16 May What can we learn from Charles Schwab?
Hello Forevercashers. For this week’s session of “What can we learn from…” I wanted to talk about investment fund manager Charles Schwab.
Let’s see what lessons we can learn from the life of this man who is currently valued at $6 billion.
1) No excuses: Schwab is dyslexic, but had no idea he was 40 years old. Even though he had troubles in school, he never tried to use his condition as an excuse. He was determined to succeed and he did it – learning disability or not.
2) Sell what you know: Schwab graduated with a degree in economics and later got a MBA. So it just made sense that he should start a business focused on the economy. It started as a two-room office in 1971 and quickly expanded from there, eventually serving millions of people in multiple countries. In a time when so many of us might be tempted to jump headfirst into a new business venture without knowing the first thing about it, you have to admit that there is some wisdom in sticking with what you know best.
3) Give the people what they want: From Wikipedia.org:
“In 1977 Schwab began offering seminars to clients, and by 1978 Schwab had 45,000 client accounts total, the number growing to 84,000 in 1979. In 1980 Schwab established the industry’s first 24-hour quotation service, and the total of client accounts grew to 147,000… [Today], clients can access services online and by telephone.”
It’s interesting to see how Charles Schwab changed his business model when he saw what the market wanted. That’s a valuable lesson in being adaptable and listening to customer feedback.
Charles Schwab has some solid business lessons that all of us would do well to imitate.
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