What It Takes: Lessons in the Pursuit of Excellence

by Stephen A. Schwarzman

Asset management firms are so dependent on people and personalities that succession often becomes their Achilles’ heel. One generation stays on too long, the next generation gets tired of waiting, and firms lose momentum. Regaining that momentum is always much harder than sustaining it.

It is so important that people understand how much you appreciate them and that you make them feel good about themselves.

That self-confidence is the basis for great performance.

I sleep the same five hours I always have

The scale of our business today is incredible—we own approximately two hundred companies, employing over 500,000 people, with combined revenues of over $100 billion, over $250 billion in real estate, as well as market-leading activities in leveraged credit, hedge funds, and other business lines.

Establishing and imparting a strong company culture is perhaps one of the greatest challenges any entrepreneur and founder is tasked with, but it is also one of the most gratifying if you get it right.

A lifetime of listening to others, forging relationships and constantly asking how I can help has compounded to the point where many of the biggest challenges and best ideas now find me.

Make decisions when you are ready, not under pressure.

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.