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Business Rule #2:
Know When to Shut Up
September 16, 2004
...As a business executive, you must learn to listen. Not just to yourself but to the people around you...The reality is that if you don’t listen, you’ll find yourself losing business as well as employees...
Three things you should take away from this column and this episode of The Apprentice right now and imprint them on your mind:
1) Keep your mouth shut.
2) Never abuse, share, or give up your power.
3) Keep your mouth shut.
Well, how about that? Seems like I mentioned one of those things twice, didn’t I? That’s because this particular rule of business bears repeating. Bradford Cohen should have sat back and said nothing. That’s right. Nada. Zip. Bear with me as I vent over this frustrating, even if, in the end analysis, not all that shocking, trip to the boardroom.
As a business executive, you must learn to listen. Not just to yourself but to the people around you. Of course, as a CEO of your own company like me, you are automatically exempt from most things. Getting fired happens to be one of them. Your power as a leader should be used only in the most positive ways, something that calls for a great deal of restraint at times as well as patience. The reality is that if you don’t listen, you’ll find yourself losing business as
well as employees. Bradford, or should I say “The Bradford,” was so justly fired that I got up and applauded.
You must lead by example. Given the universally
well-accepted truth of this adage, why would you ever set yourself up for failure? Bradford strutted around and bragged about how he didn’t have to pack his bags because, not only could he not be fired, but he conceitedly thought that he didn’t deserve to be. He got so cocky in his own invincibility that he carelessly called Carolyn, “Carol-line.” With sheer and utter hubris, he considered himself to be inflammable and threw himself on the fire. Remember this people, no matter how exempt you might believe yourself to be, the inevitability of your fate is always right at your doorstep. Don’t believe me? Take your company public and just see how fast you’re stripped of your long-assumed title of “boss.”
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You wouldn’t believe into how much trouble your mouth can get you. Everyone, and I mean everyone, has an opinion and won’t hesitate to give it to you if you let them. As hard as it may be to fathom, even a CEO is subjected daily to others’ ideas and abject opinions. I successfully created my own company from scratch and people still somehow think they know how to run my business better than I do and have no bones about telling me how to do my job. I personally control a great deal of real estate here in Chicago and am on the hunt for more—not to mention my world-class martial arts studio and my limo service that has a Mercedes-Benz Maybach in its fleet—and people still tell me what to do, what to wear, and what to say. All I can do is laugh inside. Just laugh.
Bradford wasn’t the only one who relinquished power in this episode. Ivana Ma did the same thing to horrendous results. She let the group lead her rather than lead the group. If I had been in Trump’s place, I would have fired the whole lot of them. None of these candidates strike me as a singular driving force of economics like Kwame. No one has the charm and leadership of Bill, the salesmanship of Nick, or the energy of Amy. No one.
If you own a company, whether it’s a giant corporation or an ice cream stand, you must always remember to listen to your customers and never ever equivocate. If you equivocate as a leader, it’s an undeniable indication that you’re unsure of yourself and what you‘re doing. I try never to hedge and fortunately for me, I don’t have to try too hard at it. I’m known to be blunt and to the point.
Right now, I’m busy renovating a building on one of the greatest shopping miles in the world: Michigan Avenue. I found a beautiful little gem overlooking the just built Millennium Park that is sure to attract millions of tourists every year. I’m going to have one of the most magnificent buildings and lobbies near it. Once I’m finished with this building, it’s certain to fetch some nice-sized rents from upscale professionals—to say nothing of what the condos will go for.
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The reality is that if you don’t listen, you’ll find yourself losing business as well as employees.
