How Michael Bloomberg Works

TL;DR Michael Bloomberg built a billion-dollar company by working harder than everyone else, making himself indispensable to his bosses, and treating every business activity as a way to sell more subscriptions. He succeeded by avoiding long-term plans, listening to demanding customers, and using his own personality to brand the company.

Hard work and adaptability drive success

• Bloomberg believes that 80% of life is just showing up.
• You cannot control your intelligence or background, but you can control how hard you work.
• Small incremental steps lead to success, not big lucky hits.
• Do not create five-year plans because they rarely work for entrepreneurs.
• Adjust your tactics daily based on what actually happens in the market.

Make yourself indispensable to your leaders

• Bloomberg arrived at work before everyone else to be available to his boss.
• He stayed late to handle after-hours calls and listen to complaints.
• This visibility made him a close friend to the managing partner.
• Being the only person available allowed him to move up quickly.
• Developing a close relationship with leadership helps your career progress.

Sell first and build second

• Bloomberg sold a product to Merrill Lynch before it existed.
• The customer paid $30 million for a 30% stake in the company.
• Two traders from Merrill Lynch helped fix bugs in the software.
• Their feedback made the product useful for future customers.
• Selling runs simultaneously with development from the very start.

Use media to sell information products

• Bloomberg News serves as a demo for the Bloomberg Terminal.
• Every news story highlights the capabilities of the data platform.
• More stories lead to more revenue and more subscribers.
• Radio and television provide instant visibility to potential customers.
• All media formats deliver the same core information to different audiences.

Brand the company with a strong personality

• Consumers identify products with the people who pitch them.
• Bloomberg used his own name to replace the generic product name.
• He became the spokesperson for financial information services.
• A colorful personality creates better press coverage and copy.
• People began asking for "Bloombergs" instead of the original product name.

Next steps

• Read the autobiography "Bloomberg by Bloomberg" for the full story.
• Start your business by selling the concept before building the product.
• Work harder than your competitors to gain an unfair advantage.
• Listen closely to demanding clients to improve your product.