What It Takes: Lessons in the Pursuit of Excellence

Trying to be objective as possible here: It’s essentially a biography mixed in with tidbits of advice. For other financial readers, it reminds me of a mix between Michael Lewis’ Liar’s Poker (for the entertaining story) and Ray Dalio’s Principles (for the sage advice). Some complain that it’s not really a biography, that stories are non-chronological (which honestly it is, Steve just jumps from one topic to another - Maybe talking about Blackstone in one paragraph to then talking about personal events in another, but they’re all generally chronological. Sometimes he does do flashbacks); Others say that it’s not really a hand guide of “What it Takes” and, therefore, the book is mislabeled. In my opinion, Schwarzman’s What It Takes: Lessons in the Pursuit of Excellence, is a good mix between a traditional biography, in-depth business stories that are engaging, and valuable pieces of advice here and there. Honestly, what else is it supposed to be? I haven’t heard Schwarzman is planning on writing another book, so this was the single piece of writing to capture all of his life. Simply put, I loved it. I started it over the Thanksgiving holiday and finished it that Sunday. I honestly had a difficult time putting it down. Some say Schwarzman is pompous throughout the writing, and I have to concur - to a certain degree. One has to remember that Steve grew up fairly humble in Philadelphia, helping his parents run their linens store as a kid before they were able to move to a better part of the city and, in-turn, send Steve to a better public high school in the district. Having done very well academically and attending States for Track, he would attend Yale since he was rejected by Harvard. That was 1965. Later on in the book, Steve references things that most people wont be able to experience in their life: Meeting heads of state, taking flights to places like Egypt for an important dinner, and quite literally creating his own University. While I can see the point of view as this coming off as pompous, if I had Steve’s life, I would have written the book the same exact way. Not many people get to experience such unique events, so it makes sense to document them. Besides, Schwarzman quite literally worked for it all himself. Who wouldn’t want to talk about their successes when they grew up poor and is now one of the wealthiest people alive? If you’re looking for a great business book that’s engaging, easy to read, filled with good advice, and reaffirms that the American Dream is alive, then Steve Schwarzman’s What It Takes, is it.

This book is amazing! I learned a lot! I am sharing the parts that moved me to my soul… Steve Schwarzman: 1- He is a man (he/him). 2- He is White. 3- He is Jewish. 4- He was born & raise here in the U.S. 5- He went to Yale and Havard School of business. 6- He worked at Wall Street. 7- He is very ambitious like me. 8- He launched his company 9- He had the ambition goal of raising $1 Billion 10- He sent out over 500 letters without responses 11- “Wall Street loves to see people fail” ! WHAT? 12- Finally, his 1st investments of $450 million came from a foreign country (Japan). If, Steve was a Black man, many people including me would have argued that nobody in the U.S. willing to invest in his company is racism. As a very ambitious Black startup CEO & Founder that is currently having hard time raising funds, for my patented AI powered Dental Chips, it is obvious that as Steve Jobs said “If it was easy, everybody would have done it” being an entrepreneur is not for everybody. - He requested funding from JPMorgan, who accepted, but refused to underwrite: waoh! Unbelievable!!! - After Blackstone was established, Steve refused $100 million funding to another Jewish man like him in the name of Mike Bloomberg! Really! - My most learning words: “Steve he said (Steve’s dad). “I am a very happy man. We have a nice house. We have two cars. I have enough money to send you and your brothers to college. What more do I need?” “It isn’t about what you need. It’s about wants.” “I don’t want it. I don’t need it. That will not make me happy.” I shook my head. “I don’t understand. This is a sure thing.” Today, I understand. You can learn to be a manager. You can even learn to be a leader. But you can’t learn to be an entrepreneur” Today in 2024, successful entrepreneur Stephen Schwarzman is worth over $38 Billion because his needs and wants met! Despite refusing to fund $100 Million Mike Bloomberg’s needs and wants, he is worth $106 Billion. Steve wrote that if he invested Michael Bloomberg’s $100 million funding request, he would have made in 2019 (year of the book), Blackstone would have made $8 billion in profit! Lesson here: I personally sent a SAFE NOTE to Steve and he still did not yet response to me my letter. Rules for work and life #16: “If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it,” Thank you so much Steve for your amazing book! Edited on Dec 28,2024: Wow, on Dec 27, 2024, Bill Gates asked to meet with President-Elect Donald Trump at Mar-a-Lago! It's described in this book how he refused to join the "small cabinet" of Very important American CEOs back in 2021. Mr. Schwarzman, what is your opinion here!

As I always do, I got into this autobiography looking for those by-the-roadside gems of advice you can only glean from living through it. And I got plenty. Learning from the 35,000ft finance view, I greatly appreciate lessons in business interpersonal relationships and investment tips & tricks. I especially loved the deal making advice borne of decades of mega deal experience. Learning about identifying market cycles, when to get in on bottomed-out market cycles, how Blackstone evaluates each deal (a rigorous process I must say), among others. At the end of the book, there’s a list of 25 lessons for business & life. If you don’t read anything else in this book, hit that list. It literally summarizes the most pivotal parts of the book. If you’re looking for a fireside chat w/ a brilliant mind, keen to learn about an entrepreneur’s life & worldview, pick this up. Be ready to bear w/ a few chapters of philanthropic work, working w/ Trump & China that may bore some.

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.