Editor’s note: This article was first published in June 2018. T. Boone Pickens was described as a 90-year-old with an estimated fortune of 1.4 billion dollars. He died in September 2019, so the present-tense references to him as a tycoon who chairs a hedge fund no longer apply.
T. Boone Pickens is a 90-year-old business and finance tycoon with an estimated fortune of 1.4 billion dollars. He chairs the hedge fund BP Capital Management and is the author of the book The First Billion Is the Hardest. We could carry on with a long introduction, but perhaps what sets this millionaire businessman apart is his knack for telling it like it is, with blunt clarity, whoever it hurts.
We have gathered 17 of his business lessons and thoughts in the form of quotes, which he sometimes posts on his Twitter account @BoonePickens. According to Mr Pickens, they are ideas he tries never to forget, because they are what led him to success in business.
17 business quotes from T. Boone Pickens
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A plan without action is not a plan. It is just a speech.
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CEOs 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 is 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 are young, fitness is a sport. As the years go by, it is a necessity.
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If you are going to run with the big dogs, you have to make up your mind to get out from under the porch.
See also: Business lessons every entrepreneur should follow
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You have to be willing to make decisions. That is the most important quality in a good leader. Don’t fall victim to what I call the “aim-aim-aim…” syndrome. You must 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, because if it is profitable for the shareholders, it is profitable for the business.
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The best deals are made informally. Writing and meetings are great for keeping records and pinning down details, but the big ideas come while we talk over lunch, a coffee or a sandwich, as long as there are no martinis involved.
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I have always thought it is important to give the company a fresh look from time to time, because predictability can lead to failure.
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Work hard. Get in early and stay late. That is how you start to move toward leadership.
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I learned the rules of the game very quickly. It is no fun to win if you have to cheat to do it.
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If you are hunting big elephants, don’t get distracted chasing rabbits.
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You win thanks to a team, and that is 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 are standing ankle-deep in it.
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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 a plan.
These are T. Boone Pickens’s quotes as business lessons worth remembering. For more interesting quotes:
See also: 50 inspiring business quotes for entrepreneurs
Featured image: Hudson Institute, CC BY 2.0, via Wikimedia Commons.
