How To Be The Next Bill GatesProfit-seeking entrepreneurs could take a few tips from billionaire software engineer-turned-philanthropist Bill Gates.
In honor of Gates' June retirement from Microsoft, career consultants and psychologists scrutinized the peaks and valleys of Gates' 35-year career to pinpoint what factors determined his success.
They found that one of Gates' most instructive traits--his clarity of vision--has been evident since adolescence. After writing his first computer program at age 13, Gates hasn't wavered in his mission to develop cutting-edge software with the potential to change the world.
Gates' single-mindedness has led him down some risky paths. For example, when he was 20, he dropped out of Harvard to found Microsoft. And in 1998, he dared to take the stand himself in an antitrust suit brought about by the government. His pattern of accomplishment following these choices--Microsoft's meteoric rise and an eventual settlement that didn't much restrict the company's monopoly on its browser and operating system--reflects Gates' understanding of how and when it's actually a good idea to break the rules.
But experts say it's important for aspiring business leaders considering dicey ventures to fully understand their potential ramifications. Gambling isn't for everybody, they add, and it can sink a career if backup plans aren't in place.
"Gates demonstrated that the old-school model of an Ivy-league degree, or a pedigreed family, isn't a requirement for career success," says Katy Piotrowski, author of The Career Coward's Guide to Changing Careers. "Yet it's important to remember that in the absence of a career-driving vision, it doesn't hurt."
Critics have lambasted Gates for a management style they label overbearing and bossy, but his harsh workplace demeanor belies another secret to his success: his unwillingness to compromise his goals. But there's a softer side to the technology magnate. Gates earned the appreciation of his employees by leading an office as casual as a college campus and encouraging free thinking, which allowed him some leeway to exercise tough love when necessary.
"Microsoft employees are some of the best and brightest, but they're not known for being conformists," says Stephen Hopson, a career consultant and professional speaker, in an e-mail. "Can you imagine them working in an environment that required adherence to a strict dress code? Bill Gates understood his employees and provided the ideal conditions for them to thrive."
Gates' emotional intelligence and business savvy could only get him so far. Luck certainly was kind to him. And while that lesson is impossible to emulate, he also pounced on opportunities as they came to him. For example, when IBM first asked Gates to write an operating system for its first PC, Gates possessed neither the experience nor the resources to put one together. He said yes anyway, and in a few weeks MS-DOS was born.
"Successful people like Gates take advantage of opportunities because they're ready for them," says Carol Vecchio, founder of the Seattle-based Centerpoint Institute for Life and Career Renewal. "If your vision isn't clear enough, these opportunities don't happen to you, because you can't see them."
The quality most essential to Gates' success, though, is what the experts call self-knowledge. Whether it was programming BASIC or managing a charitable foundation, Gates never hesitated to act in accordance with his passions. He constantly champions innovation, refusing to stop and revel in his past accomplishments. That way, he keeps himself stimulated by work that is all-consuming.
"People should look at Gates as someone who has been successful as a total human being, not just as a businessman," says Alexandra Levit, a career consultant and author of How'd You Score That Gig? "This is, admittedly, a new definition for success, but one that's becoming increasingly important as the boundaries between the personal and the professional continue to blur."
10 Big Moments For Bill Gates
"Everyone knows the gist of Bill Gates' story: He was a Harvard dropout from Seattle who co-founded the biggest software company in the world. But do you remember the location of Microsoft's original headquarters or the name of its first product? Here's a refresher on Gates' life and career."
" MITS Altair 8800:-You get brownie points if you remember this microcomputer, released in 1975 and targeted to hobbyists. It ran Microsoft's first product: Altair BASIC."
" Albuquerque Group:-Check out this blast-from-the-past photo: It's the original 11 Microsoft employees at their office in Albuquerque, N.M., in 1978. Gates is sporting a toothy smile in the bottom left corner."
"The Big Break:- Co-founders Gates and Paul Allen surrounded by computers in 1981, shortly after signing a major contract with IBM to write software for its new line of PCs."
"Microsoft Goes Public:-The company went public in 1986, 11 years after Gates co-founded it with friend Paul Allen. On the first day of trading, Microsoft shares jumped $7 to $28. Gates owned about 45% of the company's stock, and this got him onto Forbes' list of the richest Americans for the first time, with a net worth of $315 million."
"A Billionaire Is Born:-Just a year after Microsoft went public, the company's stock soared six-fold and Gates became a billionaire. Forbes estimated his net worth at $1.25 billion in 1987."
"Marries Melinda:- Gates seemed to be enjoying the swinging bachelor life until he met Melinda French, who was a product manager at Microsoft. The two married in 1994 and now have three children: Jennifer, Rory and Phoebe. Melinda French Gates is the co-founder and co-chairman of the Bill & Melinda Gates Foundation, which focuses on world health issues. She is also a director of the Washington Post Co."
"Windows 95:- The hype and the money spent on the launch of this product was ginormous. Microsoft spent an estimated $300 million marketing it (and a couple more million for the rights to use the Rolling Stones' Start Me Up as its anthem). Microsoft spread itself everywhere for this one, even foisting its company colors on the Empire State Building."
"Mr. Antitrust:- In 1998, Gates took the stand to testify in the United States v. Microsoft antitrust trial. Plaintiffs alleged the company was a monopoly that abused its power to coerce PC makers into buying its operating system and using its Web browser--thereby crushing then-competitor Netscape. Gates denied the allegations."
"'Pirates Of Silicon Valley':- This 1999 TV movie about the rivalry between Gates and Apple's Steve Jobs starred Anthony Michael Hall, the nerd from The Breakfast Club, as Gates. Noah Wiley of TV's never-ending series ER played Jobs. Both Gates and Jobs come off as psychopaths. Great fun--if you haven't seen it yet, add it to your Netflix queue."
"Bill & Melinda Gates Foundation:- Come July, Gates will work full time at the foundation he and his wife founded in 2000. The foundation, which has an endowment of $37 billion, helps organizations around the world to combat infectious diseases, reduce extreme poverty around the globe and improve high school education in the U.S. It works closely with the private sector. The Gateses have said they hope to spend down the foundation's resources during their lifetimes."
Bill Gates' Fortune Over The Years
Bill Gates has made Forbes' rich lists every year since 1986. During that run, he's always been exceptionally wealthy, but the magnitude of his fortune has changed dramatically.
1986:- Net worth: $315 million In March, Microsoft--the company Gates co-founded 11 years earlier--goes public. Gates retains about 45% of the company's stock. On the first day of trading, shares jump $7 above the offering price to $28 a share. Gates appears on Forbes' list of the richest Americans for the first time with a fortune of $315 million.
1987:- Net worth: $1.25 billion Growing excitement about the potential for the software industry catapults Microsoft stock higher. At one point, it's six times the value of the initial public offering price. Gates becomes a billionaire. Despite the wealth, he says he has no desire to retire: "I'm tied to the wheel."
1990:- Net worth: $2.5 billion Microsoft releases Windows 3.0. It's a hit. About 2 million copies are shipped by the end of the year and Microsoft becomes the first personal computer software company with sales to exceed $1 billion annually. At a conference, Gates describes his strategy as putting "Windows everywhere." Shares climb. Gates' fortune doubles from the previous year.
1995:- Net worth: $14.8 billion Bill Gates' fortune rises steadily throughout the early '90s along with Microsoft's stock price. In 1995, the company releases its Windows 95 operating system. Sells more than 1 million copies on its first four days on the market. Another accomplishment for Gates: His book, The Road Ahead, tops bestsellers lists.
1997:- Net worth: $39.8 billion Gates' net worth more than doubles from the previous year. He's now $19 billion richer than America's second-richest person, Warren Buffett. Gates begins to take it easy. He says in a Forbes column he's cutting down on his hours at the office: "Most days I don't work more than 12 hours. On weekends I rarely work more than eight hours."
1999:- Net worth: $85 billion The frenzy for tech stocks pushes Gates' net worth to $85 billion. His one-year increase is more than $25 billion or about $3 million per hour. Tells Forbes he can envision his second-in-command Steve Ballmer taking over in the next decade.
2000:- Net worth: $63 billion At one point in 1999, Gates' net worth briefly topped $100 billion. By 2000, it's down to $63 billion as Gates suffers the first significant decline in his wealth. The popping tech bubble and antitrust trials drag Microsoft stock lower. Substantial donations to his charity also begin to sap his fortune. Gates relinquishes role of chief executive of Microsoft to Ballmer and becomes chairman.
2008:- Net worth: $58 billion For the first time in 13 years, Gates is not the world's richest person. He is passed by investing virtuoso Warren Buffet and Mexican telecom tycoon Carlos Slim Helu. Gates announces he will stop working full-time at Microsoft to dedicate more time to philanthropy.
