Billionaire Shares The SUCCESS HABITS That Will Make You WEALTHY | Arthur Blank & Jay Shetty

TL;DR

True success comes from making a difference in others' lives, not from writing checks. Arthur Blank, Home Depot co-founder, credits his values to a modest one-bedroom Queens upbringing and his mother's motto: 'You only pass through once, make a difference.' In business, serving customers and frontline associates well, with resources and reachable goals, drives lasting impact.

Transcript

the people that are most important are the people that we're serving we embody that we tell stories around that etc and then we have our frontline associates who are the next ones that are touching and feeling all of our guests or our fans customers and then you know it's my job and other associates the leadership level to provide the environment t... Read More

Key Insights

• The most important people in any business are the customers being served, followed by the frontline associates who touch every guest, with leadership's role being to provide the environment, resources, strategy, and reasonable goals that support them.
• Doing the work and connecting personally with the individuals you serve is the most rewarding part of philanthropy, more meaningful than simply writing checks, even though checks and resources matter for creating scale.
• Arthur Blank grew up in a one-bedroom Queens apartment shared by four people with a single bathroom, lost his pharmacist father at age 15, and did not own a home until age 32.
• Blank's mother never focused on money but on making a difference and giving back to the community, a value that became ingrained in him even without the means to write checks at the time.
• The measure of a country's happiness is not its GDP; despite economic growth, both young and older people are struggling, with the suicide rate having doubled since 1996.
• Young people today are increasingly questioning their purpose, asking what their purpose is for themselves, for serving humanity, and how to connect the dots of their life journey together.
• Well-being courses have surged in demand, with roughly a quarter of Yale's student body taking Laurie Santos's course and over a thousand Harvard students enrolling each semester in a similar class.
• Blank's philanthropic drive is rooted in his Jewish faith, citing tikkun olam (to repair the world) and tzedakah (giving and participating), values absorbed through congregational life even when he did not consciously realize it.

Questions & Answers

Q: How does Arthur Blank prioritize people in his businesses?

Blank places the customers or guests being served as most important, embodying and telling stories around them. Next are the frontline associates who touch and feel every guest, fan, or customer. Leadership's job, including his own, is to provide the environment, ensure associates have the resources and strategy, create reasonable goals for them, and give them support so they can serve effectively.

Q: What did Arthur Blank learn from growing up poor in Queens?

Blank grew up in a one-bedroom apartment shared by four people with a single bathroom, living in a very modest way. He lost his father, a pharmacist, at age 15. This experience became a formative part of his molding, teaching him the value of not having financial success and keeping perspective, which he says was very important to who he became.

Q: Why does Arthur Blank believe doing the work matters more than writing checks?

Blank says writing checks and providing resources are important to make things happen and bring scale, but doing the work itself and getting connected to the individuals you serve is the most rewarding part of philanthropy. In his view, connecting personally makes it all come to life, makes it real, and gives it more purpose than just sitting and writing checks.

Q: What is the meaning behind Arthur Blank's bracelet?

Blank wears a bracelet every day, matching the color of what he is wearing, inscribed with the words 'You only pass through once, make a difference.' That phrase was the title of the book his mother wrote. The message became ingrained in him as a notion of trying to make a difference, giving back, and staying connected to others in the community.

Q: How did Arthur Blank's faith shape his philanthropy?

Blank, who is Jewish, credits expressions in Judaism such as tikkun olam, meaning to repair the world, and tzedakah, meaning giving and participating. He says these values were ingrained in him through congregational meetings and services he attended growing up. Even though he did not think he absorbed it all at the time, he realized he was absorbing more than he expected.

Q: Why did Arthur Blank host the West Creek Ranch gathering on well-being?

The gathering, held at his West Creek Ranch in Montana, was born from Blank's years-long journey with wellness and well-being, including his time as a competitive runner. Living in troubled times nationally and globally, he wanted to bring together the best, brightest, and smartest people as a funder to explore ways to move the ball forward and do more than what is currently being done for mental health.

Q: What does Arthur Blank say about GDP and happiness?

Blank argues that GDP is not the real measure of happiness in a country. Despite the growth of GDP, he points to many issues that both young and older people are struggling with, including a suicide rate that has doubled since 1996. He cites experts like Dan Buettner of Blue Zones to show these well-being concerns are being questioned throughout the world, not just nationally.

Q: Why are young people today questioning their purpose?

Blank observes that young people today are thankfully questioning themselves about what their purpose is, both for themselves and in serving humanity, and how to connect all the dots in their life journey together. He notes surging demand for well-being courses, with about a quarter of Yale's student body taking Laurie Santos's class and over a thousand Harvard students enrolling each semester in a similar course on handling stress and positive growth.

Summary

In this video, Arthur Blank, co-founder of The Home Depot and owner of the Atlanta Falcons, discusses the importance of serving others and creating a positive work environment. He emphasizes the value of relationships, community, and giving back. Blank shares his personal experiences growing up in a modest household and how it shaped his values and desire to make a difference. He also discusses the role of leadership in creating a company culture where employees feel valued and motivated. Blank highlights the importance of living by one's values and leading by example.

Questions & Answers

Q: What was the inspiration behind the state of well-being event?

The inspiration for the event came from Arthur Blank's personal journey in pursuing wellness and well-being. He has been a competitive runner and is actively involved in various activities to maintain his physical and mental health. However, Blank recognizes the troubled times we're living in and the issues people of all ages are facing. He believes it's essential to bring together experts and thought leaders to explore ways to make a positive impact on well-being.

Q: What role does purpose play in leadership?

Purpose is crucial in leadership. Blank believes that true leaders are those who have a genuine sense of purpose, not just in their work but in serving others and making a difference. He encourages young people to find a greater purpose and connect with their communities. A leader must also create an environment where employees feel their work has meaning and impact. By leading with purpose, leaders can inspire and motivate others to align their values with the organization's mission.

Q: How did your upbringing shape your values and desire to give back?

Arthur Blank grew up in a modest one-bedroom apartment with limited resources. Despite their financial constraints, Blank's mother always emphasized making a difference and giving back to the community. This upbringing ingrained in Blank the importance of service, connection, and community involvement. He wore a bracelet with the message, "You only pass through once, make a difference," written by his mother. Moreover, his faith also played a significant role in teaching him about repairing the world and giving back.

Q: How do you ensure that your company culture and values are maintained as the company grows?

Arthur Blank believes that culture drives everything in an organization. It is essential to hire people who align with the company's values and purpose. Blank emphasizes the importance of living the values rather than just writing them down on paper. He shares the example of Home Depot, where every associate understood and practiced the company's core values. Training and leadership play a crucial role in maintaining culture, and it requires a commitment to hiring the right people and giving them the resources and support they need to succeed.

Q: Can you share an example of a mistake or failure that taught you an important lesson?

Blank provides a couple of examples of mistakes made by Home Depot. One involved an acquisition of stores where the physical transformation was done, but the associates didn't fully understand and align with the company's values. This led to temporary closures and a reevaluation of training and culture. Another example was expanding into new regions without being able to maintain the same level of culture due to rapid growth. From these experiences, Blank learned the importance of maintaining culture during expansion and making sure that associates understand and live the company's values.

Q: How can entrepreneurs overcome the fear of taking risks and trying something new?

Blank believes that the courage to take risks and try something new comes from personal experiences and seeing others in the family or community take those risks. Having role models who exhibit resilience, determination, and a willingness to try new things can inspire entrepreneurs. He also advises young people not to worry about making money but to focus on serving others and finding their passion. Blank encourages finding a business that provides a sense of purpose and aligns personal values with the greater community, as this can bring a greater sense of joy and fulfillment.

Q: How do you maintain focus on customer service and relationships as the company grows?

Customer service and relationships are at the core of Arthur Blank's businesses. He believes that when associates genuinely care about serving customers and creating positive experiences, it creates a sense of trust and loyalty. To maintain this focus, Blank emphasizes having a value set that prioritizes relationships, community, and respect. Associates are encouraged to lead by example and treat customers as honored guests. Training and creating an environment where associates feel connected to the purpose and mission of the organization are also important in maintaining a strong customer-centric approach.

Q: Can you discuss the significance of giving back and philanthropy in your business and personal life?

Giving back and philanthropy play a central role in Arthur Blank's life and businesses. He believes that giving back to the community is more rewarding than simply writing checks. His goal is to make a difference and create positive change. His businesses have associate-led funds to support philanthropic initiatives, allowing employees to be directly involved in decision-making. Blank also emphasizes the importance of leading by example and getting personally involved in giving back. He plans to give away the majority of his wealth to philanthropic causes to make the world a better place.

Q: How do you balance growth and maintaining a strong company culture?

Arthur Blank emphasizes that culture drives everything and is essential in maintaining a strong company. When expanding or growing, it's crucial to ensure that the culture doesn't get diluted and that new hires align with the company's values. Keeping growth at a manageable pace is important to maintain the quality and integrity of the culture. Blank shares examples from his businesses, such as the Home Depot and PGA stores, where they took the time to train and integrate new associates into the company culture before expanding further. Slow and deliberate growth allows for the culture to be sustained.

Q: How do you foster a sense of purpose and fulfillment in your associates?

Blank believes that associates find purpose and fulfillment in their work when they feel connected to something greater than themselves. Associates are encouraged to see their work as a mission and an opportunity to make a positive impact. By creating an environment focused on serving others and emphasizing values and purpose, associates can feel a sense of pride and meaning in their work. Additionally, providing the resources and support needed by associates allows them to grow and succeed, reinforcing their sense of purpose and fulfillment.

Q: What advice do you have for young people who are afraid to take risks and step outside the traditional path?

Arthur Blank advises young people not to be driven solely by money and to focus on finding their passion and serving others. He encourages them to find a business or career that allows them to live their values and make a positive impact. Blank stresses the importance of being open to taking risks and exploring new opportunities, as those experiences shape personal growth and help discover a greater purpose. He also recommends surrounding oneself with the right people who understand and support one's vision and values.

Summary & Key Takeaways

• Arthur Blank frames business around service: customers matter most, then frontline associates who interact with every guest, while leadership provides the environment, resources, strategy, and reasonable goals. His philosophy centers on making a real difference rather than merely writing checks, though he acknowledges resources are essential for creating scale and impact.

• Blank's grounded character traces to a modest childhood in a one-bedroom Queens apartment shared by four, losing his father at 15, and not owning a home until 32. His mother, who never centered money, wrote a book titled after her motto, 'You only pass through once, make a difference,' inscribed on a bracelet he wears daily.

• The West Creek Ranch gathering in Montana convened leaders to discuss well-being in America. Blank notes troubled times globally, a suicide rate doubled since 1996, and surging student demand for happiness courses at Yale and Harvard, aiming to move the ball forward on mental health at meaningful scale.