If I Knew Then

IfIKnewThen
Adviceoncareers,finance,andlifefromHarvardBusiness
School'sClassof1963
As the 50th reunion of Harvard Business

School's Class of 1963 approached, we
asked the class members if they had any
advice to pass along to younger
generations.
Ever an opinionated bunch, the 1963 grads had plenty to say. But you might
wonder: What could those on the initial trajectory of a life or a career possibly
learn from a group of mostly white, mostly wealthy, mostly men in their
seventies or eighties? Despite their undeniable success in the business world and
government, these 1963 graduates lived the majority of their adult years during
much different times.
In 1963, the average price of a new home was $12,650 a fraction of what even
the most modest home sells for today. That year, gasoline sold for 22 cents per
gallon, the minimum wage was $1 per hour, the average starting salary of a
Harvard MBA grad was $9,500, and the national debt was a $286 billion drop in
the $17 trillion bucket it is today.
The world these 1963 graduates entered was also starkly different in terms of
technology and culture. The members of the Class of 1963 lived most of their
lives without the Internet, the eurozone, climate change, and a society with an
enlightened of view of racial and marital equality. Could these people possibly
have a relevant thought to share with those in their twenties, thirties, or forties?
It is, in fact, because these Harvard grads have lived through all these massive
changes that their perspectives count for so much. They have been a part of
both the before and the after pictures of a world transformed.
They entered the business world when commerce was mostly confined to
national borders, and they ushered in the notion of the global village. They went
to work in the age of secretarial pools and longhand ledger sheets, and led the
charge into a digital, wireless landscape. They landed their first executive jobs
during a time when women and people of color were strangers to the boardroom,
and delivered us to an era when the leader of our greatest organization is the son
of a Kenyan.
In short, the Class of 1963 is uniquely qualified to dispense advice, because its
members have both the experience and perspective that only the long view can
provide.
There is another, perhaps even more compelling reason to seek the counsel of
these Harvard grads. As a stroll through any art museum or a reading of
Shakespeare will quickly inform, the big questions we humans grapple with arent
about the emergence of 3-D printers, foreign currency transactions, or healthcare reform.
The truly essential questions of life simply havent changed that much in the past
50 years. Or the past 500.
The human experience is not defined by our relationship to technology or

business or money. Its about our relationships with each other. The enduring
themes of love, family, faith, and self-acceptance are the ones we most seek to
understand with the benefit of some inspired, experienced guidance.
If you were going on a long and treacherous hike, who would be the best person
to ask about the path ahead? Someone a few yards away from the trailhead?
Someone whos made it halfway to the destination? Or someone whos walked
almost the entire trail and who can tell you about the washed-out bridges, the
sections that seem impossibly steep, and the vistas of indescribable beauty that
lie ahead?
The graduates of Harvard Business School's Class of 1963 have accomplished
much in the years since their graduation. But it might be said that their greatest
contribution is quite recent. It is the wisdom that they took the time to think
through, write down, and share with all of us.
CHAPTER 1
Careers
If you knew then what you know now,

how would you go about finding fulfilling
work and ensuring success in your
career?
ChoosingtherightcareerpathwasnotrivialmatterforHarvardBusinessSchool'sClassof1963.They
weremembersofoneofthelastgenerationsthatconsideredalifelongcareerwithacompanyasnothing
outoftheordinary.
Thatsastarkcontrasttotheresultsofa35yearstudyconductedbyChuckPierret,aneconomistwiththe
U.S.BureauofLaborStatistics.Hisreport,releasedin2010,foundthattheaverageAmericanenteringthe
workforcein1979heldnearly11differentjobsbythetimeshewas42yearsold.
SothestakesweremuchhigherwhenthoseHarvardgradshitthebricks.Theyneededtofindajobthey
couldlivewithforaverylongtime.Andafewofthemlearned,inretrospect,thatwhattheythoughtwould
bearewardingcareersometimesturnedouttobeamismatchfortheirtruepassions.
Todaythereisclearlylesspressuretogetitrightthefirsttime.ButtheadviceoftheClassof1963stillhas
meritforthosewhodrathernotflounderorwasteprecioustimeonalessthanthoughtfulcareerchoice.
Donotconsultus,theycollectivelysay."Listentoyourheart."
JIM COLLINS
Ifyouseeyourselfasanentrepreneur,startyourcompanyassoonasyoupossiblycan.Ifyouknowthe
fieldyouwanttoworkinbutarentsureaboutyourbusinessplan,gotoworkforacompanythatyou
admireinthesametypeofbusinessyouwanttocreate.Ifyougothisroute,donotbeconcernedabout
compensation.Getalltheknowledgeyouneedtolaunchyourownfirm.
3 Comments & 162 Likes
NORMAN BARNETT
Chooseworkyouenjoyandthatservesasmanypeopleaspossible.Focusonservingothersnoton
buildingwealth.Servewell,andmoneywillfollow.
1 Comment & 89 Likes
JOHN MCCA RTER
Havethedisciplinetolimitworkhours.
R O D M U R TA U G H
Workandpleasurearenotsynonymous,buttheyrenotopposites,either.Lovingwhatyouredoing(well)
canbeinfectiousandmotivatingtoothers.Ultimately,thatsleadership.
J O A N O. R O T H B E R G
Decide you like what you do, and do it better and smarter than
anyone else.
If you cant, change your career.
Dont create an expensive lifestyle living modestly frees you to

make appropriate choices.
S C O T T S PA N G L E R
Workisnotalwaysfulfilling.Thatiswhywecallitwork.Butif,attheendofayearorfiveyears,youcan
identifyconcreteexamplesofchangesyouhavemadethathaveimprovedyourcompanyorthecareersof
youremployees,Ithinkthatisfulfilling.
Inthemiddle1950s,whenIgraduatedfromhighschool,theUnitedStateswasproducing50percentofthe
worldsGNP.Itwastheworldsfactoryforsophisticatedgoodsautos,trucks,farmmachinery,
appliances,railroadequipment,machinetools,andindustrialequipmentofallkinds.GeneralMotors,Ford,
andChryslerwereworldgiants.Mostofthefactorieswereintheindustrialheartlandofthecountry,
includingmyhomestateofOhio.IwenttotheHarvardBusinessSchoolthinkingIwantedtobean
executiveinamanufacturingcompany.
After10yearsofslogging,Ileftmanufacturingforanagribusinessandnaturalresourcescompany.Being
repottedwasasuccess.IenjoyedbeingtheCEOandbuildingthenewcompany.
Inhindsight,IrealizethelackofrealopportunityinmyearlycareerwasnotduetoanymistakesImadeor
tocompanypolitics.Itwasbecausetheopportunitiesinadecliningindustryaresoconstrained,especially
comparedtoanindustrythatisgrowingrapidly.Withdeclininggrowth,companiesandtheirexecutives
becomedefensive.Theydonottakerisks,andtheyfocusonpreservingthestatusquo.
CHARLEY ELLIS
Youhavethetalentandcapabilitytocreateagreatlifeforyourselfandforoursociety.Theopportunities
arenumerous.Theneedforleadershipiscompelling.Youliveonlyonce,andlifeisshort.Soyourchoices
mattergreatly.
Dontwasteyourchancetomakeimportantcontributions.Workonimportantopportunitiesandproblems.
Beanethicalexemplarandcommittedleader.Becomearecognizedexpertinyourchosenprofession.
Reachouttoandconcentrateyourtimewiththebestpeopleinyourprofession.AvoidthosewhoareOKor
lessonvalues,character,andethics.
Chooseacareeryoureallyenjoy.Youllmakeamplemoneydoingworkyoulikewithpeopleyouadmire.
Youllbeabletoprovideyourfamilywitheverythingofrealvalue,sowhygiveupjoyfordough?
Findafirmthatunderstandstherealvalueofgoodethics.
Youmayconsiderstartingyourowncompany,ideallywithoneormorefriendsyoutrustandadmire.If
anyonecantalkyououtofit,letthembecauseitsonlywhenyouknowyoumustdoitthatyoullhave
thedeterminationtoovercomealltheobstaclesandchallengesandhavethepersistencetofigureitoutand
makeitfly.
Ifyoudecidetogoahead,giveitallyouvegot.Buildingyourowncompanyisthegreatestfreedomyou
caneverhaveanditsfun!
PHILIP B. SMITH
Workhard.
Behonest.
Helpothers.
SHANN TURNBULL
Putupwithboring,souldestroyingworkonlywhenyoureyoung,exploringyouroptions,andestablishing
yourcredibility.Onceyoubecomeestablished,becomediscriminatingaboutyourwork,colleagues,
clients,andassociates.
RON LESLIE
Stepstofindfulfillingwork:
1.
Take the initiative to investigate the places you think are of

interest. Ask good questions.
2.
Go with the self-assurance of having written on an index card

each of your past accomplishments (including where you simply
helped other people do their thing) in three forms:
3.
a.
A simple phrase; e.g., top salesman in New York office for

three years
b.
A three-sentence statement of the problem, your solution,

and the result
c.
A one-page explanation or anecdote to share if asked to

give details
Use those cards deftly to encourage people to talk to you

showing you listen on their level and understand whatever they tell
you. Remember: The more they talk, the smarter theyll think you
are.
PA U L G . H I N E S
Beverygoodatwhatyoudoandbegoodtothepeopleyouworkwith.Honorandrespectthosewhowork
foryouandmakeyourachievementspossible.
T H O M A S E . R E I L LY J R .
Gowherethingsarechangingorabouttochange.Quietlybutfirmlygetaheadofthatwagon.
Icanseehumorinalmosteverysituation.Itreallyhelpsinmakingdecisionsandkeepingmysanity.
PA U L R O S E N B A U M
Keepreinventingyourselfthroughselfeducation,becauseindustrieschangequickly.
ANONYMOUS
Thinktwicebeforejoiningafamilyfirmbutitisnotalwaysawrongchoice.
BILL AGEE
Bewillingtotakeriskswhenalearningexperienceisworthit.Dontbeafraidtotestyourskillsinan
assignmentthatmaybeunfamiliarorunpleasant.Nomatterwhatadversitymayarise,remainfocusedon
achievingyourgoalofperformingtothebestofyourability.Therewardswillnaturallyfollow.
G E R A L D ( J E R RY ) WO L I N
Makesureyoutrulyknowwhoyouare,yourstrongpointsandweaknesses.Asolidselfassessmentisan
importantstepintherightdirection.Manyofusdonotdothistothefullextent.
RICHARD L. PETERSON
Asmygoodfriendandauthor,RichardLeider,says,Heedyourlifescallingthatinnerurgetogive
yourgiftsaway.Thisrequiresbeingclearaboutyourgifts,values,andpassions,andusingthemasa
compasstofindyourcareerpath.Itisaninsideoutprocess.
C A R O L NI C H O L SO N F RY E B E R G E R
Nosurprise:Succeedinginbusinessisthepolaroppositeofwinningthelottery(pureluck,noeffort).
Blood,sweat,tearsearlyonandconsistentlythroughout.Becomeveryknowledgeableaboutyourproduct,
service,orindustry,andcultivatelastingrelationshipswithpeople.Becompletelyhonestinalldealings
evenifitspainful.
E Y K VA N O T T E R L O O
Whilestillateenager,makealistofallthethingsyoulikedoing,andthoseyoudontlike.Thenfindajob
orstudythatmaximizestheactivitiesyoulikeandminimizestheothers.Ahappyandfulfillingjobshould
feellikeindulginginahobby.Successisaresultoftrueenjoymentandeffort.
ERIC LAURITZEN
Pursueyourowninterests,andnotthewishesordesiresofsomeoneelse.Findamentortoprovideadvice
andguidancealongyourcareerpath.Bepreparedtorelocategeographicallytogainamorecomplete
knowledgeofyourcompany,andtoexperienceotherlifestylesandcultures.
R A L P H L I N S A L ATA
Find an industry that gets you excited and a company that places
excellence and integrity at the top of their list of core values.
Identify the areas in which you can truly excel. What you do well
is not work no matter how hard it is and how many hours are
required.
Learn everything you can about your company, its industry, and
your job. Understand both the details and the big picture.
Always be willing to help others, because many will later help

you.
Befriend and work with the best people, because they will make
you better.
ANONYMOUS
Lookformentorswhoareinaplaceyouwouldliketobe,doingwhatyouwouldliketodo.Seektheir
counsel.
R I C H A R D H O L L I D AY
Chooseafieldthatyoucanreadilyandfullyunderstand.Chooseacareerpathalongwhichtheworkwill
beenjoyableevenexciting.Failingtodosowillthrottleyourenthusiasm,commitment,andeffort.
GEORGE MOSHER
Thinkthroughyourstrengthsandweaknesses.Workhardwithyourstrengthsandworkwithotherpeople
tobalanceyourweaknesses.Avoidthetemptationtochargeoffinmanydifferentdirections.Stayfocused,
dothebestjobyoucan,andkeepyoureyesopenfornewopportunities.
DICK RESCH
Formeafulfillingcareerconsistsofsharingtheownershipwithallemployees.Ialsobelieveinavery
transparentinformationsystemsothatemployeesatalllevelscanjudgeoursuccessesandfailuresfor
themselves.
P E R RY R. P E R O
Takechances.At24,ImovedtoChicago,whereIhadneverbeen,andjoinedacompanyIpreviouslywas
unawareof.Itturnedouttobeaterrificmove.
J I M U TA S K I
Trytofindyourpassionwhatyoulovethinkingaboutanddoing.Ifyoucanfindacareerdoing
somethingyouarealreadypassionateabout,thefinanceswillflow,alongwithabetterbalanceinlife.
J O H N H . S C H WA R Z
Lookforworkinareaswhereyouhavebuiltinconfidencebasedonyourownexperienceorpreferences.
Itsnottosayyoucantsucceedinareasinwhichyouneverthoughtyouhadtalent,butyourshortestpath
willcomethroughyourstrengths.
Ifyoulikeyourwork,yourchancesofsuccesswillbehigher.Intheworkplace,makeyourfirstpriority
improvingyourorganization,department,orworkunitratherthanworryingabouthowthecompanywill
helpfurtheryourownambitions.Takeprideinmakingeveryonebetterwhereveryouare.Successtakes
careofthosewhocreatesuccessforothers.
ROBIN SMITH
Lookforsomethingyouaregoodat,whereaccomplishmentwillberewarded,whichpayswell(atleastat
thehigherlevels)andgivesyoutheopportunitytoworkwithsmartpeoplewhowillstimulateyouand
challengeyoutogrow.
J O H N A . FA B I A N
SelectingyourfirstjobafteranMBAgraduationisextremelyimportant.Takethetimetodetermineifthat
firstjobwillprovidelotsofopportunitytotakeadvantageofyourstrengthsandinterests,andwillprovide
theupsidethatyouarelookingfor.(AHarvardMBAisapreciouscommodity,andoneshouldtakefull
advantageofit.)
M AT H E W F R A U W I R T H
Stay away from the family business and follow your own
instincts.
If you dont truly enjoy what you are doing, seek change.
1 Comment & 6 Likes
E U G E N E C. B E L L
IcannotdobetterthanrepeatJosephCampbellsadmonition:Followyourbliss.
Seekworkthatyouloveanddoit.
CHARLES HALE
To greatly enhance the odds of enjoying a career

which is both fulfilling and successful, one must find
an endeavor, a subject, mtier, process, environment
for which one has a passion. This could be aviation,
geology, medical science, investing, writing fiction,
etc.
In my case, it was a love of markets and investing
that my father inculcated in me very early on. This
passion has led me to often declare, I have
neverworked a day in my life.
CHAPTER 2
Marriage & Family

what advice would you have given
yourself about getting married and
raising a family?
Thesestatisticsprobablydontneedrecitingagain,butforeverytwomarriagesperformedintheU.S.in
recentyears,therewasonedivorce.Clearly,marriageisnotagamefortheriskaverseandyetmostofus
giveitatry.Ortwo.Orthree.
NearlythreequartersofAmericanstietheknotatleastonetime,despitetheodds.Whilethatsdownabit
fromthe85percentmarriageratewhenHarvardBusinessSchool'sClassof1963graduated,theirsuccess
atpickingamateistrulyenviable.Ina2013study,morethan70percentofthe1963gradswerestillwith
theirfirstspouseafortunatebreakfromthepatternsofthepopulationatlarge.
BecausethemembersoftheClassof1963haveabitofagoldentouchatgettingandstayingmarried,it
won'tsurpriseyouthatmanyofthemsaynodecisionintheirliveswasmoreimportantormoreworth
gettingright.
Whileyoumightarguethattheseclassmatesdonthavethegoldentouchatgettingandstayingmarried,
theyareunifiedintheirfeelingthatnodecisionintheirliveswasmoreimportant,ormoreworthgetting
right.
Still,theirfamilylivesweren'talwaysperfect,anditsheartbreakingtoreadtherecollectionsofthegrads
whoputtheirmarriagesandfamilylifeatperilthroughalitanyofbadhabitsalcoholismand
workaholism,primarily.Asaclass,theywouldimploreyoutochooseyourlifepartnerwiththeutmost
care,andthenputthatpartnershipaboveeverythingelse.
DICK RESCH
Myonebigmistakeinlifehasbeenprovidingatrustfundformyfivechildren.Imverycomfortable
payingforaneducationforaslongastheywanttostudyinareputableuniversity.However,providing
additionalfundssotheycouldhavealifestylebeyondwhattheyhaveachievedontheirownwasamistake.
CHARLEY ELLIS
Makefamilylifeyourfirstpriority.Marrysomeoneyouadmireandarealwayslearningfrom,whoadmires
andlearnsfromyou.Helpeachothergrowandsharevalues,plans,experience,laughs,andtimetogether.
J O H N T. J A C K C O R R O D I J R .
Dontrushintogettingmarried.Atage35,IknewbetterwhereIwasheadedandwhomIwantedtobe
with.
Wewereshockedatnotbeingabletogetpregnant.Nevermind.Adoptionofnewbornsturnedouttobe
delightful.(Wedidit16times.)
WA R R E N B AT T S
Yourchildrenareyourlegacy.Givethemunconditionallovewithinaframeworkthatteachesthemyour
valuesbutalsoallowsthemtobewhotheyare.Spendasmuchtimewiththemaspossible.Timespent
whentheyareyoungislikemoneyinapiggybank:dontexpectthemtospendtimewithyouwhenyou
areoldifyoudidnotinvestinthemwhentheywereyoung.
H E N RY T H O M A S
Asforfamilymatters,Icanbeverybriefandtothepoint:Happywife,happylife.
BARBARA MINTO
Marriageisnotnecessarilythebestsolutionforeveryone.
D O N A L D P. N I E L S E N
Marriageisan8020partnership,onbothsides.Ifyoueachunderstandthat,youalwaysgooutofyour
waytopleaseyourspouse.Whenbothpartnersdothat,youhaveahappymarriage.
Thegreatestgiftyoucangiveyourchildrenistoloveoneanother.
Thetwomostimportantdecisionsonemakesinlifearewhereyougotoschoolandwhomyouchooseto
marry.Allelsefollowsfromthesechoices.
Whilethereareseveralobvioustraitstobesoughtinaspousemutuallove,attractiveness,and
intelligenceoneoverlookedbutimportantqualityiskindness.Marriagebringsbothsharedhappiness
andchallenges.Kindnessallowsbothpartiestounderstandandempathizewitheachotherastheymutually
solvetheissuesthatentertheirlives.
Anotherimportantelementisreligion.Thecoupletobeshoulddiscussinadvanceofmarriagewhat
religiontheywillobserveandwhatreligiouspracticestheywillmaintainwhentheymarry,andespecially
whentheyhavechildren.
G E R A L D ( J E R RY ) WO L I N
Whenraisingchildren,makesuretheygrowuptobeindependent.Toomanyofuswanttomakelifeeasy
onourkidsandsavethemfromanguish.Thatisnotalwaysthebestcourseofaction.
H E N RY A . G I LB E RT
Childrenpaymostattentiontowhatyousaywithyourfeet,ratherthanyourmouth.
RON LESLIE
Have fun. Doing things well is fun.
Have a good relationship with each child, set boundaries, ensure

each knows being loved.
When in doubt, use the three most important words with your
spouse: Youre right, dear.
WI LKO B RNER
EventhoughIamsatisfiedwithandworkedhardformyprofessionalcareer,familydemandsonmy
timealwayshadpriority.Thismayhaverestrictedmybusinesssuccess,butIhavenoregrets.
Ihaveseenmanypeopleproudlycreateproducts,organizations,buildings,andfortunes.Mostofthese
workshavenotoutlastedthepeoplewhocreatedthem.Iamfairlyconfidentmyfamilywillcontinueasa
healthyandconfidentstructureformuchlonger.
Tell your spouse and children that you love them every day, no
matter how you feel.
Do not bring your problems home with you.
Realize the joy that comes from helping your spouse and children
excel in their fields of interest and enjoy themselves.
Develop within your family a sense of obligation to help others.
Spending quality time with your family not just time is

critical.
Choose a spouse who will understand and support you, and one
for whom you will do the same. Life is much better if you can help
each other grow and expand your knowledge, experiences, friends,
and capabilities.
ANONYMOUS
Exercisepatience.Ittookmetwomarriagesand80%ofalifetimetoappreciatethevalueofthatword.
RON LESLIE
ThesweetestwordsintheEnglishlanguageare,Granddad,wouldyouliketo?
BOB GRIFFIN
Ibelievethemostsignificantbarriertoahealthy,happyfamilyisthecombinationofselfwill,asenseof
authorityratherthanpartnershipandrespect,andareluctancetoexpressforgiveness.Thequalitiesof
respectfulcommunication,trust,patience,andanabundanceofflexibilitywillleadtoafamilylifeof
happinessandmutuallove,eventhroughthetoughtimes.
Takeyourtimefindingtherightmarriagepartner.Findyourownidentitybeforeimposingyourselfon
someoneelse.Understandthatcommitmenttoyourworkambitionshastobebalancedwithcommitmentto
yourfamily,evenifachievementsinbusinessmayattimessuffer.Inthelongrun,youcanreachyourgoals
withoutsacrificingyourfamilylife.
Teachyourchildrenboththroughmentoringandbyexample.Buildtheirselfesteem,butteachthemhow
tosucceedwithhumility.Demonstrateteamplayathomesothefamilylearnstheartofworkingtogether.
Befirmandconsistent,butalsounderstandingandflexible.Dontexpectyourchildrentobeyouorto
satisfyyourdreams.Letthembethemselves.
Donottrytodetermineyourchildrensfutureforthem.Supportthemintheirchoices.Wedid,andhave
beenblessedwithtwocollegeprofessorsandadean.
G A RY M A C D O U G A L
Ienvymyfriendswhohavenothadtoexperiencedivorce.Thoughmanygetitrightthefirsttime,research
showstheoddsarenotgoodifyougetmarriedbeforeage30.Ibelievemostofuschangeagreatdealin
our20s,andknowourselvesandothersbetterlater.
Iamblessedwithgreatchildrenand,earlyon,listenedtoawisemaninmycompanywhotoldme:Spend
asmuchtimeasyoupossiblycanwithyourkidsnow,becauseyoucantcomebackanddoitlater.
GEORGE I. ROEN
Asformarriage,givespaceandinsistonyourown.Beforetheceremony,lookforbrains,eventemper(that
Ilack),acandoattitude,andaccomplishments.Checkouttheprospectiveinlawscarefully.Andatthe
end,seektruebeauty(philosophyandappearance).Forgetinfatuation.
NORMAN BARNETT
Marrywhenyouandyourprospectivespouseknowwhoyouareandwhatworkyouwilldo.Makesure
youeacharewillingtosupporttheotherinhavingthelifeyoueachwant.
Stayingmarried(49years):Betolerant;donttrytochangehimorher;dosomethingeachdaytomake
yourspousehappy.
Raisingchildren:Trytobuildcharacterhonesty,morality,andkindness.Settheexampleforthemto
follow.
GEORGE MOSHER
Recognizethatchoosingyourlifespartnerisoneofthetwomostimportantdecisionsyouwillevermake.
Giveyourchoicetheattentionitdeserves.Thinkthroughwhatstrulyimportanttoyou.Choosesomeone
youwillenjoyworkingwithtoachieveyourcommongoals.Ofcourse,beinginloveisveryimportant
butitisnotenough.
Onceyouaremarried,itsimportanttocontinuetoworktogether.Recognizethattheotherpersonhashis
orherowngoalsandwaysofdoingthings.Makeitclearwhatisimportanttoyou,makesureyou
understandwhatisimportanttoher,andthenreachdecisionsthatincorporatebothsetsofgoals.
Mostofuswoulddowelltodelaygettingmarrieduntilweareestablishedonacareerpath.Thenwe
shoulddelayhavingchildrenuntilwearesurewerepreparedforthechallengesofraisingafamily.While
weremeetingourresponsibilitiesasparents,wemustremembertomaintainastrong,lovingrelationship
withourspouse.
D AV E PU T E R B A U G H
Respecttheinterestsanddesiresofeachfamilymember.Establishtraditionsandspecialgeographicplaces
foryourfamilythisbecomesmoreimportantasfamiliestypicallymovearoundalot.Rememberthat
youcantmakeuplaterformissingkeytimesinyourfamilyslife.
ANDY PETERY
Nooneisbornaparent.Althoughourmediaandbookshopsarefilledwithendlessselfhelpguidesand
courses,parentingisoneofthosethingsinlifeyoumustlearnbydoing.Strivingtobeagoodhusbandand
fatherhavebeenmygreatestchallenges.
Idonotregretonebitthatwesetmanyreachgoalsforourchildrenbothacademicallyandinsports.
Inmyview,itisnecessarytostretchforsomethingthatiswellbeyondyourgrasp.Ifyouneverpush
yourselftoyourlimits,howdoyouevenknowwhatyourlimitsare?Andifyoudonotforceyourself
beyondthoselimits,howdoyougrow?
ANONYMOUS
Teachyourchildrenbyexample.Rejoiceintheirdifferences.Rememberthatyouaretheirparent,nottheir
friend.
ROBERT K. BOWMAN
Findsomeonewhohasbothsomemutualinterestsandsomedifferinginterests.Respecteachother,no
matterhowmuchyoumaydisagree.Dothingstogether.
ANONYMOUS
Putthechildrenfirst.Aloosereignbutnottoolooseworkswithchildren(andhorses).Lovethem
totallyandunconditionally.Makeafewsacrificesforthecommongood.Rememberthatdifferent
generationsdontlikethesamemusic.
ANONYMOUS
Allourchildrenaresuccessfulandhappyandlivenearourhome.Wehavefamilypartieseachmonthfor
ourselves,children,andgrandchildren.Wereallyenjoybeingtogether.Familieswhoplaytogetherstay
together.
BILL AGEE
Everyoneknowsthatweallocatetimetowhateverwevaluemost.Dontkidyourselfintoacceptingthe
qualitytimeisgoodenoughmyth.Thegiftofactualtimeandalotofitisessentialtonurturing
healthyfamilyrelationships.
JUDY LEY ALLEN
Stayingmarriedisarealtrick,andworththecareittakestoaccomplishthis.Eachofusisformedbyour
backgrounds,andblendingourviewsandconcernstakeslisteningandunderstanding.Butoh,isitworthit
tolivehappilywiththepersonofyourchoice!
Thisisnoteasy.Ittakescommitment,timesetasideforfamilyfunandrelationships,andanabilitytorise
fromtheasheswhenthingsdontworkoutthefirsttimearound.
Iwouldsaythatmarriageandparenthoodaretheessentialhumanexperience.Whilecareerwasimportant,
familylifewas,intheend,themostsatisfyingpartofmylife.Ithinkahappymarriageandfamilyareone
ofthemostimportantpredictorsofsuccessinbusiness.
ANONYMOUS
FamilyFirstitsthecenterofmylife,anddirectsandgovernseverythinginit.Growthcomeswhenthis
centerisworking;setbackcreepsinwhenIlosetheFamilyFirstfocus.
Whenmytroublesinvade,Ilookatmyselfinthemirrorandlaugh.Thiskeytolifeissosimple,butwe
seemattimestomakeitsodifficultandcomplicated.DrivefromFamilyFirstandlifewillbebetter,
longer.
L AW R E N C E D. A C K MA N
Encouragefamilytogetherness,frequentcommunications,joyousoccasions.
Ifthingsgettoughinamarriage,dontgiveupthefirst(orsecond)timethereisaproblem.Toomany
marriagesareterminatedafterhittingthefirstroughspot.
MARK HOFFMAN
Dontforget:whileyourestillbusyelsewhere,marriageandfamilywillinevitablybethemostimportant
elementsofdeterminingsuccessorhappinessformostpeople.
JOHN A. MOELLER
Findingthatspecialpersonwhosevalues,goals,interests,andtenacitymatchyours,thengettingand
stayingmarried,isthegreatestpleasureandsatisfactionanyonecanpossiblyhave.Itisntalwayseasy,but
thecompanionshipandpartnershipproducecontinuingteamwork,rewards,andpleasure.
Raisingchildrenbecomesaneverendingsourceofpride,requiringwork,time,patience,andexpense.As
childrenmatureandthemselvesbecomespousesandparents,theyprovideaneverchangingperspectiveon
wisdomandhappiness.
RICH OPSAHL
Beforethewedding,makeadealaboutwhattypeoflifeyouexpecttolead.Bewillingtoargueabout
thingsopenlyandevenoften.
Hangoutwithyourkidsalot,evenifitmeansmissingworkopportunities.Giveyourkidsthebest
schoolingyoucan.Exercisetogether.
Iamconvincedthereisalotofluckinvolvedinthesefamilymatters.Havingsaidthat,theonethingthat
surelymakesonemoreluckyistogivefamilymattersasmuchtime,effort,andattentionaspossible.
Becommittedtothefamily,evenattheexpenseofwork.Staysunny.Keepasenseofhumor.
D O U G L A S T. TA N S I L L
I cant say I have been good at it, but being willing

to listen to each other and compromise are keys to
staying married.
Introduction
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IfIKnewThenAdviceoncareers,finance,andlifefromHarvardBusinessSchool's
Classof1963
CHAPTER 3
Business

what mistakes might you have avoided in
business, and how would you have
enjoyed greater success?
IfthereisoneindisputableclaimHarvardBusinessSchool'sClassof1963canmake,itsthattheyknow
theworldofcommerceandsuccess.Asurveyofalumniconductedin2013showedthat66percentofthe
classhadfoundedorcofoundedatleastonecompany.
Ofcourse,launchingisonething,andsucceedingisquiteanother.There,too,theClassof1963can
deservedlyrestonitslaurels:Morethanonethirdoftheclassreportsanetworthofmorethan$10million.
Soifthereisanyadvicedispensedbythisclassworthlisteningto,itshowtocreateandbuildasuccessful
businessandhowtoavoidthepitfallsthatexplainthenearly50percentfiveyearfailurerateofnew
businesses.
Youllfindanumberofhardnosed,pragmatictipsintheirmusingsonbusinesssuccess,butalsoabitof
perspective.Onegradputitexceptionallywell,Myexperienceisthatgoodtimingandluckcontributeas
muchormoretosuccessthandoesskill.Thesameisoftentrueoffailure.Myadviceistostayhumble,
patient,andpersistent.Overtime,timingandlucktendtoevenout.
Itiseasiertomakethecorrectdecisionwhenyouhaveextracash.Ifyourcompanyisshortofcash,itis
easytomakethewrongdecision,althoughsometimescashshortageisafactofthejob.
Astrongteamaroundyouiscritical.Loyaltyofyourdirectreportsisimportant,especiallyifyouhave
earnedit.
NeverusethepronounIexceptwhentakingresponsibilityforaproblemormistake.Whensuccess
occurs,itshouldalwaysbeweorthey.
Communicationwithallemployeesiscritical.Strategiesmustbeexplainedrepeatedlyasmanyas20
timesbeforemostpeoplereallyunderstandthem.
Therightcultureisalsocritical.Ittakesalongtimeandanexceptionalamountofefforttochangeabad
culture.Mostcompaniesfailbecausetheydonothavetherightculture.
Allcompetitiveadvantageslastforaveryshorttime.Youhavetobeparanoidtostayastheleaderofa
successfulcompany.
Greatcompaniesinvestintheirpeople.Theyencouragepeopletoachievetheseeminglyimpossible,
knowingtheyareallowedtofailsolongastheymakeintelligentdecisionsanddonotputthecompanyat
significantriskwithouttheconsentoftheirmanagement.
NORMAN BARNETT
Paypeoplewell.Provideprofitsharing.Ifyoucareaboutthem,theywillcareaboutyou.
ANONYMOUS
Withtheadventofoursocietysloveaffairwithtechnology,especiallyintheyoungergenerations,my
wishisthatthosegenerationsunderstandthatcommunicationscreentoscreenisnotthesamebya
factorof1,000ascommunicationfacetoface.Thatgoesfortheclassroom,thelivingroom,andthe
bedroom.
WA R R E N B AT T S
Ihavejoinedacompanythatwasweddedtoadyingindustryandoldtechnology;onethatwasgrossly
undercapitalizedandyetinahighfashionindustryfraughtwithmiserableethicalpractices;onewherethe
CEOnearlysankthecompanywithextraordinarilybadacquisitionsandthentriedtobecomelargerthan
life;andonethatwashighlysuccessfulwithverylargefreecashflows,threepiecesuitsandblacktie
Christmasparties,butwasunabletodevotethefocusandresourcestoremaincompetitive.Allweretaken
overbybettermanagedfirms.
Ilearnedthatacompanyissimplypeoplewithapurposeandtheresourcestoachievethem.Losingsightof
thecustomersnomatterwhotheyare,whatcompetitorsaredoing,orwhatthecuttingedgeof
technologyisinyourindustryisarecipefordisaster.Cashiskingandmustbeconserved.Internal
politicscannotbetolerated.
Peoplehavetobelievewhattheyareworkingonisimportanttothecompanyssuccessandtheywillbe
treatedfairlyandwithrespect.Thebossistheservantoftheorganizationnottheopposite.
JUDY LEY ALLEN
Surroundyourselfwiththesmartest,mostethicalpeopleyoucanfind.Setcleargoals,communicatethem
clearly,anddelegate.
ANONYMOUS
Successinbusinessreliesalotonmakingsureyourcolleaguesoremployeesshareagoodpartofany
successyoumayhave.Themistakeistobelievethatyouaremoreimportantthananyoneelseinthe
business.
CHARLEY ELLIS
Knowingthatallpeoplearecomplexinvalues,motivations,andobjectives,andthatgroupsofpeopleare
complexesofcomplexities,allofwhicharehiddenfromview,youwillbesurprisedbywrongbehaviors
includingyourown.
Somaintainactivereconnaissanceandobjectivitytocatchmisbehaviorearly.Floodthesystemwith
positiveethicstopreventordiscouragebadormediocrebehavior.
Nobodywhohaslivedbyselfdemandinghighstandardshaseversaid,IwishIhadnt.
MARK HOFFMAN
Mistakes:
Acting too slowly
Waiting until all is understood
No (or low) risk
Actfast.Takerisks.
ROBIN SMITH
Onemistakeistostickwithahighlyprofitablebusinessmodeltoolongwhentheworldischanging.
Anotheristoabandontheoldforthenextnewthing,particularlyifthepathtoprofitabilityisnotclear.
RICHARD L. PETERSON
Itsamistaketocreditsuccessinbusinesstoomuchtoonesownskill.Myexperienceisthatgoodtiming
andluckcontributeasmuchormoretosuccessasdoesskill.Thesameisoftentrueoffailure.Myadviceis
tostayhumble,patient,andpersistent.Overtime,timingandlucktendtoevenout.
Debtsucks.
ANONYMOUS
TheharderIwork,theluckierIgetwasandismyphilosophyinbusiness.
L AW R E N C E D. A C K MA N
Hirethebestpeople.
Mistakes:
Fear of hiring people who are smarter than you are
Borrowing too much money
Growing a business too quickly
Failing to let people grow by not delegating enough responsibility
Not emphasizing the importance of reputation and good ethics
1 Comment & 3 Likes
Itooeasilyacceptedadviceofprofessionals(lawyers,accountants,etc.)whentheiradviceledtoaneasier
ormorefinanciallyadvantageouspath,whenthisrancontrarytomyinstincts.
Mistakes:
Greed
Dishonesty
Self-delusion
Lack of an ethical compass
GEORGE MOSHER
Pursuingrandomopportunitiesdiffusesonesefforts.Exceedingonesresourcesgetsyouintotroublewhen
timesweaken.Ifyourealwaysoverspendingandtryingtodotoomuch,youcanbesuccessful10timesin
arowandbewipedoutonthe11thtime.
Astimegoesby,itsbecomeclearthatpeopleskillsareveryimportant.Ultimately,abusinessandacareer
willbesuccessfulifyouunderstandhowtomotivateandworkwithotherpeople.
DICK RESCH
Creatingsuccessinbusinesshastobeasharedlearningexperience.Ibelievethatallemployeesneed
informationnotonlyaboutthetotalcompanybutalsotheirparticulardivisionordepartment.
Transparencyisthekeytoasuccessfulentrepreneurialcompany.
ANONYMOUS
Oneofthebestthingsthatcanhappenistogetfired.Itforceschangeandifmanagedcorrectly,canresult
inimprovement.
IneverwouldhavestartedafamilybusinessunlessIdbeenfiredfromWallStreet.
JOHN MCCA RTER
Aspirefortheheightsbutprepareforthedepths.
Alwaysdoduediligence.
Respectyourcolleagues.
Not all decisions turn out well. Be prepared to deal with problems
over which you have no control.
Almost everything will require more money and more time than
you think.
Never settle for good enough. Always strive for excellence.
Set high expectations for yourself and those with whom you
work.
Move quickly to deal with people issues.
Hiring smart, driven people is a ticket to your own success.
D AV E PU T E R B A U G H
Itsamistaketosticktoolongforwhateverseemgoodornecessaryreasonsintryingtomakean
effortsuccessfulwhenthereareclearsignsitisntreallyviable.
Keepyourcostsandfinancialcommitmentslowandshortterm.Dontunderestimateyourcapitalneeds
overtime.
Oneofthebiggestmistakesistothinkyouknowitallorevenhavetoknowitall.Learningtosurround
yourselfwithpeoplewhoknowmorethanyoudoandlearningtoaccepttheiradviceisabigstep
especiallyforpeoplewithHarvardBusinessSchoolgraduateegos.
Tosucceedinbusiness,showpeoplethatyouappreciatetheircontributionswithpublicandprivatepraise
andfinancialreward.Ifyourcompanydoeswellfinancially,besuretosharethatwithyourkeypeople.
ANONYMOUS
Thehubristhatcomesfromsuccessleadsonetobelieveonesnextventurewillalsosucceed,giventhe
samehardworkandleadershipskills.Thisisnotthecase.Thecircumstancesaredifferent,thebusinessis
different.Neverassumeonesuccessautomaticallyleadstoanother.
Whenstartinganewbusiness,besureyouunderstandthequalitycharacteristicsrequiredbythemarket.
Otherwise,youllefficientlyproducemillionsofaproductthatsomehowfailsthecustomertastetest.
0 Comments & 1 Like
ANONYMOUS
Whenyouaretryingtocreatesuccess,makesurethebusinesshasthepotentialtosucceed.Istherea
marketforyourproduct?Arethepeoplewillingtoworkveryhardtosucceed?Doyoureallyhaveafair,
clearshotatsuccess?
Ifthegameisnolongerworththecandle,getoutpronto.Hangingaroundandtakingathousandarrows
becauseyoubelieveinanendeavorisdonetoomuch.Ididitmyself.
0 Comments & 1 Like
ThebiggestmistakeIveseeninmyownexperienceisdiversifyingawayfromonescorebusinessand
strengths.
0 Comments & 1 Like
C A R O L NI C H O L SO N F RY E B E R G E R
Treatemployeeswell.Bewareofsympatheticbusinessdecisions.Theyalwaysneedtobefundamentally
sound.
0 Comments & 1 Like
BOB GRIFFIN
Imadesomemistakesinrunningoneofmysmallbusinessendeavors.Haditbeenmyfirstbusiness,it
mighthavebeenexcusable.Butitwasnot.Infact,itwasmylast.Fromit,Ilearnedhowimportantitisto
thinkclearlyaboutthefundamentalpurposeoftheenterprise.Amongthemostimportantingredientsisthe
needtoestablishaprincipleofbeingfairtoallthestakeholders.
0 Comments & 1 Like
Isometimesfellpreytothemanagementfadsofthetime,andtriedtopushthefuturetoofast.
0 Comments & 1 Like
Ithinkagoodbusinesspersonmustunderstandcapitalismandthephilosophythatunderpinsit.Ithinka
faithisallthatisneededtocharttheethics,therespectforothers,theproperpositionofdoinggood,and
theselfdisciplinetoperformatahighlevel.
0 Comments & 1 Like
P E T E R J. S O L O M O N
Ihavemademanymistakes.Idontdwellonthem.Fessuptothemreluctantlyandmoveonquickly.Itis
thecoverupthatalwaysisfatal.
0 Comments & 1 Like
J. L A W R E N C E W I L S O N
Thefirstrequirementistoworkinafieldwherecontinuingsuccessispossible.Iftherearenobarriersto
entry,aprofitablebusinesswillbeoverwhelmedwithnewcompetitorsassoonasitbeginstomakemoney.
0 Comments & 1 Like
ANONYMOUS
Stay tuned to local sensitivities. Very few are fit for a

career anywhere in the world.
CHAPTER 4
Leadership

what could you have done to be a better
leader?
When your classmates include a two-term governor, a U.S. Senator, CEOs and
board chairs of Fortune 500 companies, and countless heads of nonprofit,
volunteer, and educational organizations, extraordinary leadership qualities seem
to be par for the course.
But, as Harvard Business School's Class of 1963 found out, being a leader and
being an effectiveleader are two different things. Now at the stage of their lives
when expressing some self-doubt and flaws is not a career-limiting move, the
Harvard grads are surprisingly candid about where their leadership skills fell
short.
They cite their inability to delegate, their lack of humility, their willingness to be
too patient, and in the case of one grad a deficit of ego and charisma.
The leadership role for many was thrust upon them before they were even dimly
prepared to take it on. The undeniable lesson is that leadership is not a birthright
or a gift, but a skill developed and finessed with practice over many years.
The greater moral of this story is that self-awareness and a humble demeanor
can serve a leader well. As one Harvard grad said so simply, yet powerfully, I
would have been a better leader if I had been less cocky in my early career, and
more confident in my middle career.
ANONYMOUS
Leadership, in my opinion, is getting others to do what you think should be done

but have it be their idea.
Outstanding leaders:
Recognize opportunities and see trends before everyone else
Develop people at all levels
Clearly and passionately communicate the companys vision, goals, and

core values
Live those core values every day and in everything they do
Continue to learn from and listen to others without regard for their level in
the company
Accept the responsibility for all decisions not just the successful ones
Maintain a positive can-do attitude, no matter how difficult the

circumstances, but are honest in describing the situation
Focus on the priorities and do not get distracted by self-indulgences and

needless low-priority items
Make all the people in the company feel that their roles are important to
its success and that you appreciate their efforts
I would have been a better leader if I had been less cocky in my early career and
more confident in my middle career.
L AW R E N C E D. A C K M A N
I could have been a better leader if Id left line responsibilities earlier and spent
more time thinking about strategy to compete successfully.
A successful leader:
Inspires by actions and words
Clearly communicates the goals of the organization to all
Is good at motivating and incentivizing people in the company
Sets forth a clear policy that no compromise in ethical behavior is

acceptable
V E R N O N R . L O U C K S, J R .
While the Harvard Business School was not a leadership course, it has been a
source of inspiration and a valuable resource for everyone in business by
teaching the value of preparation, the ability to think, and express ideas clearly
and objectively.
The Marine Corps, on the other hand, was on-the-job leadership training that
forced the education of all its officers and trained them to accept the
responsibility to lead a large number of others.
What excited me about this experience was the necessity of getting things done
through others, and gaining their trust and commitment to succeed in every
mission we undertook together. All of us learned the power of a group of
talented, well-trained individuals in attaining an objective where each one knew
his role and executed it flawlessly.
Its no different in the business world than in the military. Well-prepared, welleducated, well-motivated individuals perform well in every part of life.
1 Comment & 7 Likes
SAM ABEL-SMITH
Delegate more to trusted associates and dont try to do everything yourself.

Business should be more of a partnership, rather than master and employee.
FREDERICK M. OSUCH
Every successful leader must articulate a clear vision in a way that everyone in
the corporation understands. But thats just the start.
Integrity and candor in dealing with your management team, employees, and
investors, together with treating customers and your community fairly and with
that same degree of integrity, is to me the real key to leadership. There is little
need to take credit for success. It will flow naturally if its really earned.
That was a key take-away message from my years at the Harvard Business
School. Unfortunately, I feel its importance has been diluted in recent years, as
too much emphasis is placed on creating shareholder value as the principal
measure of a successful leader.
ERIC LAURITZEN
Leading by example is by far the most important characteristic of a good leader.

Being decisive, firm but fair, and setting well defined goals for yourself and
others are also very important.
RICHARD L. PETERSON
Hire people better than you and give them support and the freedom to thrive.
ROBIN SMITH
The best leaders Ive seen have been as or more knowledgeable than anyone
else about the business and the environment in which it operates. They have a
clear vision they can communicate to others, and they make decisions easily.
On a personal level they are easy-going, dont take themselves too seriously,
admit their mistakes, and are quick to give others credit. They have high
standards, clearly articulated, to which they hold their people.
A successful leader maintains an image at all times. People are following you,
and you need to always be out in front for them.
ROBERT K. BO WMAN
A successful leader:
Knows as much as he can about his organizations mission
Believes in the mission
Communicates the mission clearly
Points the way
Gets out of the way
A good leader must manage the present in the context of the future, and keep
both balls in the air. He needs to be a coach, a leader, an inspirer, and a
taskmaster. He must respect his people. He has to trust and mistrust trust but
verify at the same time (sort of a blend of several forms of managerial
schizophrenia).
Personality characteristics do not define a leader. A leader must present a

recognizable objective and explain why achieving the goal is important. No one
wants to follow a person who does not know where he is going or is unable to
explain why achieving the goal is important.
Making a lot of money for the shareholders is not an inspiring goal achieving
excellence can be.
ANONYMOUS
This question was asked the last day at the Harvard Business School 50 years
ago, and I still have no other answer than Set an example.
ANONYMOUS
Successful leaders come in all shapes and sizes. The main characteristic is
getting the job done. Getting the most out of people is important. Be who you are
and stand by your principles.
A successful leader must be a champion delegator. I wish I had spent more time
mastering this all-important skill.
I personally believe that a certain amount of circumspection and even some

humility are wonderful traits in a successful leader.
BOB GRIFFIN
I believe the essential characteristics of leadership blend specific knowledge and

analytical skill, genuine communication, a willingness to consider possibilities,
and the courage to decide and act.
In both my major corporate experiences and almost two decades of small
business ownership, I too often failed to acknowledge the 90% positive level of
employee performance, mentioning instead the 10% we might have done better.
The need to affirm and genuinely express both achievement and opportunity for
improvement among employees was certainly well taught in Harvard Business

School classes. A better adherence to those lessons would have made me a
better leader.
PA U L G. H I N E S
Be a listener listen more than you talk. Think before you act. Be strategic
rather than tactical. Never lose sight of the importance of continuously
strengthening your organization.
To be a good leader:
Set the example
Work to obtain total buy-in to the vision
Communicate often both the good and bad news
Celebrate success
Treat others as you wish to be treated
Hire the best people you can find and let them run
P E R RY R . P E R O
The successful leaders I saw were genuine people with excellent communication
skills, strategic vision, and the ability to motivate others. They were thoughtful
and a good source of talent. They also had an egalitarian leadership style, a
positive attitude and high energy.
I learned this at the Harvard Business School: Listen, learn, lead. I learned this
through experience: Give credit, honest feedback, and professional enrichment.
Set high standards and get rid of those who do not measure up, so you lead an
elite corps who take pride in their work.
To be a better leader, I could have developed greater ego and personal charisma.
Successful leaders know how to balance focus, discipline, and understanding in

dealing with strategies and with people. They need to be good anticipators and
thoroughly understand their team and its strengths and weaknesses. They need
to be perseverant but not stubborn. Maybe most important, they need to know
how to gain from a loss.
My biggest failures as a leader were probably being to be too averse to
controversy, too unwilling to take the harder short-term road to reap the greater
long-term success, and leaving failing subordinates in place too long.
SHANN TURNBULL
Qualities of a good leader: Sharing a vision and passion for success, being a good
listener, and accepting and acting on the considered advice of others. But most
important, finding and developing a team of people who can carry out my role
better than I could myself.
Successful leaders seem to have several common characteristics. Most of all,

they really know the business and the environment in which it exists. They are
often good spokesmen (or women) and, most important, they seem to enable
people and help them perform.
Really good leaders are rare. A business can become successful if it focuses on
delivering exceptional performance to clients.
ANONYMOUS
Successful leaders care about those they lead and show it with their praise, faith
in others, and sharing monetary success.
0 Comments & 1 Like
BILL AGEE
A leader must have a charismatic energy that empowers him or her to convince
others to follow a particular vision. This includes having excellent communication
skills and a warmth of personality that makes people want to please the leader
and fulfill his or her expectations.
0 Comments & 1 Like
Leadership depends greatly on ones personality. It requires the ability to get

others to participate. Not everyone can do this. I prefer to work behind the
scenes in getting things done analyzing all the components of a project and
seeing that theyre all dealt with, even if I have to do them.
0 Comments & 1 Like
C AR O L NI C H O LS O N F RY E BE R G E R
Listen.
Be a good role model.
Do your homework.
Delegate.
Praise others efforts.
0 Comments & 1 Like
MARK HOFFMAN
Fairness
Openness
Impatience
Energy
To be a better leader, Id have had more of the above especially impatience.

0 Comments & 1 Like
DICK RESCH
A successful leader has an entrepreneurial spirit. The power of an entrepreneurial

company owned by its employees with total freedom of information is a
phenomenal, competitive engine.
0 Comments & 1 Like
CHAPTER 5
Wealth

would your regard for financial wealth as
a yardstick of success be the same?
Oneoftheinescapablenewsitemsoflate2011wastheOccupyWallStreetmovement,aprotestabout
economicinequalitythatspreadtomorethan95citiesacross82countries.Whilecriticizedforitslackofa
clearagenda,OccupyWallStreetatleastknewhowtogalvanizemediaattention,anddidsousingthe
slogan,"Wearethe99percent."
Sowhoweretheother1percent?TheyarepeoplenotunliketheHarvardBusinessSchoolClassof1963.
TheTaxPolicyCentersaysthatthetop1percenthadaminimumincomeof$516,633in2010.Whenthe
1963Harvardgradsreportedtheirannualincomein2013,27percenthitthisthreshold.Lookingatnet
worth,thetop1percentcheckinwithanaverageof$14million.Morethanonethirdofthe1963Harvard
gradssimilarlyclaimedanetworthofmorethan$10million.
But,ifyoudexpecttheClassof1963towholeheartedlyaffirmtheimportanceofwealth,youdbe
mistaken.Asawhole,theclasshassomedoubtsthevalueofusingmoneyasameasureofalifewelllived.
Onegradputitallinperspective,saying,"Money...cannotbuyhappinessorrespect.Iknowmanypeople
whoarelivinghappy,satisfiedlivesonverylittlemoney.Ontheotherhand,IhavebeenpoorandIhave
beenrich,anditisaloteasiertoberich."
BILL AGEE
Itmayseemtooeasyforsomeonewhohasachievedrelativefinancialsuccessandasignificantdegreeof
materialcomforttosayinretrospectthatthisnolongerreallymatters.Itdoesmatter,inthatthisformof
successprovidesforsafetyandsecurity,comfortandfreedom.
However,Ibelievethateachpersonmustdefineanoptimalamountoffinancialsuccess.Thisisthepointat
whichmoneyisnolongeragreatmotivator.
Onceoureconomicneedshavebeenfulfilled,itistimetogivebacktoseekoutthosewhosebasicneeds
havenotbeenmet,whosehumanrightstoshelter,food,andsafetyhavenotbeensatisfied.
Overall,moneyisnotasimportantasIusedtothink.Itcannotbuyhappinessorrespect.Iknowmany
peoplewhoarelivinghappy,satisfiedlivesonverylittlemoney.
Ontheotherhand,IhavebeenpoorandIhavebeenrich,anditisaloteasiertoberich.
Moneytomeisfreedom.ThatisallIwantofit.Idontviewitasayardstickanddonotmeasuremyselfor
othersbyit.Mygreatestadmirationisfornonfinancialaccomplishment.
CHARLEY ELLIS
Spendmoderately,investsubstantially,andbemoderateinhelpingyourkids.Donotgivethemalot.
Youllmeanwell,butwillbedoingthemharm.
FREDERICK M. OSUCH
Youneedtoaccumulateenoughwealthtoprovideagoodlifeforyourfamily,educateyourchildren,
supportworthwhilecauses,amplyprovideforyourretirementyears,andleavesomethingforyourheirs.
Butthatsnotthelitmustestforsuccess.
Therealtestishowwellyouarerespectedbyyourfamily,colleagues,employees,andfriends.Thatrespect
isearnedbyyouractionsoverlongperiodsoftimenotyourbalancesheet.
MIKE SCHOETTLE
WhenwegraduatedfromtheHarvardBusinessSchool,theprioritieswereMoney,PowerandPosition.I
hadmisgivingsaboutthis,andrememberwritingontheblackboardthesewordsbyWilliam
Wordsworth:Gettingandspending,welaywasteourpowers.
Ithinkthemostimportantideaofsuccessisthecontributionyoumaketoothers,andthiscannotbe
quantified.Whatyougiveismuchmoreimportantthanwhatyouget.Followingyourvalueswillleadtoa
muchricherlife.
1 Comment & 9 Likes
ANONYMOUS
Isfinancialwealthayardstickofsuccess?Absolutelynot!MotherTeresa,AlbertSchweitzer,Gandhi,
Churchillnotmuchmoneythere.
Moneyisnolongerthesinequanonitoncewas.Inowappreciatethatitcanbeusedtomakeabetterlife
onthisplanetformanywhoinhabitit.ButIstilllikemoney.Istilllikecountingit.
Oninheriting:Wehavedecidedthatalittleinheritanceisfinealotisaburden.Ourkidsallhadagreat
educationandtheopportunitytogoasfarastheywantedtogo,fullypaidfor,nodebts.Weconsiderthatto
bethegreatestgiftparentscangivetotheiroffspring.
WA R R E N B AT T S
Iwasbornin1932andgrewupduringtheDepression.Inthebeginning,povertywastheleveltowhichI
aspired.WhenIreachedit,mynextgoalwastogetoutofdebt.Thattookseveralyears.Thenmygoalwas
tobecomefinanciallyindependent.Afterreachingindependence,moremoneywasnotagreatmotivator
forme.MyinterestbecametryingtomakeadifferencemakingthecompanyIworkedforsuccessful,
andworkingformychurchandothervolunteerorganizations.
Happinessshouldbetheyardstickofsuccess.
GEORGE MOSHER
Financialwealthisagoodmeasureofbusinesssuccess.Butlifeismorethanyourcareer.Tobetruly
successful,youneedtobuildagoodmarriage,agoodcareer,agoodfamily,maintaingoodhealth,and
haveasenseofpurposetoyourlifebeyondbothcareerandfamily.
Idonotagree,althoughIdiduntilIhadworkedmanyyears.Findworkthatyoulove,aslongasyoucan
earnenoughtoprovideforyourfamilyandareasonablycomfortableretirement.Thosewhopersistin
believingwealthbringshappinessaretobepitied.
Moneyisoneofanumberofingredientsthathelptomakeforagoodlife.Whenmoneybecomesa
scorecard,itcancorruptandcompromisepeoplesjudgment.Moneyshouldbeabyproductnotatarget.
Thetargetshouldbehonestachievement.
IwasnotsomeonewhomadegettingthehighestofferoutofHBSagoal,andhavemaintainedthat
perspectivethroughout.Itsledtohavingenoughmoneytoneverfeelaneed,butitalsohasforcedsome
limitsonhowwelive.Wedontbuythemostexpensivecarorhouse,andmywifeworkedtohelppayfor
collegeeducations.Wehaveneverfelttheworseforit.
ANONYMOUS
Regrettably,financialwealthisamarkofsuccess.Myviewofthatunfortunatesocietaltruthhasnot
changed.
ANONYMOUS
Moneyisnotasustainabledriverofhappinessorsuccessperiod.Familyis.
BOB GRIFFIN
Perhapsthemostsignificantdimensionofchangewithexperiencehasbeenashiftinthemeaningof
worthtome.AsIlookback,IrecognizethatmanyofmyHarvardBusinessSchoolassociateshave
accumulatedmorematerialvalueinthelast50yearsthanIhave.
WhileIamgratefulthatIhavebeenprovidedwithsufficientfundstosupportmyfamily,ithasbeenin
bringingpurewatertoindigenousMiskitoIndiansinHonduras,startingaliteracyschoolforadults,
participatingwithmywifeinherfoundingoftwoteencourtsforyoungpeople,andhavingapositive
impactonourchildrenandgrandchildrenthatdefinemysenseofwealthandworth.
CHARLES HALE
Financialwealthisonlyoneyardstickofsuccess.Therearemanyothersamongthegreatestarerespect
andadmirationfromonespeersandfamily,andfew,ifany,regretsaboutroadsnottakenoropportunities
lost.
BARBARA MINTO
Wealthisabsolutelyanimportantyardstick,butnottheonlyone.Thereallysuccessfulpeoplearethose
wholovetheirwork,makemoneyfromit,andmanagetokeepclosefriends.
ANONYMOUS
Iamgladtobefinanciallysecure,butIregardmoneyasameansnotanend.Iknowalotofpeoplewho
havemoremoneythanIhave,butIwouldnotexchangeplaceswiththem.
JUDY LEY ALLEN
Ithinkweareallhopefulofadequatematerialsuccessbutintherealworld,therearethosewhoare
luckyenoughtobeintherightplaceattherighttimeandaccomplishgreatwealth.Thisdoesntalways
equatetobeingthesmartestorhardestworker.
Overtime,onemustbecomfortablewithonesfinancialsuccessandnotjudgeitbythematerialwealthof
another.Therearesomanyotherwaystomeasureaworthwhileandaccomplishedlife.
D AV E C R O W L E Y
Beyondbasicsurvival,wealthdoesntrelatewelltohappiness.
Idolargelyagreethatfinancialwealthisayardstickofsuccess.However,Iwouldaddthatinjudgingthe
degreeofsomeonesfinancialsuccess,itisextremelyimportanttoknowwhereonestarted.
AttheHarvardBusinessSchool,manyifnotmostgraduatesstartedfromahighbase.Moreover,itis
importanttoknowhowonehandledhisorherfinancialsuccessandhowmuchheorshegavebackto
society.
R I C H A R D H O L L I D AY
Forsome,financialwealthcomesbychancethelucky,spermgroupwithlargefinancialinheritance,and
evenlotterywinners.Othersdontseriouslypursueapathtowealth.Theycommittoserviceroles,suchas
teaching,preaching,andnursing,anddontdoitforthemoney.Theymeasuresuccessintermsofthe
numberofpeopletheyvehelpedorperhapstheirrankingintheirfield.Stillotherschoosecareersinthe
militaryorcivilservice.
So,whileitscertainlytruethatmanypeopleregardfinancialwealthasayardstickofsuccess,Idonot.My
ownopinionsaboutmoneyhavechangedlittleoverthepasthalfcentury.WhenattheHarvardBusiness
School,oneofourprofessorsaskedustowritewhatwewantedoutofourcareers.Irecallvividlythatmy
responsewastobesuccessfulenoughfinanciallytoenjoyagoodlife,toprovidemyprospectivefamily
withfinancialsecurity,andtohavethetimetoenjoymyfamilyandpersonaltime.
CertainlyIvenotrankedinthetopofourclassintermsoffinancialwealth,butItakegreatsatisfaction
fromachievingmydefinedgoals.
Moneyisimportanttoprovidethelifestyleyouseek,butbeingdrivenbymoneymakesforashallowlife.
Familyandfriendsarefarmoreimportant.
P E R RY R. P E R O
Manyyearsago,myfathertoldme,Neverjudgeamanbythebalanceinhisbankbook,butbythequality
ofhislife.
Financialwealthisasmallmeasureintheyardstickofsuccess.Themajorportioniswhatyouhavedone
withyourlifewhatyouhavedonetomakeadifference,largeorsmall.
RICHARD L. PETERSON
Mybeliefaboutmoneyevolvedinmy40s(adramaticchange)toputfulfillingworkaheadofthepursuitof
money.Moneyisnecessarytosupportyouandyourfamilyslifeneeds.Theverydifficultquestionsare:
Whatareneedsversuswants?Howmuchisenoughforme?Istilllivewiththesequestions.
DICK RESCH
Asanentrepreneur,financialwealthiscertainlyameasureofsuccessbutnottheentiremeasure.In
business,dollarsarehowwekeepscore.Forme,itsascorecardandnotadrivingfactor.
SHANN TURNBULL
Iagreewithmymother,whosaidthatmoneyprovidesacomfortablewayofbeingunhappy.Thenatureof
moneyandmyviewofmoneyhavechangedoverthelasthalfcentury.Moneyhasbecomeadysfunctional
beliefsystem.Thefinancialsystemisillogicallybacktofront,insideout,andupsidedown.
SAM ABEL-SMITH
Toomuchmoneycanmakeyoujustasunhappyastoolittle.
0 Comments & 1 Like
Withregardtomoney,Ivealwayswantedenough.Enoughhassomehowmanagedtobethere.
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Inoursociety,itisdifficulttonotconsiderwealthasayardstickofsuccess.However,neverconsider
wealthasyournumberonemeasureofsuccess.Achievingoutstandingknowledgeandperformanceshould
beyourprimarygoal.Ifyouachievethis,thewealthwillcomeeitherfinanciallyorthroughrespectand
recognitionbyothers.
0 Comments & 1 Like
J A M E S H . S C H AT T I N G E R
Any financial wealth is a by-product of doing your

job well. Money is a scorecard not the game itself.
CHAPTER 6
Growing Older

how would you deal differently with
aging and retirement?
Retirement is a hot topic. Now that the first Baby Boomers have hit the age of 65,
the engraved-gold-watch business must surely be thriving. Another indication of
the interest and angst around retirement is Amazon.coms inventory of books on
the subject. They sell more than 18,000 titles.
For the vast majority of Americans, retirement looms rather than beckons,
because of the treacherous trifecta of declining income, increasing health-care
expenses, and insufficient retirement savings. While many if not the majority
of the members of Harvard Business School's Class of 1963 dont have the
financial worries that come with retirement, some still found themselves to be a
bit out at sea when the time came to quit going into the office.
The advice they give around retirement hits a common theme: Dont do it if you
can avoid it, one said, while another echoed, Retire to something
not from something.
ANONYMOUS
Retire to something not from something. Stay engaged. Be physically active

and intellectually curious.
SAM ABEL-SMITH
Have a dog that makes a great fuss every day at a regular time for his walk. You
then have to walk, too, so you get daily exercise.
BOB GRIFFIN
One of the best suggestions I ever got is to never go to bed without having
something in mind that you need to do tomorrow not just a chore but
something you want to do for yourself or others.
RON LESLIE
Humans need to be doing meaningful work. At any age. Or they die.

ANONYMOUS
Exercise daily, watch your diet and do what you most enjoy. Read a lot and keep
yourself mentally active. Service to others on boards and as a volunteer is
important. Stay socially involved in every way you can. Go fly fishing!
If possible, dont retire. Stay active mentally and physically. Youll be a more
interesting person if you are involved in a number of businesses or activities.
JUDY LEY ALLEN
Never lose your curiosity and interest in learning new things. You might retire
from a structured business career but not from enjoying life. Dont isolate
yourself, but keep surrounded by friends and family. Exercise and explore. Great
years are still ahead.
Reduce the demands of your ambitions.
Reduce the demands you make of the earth.
Reduce unnecessary travel.
Eat low on the food chain.
Not much alcohol.
Keep walking.
CHARLEY ELLIS
Invest in you. Read forever, with a focus on important books. Travel widely. Keep
learning new things and new kinds of things. Try writing, speaking, and teaching
all three oblige you to keep learning.
RICH OPSAHL
Perhaps most important is to have lots to do. It doesnt matter what it is, but
whatever you do in retirement should take a lot of effort. For me, it was housebuilding and ultra-running.
Be sure to keep up on exercise, with a healthy lifestyle. Try to get at least two
hours of aerobic exercise each day. Be very careful about diet. (Editors note:
Rich ran his last marathon in April 2013, at age 81.)
In college I was active in sports, but out in the business world, no one plays
football anymore.
You must move exercise and healthy eating into the number-one position.
Otherwise, you will be fighting diabetes and heart disease.
BILL AGEE
My advice is to never fully retire in the traditional sense of that word. I would
replace retire with re-orient, as this is what I have found keeps me feeling
healthy, optimistic, and actively engaged as a positive force in this world.
With modern medicine, we have the opportunity to live and work many years
longer than our parents did. The key is to make good use of this gift of additional
time. To allow our minds and bodies to atrophy is to squander lifes most precious
gift. As long as we have eyes to see and ears to hear, we can discover people in
need of our talent, compassion, and caring. Reaching out to others is a life force
that not only benefits the most vulnerable, but keeps us healthier and happier,
too.
NORMAN BARNETT
Successful retirement requires having growing income. Make investing for

growing income your primary objective, reinvesting income until you need it.
When work becomes too difficult and no longer brings pleasure, its time to retire.
Become a mentor to the young and stay a loving friend to your spouse. Listen to
your physicians.
Be grateful for every healthy day. Enjoy grandchildren play with them, really
get to know them. They are lifes bonus.
GEORGE MOSHER
When you retire, its important to set up some sense of purpose to your life. You
can build on what you have done before or start in a new direction, but the new
direction needs to have meaning for you. You cannot make up passions. They
must develop from some inner source. Share this purpose with people who are
important to you.
FREDERICK M. OSUCH
Develop your passion for your retirement challenge while in the midst of your
business career. In 2001, I joined the initial group of Harvard Business School
classmates who formed The Partners of 63. Our focus has been to assist young
nonprofits that have targeted poor kids caught up in our dysfunctional public K12 education system. In particular, serving on the Board of TNTP (The New
Teacher Project) and actively working with its young leadership team over the
last nine years has been very rewarding.
Dont retire until you have truly exhausted your love for your work. Dont retire
without some plan to keep busy at something other than recreation. Keep
intellectual pursuits high on your list of activities.
Understand and adjust to what retirement can mean in terms of too much
togetherness with your spouse. Give each other space as existed when you were
working.
Accept aging and have a good sense of humor about it. Stay active, be social,
and generally good health will follow.
ANONYMOUS
In my view, a successful retirement is when very little changes. The inner drive of
the 63 MBAs that I know doesnt just stop on a given date. Trying to achieve,
trying to make things better, is truly a lifelong quest.
Growing old is such a natural thing. Grow old gracefully. Many of us are blessed
with great genes and the gift of years. Make them count.
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WI LKO B RNER
Start early to plan your life for the time beyond the peak of your strength and
physical power, and to find an honorable and fulfilling transition into the many
years remaining. A good handling of this change will also be good for your health.
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JON B. BO SS
Do not wait until its time to apply for your Social Security benefits to think about
and plan for your retirement. Begin early in life to do things like volunteering,
pursuing research, traveling, or writing, so when you do retire from your
employment, it is far easier to simply devote more time to them.
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ARTIE BUERK
As people grow older, we spend a great deal of time focusing on anti-aging and
finding ways to fend off old age. Its my belief we should focus more on aging
gracefully. The following are a few suggestions for how to do so.
Daily exercise is the first thing. The easiest exercise is probably walking. I happen
to use tennis and hitting with a tennis pro. Exercise from 45 minutes to an hour
every day.
Secondly, you must eat well. The Mediterranean diet of fish, fowl, vegetables,
fruits, nuts, and other good fibers is very valuable.
Last but not least, keep your mind active through reading, travel, recreation, and
of course goals. Having something to look forward to is very critical.
0 Comments & 1 Like
Other than the usual advice of staying as active as possible, both mentally and
physically, I would add that travel is a great stimulant and try to spend as
much time with other people as possible.
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GARY MACDOUGAL
Were all different, but for me the key is to live where there are stimulating things
of all kinds to do, so that every day can be filled with great activities nonprofit
work, family, friends, business, tennis, ballet, symphony, opera, lectures, or long,
interesting walks. For me this has been Chicago and New York. Weather is far
down the list, fixed by a warm coat.
0 Comments & 1 Like
Eat healthy food, exercise, laugh, dance, tell jokes, do something new every day,
and travel as much as you can. Most important, stay optimistic.
0 Comments & 1 Like
PHILIP B. SMITH
Dont retire just refocus. Always exercise. Watch your weight and listen to your
doctors.
0 Comments & 1 Like
I have become more of an existentialist, and have always thought a balanced life
is essential family, work, fun, travel, friends, civic involvement, charitable
effort and support.
Life is a dissipating asset. Today, I view my life as a 20-year bond that may
mature early. I better take care of the time.
0 Comments & 1 Like
Dont retire if you can avoid it. I stopped getting paid by someone else to work 12
years ago, but fortunately I joined a group who started a private investing firm
together, after retiring from their former careers. It has kept us young and
engaged, and that may be one of the keys to good health.
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J I M U TA S K I
The state of mind to avoid is retirement. Find that second passion or the
unfulfilled quest. It will make life happier and healthier, and youll be more
interesting and fun to be with.
I agree with those who say public education deserves the intense attention that
civil rights and equal opportunity once received. If and when public access to
health care is addressed, the quality of public education is the American issue of
the next decade. Dont retire help address it.
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ANONYMOUS
Life is a series of restructuring situations. Planning and dealing with the

retirement series is no different, so restructure your life continuously and never
really retire.
H E N RY A. GI L BE RT
Walk every day.
Lower your sugar and carb intake.
Stay engaged.
Keep working.
Balance everything.
Reach out to family and friends.
PA U L G. H I N E S
Maintain a healthy attitude about the hand you are dealt in life. Be flexible and
cheerful, and do what your doctor says after you find a good one!
D O N A L D W. P U LV E R
Never retire it keeps you younger and healthier.

D AV E P U T E R B A U G H
Find a passion to get involved with, ideally with a hands-on element to it.
Maintain and seek out ties with a wide group of friends long-term ones, new
ones, and people of all ages. Surround yourself with people who are happy and
doing meaningful things.
Dont put off doing the things that require good health. I hope to do a lot more
travel, with some international bucket list items. But when I get to the point I can
no longer do these things, I wont feel cheated because I made them a priority
over the years.
And finally, play from the senior tees!
Play golf and walk. It provides exercise, travel, camaraderie, and perpetual
challenge.
Get close to young people as much as possible.
Make a job of investing your money.
Only a few solid minds are on nonprofit boards. Help out there.
CHAPTER 7
Charity & Spirituality

would you have been more involved
with faith and religion, and would you
have given a bigger role to charity in
your life?
Every now and then a newspaper story makes the rounds about how the poor
give more to charitable causes than people of means. As a percentage of their
income, this may be true. But the generosity of high net worth families is
incontrovertible.
According to a 2010 study conducted by Bank of America Merrill Lynch, high net
worth households account for between 65 and 70 percent of all individual
charitable giving in the United States. Contributions dont come simply in the
form of dollars, either. High net worth individuals volunteered an average of 307
hours in 2009 the equivalent of nearly eight weeks of effort at a full-time job.
The alumni of Harvard Business School's Class of 1963 confirm the value of
sharing their time and money with others. One graduate summed up the
equation of social responsibility by citing the Parable of the Faithful Servant from
the New Testament: To whomever much is given, of him will much be required;
and to whom much was entrusted, of him more will be asked.
RON BALES
Over the last 40 years, I have had a growing conviction that the most important
decision any person makes is what he or she does about God.
The Judeo-Christian foundation is that there is one God who created us and our
universe, and that He told us in His written word who He is and who we are.
The Christian completion is that Jesus Christ is the Messiah, the Son of God, who
came that we could be reconciled to God, that there will be an end and a
judgment, and that those who believe in Jesus will spend eternity with God.
Those brief words are a huge challenge to those who grew up in my environment,
but their ramifications are so great that they deserve the most serious
consideration.
My conclusion is that I do believe them and that our humble (often feeble)
declaration of that belief is a vital part of making it accessible to others.
Be kind. The world will roll on without you.

ROBERT K. BO WMAN
If you believe God is Love, as I do, then charity, faith, and spirituality are central
to everything you do in both your vocational life and personal life. The most
rewarding purpose is to serve others, whether business associates or persons in
need.
1 Comment & 8 Likes
RON LESLIE
Forget about religion and spirituality. Whats important is not those, but
relationship. The sooner we appreciate that we have a loving God, the sooner
we can enjoy the great bounty that flows from a warm relationship with him. One
of these is true charity of the heart.
1 Comment & 7 Likes
BILL AGEE
All three are central to living a full and meaningful life. Genuine faith leads to
deeper spirituality, which leads to authentic charity.
Too often faith is nothing more than a codified list of beliefs, when its truest
form resides in the silence of a believers heart. Too often spirituality is watered
down into something that means everything and nothing. And too often charity
is little more than a pragmatic, well-timed transfer of funds that has no
connection at all to generosity or caring.
ANONYMOUS
I recognize that my blessings exceed a market ROI for level of talent and effort.
Therefore, I have a surfeit with which to share with others less fortunate. In the
end, however, I benefit as much or more as do the recipients of my time and
treasure.
We have a duty to share our assets with those less fortunate. Without faith in the
basic goodness of human beings, how can we live?
ANONYMOUS
Charity is very important. Faith and spirituality is a personal choice. Although I

have become an atheist, I still enjoy my religions culture and community. I have
had a good life, and believe in making your own heaven on earth.
I have lived a wonderful life. I have survived lung and prostate cancer and am
feeling great. I believe that G-d has watched over me and my family, and I have
been extremely lucky and blessed.
I have been very charitable. Ive given far more than most others who have the
same resources as I have. I feel that philanthropists are rewarded by G-d and live
longer lives than people who are not charitable.
Everyone who can should certainly contribute to charities since there are many
people, through no fault of their own, who need help. However, as for faith and
spirituality, I personally feel it is more important to live a good and useful life.
BOB GRIFFIN
Spirituality is at the core of my everyday life. To the extent I am true to my

values, it is the force that guides me, protects me, corrects me when I veer, and
teaches me to see and choose the paths before me.
I view charity as an outcome of the imperative to follow Him, and to go into the
world to feed the hungry and heal the hearts of others. This requires little and
accomplishes much.
JOHN MCCARTER
St. Augustine on sharing wealth: Do not give it all away, share some every day.
I have always believed that to those who have been generously blessed, much is
expected. These elements have been very important for me in providing a muchneeded perspective and balance on who I am and how I should relate to others.
In times of career or other problems, your faith helps keep you grounded and
focused on what is really important.
Faith became my biggest concern in life. At HBS, I dated a Mount Holyoke gradturned-schoolteacher named Susan Heineman. She dragged me to Catholic mass
every Sunday. I was a lukewarm Presbyterian, but became very interested in
Catholicism. Returning to California, I enrolled in inquiry classes at St. Paul the
Apostle church in Westwood. I was baptized and for years attended daily mass. It
was great direction for me and for my wife.
GARY MACDOUGAL
The evidence is clear and persuasive: after friends and family, the leading
source of happiness is helping other people. These commitments are enhanced
by regular churchgoing, where one necessarily spends an hour or so each week
thinking about things larger than oneself.
Each of us is not an island but a part of families, communities, nations, and the
human race. Our world isnt perfect and never has been. My belief is that ones
role is to fix the world, wherever we find it broken. G-d leaves us free to discover
the problem, as well as to develop the solution.
Charity is very important. If youre older and rich, you have a moral obligation to
help those less fortunate.
As long as people do not attempt to impose their beliefs on others, they should
be free to practice and rely on their faith however it suits them. Its one of the
tenets that makes America, America.
ANONYMOUS
In the end, I benefit as much or more as do the recipients of my time and

treasure.
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ANONYMOUS
Charity with personal involvement is essential. Its more than just giving money.
One needs to be involved on a personal level with other humans who need our
support.
0 Comments & 1 Like
I think all three are necessary. You have to think of the plight of others all the
time and, with money and time together, help create a quality of life for the
community.
I do not think I could handle the grief, the temptation, the disappointments, and
the love if I did not feel anchored in faith. Prayer does help on tough decisions, if
only by focusing you.
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DICK RESCH
I do believe in the philanthropic spirit in the United States of America. I believe in

not only sharing my wealth with philanthropic organizations, but also developing
a culture throughout the company where all employees feel this is an important
part of life.
0 Comments & 1 Like
They are each important, because they give a person a reason to understand
that he is not the center of the universe there are higher, eternal purposes in
life.
0 Comments & 1 Like
If one is devoted solely to promoting the welfare of himself, his family, and his
friends, life can be barren. Charity, faith, and spirituality enrich ones life. Faith or
the belief in a power greater than oneself seems to be important for humans, for
spirituality is a part of every culture. If this spirituality fosters concern for the
welfare of others, it is of great benefit to society. No matter what a persons
professed faith, I admire him if he is charitable.
0 Comments & 1 Like
SAM ABEL-SMITH
It is important to give to those less fortunate than yourself, both in time and
financially. The church is a great force for goodness in the world. Spending time
with religion improves your own lifestyle.
JUDY LEY ALLEN
I have been driven to help make our community better in any way I can the
result of parents who always set this example. The lessons of my faith have
encouraged this behavior. A healthy balance between family, career, and
community involvement is very rewarding.
JON B. BO SS
We do not exist in a vacuum. We depend on the contributions and talents of

others, and others depend on us. Charity, faith, and spirituality are essential
ingredients of the recipe of ones life.
You only keep what you share.
Faith broadens even greatly broadens vision.
The best expression of my personal equanimity is in my relationship with

my wife and loved ones.
Personal spirituality is a gift. It touches all we touch. It is [almost] visible.
RICHARD L. PETERSON
Giving to those less fortunate, and to causes that we are passionate about, needs
to be disciplined lifetime habit. Faith and spirituality is a very individual thing,
and so it needs to be at the center of each one of our lives.
CHAPTER 8
Happiness & Success

would you have changed your definition
of what success is and what makes you
happy?
Since the first issue of the The New Yorker hit the newsstands on February 21,
1925, the magazines cartoonists have tackled (and ridiculed) the meaning of life
and happiness from mountaintop gurus literally hundreds of times.
The gurus and cartoonists are no closer to an answer today than they were in
1999 when Bruce Eric Kaplan wrote this guru-delivered one-liner: You do the
hokey pokey and your turn yourself around thats what its all about.
Defining happiness and success has been just as elusive for graduates from
Harvard Business School's Class of 1963. The list of candidates includes good
health, doing what you love, being in a happy marriage, raising successful
children, and being totally honest.
What didnt make their lists is, perhaps, even more significant. Not one saw
wealth as the mark of a happy and fulfilled life. In fact, one grad took issue with
anyone who would put too high a value on financial success, saying, Those who
persist in believing wealth brings happiness are to be pitied.
Success is when you can spend 90 percent of your time doing the things you
want to do and only 10 percent doing things you have to do. Most peoples lives
are just the opposite.
ARTIE BUERK
Several years ago, a graduating class from a large, well-known business school
was asked whether they had written goals, unwritten goals, or no goals. It turned
out that 3 percent of the class had written goals, 13 percent had goals they had
not written down, and 84 percent had no goals.
At the 10th reunion, the class was asked again about their goals and
accomplishments. The results showed that the 3 percent who had written goals
did 10 times as well as the others, and the 13 percent who had unwritten goals
did twice as well as the other 84 percent.
The ability to set goals is very valuable in achieving success. Goals should be
balanced in all areas of life family, social, spiritual, business, health, wealth,
education, etc. The major rules of goal-setting are:
1.
Goals should be in writing.
2.
Goals should be measurable if they cant be measured, theyre not

goals.
3.
Goals should be dated so you have a time frame to measure

accomplishment.
People who have a clear picture of themselves and have set well-rounded goals
tend to be much more successful than people who are vague in what they hope
to accomplish in the future.
ARTIE BUERK
When I entered Harvard Business School, I was staggered by the ability of

classmates (especially Ivy-Leaguers) to talk. Everyone seemed trained to be very
articulate. In my mind, people were given two ears and one mouth for a reason:
one should listen many more times than one should talk.
Active listening requires understanding what you are hearing, asking follow-up
questions, and watching body language. The better one listens, the better one
learns.
As one ages, it seems that people tend to talk more about themselves and less
about the people they are talking to. Listen more and talk less for success.
ROBERT MCNUT T
I think about all my blessings and keep an attitude of gratitude. Success is

leaving this world better than when I arrived.
ANONYMOUS
My definition of success is the same as my fathers was: Be publicly useful and

privately happy.
BILL AGEE
Based on my current definition of success, I was not successful at age 25.

While I had a resume that included many significant accomplishments, I had lost
touch with what I now know is essential to finding true happiness. Money, fame,
and power are not the essence of either success or happiness. The satisfaction
each provides is fleeting and often results in an insatiable need for more.
The only purpose or goal in life that does not lose its value once achieved is love.
And since the origin of all love is God, I am speaking as well of faith. With faith
and love, of course, follows hope. These three virtues make for a happy life and
are the only form of success worth living for.
You are as happy as your saddest child (not my original quote). Put your efforts
into raising well-adjusted children.
Happiness and success? Knowing who you are. Many people, when asked about
themselves, start with saying, I work for X company. Then, if faced with a
sudden job loss or company closure, they must determine how to define
themselves independently of work. Many, if not most, will find themselves in this
situation at some point.
If you are comfortable with who you are, have confidence in yourself, and dont
depend on your self-image coming from your job, I think youll be happy.
JIM COLLINS
Success is not about the accumulation of wealth and power. It is more about
happiness, contentment, and satisfaction for not only you but also your family.
A great first step in this direction is to avoid work. Engage in what you really
enjoy doing. Be persistent. If you have a great idea or vision that you really
believe in, do not let up just go for it.
ANONYMOUS
I have been happy. Is that success?

Happiness and success are defined by the importance of:
Your family
A few true friends
Being one of the best in your field
Enjoying what you are doing and feeling a purpose beyond having a job
Focusing on your objectives and priorities
Giving back to others not as fortunate as you
Never forgetting who helped you get to where you are
Success can be fleeting. Dont let it define you.

Friends and family become increasingly important as you grow older. Make sure
you cultivate them when you are young.
Happiness is the best measure of success.
When I think back over my career, I am struck that my fondest memories are of
people rather than experiences, places, or accomplishments.
Success is:
Having created and led a successful business with a good succession

plan
Taking pride and pleasure from having a positive effect on the lives of
many people
A reasonable degree of financial security and the lack of worry about

having enough assets to live comfortably in old age
Children and grandchildren who are happy and healthy and making their
own important contributions
Living with the same wife for 49 years and sharing the joys of life with her
Success and wealth are being a lover and being loved.

Success is using your tools and powers to enhance the lives and success of
others.
Success is capitalizing on economic opportunities yet treating others with overreaching kindness.
ANONYMOUS
My definition of success is being where you want to be and doing what you want
to do. I regret all the many, many times I did not follow my own advice. If you
truly listen to your inner voice, I feel that you will end up doing something very
meaningful and worthy of your best efforts. You will benefit not only yourself but
also those around you.
GARY MACDOUGAL
A number of years ago, a friend of mine was retiring from a board on which we
both served, and I asked, What are you going to do now, Jim? He responded:
Happiness is having something to do, something to look forward to, and
someone to love. He was so right, and I am blessed with an abundance of all
three.
The most successful lives are those people who have had a very positive impact
on a great many other people.
PA U L G. H I N E S
At 25, I did not realize how important a happy life with a great partner is. I never
thought anything would happen to end my first marriage until it did. I
expected our children to follow the same course in life, and have similar abilities
and ambitions most of which turned out not to be true. You must learn to
adapt when your expectations are not realized, and take life for what it is and not
what you dreamed.
My definition of success:
Enjoying what you do
Enjoying the people you do it with
Having a great relationship with your wife and family
Having reasonable but not excessive resources
The ability to give back through gifts and service
J A M E S H . S C H AT T I N G E R
Be passionate in whatever you do, and focus on the outcomes of your efforts.
From that, other things seem to follow: fulfillment, success however you define
it and perhaps even money. Take time during the process to enjoy yourself and
to care about others.
1 Comment & 2 Likes
Success can be simple. Its feeling good about yourself and sleeping at night. Its
feeling good about your family and knowing how to work hard, but also how to
enjoy yourself. Its peace of mind and feeling like you have some control over
most challenges.
At age 25, I probably placed a little too much stress on perception as a measure
of success. Ive learned its not what others think, but what you think.
ANONYMOUS
I believe that being totally honest in your business is the key to satisfaction and
success. Give an honest product or service for your compensation. Avoid greed.
Dishonesty will come back to haunt you every time.
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At 25, I had no idea how much joy was possible in raising happy, successful
children. I did not realize how difficult it would be, either.
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BOB GRIFFIN
Life takes dedication to succeed. Just because someone competes, tries, earns a
trophy, or gets a pat on the back merely for participating, as is so common in the
younger generations today, that alone does not bring meaningful achievement or
earn success. It takes integrity and hard work.
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MARK HOFFMAN
Your opportunities for a happy and successful life will not be there forever. Do
it now, rather than later.
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GEORGE MOSHER
Success business and otherwise comes from setting goals and working
steadily toward their achievement.
Be open to opportunities as they develop. Listen carefully, but always keep in
mind what youre trying to achieve and why.
Remember that the world is always changing. Keep asking yourself what changes
you must make to keep up with the world.
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SHANN TURNBULL
Do not be deterred from seeking to do the impossible, like applying for

acceptance to Harvard with only an ordinary degree.
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The important ingredients of happiness are:
Health
A job you love
A wife/partner who helps makes things happen
A group of long-term friends to play with
Kids
Curiosity
Education
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SAM ABEL-SMITH
The important thing is a happy life, and a happy family follows naturally.
JUDY LEY ALLEN
A happy marriage, great relationships with family members of all ages, wonderful
friends, and enjoying giving back to ones community are, to me, important
successes. Being among the financially successful is nice, but being the most
financially successful has fallen down on my list of accomplishments. To live a
balanced life is a joy.
Success is being satisfied and having made a positive contribution to ones

community. Have you left it better than you found it?
CHAPTER 9
Turning Points
What were the turning points in your

life and knowing now what you didn't
know then, what would you advise
someone to do when one comes along?
Somewhere in the misty space between fact and urban legend reside some
rather stunning tales about people who (to paraphrase Yogi Berra) reached a fork
in the road and took it.
The comedian Bill Murray had his sights set on becoming a surgeon. That was
until he was arrested with nine pounds of marijuana at OHare Airport and had to
drop out of college.
Physicist Stephen Hawkings turning point can be traced to a day in 1955 when
he was too ill to take an entrance exam for the highly regarded Westminster
School. Staying on at St. Albans School, the 13-year-old was mentored by a
teacher who inspired his interest and love of mathematics.
Whether a serendipitous moment or the culmination of a slow, steady path, many
Harvard grads can readily identify the forks in their roads. If there is a lesson to
be learned from the recollections of their turning points, it was best stated by one
alumnus who wrote, When one comes along, you must think it through every
which way possible and then go for it. Trust your instincts and never look back on
what ifs.
In 1972, I was driving down the street with my wife in the passenger seat.
Suddenly, a 10-year-old boy on a bicycle darted right in front of me. He was in a
coma for six months and then died. His family sued me for $25 million. My
insurance company settled the case for $200,000. I felt so awful, this event
motivated my wife and me to adopt 16 newborns.
M E LV I N S TA N F O R D
(Editors note: The following, while seeming to be no more than a chronological

biography, has a deeper story to tell about overcoming adversity from early in
life, and how, no matter how we fill our years, we inevitably grow older.)
At age 16, I enrolled in college after dropping out of high school the
previous year.
The end of the Korean War interrupted my goal of a military career.
While I was still in college, my first marriage ended in divorce.
I was admitted to Harvard Business School and enrolled in September

1957.
In November 1957, I was unable to continue school because of the Asian

flu.
In 1958, I was admitted to membership in the Mormon Tabernacle Choir.
Linda came to work at the Utah State Capitol in 1958. That is where I
worked.
Linda and I were married in 1960 the most important turning point in
my life.
In 1961, I was readmitted to Harvard Business School.
Graduating with the MBA class of 1963, I went to work in the overseas oil
industry.
In 1966, I began doctoral study in business at the University of Illinois.
I was ordained a high priest in the Church of Jesus Christ of Latter-day

Saints in 1967 and served on the high council of the church in central Illinois.
In 1968, I graduated from the University of Illinois with a Ph.D. in business.

Then I served 14 years as a professor and administrator at Brigham Young
University.
From 1969 to 1980, I was a member of the consulting faculty at the U. S.

Army Command and General Staff College in Fort Leavenworth, Kansas.
From 1973 to 1975, I served as commanding officer of a U. S. Army

Reserve strategic research unit for the Defense Intelligence Agency.
1975 and 1976, I was a visiting professor of management, Boston

University in Europe.
In 1982, I was appointed dean of the College of Business, Minnesota State

University.
In 1987, I was ordained a bishop in the Church of Jesus Christ of Latter-day

Saints.
In 1994, I retired from Minnesota State University and returned to Utah.
Linda and I served a volunteer mission for the Church of Jesus Christ of
Latter-day Saints in Boston from 1997 to 1999, teaching religion classes at
the Boston Institute of Religion, Harvard Business School, Wellesley College,
Boston University, Harvard College, and Massachusetts Institute of
Technology.
From 2001 to 2003, Linda and I served another volunteer mission,

preparing a leadership development program for 8,000 worldwide employees
of the Farm Management Company of the Church of Jesus Christ of Latter-day
Saints.
In January 2013, I began walking with a cane and obtained a blue parking
tag.
BARBARA MINTO
A big turning point was, of course, attending the Harvard Business School. Next
was being hired by McKinsey as their experiment (first female consultant). But
the real event that made all the difference was being transferred to London in
1966. It was a different world at McKinsey here; there were no MBA consultants in
the London office because there were no business schools in England at that
time. It was a genuinely exciting, creative time, and it changed my life but that
was still not the real turning point.
In 1973, the world experienced the Arab oil embargo, which greatly reduced
demand for consulting services. As a result, McKinsey needed to cut its London
office staff and I was one of the cuttees. The question for me was, do you go
back to Cleveland, Ohio, and get a real job, or do you stay in London and try to
open your own business?
I did stay and opened Minto International, Inc., where I refined and taught to the
rest of the world what I had essentially been teaching at McKinsey. And that
continues to be the story of my life.
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ALAN WOLF
When we celebrated our 40th reunion, I had no idea that, in only a few short
months, I would experience a key event that would be a turning point in my life.
My diagnosis of central nervous system lymphoma came in July of 2003. Fighting
it has affected every part of my life for the last decade and significantly changed
the course of my career.
It is primarily relationships with family and employees that have comforted me. I
have been blessed with a loving and beautiful wife, three remarkable children,
and a belief in God that has helped me through my illness. It may not be possible
to prepare for the directions that turning points in life take us, but my experience
shows that we never go wrong if we keep our focus on family, friends, and our
employees welfare. If we do, we can maintain a happy and fruitful life, even
when dealing with adversity.
ANONYMOUS
At age 60, I left the family business to return to school and earn a Ph.D. in
philosophy, which I now teach at the college level.
ANONYMOUS
There are very few really big, tough decisions in life. But when one comes along,
you must think it through every which way possible and then go for it. Trust your
instincts and never look back on what ifs.
ANONYMOUS
One turning point in my business life occurred when an adverse situation showed
me who was my friend and who was not. I learned that when it came to such a
point, I could rely on myself more than I had thought.
I left corporate life and New York City many years ago and moved to rural Maine.
This has been a good choice.
FREDERICK M. OSUCH
I had built up a group of businesses for a public company, and then the parent
made a major strategic shift. In 1981, I elected to purse a management buyout of
the businesses I knew well, at a time when private equity was scarce and interest
rates reached 22%.
Although the risks were high, the timing far from ideal, and my own funds limited
and reserved for my childrens college education, it was my chance to run my
own show as a CEO and share ownership with my key employees.
The outcome far exceeded even my own expectations both financially and
from the standpoint of personal satisfaction. The lesson to me is clear: One needs
to know when to accept sizable risks in order to capitalize on the opportunity. I
decided to put all my eggs in one basket, and nurture and watch that basket
each and every day.
BOB GRIFFIN
My life changed course in a major way at least four times from pre-Harvard
Business School days to the present. The first was when a fellow USAF pilot
suggested I consider applying to Harvard after I separated from the Air Force in
1960.
The second major course change was an unpleasant one about 10 years after
graduating from Harvard Business School, when I decided to take a personal
stand on a matter of corporate ethics, and gave up a very promising career
continuation in a prominent company.
The third shift was the sale of the corporation of which I was senior vice president
of finance and planning. This led to small business enterprise ownership that
continued for another two decades.
The final course change occurred almost 40 years after graduation when my
daughter passed on, leaving three wonderful young children. My appetite for
continued enterprise disappeared, so I sold my business and retired. After a
period of spiritual renewal, I began a decade of service, primarily through Rotary
International and my church. These experiences continue to be, in many ways,
the most satisfying of my life.
Take chances. At 24, I moved to Chicago, where I had never been, and joined a
company I previously was unaware of. It turned out to be a terrific move.
ANONYMOUS
Take the road less traveled. In my case, I accepted the lowest starting salary I
was offered. I passed up Wall Street to work as a gofer for the founder/CEO of a
medium-sized company. He was a great mentor. The proximity to and
participation in top-level strategic decision-making was valuable training for my
later responsibilities.
JUDY LEY ALLEN
The death of President John F. Kennedy changed my career direction. After the
Harvard Business School, I was hired to be the assistant to the partner of land
planning and economic analysis for the architectural firm of John Carl Warnecke &
Associates in San Francisco. As a future land developer with my family, I felt this
would be a good experience and add to my knowledge.
But within three weeks of joining the firm, President Kennedy was assassinated.
Five days later, I was in Washington, D.C. as the assistant to John Carl Warnecke,
the chosen architect for the final resting place for the president. It was a
fascinating assignment, a real participation in the history of the country, and a
chance to witness some of the great operatives in our government at that time.
My first turning point was going to the Harvard Business School. The benefit was
not so much what I learned in the classroom, but rather the fact that I learned I
could compete with a world-class student body.
Getting married was the second turning point. One thing I definitely learned is
that ones choice of spouse is the most important decision one ever makes.
GERALD (JERRY) WOLIN
Many things that happened in my career were the result of random acts. The
important thing is to keep your eyes open to recognize the right moves.
The key turning point in my professional life was leaving a fairly successful
business career to pursue a doctorate in organizational behavior and
management. I wanted to teach, do research, and consult and I was able to do
all three.
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CHARLES HALE
One turning point occurred quite early, when I decided to compete for a naval
ROTC scholarship at Stanford. Upon graduation I found myself, at age 21,
onboard ship and responsible for 35 men, many nearly twice my age. Over the
ensuing three years, I discovered that I had both a desire and some aptitude for
molding, leading, and inspiring others. This, together with a strong love for
investing, caused me, upon leaving the Navy, to opt for business school and
ultimately a career in finance.
My naval experience led me to the firm belief that most young men, if presented
with the opportunity of military service preferably in peacetime and as an
officer should grab the opportunity to gain leadership experience early in life.
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What did I learn from the turning points in my life? Look for great colleagues, role
models, and teachers. Be certain to understand the opportunities relative to the
risks, and how the risks can be avoided. Recognize your strengths and
weaknesses, and act accordingly. Play to your strengths while you work, but work
on your weaknesses.
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JOHN A. MOELLER
A major turning point in my life was taking a personal and financial risk against
long odds. One day at work, after seemingly being fired by a new owner, I went
out to play golf and shot a career-best 76. Im not that good, so obviously
somebody was talking to me.
Shortly after that, my father passed away and I was sad and depressed.
However, management and union factory workers urged me to step in and try to
rescue them from the new owner of this company of 1,500 folks. We had no
significant capital and would need to almost totally leverage the company. With
assistance from many unexpected sources, we succeeded in our takeover and,
more important, succeeded in the ensuing years.
We, the investors, took an extreme risk. Even with the help of employees,
suppliers, customers, and friends, it wasnt only our work, skill, or wisdom that
produced our success the stars lined up and God was smiling on our
endeavors. The fruits of this experience have given me a reasonably comfortable
retirement and a broader view of life, family, personal relationships, and
miracles.
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I was accepted at Harvard Business School and Harvard Law School and went to
HBS. I turned down job offers that would have made an impact on my career and
my family. Who knows what would have happened? It is an unanswerable

question, and I am more than satisfied with how my career turned out.
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The key turning point was the decision to leave Holland and shed some baggage.
Harvard Business School was another key, and steered me to two areas of
interest: investments (the management of investments) and development
(attempts at alleviating poverty in underdeveloped countries). As an emigrant
from Holland, I had a chance to start again with a clean slate.
CHAPTER 10
Life's Lessons
What do you know now that you didnt

know then?
We all seem to think that were somehow different that the natural laws of
aging dont apply to us. That our missteps are the fault of bad luck, not poor
reasoning. That well always have time later to right our wrongs, get close to our
children, and find our true calling.
If theres one thing the advice of these 1963 Harvard Business School grads
makes abundantly clear, it's that no one is exempt. The most successful of these
alumni depending on how you define success have still known their fair
share of tragedy, illness, and other setbacks.
So, while all the graduates have their own take on what he or she knows now
that escaped them in 1963, theres a bigger message that those who are still
finding their true path should take to heart.
That message is that its not about the diploma, the bank account, the rsum,
the summer home, the books authored, the stock options, the wine cellar, or the
luxury sedan in the driveway. "Keep your perspective," they say. "Realize that
your purpose in this world is, first and foremost, to make a better life for others."
To those who see their own 50th class reunion as an imperceptibly distant point on
the horizon, this may all sound like trite platitudes. "But take our word for it,"
says the Class of 1963. One alumnus put it as simply as it can ever be stated:
Be kind. Soon well all be dead.
A ND Y P E T E RY
Life is about change. You must embrace the future and learn from each triumph
and tragedy, forever determined to move onward and upward. Do not be a
bystander. Make taking risks intelligently part of your repertoire.
Contemplate your failures more than your successes not to lament where you
fell short, but to learn the valuable lessons that will ensure you will not fail the
same way again.
Do not despair over forces beyond your control. If you believe in God, as I do,
your faith can carry you through even the darkest times. Find solace in the
fortitude of your integrity, and focus on those things you can control.
Time is fleeting. Invest as much of yourself in your family as in your career a
lesson I had difficulty realizing. As some of the things you once place great
emphasis on slowly fade away, family will be your foundation forever.
Know that everything you do will affect those you love the most.
Embrace humility and learn from your mistakes, but do not let them consume
you with the paralysis of indecision or the depression of regret.
Understand that money is not the end game. It is, however, a great enabler.
Money helps satisfy your curiosity concerning the world. It will enable you to
travel and expand your horizons. It will also provide you with independence and
the ability to support your family and friends in need, as well as give to your
community, educational institutions, and church.
This is the real value of money, as I learned from my father. Earn it honestly, take
risks intelligently to achieve extraordinary rewards, and give back generously.
Take care of your body. Exercise regularly. Do not smoke or drink excessively. Your
body is the vessel of your soul.
Contribute to your team. Participate in sports especially team sports as long
as you can. Some invaluable lessons can be learned from team sports, such as
the interdependence we have on one another and that the whole really is more
than the sum of its parts.
We are always indebted to others for our successes, including our strong
forbearers mother and father, members of our family, teachers, colleagues,
mentors, and priests.
Even if your marriage is blessed with children and happiness, it still presents a
challenge and requires a series of adjustments.
Finally, in everything you achieve, take satisfaction from your own efforts,
perseverance, mental strength, and judgment. Yet, always acknowledge the
contributions of those family members and friends upon whose shoulders you
stand.
J O S E M . FA U S T I N O
I switched fields twice in my academic career I believed the entire experience

was part of growing up. The lesson here for young people: Do not hesitate to
switch interests, majors, or fields of concentration. Find your preference or your
passion, then focus on it to your hearts content.
Success is a journey not a race. Prepare well, retain good practices, and make a
habit of effective strategies:
1.
Do not be content to be average. Mediocrity breeds boredom, poor

opportunity, and an unsatisfactory lifestyle. Instead, decide to excel in
everything you do, and be distinctive, if not unique, in your approach.
2.
Take well-analyzed risks, particularly when there is everything to gain and

little to lose. Do not be afraid of rejection when you have competently and
ethically tried to succeed.
3.
Be skilled in political strategy. Interpersonal, leadership, and motivational

skills are all important for success, but few consider political strategy. In my
mind, there is organizational politics in any group with more than three
people.
ANONYMOUS
Have fun. Youll be dead a long time.

There is no substitute for integrity. In a world where greed and taking shortcuts
seem to be major themes, there is nothing that can replace ones reputation. The
ability to look back on life and say, I did it the right way is a treasure. There is
no do-over when you lose your integrity and reputation.
BILL AGEE
It has been said, Happiness is achieved not by having what we want but by
wanting what we have. This is precisely where I find myself at this time in my
life.
Certain practical lessons I have learned could possibly be helpful to others:
First, I would recommend postponing marriage and children until later in life. In
my view, there is no more important decision any of us will ever make. Despite
all the statistics that confirm the unlikelihood of marriage succeeding in the teen
years, I somehow missed that lesson and caused myself and others a lot of
unnecessary anguish. While I was fortunate enough to have been given a second
chance at finding happiness, not everyone is that blessed, and the process of
beginning again is anything but easy.
Second, I learned the hard way how important it is to maintain a healthy balance
in life between career and family, work and relaxation in particular. Achieving
and maintaining this balance requires regular soul-searching as well as self-
discipline. It is all too easy to rationalize when promotions, bonuses, and perks
are being waved in your direction. The consequences of imbalance are easy to
recognize: poor physical health, broken relationships, and spiritual poverty.
Third, I would advise anyone with a genetic predisposition to alcoholism to be
wary about using this recreational drug. While treated as almost a social
requirement in some settings, it is nothing less than toxic for anyone with this
weakness. Having been sober for almost 20 years, I can attest to the freedom
and joy that overcoming this illness can provide.
ROBERT MCNUT T
Telling the truth makes it easy to remember what I said.

BARBARA MINTO
I would worry less about trying to please other people.

ANONYMOUS
Early on, know your strengths and weaknesses. Celebrate your uniqueness.
Gravitate toward what satisfies your inner self. Try to understand where you
came from and how your early experience helped or hurt you. Beware of heroes.
Feel good about yourself.
My obit will probably include a host of awards, high positions, and achievements,
and Im proud of them. But there is a certain joy that surpasses all
understanding. I would like to have found that.
Put your family first and, when things go wrong at work, put the problems aside
and enjoy time with your loved ones. Family vacations are the best times you will
ever have.
If you find an industry and position that you like and are good at, stay in it until
you have achieved significant success, even if it means you have to join a lessthan-first-tier firm.
You will have the most enjoyment working with people who are smart, of high
integrity, and committed to achieving something substantial.
Never stop learning, and be willing to take a risk in your career.
Success is highly dependent on many variables not just you. Do not fool
yourself that you can do anything and turn around any product, project, or
company without the right people and resources.
Constant and honest introspection and visualization of what you want for your
future are important.
Almost everyone has good intentions and excellence within them, if theyre put in
the right position and given the opportunity to learn and develop.
ANONYMOUS
One: No matter how successful you become, there is always someone more
successful, so dont take your own worth too seriously, nor become arrogant in its
revelation.
Two: For a successful marriage, dont eat crackers in bed.
JUDY LEY ALLEN
I have learned that the life lessons my parents tried to teach me were right after
all, but sometimes I had to try the opposite just to be sure.
Always be good to others.
Look on the positive side.
Do your best.
Care for those less fortunate.
Work hard.
Lead a balanced life between work, family, and friendships.
Never say an unkind thing about anyone it will always come back to
haunt you.
Be kind. Soon well all be dead.

The totality of ones life is the sum of the many, many choices that one will face
and make. Make your choices thoughtfully.
BOB GRIFFIN
Of all the things I thought would provide a happy and successful life, the one
most undervalued was the attention paid to wife, children, and other family
during the beginning years. Sacrifice of family for job achievement for the longterm good of the family was a myth.
The long-term measure of success has less to do, in my view, with monetary
achievement and public acknowledgement than with the privilege of being able
to provide a path of progress and growth for the family and being part of a loving,
supportive family unit. For me, that success was sometimes elusive, but Im
grateful to say it has been a steady foundation later in my life.
RON LESLIE
Choose your partners well.
Be gracious.
Take your responsibilities seriously, but dont take yourself too seriously.
Never answer questionnaires.
Our HBS-induced arrogance is demeaning to others and to ourselves.
Children are a blessing.
Sex never gets stale.
Do not look back. Once a choice is made, live with the consequences. Forget
what might have been.
ARTIE BUERK
Serving as class secretary and following 600 alumni over 50 years has taught me
to become an info junkie. I am also a voracious reader of periodicals of all
kinds. All this information leads one to spot trends and look into the future for
new trends sometimes bad and sometimes good.
Travel is another great spur to personal growth. My wife Sue and I have visited
168 countries, and have roughly 40 to go to exceed the number in the United
Nations and reach what most consider the more civilized world.
Finally, community participation and giving back are both very helpful in
achieving personal growth
All in all, personal growth comes from looking ahead and giving back as much as
one possibly can. Keeping track of 600 people for a lifetime was one of the most
educations experiences one could ever have.
JIM COLLINS
Ethics and morals have been in a steep decline, in my estimation, particularly

since the mid-1960s. We will always have people who will deceive others for
personal gain. Deception in both the public and private sectors seems to be at an
all-time high. Its more important than ever that you know who you are and what
your values are.
CHARLEY ELLIS
If Id known back in 63 what seems so clear to me now, Id have been far more
deliberate and selective (or selfish or less democratic) in how my time was
allocated: concentrating more time with the people I admire most, concentrating
time and treasure doing more of the activities Ive found most rewarding,
concentrating investments in outstanding companies, spending more time in
great art museums, and being far more careful to avoid character-free
characters.
The secret of life is to get lucky and stay there and make the most of it every
day.
The care and nurturing of ones family takes an all-out commitment by both
parents. There are no shortcuts, but the rewards are immeasurable.
Life is good if you decide that it is. Partake in it with enthusiasm and
gratefulness.
1 Comment & 4 Likes
My career is unique because it spans a half-century from when there were no

business opportunities for a bright female MBA to now, when there is every
opportunity for women. Overcoming great obstacles in my early career gave me
a sense of accomplishment and personal pride. I led the way by example and
helped other women achieve their potential.
I know now what I knew then: never, ever give up, because things and attitudes
can and will change.
W I L L I A M J. W H I T E
Life is all about giving back. Start early.
Doing something you love is not work.
Dont ever do anything just for the money.
Making a contribution to your family, job, or friends is what really drives

satisfaction.
Grandchildren are the greatest!
Phase into retirement slowly.
Stay around young people. They will keep you young.
Maintain balance in your life through your family, religion, career, friends,
and hobbies.
Networking is about giving not taking.
Take chances with your career. Dont be afraid to take a step backward.
Keep your sense of humor. There is fun to be found in most everything we

do.
A strong religious belief can solve a lot of problems.
Long, happy marriages are related to many common interests.
A wonderful spouse is a true gift.
You are never as good or as bad as you may think you are. Stay humble.
Curiosity and maintaining an open mind seem to be underrated leadership

traits.
Dont avoid the screening tests and early warnings about your health.
1 Comment & 4 Likes
ANONYMOUS
I have achieved a certain tranquility or serenity which provides me much

pleasure at this stage of my life. However, I am not at all sure these same
characteristics of life would have been helpful during the peak of my business
career.
The lesson learned: There are different characteristics of ones life as one
experiences it. Honor them as they occur.
SAM ABEL-SMITH
Be your own man and dont get influenced too much by friends and parents. Do
your own thing. Do what you enjoy and financial success will follow your
enthusiasm.
I developed a profound respect for the necessity of perseverance to achieve

success. I came to appreciate more and more Churchills admonition to never
give up. To succeed, we must keep working out solutions to problems that so
often seem unsolvable.
JON B. BO SS
I would be more patient with my investment decisions, with those whose views
are at odds with mine, with my children when I came home from a long and tiring
day at work, and with my wife when she asks, Would you please explain that to
me?
I would learn to pause before answering or taking action, and I would ask myself,
Why does the other person have a different viewpoint, and what can I learn from
it?
J O H N P. K E L L E R
Dont take any pills. My mother is still alive at 101 and she hasnt taken a pill in
10 years. I dont follow that advice, but it comes from a very good authority.
This is what life is about: borrowing enough money to buy a really nice house and
then spending the rest of your life fixing it.
The life lessons that have best stood the test of time for me were more about
things my parents taught me and less the results of hard knocks or academic
experience. They helped provide the self-esteem, confidence, and peace of mind
to survive a lot of ups and downs. Among those lessons:
Do your homework.
Respect others.
Find the good in both people and situations.
Earn peoples trust.
Be a good communicator but know when to keep a secret.
Be humble.
Watch the other guys back.
Learn to tell truth from fiction.
Dont delude yourself.
Think outside the box.
Lead by example.
These may seem pretty clichd, but combined with native intelligence, they went
a long way. Im not sure I would do anything differently in my life. Everyone
makes mistakes, but how one rectifies and recovers from them is critical to
defining ones life.
M E LV I N S TA N F O R D
Create a good opportunity and go for it.
Persevere finish what you start.
The value of an alternative chosen is measured by the value of

alternatives foregone.
My mother taught me, A good citizen leaves things better than he finds
them.
Initiative and impatience both stem from human drive and energy.
Initiative can be a valuable servant, but impatience can be a harsh master.
I did not know, 50 years ago, the importance of integrity, reputation, and image. I
believe that integrity is the most important asset one should foster and maintain.
It is slow to get established, and can be lost quickly if not nourished at every
opportunity.
ANONYMOUS
I know now that being on the treadmill 24/7 gets you a lot of gratification and
money. But the other side of life the time for reflection, thinking, enjoying
leisure, helping others can be just as rewarding.
ANONYMOUS
One is never sure of the future.

Be prepared for everything.
Dont hurry through your life.
Dont retire. Mental decay will inevitably set in. Stay active in something
philanthropy, business, mentoring, teaching.
Dont risk everything youve saved on any one deal.
The more philanthropic you are, the longer youll live.
Good business ethics is good business. Reputations are made slowly and
can disappear quickly. You can be very successful without compromising your
business ethics.
Give each decision a small test before going ahead with it.
Dont give children or grandchildren money. It takes away their incentive.
WA R R E N B AT T S
When all is said and done, the old sayings are true:
Its family and friends that count.
Its the life in your years, not the years in your life.
Money does not buy happiness.
Helping others is the healthiest way to live.
Professional advisors usually tell you what they think you want to hear,
rather than offer dispassionate counsel.
Health, of course, is everything.
Kindness is a path to good health and happiness.
Treat your body to exercise for an hour each day, every day.
Appreciate the great wonder of a loving wife, children and grandchildren.
PA U L G. H I N E S
Be a lifelong learner. Be flexible, open to new and changing ideas. Surround

yourself at home and at work with good people. Develop a network of
professional resources that you can go to when you need help.
BOB MARBUT
When I was young, I loved listening to Your Hit Parade on the radio. Number
one on the Hit Parade for many weeks in mid-1948 was Nature Boy by Nat King
Cole, his first gold record as a solo artist. I loved it, but as a 13-year-old, didnt
really fully focus on its message until many years later.
But now that message is one I take literally: The greatest thing youll ever learn is
just to love and be loved in return.
The return on showing respect to people even those not deserving of it is

very high.
Be ever skeptical, because BS is everywhere, but dont pre-judge or jump to
conclusions.
DICK RESCH
Theres no substitute for hard work. And never underestimate the power of a
motivated, directed, cohesive ownership team.
Never complain. Never explain. When people ask you how you are, just say,
Fine.
PHILIP B. SMITH
Respect others.
Stay true-blue.
Always take the high road.
Dont be afraid to disagree or speak up.
Good health beats everything else.
If you can build a good family, it is a blessing.
It is wonderful to sustain relationships with as many good friends as you

can have.
An optimistic outlook and good luck are invaluable.
SHANN TURNBULL
Understand other peoples values, concerns, and points of view. In another life, I
would listen more diligently and empathetically.
ANONYMOUS
Looking back, I now better appreciate that the events which impacted my life
most significantly were ones over which I had little or no control (e.g., born a
white male in the USA). My inherited infrastructure impelled more than the
product I built on it.
0 Comments & 1 Like
WI LKO B RNER
If I could live my life again, I would perhaps put more emphasis on making
friends, in addition to being successful and doing something well. In the final
analysis, you can only succeed if others allow you to. So you not only have to
excel in the basics of your profession, you also need to be liked and accepted by
your peers.
0 Comments & 1 Like
MICHAEL MILLMAN
More praise for wife and children.

More time with wife and children.
More aggressive in job change/choice.
0 Comments & 1 Like
JOHN A. MOELLER
An important lesson in life is learning whom you can rely on, depend on, and
trust, and whom you cannot. Only experience and gut feel can teach this.
Human nature and values whether of business owners, top management,
associates, or staff vary all over the place. Steering your life, family, career,
time, investments, and loyalty toward those you can trust and rely upon is a
priority.
Never forget where you came from, and always remember what you are here for.
Be true to your values and faith. We are here for a purpose. Enjoy the ride.
0 Comments & 1 Like
Dont take yourself too seriously.

Have lots of love in your heart.
Keep a positive attitude.
0 Comments & 1 Like
Hard work is not only necessary for success, it is also the only source of a feeling
of accomplishment.
A strong marriage is one of lifes great gifts.
0 Comments & 1 Like
The most important lessons I learned were from my parents and teachers in my
formative years, and during my five years as a paperboy and five years as a
drugstore clerk: the importance of integrity, honesty, compassion, diligence, faith
in God, and the Golden Rule. As my father told me, Every dollar should be an
honest one.
0 Comments & 1 Like
D O N A L D W. P U LV E R
Get into the game. Follow your nose. The road is there for you, and you find it
leads to much to do. Use challenges as the motivation for progress. Repeat over
and over.
0 Comments & 1 Like
Enjoy the journey! Each time and situation even the most difficult ones has
blessings and joys associated if you look and appreciate them.
0 Comments & 1 Like
PHILIP B. SMITH
Dont plan your life or career too much. Things happen. Keep moving ahead.
0 Comments & 1 Like
Take life day by day well, maybe month by month. Dont get hung up on rigid
long-range plans. Something will always come up to interrupt them illness,
storms, the economy, etc. Go with the flow.
MARK HOFFMAN
Lots of opportunities, but in the end, you have only one chance for a life. Get
some happy, positive ground rules and standards early for your guidance and
sanity checks, then go for it. Be kind along the way and you will be happier in the
end.
CHAPTER 11
About the Class of 1963
The debate about which class is the

Harvard Business Schools most
distinguished is one that will never be
resolved. But the Class of 1963 has
some valid points to make in its favor.
With more than 600 students in seven sections, the 1963 class was the first to
admit women to the full-time MBA program. After graduation, this class also
launched a long list of distinguished careers, including a two-term governor of
Washington state, a U.S. senator from Pennsylvania, and several CEOs of Fortune
500 corporations.
Perhaps the most significant accomplishment of the class, however, came 38

years after graduation when a small group of alumni formed Partners of 63, a
nonprofit dedicated to the improvement of public education in the United States.
Since its founding, Partners of 63 has provided more than $10 million in funding
and hundreds of hours of business counsel for seven programs. For instance, in
2003 Partners of 63 began working with DonorsChoose.org, an online
fundraising resource for individual public school teachers. Another initiative,
the Public Education Leadership Program, sends leaders of public schools through
an intensive management program at the Harvard Business School.
No other Harvard Business School class has undertaken a pro bono venture so
professionally organized and well financed. Its success brought one class
member to come to this conclusion: If I knew then what I know now, we would
have started even sooner.

If I Knew Then

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If I Knew Then

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IfIKnewThen

As the 50th reunion of Harvard Business

The human experience is not defined by our relationship to technology or

If you knew then what you know now,

JOHN MCCA RTER

If you cant, change your career.

Dont create an expensive lifestyle living modestly frees you to

0 Comments & 53 Likes

Take the initiative to investigate the places you think are of

Go with the self-assurance of having written on an index card

A simple phrase; e.g., top salesman in New York office for

A three-sentence statement of the problem, your solution,

A one-page explanation or anecdote to share if asked to

Use those cards deftly to encourage people to talk to you

Always be willing to help others, because many will later help

0 Comments & 11 Likes

1 Comment & 6 Likes

To greatly enhance the odds of enjoying a career

Marriage & Family

If you knew then what you know now,

0 Comments & 35 Likes

Have fun. Doing things well is fun.

Have a good relationship with each child, set boundaries, ensure

3 Comments & 17 Likes

Do not bring your problems home with you.

Develop within your family a sense of obligation to help others.

Spending quality time with your family not just time is

0 Comments & 15 Likes

0 Comments & 9 Likes

JUDY LEY ALLEN

I cant say I have been good at it, but being willing

Buy the Book

If you knew then what you know now,

2 Comments & 21 Likes

JUDY LEY ALLEN

Acting too slowly

Waiting until all is understood

No (or low) risk

0 Comments & 3 Likes

Fear of hiring people who are smarter than you are

Borrowing too much money

Growing a business too quickly

Failing to let people grow by not delegating enough responsibility

Not emphasizing the importance of reputation and good ethics

1 Comment & 3 Likes

Lack of an ethical compass

0 Comments & 3 Likes

JOHN MCCA RTER

Never settle for good enough. Always strive for excellence.

Move quickly to deal with people issues.

Hiring smart, driven people is a ticket to your own success.

0 Comments & 2 Likes

Stay tuned to local sensitivities. Very few are fit for a

If you knew then what you know now,

Leadership, in my opinion, is getting others to do what you think should be done

Recognize opportunities and see trends before everyone else

Develop people at all levels

Clearly and passionately communicate the companys vision, goals, and

Live those core values every day and in everything they do

Maintain a positive can-do attitude, no matter how difficult the

Focus on the priorities and do not get distracted by self-indulgences and

0 Comments & 20 Likes

Inspires by actions and words

Clearly communicates the goals of the organization to all