19 Qualities of a Great CEO — Transcript

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1. 0:01In America, for less than $200, you can go get any business registered at the City Hall
2. 0:07and call yourself a CEO.
3. 0:10You can even get a business card and call yourself a CEO and give your business card
4. 0:13away and say, "Man, I'm a CEO."
5. 0:15But you know when you're a real CEO?
6. 0:17When hundreds of other people call you a CEO.
7. 0:20Because you've earned the right for other people to see you as a CEO.
8. 0:23So today, today, before you become a CEO, one must act, behave, walk, talk, think like
9. 0:30a CEO before you become a CEO.
10. 0:33Way before I became a CEO, I worked on thinking like a CEO, walking like a CEO, asking myself
11. 0:40how I'd make a decision like a CEO, and then I became a CEO.
12. 0:44And then once I was called a CEO years later, other people started seeing me as a CEO.
13. 0:48Then the rest was history.
14. 0:50So, today, qualities of a great CEO.
15. 0:53And I'm telling this from a lot of my personal mistakes on what can help you out for one
16. 0:57day being a CEO and maybe one day you aspire to become a great CEO, but regardless of whether
17. 1:03you plan on becoming a great CEO or not, you're going to learn a lot of things you can do
18. 1:06to help yourself with your leadership abilities.
19. 1:08So I have 19 different points to give you, and I'll get right into it.
20. 1:12Point #1: Great CEOs know how to manage their ego.
21. 1:18Let me explain.
22. 1:19Nobody becomes a CEO who doesn't have an ego.
23. 1:23Nobody.
24. 1:24Not a single soul becomes a CEO who doesn't have an ego.
25. 1:28Nobody becomes the President of the United States without being a little bit mentally
26. 1:31off to believe you have the best processor to make decisions.
27. 1:36You've got somewhat of an ego.
28. 1:37Right?
29. 1:38So you've got to realize, people who don't have egos don't want to be presidents.
30. 1:42So there's nothing wrong with having a big ego.
31. 1:44But you've got to learn how to manage your own ego, because if you don't control your
32. 1:48ego, you're definitely in trouble.
33. 1:51Let me explain why.
34. 1:52When you become very successful, and you start making a lot of money, and everybody knows
35. 1:57you and you have fame and all this other stuff, there's something that happens.
36. 2:00And let me tell you what that one thing is.
37. 2:02It's called you are flooded with compliments.
38. 2:04You are flooded with compliments.
39. 2:06Let me give you the compliments.
40. 2:07Oh, you're so amazing.
41. 2:09You're so ridiculously good.
42. 2:10Oh, you're better than this.
43. 2:11Oh, you're better than that."
44. 2:13And so many people are going to feed you this stuff because you're surrounded by people
45. 2:17that are afraid of the decisions you could make to fire them, so everybody wants to tell
46. 2:20you how amazing you are, right?
47. 2:22Let me tell you, 90% of it is lies.
48. 2:24I just want you to know that.
49. 2:26Because most people are not going to tell you what you need to hear.
50. 2:29If you have a small circle of people around you that are telling you the truth, you need
51. 2:35that.
52. 2:36Because that's going to help you manage your ego.
53. 2:38If you no longer talk to the guys that tell you off, and are not afraid to tell you things
54. 2:43you need to hear - and I'm talking about a small board that you have, or mentors that
55. 2:47you have that are willing to sit with you and tell you otherwise, you're going to be
56. 2:51in trouble.
57. 2:52I've seen this happen in sales many times.
58. 2:53I've been dealing with sales people for a long time.
59. 2:55They start making money.
60. 2:57Everybody starts telling them how amazing they are.
61. 2:58They're no longer coachable, not willing to learn.
62. 3:00They don't listen to anything.
63. 3:02They know every single thing because they already know it.
64. 3:04They forgot how to manage their own ego.
65. 3:06Now that's step number one.
66. 3:07Let me tell you step number two of a great CEO.
67. 3:09They have a way of finally realizing that they need to get a touch of humility in them.
68. 3:14Here's why.
69. 3:15You know why humility helps?
70. 3:16Because other people want to work with you.
71. 3:18If you don't have humility, you can't bring people together.
72. 3:21If you don't have humility, people who disagree with you won't want to do business with you.
73. 3:25If you don't have humility, you can't have an environment with a lot of different personalities.
74. 3:29Because they have to be in a certain set of personalities to be able to work with you.
75. 3:33Humility is extremely needed.
76. 3:34Point number three.
77. 3:36CEOs are extremely driven.
78. 3:38What I did last week, can you give me that packet right there, the bag right there.
79. 3:44Just give me the whole bag.
80. 3:46So, I brought, all the, [Edgar, you can say hi to everybody.
81. 3:50This is Edgar, a new teammate of ours for about a month and a half.]
82. 3:56So, two weeks ago I invited some of the biggest insurance companies in the world, CEOs, all
83. 4:03these different people showed up.
84. 4:04We took them to a nice dinner, at Capital Grill, in Dallas, at Cresent, which is my
85. 4:11favorite building in the world is the Cresent.
86. 4:14The last five years I wrote a book.
87. 4:17It's a fiction book.
88. 4:18It's my first fiction book I've ever written.
89. 4:19The entire book was inspired by this building, The Cresent.
90. 4:23The setting is at a building that looks like The Cresent.
91. 4:27So we had dinner at the Capital Grill and I brought up to dinner, and normally in the
92. 4:30insurance industry, they pay for our dinner.
93. 4:32I paid for everybody.
94. 4:34That's not a cheap dinner, a few thousand dollars.
95. 4:36Then the following day, The Cresent has a 17th floor, it's a club, where President Bush
96. 4:43goes and other presidents - many different presidents, both on the left and right have
97. 4:46been to this club.
98. 4:47And there's a lot of strong billionaires, oil people that go over here.
99. 4:51I rented the entire room, and I took them over there.
100. 4:53We had lunch.
101. 4:54From 8:00 in the morning till noon, I presented to them with the 2017 vision.
102. 4:59When we had this meeting, and it's a room filled with a lot of egos, full of a lot of
103. 5:04egos, and everybody is products - we sell their products.
104. 5:08And they're all multi-billion dollar companies, ranging from a $10 billion company to a $300
105. 5:14billion company, they're all in the room, and we're presenting all this stuff that I'm
106. 5:17sharing with all these guys.
107. 5:19This is how the meeting got started, the first thing.
108. 5:21I said, "I got a gift for you."
109. 5:23Typically, these meetings start in a different way.
110. 5:25But I got a surprise for you.
111. 5:27I said, first, we need to realize that ego is the enemy, and we all need to set aside
112. 5:34our ego.
113. 5:35If we don't lead with humility, and we lead purely with ego, nothing's going to get done.
114. 5:40If you're willing to set aside your egos, we're willing to set aside our egos.
115. 5:44Hopefully we can do something big together.
116. 5:45This doesn't mean I'm going to stop negotiating.
117. 5:48Because I'm going to ask for a bigger contract, but this [ego] needs to be set aside.
118. 5:51It's as simple as that.
119. 5:53I gave it to everybody.
120. 5:55We laughed, we had fun.
121. 5:56They enjoyed it.
122. 5:57Then I gave them the next hat here.
123. 5:58And this hat, doesn't say "Make America Great Again."
124. 6:01Obviously, we're trying to have some humor with these guys.
125. 6:07It says "Make Insurance Cool Again."
126. 6:11Make Insurance Cool Again.
127. 6:14The reason why I gave them these hats is because there's nothing cool about life insurance.
128. 6:18If you've ever been to a life insurance traditional convention, with all these insurance companies
129. 6:22go to, it's pretty bad, when you go to it.
130. 6:25So we gave them this hat, everybody starts laughing, and we took a picture, everybody
131. 6:29took a picture again, together, and I said, "We've got to make insurance cool again."
132. 6:33What's the likelihood of doing that?
133. 6:34It's very difficult for a lot of other people, but we're doing it.
134. 6:36We made it cool.
135. 6:37Millennials love working for our firm.
136. 6:39We have multi-culture, the average agent in our company is a 34-year-old Hispanic female,
137. 6:44while America right now is struggling to get Hispanics, multiculturals, and millennials
138. 6:48and gen x-ers to become agents.
139. 6:50And we're very good at that.
140. 6:51So I gave them this hat.
141. 6:52And everyone starts laughing.
142. 6:54The next thing we gave them, was a phone charger.
143. 6:57The phone charger said, "Every single time you charge your phone, I want you to think
144. 7:01about that we're going to power up the entire industry.
145. 7:04That's what we're going to be doing.
146. 7:05So next time you charge your phone, think about us.
147. 7:08Because we're probably out there growing the industry."
148. 7:10And last but not least what I gave them was the following.
149. 7:13Here's what I gave them.
150. 7:14We gave them two cigars, Romeo and Julietta, okay, two cigars.
151. 7:19And the reason why we got them these two cigars for them, I said the following.
152. 7:22I said, Look, in business, sometimes, we end up spending more time, with people, we're
153. 7:28in business with, than our own family.
154. 7:30Because that's just kind of how business works.
155. 7:32You're traveling and doing all these other stuff.
156. 7:34I said, "It's even greater if you can enjoy doing business with people that you enjoy
157. 7:39being in business with."
158. 7:40And I said, "I hope we can take our business relationship from what it is today to a friendship
159. 7:47by sharing many different cigars together so you and I can get to know each other so
160. 7:51we make tens of millions of dollars together, but at the same time we establish a relationship
161. 7:55with you as well.
162. 7:56Are you open to that?"
163. 7:57Yes.
164. 7:58Then we kicked off the meeting.
165. 7:59That's how the meeting got started.
166. 8:00Now why am I telling you this?
167. 8:01Here's why I'm telling you this.
168. 8:04We're extremely driven.
169. 8:05Everybody in that room is driven.
170. 8:07Everybody's got ego.
171. 8:08But we have to figure out a way to set aside the ego and manage this [humility] and lead
172. 8:11with this for everybody else to open up and say, fair enough, let's do business together.
173. 8:16This is one of the things that a CEO typically has to start with a lot of this [ego], because
174. 8:22this is what survives, and you just want to kill everybody and compete and all this stuff,
175. 8:26and then you realize, sometimes you're killing your own allies.
176. 8:29These are your friends you're killing.
177. 8:30You know how sometimes you play those video games and you kill the wrong person and you
178. 8:33lose?
179. 8:34You're killing your own allies.
180. 8:35That's not smart.
181. 8:36Because your ego.
182. 8:38We need to lead with this [humility] and you need to know how to manage your ego, while
183. 8:41still being driven, while still knowing you're going to be dealing with a lot of other driven
184. 8:44people.
185. 8:45#4: Care for their people.
186. 8:46Great CEOs care for their people.
187. 8:47If you ask any of the CEOs, like I got a call the other day from a guy I worked with a long
188. 8:53time ago.
189. 8:54His name ______________.
190. 8:55Let me tell you what he called me and told me.
191. 8:56He called me and he and I were speaking about something on the private side.
192. 8:57I haven't talked to this guy for the longest time and I was mentoring him way, way, way
193. 9:03many years ago.
194. 9:04He was like family.
195. 9:06I protected this guy.
196. 9:07I looked over him.
197. 9:08I wanted to make sure he had a very good life and enjoyed himself.
198. 9:11I enjoyed the company of his mom, dad, sister, everybody with his family.
199. 9:16Now, certain things happened.
200. 9:17He called me.
201. 9:18He said, "Pat, every single time I make a decision, I say the following.
202. 9:22I say, what would Patrick so in this situation?
203. 9:27Some of the best times I had in business was working with you.
204. 9:30I haven't learned as much as I learned, except when I was working with you."
205. 9:34Let me tell you why it's so important to care for people.
206. 9:36I got another call from a guy named Danny.
207. 9:38I won't tell his last name, Danny.
208. 9:39He called me in tears.
209. 9:41He called me a year and a half ago, and he was in tears.
210. 9:44He said, you have no idea how reluctant I've been about calling you because it's been a
211. 9:48decade."
212. 9:49I said, "Danny, what's going on?" because it's been a decade.
213. 9:51I remember everything, the people that worked for me, I know their stories, because I care
214. 9:53for the people, I know their stories.
215. 9:55And he said to me, "Pat, I got to tell you something, man."
216. 9:59He's quiet and I'm like why is this guy crying?
217. 10:02I haven't talked to you for 10 years.
218. 10:04He said, "I'm now the president of the bank I work at.
219. 10:08I'm doing very well.
220. 10:10I am married.
221. 10:11I am so happy I can't even tell you.
222. 10:12I'm making a multi six-figure a year income.
223. 10:15And I'm here to tell you, everything I'm putting in this leadership position, is the stuff
224. 10:19I learned when I was working in the business with you."
225. 10:22You may be watching this and you're in Malaysia.
226. 10:24You're in Brazil.
227. 10:25You and I will never meet each other.
228. 10:26The possibility of us meeting each other may be never, right?
229. 10:29But you may realize that the only way you will be called a great CEO is if you realize
230. 10:35the most important product you will ever have as a CEO is the people around you.
231. 10:39If you forget that, you're in deep doo doo.
232. 10:42Let me tell you.
233. 10:43They make you look good.
234. 10:45Without them, you're not existent.
235. 10:47So if you think the world revolves around you as a CEO, you're in deep trouble.
236. 10:51Without them, nothing happens.
237. 10:52And by the way, there's fake care, and people can tell.
238. 10:56And there's real sincerity, and authenticity, about you truly caring about the people around
239. 11:00you.
240. 11:01By the way, most people know how to read through the BS.
241. 11:03You truly got to care about your people.
242. 11:05So ask yourself, how often do you care about your people?
243. 11:07Do you think about their dreams, their goals, what they want their purpose to become a reality.
244. 11:11Are you thinking from that standpoint?
245. 11:13If you are, you're going to end up becoming a pretty solid CEO one day.
246. 11:16Number 5.
247. 11:17Human nature.
248. 11:18You've got to study human nature.
249. 11:19Why human nature?
250. 11:20Great CEOs understand human nature because they realized a very, very long time ago their
251. 11:24number one product is not technology.
252. 11:26I was at a Dallas Cowboys game.
253. 11:28They lost to the Packers.
254. 11:29Tough game, man, let me tell you.
255. 11:30We were at the game, we had box seats.
256. 11:32We were with this technology guy and doing a bit of negotiation with them and the CEO
257. 11:36of this company they did about $100 million last year.
258. 11:39So, Tom, asked them a question about, hey, how long have you been coding?
259. 11:45He said, "I've never coded in my life."
260. 11:46Wait a minute, we cut a massive check to you, and you've never coded?"
261. 11:53He said, "I've never coded in my life.
262. 11:56Him, and the biz dev guy have never coded in their life.
263. 12:00But they were both good in one thing.
264. 12:01Human nature.
265. 12:03Human nature.
266. 12:04Because the number one product is not coding.
267. 12:06The number one product is not insurance, annuities, all this other stuff.
268. 12:09By the way, if you're a CEO and you know your products very well, you got an edge on everybody.
269. 12:14So don't take this for a moment for you to say, well, thank God, because I know nothing
270. 12:18about my product.
271. 12:19I'm not giving you an out.
272. 12:20So don't take the out there.
273. 12:21Hang on.
274. 12:22Come back here.
275. 12:23You've got to learn the product.
276. 12:24But the number one product of all, is human nature.
277. 12:26You got to know what happens when people are down, why this person's not all in, why this
278. 12:30person's being a little bit forgetful, what's in the personal life.
279. 12:33You've got to take them out to lunch and talk to them and say, "Is everything okay?
280. 12:36How's your wife doing?
281. 12:37Are the kids good?"
282. 12:40This is all the stuff you got to know about.
283. 12:42Because it's relationships.
284. 12:44Business is purely relationships.
285. 12:45#6, comfortable handling contradictions.
286. 12:48This is very difficult for a lot of people.
287. 12:50Let me explain.
288. 12:51So any time I try to develop somebody into becoming a CEO or an entrepreneur, somebody
289. 12:56that's running their own business, they're so like, I'm a black and white type of person.
290. 13:02And it's the only way I do business, black and white.
291. 13:04I'm like listen, I wish life was black and white.
292. 13:07But life is not black and white.
293. 13:09Life is blue sometimes, it's white sometimes, it's black sometimes.
294. 13:13Sometimes it's pink, green, purple, sometimes it's colorful.
295. 13:18Sometimes it's very weird.
296. 13:19So if you go into business expecting just black and white, you're going to miss out
297. 13:23on 80% of the opportunities.
298. 13:26There are some gray areas in business and it's about learning how to deal with contradictions.
299. 13:31What am I talking about with contradictions?
300. 13:33On one side, one can say, hard work!
301. 13:37You got to work hard to go out there and be successful.
302. 13:39100% true.
303. 13:40The key is working smart to become successful.
304. 13:44And these guys may be true.
305. 13:45Sometimes people say no, it's only about working hard.
306. 13:47No, it's only about working smart.
307. 13:49Of course you need to work smart and have tools.
308. 13:51But if I got a guy that knows how to work hard and manage his energy and his health,
309. 13:55and he knows how to work smart by having the right tools and people around him, he's going
310. 13:58to kick the other guy's but that only thinks about working hard or only thinking about
311. 14:02working smart.
312. 14:03So you got to learn that there's a lot of contradictions in life and in business.
313. 14:07"Success, happiness is about living a balanced life."
314. 14:11Okay, okay.
315. 14:12I mean, what is so balanced about being pregnant and having a kid, and 24/7 a woman all they
316. 14:17have to think about is pregnancy.
317. 14:19Nursing.
318. 14:20We have several, I'm okay with people that want to bring their kids here to work.
319. 14:26They're pumping milk all day long.
320. 14:27So what is the balanced life about it when you're nursing the kid seven, eight times
321. 14:31a day and they're pooping.
322. 14:32Your life is not balanced.
323. 14:34Let me explain to you, one of the biggest highs is having a kid.
324. 14:37"But life is about being balanced, right?"
325. 14:40You got a person that's chasing to win a championship, a Super Bowl, plays in a movie six months
326. 14:44they're shooting, it's not a balanced life.
327. 14:46So what is balance?
328. 14:48Is this like certain balance is supposed to be 9-5.
329. 14:51You got to know how to live with contradictions as a CEO and you got to dance with contradictions.
330. 14:56And don't be stiff when you're dancing with contradictions.
331. 14:58Just kind of dance with contradictions and be okay with it when you're dealing with contradictions
332. 15:04because if you don't, you're going to have a lot of anxiety attacks and you're going
333. 15:08to be having a lot of migraines if you try to control all these contradictions.
334. 15:12Number 7.
335. 15:13They think outside the box.
336. 15:14Solid CEOs, they think outside the box.
337. 15:15It's not always one way of doing anything.
338. 15:17They think outside the box.
339. 15:19They regularly think outside the box.
340. 15:20One of the videos I did on thinking outside the box is how to think big as an entrepreneur,
341. 15:28that's a video you ought to watch.
342. 15:29It has to do a little bit with how to think outside the box.
343. 15:32But they don't just look at one thing and say, "we have to do this, this, this, this."
344. 15:35They're very good at looking at this and saying, you know, connect the dot, I think it's.
345. 15:38. . Yeah, I never thought about that.
346. 15:39Yeah, it's this.
347. 15:40We need to focus on this.
348. 15:41We've never done this before.
349. 15:42And they're willing to think a little bit different than most people would think.
350. 15:45#8, they have a reputation.
351. 15:47Let me explain to you what I mean by a reputation.
352. 15:49They can't be pushed around by competitors.
353. 15:51Typically strong CEOs, I was watching this one president of a company and he went up
354. 15:58there and he was being pushed around by Elizabeth Warren.
355. 16:02And this was a financial firm company I was watching.
356. 16:06And she was just pushing him and pushing him.
357. 16:07And I'm sitting there saying, where is your spine?
358. 16:11Stand up already!
359. 16:12It wasn't Wells Fargo.
360. 16:13I said, stand up already!
361. 16:14Stand up for your industry!
362. 16:16You're making everybody look like they're doing something wrong.
363. 16:18Have some backbone.
364. 16:20Say something!
365. 16:21He's just sitting there like this, shaking.
366. 16:22Because he's worried about his $6 million bonus.
367. 16:25Say something already!
368. 16:27He's no longer the president.
369. 16:28I wouldn't have him as a president.
370. 16:30Voice your opinion a little bit.
371. 16:32You can't be a CEO representing the industry and you don't have a backbone to share your
372. 16:36thoughts and opinions because you're worried about regulators and the government.
373. 16:39You've got to say stuff a little bit.
374. 16:40I'm not talking about being disrespectful.
375. 16:42But you can't just sit there and take it all the time.
376. 16:44A CEO can't be pushed around.
377. 16:46You can't bully a CEO.
378. 16:48They stand up.
379. 16:49One of the most respectable CEOs I ever met was named Bob Benmosche.
380. 16:52We established a relationship together.
381. 16:54At a conference in 2015, I will never forget he died that night during our awards ceremony,
382. 17:01he had died that night.
383. 17:02The was the former CEO of MetLife.
384. 17:04He retires, very wealthy, goes to Croatia, which is my favorite place in the world, and
385. 17:08he buys a vineyard.
386. 17:10And all he does is make wine.
387. 17:12And one day his son is over there, and it's 2008.
388. 17:14AIG's about to go bankrupt.
389. 17:15I'm having dinner with the CEO of AIG, David Herzog and they call him.
390. 17:21They said, we need you to help us out.
391. 17:23He said, "I'm not coming."
392. 17:24They said, we need you to help us out.
393. 17:25He said, "Look, I'm good.
394. 17:26He has three years to live.
395. 17:27He's got cancer.
396. 17:28He's dying.
397. 17:29He's got three years to live.
398. 17:30AIG calls him.
399. 17:31Bob Benmosche gets up, out of retirement, is on his death bed, three years to live.
400. 17:36On steroids all the time because he's dying.
401. 17:41He gets out of retirement, comes to AIG, starts working, promotes David Herzog, believe from
402. 17:46American General from AIG CFO, they go to the government, they ask for $183 billion
403. 17:52check.
404. 17:53And when I'm having dinner, I'll never forget.
405. 17:55They said, every day we were getting hounded by regulators about our debt.
406. 17:58Finally, Bob Benmosche calls.
407. 18:00Hey, this money we took from you, we're not GM.
408. 18:02We're going to pay you back.
409. 18:03You're not going to bully us on a daily basis.
410. 18:05I'm going to tell you right now, not a single call.
411. 18:07I'm going to let you know exactly what we're doing, but not one more single call.
412. 18:11Whoa.
413. 18:12Bob Benmosche comes, sells off all the companies they didn't need.
414. 18:16Some of them he held a little bit longer to sell.
415. 18:18AIG's a very big company.
416. 18:20He pays back $183 billion plus another $23 billion in interest or so.
417. 18:25Then he pays that back.
418. 18:26GM still hasn't paid back.
419. 18:27So many other people haven't paid back.
420. 18:29AIG paid back.
421. 18:30AIG's credibility comes back in the marketplace.
422. 18:32Six months after that, he died.
423. 18:34It was a Friday night when this man died.
424. 18:36And all I remember about Bob Benmosche, every time he and I were together, all I remember
425. 18:40is a man with presence, with leadership, with backbone, that people wanted to follow.
426. 18:44He wasn't liked all the time.
427. 18:46But there's one thing everybody knew.
428. 18:47If that dude's at the helm, he's leading it as a CEO - you're going to be fine.
429. 18:53He's a general, the way he led the company.
430. 18:55And not everybody has his personality.
431. 18:57But generally strong CEOs, they can't be pushed around.
432. 18:59Next, number nine.
433. 19:00They're great at asking questions.
434. 19:02They're great at asking questions.
435. 19:04When they don't understand something, they're going to ask questions.
436. 19:06When they want to find the deeper issues, they know how to ask the right questions.
437. 19:09A lot of times people don't ask the right questions.
438. 19:12You can ask questions, but then it's asking the right questions, that gets the right answer,
439. 19:16that solves the bigger problem, not the smaller problem.
440. 19:19Great CEOs are very good at asking the right questions.
441. 19:21Study great CEOs on what questions they generally ask and you'll tell yourself, man, I was thinking
442. 19:25about the surface.
443. 19:26This guy's thinking here [deep].
444. 19:28These are the questions I want to be asking about.
445. 19:30That's what you want to be thinking about.
446. 19:31Number 10, they want feedback.
447. 19:34What do you think?
448. 19:35What are your thoughts?
449. 19:36What do you think about this?
450. 19:37What do you think about that?
451. 19:38And they know who to get the right feedback from, and they're constantly asking for feedback.
452. 19:40Number 11, they raise standards.
453. 19:43They're always raising standards.
454. 19:44It's uncomfortable being around strong CEOs, great CEOs.
455. 19:47They're always raising standards.
456. 19:49Most people believe it or not, don't even like working with great CEOs.
457. 19:53Because it's not comfortable.
458. 19:55It's always raising standards.
459. 19:56Almost a feeling of it's not enough.
460. 19:59It's not enough.
461. 20:00It's not enough.
462. 20:01We're not there yet.
463. 20:02We're not there yet.
464. 20:03It's always a standard.
465. 20:04"Every time I get somewhere, you move the marker."
466. 20:06That's the job of a leader.
467. 20:07"Every time I feel like I go, you move it a little bit more.
468. 20:10When are you going to be fully happy?"
469. 20:14That's what makes them so special.
470. 20:15That's why history books are going to favor Bob Benmosche and when he died, a bunch of
471. 20:19people go and buy his book because they wanted to know what made him so special to save AIG
472. 20:23from a major debacle or major issue that we're going to be facing.
473. 20:27Right?
474. 20:28Because they know how to raise everyone's standards.
475. 20:29I remember when in Napa Valley, and Bob Benmosche walks in, and there's a meeting going on,
476. 20:34everybody in that room that reported to him was uncomfortable.
477. 20:36It was so funny just watching everybody.
478. 20:38They were uncomfortable, because he was a leader.
479. 20:40He raised the standards.
480. 20:41He told everybody, here's how the meeting to started, and he had just become a CEO three
481. 20:44months ago.
482. 20:45He said "This Napa Valley thing," he told everybody, this is not going to happen for
483. 20:49six years.
484. 20:50We got money to pay back.
485. 20:51We got money to pay back.
486. 20:52That's how he started the meeting.
487. 20:53This stuff, not happening anymore.
488. 20:55We got money to pay back.
489. 20:56And he looked at all of us and he says, hey, we know we haven't been good, but we need
490. 21:00your business.
491. 21:01We need your business.
492. 21:02We need you to work with us.
493. 21:03We need your business.
494. 21:04Flat out.
495. 21:05I've got a lot of respect for a man that talks like that, and is very open about it.
496. 21:09Number 12, they build strong alliances.
497. 21:11Remember when I talked about humility?
498. 21:13They build very strong alliances, because look, you can only go somewhere, so far, by
499. 21:18yourself.
500. 21:19Amazon, if you read Amazon's case study from Harvard, if you type in Amazon case study,
501. 21:24and you type in Amazon, Toys R Us, if you study what Amazon did in '01, if Amazon doesn't
502. 21:34build an alliance with Toys R Us, forget about Amazon.
503. 21:37There is no Amazon.
504. 21:38He gets credit for what he did with Toys R Us.
505. 21:41So how did he do that?
506. 21:42Building strong alliances.
507. 21:44How did Steve Jobs, when he was about to go out of business, go to Microsoft, Bill Gates,
508. 21:47his biggest enemy and the meeting starts like this - we have been under this impression
509. 21:50that in order for Apple to win, Microsoft has to lose.
510. 21:54He says this in his talk.
511. 21:55Just type in Steve Jobs, speech, Microsoft has to lose.
512. 22:00He says this.
513. 22:01He says that's not true.
514. 22:02He had to go to Bill Gates and say, "I need $300 million."
515. 22:05Bill Gates, his biggest enemy gives him $300 million but imagine if he doesn't build that
516. 22:10alliance.
517. 22:11They're out of business.
518. 22:13Everybody in Silicon Valley, Palo Alto's saying a guy from here went to Seattle to raise money
519. 22:17from the enemy.
520. 22:18That's called building an alliance.
521. 22:19Today you and I use our iPhone or all these other great devices because somebody was strong
522. 22:24at building alliances.
523. 22:25Number 13.
524. 22:26They speak different languages.
525. 22:27What do I mean by that?
526. 22:28I'm not talking English, Spanish, I'm not talking about that.
527. 22:31I'm talking about they speak different languages.
528. 22:32Let me elaborate.
529. 22:33They know how to talk to employees different than the way they talk to executives, different
530. 22:38than the way they talk to salespeople, different than the way they talk to investors.
531. 22:41Different than the way they talk to media, different than the way they talk to their
532. 22:45family, different.
533. 22:46. . They know how to speak these dif - and let me tell you.
534. 22:48It ain't the same language.
535. 22:49It is not the same language.
536. 22:52You cannot go talk to the front desk clerk at a company that you're the CEO and then
537. 22:55talk to that person as if that person's a full on executive.
538. 22:59You can't.
539. 23:00Because it's a different language.
540. 23:01So you got to know how to speak these different languages.
541. 23:03You can't go to an investor and just kind of be lollygagging with them, while they're
542. 23:06expecting returns on their tens of millions of dollars that they give you.
543. 23:09And I walk into these rooms, it's different conversations, regularly.
544. 23:11I did a video that's called seven different audiences CEOs talk to, I think it's seven
545. 23:17different audiences CEOs talk to.
546. 23:18Let's put the tab up here, Edgar make sure we put it up there, and the link on the bottom.
547. 23:22You have to watch this video.
548. 23:23It's seven different audiences a CEO speaks to.
549. 23:26That will help you out on understanding how they speak to those different customers.
550. 23:30Next, number 14.
551. 23:32They know their strengths, very well.
552. 23:33But guess what?
553. 23:34They know their weaknesses even more.
554. 23:37Here's why.
555. 23:38They're very comfortable being weak.
556. 23:40They're so comfortable being weak.
557. 23:41At least the great ones.
558. 23:42At least the great ones are very comfortable being weak.
559. 23:43Because what they do with the weakness is they recruit the weakness.
560. 23:47So whatever they're weak at, they bring somebody who's strength is in their weakness.
561. 23:51Simple.
562. 23:52And the sooner you identify your weaknesses, the sooner you're going to be able to leverage
563. 23:55your abilities to focus on your strengths and not have to worry about your weaknesses.
564. 23:58You can always recruit your weaknesses.
565. 23:59By the way, everyone's got weaknesses.
566. 24:02Focus on your strengths.
567. 24:03Next point, number 15.
568. 24:04They know what they know, and they know what they don't know.
569. 24:07Let me say it again.
570. 24:09They know what they know, and they know what they don't know.
571. 24:11Similar to weaknesses, but it's not.
572. 24:13Meaning, whatever they don't know, they know the person who can get them to the answer
573. 24:17of what they don't know.
574. 24:18It's simple.
575. 24:19If it's a question that's technical, ask this one.
576. 24:22I know who to call to get me the answers to stuff I don't know about.
577. 24:24And they're fine with it.
578. 24:26So they know what they know and they know what they don't know.
579. 24:28#16: They're very decisive, they make the decision, boom.
580. 24:30I had Tom the other day told me, Pat, when you want to fire somebody, it's like [snap]
581. 24:35that quick.
582. 24:36I said, I'm good.
583. 24:37The moment I know somebody doesn't fit in a, and I've seen a trend of three times, I'll
584. 24:41typically give someone three chances.
585. 24:43But if I notice somebody just is not fitting, and it happens like this [up and down] over
586. 24:46and over again, gone.
587. 24:47They have to go to a different place.
588. 24:49It's like a relationship.
589. 24:50That doesn't mean that person's a bad person.
590. 24:52They're not going to fit in a place like this.
591. 24:54Because for whatever reason this culture doesn't fit with that person, that constantly keeps
592. 24:57coming back.
593. 24:58That person may go to a completely different place and be happy.
594. 25:00Just not on this team.
595. 25:01We have a certain set of culture here that we have to follow through.
596. 25:06#17, timing.
597. 25:08Timing in business, timing in statements, timing in comments, timing in marketing campaigns,
598. 25:13timing in breaks, timing in initiatives, timing on stuff for the associates and employees,
599. 25:18and sales.
600. 25:20Everything's about timing.
601. 25:21They're very good at timing.
602. 25:23#18: They're very strong drivers.
603. 25:25If there's an initiative, they will be driving it over and over and over and over again,
604. 25:29until you do it.
605. 25:30They will drive the initiative nonstop.
606. 25:33That's what makes these guys special.
607. 25:35They drive.
608. 25:36They're going to drive the initiative.
609. 25:38And the moment you thought they forgot about them, they're about to give you a speech on
610. 25:41driving that initiative, why everybody should be focused on that.
611. 25:44They're nonstop drivers.
612. 25:45And 19, last point here, they're very good at rallying the troops.
613. 25:50They're very good at rallying the troops.
614. 25:52They know how to get the troops going.
615. 25:53If it's sales, if it's team, if it's home office, if it's support, they know how to
616. 25:59rally the troops.
617. 26:00So that's 19 different qualities of a great CEO.
618. 26:05And by the way, if you're watching this and saying, "Oh my gosh, I got a lot of work to
619. 26:09do.
620. 26:10All this stuff's going to take years.
621. 26:11Don't expect to be good at this overnight.
622. 26:13It's just good to look at it, and say I can improve in the following areas to become a
623. 26:17better CEO myself.
624. 26:18One day, where other people start looking at you as a CEO instead of just going out
625. 26:22there and paying a couple hundred dollars and getting a Vista Print business card just
626. 26:25to call yourself a CEO.
627. 26:27With that being said, if you've got any questions and thoughts, comment on the bottom.
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655. 27:38Bye, bye.