What It Takes: Lessons in the Pursuit of Excellence

The best book on Business, I would suggest to read this book those who are interested to build large scale businesses and build best talents and culture in the organization. 39B dollar deal with SAM and the way it handled to sell most of it on deal closing day itself is outstanding smart work. Worth to read and re-read.

Rags to riches is an adage. When the economy or business cycle takes an unexpected and swift downturn, as often it happens, we have stories of riches to rags. The story of Blackstone, cofounded by Stephen Schwarzman is about building great institutions that can not only survive, but also thrive with every challenge. Schwarzman shares with us this fascinating story, with candour and courage, deep insights, and personal notes, with lessons on learning, leadership, love, and a legacy to be proud of. Schwarzman belongs to a middle-class Jewish family in suburban Philadelphia, brought up in 1950’s, absorbing the core values of integrity, straightforwardness, and hard work. As a kid, he was paid ten cents per hour for folding handkerchiefs at the family’s linen shop. Unhappy with his pay, he once asked his grandfather for a raise to twenty-five cents an hour. “What makes you think you’re worth twenty-five cents an hour?’’ came the reply. There was no entitlement to higher wages just because the family owns the business. Steve’s keen interest in athletics earns him a seat for undergraduate study at Yale. The story of Coach Armstrong training the team even in harsh winter, and Steve’s kind gesture in gifting a pair of Adidas spikes to his relay teammate Bobby, who could not afford to buy one, are clear examples of leadership, teamwork and the spirit of giving and sharing that are exemplary virtues. Schwarzman builds Blackstone on the solid twin principles of Excellence and Integrity. Excellence for him is giving 100 percent on everything. A five percent underperformance could mean a hue setback to investors in a hypercompetitive and uncertain business environment. Integrity is the true middle-class values of honesty, hard work, respect for others and always doing what you say you will. This requires courage. In the real estate business, there are multiple ways of presenting property values, depending on whether it is to the investor, or tax authorities or to someone else. Blackstone puts an end to this dubious practice and always presented the one true value. Yet, it emerged phenomenally successful in the real estate business that is plagued by nefarious practices throughout the world. Truth alone Triumphs. Hiring the best people is a non-negotiable at Blackstone. Mediocrity and complacency are prescriptions for disaster. Blackstone’s management team has been with them for eighteen years on average and the tenure of senior managing directors is ten years or more. “Such longevity is rare in the financial services industry”, says Schwarzman. The final chapters are about giving back to society. “I have long believed that education is a passport to better lives. A good education has the power to affect whomever it touches for the better” he says. His liberal donations to Tsinghua University, Yale, MIT, and Oxford are aimed at creating a better world for the next generations through quality education cutting across continents, cultures, and technologies. In the spring of 1987, when Schwarzman and his co-founder Pete Peterson went to MIT to raise seed money for Blackstone, the only person whom they could meet was the janitor. “Oh. It’s Friday. They have left a while ago,” he said. Steve and Pete came back empty handed and fully drenched in the unexpected heavy rain. October 2018, MIT Campus. It was final day of MIT’s three-day event to launch Stephen A. Schwarzman College of Computing covered by CNBC for global live streaming. As Schwarzman leaves the stage, Rafael Reif, President of MIT leans in: “Wow, I’ve never seen that before in my almost thirty years at MIT.’’ Schwarzman: “What was that?”. Reif: “A standing ovation.” Fortunately, Steve was denied twenty-five cents an hour by this grandfather. He was destined to build a fortune, with Excellence and Integrity.

The Lessons provided in the book are very good however it does feel like an biopic without an continuation that goes back and forth that makes the reader confused often

Gave me a new perspective on what could be achieved in life

This is one of the best books to read. Every Investor should buy and pass on this book to the next generations. The book was received in excellent condition. The seller also sent a complimentary book on population. Get one request : Please send these books in cardboard packing and not basic paper packing as they are hardcovers and might get damaged during transit. Thank you very much.

It was really insightful and motivational tbh. The language used is easy to understand. It is really good book for anyone interested in the sphere of business. The only negative I felt is that sometimes the author seems to be boasting too much about his achievements. It's really uncomfortable to read those a few pages.

The book I received had a lot of dust on its cover and inner pages. I had to wipe it off and there were small white spots on the front cover of the book. While I cannot speak on the contents of the book, the tangible quality of the book from this e-seller was not good.

Tale of a titan, The Blackstone founder is a living legend especially for anyone working in Real estate and Alternative Investments. Although the book could’ve been more cogent and cohesive, the abruptness of certain sentences and quotes will strike you hard and stay with you long after the details of his daily life are forgotten. Must read for entrepreneurs and executives.

Excellent book, so much insight and transparency.

Pieno di spunti pratici e motivazionali, si legge con piacere e lascia riflettere su come migliorare ogni giorno. Consigliato a chi cerca ispirazione e crescita personale.

Buena filosofía de vida.

Stephen A. Schwarzman’s What It Takes: Lessons in the Pursuit of Excellence is a masterfully written memoir that chronicles the life of a visionary who redefined global finance and philanthropy. From humble beginnings in his father’s linen shop to co-founding Blackstone, one of the world’s most influential investment firms, Schwarzman’s narrative is a testament to the transformative power of ambition, resilience, and disciplined leadership. With candor and insight, he recounts the challenges and triumphs of building an empire, revealing his meticulous approach to risk management and the creation of a culture that prizes innovation and talent. His philosophy, encapsulated in the mantra “Don’t lose money,” serves as both a guiding principle and a hallmark of his enduring success. Beyond the financial world, Schwarzman’s commitment to philanthropy shines through in initiatives like the Schwarzman Scholars program and the MIT Schwarzman College of Computing, underscoring his dedication to global education and technological advancement. Imbued with practical wisdom and profound reflections, What It Takes is more than a memoir; it is a blueprint for aspiring leaders, a celebration of human potential, and a powerful ode to the relentless pursuit of excellence.

I am only half way through this book however the enthusiasm Stephen has for his work and the tenacity to explore, learn and change shows that we can all be winners if we try hard enough.