Ep 56: Terry Fator: Ventriloquist, comedian, impressionist and singing sensation

Terry Fator is a ventriloquist, impressionist, stand-up comedian, and singer. He won season 2 of America’s Got Talent in 2007 and has performing his award winning show at the Mirage in Las Vegas ever since.

 

Some interesting insights from this episode:

  • Learn how Terry went from performing small shows town by town, fair by fair to having a $100 million act performing at the Mirage in Vegas.
  • He is a rare talent able to combine ventriloquism, comedy, impressions, and singing all into one incredible act.
  • Having ADHD enabled his talent as a ventriloquist as he was able to split his brain into multiple personalities.
  • Happiness is a choice.
  • What’s behind his incredible success? It’s never being satisfied and always striving to make the next performance better than the last.
  • “The human ability to be creative and have ingenuity is limitless.”
  • “If a door opens and you’re not ready to go through, that’s on you.”
  • If you’re not happy now, you’re not going to be happy when you’re rich and famous.
  • “Excellence is doing something that makes us feel that we’re doing it at the best possible capacity that we could be doing it at.”

Ep 54: Charles Schwab: The big entrepreneur looking out for the small investor

Charles Schwab is the founder and chairman of The Charles Schwab Corporation. What began as a small discount brokerage company in the 70’s has evolved to become the nation’s largest publicly traded investment services firm, with close to $4 trillion in client assets. He is also the chairman of The Charles and Helen Schwab Foundation, a private foundation focused on education, poverty prevention, human services, and health.  He is the author of several bestselling books with his latest memoir titled Invested.

 

Some interesting insights from this episode:

  • He had to work extra hard to build his self-confidence to overcome his dyslexia and to keep up in class.
  • People with dyslexia are conceptual thinkers who tend to not get lost in the weeds. Some people are very literal in learning and need to go from step 1 to 2 to 3 while dyslexics can go from step 1 to step 10.
  • Seeing an inherent conflict of interest between commissioned stock brokers and the customers, he invented a new contrarian business model by paying salaries to people placing trades with a bonus tied to the overall success of the company.
  • After the tech meldtown of the early 2000’s, Charles had to come out of retirement to run the company again. He had to lay off thousands of employees and get the company turned around.  Sometimes founders are the only ones who can make the tough calls and drive huge fundamental changes to the business.
  • He was a consummate innovator who continually pivoted, redefined the business, and opened up new markets. He knew it was important to disrupt yourself before someone else did it for you.
  • When hiring, beyond skills and experience, he looks at their character and ethics and their responsibility to the customer.
  • “Excellence is an ongoing pursuit. You are always striving for it but you never achieve it.”

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. 33: Daniel Negreanu: World-Renowned Poker Legend

Daniel Negreanua (aka “Kid Poker”) is a professional poker player who has won six World Series of Poker (WSOP) bracelets and two World Poker Tour (WPT) championship titles. The independent poker ranking service Global Poker Index (GPI) recognized Negreanu as the best poker player of the decade in 2014.  As of 2018, he is the 2nd biggest live tournament poker winner of all time, having accumulated over $39,500,000 in prize money. He is the only player in history to win WSOP Player of the Year twice.

 

Some interesting insights from this episode:

  • He was making more money than his teachers playing poker so he quit high school to pursue his passion full time.
  • He would keep a journal during his games where he would track his mood and observe how it affected his game play. This allowed him to better control his emotional states and be more steady and focused.
  • His advantage and edge is mental preparation and the ability to deal with adversity when it comes.
  • It’s important to get clear on what your intention is going into something. It’s about knowing what the steps are to accomplish whatever intention that you set.
  • “Whenever you think that you’ve mastered something in life, that’s the exact moment when someone’s about to surpass you.”
  • There’s a difference between being a victim to circumstance and standing completely responsible for your results.
  • Excellence is the pursuit of ultimate integrity which means doing exactly what you said you were going to do.

Ep. 16: Jon Sebastiani: Krave Jerky Founder and serial food entrepreneur

Jon was the Founder and CEO of Krave Pure Foods, a gourmet jerky company.  The company became one of the fastest growing food brands in the country and was acquired by The Hershey Company for around $220 million in 2015. Today he is the CEO of Sonoma Brands, an investor and incubator for new branded food startups. Jon lives in Sonoma, California.

 

Some interesting insights from this episode:

  • Learn how he reinvented the entire jerky category and broadened its appeal.
  • The most important litmus test as to whether a new product will succeed is simply whether it makes sense to you. If it’s a problem you can personally relate to, that’s a good start.
  • The lean startup method isn’t just for technology companies but consumer packaged goods businesses as well.
  • Learn how he brought a new product to the market for just $10,000.
  • His experience in the ultra-competitive wine industry gave him a “PhD” in branding.
  • While serendipity plays a role, there is a playbook that allows new brands to come to life.
  • Excellence is an aspiration that you never quite reach. It’s a mindset.

 

 

Ep. 1: Strauss Zelnick: Media Mogul, Turnaround Artist, Fitness Buff

Strauss Zelnick is the CEO of Take Two Interactive, a publicly held video game publisher which makes Grand Theft Auto amongst many other hit titles.  He is also the Founder and Managing Partner at ZMC, a several hundred million dollar private equity fund focused on media and communications.  He has also served as CEO of BMG Entertainment, one of the world’s largest music publishers at the time, and President of 20th Century Fox, one of the biggest movie studios.

 

Some interesting insights in this episode:

  • How Strauss successfully climbed the corporate ladder to become the President of 20th Century Fox by the time he was just 32.
  • His approach to turning around one of the largest interactive entertainment companies in the world.
  • Knowing what you want out of life and setting goals to achieve them is a big part of success.
  • To achieve great things, it’s sometime necessary to take calculated risks.
  • Being smart and ambitious is nice but being in the right place at the right time also helps.
  • Learn to put your ego aside, surround yourself with super ambitious and talented people and then step out of their way.
  • Motivation should be driven by the joy and fulfillment it brings, not by money or ego or power.
  • Leadership is about being your authentic self. It’s best to present yourself all the time as you truly are, not as you wish to be seen.
  • A consistent and strenuous physical fitness routine can have positive spillover effects in your working life.

 

Strauss Zelnick has had a remarkable career.  His ambition and passion for entertainment can be traced all the way back to his childhood when he declared that he would one day run a movie studio.  He graduated with double MBA/JD degrees from Harvard and less than a decade later at the young age of 32, he achieved his childhood dream by becoming the President of 20th Century Fox.  It was this amazing achievement that rightfully earned him the moniker wunderkind.

When he acquired Take Two Interactive, the company was a mess.  They had just lost over $200 million and the CEO had been fired for fraud. Less than a decade later, he’s still running the company which he completely turned around while creating billions of dollars of value in the process.

It helps when you can figure out where your passion and talents intersect.  He loves the entertainment business and is most effective and happy as a turnaround executive.  He’s also self-aware, knowing where his true strengths and weaknesses lie.  He has learned that being your authentic self and not hiding behind a façade is one of the keys to being an effective leader.

Recently Strauss has become as passionate about fitness as he is about buying and turning around companies.  He founded a daily fitness meetup group called The Program where he does rigorous high-intensity interval training alongside people less than half his age including professional athletes.  He not only appreciates the way it makes him look and feel but also the nice byproduct of enhanced productivity and happiness in the workplace.

Strauss is confident in his abilities but humble in his accomplishments.  He doesn’t downplay the fact that ambition, goal setting and risk taking are among the key ingredients to success but also acknowledges that serendipity has a vital role to play as well.  If you congratulate him on all his success, he’ll quickly point out how there are others a lot more successful.   I guess it’s a testament to how life is relative.

While early on his career moves might have been on autopilot, now in his late 50’s, he has become more reflective as a leader, as an individual.  He’s now at a point in his life where he knows what’s truly important to him.  And ultimately that’s about discovering happiness.  And from my brief hour-long conversation with him, I can see that he’s definitely found it.