My one big mistake in life has been providing a trust fund for my five children. I’m very comfortable paying for an education for as long as they want to study in a reputable university. However, providing additional funds so they could have a lifestyle beyond what they have achieved on their own was a mistake.
For me a fulfilling career consists of sharing the ownership with all employees. I also believe in a very transparent information system so that employees at all levels can judge our successes and failures for themselves.
Creating success in business has to be “a shared learning experience.” I believe that all employees need information — not only about the total company but also their particular division or department. Transparency is the key to a successful entrepreneurial company.
As an entrepreneur, financial wealth is certainly a measure of success — but not the entire measure. In business, dollars are how we keep score. For me, it’s a scorecard and not a driving factor.
There’s no substitute for hard work. And never underestimate the power of a motivated, directed, cohesive ownership team.
I do believe in the philanthropic spirit in the United States of America. I believe in not only sharing my wealth with philanthropic organizations, but also developing a culture throughout the company where all employees feel this is an important part of life.
A successful leader has an entrepreneurial spirit. The power of an entrepreneurial company owned by its employees with total freedom of information is a phenomenal, competitive engine.