Lesson #1: Know What You Bring to The Table
Understand what you need to know about your business and what you do not need to know. “I did not understand steam machinery, but I tried to understand that much more complicated piece of mechanism—man.” Carnegie is famous for understanding how to put together the necessary resources to create a great product. By using the talents of other people (in a mutually beneficial arrangement), you can engage in business opportunities that you would not be able to otherwise. Carnegie’s life seems to illustrate the lesson that one of the top abilities of a successful entrepreneur is identifying what they need to know about a business and what they don’t need to know.
Lesson #2: Only Produce The Best
“There is no way of making a business successful that can vie with the policy of promoting those who render exceptional service.” A large component of Carnegie’s success was hard work. What does that actually mean? It means complete dedication to your project. In business, it would mean ensuring that your product or service is excellent, that your customers are satisfied, that your employees are happy and productive, that you are dealing with your competition, and that you are continually expanding and exploiting opportunities. You will know that you are doing good work when you are PROUD of your work.
“Uphill work it will be for a few years until your work is proven, but after that it is smooth sailing. Instead of objecting to inspectors they should be welcomed by all manufacturing establishments.The effect of attention to quality, upon every man in the service, from the president of the concern down to the humblest laborer, cannot be overestimated.”
Lesson #3: Focus On One Basket
“I believe the true road to preëminent success in any line is to make yourself master in that line. I have no faith in the policy of scattering one’s resources, and in my experience I have rarely if ever met a man who achieved preëminence in money-making—certainly never one in manufacturing—who was interested in many concerns. The men who have succeeded are men who have chosen one line and stuck to it.”
Hard work in business is about complete focus, growth and development, and quality control. There is no plan B because it distracts from plan A. The people who are the top in their field got that way from hours and hours of practice, diligence and hard work. Hours and hours of input results in the desirable output. If your energy is scattered, how can you expect to compete with others who are focused?
“My advice to young men would be not only to concentrate their whole time and attention on the one business in life in which they engage, but to put every dollar of their capital into it.”
Lesson #4: Take An Interest In Others
It is through Carnegie’s business friendships that he was able to make his initial investments and able to build his enterprises. The ability to know a lot of people and identify what they are good at is extremely helpful when an opportunity comes along. As Carnegie says, it’s very difficult to succeed on your own.
“I believe the best preventive of quarrels to be recognition of, and sincere interest in, the men, satisfying them that you really care for them and that you rejoice in their success.” – Andrew Carnegie
In addition to leveraging business friendships to promote partnerships, Carnegie was also very deliberate in his relationships with his employees. Many of the strikes that occurred were placated through sessions of listening to and understanding worker complaints. Carnegie was famous for personally knowing his employees and rewarding those who performed well. No matter how you look at it, business is people, be it customers, partners, or employees, and that the best way to succeed is to learn how to “handle” people (not in a sinister way, but in a practical way…how to motivate/persuade/understand and especially how to identify what is driving people).
