Summary of the life experience of Blackstone founder Peter Peterson

The starting point of Blackstone, my apex: 7 lessons of my life

People often ask about my career (business and public policy), and it seems that my experience contains some valuable experience.

In terms of business, a question that a lot of people are interested in is why, when I was only XNUMX or XNUMX years old, I could get important jobs in some seemingly unrelated fields, such as advertising, manufacturing, and finance. How did I do? Did it?

Maybe you still have a hidden unspoken question: how to become a billionaire?

In the field of public policy, if the public affairs that I love are my second career, I am often asked, how did I invest in this second career while not neglecting the original career?

My first answer (not nonsense) is-some of my success is due to bad luck.But the editor thinks this answer is too perfunctory.

He said that this leads to a question: Why do so many senior positions come to me at a young age?And I didn't answer, how should I respond when opportunities come one after another (no matter how they come, why they come)?

In order to prevent this part from becoming career counseling, let me say one more thing.Our interests, hobbies, abilities, resources, strengths, and of course our weaknesses are all different, so there is no uniform standard for "how" to conduct career planning.

I emphasize that I have never planned a long-term career path for myself. No doubt, I cannot plan one for you.

What I can help you is when you read these themes or guiding principles, take them as links to my various careers, and then ask yourself: Which ones apply to me?Which ones are linked to my interests, abilities, and passions?

Lesson 1: Use your comparative advantage

Perhaps the first lesson I learned is: Don’t be led by a job if it’s just a high salary, good benefits, good location, or a big office for you.Focus on whether your strengths can be reflected in your work-your comparative strengths.

My first job, the one in the retail industry, reflected my relative disadvantages, so it failed miserably.After that, I learned to reject job opportunities that didn't suit me, no matter how attractive it was.In the end, I found that the quality of my career really depends on my performance in the job, which means that I can give full play to my advantages.

Adam Smith’s students will keep in mind his most logical mantra that has been applied for centuries: Use your comparative advantage.I found that this sentence is equally applicable to people and jobs.

Lecture 2: You can’t be lazy in your mind

When I put my comparative advantage into practice, I learned the important second lesson: I cannot be lazy in my mind.Always think about the specific conditions of your company, your industry, and the entire economic environment!

In the advertising industry, you can sit back and relax without being called a genius.Also think about what advertising is, what advertising can be, and what advertising should be.

In my career in two fields, I found that I am not only attracted by some microscopic problems, that is, specific things that everyone has to do every day, but also many macroscopic problems, that is, some abstract problems can stimulate Started my interest.I like this-small and grand, concrete and abstract.

Lesson 3: The most important thing is to invest and try to take actual action

I am dissatisfied with just knowing what I know, or what I think I know.I want to record them, talk about them, and even spread them to others.In the course of practice, the people I met were smarter than the other, and more enthusiastic and dedicated than the other.They not only changed my thinking, but also expanded my thinking.

Therefore, in the process of writing manuscripts, drafting speeches or other lectures, I feel that thinking and recording good ideas is not enough, at least for me.

This is the third lesson: For me, the most important thing is to invest and try to take actual action.This means trying to improve or improve the situation that I think is worth the effort, and trying to change things that I think need to be changed.

That's why I spent so much time working in various agencies or establishing various agencies.These institutions have greatly expanded my social circle and have helped me meet many people who have a consensus with me.

I am committed to civil rights, fiscal responsibility, intergenerational equity, Congressional Code of Conduct, charity reform, and CEO long-term performance bonuses.

Therefore, at a critical moment in my life, I found that from time to time, someone would prepare a board position for me-whether it is a for-profit or a non-profit organization, or bring new business to my company, because in these areas In, they used to fight alongside me.Moreover, they obviously trust my observation and determination.

A typical example is the Bipartisan Joint Budget Appeals Committee in the 20s. I, together with the five secretary-generals of the Ministry of Finance, and the chief executives of hundreds of companies, called for the realization of the internal fiscal responsibilities of the government.

I had never expected that my leisure activities could also contribute to my career.An important point of this lesson is: don’t participate in these activities just because it helps you.My participation stems from my interest.With interest, everything else will come naturally.

Class 4: Choose your field of struggle carefully in accordance with personal needs

When opportunities for not making money are presented to me (this kind of thing often follows), I have to make some difficult choices.Should I take all the opportunities, take most of them, or choose a few of them?

When I am active, eager to experiment and gear up for things I am interested in, I understand that all these interests may eventually lead to half-heartedness and eagerness for success-doing things for a while, and then for a while.So, I chose only one or two of them in the end.

One of my principles is particularly simple, which is to follow my own interests.Or as the philosopher Joseph Campbell once said, "Follow your happiness."

How happy it is to work in a field of interest!I am often attracted to a seat on the board of a well-known organization in order to build a better network of people.But if this is not in my range of interest, I will refuse.

Because I am particularly passionate about things in certain fields and I am willing to spend a lot of time on them. Not only will I be very happy to spend a lot of time and energy on the affairs of these institutions, but I will also be willing to participate in its management and its Fundraising activities (this is very important).

Again, I have an unexpected gain.Occasionally, I will be invited to serve as chairman. One of the first tasks of this position is to raise money, and this task in turn helped me establish close relationships with more important figures in American politics and business circles.

The list of bad surprises is endless.But I gradually understood that there are still many good surprises.My efforts in one area (such as strengthening fiscal responsibilities) will benefit work in other areas, such as winning more business for my company or making a new group of friends.

Lecture 5: Be loyal to your own principles, your heart, your own moral standards

The next 5th lesson is particularly important.It is about how we should go on the road of life.

My parents let me know how important it is to be loyal to my principles, my heart, and my moral standards.It is because of their teaching that I dare to say "no" to those who are not worthy of my contribution.Although these "no"s will obviously bring some short-term losses, in general, long-term gains will eventually appear.

I wish I could say that I have been able to abide by my principles, but I failed to do this twice.

Once at MIT, I misappropriated Roy Cohen's paper.My excuse is very lame: I lament that this country boy from Nebraska can finally embrace the new social life given by New York, and I also quibble that I actually did not "really" plagiarize his paper because I have also added "A lot" of their own stuff.

I vowed not only to be honest with others, but also to be honest with myself.This time I obviously violated this principle and paid a price for it, and it was very painful.

Another time, at Lehman Brothers, I silently tolerated some untolerable behaviors of several partners for a long time, because I was concerned about "getting along with each other in peace" and safeguarding short-term interests.

In both events, there are short-term benefits and enjoyment, or some short-term pain can be avoided, but they are all at the expense of some important long-term benefits.

On the contrary, when I stick to my oath and abide by the principles, even if the moment is uncomfortable, the long-term benefits may be satisfied.My experience in this life has confirmed this without exception.

At a series of important turning points in my life, I can simply say "no".I feel that I have a good reason to say no. This may be instigated by moral factors, or it may be my intuition telling me that the character of the supervisor or decision maker is defective, or the feasibility of the project is questionable.

For example, McCann has a boss who eroded the company's pension fund, bought a super-large special plane regardless of the overall situation, stole the results of my work, and instigated me as a newborn calf to seek the position of chairman of the company.But I resolutely resigned, even though I had not found a way out at the time.It was a very difficult decision at the time, but I never regretted it.

During the Nixon administration, I insisted on maintaining my independent personality and refused to be mercilessly used by the president like a chess piece.I may not have experienced some extraordinary events because of this, but I was able to get out before the "Watergate Incident" broke out.

At that time, I would be annoyed by some of my decisions.I am worried that abiding by the principles will lead to my future decline.My job is unstable, and I even made a fool of myself in public.But in people's minds I still have integrity.But then I encountered a better job opportunity.

Put it this way, the "no" I said to Nixon at the time seemed to push me into the abyss, but in fact it was not.I was actually reborn from the ashes.

In the White House where Nixon was in charge, I found that working with people without shared values ​​was much harder than I thought.Now I have learned to "get into battle with ease", that is, to avoid some psychological baggage at work, to avoid making myself unable to act independently and to adhere to my own moral standards.

For example, during Nixon’s time, the young staff in the White House who circled Holdman were burdened by his rigid ideology and loose ethics, so that they could not act according to their own thoughts. Some of them were eventually sent to prison.

Getting into battle with ease is sometimes more difficult to implement than I thought.But looking farther, I know this is the right thing to do.

Class 6: Find a balance between your career and your personal life to make you healthy and happy

OMG!In this regard, my experience is basically negative teaching materials that have not found a balance point.I have experienced two divorces because I don't value anything except work and achievements.

At some point, rediscovering his own life means that Qingyun's straight career path will slow down.

For myself, I know that refusing to serve as the CEO of Blackstone means losing more revenue.However, it also means that I can spend more time on Joan and the children, as well as my friends and various public affairs activities.I did exactly that.

No matter what specific adjustments we make, one of the most important basic principles is-no careful consideration, no self-analysis, or no prioritization, and no choice when necessary.For most people, a balanced life is not easy.

Lesson 7: Choosing long-term benefits

The content of class 7 is career advice.

My personal experience tells me not to be tempted by a job opportunity without understanding the situation.You can't just find a job that can give full play to your comparative advantages, you have to examine the shortcomings of the corporate culture.Because these shortcomings lurking like landmines, they may destroy your career at any time.

A comprehensive inspection of future employers in advance can bring huge dividends and avoid many risks.If I had done this kind of work before joining Lehman, then I would probably not choose to join it in the first place.

There are many things that need to be paid attention to in the all-round investigation work done before considering taking up a certain senior position.You usually have to consider the following points:

What are the goals and values ​​of this company?Is the political atmosphere strong here?Where does this political meaning exist, and in what form?

In addition to senior management, have you communicated with employees at the same level and how do they view your work?What do the employees think about your joining?

Is the turnover rate of executive officers of this enterprise high or low? If it is high, what is the reason?Is the financial situation of this company healthy and stable?Does the company have any remaining major legal disputes that have not been settled?

Looking back, all the opportunities I encountered turned out to be a matter of choosing one of the two—immediate benefits or long-term benefits.And my choices are all--Long-term benefits.