A Quote by Charles Schwab
As a young analyst just out of Stanford business school in the 1960s, I got to really understand what growth was about. Back then, you had to ask a customer to pay some money. That was the most important thing in getting a company off the ground.
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I'm not saying to the kids yo drop out of school, education is the most important thing first and foremost. You know, my circumstances were a little different. I needed to work to help out so I couldn't be in school. Not only that, it was getting into trouble and all that s**t. I was getting into trouble more in school than I was out of school, so I had to just go ahead and make that adjustment, so I mean realistically I always tell everybody, in my case I don't got a high school diploma, but I have two Grammys so it kinda worked out best for me.
I talked about 12 to 18 months, and that's about reaffirming our foundation for sustained growth: getting the discipline back, getting the basics right, getting the customer focus back... so by the end of next year, I hope most of that's in place.
When I got into Stanford in high school, I had some friends from school who told me that I just got in because I was black and whatnot.
When I went back to New Hampshire after graduating from law school, my plan was to go work for a private firm because I had to pay some student loans off and make money and really just be in the private practice of law. Which can be very rewarding.
The most important single thing is to focus obsessively on the customer. Our goal is to be earth's most customer-centric company.
Senior executives can, after a fashion, get a portion of their pay tax-free. You defer part of your income and not have to pay taxes on it, and then when you retire you have the company buy a life insurance policy on you using that money. The company can deduct that money because it is a business expense, and the money will get paid out to your children or grandchildren when you die, so you have effectively given them your money and it's never been taxed.
The college kids should think hard about what they're doing. If you have a great idea for a company, there's no right time to start it, and it's often better to start it sooner rather than later. I went to Stanford undergrad and Stanford Law School, and if I had to do it over again, I might still do those things, but I wish I had asked the type of questions like, why I was doing it, was it just for the status and prestige, or was it because I was really interested in the substance of it.
The most important thing to understand about your pension is it only really counts on the day you put money in and the day you take money out.
I was really running a music school back then, because my band wasn't making any money. I keep talking about money, because most people don't understand the part of money in running a band.
What's important is that a customer should get off the airplane feeling, 'I didn't just get from A to B. I had one of the most pleasant experiences I ever had, and I'll be back for that reason.'
I remember telling my friends I wish I had stayed in school and they didn't understand: "You've got all this money and everything you want." But it wasn't about the money. It was about how I felt right then.
I was young so when I had that job at Burger King, I was still in high school and I just needed to help out my mom. And help myself because I needed to buy some of my clothes. I did that for about three years and I had became a shift manager working at Burger King, doing my thing. I was young and excited to make my own money.
There is a terrible thing that's been happening probably for the last 20 years or so and it's called the music business. And music isn't really business; it's work and you got to pay and you've got to buy your guitar or go into the studio. So there is a business side but when people say, "I'm going into the music business," it's not. It's about expression. It's about creativity. You don't join music, in my mind, to make money. You join it because it's in you; it's in your blood stream.
It's a risk-reward thing. If I do go out and try and play and get hurt again, then I'm definitely out. I've got no chance to go. If I'm ready, then great. It's getting better. I've been doing a lot more in the last couple of days. I've got a day off (on Wednesday) and then hope to come back in on Thursday and really see where I am at and test it out. Hopefully I'm going to play this weekend but, in reality, we'll see.
When I was in N.W.A. and didn't get paid all the money I was owed, that's when the business side of showbiz hit me. I thought, "Half of this is workin'. I'm famous, but now I need to be famous with some money." That got my brain started at trying to figure out the business end. And once I figured out the business side, I next came to understand that success really comes down to the product, not to me, my personality, or what club I'm seen going into or coming out of. None of that matters.
I come back to the same thing: We've got the greatest pipeline in the company's history in the next 12 months, and we've had the most amazing financial results possible over the last five years, and we're predicting being back at double-digit revenue growth in fiscal year '06.
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