
9. No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
10. People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.
11. Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.
12. Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what’s right when you don’t have to write a check or suffer any consequences. It’s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.
13. Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.
14. Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.
15. Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again. Most people don’t like change, so you need to be able to convince them why they should accept it. Don't be afraid to ask for what you want.
16. If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it.
17. Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If you’re not prepared to apply that kind of effort, either the opportunity isn’t as compelling as you think or you are not the right person to pursue it.
18. Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you. In tough negotiations especially, keep everyone at the table long enough to reach an agreement.
19. Don’t lose money!!! Objectively assess the risks of every opportunity.
20. Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, “I think I need a little more time to think about this. I’ll get back to you.” This tactic is very effective at defusing even the most difficult and uncomfortable situations.
21. Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.
22. Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong. You will learn new rules for decision making and organizational behavior. If evaluated well, failures have the potential to change the course of any organization and make it more successful in the future.
23. Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.
24. Be there for the people you know to be good, even when everyone else is walking away. Anyone can end up in a tough situation. A random act of kindness in someone’s time of need can change the course of a life and create an unexpected friendship or loyalty.
25. Everyone has dreams. Do what you can to help others achieve theirs.