Thursday, October 8, 2015
On the Fact that Charles Schwab Sr. (Post Retirement) Blew His Entire $25 Million (a Ton of Money Back in the '30s) Fortune on Gambling, Expensive Liquor, Women, and Bad Investments and Was Actually $300,000 in the Red by the Time that He Croaked
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He had an unusual approach to operations:
"In Dale Carnegie’s 1936 book, “How to win friends and influence people,” Charles M. Schwab explains that his success was based on his ability to handle people well. He considered his greatest skill to be his ability to arouse enthusiasm among his subordinates. In his words: “The greatest asset I possess, and the way I develop the best in a person is by appreciation and encouragement.”
Schwab goes on to say, “There is nothing else that kills ambitions of a person as criticism from superiors…I never criticize anyone. I believe in giving a person incentive to work. So I am anxious to praise but loath to find fault. If I like anything, I am hearty in my approbation and lavish in my praise.”
There is no question that Schwab’s leadership style and ability to motivate contributed to his enormous success as a business titan during the turn of the 20th century. He built his enterprise by building confidence within his workforce, not by tearing them down."
-in addition to the prototype 'I' beam and Bethlehem Steel, his companies were a
large producer of railcars. Johnstown America, the successor to Bethlehem, innovated the aluminum coal car and continues to produce them by the thousands.
Highly productive professional life/scatterbrain personal life (and the reverse)
happens. I knew a respected clergyman who went through dumpsters on the weekends,
a model teacher who went through men and a CEO that retired early so he could concentrate on his tennis game. Gotta admit, humans are interesting.
He was a big believer in bonuses which perplexed his old pals at U.S. Steel but it certainly didn't hurt as the sales at Bethlehem increased 12-fold in a little over a decade.
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