I’m not your typical hypercompetitive, crony-capitalism, eager-monopolist fanboy, but I’ve got to hand it Carlos Slim. He’s Mexico’s most famous businessman, one of the richest men in the world (with a net worth of something like 35 billion—yes, billion—dollars), and now the second to largest stockholder in the New York Times (he just bailed them out with 250 million dollars, in return for a massive slew of stock-purchase warrants).
Slim’s a real stand-out guy.
Reading a [piece about him in the New Yorker]((http://www.newyorker.com/reporting/2009/06/01/090601fa_fact_wright)), I wondered: is there anything we independent, small business types can learn from an unfathomably wealthy, power-obsessed, half-plutocrat? The answer is yes.
Check Slim’s ten core business principals, which I lifted from his sort of crazy [website](http://www.carlosslim.com/biografia_ing.html):
- Create a simple organizational structure with minimal hierarchies; provide personal development and in-house training for executives; maintain flexibility and a rapid decision-making capability; leverage the advantages of a small company and use these to grow and excel.
- Maintain austerity, even in good times. Don’t overspend.
- Always focus on improving production processes: modernization, growth, training, quality, and simplification.
- Don’t be a big fish in a small pond. Don’t invest in non-productive assets.
- Clear objectives and the right tools will lead you through all challenges.
- Reinvest profits in the company. Money that leaves the company evaporates.
- True corporate creativity can be helpful to both business and society.
- Firm and patient optimism always yields rewards.
- Know how to work hard, and use the right tools.
- Leave with nothing. We can only do things while we are alive. Businessmen are creators of the wealth that they temporarily manage.
A few biographical details reveal that Slim follows his own principals: He lives in an unpretentious house in a not-that-rich neighborhood, drives himself everywhere, is extremely close to his family, and collects nothing but fine art. He works hard, and doesn’t overspend.
It’s business like your grandpa did it.
Though his recent New Yorker profile was written as a way of exploring the NYT’s dire financial state, and though I’d never advocate for the [economic context](http://en.wikipedia.org/wiki/Carlos_Slim#Criticism) in which Slim has acquired his wealth, I think there’s something we can learn from the man—his eccentric personality, intelligence, humble history, and sheer will to power.
One Comment
Great insight into Carlos Slim. I’ve thought a lot recently about my own Grandfather’s approach to life, because it seems his values which included like old fashioned common sense, hard work, modest living, and high savings are now proving to be the soundest approach to both life and business. His approach is cautious, under-leveraged, but thoughtful. Yet these admirable values were combined with a deep sense of loyalty to one’s company, which I think we can agree has been lost and may not ever return. This brings me to my central question: How can modern business combine the simplicity of a conservative approach to business with the creativity, flexibility and adaptability of a modern competitive global marketplace? I think you’ve captured some of this, but it remains to be seen as we move forward what approaches will combine the best of both worlds, allowing for both risk and caution.