The book "The Secret Lies in People: On Management and Leadership," originally titled "It's All About Who You Hire, How They Lead...and Other Essential Advice from a Self-Made Leader", was written in 2012 by Morton Mandel in collaboration with John A. Byrne. Mandel is more widely known to many of us for his philanthropic work, particularly in connection with the Mandel Institute he leads.
The book details Morton Mandel's leadership and management philosophy. Mandel is a self-made billionaire who built his fortune with his brother while integrating values of integrity and philanthropy. The secret may lie in people, but they are not the only component of success.
Book map:
Components of Success
People
Customer Service
Striving for Excellence
Contribution
The book is an autobiography (written with the help of a ghostwriter) in the first person. However, it attempts to be a practical guide and includes numerous recommendations on various topics.
Naturally, this summary contains only the essence of the work and is not a substitute for reading the entire book.
When the book was published, Mandel was already 91 years old. Yet his strength remained intact, active, working, and vital.
It is certainly worth learning from such a person - both in business and, even more so, regarding values.
Enjoy reading.
Components of Success
People
People are the first and most significant component of Mandel's philosophy of success.
He advocates for choosing the best people - even at the expense of those who are good enough or almost good.
He recommends waiting until these top performers arrive, even if the process takes longer, and recruiting outstanding individuals when they cross your path, even if there isn't a specifically defined open position when they are hired.
The traits to look for in people (in the listed order):
Intelligence
Values
Passion
Work ethic
Experience
The best advice he learned from Peter Drucker, who was his consultant for a period, is to place the best people where the most incredible opportunity opens up.
Derived implications:
People who cannot fulfill their tasks and do not make efforts to improve should be fired
Create an excellent workplace and pay high salaries to attract the best
Ensure challenge and achievement potential
Provide rewards
The organization comprises the sum of its people and the organizational culture in which they live.
The most central recommended characteristics of this culture are:
High moral standards, integrity, and fairness
Positive leadership
Adhering to principles and communicating this adherence
Respect and courtesy to individuals
Accessibility and listening to individuals, not just through direct supervisors
Placing the individual and their family at the top of the organization's priority list
Customer Service
Excellent Customer Service is the second component of success.
Such a service is easy to declare, but few implement it.
Mandel believes a company can succeed by establishing itself on low costs or excellent customer service (and then raising prices). He based his success on the second model.
Detailed perspective:
Focus on products/services that customers find difficult to obtain
Provide excellent service to the customer after purchase. Even in exceptional cases where significant additional investment is required, maintain the same level of service without extra cost.
Avoid price discounts, which retrospectively affect the need to lower service to maintain profit margins.
Always maintain sufficient inventory.
Few principles, but strict adherence to them at all costs.
Striving for Excellence
Morton Mandel is very precise in defining the management methods he believes in. These include:
Regular Management:
Work according to clear policies and procedures
Managing meetings that are planned and conducted meticulously
Centralized Management (cautiously, one might say - micro-management):
Meetings with employees are managed with summaries, data, tasks, and a defined agenda
The manager closely follows the progress of employees' tasks and, to some extent, the functions of subordinate levels.
Great attention to small details
Continuous efficiency in routine work
Mandel feels he can distribute work when everything is well-defined, knowing it will be performed as expected.
Growth:
Advancement and development from niches lacking in the company, rather than capturing market share by acquiring similar companies
Avoiding acquiring competitors due to cultural differences
Small acquisitions and measured development, without giant leaps. This way, mistakes are also smaller
Taking over businesses with potential that failed due to poor management
Great patience and understanding in conducting acquisitions. Sometimes, returning repeatedly to the same company with a purchase offer, even years apart.
Partners and Suppliers:
Long-term relationships
Change Management:
We can all manage change. We must believe in ourselves and others and strive for this with all our might.
Self-confidence and an "I can do it" attitude will help promote and reach the goal.
Contribution
Here's the translation to English:
This chapter on contribution to the social sector is not part of Morton Mandel's philosophy of excellence and success.
Nevertheless, it is an integral part of his worldview and activities; his book describes it in detail.
Mandel describes his contribution as "lighting candles." As detailed above, he believes in its importance and manages it with the same means he manages corporations.
Mandel believes that every person should strive to make the world a better place.
Therefore, one should examine how the donated money is used beneficially and effectively. As a natural derivative of this, personal involvement, not just financial involvement, is also required.
About himself and his contribution, Mandel says:
He is drawn to complex problems that do not have easy or short-term solutions. Therefore, he focuses on education, management, leadership, and neighborhood rehabilitation.
Long-term contribution requires patience. One must ensure there is progress but understand that it will take time.
Mandel involves people with high integrity in the various initiatives he promotes.
Mandel believes in advancing the humanities, which are neglected compared to exact sciences, technology, and medicine.
"I have no intention of retiring. There are still far too many exciting and wonderful things to do, so many candles to light, and a long way to go in the search for meaning. The torch is in my hand, and I intend to hold it high for as long as I can - as long as I am able."
The quote beautifully captures Mandel's lifelong passion, commitment to making a difference, and unwavering drive to continue contributing and seeking meaning, even at an advanced age. It's a powerful statement about purpose, continued engagement, and the belief that one's potential for impact doesn't diminish with age.
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