Bloomberg by Bloomberg

Have you heard of the person and company named Bloomberg? If you watched most news channels, the word Bloomberg needs no introduction. Michael Bloomberg, the current mayor of New York City founded a financial software company known as Bloomberg L.P. in 1981. The company offers financial software tools such as analytics and equity trading platform, data services and news to financial sectors in virtually every country in the world. Since then, the company has grown to include a global news service, including television, radio, the Internet and publications. Our guest contributor, InSpir3d, owner of a famous Singaporean blog summarizes the three simple lessons for entrepreneurs and businesses from the Bloomberg by Bloomberg autobiography.

Bloomberg by Bloomberg: 3 Simple Lessons for Entrepreneurs and Businessmen
Contributed by InSpir3d

“Bloomberg by Bloomberg” was written in 1997 by Michael Bloomberg, founder of Bloomberg LP, the financial information service provider that provides financial institutions and media companies with business and financial news and information. Mr. Bloomberg has since gone on to become the Mayor of New York City, but the principles that the banker, entrepreneur and politician espouses in the book that he wrote a decade ago still ring true for entrepreneurs and businessmen today.

Simple Truth No 1: Business is, first and foremost, about people

Many people think that business is about cutting costs, driving innovation, developing a strong brand, or creating efficient supply chains. Or they might think it’s about optimizing cash flow, managing growth, or outmaneuvering the competition. Yes, business is very often about all these things. However, before considering all these operational issues, business is, first and foremost, about people.

“…our main asset is not our technology, our databases, our proprietary communications network, or even our clients.
It is our employees.” – p.63

It is the business leaders and entrepreneurs who best understand how to identify, motivate and value talent, who will most succeed. It is the managers who best understand that their most valuable asset is the team which works with them, which will get ahead. Hence, it is no surprise that Bloomberg declares:

“The primary function of those at the top is the care and feeding of the company’s most valuable asset, its employees…” – p.180

This is because a business which consists of a well organised team of talented individuals led by an inspirational leader will be the one which can best come up with creative ways to cut costs, drive innovation, develop a strong brand, or create an efficient supply chain. And the businesses which get bogged down by corporate red tape, politicking, and poor morale, will find themselves least likely to outmaneuver the competition.

Bloomberg reiterates the value of having a great team:

“The leverage a great team provides makes management a fantastic investment for a company’s stockholders, but phenomenally overpriced when the executives can’t get the organization to perform.” – p.180

Indeed, the importance of having great people in an organisation cannot be understated. No matter what business you are in, no matter which country you operate, a business will rise and fall according to the quality of its people.

Simple Truth No 2: Entrepreneurial Success is 1% planning, 99% execution