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Business Ideas: 3 Business Lessons From Visa Founder Dee Hock
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My name is Evan Carmichael and I believe that the fastest and most effective way to build a business is to model the strategies of people who have already done what you're trying to do. I call it Modeling the Masters.
Today we're going to look at how a former brick mason refused to settle for less than he felt he deserved and went on to build one of the most successful financial companies in the world. This is the story of VISA founder Dee Hock and the top 3 lessons that you can learn from his success.
"Money motivates neither the best people, nor the best in people." - Dee Hock
Learn more about Dee Hock at http://www.evancarmichael.com/Famous-Entrepreneurs/6683/summary.php
Dee Hock (born 1929) is the founder and former CEO of VISA. In 1968, when credit cards were first starting to get popular, Hock convinced the Bank of America to release control over their BankAmericard credit card program. He started a new company to control the credit cards. It was called National BankAmerica and later changed to VISA.
Hock came from a modest household. His father was a utility lineman and after marrying his high school sweetheart, Hock's first jobs were working in a slaughterhouse and for a brick mason. He became interested in the banking world and walked away from three separate jobs at respected financial companies because he thought they were too hierarchical and controlling which limited his creativity.
Hock went looking for an opportunity to build a different type of organization, one that valued the creativity and enthusiasm of its employees. The result of this plan was VISA. Today VISA has over $8 billion in revenues and processes over 60 billion transactions per year.
Action Item #1: Hire People Different From You
Action Item #2: Be A Leader
Action Item #3: Empty Your Mind
"Failure is not to be feared. It is from failure that most growth comes; provided that one can recognize it, admit it, learn from it, rise about it, and try again."
"If you don't understand that you work for your mislabelled 'subordinates,' then you know nothing of leadership. You know only tyranny."
"Given the right circumstances, from no more than dreams, determination, and the liberty to try, quite ordinary people consistently do extraordinary things."