What It Takes Book Summary and Review | By Stephen A. Schwarzman

American financial services CEO, investor, and philanthropist Stephen A. Schwarzman is worth $1 billion. Schwarzman, one of the most well-known individuals on Wall Street, helped form The Blackstone Group in 1985. Schwarzman has been Blackstone’s CEO from the company’s creation, and it is now among the most prosperous investment companies in the world.

Under President Donald Trump, Schwarzman served as the Strategic and Policy Forum’s temporary chairman.

What It Takes Book Summary

Stephen Schwarzman’s book What It Takes: Lessons in the Pursuit of Excellence is aimed at present and aspiring business owners. It offers tales, ideas, and suggestions to help ambitious readers create and launch their start-up businesses.

Schwarzman emphasizes a variety of leadership skills, such as decision-making, negotiation, and team-building. He speaks with authority about the need of having clear goals for your company. He places emphasis on the actions he took to reach his tremendous achievement.

Never be afraid to aim high and pursue the gold

Schwarzman has had great success in both his roles as a company executive and philanthropist. He makes the point that whenever he seized fresh possibilities, he always went above and above. He also underlines the distinction between modest and lofty objectives.

Little and large goals both require effort, time, and dedication. Why put in the same amount of effort towards a smaller objective when you can use it to achieve a larger one?

But keep in mind that having such lofty goals comes with drawbacks. You shouldn’t let the failure of some ideas deter you.

Imagine working on a task that is a part of what you do every day for one week. That is how you should approach the situation. In other words, you already have that expectation placed on you. Your coworker, on the other hand, claims to have been working on something unconventional. Yet there is no guarantee they will be successful.

If your colleague is successful, they will be given a promotion for their innovativeness. Even if you succeed, you won’t get the promotion because you didn’t do anything unusual.

In this clear example, the upside is theoretically limitless while the downside is restricted. It serves as a reminder of the value of going above and beyond, of going above and beyond, and of standing out in order to succeed.

Strive to excel in all you do.

Having faith in your abilities as a leader and in your team is a crucial first step in achieving success. While describing your successes and abilities to others, don’t be modest. Being modest about your accomplishments can undermine your confidence. Only what you tell them will stick in their minds.

A first impression has the power to strengthen or weaken relationships. Through networking events or routine business encounters, there are endless opportunities to make new friends. It’s more crucial than you might imagine to stand out, and it’s not impossible.

Another thing to note is that you should constantly strive to improve. Consider your potential next move. Your constant goals should be to strengthen your areas of strength, lessen those of weakness, and improve your current talents. How do you wow them next time if the CEO wasn’t impressed with the talk you had last night?

Try to include items in your professional profile that you don’t think you can accomplish. When you achieve a goal you set for yourself, begin considering the next one while you are still moving forward. Believe that nothing is out of your reach. The majority of the time, roadblocks are brought on by your lack of confidence.

Preserve your work ethic and moral code.

Clearly state the mission and values of the organisation. Then, make these known to the company and hold everyone accountable—including you—for adhering to them. Even as a top executive, never forget to uphold the same moral principles.

A successful business is built on a solid foundation of interpersonal ties. These connections also include the ones you make with other people and your team. A leader needs to lead by example at all times.

The same work ethic that you expect from your employees should also apply to you. You will gain their respect and long-term trust by doing this. Everyone has something to learn from new individuals, so always treat others as an asset.

It’s important to exhibit wholesome actions and beliefs as company representatives. A company’s overall values and ethics are very important. When a brand develops, these characteristics are ingrained in organizational culture and reflect the business externally.

In negotiations, all parties must benefit.

The art of bargaining is a key ability that the majority of successful businesspeople possess. Learning to listen during a negotiation is essential since it serves as a means of information exchange with new contacts. While attempting to form new business alliances, pay attention to what people want.

One chat might reveal a lot of information that could support someone else or you in achieving your objectives. Engaging in fruitful conversations is an important element of connecting with potential partners.

Look for chances to connect on a personal level when you are chatting with others. Locate a point of agreement with them. Look for prospective answers if you uncover a connection to what you can offer. What have they emphasized? Are you willing to support this?

When you engage in each new conversation, keep the objectives of others in mind. When it comes to business transactions, talks are involved. Negotiations should be conducted with the other party’s best interests in mind. You both benefit if you can make them see a solution.

Be truthful about your abilities and skill set. Avoid making too many promises and not keeping them. Listening becomes crucial at this point. You must be aware of their needs and how you might be of assistance. If not, try directing them to someone else.

Choose the Greatest Individuals to Create an Unstoppable Team

This piece of guidance is intended for team managers. A team that functions well together is a key component of a successful company. How can business owners make sure they are hiring just the best?

Those who continuously go above and above the call of duty should be hired. You want someone like that on your team. They take satisfaction in their creativity, which has a beneficial effect on the other members of the group.

Discovering the best of the best may be difficult, especially if your business is just getting started. With larger companies, highly qualified and motivated employees can concentrate on accomplishing more and better things.

Being on the lookout for persons who can fix little problems quickly is a second success key. This frees them up to concentrate more on handling challenging issues. The value of high-quality versus mediocre employees differs significantly. Avoid the ones you believe you can get better at over time. Finding the greatest of the best will be much more satisfying than accepting what is available.

Rejection may make you stronger

Don’t give up and don’t lose hope. Use setbacks as opportunities for introspection and growth. Learn from your mistakes and what you can do differently the next time.

An old adage that holds true in business is “the larger the risk, the greater the profit.” Keep in mind that it could be challenging to recognise the potential and worth of an opportunity right now. But, there are situations when taking a risk pays off.

Risk carries the potential for rejection and failure. You should continue moving forward in spite of this. Never forget to use rejection as motivation. Never give up on something you believe in. When you set those lofty objectives, practice persistence.

Making difficult choices today could pay off in the future

Making difficult decisions is a part of life in general and in business as well. Even when you don’t want to, you will occasionally have to make difficult choices. You must be aware of your weaknesses and take aggressive steps to overcome them if you want to continue succeeding and developing. This can include personnel or relationships that formerly aided the expansion of your company but are no longer doing so.

What Schwarzman refers to as the “dismantling of emotional bonds” is yet another difficult part of business and negotiating. Any professional who makes business judgements must understand this. Being polite and being knowledgeable need to be distinguished from one another.

On either side of a deal, business ethics, values, and needs can alter with time. Occasionally you may decide a commercial connection is no longer worthwhile. Breaking connections with a partner company, such as a start-up, may hurt you deeply, but it may be the wisest course of action for development.

Relationships are built through networking and cooperation.

The value of networking is a further important factor. In business and entrepreneurship, it is essential. Collaboration and learning opportunities are increased when relationships are built.

It’s usually a good idea to learn from those who are more knowledgeable than you are. You have more connections and access to information the more individuals you know.

Schwarzman used numerous strategies to expand his network. The most notable was when he made a name for himself in politics. During his executive expertise at Blackstone, he developed connections with decision-makers. These connections have given him access to several economic opportunities that he otherwise would not have had.

Make a Difference in the World by Your Success

Keep in mind that you can benefit from information. Strive towards generosity using your resources and abilities. Success should be accompanied by making a difference in the world.

Schwarzman himself takes part in charitable endeavours. Millions of dollars have been contributed by him to support educational initiatives and student scholarships. He was also in favour of changing the laws governing business and education. Schwarzman joined Bill Gates’ The Giving Promise project in January 2020. The Giving Pledge is a movement where the society’s ultra-wealthy promise to donate the majority of their fortune to charitable organisations. Either during their lifetimes or in their wills, they donate their riches.

It’s crucial to use your achievements to make the world a better place. Utilize your knowledge and abilities to leave a lasting legacy.

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