Lessons from Jorge Paulo Lemann

Jorge Paulo Lemann, the Brazilian-Swiss billionaire investor and co-founder of 3G Capital, is a towering figure in the world of business, renowned for his instrumental role in the formation of global giants like Anheuser-Busch InBev, Kraft Heinz, and Restaurant Brands International. His philosophy, often summarized as a relentless pursuit of a "big dream" powered by a meritocratic culture and obsessive cost control, offers a wealth of knowledge for entrepreneurs and leaders.

On Vision and Ambition

"I always say, 'To have a big dream requires the same effort as having a small dream.' Dream big!" [1][2] This is perhaps Lemann's most famous mantra, encouraging audacious goals.
"It takes the same effort to think small than to think big. But to think big frees you from the insignificant details." [1] This highlights the liberating and focusing power of a grand vision.
"A dream big and challenging makes everyone row in the same direction." [3] A shared, ambitious goal is a powerful unifying force for a team.
"Always have a big dream." [3] A simple yet profound reminder of the starting point of all great achievements.
"Create the big dream." [3] This implies that a compelling vision is not just something you have, but something you actively construct and articulate.
"My current goal is to become the largest brewer in the world. I already have an idea for the next step." [4] This quote, from 2005, demonstrates his forward-thinking and sequential approach to achieving massive goals.

On People and Culture

"Good people working as a team and with common goals is the most important and differentiator asset of a business." [5][6] Lemann consistently emphasizes that human capital is the ultimate competitive advantage.
"Finding, training and keeping good people around are a constant and permanent struggle for all shareholders." [5][6] This underscores the continuous effort required to maintain a high-quality team.
"The main function of the heads of a business is to choose people better than them to keep the company going even without its leaders." [5][6] A testament to the importance of succession planning and hiring for the long-term health of the company.
"We want partners, not merely shareholders." [7] This reflects his belief in fostering a sense of ownership among key employees.
"We like to hire people with grit, those that know how to hang on and who have a shine in their eyes and life in their teeth—the ones who really want to do something." [8] This describes the "PSD" (Poor, Smart, with a Deep desire to get rich) profile he famously sought. [9]
"The three short years I spent at Harvard, where I lived with excellent people, taught me not only that I must know how to choose my partners but also that choosing excellent partners is a skill you can learn." [1][2] Surrounding oneself with talent is a learnable skill.
"We take risks with people if they look good and have been with us and give them a big job that they might not get somewhere else." [8] A core tenet of his meritocratic system is to bet on promising internal talent.
"The evaluation of employees is a crucial and beneficial component of the business." [6] A culture of constant and constructive feedback is essential for growth.
"Wages for employees should be motivating, equitable, and stable with the business as a whole." [6] Fair and performance-based compensation is key to retaining top talent.
"Culture shouldn't be seen as a strategy enabler, but a core strategy." [10] For 3G Capital, their distinct culture of meritocracy and efficiency is not just supportive of their strategy; it is the strategy.
"Good and ethical people attract more good and ethical people." [4] Integrity is a magnet for more of the same.

On Management and Execution

"Costs are like nails — you continuously have to cut it." [10] This vivid analogy captures his philosophy of relentless cost control.
"Always try to cut expenses. You have power over that since it assures your survival." [6] Cost management is a fundamental lever for ensuring a company's resilience.
"Focus is essential. Be totally focused. Focus on what's most important." [3][6] A simple, yet powerful principle for achieving ambitious goals.
"Common sense is far more valuable than sophisticated concepts. Complexity is never preferable to simplicity." [6] Lemann's approach favors practical, straightforward solutions over complex theories.
"Useful innovations are those that add value. However, it is far more useful to replicate what is effective." [6] Pragmatism over novelty; proven success is often the best model.
"A successful company constantly seeks to advance. No matter how successful something is, it can always be done better." [6] A mindset of continuous improvement is crucial for long-term success.
"I'm never satisfied with where we are. I always think we can do better." [11] This reflects a personal commitment to perpetual improvement.
"Leadership is demonstrated through the daily example in even the minutest detail and by having clear ideas." [6] True leadership is about consistent action and clarity of thought.
"While debating is important, everything that is considered needs to be overseen by someone, and ultimately a choice needs to be made." [6] Discussion must lead to decisive action and clear accountability.
"Key data circulated through communication and transparency helps educate, unify the team, and gain a competitive edge." [6] Open communication of key metrics is a tool for alignment and performance.
"Their 'zero-based budgeting,' wherein every expense must be newly justified every year, not just new ones, with a target to bring it lower than the year prior says it all." [10] A practical and rigorous application of his cost-cutting philosophy.
"The greatest asset of a company is its name and people. A good name should always be safeguarded and protected." [7] Reputation is a priceless asset that requires constant vigilance.
"A great deal is one that is long-lasting and sustaining." [4] Lemann's investment horizon is focused on long-term value creation, not short-term gains.

On Learning and Personal Growth

"Always be learning and seeking new knowledge." [11] A commitment to lifelong learning is non-negotiable.
"Everything is a learning experience, we're always learning and trying to improve." [4] Every situation, positive or negative, presents an opportunity to learn.
"Success is not guaranteed, but failure is an opportunity to learn and grow." [11] A resilient mindset that reframes failure as a valuable teacher.
"Most of the stuff they've implemented over 40 years have been from Jack Welch, Jim Collins, from GE, from Wal-Mart. The big difference is in excellent execution and localization of these business principles." [10] Acknowledging that many of their successful methods were adapted from other great business leaders, emphasizing that execution is the key differentiator.
"Ongoing education: Even after 15 years of working at Garantia, Telles completes the Harvard OPM program. Sicupira did the same. Learn, learn, learn. If these 3 can find time, anyone can find time." [12] A powerful example from the book "Dream Big" of the leadership's commitment to continuous learning.

On Ethics and Integrity

"In day-to-day life, you have stimulus to behave unethically, but in the long term, it always pays off to be ethical." [1][2] A clear statement on the long-term value of ethical behavior.
"Being ethical and transparent always pays off." [4] Reinforcing the commercial wisdom of maintaining high ethical standards.
"No matter where you are in the world, you treat other people exactly how you would like to be treated – honestly and fairly." [4] A simple, universal rule for ethical conduct.
"I think the one trait that you really can't deal with is a lack of integrity." [4] For Lemann, integrity is a non-negotiable trait in the people he works with.
"It takes a lot of work to establish a reputation that can vanish overnight." [6] A stark reminder of the fragility of a hard-won reputation.

On Life and Success

"Luck is always the result of sweat. There is an intimate relationship between the force applied and the results obtained." [3] Hard work is the prerequisite for what often appears to be luck.
"Always be on the prowl, life, business and exceptional tennis depend on opportunities when they arise - learn to recognize them and go get them." [4] A proactive and opportunistic approach is essential in all areas of life.
"Give up just on the very last point." [4] A lesson from his tennis-playing days that translates to perseverance in business.
"Do not play to the audience, a beautiful game does not always win." [4] Substance and results are more important than style and popular opinion.
"I'm a big believer in risk-taking, if you don't take risks you don't achieve much." [8] Calculated risk is a necessary component of significant achievement.
"Honestly, I enjoy working. It's what I enjoy doing." [3] Finding genuine pleasure in one's work is a powerful driver of success.
"I was 17 and only thought about surfing and playing tennis. I had almost never left Rio de Janeiro and had never been to the United States." [1] A reminder of his relatively humble beginnings and that great journeys can start from anywhere.
"Maybe I was accepted to Harvard only because of my tennis skills, since I definitively had no great academic achievements." [1] A display of humility and a nod to the different paths to opportunity.
"In order to reach the pile of money at the end of the rainbow, you must travel the entire rainbow, but do so while making money along the way." [6] A pragmatic approach to long-term wealth creation, emphasizing the need for profitability throughout the journey.
"His way out was to create 'difficulties' for the deal to come about." [12] A lesson in tactful negotiation from "Dream Big," where Lemann avoided directly rejecting a deal with JP Morgan, instead creating conditions that led them to withdraw. This illustrates a strategic and diplomatic approach to complex business situations.

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