In this episode of the 'Pfeffer on Power' podcast, host Jeffrey Pfeffer, a professor at Stanford University's Graduate School of Business, is joined by Steve Westly, a venture capitalist and entrepreneur - he was employee number 22 at Ebay, lecturer in Management at Stanford University, and politician. He is also the former State Controller of California and can call some of the most powerful people in the world his friend.

In this episode, Steve unpacks the stark contrasts and surprising similarities of power's role in both the private and public spheres and discusses why today's brightest stars are shying away from public service—a trend he believes is crucial to reverse.

What has Steve learned about power from working closely with notable figures like Arnold Schwarzenegger, Barack Obama, and Meg Whitman, and the personal sacrifices they made on their paths to success? From the indispensable value of determination and the wisdom that you only get from defeat to the essence of intelligent communication and ambition, Steve and Jeffrey go over the essential qualities that forge a successful leader—be it in the worlds of tech or politics.

• 01:51 Public vs Private Sector Power
• 02:42 Steve's Personal Journey and Motivation
• 05:51 Lessons from Powerful Figures
• 11:41 Determination and Ambition
• 18:55 Insights into Biden's Campaign
• 22:14 Public and Private Sector Leadership: Differences and Similarities
• 24:13 Closing Remarks

Pfeffer on Power is produced by University FM.

Episode Quotes:

Are the public and private sector leadership qualities more similar than we think?

22:45: Private sector and public sector require you to be not just a good communicator, but a great communicator. And I think the best leaders in the public and the private sectors are people who are not only great communicators. They have the rarest of all personal traits, and that's the ability to inspire people. Tenacity in both sectors. It is tough. You've got board issues. You've got employee issues, legal issues, labor issues, and politics. You got all the issues. You have to be incredibly tenacious.

What makes a successful politician?

12:19: It's not just persistence and determination; it is insane determination. It is the willingness to sit in a small room hour after hour, calling people, begging for money, and to go out the next day and have people beat the living shit out of you. In the public and with your family, my opponent for the gubernatorial race not only ran hit ads on me but managed to get my wife and two and three-year-old children into the hit pieces. It's not easy. Winston Churchill once said, in war, you can only die once. But in political life, you can die many times over again, and it's true. It's hard. It's tough.

What Steve learned from Meg Whitman of Ebay?

18:07: I think there are three things. I mean, one of them—it's where I was starting—Pierre and Jeff really handed the keys to a rocket ship to her. It was the first thing with a community growing like crazy that was, you know, there's always a little bit of good luck in the long term success. Second, look, Meg's just very smart. She's a Princeton grad. She was an athlete. She has a degree from Harvard, a background at Disney. She was smart. She was experienced. And third, I would say she's just a great communicator. And I think she worked hard at listening. She had a lot of superb traits.

12:19: Leadership has a lot of facets for students out there. I'd urge you to look broadly, and it goes beyond the standard pedigree.

Relevant Links:

• Profile on WestlyGroup.com
• Faculty Profile at Stanford University
• Steve Westly LinkedIn
• Wikipedia Page