Editor’s note: This article was first published in September 2013, and its data on T. Boone Pickens are from 2013: aged 85, an estimated fortune of $1.4 billion and chairman of BP Capital Management. He died in 2019.
T. Boone Pickens is an 85-year-old business and finance magnate with an estimated fortune of $1.4 billion. He chairs the hedge fund BP Capital Management and is the author of the book The First Billion Is the Hardest. We could go on with a long introduction, but perhaps what sets this billionaire businessman apart is his ability to tell it like it is, with brutal clarity, no matter who it hurts.
Thanks to Business Insider, we have put together 17 of his ideas and thoughts on business, which he sometimes shares himself on his Twitter account, @BoonePickens. According to Mr. Pickens, these are ideas he tries never to forget, because they are what led him to success in business.
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A plan without action is not a plan. It’s just a speech.
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Chief executives who own few shares in their own companies make no more sense to shareholders than the monkeys in Africa.
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In a deal between friends, there’s no room for a wolf.
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I once said to a friend, “This is the kind of market that builds and strengthens character.” He looked at me and said, “If it gets any worse, you’ll have more character than Abe Lincoln.”
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When you’re young, staying fit is a sport. As the years go by, it’s a necessity.
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If you’re going to run with the big dogs, you have to make up your mind to come out from under the porch.
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You have to be willing to make decisions. That’s the most important quality of a good leader. Don’t fall victim to what I call the “aim, aim, aim…” syndrome. You have to be willing to aim and fire.
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Too many executives have been more concerned with “the four Ps” (pay, perks, power and prestige) than with making money for shareholders. If it’s profitable for the shareholders, it’s profitable for the business.
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The best deals are made informally. Writing things down and holding meetings are great for keeping records and ironing out the details, but the big ideas come while we’re talking over lunch, a coffee or a sandwich, as long as there are no martinis involved.
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I’ve always thought it’s important to give the company a fresh look from time to time, because predictability can lead to failure.
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Work hard. Come in early and stay late. That’s how you start getting closer to leadership.
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I learned the rules of the game very quickly. Winning isn’t fun if you have to cheat to do it.
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If you’re hunting big elephants, try not to get distracted chasing rabbits.
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You win thanks to a team, and that’s why you have to be a good team builder.
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Don’t be like those people who go looking for oil and can’t find it, even though they’re covered in it up to their ankles.
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To some people something may smell like manure, while to others it smells like money.
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A fool with a plan can be more successful than a genius without one.
Further reading
- 50 inspiring quotes from successful business leaders for entrepreneurs
- Tips for launching your business ideas successfully, from 7 entrepreneurs
- Richard Branson’s advice for entrepreneurs
Featured image: Hudson Institute, CC BY 2.0, via Wikimedia Commons.
