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  • What One Billionaire Entrepreneur Says Is The Most Important Thing In the World

    People often ask me who are some of the most fascinating people I've interviewed.

    I would put Sam Zell on that list.

    Sam is the billionaire Chairman of Equity Group Investments well known for calling the top in real estate when he sold $39 billion worth of office properties to Blackstone in 2007. He is also equally well known for taking over the Chicago Tribune that same year and overseeing its demise into bankruptcy only a short time later.

    Needless to say, he's a polarizing figure - and he likes it.

    Sitting in his penthouse apartment one spring afternoon in Manhattan several years ago, Sam gave me a true glimpse into how he-a serial entrepreneur-sees the world.

    "The ultimate definition of an entrepreneur is someone who is always thinking he can do things a different, better way," he said. "If he walks down the street and sees a painter on a ladder, he thinks, 'Gee, if he'd moved the ladder to the middle of the wall, then he could paint both sides without having to go up and down the ladder as many times. I can't tell you why I think that way, but that's literally the way I think all the time. It's always been that way. I look at things and see them differently than other people do."

    He recounted all the different business ventures he started from the time he was in grade school, which eventually led to his investments in everything from rail car leasing to bicycles to food additive manufacturing. Forbes pegs his net worth at nearly $5 billion dollars.

    "I'm very much like what a private equity guy is today except that I've always been a private equity guy-with my own private equity!" he said.

    What really struck me was what Sam observed about big companies. There was one major difference, he said, between the way workers behaved in a major corporation versus an entrepreneurial one. He called it using "information as currency."

    "I hired this woman from a major corporation, and she was very, very smart. But I fired her within nine months. I promise you this woman had never been fired in her life; she was a major overachiever. But she brought an element from her past job in the corporate world that didn't fit with our culture. She used information as currency. The most important thing about an entrepreneurial world is that the enemy is without, not within. I can't have an employee who holds back information for political reasons or unless they are going to get something in return. We operate in a much too fast-paced environment for that kind of internal trading. In a big corporation, almost everything moves slowly so you have more time and opportunity to catch mistakes. That culture often breeds using information as currency. In an entrepreneurial culture, if somebody has information that they're not sharing with others in my shop, that means that I'm taking risks that I don't know about."

    If you're an entrepreneur, you know what he's talking about. If you work for a major corporation, you likely also know what he's talking about. Those behaviors, if they're not rooted out quickly, breed organizations where silos develop, political infighting balloons and inefficiencies overcome productivity.

    Sam, of course, looking relaxed in his black shirt and jeans, was beyond many of those problems already. One of the biggest issues for him now, he said, was how to give his money away in the most meaningful way. One program he funded was helping create entrepreneurs in Israel - people just like him.

    "They call themselves the Zell-lots!" he said.
  • Re: Bill Gates, Warren Buffett And Oprah All Use The 5-Hour Rule

    1. always reading magazines to keep with current trends
    2. always in the DR or Alps now......reflecting and resetting
    3. always trying to start something new...even when multiple failures.
    Young_ChitlinBoyPussySionAbraxas BelovedAfeni
  • Re: What One Billionaire Entrepreneur Says Is The Most Important Thing In the World

    @ the bold...

    this is why i say a hood dude can out think a corporate dude....

    in the corporate world you cant take weeks to make a decision that could at worse.....cost you your comfort

    in the hood you have to make split second decisions that if wrong , could cost you your life...

    the potential is there
    Stomp JohnsonBOSSExcellenceYoung_Chitlinbigbird_1
  • Bill Gates, Warren Buffett And Oprah All Use The 5-Hour Rule

    In the article "Malcolm Gladwell got us wrong", the researchers behind the 10,000-hour rule set the record straight: different fields require different amounts of deliberate practice in order to become world class.

    If 10,000 hours isn't an absolute rule that applies across fields, what does it really take to become world class in the world of work?

    Over the last year, I've explored the personal history of many widely-admired business leaders like Elon Musk, Oprah Winfrey, Bill Gates, Warren Buffett and Mark Zuckerberg in order to understand how they apply the principles of deliberate practice.

    What I've done does not qualify as an academic study, but it does reveal a surprising pattern.

    Many of these leaders, despite being extremely busy, set aside at least an hour a day (or five hours a week) over their entire career for activities that could be classified as deliberate practice or learning.

    I call this phenomenon the 5-hour rule.

    How the best leaders follow the 5-hour rule

    For the leaders I tracked, the 5-hour rule often fell into three buckets: reading, reflection, and experimentation.

    1. Read

    According to an HBR article, "Nike founder Phil Knight so reveres his library that in it you have to take off your shoes and bow."

    Oprah Winfrey credits books with much of her success: "Books were my pass to personal freedom." She has shared her reading habit with the world via her book club.

    These two are not alone. Consider the extreme reading habits of other billionaire entrepreneurs:

    Warren Buffett spends five to six hours per day reading five newspapers and 500 pages of corporate reports.

    Bill Gates reads 50 books per year.

    Mark Zuckerberg reads at least one book every two weeks.

    Elon Musk grew up reading two books a day, according to his brother.

    Mark Cuban reads more than 3 hours every day.

    Arthur Blank, co-founder of Home Depot, reads two hours a day.

    Billionaire entrepreneur David Rubenstein reads six books a week.
    Dan Gilbert, self-made billionaire and owner of the Cleveland Cavaliers, reads one to two hours a day.

    ​Want to read the most-recommended books by top leaders like Bill Gates, Mark Zuckerberg, Sheryl Sandberg, and Elon Musk? I created a report that highlights the most-recommended books of 60 top CEOs, entrepreneurs, and leaders.

    2. Reflect

    Other times, the 5-hour rule takes the form of reflection and thinking time.

    AOL CEO Tim Armstrong makes his senior team spend four hours per week just thinking. Jack Dorsey is a serial wanderer. LinkedIn CEO Jeff Weiner schedules two hours of thinking time per day. Brian Scudamore, the founder of the 250 million-dollar company, O2E Brands, spends 10 hours a week just thinking.

    When Reid Hoffman needs help thinking through an idea, he calls one of his pals: Peter Thiel, Max Levchin, or Elon Musk. When billionaire Ray Dalio makes a mistake, he logs it into a system that is public to all employees at his company. Then, he schedules time with his team to find the root cause. Billionaire entrepreneur Sara Blakely is a long-time journaler. In one interview, she shared that she has over 20 notebooks where she logged the terrible things that happened to her and the gifts that have unfolded as a result.

    If you want to be in to company of others who reflect on what they're learning with each other, join this Facebook group.

    3. Experiment

    Finally, the 5-hour rule takes the form of rapid experimentation.

    Throughout his life, Ben Franklin set aside time for experimentation, masterminding with like-minded individuals, and tracking his virtues. Google famously allowed employees to experiment with new projects with 20% of their work time. Facebook encourages experimentation through Hack-A-Months.

    The largest example of experimentation might be Thomas Edison. Even though he was a genius, Edison approached new inventions with humility. He would identify every possible solution and then systematically test each one of them. According to one of his biographers, "Although he understood the theories of his day, he found them useless in solving unknown problems."

    He took the approach to such an extreme that his competitor, Nikola Tesla, had this to say about the trial-and-error approach: "If [Edison] had a needle to find in a haystack, he would not stop to reason where it was most likely to be, he would proceed at once with the feverish diligence of the bee to examine straw after straw until he found the object of his search."

    The power of the 5-hour rule: improvement rate

    People who apply the 5-hour rule in the world of work have an advantage. The idea of deliberate practice versus just working hard is often confused. Also, most professionals focus on productivity and efficiency, not improvement rate. As a result, just five hours of deliberate learning a week can set you apart.

    Billionaire entrepreneur Marc Andreessen poignantly talked about improvement rate in a recent interview. "I think the archetype/myth of the 22-year-old founder has been blown completely out of proportion... I think skill acquisition, literally the acquisition of skills and how to do things, is just dramatically underrated. People are overvaluing the value of just jumping into the deep-end of the pool, because like the reality is that people who jump into the deep end of the pool drown. Like, there's a reason why there are so many stories about Mark Zuckerberg. There aren't that many Mark Zuckerbergs. Most of them are still floating face down in the pool. And so, for most of us, it's a good idea to get skills."

    Later in the interview he adds, "The really great CEOs, if you spend time with them, you would find this to be true of Mark [Zuckerberg] today or of any of the great CEOs of today or the past, they are really encyclopedic of their knowledge of how to run a company, and it's very hard to just intuit all of that in your early 20s. The path that makes much more sense for most people is to spend 5-10 years getting skills."

    We should look at the 5-hour rule like we look at exercise!

    We need to move beyond the cliche, "Life-long learning is good," and think more deeply about what the minimum amount of learning the average person should do per day in order to have a sustainable and successful career.

    Just as we have minimum recommended dosages of vitamins, steps per day, and aerobic exercise for leading a healthy life physically, we should be more rigorous about how we as an information society think about the minimum doses of deliberate learning for leading a healthy life economically.

    The long-term effects of NOT learning are just as insidious as the long-term effects of not having a healthy lifestyle. The CEO of AT&T makes this point loud and clear in an interview with the New York Times; he says that those who don't spend at least 5 to 10 hours a week learning online "will obsolete themselves with technology."
    Stiffnorthside7Young_ChitlinT. SanfordBrideofKillaSionbigbird_1Abraxas silverfoxxeastbay510BelovedAfeniTrillaaaaaa
  • Re: Clashes near Paris after young black man dies in police custody

    we need to support them as mention his name along with the others.

    Adama Traore