If I Knew Then Advice on careers, finance, and life from Harvard Business School's Class of 1963

I could have been a better leader if I’d left line responsibilities earlier and spent more time thinking about strategy to compete successfully. 

A successful leader:

• Inspires by actions and words
  
• Clearly communicates the goals of the organization to all
  
• Is good at motivating and incentivizing people in the company
  
• Sets forth a clear policy that no compromise in ethical behavior is acceptable

Encourage family togetherness, frequent communications, joyous occasions.

If things get tough in a marriage, don’t give up the first (or second) time there is a problem. Too many marriages are terminated after hitting the first rough spot.

If possible, don’t retire. Stay active mentally and physically. You’ll be a more interesting person if you are involved in a number of businesses or activities.

Success is:

• Having created and led a successful business — with a good succession plan
  
• Taking pride and pleasure from having a positive effect on the lives of many people
  
• A reasonable degree of financial security and the lack of worry about having enough assets to live comfortably in old age
  
• Children and grandchildren who are happy and healthy and making their own important contributions 
  
• Living with the same wife for 49 years and sharing the joys of life with her
  

Hire the best people.

Mistakes:

• Fear of hiring people who are smarter than you are
  
• Borrowing too much money
  
• Growing a business too quickly
  
• Failing to let people grow by not delegating enough responsibility
  
• Not emphasizing the importance of reputation and good ethics

I have lived a wonderful life. I have survived lung and prostate cancer and am feeling great. I believe that G-d has watched over me and my family, and I have been extremely lucky and blessed. 

I have been very charitable. I’ve given far more than most others who have the same resources as I have. I feel that philanthropists are rewarded by G-d and live longer lives than people who are not charitable.

• Don’t retire. Mental decay will inevitably set in. Stay active in something — philanthropy, business, mentoring, teaching.
• Don’t risk everything you’ve saved on any one “deal.”
• The more philanthropic you are, the longer you’ll live.
• Good business ethics is good business. Reputations are made slowly and can disappear quickly. You can be very successful without compromising your business ethics.
• Give each decision a small test before going ahead with it.
• Don’t give children or grandchildren money. It takes away their incentive.