Blackstone's Byron Wien Discusses Lessons Learned in His First 80 Years - 02/12/2013

Blackstone's Byron Wien Discusses Lessons Learned in His First 80

Years - 02/12/2013

Here are some of the lessons I have learned in my first 80 years. I hope to continue to practice them in the next 80.

1. Concentrate on finding a big idea that will make an impact on the people you want to influence. The Ten Surprises which I started doing in 1986 has been a defining product. People all over the world are aware of it and identify me with it. What they seem to like about it is that I put myself at risk by going on record with these events which I believe are probable and hold myself accountable at yearend. If you want to be successful and live a long, stimulating life, keep yourself at risk intellectually all the time.

2. Network intensely. Luck plays a big role in life and there is no better way to increase your luck than by knowing as many people as possible. Nurture your network by sending articles, books and emails to people to show you’re thinking about them. Write op-eds and thought pieces for major publications. Organize discussion groups to bring your

thoughtful friends together.

3. Get enough sleep. Seven hours will do until you’re sixty,

eight from sixty to seventy, nine thereafter which might

include eight hours at night and a one hour afternoon nap.

4. Evolve. Try to think of your life in phases so you can avoid a burn-out. Do the numbers crunching in the early phase of your career. Try developing concepts later on. Stay at risk throughout the process.

5. Travel extensively. Try to get everywhere before you wear out. Attempt to meet local interesting people where you

travel and keep in contact with them throughout your life.

See them when you return to a place.

6. When meeting someone new, try to find out what

formative experience occurred in their lives before they were seventeen. It is my belief that some important event in everyone’s youth has an influence on everything that occurs afterwards.

7. On philanthropy my approach is to try to relieve pain rather than spread joy. Music, theatre and art museums have many affluent supporters, give the best parties and it can add to your social luster in a community. They don’t need you. Social service, hospitals and educational institutions can make the world a better place and help the disadvantaged make their way toward the American dream.

8. Younger people are naturally insecure and tend to

overplay their accomplishments. Most people don’t become

comfortable with who they are until they’re in their 40’s. By

that time they can underplay their achievements and become

a nicer more likeable person. Try to get to that point as soon

as you can.

9. Take the time to pat those who work for you on the

back when they do good work. Most people are so focused

on the next challenge that they fail to thank the people who

support them. It is important to do this. It motivates and

inspires people and encourages them to perform at a higher

level.

10. When someone extends a kindness to you write

them a hand-written note, not an e-mail. Handwritten notes

make an impact and are not quickly forgotten.

11. At the beginning of every year think of ways you

can do your job better than you have ever done it before.

Write it down and look at what you have set out for yourself

when the year is over.

12. Never retire. If you work forever, you can live

forever. I know there is an abundance of biological evidence

against this, but I’m going with this theory anyway.

The views expressed in this commentary are the personal views of Byron Wien of

Blackstone Advisory Partners L.P. (together with its affiliates, “Blackstone”) and do not necessarily reflect the views of Blackstone itself.