Lessons from Billionaire Michael Bloomberg (We Study Billionaires, 31 mins)
The podcast analyses interviews of Michael Bloomberg to extract his main principles of business. A core one is to not spend too much time constructing long term plans as the future is extremely uncertain. Rather, focus on ‘the now’ and put in the hard work. Early on in his career, Bloomberg was the first one in and the last one out, which gave him exposure to clients and opportunities others missed. He sees failure as periods for growth, prefers to learn by doing, and focuses on working with people smarter than him. Indeed, when he launched his business, he spent the early days focused on finding the right people to hire much more than building product. He views having good business ideas as common, but sees good execution as rare, which may explain the failure of many start-ups. He’s surprised that young entrepreneurs don’t hire older people, who would bring vital experience to the table.
Why does this matter? Whether we have our own start-up or invest in start-ups, it may be tempting to focus on the idea or product, but Bloomberg’s tactics may be the more useful criteria for indicating the likelihood of success.
(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)
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