Video: The Golden Rule
What are three keys to building a successful team?
1. As a leader, you must have a vision. What is your vision for building this firm, this company? Where are you going to be three, five, seven years from now? You have to have that mindset and then you work backwards and say, ‘if this is where we’ll going to be, this is the kind of team that I need.’ And typically you need somebody who can share and understand your vision.
2. You need someone who is loyal; not blindly loyal, but loyal to your vision to implement your vision.
3. You need it to be comprised of complementary skill sets. You don’t need everybody; people who are your best friends may not necessarily create a great team. You need somebody who has finance skills, marketing skills, legal skills, so the complementary skill set is absolutely essential.
What’s your best advice for someone who is thinking of starting a business?
Get some skills before you go into the business yourself; work in the industry, intern for six weeks or three months, but learn on somebody else’s dime. 80 percent of entrepreneurs will fail, increase your chances for success by writing a business plan and learning a skill on somebody else’s dime — and then venture out on your own.
Everybody can learn finance, they should not be intimidated by finance. Finance is medicine, for some people it may not feel good or taste good, but It’s good for you.
How do you maintain a successful life balance?
I do it just by being very committed to having a life outside of work.
The same as one has to be disciplined and dedicated about work I’ve always had that same commitment to family.
My family is first and then career and work comes after that. I’m at a different stage in my life now, I’m single, my children are adults, and so my balance comes from the expectation that I will always stay involved in things other than work.
I think those people who tell you that you must have an imbalanced life to be a successful entrepreneur; that’s entre-manure-ship, not entrepreneurship.
To learn more about Northwestern University’s Kellogg School of Management visit www.kellogg.northwestern.edu.
