Home » Posts tagged 'United States'
Tag Archives: United States
Business Ideas – How to Create a Culture, Work Hard, and Make Customers Happy like G Steinbrenner by Evan Carmichael
Today we are going to take a look at how a man went against his father’s wishes to run the family business in order to follow his passion. He went on to pursue his dreams and purchase one of the greatest professional baseball clubs in the history of the game. This is the story of New York Yankees owner George Steinbrenner and the top 3 lessons that you can learn from his success.
“I haven’t always done a good job, and I haven’t always been successful, but I know that I have tried.”- George Steinbrenner
George Steinbrenner (born July 4, 1930) went from coaching college football to saving his family’s business and finally owning one of the greatest baseball franchises in history, the New York Yankees. When Steinbrenner started college he chose English literature, which was not what his father wanted him to do. Instead, Henry Steinbrenner wanted George to come back and run the family shipping business. After graduating college, George went in the United States Air Force where he would get his first taste of the business of sports by establishing a sports program in his spare time.
George had no plans on joining the family business or ever owning a professional sports team. After his tour in the Air Force was complete, he went on to join the coaching staff at Northwestern University and then Purdue University, but family problems would take him away from what he loved. He would get a call from his father pleading with him to come home and help prevent the family business from going under. “He told me to get home and get busy,” recalls Steinbrenner. “I wish I could have stayed in coaching. My father never asked that much, but when he did it was an order.”
After successfully saving his family’s shipping company and becoming president of the company within four years, George went against his father’s wishes and left the business to pursue his love of sports. He would go on to buy the Cleveland Pipers, an American Baseball League team, but the league would fold after a few seasons. George would set his goals higher the next time and buy the New York Yankees for $8.7 million in 1973. Today, the New York Yankees are worth more than $1.3 billion and are the most successful professional baseball franchise in history, at the same time making George Steinbrenner one of the greatest sports icons in history.
Action Item #1: Create a Culture
Action Item #2: Earn by Working Hard
Action Item #3: Make the Customers Happy
Since George Steinbrenner’s father did not believe in giving allowances to his children, George and his sisters were set up in a chicken business. They would sell eggs for 50 cents a dozen or chickens to the neighbors to make extra money. They would have to kill the chicken and pluck the feathers if the neighbors wanted to buy a chicken to cook. He did this job from the time he was 9-years-old until he was 15, when his father would decide to send him off to military school.
However, George knew that he would have to give up his portion of the chicken business. Despite the fact that it was family, he had no problem doing whatever it took to make a profit. He was a businessman, bottom line, and he did not let anyone — not even his own sisters — stand in the way of his business aspirations. “I sold my egg company to my sisters for three times what it was worth,” he said. “They’ve never liked me since.”
“There is not enough [time] to accomplish everything you’d like to get done.”
“I detest bankruptcy. To me, it signifies failure — personal failure, corporate failure.”
“I haven’t always done a good job, and I haven’t always been successful, but I know that I have tried.”
Business Ideas: Productivity in the Workplace for Entrepreneurs by Evan Carmichael
One of the most common questions I get asked is: How can I be more productive? There just never seems to be enough time in the day to get everything done. Today we’re going to talk about how you can eliminate, automate, and delegate your work to help you focus on your highest priority tasks, what I like to call CEO tasks.
The first thing you need to do is make a list of all the tasks that you do on a regular basis. This means everything from selling to customers, working with suppliers, invoicing, managing your cash flow, etc.
The second step is to bundle all your tasks into common themes. For example, making cold calls, attending networking events, and doing your email campaigns can all be under Sales & Marketing. Paying your staff, billing your clients, and keeping track of your expenses can all be called Admin. Continue classifying all your tasks until you have 5-7 main categories.
The third step is to figure out how much time you’re spending in each category. For example, you might spend 20 hours per week on Sales & Marketing, 10 hours per week on Admin, and so on.
Step 1: Eliminate
Step 2: Automate
Step 3: Delegate
The order of Eliminate, Automate, Delegate is very important.
Eliminate is first. You don’t want to automate or delegate something that can be eliminated because it’s a non-productive task. Automate is next. You don’t want to delegate something that can be automated because it is more expensive and more prone to error.
Follow the steps I laid out to put your regular tasks into groups and then Eliminate, Automate, and Delegate everything away until you’re working only on the top priority CEO tasks.
It all starts with that first little step.
Tom Deans Understands Family Business Relationships
Lugen Family Office is proud to select Tom Deans as the LFO 2013 Speaker of the Year Award Winner! Congrats Tom and keep up the great work.
Dr. Thomas William Deans is the author of the all-time best-selling family business book, Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth.
He now speaks on the international lecture circuit full time. Having delivered more than 500 speeches, he has built a reputation as a thought leader on the subject of intergenerational wealth transfer.
His lectures and books argue that family has emerged as the greatest economic driver of all time. But the question remains: How can wealth be transferred successfully without destroying the recipient and the wealth itself?
It is a question for the times, as the greatest generation of wealth creators move toward death in record numbers. Deans explores the idea that communication is crucial to the success of that transfer, and indeed to the success of individuals, families and communities.
The idea to write Willing Wisdom came from Tom watching his mother’s parents die. One death – his grandfather’s – was comparatively quick. His grandmother’s was a long and slow ten-year decline. Despite the significant wealth his grandparents left for family and charity, it is the conversations they shared that Tom thought about the most many years later.
In the end, when it came down to their last breaths, only the care provided by Tom’s parents, not money or even the promise of money, could purchase the dignified death each experienced.
Tom is not sure when he first became curious about why our culture has lost its inquisitiveness about death and dying, but he does know, having delivered his keynote speech on transitioning family wealth to tens of thousands of people around the world, that this trend is worsening.
We live in a culture that is in awe of wealth and all that it can provide. We also live in a culture that finds it difficult to talk about and contemplate death. The two are inextricably connected.
Tom starts conversations, but rarely does he finish them, leaving that to readers and their families, friends and trusted advisors.
Willing Wisdom represents a return to the subject of his doctoral research, conducted in the US, Canada and the UK and first published in Charities and Government by Manchester University Press.
Tom lives in a forest in the beautiful Hockley Valley in Ontario, Canada, with his wife, two children and five dogs.
Robber Baron: Lord Black of Crossharbour by George Tombs
If you are a fan of tycoon biographies, this book should be of interest to you. I found it particularly enjoyable to read for two personal reasons.
First, the best biographies, in my humble opinion, are the ones which take you inside the subject’s head and reveal what drives them to excel or at least clutch at the brass ring. The author here, George Tombs, is superb in this particular area. This is partly due to the fact he has known his subject personally for a number of years while working on an authorized biography. This book is the unauthorized version which came out after Black was found guilty in mid-2007 of stealing $6.5 million from his own public company, Hollinger International, an owner of newspapers around the globe. It’s safe to assume that the two men had a last moment falling out around the time of the trial.
Second, I have been following Conrad Black’s business career on and off since about 1980 when I began my study of business tycoons and their strategies at a precocious age.
There’s actually a third reason why I found this biography such an engrossing read. I have this morbid fascination with greedy people. I’m talking about people who have an inflated sense of self-entitlement, people who believe themselves to be above the law, people who will snatch the $100 from your hand that you had intended to use to refill your child’s insulin script in order to buy themselves a Cuban cigar. I’m talking Gordon Gekko, Leona Helmsley greedy. This, unfortunately, is how Conrad Black comes across as well.
The book is so good that I read 225 pages in the first sitting. That’s probably a record for me as I hardly ever exceed 100 pages per evening.
Conrad Black is currently serving a 6 year sentence in the USA for getting caught with his fingers in a public company’s cookie jar. Despite this sad ending, he is worth studying for students of business strategy. His tycoon career began in 1969 at age 25, when he and two equally inexperienced friends purchased a small town newspaper in Quebec. Long story short, Black developed a cookie-cutter system for acquisitions and ended up acquiring over 500 newspapers in Canada, the USA, Britain, and Israel over the next 30 plus years. He was a master at unleashing the game changing “Golden Feedback Loop” as I have come to call it within an industry. Once unleashed there was no option of holding onto the status quo. It was shattered. You then had to play by his rules or go out of business.
Controversy followed Black throughout his entire career starting at an early age. At Upper Canada College, an exclusive boy’s school, (think Andover and Exeter), he was expelled for selling copies of an exam to fellow students. However, his two biggest mistakes, according to Tombs, were:
1. A decision to list his Canadian public company on a USA stock exchange where his “proprietary style of management” was much more likely to draw undesirable attention and sanctions.
2. His decision to give up his Canadian citizenship in 2001 in order to accept a British peerage offered by Tony Blair and become “Lord Black of Crossharbour”. (Canadians have not been allowed to hold such titles since 1919.)
The first decision eventually led to accusations of Black running the new US public company as a “corporate kleptocracy.” This then led to a lengthy trial where a jury found him guilty and he was sentenced to 6 years in prison.
The second decision foiled his last minute attempts to regain his Canadian citizenship so that if found guilty, he could serve his sentence in a Canadian prison where he would most likely have had a substantial portion of it reduced for good behavior.
Considering his lifelong M.O. of using public company funds and assets as if they existed solely for his personal benefit, the 6 year prison sentence handed to him at age 63 can be viewed as the equivalent of a Hollywood “Life Time Achievement Award,” according to one wag.
One final point here about Black. He never made it anywhere close to billionaire status, but I include him here because he most certainly possesses the imperial air of one.
The only slow chapter in the book is one on the subject of a Black biography, Duplessi.Maurice Duplessis was the Canadian version of a Huey Long who used a corrupt political machine and religion to keep the people of Quebec docile and ignorant for the better part of three decades. It took some effort to work through it as it had too much unnecessary detail on a side character.
All in all, this is one of the best biographies in my extensive collection. Get more information on Robber Baron: Lord Black of Crossharbour.
Update July 2010: Conrad has been set free from prison on bail and is unlikely to have to finish the remainder of his sentence. This is a consequence of a Supreme Court ruling in another case. I’m actually glad to see him out. His transgressions pale in comparison to what we have seen on Wall Street over the last few years.
Based on rigorous research, hard-hitting interviews, and original documents, this biography stands out as the most complete examination of Conrad Black, builder of the world’s third-largest media empire, the Telegraph Group. Author George Tombs not only worked in Black’s empire, but maintained steady communication with him over the years as a journalist, giving him exclusive access and insight into Black’s opinions, ideas, values, and personality. Including 100 pages of annotated transcripts from Black’s most recent fraud trial in Chicago, this up-to-date biography gives an inside view of the mogul’s struggles and successes, throughout his past and into the present.
“Tombs has the advantage of being the only Black biographer who had access to his subject.” Alan Hustak, The Montreal Gazette
“In my view, Lord Black is the best biography . . . Lord Black is a full-fledged biography that gives us much to chew on as we speculate on why Black does what he does.” Don Cayo, Vancouver Sun
“A fascinating study . . . a terrific book that engages you from the get-go.” The Gary Doyle Show, CKGL Kitchener radio station
“Benefits immensely from the author’s ability to score interviews with Black himself.” Quill & Quire
“This intimate portrait reveals a man who’s spent his life courting the rich and powerful. . . . All of this enthralling material is placed in clever juxtaposition with taped interviews with the baron himself.” Independent on Sunday
“Tombs plumbs Black’s psychology objectively, but with a sharp insight.” Editor & Publisher
“At no point does the biographer demonstrate anything but impartiality toward his subject, a fact which serves Tombs well during his coverage of Black’s highly-publicized fraud trial in Chicago.” Scene Magazine
About the Author
George Tombs, PhD, is an award-winning journalist and a professor at Athabasca University in Alberta, Canada, and at the State University of New York. He is the author of Lord Black.
The power of words: Grace Taylor – Lugen Family Office
Saudi Arabian billionaire prince on his country’s economic futures in wake of tumbling gas price
Prince Alwaleed Bin Talal ranks 17th on the Bloomberg list of billionaires, and has urged his nation to diversify its economy as the U.S. increases its own energy production. He speaks with the “CBS This Morning” co-hosts about how increased production of oil in the U.S. may affect global relations.
Jorge Paulo Lemann: Meet the Burger, Beer Brazillionaire – Finance Expert
Aug. 29, 2013 (Bloomberg) — Bloomberg’s Alexander Cuadros examines the wealth Brazilian billionaire Jorge Paulo Lemann, the former professional tennis player who built his fortune on some very well-known American brands. He speaks on Bloomberg Television’s “In The Loop.”
When life throws you a curve-ball… David Ecker
When life throws you a curve-ball, either you have to duck, or learn to hit curve balls
David Ecker is a Stony Brook graduate who previously served as the Interim Director/Manager of Client Support for over 10 years and led the Project 50 Managed Output initiative. He focuses on strategic planning, partnering with researchers and developing best practices for the research community.
Abha Dawesar: Life in the “digital now”
One year ago, Abha Dawesar was living in blacked-out Manhattan post-Sandy, scrounging for power to connect. As a novelist, she was struck by this metaphor: Have our lives now become fixated on the drive to digitally connect, while we miss out on what’s real?
Abha Dawesar writes to make sense of the world — herself included
WHY YOU SHOULD LISTEN TO HER?
Abha Dawesar began her writing career as an attempt to understand herself — at age 7. It’s a goal that remains at the center of her work: Sensorium, her most recent novel,explores the nature of time, self, and uncertainty, using Hindu mythology and modern science as prisms. “At a very basic level, writing was always my way of apprehending the world,” she has said.
Dawesar moved from India to the United States to study at Harvard, and Delhi appears at the center of her novels Family Values and Babyji. But the oversimplified genres of immigrant fiction or ethnic fiction do not appeal to her. “Those looking for a constant South Asian theme or Diaspora theme or immigrant theme will just be disappointed in the long run from my work,” she has said. “The only label I can put up with is that of a writer. And my ideas come from everywhere.”