Ken Langone, a billionaire investor and philanthropist, has identified three key business principles that have served him well throughout his career.
He told CNBC in an interview that aired on Mad Money that these principles have also been helpful in building a successful organisation.
According to him, the three most powerful things in business are a kind word, a thoughtful gesture, and a passion and enthusiasm for everything you do.
What the billionaire is saying
“The three most powerful things in business are a kind word, a thoughtful gesture, and a passion and enthusiasm for everything you’re doing,” Langone said.
He emphasised that he tried to instil that philosophy at Home Depot, which he co-founded in the 1970s, and at New York University’s medical centre, where he has served as chairman of the board of trustees since 1999.
In his opinion, once trustworthy managers are in place at a company or organisation, the next critical step is to ensure that employees at all levels recognise and feel empowered to make a difference.
Langone exemplified this with a story he remembered about a building services employee at NYU who spent time just visiting a heart transplant patient in the days following the operation.
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“If you can really get everybody engaged in the mission; if you can get everybody to believe they can make a difference, not only will they make a difference, but they are the difference,” Langone said.
Langone went on to say that even after the patient was moved out of the intensive care unit, the employee went out of his way to visit him.
“The man wrote me a letter, telling me that the care he got from the building service associate was as important to him as the surgeon who did the transplant,” Langone recalled.
What you should know
According to Forbes, Langone’s net worth is currently $5.8 billion.
Ken Langone made an early investment in Home Depot in 1978, becoming a cofounder with billionaires Arthur Blank and Bernard Marcus.
Langone, who gave $200 million to NYU’s hospital a decade ago, pledged $100 million to the School of Medicine in August 2018. The School of Medicine has no tuition.
He contributed $100,000 to the restoration of Notre Dame Cathedral.
He also gave $10 million to NYU’s part-time MBA programme in 1999 and $200 million to the university’s medical centre, which was renamed NYU Langone Health in 2008.
