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Business Ideas: 3 Business Lessons From Howard Hughes

Business Ideas: 3 Business Lessons From

Howard Hughes

by Evan Carmichael

howard hughes

 

Today we’re going to look at how a young man, orphaned as a teenager, turned his love of aviation and created a multi-billion dollar fortune. This is the story of Howard Hughes and the top 3 lessons that you can learn from his success.

 

“I intend to be the greatest golfer in the world, the finest film producer in Hollywood, the greatest pilot in the world, and the richest man in the world.” – Howard Hughes

 

Howard Robard Hughes, Jr. (December 24, 1905 — April 5, 1976) was an American industrialist, aviator, engineer, film producer, director, philanthropist, and was one of the wealthiest people in the world.

 

When Hughes was a teenager he lost both his parents and was left with a family inheritance from money his father made by selling his inventions. Ever ambitious he was quoted as saying “I intend to be the greatest golfer in the world, the finest film producer in Hollywood, the greatest pilot in the world, and the richest man in the world.”

 

Hughes aggressively pursued business interests in Hollywood films, airlines, and hotels and casinos to expand his empire. He managed to turn his $1 million inheritance into a $2 billion fortune. Equivalent to $6.6 billion in today’s dollars, Howard Hughes was and still would be considered one of the richest men in the world.

 

Action Item #1: Surround Yourself With the Best

 

After inheriting his father’s company as a teenager, Hughes recognized that he didn’t have the knowhow to run the business and looked for someone who could. He hired 36 year-old Noah Dietrich to be his accountant and right-hand man on a $10,000 a year salary. For the next three decades, Dietrich eventually became director, vice-president and CEO of various branches of Hughes’ empire.

 

According to Robert Maheu, a chief advisor to Hughes: “Dietrich was delivering Howard profits of $50 to $55 million a year. Big bucks in those days.”

 

Action Item #2: Don’t Give Up On Your Goals

 

The Hughes H-4 Hercules was the world’s largest flying boat, the largest aircraft made from wood and had the biggest wingspan of any aircraft ever built. It was contracted by the U.S. government to transport troops across the Atlantic to avoid German U-boats in the Second World War. Nicknamed the “Spruce Goose” it was three times the size of the largest plane ever previously built. Nobody thought Hughes would ever get it off the ground but he kept pushing towards his goal despite the naysayers.

 

According to Hughes: “This thing was a black sheep. Nobody wanted to fool around with it or become contaminated by it. We were working in a complete vacuum as to information based upon prior performance and prior design… I defy anyone today to design an airplane substantially more efficient than this one for its purpose.”

 

Action Item #3: Be Hands On

 

With some of the best people in the industry working for him, Hughes could have chosen to distance himself from the goings on of his various enterprises. But, instead, Hughes chose to be hands-on, involving himself in even the smallest of details. He would personally test fly all the planes that he helped design. He often even put his own life at risk to involve himself and improve his product. He was also, for the most part, adored by his staff, who appreciated his hands-on approach and were inspired by his dedication and enthusiasm.

 

According to Hughes: If I have made a mistake in the design, then I’m the one who should pay for it. I certainly would not ask somebody else to fly a plane if I were afraid to do it myself.

 

The key to transforming yourself — Robert Greene

The key to transforming yourself — Robert Greene

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Why do we fixate on the things we can see immediately when we crave change? In this passionate talk Robert Greene shares the key to transforming ourselves and also talks about his own personal transformation and his path to becoming a bestselling author.

About Robert Greene
Robert Greene is the internationally best-selling author of The 48 Laws of Power, The Art of Seduction, The 33 Strategies of War and The 50th Law (with rapper 50 Cent). His books have been translated into 17 languages. He has worked in New York as an editor and writer at several magazines; and in Hollywood as a story developer and writer. He has lived in Brixton, Paris, and Barcelona; speaks several languages and worked as a translator.
He tweets as @RobertGreene

 

How to manually change a memory: Steve Ramirez and Xu Liu

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Steve Ramirez and Xu Liu shoot laser beams into the brains of living mice to activate and manipulate their memories. In a funny and — perhaps — unnerving talk from TEDxBoston, they explain the fundamental principles behind their experiments and broach the big questions that future advancements in this line of research may force us to answer.

When we close our eyes and think back to our childhood, to our first kiss, or to this morning’s breakfast, our brains perform the remarkable task of mental time travel and thereby enrich our lives with memories. How does neural machinery give rise to something as seemingly ephemeral as memory? Recently, Hollywood inspired our imaginations by proposing that memories could be artificially triggered (think Total Recall), erased (think Eternal Sunshine of the Spotless Mind), or even implanted (think Inception). Now, neuroscience has plucked these ideas from the tree of science fiction and grounded them in experimental reality. The catch: our subjects are the movie stars of the laboratory setting–rodents. This talk will introduce how revolutionary techniques from our lab have made it possible to isolate and manipulate specific memories at the level of single brain cells with just flickers of light, as well as the societal ramifications of doing so.

This Is Your Life – Johnny Cash

This Is Your Life – Johnny Cash (1 of 2)

June Carter Cash and Billy Graham join Ralph Edwards to celebrate Johnny Cash’s life.
Ralph Edwards hosts.

This Is Your Life – Johnny Cash (1971) (2 of 2)

Gloria Swanson – This Is Your Life

Gloria SwansonThis Is Your Life

Ralph Edwards welcomes Gloria Swanson to “This Is Your Life”, with guest appearances by Mack Sennett, Francis X. Bushman and Rod LaRocque. Note: this is NOT the complete show (at least seven minutes of the ending are missing). However, until, and if, “This Is Your Life: Volume Two” is ever released on DVD, and if they include this show, and the Frances Farmer “tribute”, I can’t find these shows anywhere else.

 

This Is Your Life Laurel & Hardy

This Is Your Life Laurel & Hardy

A rare candid look at the two giants of movie comedy on the 1954 “reality” type television program, “This Is Your Life” with Ralph Edwards.

Intentional Serendipity: Corey Ford

Intentional Serendipity: Corey Ford

Corey Ford on “Intentional Serendipity.”

Corey Ford is the CEO of Matter Ventures, a $2.5 million incubator and start-up accelerator launched by Public Radio Exchange (PRX) and the John S. and James L. Knight Foundation to spur innovation in public media. He most recently built Runway, a pre-team, pre-idea incubator for entrepreneurs at Innovation Endeavors, Google chairman Eric Schmidt‘s venture capital fund. Prior to that, he taught design thinking innovation at the Institute of Design at Stanford University. Corey began his career in public broadcasting managing the production of 17 films for the PBS/WGBH series FRONTLINE, earning an Emmy and a duPont-Columbia Gold Baton Award. He earned an MBA at Stanford and was a Morehead Scholar at UNC-Chapel Hill where he majored in Journalism and International Studies.

 

Self-respect leads to self-discipline -Clint Eastwood

Self-respect leads to self-discipline – Clint Eastwood

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Which Star Is The Best Bang for the Buck?

Which Star Is The Best Bang for the Buck?

“Although studios often spend hundreds of millions of dollars on blockbusters full of explosions and computer-generated destruction, a small movie like Black Swan can often be a much better bet.

True, Black Swan won’t spawn any lines of Nina and Lily dolls or a spin-off TV show. But the film made an enormous profit. It was produced for an estimated $13 million and grossed $329 million at the box office worldwide.”*

A lot of top actors are grossly overpaid for what they do, but some bring great returns to the studios vs their own pay. Which celebrity is the best bang for the buck? Cenk Uygur and Ana Kasparian breaks it down.

 

The Rocky Story by Sly

The Rocky Story by Sly

part 1 of 4

Sylvester Stallone tells how Rocky was made.

part 2 of 4

part 3 of 4

part 4 of 4