Corporate culture is nothing more than a set of shared beliefs about what the company can be and how the people in it should work together. The hard part is putting together a team that fits your culture.

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Building the best means you must give back a lot.

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That means you spend a lot of time training. That means you spend a lot of time putting seeds out in the field to grow later. That means you do things for people that don’t get you a dollar today but hopefully will build you a firm tomorrow.

What was more important was that I understood the kind of firm I wanted to build. I wanted to build the best firm in New York, not the biggest.

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…learning to delegate and hire people more talented than myself who can get the job done.

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Like many young entrepreneurs, when I first took over the company, I tended to use the “command-and-control” style of leadership. You can get results that way, but doesn’t do much for your own personal growth or those around you.

When you do what you say you’re going to do and you make money year in and year out, eventually you build some credibility, but it didn’t come easy for me. I had to earn their respect and confidence an inch at a time.

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The main thing I’ve learned is that a CEO’s role should be to develop and create an atmosphere that promotes personal growth within the company. If the CEO just concentrates on that, wonderful things will happen.

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That’s the mistake that so many people make. You get to be the boss, and you think immediately that the way to be the boss is to be responsible for everything.

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Keep your eye on everything, make sure that you’ve got every “I” dotted and every “T” crossed. We forget that that will totally limit growth of a company and the growth of the people, because one person can only do so much.

The key lesson for me has been that all people need in order to become really involved is for them to be part of something. They can’t be convinced to be part of something. They have to be the inventors.

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If you have the right atmosphere, if you have the right culture, you don’t need supervisors at all.

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Management really screws up, because we tend to make decisions autocratically, and we tend to implement democratically.

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We sit back and decide what strategic thing it is we are going to do, and then we go out and we try to talk the staff into supporting this decision that we just made because it’s so wonderful. Shultz says you should turn that around. In order to make decisions, you should get everybody…