Question

What make Michael Bloomberg remained sucessful?

Answer 1

Michael Rubens Bloomberg was born in a poor immigrant family from Russia. After graduating from Harvard Business School, he secured a job at the investment bank Salomon Brothers, where he managed the stock trading and was responsible for IT systems. Bloomberg devoted 15 years of his life to the company, but he was suddenly fired when Salomon Brothers was sold to a new owner.

However, that failure wasn’t catastrophic for the businessman. During that time, he came up with an idea of establishing his own company. He sold his Salomon Brothers shares and founded Bloomberg LP on gained profits, a company that collects, analyzes and sells information regarding the financial markets and its states. Bloomberg developed and implemented a new computer system: combined real-time stock quotes with analytics. Innovative technologies gave his firm a noticeable superiority over competitors. Today, Bloomberg LP is the leading provider of financial news in the world.

Bloomberg has achieved unprecedented heights not only in business, but also in politics. In 2001, he took up the post of mayor of the world’s financial capital New York. At that time, the budget of the city was in a catastrophic state. To save taxpayers' money, Bloomberg set himself a salary of $1, refused to use state-owned residence and lived only on business income.

As mayor, Bloomberg significantly reduced administration costs, introduced a ban on smoking in restaurants, bars and clubs. During his political career, he managed to reduce crime in New York by 20%, ensuring a record low unemployment rate, and also created many new jobs by supporting small business entrepreneurship. Mayor Bloomberg balanced the city’s budget, developed a program to combat poverty and launched a campaign to combat global warming.

The businessman works actively with charities and is one of the major philanthropists in the United States, donating hundreds of millions of dollars to various funds annually.

If, after his dismissal, Bloomberg threw in the towel and lost faith in himself, he would not become a billionaire and a successful politician. Michael Bloomberg did not give up. He fought for his dream and aspired to the achieve the desired goal.