SAN FRANCISCO, Dec. 21, 2006 — Business magnate and entrepreneur Mouli Cohen was recently interviewed on what it takes to be great in business and life. What follows is a transcript of that interview.
What does it take to be great? Are people born with specialized natural gifts that lead them to mega-success?
Unfortunately, the answer to the second question is no. People are not born with these natural gifts. It is proven that success is due to a relentless amount of hard work and practice. Studies show that to be great at any one thing requires the equivalent of a minimum of 10 years of practice in that field. Take Tiger Woods, for example. He was practicing his golf swing at the tender age of three. He even re-invented his swing twice because that's what it took to win. By the same token Warren Buffett was not born an investor. Gary Kasparov did not know how to play chess when he was six months old. All, however, practiced what they loved year after year and eventually became superstars in their respective fields.
Now the first question "What does it take to be great?" is a bit more complicated. To help answer that question business magnate and entrepreneur Mouli Cohen was consulted.
The interview took place on a private island just north of San Francisco, which houses some of the most exclusive estates in the world. The views of the Golden Gate reflecting onto the Pacific Ocean are breath-taking.
Q: Mouli, you've talked a lot about achieving greatness in business as well as other pursuits. Are there certain characteristics that tend to lead to greatness? Are there any secrets you've discovered over the years for achieving that special mega-level of success?
Mouli: Unfortunately there is no secret formula for being great. It doesn't even come down to talent. Achieving mega success and greatness come as a result of years of hard work. Look at all the superstars in sports. Larry Bird, Magic Johnson, and Lance Armstrong are all sports legends. Their success came as a result of being talented and through years of relentless practice and hard work. That being said, I do believe there are things a leader does to encourage greatness in people. A leader works hard to ensure his people do not become ensnarled in unnecessary company bureaucracy and politics. He rewards those who are courageous, embrace change and take necessary risks. I've always said that a primary goal for a CEO and business leader is to assemble the best talent and give them the support they need to get the job done.
Q: Have a lot of people in your organizations gone on to achieve greatness?
Mouli: Yes, a few have but you cannot expect everyone working for you to be a super star. You give them the tools and support to be great and every year they improve. This makes your business successful and at the end of the day that's a good thing.
Q: What types of people in today's society would you say have achieved greatness? You also said a few did go on to be super stars in your own organizations. Can you talk a little about those individuals and what factors contributed to them reaching that level of success?
Mouli: There are many interesting examples that come to mind. Many of these individuals in their early careers seemed unlikely ever to achieve mega-success. Take Jerry Rice for example. 15 teams passed him up because everyone thought he was too slow. But he practiced harder than anyone else and in the end he was a winner.
I also have many PhD scientists in my biochemical and drug development companies that have proven themselves to be very non-linear and creative thinkers. These individuals have made amazing progress and even discoveries due to their unique approach and philosophy.
Mike Moritz of Sequoia Capital is another example of a businessman who changed careers mid-way and yet managed to rise to success. He was a rising star at Time Magazine and suddenly resigned and got into the venture capital business. He's made billions for his clients by having the knack to pick blockbusters. In fact, he picked a winner for my friend Serge Brin of Google.
Non-linear, creative thinking is definitely a success enabler. Take Yra Harris of Praxis Trading. Here's a guy who focuses first on how much money he stands to lose in a given investment. His number one rule is using stop-losses. He pulls his money down when a security reaches predetermined downside prices. That type of creative thinking is definitely an advantage for people on the road to super success. It still does not eliminate the need for super-persistence and practice but I think it's a differentiator.
Q: That's very interesting. What about all the people in your company who may perform their duties but never achieve greatness? Are these people just not cut out for being great? Are they missing certain abilities?
Mouli: That's a really good question and something I think about a lot. The key is to give these people the fundamentals they need to do good work. And then to inspire them whenever possible. However, there's no magic formula for instilling in them the drive to be mega successful. Doing good work is hard enough and only a few have what it takes to go the extra steps. These steps can be very painful which might help explain why only a minority achieves greatness.
Q: Many people compare businesses to sports teams. Do you agree with this analogy?
Mouli: Absolutely. The team dynamic in sports is very similar to running a business. You need a winning team and as a business leader or sports captain you must earn the respect of those working with you. To be great you need to inspire everyone on the team to also be great. Leadership is always earned.
Q: Mouli, how have you personally pushed yourself over the years to be great? What is it in you that drives this force, something you have referred to as being very difficult and even painful?
Mouli: You are giving me a little too much credit. It's challenging to give you a direct answer, as I'm not sure there is one specific reason. I would say that I have inside of me a restlessness that is never satiated. But where that restlessness comes from I do not know. My father always told me that if I do something I should do it great. This could be part of the reason. I think it's different for everyone. Success is a very personal goal. Maybe this idea of restlessness is part of the secret sauce for becoming successful.
Q: Mouli, you always talk about how important it is for a leader to know and understand his weaknesses and strengths. How does a leader use this insight to inspire confidence and loyalty from his employees?
Mouli: A good leader should possess a very clear-eyed view of the marketplace and the competition. He should know what the company is good at and where it should be focusing its strengths. He must also know and understand its weaknesses. This is a very big-ticket item in my opinion. It's also about good leadership attributes – a leader expects a lot and encourages his people to take the values most important to them at home and bring them to work. No one is born successful. We all have the opportunity-through hard work and focus and unrelenting super-persistence to achieve mega-success. It's within all of us.
About Mouli Cohen
In his career as an entrepreneur, Mouli has been one of the few to have success in biotechnology and high technology. His start-ups have generated well over $1B in shareholder value. In recognition of his ability to generate mega investment in the U.S. economy and the creation of thousands of U.S. jobs, Mouli was awarded the first-ever "Millionaire Residency" with full citizenship status by President George H. Bush. For press inquiries and more information please visit http://www.moulicohen.com or contact the Press Agent at 415-902-2802.