Ep 50: Steve Schwarzman: Co-founder and CEO of Blackstone

Steve Schwarzman is the co-founder and CEO of Blackstone, one of the world’s largest and most successful investment funds with over a half trillion dollars under management. Steve is an active philanthropist with a history of supporting education, culture, and the arts.  He holds a BA from Yale and an MBA from Harvard Business School.  His new book is called What It Takes: Lessons in the Pursuit of Excellence.

 

Some interesting insights from this episode:

  • He has always been very competitive. When he graduated from Yale, he insisted upon an extra $500 a year in his offer from a prestigious investment bank so he could be the highest paid graduate from his class.
  • “What I lacked in basic economics, I made up for with my ability to see patterns and develop new solutions and paradigms, and with the sheer will to turn my ideas into reality.”
  • He single-handedly advised Tropicana on getting acquired, which was the second largest transaction in the world that year, even though he had absolutely no M&A experience up until that point.
  • “To be successful you have to put yourself in situations and places you have no right being in. You shake your head and learn from your own stupidity. But through sheer will, you wear the world down, and it gives you what you want.”
  • They closed on their first fund of $1 billion the morning of October 19th, 1987, aka Black Monday, the largest one day drop in stock market history. Just one day later and Blackstone might not have ever gotten off the ground.
  • After losing some money on a deal, he re-architected the entire investment decision making process to be much more rigorous with the goal of engineering out the risk so as to never lose money again
  • He has a philosophy to only hire “10’s”. Those people tend to be intelligent, articulate, calm, energetic, curious, and can envision the future.
  • “Excellence is being the best that you can be at whatever you choose to do.”

Ep 49: Jill Heinerth: Underwater Cave Explorer

Jill Heinerth is a cave diver, underwater explorer, writer, photographer, and filmmaker.  She has starred on TV series for PBS, National Geographic Channel, and the BBC, and has consulted on movies for directors, including James Cameron. Her new book is titled: Into The Planet: My Life as a Cave Diver.

 

Some interesting insights from this episode:

  • Fighting off a burglar during college taught her how to deal with challenges in life. Having had this harrowing dance with fear probably saved her life in the long run.
  • Despite having enormous success as an entrepreneur in the advertising business, she knew in her heart that it wasn’t what she was meant to do so she built up the courage to quit and begin her life of adventure under the water.
  • There’s very little margin for error in cave diving. More people die while diving underwater caves than climbing Mt Everest.
  • Most accidents happen before someone even steps foot in the water. It is the lack of planning and preparation that causes most issues.  They are entirely preventable.
  • There is significant mental preparation. Before each dive, she closes her eyes and walks through all the worst case scenarios and rehearses all of the solutions.
  • She has the 7R gene which explains much of her risk seeking behavior. She is always seeking new challenges, new adventures.
  • “Excellence is your willingness to nurture and support the next generation. To ensure that if something’s important to you, the people below you eventually move beyond you.”

Ep 48: Cindy Eckert: Serial healthcare entrepreneur behind the “female Viagra”

Cindy Eckert is an entrepreneur who built and sold two pharmaceutical companies, notably Sprout Pharmaceuticals, creator of “female Viagra,” for more than $1B. She subsequently founded The Pink Ceiling which invests in companies founded by, or delivering products for, women.

 

Some interesting insights from this episode:

  • Moving every year during her childhood taught her how to be comfortable being uncomfortable. This experience of constant change would lay the foundation for the rest of her life.
  • While she had been surrounded by incredibly smart and hard working people in prior companies, she knew in her heart they weren’t any smarter or harder working than she was, so why not take a chance on herself.
  • She initially got turned down by the FDA for her drug for female low libido but rather that accept the verdict, she had the guts to challenge the FDA which eventually led to a reversal of their decision and approval for the drug.
  • After just four short years from the time she first purchased the drug, following the FDA approval, she sold the company for a billion dollars.
  • Culture is very important. Her company is the land of the misfit toys and they actually hire for quirkiness.  There is permission to bring your entire self to work and to be respectfully irreverent.
  • She tries not to get too obsessed with where things will lead. She’s just focused every day on getting up and doing a great job and creating value.
  • “I fail every day. Failure is just part of the test of how committed you are to the venture.”
  • “Empathy is the female DNA of a rule breaker.”
  • “Success isn’t about having all the answers. It’s about having the courage. If you feel you need to have all the answers, you’ll never succeed at entrepreneurship.”
  • “Why do we treat our career like a ladder? Why can’t it be a jungle gym?”

Ep 47: Rich Karlgaard: Publisher of Forbes

Rich Karlgaard is a bestselling author, award-winning entrepreneur, and speaker.  He is the publisher of Forbes magazine and is based in Silicon Valley.  He is a renowned lecturer on technology, innovation, corporate culture, and a number of other important business issues and the author of three books, his latest one titled: Late Bloomers: The Power of Patience in a World Obsessed with Early Achievement.

 

Some interesting insights from this episode:

 

  • His time at Stanford poring over Sports Illustrated in the library would later become the genesis for starting up what would become a highly popular technology business magazine.
  • Starting up Upside Magazine which had a unique style and voice ultimately led to a coveted role with Forbes despite the magazine not being a financial success.
  • Our cultural obsession with early achievement is detrimental to society.
  • Some people are successful because they’re competitive and set goals for themselves. Others achieve success because they are explorers chasing their curiosity without an end in mind.
  • Between the ages of 18 and 25, our prefrontal cortex is still growing and our executive function skills are still developing. Yet, this is the exact time when we’re supposed to be laser focused on launching our future careers.
  • One of the most important traits CEOs of high performance companies look for in new recruits is curiosity because without curiosity there’s no growth.
  • Notable strengths of late bloomers include curiosity, compassion, resilience, insight, and calmness.
  • “Resilience isn’t just the ability to be tough but the ability to have enough built in flexibility so an unexpected failure doesn’t shatter you.”
  • At any given time, there’s an optimal use of your time, your talent, and your effort.
  • “Excellence is the intersection between your perfect native gifts and your sense of purpose that is so deep you’re willing to sacrifice for it.”

 

Links:

Find Rich Karlgaard’s book Late Bloomers here.

Find Rich Karlgaard’s personal website here.

Ep 42: Joe De Sena: Founder and CEO of Spartan

Joe is the founder and CEO of Spartan, the largest obstacle racing series in the world. He is also a New York Times bestselling author of multiple books including Spartan Up, Spartan Fit, and most recently The Spartan Way.

 

Some interesting insights from this episode:

  • The most grueling endurance event he’s ever done is running a business.
  • “Death is the price we pay for life so make it worth it.”
  • Learn how he built the largest participatory endurance sport in the world with over a million annual participants and 275 events spread across 42 countries.
  • It took over a decade of losing money and tweaking the product until he finally figured out a formula that worked. He stuck with it for so long because he knew it was his true north.
  • Branding matters. They’re probably 10x more successful because of the name Spartan.
  • Intermittent fasting can make you feel better and it increases performance.
  • The best way to physically train is to focus on flexibility and mobility.
  • The ambitious mission of Spartan is to change 100 million lives.
  • “Excellence is giving it everything you’ve got. When you’re up against a wall and you refuse to give up, that’s excellence.”

Ep 39: Ben Saunders: Extreme Polar Explorer

Some interesting insights from this episode:

Ben Saunders is one of the world’s leading polar explorers, and a record-breaking long-distance skier who has covered more than 4,300 miles on foot in the Polar Region. His accomplishments include skiing solo to both the North and South poles, and leading The Scott Expedition, the longest human-powered polar journey in history, a 105-day, 1,800 mile round-trip from the coast of Antarctica to the South Pole and back again.

  • Hear the remarkable story of how he traveled the equivalent of 69 marathons, the distance from Maine to Miami, in frigid temperatures in near whiteout conditions, over the course of 3.5 months. 
  • Preparation entailed both extreme endurance and extreme weight training.  He was able to run a 2:55 marathon and deadlift 485 lbs. 
  • The key to staying motivated was to shorten the focus from the ultimate goal to something that felt achievable whether the end of the day or even the end of an hour.
  • One of his proudest moments on the journey was to make the call to have food delivered during their return.  That moment calling for help was when he matured as a leader as he learned to get priorities straight.
  • In hindsight, he made the mistake of often living too much in the future, thinking that success was defined by a finish line.
  • The cliché holds true that the journey is way more important than the destination.
  • Learn how he evolved from needing external validation to having more of an internal compass driving his motivations. 
  • “Self-belief is a malleable human quality. The more time you spend outside your comfort zone, the stronger it becomes.”
  • “Excellence is having the internal drive to make tomorrow better than today.”

Ep 38: Mark Tercek: The Nature Conservancy CEO

Mark Tercek is the CEO of The Nature Conservancy, the world’s largest environmental organization. He is a former Managing Director and Partner at Goldman Sachs and is the author of the bestselling book Nature’s Fortune: How Business and Society Thrive by Investing in Nature.

 

Some interesting insights from this episode:

  • We all have an inner environmentalist inside of us.
  • His executive coach taught him some valuable lessons early on including how to listen better and how to not sweat out the details.
  • In the nonprofit world, he had to learn how to understand employees’ psychic income and use that as motivation to drive behavior.
  • Saving nature isn’t just the morally right thing to do, it’s also the smartest investment we can make.
  • Learn how he pivoted his 4,000 employee organization from pure land conservation toward embracing climate change as a top priority.
  • “Excellence is matching ambition with a good dose of reality.”
  • We all have a tendency to overestimate risks in our lives. The returns are greater than perceived and the risks less that perceived.  More of us should just go for it.

Ep 37: Clint Harp: Craftsman, TVman, Journeyman

Clint Harp and his wife Kelly own their own handmade furniture design business Harp Design in Waco Tx.  He was formerly a regularly recurring guest in the hit TV show Fixer Upper and currently stars in his own television series called Wood Work. His new book is called Handcrafted: A Woodworker’s Story

 

Some interesting insights from this episode:

 

  • Sometimes we may hang on to a dream for too long. His original dream was to be a musician but eventually realized that he didn’t have the talent and had to accept that his life’s plan lay elsewhere.
  • He quit a lucrative job in medical sales without any safety net to pursue his passion of building furniture.
  • Only by being 100% honest with his wife and admitting that he was struggling with his new furniture design business was he able to earn her trust and respect which allowed their marriage to grow stronger as a result.
  • Learn how a fortuitous encounter at a gas station would change the trajectory of his career and his life.
  • He had a few lucky breaks along the way but everyone does. It’s what do you do with those lucky breaks that’s so critical to success.
  • Learn how he became known as the dumpster-diving, reclaimed wood-loving carpenter.
  • “Looking at a pile of wood on my shop floor might be one of my favorite things to do. What might appear to be a mess is really a beautiful creation just waiting to be put together.”
  • “What I am is a journeyman. A dreamer. A kid who once sat at the base of a tree and imagined what was possible. A guy who now stands at the foot of the mountain trying to claw my way to the top, knowing there’s another peak right around the corner.”