Show notes / PDF & Infographic / Free Audiobook / What It Takes: Lessons in the Pursuit of Excellence by Stephen Schwarzman is a book for current and prospective entrepreneurs. It provides anecdotes, philosophies, and advice for ambitious readers seeking to build and launch their start-up ventures.

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IN THIS EPISODE: A comprehensive guide to entrepreneurial success that emphasizes ambitious goal-setting, continuous self-improvement, ethical leadership, and strategic team building based on Stephen Schwarzman's personal and professional experiences.

TOPICS: Leadership, entrepreneurship, success, ambition, negotiation, failure, teamwork, ambition

KEY FIGURES: Donald Trump, Harvard, Jack Welch, Stephen A. Schwarzman, StoryShots, Blackstone Group, What it Takes: Lessons in the Pursuit of Excellence

SUMMARY:

Stephen A. Schwarzman's book 'What It Takes' offers insights and advice for entrepreneurs seeking to build successful business ventures. Drawing from his own experiences as co-founder of Blackstone Group, Schwarzman emphasizes the importance of being ambitious and setting large, transformative goals. He argues that the effort required to start a small business is essentially the same as launching a large one, so entrepreneurs should aim for ventures with significant potential impact.

The book provides key leadership principles, including the significance of confidence, continuous self-improvement, and maintaining strong work ethics. Schwarzman advocates for not being modest about achievements, consistently seeking to enhance skills, and defining clear organizational values. He stresses the importance of building positive relationships, setting a good example, and treating people as valuable assets to the organization.

Another critical aspect of Schwarzman's philosophy is the art of negotiation and team building. He recommends approaching negotiations as win-win scenarios, focusing on understanding others' needs and finding mutually beneficial solutions. When building a team, he advises selecting employees who consistently go beyond their basic duties, are creative, and can solve complex problems efficiently, emphasizing that the quality of team members is crucial to an organization's success.

KEY QUOTES:

• "Why work towards a smaller goal when you can drive that same effort to accomplish a big one?" - Stephen A. Schwarzman

• "The more you know, the more perspectives you have and the more connections you can make which allow you to anticipate issues." - Stephen A. Schwarzman

• "Do not quit and don't get discouraged. Use failures as moments of reflection and learning." - Stephen A. Schwarzman

• "Be honest about your skills and what you can do. Try not to over promise and under deliver." - Stephen A. Schwarzman

KEY TAKEAWAYS:

• Pursue ambitious goals: Work towards big goals that have significant potential, as the effort required is similar for small and large ventures

• Confidence and self-promotion are critical for success: Don't be modest about your achievements, and always aim to stand out and improve your skills

• Maintain strong work ethics and organizational values: Set a positive example from the top down, and ensure your team upholds the company's core principles

• Negotiation is about creating mutual benefit: Listen carefully, find common ground, and seek solutions that help both parties achieve their objectives

• Build an exceptional team: Hire people who go beyond their basic duties, are creative, and can solve complex problems efficiently

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