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What It Takes: Lessons in the Pursuit of Excellence Hardcover – September 17, 2019

4.6 4.6 out of 5 stars 3,857 ratings

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NEW YORK TIMES BESTSELLER

From Blackstone chairman, CEO, and co-founder Stephen A. Schwarzman, a long-awaited book that uses impactful episodes from Schwarzman's life to show readers how to build, transform, and lead thriving organizations. Whether you are a student, entrepreneur, philanthropist, executive, or simply someone looking for ways to maximize your potential, the same lessons apply.

People know who Stephen Schwarzman is—at least they think they do. He’s the man who took $400,000 and co-founded Blackstone, the investment firm that manages over $500 billion (as of January 2019). He’s the CEO whose views are sought by heads of state. He’s the billionaire philanthropist who founded Schwarzman Scholars, this century’s version of the Rhodes Scholarship, in China. But behind these achievements is a man who has spent his life learning and reflecting on what it takes to achieve excellence, make an impact, and live a life of consequence.

Folding handkerchiefs in his father’s linen shop, Schwarzman dreamed of a larger life, filled with purpose and adventure. His grades and athleticism got him into Yale. After starting his career in finance with a short stint at a financial firm called DLJ, Schwarzman began working at Lehman Brothers where he ascended to run the mergers and acquisitions practice. He eventually partnered with his mentor and friend Pete Peterson to found Blackstone, vowing to create a new and different kind of financial institution.

Building Blackstone into the leading global financial institution it is today didn’t come easy. Schwarzman focused intensely on culture, hiring great talent, and establishing processes that allow the firm to systematically analyze and evaluate risk. Schwarzman’s simple mantra “don’t lose money” has helped Blackstone become a leading private equity and real estate investor, and manager of alternative assets for institutional investors globally. Both he and the firm are known for the rigor of their investment process, their innovative approach to deal making, the diversification of their business lines, and a conviction to be the best at everything they do.

Schwarzman is also an active philanthropist, having given away more than a billion dollars. In philanthropy, as in business, he is drawn to situations where his capital and energy can be applied to drive transformative solutions and change paradigms, notably in education. He uses the skills learned over a lifetime in finance to design, establish, and support impactful and innovative organizations and initiatives. His gifts have ranged from creating a new College of Computing at MIT for the study of artificial intelligence, to establishing a first-of-its-kind student and performing arts center at Yale, to enabling the renovation of the iconic New York Public Library, to founding the Schwarzman Scholars fellowship program at Tsinghua University in Beijing—the single largest philanthropic effort in China’s history from international donors.

Schwarzman’s story is an empowering, entertaining, and informative guide for anyone striving for greater personal impact. From deal making to investing, leadership to entrepreneurship, philanthropy to diplomacy, Schwarzman has lessons for how to think about ambition and scale, risk and opportunities, and how to achieve success through the relentless pursuit of excellence. Schwarzman not only offers readers a thoughtful reflection on all his own experiences, but in doing so provides a practical blueprint for success.

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From the Publisher

Editorial Reviews

Review

What It Takes is a must-read book, filled with the experiences of one of the great business success stories of the last 30 years—Blackstone. In this book, Steve Schwarzman chronicles his and Blackstone’s journey to the top of global business. The book is filled with fresh insights and personal experiences that everyone—from students to CEOs—will relate to and learn from.” —Jack Welch, Former Chairman and CEO of General Electric

“The real story of what it takes from a man who could turn dreams into realities.” —
Ray Dalio, founder, Co-CIO and Co-Chairman of Bridgewater Associates

What It Takes is a must-read, inspirational account of how Stephen A. Schwarzman built Blackstone into one of the world’s top global asset management companies and leveraged his resources, know-how, and vision to spearhead bold philanthropic programs and provide trusted advice to a generation of political leaders around the globe.” —Janet Yellen, Former Chair of the Federal Reserve

“A series of thoughtful reflections derived from the author’s extraordinary life, which has already left its mark on the worlds of finance, politics, and education and made each the better for it. In this brief and insightful volume, Schwarzman has identified several key qualities required for excellence in any field, including a tireless sense of curiosity, a tolerance for risk, and an eye for the humble detail.” —
Henry A. Kissinger, Former U.S. Secretary of State and National Security Advisor

“Stephen Schwarzman has lived the American dream: a self-made icon in his field, turned philanthropist, who has long worked with creativity and vision to deepen relationships between individuals and countries. Steve shares the full measure of his personal journey with us in
What It Takes - part memoir, part playbook for success in any field. Humble, candid, funny and real, Steve offers wisdom and the gift of much needed common sense chapter by chapter and experience by experience. A great read!” —John Kerry, Former U.S. Secretary of State and U.S. Senator for Massachusetts

“From his start as an entrepreneur working in his family’s linen store in 1950s Philadelphia, Steve Schwarzman has made towering contributions to finance, relations between the U.S. and China, and computing, including a seminal investment in AI research that will help establish the age of intelligence. Steve always takes the long view and then helps move us in the direction that will pay the greatest dividends. This book reveals how he has achieved the rarest kind of leverage in multiple fields.”
—Eric Schmidt, Former CEO and Executive Chairman of Google

“Steve’s life lessons challenge me to think bigger and move even faster. His insights apply to both our work and personal lives, and his leadership has always embodied the principle of doing what is right, even when it is hard. Steve challenges us all to be better leaders, better citizens, better people.”
—Mary Barra, Chairwoman and CEO of General Motors

"In his new book, Steve relives his vast and varied experience at the center of a (thick) slice of US and global financial history. In the process he sets out a number of timeless lessons for business and life. This story literally has what it takes: the anecdotes, the insights and, most of all, the values to guide the next generation of entrepreneurs."
—Mark Carney, Governor of the Bank of England

"Steve Schwarzman, whom I consider a rare global business statesman, has a unique ability to connect with others and has developed a very strong network of global leaders and institutions to help advance big ideas. His business and philanthropic efforts will have long-lasting impact around the world.
What It Takes tells the story of lessons he has learned at every stage of life which offers great advice for anyone from the C-suite to the classroom looking to leave their mark." —Klaus Schwab, Founder and Executive Chairman of the World Economic Forum

"Excellence is in short supply these days, but you’ll find it on every page of Blackstone founder Stephen Schwarzman’s autobiography,
What It Takes. Anyone who is interested in Wall Street—at its best—will not be able to put this page turner down!" —James Patterson, #1 New York Times bestselling author

About the Author

Stephen A. Schwarzman is Chairman, CEO and Co-Founder of Blackstone, one of the world’s leading investment firms. Mr. Schwarzman is an active philanthropist with a history of supporting education, culture, and the arts, among other areas. Mr. Schwarzman holds a BA from Yale University and an MBA from Harvard Business School. He lives in New York City with his wife and three dogs.

Product details

  • Publisher ‏ : ‎ Avid Reader Press / Simon & Schuster (September 17, 2019)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 384 pages
  • ISBN-10 ‏ : ‎ 1501158147
  • ISBN-13 ‏ : ‎ 978-1501158148
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 6 x 1.2 x 9 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 3,857 ratings

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Customer reviews

4.6 out of 5 stars
4.6 out of 5
3,857 global ratings
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5 Stars
You will love what you will get.
1) This book is amazing quality and pleasure to read.2) Book has few color pages with photos, that was a great surprise and interesting to see photos of the life story of the author.3) The book itself was amazing, reading the book felt like meeting and listening Stephen A. Schwarzman in person. Thank you for this amazing book!
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Top reviews from the United States

Reviewed in the United States on February 1, 2020
Trying to be objective as possible here: It’s essentially a biography mixed in with tidbits of advice. For other financial readers, it reminds me of a mix between Michael Lewis’ Liar’s Poker (for the entertaining story) and Ray Dalio’s Principles (for the sage advice). Some complain that it’s not really a biography, that stories are non-chronological (which honestly it is, Steve just jumps from one topic to another - Maybe talking about Blackstone in one paragraph to then talking about personal events in another, but they’re all generally chronological. Sometimes he does do flashbacks); Others say that it’s not really a hand guide of “What it Takes” and, therefore, the book is mislabeled.

In my opinion, Schwarzman’s What It Takes: Lessons in the Pursuit of Excellence, is a good mix between a traditional biography, in-depth business stories that are engaging, and valuable pieces of advice here and there. Honestly, what else is it supposed to be? I haven’t heard Schwarzman is planning on writing another book, so this was the single piece of writing to capture all of his life. Simply put, I loved it. I started it over the Thanksgiving holiday and finished it that Sunday. I honestly had a difficult time putting it down.

Some say Schwarzman is pompous throughout the writing, and I have to concur - to a certain degree. One has to remember that Steve grew up fairly humble in Philadelphia, helping his parents run their linens store as a kid before they were able to move to a better part of the city and, in-turn, send Steve to a better public high school in the district. Having done very well academically and attending States for Track, he would attend Yale since he was rejected by Harvard. That was 1965. Later on in the book, Steve references things that most people wont be able to experience in their life: Meeting heads of state, taking flights to places like Egypt for an important dinner, and quite literally creating his own University.

While I can see the point of view as this coming off as pompous, if I had Steve’s life, I would have written the book the same exact way. Not many people get to experience such unique events, so it makes sense to document them. Besides, Schwarzman quite literally worked for it all himself. Who wouldn’t want to talk about their successes when they grew up poor and is now one of the wealthiest people alive?

If you’re looking for a great business book that’s engaging, easy to read, filled with good advice, and reaffirms that the American Dream is alive, then Steve Schwarzman’s What It Takes, is it.
7 people found this helpful
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Reviewed in the United States on February 16, 2024
This is an excellent book. It kept my attention from the first page to the last page, which says a lot when you take my short attention span into consideration. Don't let the critical reviewers dissuade you from buying this book. Steve shares the wealth of his experiences. Don't let grumpy reviewers prevent you from learning from those experiences.
🙂
Reviewed in the United States on June 18, 2021
As I always do, I got into this autobiography looking for those by-the-roadside gems of advice you can only glean from living through it.

And I got plenty.

Learning from the 35,000ft finance view, I greatly appreciate lessons in business interpersonal relationships and investment tips & tricks.

I especially loved the deal making advice borne of decades of mega deal experience. Learning about identifying market cycles, when to get in on bottomed-out market cycles, how Blackstone evaluates each deal (a rigorous process I must say), among others.

At the end of the book, there’s a list of 25 lessons for business & life. If you don’t read anything else in this book, hit that list. It literally summarizes the most pivotal parts of the book.

If you’re looking for a fireside chat w/ a brilliant mind, keen to learn about an entrepreneur’s life & worldview, pick this up.

Be ready to bear w/ a few chapters of philanthropic work, working w/ Trump & China that may bore some.
3 people found this helpful
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Reviewed in the United States on October 14, 2019
If you are looking for a very readable book that will give you insights into how Steve Schwarzman built a half trillion dollar investment business, the China equivalent of the Rhodes scholarship, and became the confidant of US presidents, all starting from a middle class upbringing in Philadelphia, this is it. You will take away lessons that you can apply in your business or personal life. If you are looking for a detailed history of Blackstone and private equity, you will find some elements here, but this is not what this book is about really.

In full disclosure, this review is written with a direct and personal perspective, as I have known Steve through work at Blackstone, informing how I think about the book. It is genuine – written in the same voice as Steve’s weekly talks at Blackstone’s Monday morning meetings, except the book describes many of the most interesting episodes in his life, rather than just the last seven days.

Steve’s book captures what made Blackstone succeed. When I joined the firm, I was struck by how we were a market leader in private equity, real estate, hedge fund capital, and restructuring, even though the various businesses were separately run. What did they have in common that made them succeed? I learned over the years that it was Steve’s focus on hiring 9s and 10s, a culture of integrity and performance, and providing a meritocratic environment free of politics. “What it takes” covers all of these topics in detail - for example providing detailed advice on how to interview to find the best employees.

The book is structured as a series of anecdotes. This makes the book a much easier read than a traditional biography would have been. In addition, each chapter has a lesson, in total it amounts to 25 rules for success, each of which is brought to life by a corresponding experience in Steve’s life. One of them is to go for very ambitious goals, not small ones. “Worthy fantasies”, as Steve calls them. Steve’s recent projects, including the MIT AI institute, Oxford’s new humanities center, or Schwarzman Scholars each are examples of the theme of setting extremely ambitious goals, and going for it with everything you have.

I highly recommend “What it takes” to anyone curious about Steve’s life or interested in learning about the ideas and lessons that made him succeed.
30 people found this helpful
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Reviewed in the United States on March 12, 2024
This is one of those books you can’t put down.
Really a great read!

Looking for more or a follow up !
Well done
Thank you
Reviewed in the United States on February 19, 2024
Awesome material on Excellence.

Top reviews from other countries

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Thiago Guedes
5.0 out of 5 stars Ótimas lições, grande trajetória
Reviewed in Brazil on August 31, 2023
Livro muito interessante para quem gosta de biografias de executivos e profissionais do mercado financeiro.

Varias lições de alguém que trilhou um caminho de sucesso.
One person found this helpful
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Rogelio
5.0 out of 5 stars If you want to know how an amazing company is built
Reviewed in Mexico on February 4, 2023
Absolute pleasure when reading this masterpiece!
paramesh
5.0 out of 5 stars What a Story of Blackstone!
Reviewed in India on November 29, 2023
The best book on Business, I would suggest to read this book those who are interested to build large scale businesses and build best talents and culture in the organization. 39B dollar deal with SAM and the way it handled to sell most of it on deal closing day itself is outstanding smart work. Worth to read and re-read.
stephane boyer
5.0 out of 5 stars The book to read when 18 … and older !
Reviewed in France on March 16, 2022
Vibrant, colorful, humble life story of S Schwartzman. Impossible to put down.

The best account I have read so far about the journey of an entrepreneur… painful, frustrating… but for those who embrace resilience and strong values infinitely rewarding

What a life !
carles pastor foz
5.0 out of 5 stars A real story of business success
Reviewed in Spain on December 6, 2021
The book goes into the details of Stephen’s professional success and shows in detail the key moments that define his success and how the sequence of events go. After that he writes a lot (too much in my opinion) about his political and philanthropic activity, which really feels like it is a part of himself, but I feel it is less addictive than the first part of the book. Highly recommendable!