Mike Bloomberg’s 6 Pieces of Advice

Mike Bloomberg is a business magnate, politician, author and philanthropist whose net worth is estimated at 53.8 billion USD (2019). He is the richest person in New York and 9th in the whole world according to Forbes 2019 analysis. His salary for his third term as Mayor of New York City was a whopping $1 per year. If that is true, he was the Mayor of the largest city in the U.S., for free. Below are his 6 pieces of advice,

1. Work hard;

“If there’s only one key to success, it’s hard work. I always give the most difficult and complicated assignment I have to the most overworked person in the company. There’s a reason they don’t have time – work is a marketplace and it’s telling you this person is good. When I worked at Salomon Brothers, I was always the first person in the office in the morning. The second was Barney Salomon, the managing partner. So if he wanted to know the football scores or if he needed a match for his cigar, then he’d come over and talk to me. All it was, was coming in early. If you like what you’re doing it’s fun, if you don’t it’s miserable.”

Take working hard to the next level. Get in early, leave late, and go further than your competitors.

2. Leverage your losses into wins;

Bloomberg had been a general partner at investment bank Salomon Brothers when he was laid off in 1981. Although a sizable severance package eased his pain, he decided to use his knowledge of the industry and the money from his former boss to create a juggernaut of a company – Bloomberg L.P. By 1990 Bloomberg had installed 8,000 of his terminals, leverage his unexpected layoff into a huge win. He has stayed in control of his company and still owns 88% of it.

3. Love what you do;

“It must be miserable to wake up every day and hate what you do. Go and do something else. If you hate it, how can it be worse?”

You’ll never be great at something if you don’t like doing it.

4. Keep Perspective;

“I’ve never had a bad job. I’ve only ever had two bad days in my life – when my mother died and when my father died. Apart from that, how bad can it be?”

As long as you’re alive and your family are alive, suck it up.

5. Show your face;

This is important regardless of how “high profile” you are. It is even more important when you are a well-known figure in the public or within your company. People want to know who they are working for. The more I get to know you, the more willing I am to work hard for you.

6. Be genuine;

“There is a characteristic that all good leaders have and it’s that they’re genuine. Will this person be with you in the trenches, go over the top, or will they stay back and say ‘you go’?”
Bloomberg’s speech may be harsh and direct but at least it’s genuine.

A version of this article was published on Facebook on 27th August 2018 by George Mangs.