Michael Bloomberg, a titan of both business and philanthropy, has offered a wealth of wisdom throughout his career. His journey from a Wall Street partner to the founder of a global financial information and media company, Bloomberg L.P., is a testament to his entrepreneurial spirit and innovative thinking.
On Entrepreneurship and Innovation
- "Being an entrepreneur isn't really about starting a business. It's a way of looking at the world: seeing opportunity where others see obstacles, taking risks when others take refuge."[1]
- "The next day after I got fired, literally the next day, I started a new company."[1] This quote exemplifies his resilience and ability to turn a setback into a major opportunity.
- "Life is too short to spend your time avoiding failure."[2][3]
- "You must first be willing to fail – and you must have the courage to go for it anyway."[1]
- Leverage Your Expertise to Innovate. Bloomberg used his experience at Salomon Brothers to identify a need for better financial data, which led to the creation of Bloomberg L.P.[4]
- "Don't listen to what customers tell you they want." Instead, he advises understanding their ultimate goals and leading them to a solution they may not have imagined.[5]
- Build, monetize, and defend. This is his simple, three-step framework for building a successful business.[5]
- "Central planning didn't work for Stalin or Mao, and it won't work for an entrepreneur either."[1]
- "Entrepreneurship is having an idea to do something great and not entirely have a plan on how to do it but the drive and will power to make it work."[1]
- Spot opportunities in adversity. Losing his job at Salomon Brothers with a $10 million severance became the catalyst for starting his own revolutionary company.[6]
- "Buy what's deliverable, not what could be."[1]
- "To a contrarian like me, constant advice not to do something almost always starts me quickly down the risky, unpopular path."[1][7]
- "Small businesses are the engine of the American economy, and to start firing on all cylinders, we need to do more to help entrepreneurs start and grow companies."[8]
On Leadership and Management
- Hire people smarter than yourself. Bloomberg emphasizes that this is how you raise the overall performance of the team.[5]
- Delegate. He believes that trying to centralize everything is a "terrible mistake" and a reason why many businesses and governments fail.[9]
- "Nobody wants a job where they don't have authority to go along with the responsibility." He notes that giving people more authority helps attract better talent.[1][10]
- Embrace failure within your team. Bloomberg has said he publicly supports employees who try something ambitious that doesn't work out to encourage a culture of risk-taking.[5]
- "Working collectively and collaboratively is the difference between mediocrity by yourself or success as a team."[1]
- Share the credit. This builds trust and respect within a team.
- Lead by example with a strong work ethic. Bloomberg is known for being the first to arrive at the office and the last to leave.[11]
- "I know how to make decisions and stand up to the criticism every day."[12]
- Focus on people. He considers the employees who come in every morning to be the most important asset.[9]
On Success and Hard Work
- "After hard work, the biggest determinant is being in the right place at the right time."[1]
- "The harder you work, the luckier you get."[2] This is a core tenet of his philosophy on creating one's own opportunities.
- Be Persistent. He firmly believes that persistence pays off in the long run.[2]
- "If you don't encounter setbacks in your career, if you don't have doubts and disappointments, let me tell you, you're not dreaming big enough."[1]
- "Don't be afraid to assert yourself, have confidence in your abilities and don't let the bastards get you down."[1]
- "Progress is not inevitable. It's up to us to create it."[1]
- "If someone tells me they skied all day and never fell down, I tell them to find another mountain."[1]
- Balance work and personal life. While known for his intense work ethic, Bloomberg also recognizes the importance of personal pursuits for optimal success.[11]
- "You can't sit there and worry about everything."[7][12][13]
On Data and Decision-Making
- "In God we trust, but for everyone else, bring data."[1] This quote encapsulates his unwavering commitment to data-driven decision-making.
- A hallmark of his approach is a reliance on data to guide decisions. This ensures strategies are grounded in reality and more likely to succeed.[4]
- "You're entitled to your own opinions, but not your own facts."[1]
- Question everything. A curious and questioning mind is essential for growth and innovation.[9]
On Philanthropy and Social Responsibility
- "The truth of the matter is: you can create a great legacy, and inspire others, by giving it to philanthropic organizations."[1][10]
- "If you want to do something for your children and show how much you love them, the single best thing-by far-is to support organizations that will create a better world for them and their children."[1]
- Commit to social responsibility. Bloomberg has demonstrated a profound commitment to giving back throughout his career.[4]
- Successful business isn't just about profit; it's about making a positive impact on the world.[6]
- "Mark's decision shows that when it comes to philanthropy, 30 is the new 70."[14]
- Align with companies engaged in philanthropy. He advises job applicants to seek out organizations that share their values in giving back.[15]
- "I've always been in favor of having an estate tax." He sees it as a way to encourage philanthropy and prevent family dynasties that may limit opportunities for others.[10]
- Give Back. Bloomberg emphasizes that while you are responsible for your success, you only truly succeed if you share the rewards with others.[2]
On Personal Growth and Integrity
- "Never stop learning. The most powerful word in the English language is 'Why.' There is nothing so powerful as an open, inquiring mind."[2]
- Be honest with yourself.[9]
- "I think if you look at people, whether in business or government, who haven't had any moral compass, who've just changed to say whatever they thought the popular thing was, in the end they're losers."[12][13]
- "What you've got to do is be honest. Say what you believe. Give it to them straight. Just don't wuss out."[1][10]
- "I don't know why you should be proud of something. It doesn't make you any better or worse. You are what you are."[1][7][12]
- Don't look over your shoulder. Focus on the path ahead rather than dwelling on the past.
- "Wherever your career leads you, be honest with your colleagues, clients and contractors. Don't ever try to take advantage of them."[15]
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