JPMorgan CEO Jamie Dimon brands bitcoin as a 'fraud'
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Jamie Dimon, chairman and CEO of financial institution JP Morgan Chase, spoke out this year and shared the key traits he believed successful leaders share. The bank employs upwards of 250,000 people and Mr Dimon stated it’s not always the smartest person or the hardest working who will be the most successful.
According to Dimon, successful people share four key traits: humility, openness, fairness and being authentic.
“It’s about having respect for people, it’s not about having charisma or brain power,” he told LinkedIn Editor Daniel Roth.
One of the worst mistakes a boss can make is when they don’t give credit to an employee for their hard work or ideas as it leads to disrespect, he added.
Being fair and authentic with your workforce or colleagues will mean they respect you more and work harder, and is much more useful than being smart and charismatic.
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And when it comes to interviewing a prospective employee, Dimon asks himself a few questions about the candidate such as: “Would you work for that person? Would you want your kid to work for that person?”
Dimon said he tries to practise what he preaches and makes a conscious effort to treat everybody the same in day to day life, not just business.
“I treat everyone the same, and I expect the same thing,” he said before adding that to achieve success, one should “treat people the way you want to be treated”.
The CEO said that another good tip during an interview is to ask questions to discover whether the prospective employee takes the blame in certain circumstances or how they act when something goes wrong.
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For those wondering how to be successful with money and get rich, experts like Warren Buffett recommend investing and starting young, it doesn’t matter if people make mistakes at first.
Buffett bought his first stock when he was just 11-years-old – it hardly made him any money but it was a start and with practise he became more confident.
It’s not an exact science knowing which companies will do well, so he advised backing companies that don’t need perpetual investment as these are most likely to do well when inflation is high.
One example he gave of the type of business that is able to succeed during high inflation, is the housing market.
Meanwhile, one of the richest people in the world, Elon Musk has provided advice for wannabe entrepreneurs and is reported as saying people should ‘do whatever it takes’ if they want to be successful.
He added that young business men and women shouldn’t be afraid of getting their hands dirty.
“You’ve got to do all sorts of jobs and tasks that you might not wish to do, that are not intrinsically interesting to you.
“You’ve got to be prepared to do whatever it takes, work whatever hours. No task is too menial. I think that’s the right attitude for the CEO of a start-up.”
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Musk is one of the richest people in the world, with an estimated net worth of £132.77billion, according to Forbes.
In an interview with the magazine, Musk advised budding entrepreneurs to start their journey as early as possible, preferably when they are young.
“As you get older, your obligations increase, so I would encourage you to take risks now, to do something bold, you won’t regret it.”
The American entrepreneur certainly knows what he’s talking about, his successful businesses include PayPal, electric car manufacturer Tesla and SpaceX which launched a landmark commercial spacecraft in 2012.
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