Best Advice I Ever Got

Just came across a very interesting video series in CNN Money. Its a series of video clips of a few minutes each where famous people share the best piece of advice they have. Link here.

Some interesting ones are:

  1. Business
    • Reed Hastings, CEO of Netflix: Strategy is not about what you are doing, it is about what you are not doing. The hard part of strategy is defining all of the “nots”. If you end up with all of the “Do”s, it is just a wish list. Strategy is about making hard choices, and you never get that clear until you specify all the “nots”.
      [This reminds me of Charlie Munger’s way of thinking — to always invert!]
    • Tom Freston, ex-CEO of Viacom: Business is problems. Business is really about problem solving.
    • Dan Gilbert, Founder and Chairman of Quicken Loans: A penny saved is just a penny. Spend your valuable time to create something rather than save pennies.
  2. Learning
    • Bob McDonald, CEO of Procter & Gamble: Always be learning. Force yourself to learn new things even when its uncomfortable.
    • Charlie Munger, Vice Chairman of Berkshire Hathaway: The school of life is always in session, if you aren’t learning something new, you are falling behind.
  3. Do What You Love
    • Bill Ford, Executive Chairman of Ford: If you are not doing what you really want to do, you are not doing yourself or the company any favours. Whatever you do, make sure its your passion.
    • Arianna Huffington, co-Founder of The Huffington Post: Not let your fears stop you. If we learn not to fear failure, we both enjoy our lives more, and we end accomplishing a lot things that we didn’t think we can accomplish.
    • Frank Greenberg, ex-CEO of AIG: Fight for what you believe in, in many ways be a workaholic, you gotta love what you do, and have the courage and conviction that goes along with it.
  4. Take Risks
    • Stephanie Tilenius, SVP and GM of eBay’s North American Marketplaces: If you are not risking failure, you are not trying hard enough.
  5. Be Prepared
    • David Boies, Chairman of Boies, Schiller, Flexner: I am ready to advantage of what happens in a trial because of the huge amount of preparatory work that I had done.
      [Just like in investments.]
  6. Job Advice
    • Sheryl Sandberg, COO of Facebook: Advice she got from Eric Schmidt, CEO of Google — Go where there is growth, because where there is fast growth, that’s what creates opportunities.
    • Ram Charan, Business Strategy Expert: You are responsible for your own development. People do what they like to do. The people who progress, they do what is needed to be done.
  7. Peter Peterson, co-Founder of The Blackstone Group: Know what is enough.


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