Business Ideas: 3 Business Lessons From Visa Founder Dee Hock

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hi I’m Evan Carmichael and welcome to another edition of modeling the masters I believe that the best and fastest way to grow business is to model the strategies of people who already done what you’re trying to do so today we’re gonna look at how former brick mason refused to settle for less and he felt he deserved and went out to build were the most successful financial companies in the world this is the story of Visa founder D hock and the top three lessons that you can learn from his success d hock is the founder and former CEO of Visa in 1968 when credit cards were first starting to get popular Hauk convinced the Bank of America to release control over the BankAmericard credit card program he started a new company to control the credit cards it was called National Bank America and later changed to visa hock came from a modest household his father was a utility lineman and after marrying his high school sweetheart Hawks first jobs were working in the slaughterhouse and for brick mason he became interested in the banking world and walked away from three separate jobs at respected financial companies because he thought that they were too hierarchical and controlling which limited his creativity hock went looking for an opportunity to build a different type of organization one that valued the creativity and enthusiasm of its employees the result of this plan was visa today Visa has over eight billion dollars in revenues and processes over 60 billion transactions per year by refusing to settle for less than he felt he deserved Hawk was able to build one of the most successful brands in the world and a company that he could be proud of to help you get what you deserve here are three action items that you can take away from V Hawk action item number one hire people different from you we all like to stay in our comfort zones and many entrepreneurs make the mistake of hiring people who are exactly like them if you’re great at sales you don’t want to hire all salespeople or your company won’t have any organizational structure if you’re great at programming you don’t want to hire all programmers or there won’t be anybody to promote your product successful entrepreneurs realize what they’re good at and what they need help with and surround themselves with the people who best complement their strengths and weaknesses here’s what Dee Hawk had to say about hiring and managing people never hire or promote in your own image it is foolish to replicate your strengths it is idiotic to replicate your weakness is essential to employ trust and reward those whose perspective ability and judgment are radically different from yours it is also rare for requires uncommon humility tolerance and wisdom hire and promote first on the basis of integrity second motivation third capacity fourth understanding fifth knowledge and last and least experience without integrity motivation is dangerous without motivation capacity is impotent without capacity understanding is limited without understanding knowledge is meaningless without knowledge experience is blind experience is easy to provide and quickly put to use by people with all the other qualities money motivates neither the best people nor the best in people it can move the body and influence the mind but it cannot touch the heart or move the spirit that is reserved for belief principle and morality as apollyon observed no amount of money will induce someone to lay down their life but they will gladly do so for a bit of yellow ribbon action atom number two be a leader as soon as you start building a team they’re going to start looking at you as their leader they’ll not only look at what decisions you make but also the process you go through to make those decisions they’re going to want to see someone who they can respect and learn from your leadership skills might be weak right now but you’ll need to start improving them as soon as possible if you want to build a successful organization here Rd hawks thoughts on leadership here is a very heart and soul of the matter if you look to lead invest at least 40% of your time managing yourself your ethics character principal purpose motivation and conduct invest at least 30% managing those with authority over you and 15% managing your peers use the remainder to induce those you work for to understand and practice a theory think back to the best boss you ever had and the worst boss you ever had make a list of all things done to you that you abort don’t do them to others ever make another list of things done for you that you loved do them for others always people are not things to be manipulated labeled boxed bought and sold above all else they are not human resource they are entire human beings containing the whole of the evolving universe limitless until we start limiting them we must examine the concept of leading and following with new eyes we must examine the concept of superior and subordinate with increasing skepticism we must examine the concept of management and labor with new beliefs and we must examine the nature of organizations that demand such distinctions with an entirely different consciousness action atom number 3 empty your mind many entrepreneurs have a hard time focusing we’re simply doing too much and never get the chance to empty our minds of the day-to-day to focus on the big picture and where our businesses are going creative ideas can’t be forced and if you want more of them you’ll need to free up your mental energy so you can focus more than just being a businessman DeHoff considered himself a theorist enjoy playing with ideas more than spreadsheets with concepts more than numbers despite a successful career in the financial industry Hawk was also an active theorist spending his free time developing new forms of social and business organization who’s with D Hawk thinks about emptying your mind the problem is never how to get new innovative thoughts into your mind but how to get old ones out every mind is a room packed with archaic furniture you must get the old furniture on what you know think and believe out before anything new can get in make an empty space in any corner of your mind and creativity will instantly fill it so remember hire people who are different than you be a leader and empty your mind to finish this video I wanted to share one of my favorite true stories about d-hop is all of his best quotes after building the company he felt proud of hoc resigned from visa in 1984 and spent almost 10 years farming a 200 acre plot of land in California isolated from the business world he used the time to think about corporate life and how companies should be run according to hawk I left Weezer in 1984 because I had proved everything I had set out to prove about the effectiveness of these concepts of organization when visa became so extraordinarily successful I thought the world would beat a path to our door to explore the concepts but it largely ignored us it was so different people couldn’t quite understand it there was no stock so it didn’t fit normal business model I decided I wanted to return to nature and seclusion and try to develop these ideas further so I bought 200 acres of ravaged land in a tiny isolated community on the coast of California built the house with a library of four or five thousand bucks and spent ten years in manual labor or storing the land to health and beauty and studying incessantly trying to develop these ideas I wanted to see if they were applicable to other organizations and industries or merely unique to the banking and credit cards thank you for joining me for another edition of Montana masters if you enjoyed the video please give it a thumbs up I’d also love to hear your thoughts or feedback if you want to leave a comment below and stay tuned for the next episode