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The coolest billionaire in Scandinavia is @peterstordalen. He runs +200 hotels, has 15,000 employees, and has a net worth of $1.6 billion. In his book, "Min Hemmelighet", he shares his best advice. Here are the biggest takeaways sorted by theme
- SUCCESS -
The illusion of success begets success. Early in his career, Petter owned a mall. No customers were showing up. His solution was to ask employees to use customer parking.
The illusion of success begets success. Early in his career, Petter owned a mall. No customers were showing up. His solution was to ask employees to use customer parking.
That way it seemed like the mall was busy and interesting -> and he started attracting customers.
If you want to be successful, you need to be adaptable. You also need to be curious (especially about the things you don't understand). Use that curiosity to acquire knowledge.
If you want to be successful, you need to be adaptable. You also need to be curious (especially about the things you don't understand). Use that curiosity to acquire knowledge.
Knowledge is your most important asset. Knowledge about the industry you're in, customers, new technology, and competitors.
Petter's formula for success: Enter old, complacent, industries with many small actors - then buy them all and create a bigger chain.
Petter's formula for success: Enter old, complacent, industries with many small actors - then buy them all and create a bigger chain.
- MINDSET -
You need to realize the power of being "okay". Empires are built on being okay. When you realize this, you also avoid another trap -> the need to be perfect. Forget being perfect, aim at being okay.
You need to realize the power of being "okay". Empires are built on being okay. When you realize this, you also avoid another trap -> the need to be perfect. Forget being perfect, aim at being okay.
There's nothing wrong with failing. But there's wrong in you not learning from your mistakes.
Being slightly better than average at a lot of things is superior to being an expert in 1 thing.
Being slightly better than average at a lot of things is superior to being an expert in 1 thing.
Steal. But steal only from the best.
- POSITIVITY -
Some are born positive. If you're not, decide to be positive. There's no other way. Think and talk about positive things. Negativity does nothing but spend your mental energy. Instead, use that energy to beat the competition.
Some are born positive. If you're not, decide to be positive. There's no other way. Think and talk about positive things. Negativity does nothing but spend your mental energy. Instead, use that energy to beat the competition.
- PRODUCT -
Product is overrated. It doesn't all depend on the quality of your product. It comes down to what you do with the product you have. Take the things you already have and make a big deal out of it ("free parking")
Product is overrated. It doesn't all depend on the quality of your product. It comes down to what you do with the product you have. Take the things you already have and make a big deal out of it ("free parking")
Use what's unique about you - and make sure to transfer it to your business. Don't get buried in administrative tasks, where your personality and uniqueness can't shine through.
When stress testing new ideas, Petter uses a technique called "krydsspejling" (mirroring) to get objective feedback. He asks, "what do you think about x?" - not "don't you think x is a great idea?". A side-benefit to this is he involves people and make them engaged.
- BRANDING -
Standing out works. When Petter opens a new hotel, he’s literally rapellling down the side of the hotel, parachuting, or throwing a massive party. He recently opened the hotel "Villa" in Copenhagen. Everyone in Copenhagen knew. The result? That place is packed!
Standing out works. When Petter opens a new hotel, he’s literally rapellling down the side of the hotel, parachuting, or throwing a massive party. He recently opened the hotel "Villa" in Copenhagen. Everyone in Copenhagen knew. The result? That place is packed!
- SALES -
"If I don't understand my children, I don't understand my future customers." A key theme in Petter's thinking is his ability to zoom out from his own perspective and look at the world through the customer’s eyes.
"If I don't understand my children, I don't understand my future customers." A key theme in Petter's thinking is his ability to zoom out from his own perspective and look at the world through the customer’s eyes.
Everything we purchase is either motivated by the heart, brain, or what we have inside our pants.
- DISRUPTION -
The most common way to disrupt a market is to offer a cheaper product than the competitors. An industry where prices have gone up for a long time, without the product becoming that much better, is ripe for disruption.
The most common way to disrupt a market is to offer a cheaper product than the competitors. An industry where prices have gone up for a long time, without the product becoming that much better, is ripe for disruption.
- MANAGEMENT -
Petter refers to Herzberg's motivation theory in managing employees. It has 2 factors: motivation + maintenance. Motivation = responsibility, challenging tasks, and feeling important. Maintenance = salary, perks, and physical surroundings.
Petter refers to Herzberg's motivation theory in managing employees. It has 2 factors: motivation + maintenance. Motivation = responsibility, challenging tasks, and feeling important. Maintenance = salary, perks, and physical surroundings.
- DECISION MAKING -
Petter uses the following heuristic to assess risk: "Will I survive, if the worst outcome happens?"
Things take time. MUCH longer than you think.
The best solution is often where you're not looking.
Petter uses the following heuristic to assess risk: "Will I survive, if the worst outcome happens?"
Things take time. MUCH longer than you think.
The best solution is often where you're not looking.
In business: when something seems bad, it's MUCH worse than you think. If it looks better, it's MUCH better than you think.
- NEGOTIATION -
Every negotiation needs to end with 2 winners. This facilitates a healthy relationship that you can use for future projects. Find out EXACTLY what's important to the other party.
Every negotiation needs to end with 2 winners. This facilitates a healthy relationship that you can use for future projects. Find out EXACTLY what's important to the other party.
Then let him/her help you out on any issues that arise by asking "what would you do?".
- 3 RANDOM TAKEAWAYS -
School is not about getting fantastic grades. It's about developing a fantastic personality.
Taxes are not an expense, but an investment.
Petter can pay off huge amounts in cash, but refuses to do so. Why? Because he knows he need it for a rainy day.
School is not about getting fantastic grades. It's about developing a fantastic personality.
Taxes are not an expense, but an investment.
Petter can pay off huge amounts in cash, but refuses to do so. Why? Because he knows he need it for a rainy day.
- FAVORITE QUESTION -
I love questions and believe they are underrated. Here’s my favorite question Petter asks to avoid stagnation. Say you're the CEO of a business and you were fired. “What would the new CEO do?”
I love questions and believe they are underrated. Here’s my favorite question Petter asks to avoid stagnation. Say you're the CEO of a business and you were fired. “What would the new CEO do?”
Wrapping up, I want to mention I left out the personal, and very touching story, of @peterstordalen and @G_stordalen. Hopefully, you can read the entire story yourself one day when/if it get's translated.
Whoops, here’s the right @petterstordalen !!
