GREAT 195 IDEA: Mike Bloomberg—Keep It Simple

Michael Bloomberg is a plain-spoken genius whose success inspires all entrepreneurs. He personifies the American dream. He grew up in a middle-class family in Massachusetts. He is very close to his mother and a devoted father to two grown daughters.

Bloomberg left a Wall Street job to start a technology business, and became a billionaire. Oh, did I forget to mention he's also served three terms as mayor of New York City, making big improvements in education and the quality of life in the city?

A very smart man, Bloomberg developed pioneering back-office systems for a Wall Street brokerage. In 1981, Bloomberg left Salomon Brothers with about $10 million in hand. He used that money to start his own company, Bloomberg LP.

A few years later, Merrill Lynch invested millions to help Bloomberg develop what remains the premiere, proprietary information system for traders and serious investors. (Bloomberg bought back Merrill's stake a few years ago.) The Bloomberg terminal provides real-time and historical data on thousands of companies and subjects that matter most to professional traders, brokers, analysts, and investors.

It's also a cash machine: clients lease about 300,000 terminals for about $1,975 a month. (You can't buy a Bloomberg terminal.) Clients can also access Bloomberg data online.

I was working for Mike Bloomberg when he scoffed at predictions that all the free information available on the Internet would make the terminal obsolete. He was right and all those self-important analysts were so wrong.

Once focused exclusively on providing the most accurate and current financial and stock market data, the Bloomberg empire now boasts a global news service, radio and television networks, and the newest ventures, B-Law and B-Gov. Those services track and aggregate legal and government news.

Bloomberg also publishes glossy, high-profile magazines, including Bloomberg Businessweek, which it acquired from McGraw-Hill. (My talented son, Evan, is a graphic designer for Bloomberg Businessweek.)

I was disappointed when Mayor Bloomberg's media relations person said he was too busy to speak with me to update this chapter, but here's what he told me when we spoke a few years ago:

“Do something simple that you can really define,” he said, twirling his reading glasses. “Sitting in your office, pondering momentous, abstract ideas doesn't always work.”

I was lucky to have worked with Bloomberg during the start-up years of Bloomberg Television. Bloomberg was still very hands-on when I was hired as a producer and correspondent for Bloomberg's new small business TV program, Bloomberg Small Business, in 1996.

His desk was tucked into a corner of the newsroom. He had a tiny glass office, but preferred to sit at his desk. You could find him in the lobby, greeting guests before or after their interviews with reporters. His accessibility freaked people out. A very successful investment banker who stopped by to say hello to me almost choked on the carrot stick he was munching when Mike walked over and asked me to introduce him to my guest.

During our interview a few years ago, Bloomberg said it is important to share your dreams and “your game plan.”

“I went out and said to someone, ‘I'm going to do it,’” he told me. “Then, I did it.”

I owe much of my success to Bloomberg. I had no experience in television when he hired me in a very crazy way. I was working with Avon on some small business marketing projects when I decided to write and produce a talk show, The Power of Women in Business. Avon agreed to pay the expenses to produce a pilot. We shot it at KPBS-TV, the public TV station in San Diego. Ron Stein, my wonderful ex-husband, directed and edited the show. Apart from my bouffant hairdo and dramatic makeup, the show looked pretty good.

The problem was I had no clue about how to sell a TV show. I made 100 VHS copies and sent Brooke, my marketing consultant, off to Las Vegas to attend a major TV programming convention. The problem was that he didn't know anyone at the convention. His plan was simple; he stopped at every booth, dropping off a copy. I was not happy to hear what he did, having paid for the trip to Vegas. I was sure nothing would happen.

A few weeks later, my phone rang. An assistant said Mike Bloomberg wanted to speak with me. Known for being direct, he said my show was terrible. So, I asked, why was he calling me? He said he needed a small business expert for a new small business show he had just sold to USA Networks. Was I interested in moving to New York City?

I had been hosting an advice segment called the “Mail Bag” for CNBC and been a guest on many shows, but I was not a trained broadcaster. Turns out my lack of experience didn't matter. In fact, it was an advantage. Always a contrarian, Bloomberg believed anyone with a brain could do television. In fact, in the early years, Bloomberg was known for hiring super-smart, but not especially glamorous or handsome reporters. Now, Bloomberg TV's on-air personalities are very attractive.

Being part of a scrappy new cable network was a kick. No one believed he could make it work. Everyone hated the original screen, which had all kinds of data in boxes around the talking head of the reporter. Uncertain about the future, I was reluctant to move my family from Los Angeles to New York.

Not a problem. The first year, I spent two weeks a month in New York City, producing four shows. Life was very sweet. I worked long hours but stayed in the swanky Regency Hotel on Park Avenue. Sixteen blizzards buried New York that first winter I worked at Bloomberg. Many weekends, I was happily stranded. (My colleagues were shocked that I relied on a 17-year-old nanny to keep an eye on my kids while I worked 3,000 miles away. But Joline was the most responsible babysitter we ever had and the kids turned out great.)

In 1996, Bloomberg was hiring so many people so fast, I sat on the floor and shared a desk and phone with my producer, Carla Ceasar for several months. When our friends stopped by, they thought we were crazy.

Today, Bloomberg is a global multimedia empire with about 12,000 employees. Need a Diet Coke? An espresso? Just hang out in the Bloomberg lobby and enjoy the hustle and bustle in the two well-stocked pantries. You never know who you'll meet or bump into. (Vanessa Redgrave was here the day I was in the office reviewing this manuscript.) The open structure is deliberate.

“Walls and titles act as barriers,” said Bloomberg. No one at Bloomberg has a title. Open space is the rule. Conference rooms are glass-walled and employees work at long counters, elbow to elbow. There is no privacy or personal space.

Although it appears that the company took off like a rocket on day one, Bloomberg said it took years to build the business because “we didn't try to do everything at once.”

Bloomberg is the most generous person I've ever met. In the 1990s, he gave $55 million to Johns Hopkins University to set up a school of public health. Bloomberg recently announced that he will join Bill Gates, Warren Buffett, and a bunch of other billionaires who have pledged to donate half of their fortunes to charity.

He always encouraged employees to donate to charity. He was always ready with a check to match his employees' charitable contributions. In addition to being a thrilling place to work, Bloomberg LP treats employees well. In exchange for working extremely long hours, the company provides extremely competitive salaries and amazing benefits.

When Bloomberg Press published the first edition of this book, the company hosted a lavish party. I still have a great photo of me with Mike at that party. He's wearing a tuxedo because he was on his way to another engagement. (John Wiley & Sons purchased the Bloomberg Press imprint in 2009.)

Here is Bloomberg's final bit of advice for you:

“You've got to sit back and do things carefully,” advised Bloomberg. “You can't jump to the endgame.”