Background and Education
Warren Buffet was born in the year 1930, 30th of August, being the second born and the only son in a family of three children. His education began in 1942 where he was admitted to Rose Hill Elementary school (Warren Buffett Bio 2015). When he was through with studies at the elementary school, Buffet joined Alice Deal Junior High School where he where he graduated in the year 1947. In late 1947, Buffet got pressure from his Dad who forced him to join a college in as much as he never wanted to learn beyond high school. He then joined the University of Pennsylvania where he studies for two years and later joined the University of Nebraska-Lincoln where he graduated with Bachelor of Science in Business Administration. For his Maters program, Buffet made application at Harvard Business school and was rejected which later on forced him to join Columbia Business School where he achieved a Master of Science degree in Economics in 1951.
Warren Buffet started his business career while still in high school where he was selling chewing gums Coca-Cola bottles and daily newspapers for income. Between 1951 and 1954, he was able to work as a salesman at Buffet-Falk Company limited. He also worked as an analyst for securities between 1954 and 1956 at Graham-Newman Corporation. He later on formed Partnership between 1956 and 1969, where he was a general partner. He then founded a Berkshire Hathaway Inc. in 1970 where he was the chief executive officer.
In 1952, Warren Buffet got married to Susan Thompson where they attended their wedding at Presbyterian Church in Dundee. Susan Alice is their first born whom they gave birth to just one year after their wedding. Warren has three Children in total with others being Howard Graham Buffett and Peter Buffett. Warren and Susan were married for more than 50 years until 2004 when Susan Thompson passed away. Two years later, Warren got officially married again to Astrid Menks with a marriage ceremony held at the Elders daughters’ home, Omaha.
Warren Buffett has become a successful business operator and is recognized globally by some of the achievements he has made since his venture into the business. Initially, he was a salesman before working for Benjamin Graham, and this is one job that he enjoyed doing. Later, he formed a partnership with his friends. By 1959, from a single organization, Warren had opened a total of seven partnerships where he had a 5.5% increment stake. By 1962, Warren was a millionaire recognized by the majority in America. He then went ahead to put all the seven partnerships into a single operation so as to produce huge profits at ago. By the year 1985, Warren was already a Billionaire since he generated a lot of revenue which keeps on increasing every year, from the textile industry in England.
Management style and philosophy
Warren used two main types of management styles. He used Free Rein and Democratic Style. Apart from the two management styles, he as well singled out important aspects of business management and some of them are; choosing good employees, selecting a management with good qualities and management skills and motivation of entire team serving the companies.
Warren Buffett had an exceptional personal style of leadership. He was mainly focused on reputation. He particularly emphasized on positive outcomes and performances and in a case of any slight improvements, he could offer motivations, and by these, he is an exceptional character.
After having bought a textile company in England, Berkshire Hathaway, he was accused of a fraud case.
Out of several other achievements made by Warren Buffett, the greatest achievement of all is buying Berkshire Hathaway and becoming its CEO, and the largest shareholder. This makes his greatest achievement because Berkshire is a multinational company.
Some of the Warren Buffets inspirational quotes include;
“Someone is sitting in the shade today because someone planed a long tree time ago. “
“Rule no. 1: Never lose money. Rule no. 2. Never forget rule no. 1.”
“In the business world, the review mirror is always clearer than the windshield. “Among other quotes.
Background and Education
Carl Icahn was born in the month of February, 16th 1936 and grew up in part of New York City, Far Rockaway. Carl was born in Jewish family his was an atheist and later on went to become a teacher. His mother was a teacher a well. Carl went to pursue his education at Far Rockaway High School and later on proceeded to Princeton University where he graduated with Bachelor of Arts in Philosophy in the year 1957.
Carl began his business ventures in 1961. During this year he was a stockbroker on Wall Street up to the year 1967. The following year, he got into the business of taking control of activities in companies owned by other individuals until 1985 where he took over Trans World Airlines. In the year 2004, Icahn made attempts of buying and owning a larger percentage of stock of King Pharmaceuticals before he gave up. In the year 2007, Icahn succeeded in purchasing a biotechnology company that focused on research about cancer. On the very year, he was able to take over a Motorola company at the cost of 2.3 billion U.S. Dollars. The following year, Icahn managed to buy shares in Yahoo with an agreement of its expansion. Later, he resigned from Yahoo, and in the year 2010, he became the CEO of Icahn Enterprises, American Railcar Ind. And XO, Communications. He also becomes one of the members who tries to take over Tropicana Casino, Atlanta city in March 2010.
Carl got married in1979 to Liba Trejbal and later on separated in 1993, then divorced six years later. He then married Gail Golden in the year 1999 who assisted him run his premises and becoming founder of a company with the name Gutsy Women Travel. Carl has three children with Michelle Icahn being the firstborn daughter born in 1982. The second wife, Gail then gave birth to Shana and Christine.
Carl has been successful in business in so many ways, and some of them are; Carl succeeding in taking over TWA despite selling half of it to American Airlines back in the year 1998. He succeeded in taking over Motorola Company at a huge cost of 2.3 Billion U.S. Dollars. Later on, he succeeded in buying shares in Yahoo and becoming part of it. Right now, Carl is a billionaire and Chairman of Carl Capital Management.
Management style and philosophy
Carl’s main investment philosophy is a corporation. He believes in forming corporations with prices which depicts a ratio of price to earnings. Carl also practiced a democratic management style.
Carl Icahn as well has an exceptional personal style and was able to style himself as the consummate outsider. Because of this, Carl was more of a trader than a long term investor but remained to be a concentrated investor.
Carl Icahn accumulated large debts of up to $540 million after he just managed to get a profit of $469 forcing him to sell part of it to American Airlines. When he was trying to launch a multi $7 billion takeover of U.S. steel, he failed and became unsuccessful back in 1986.
Carl has had several achievements, and the greatest he is known for is he founded his firm back in 1968. He also managed to take over several biggest companies in America such as American Airlines, Texaco, and even TWA.
Carl Icahn had so many quotes, and some of the most inspiring quotes are:
“Too often it’s not the most creative guys or the smartest. Instead, the ones are best at playing politics and soft-soaping their bosses. Boards don’t like tough, abrasive guys.”
“I believe there are and will be major opportunities to enhance Time Warner’s value in future combinations. However, these transactions might not be achievable if Time Warner enters into long-term arrangements that preclude future flexibility such as an agreement regarding search functionality.”
Background and Education
Donald Trump was born in 1946, 14th of June and grew up in Queens, New York City. He first went to Kew-Forest School for his early childhood education before being enrolled to New York Military Academy. Later on, he joined Fordham University before he joined Wharton University two years later where he obtained a Degree in Economics.
Trump began his career in real estate back when he was still a student at the University. He started this at his parent company with the name Elizabeth Trump and Son. He worked closely with his father in boosting occupation rates in several areas. Later on, his Dad promoted him to be the president of the Company as his Dad remained to be the CEO.
Trump is the fourth born of five children. He is the son of Fred Trump and Marry Trump. Trump has had three marriages and a total number of five children and eight grandchildren. He married his first wife in the year 1977, Ivana Zelnickova who gave birth to their first three children. After their divorce in 1992, Trump, later on, got married to Maria Maples who gave birth to Tiffany. He then had a second divorce and finally got married to Melania Knauss who he later married in 2005.
Trump managed to be successful in the negotiations of building 202-meter long story building Trump Tower in 1978. Trump Tower came to completion five years later and became the headquarters of the entire organization. In the year 1986, Trump again became successful in the acquisition of Plaza Hotel with Ivana appointed to be the manager of all its activities and operations. Donald Trump also acquired a historic Palm Beach Estate in 1985 and also a condominium complex which was later changed to Trump Plaza. He as well succeeded in obtaining Taj Mahal Casino in 1988 which later on started its operations in 1990. Later in 1996 he also succeeded in acquiring Ban of Manhattan Trust Building which was one recognized as the tallest building globally. In the year 2004 Trump opened an Avenue known as Trump Park Avenue in Manhattan.
Management style and philosophy
Trump is a top-down manager who projected a lot of confidence in his business operations. Trump used a command- control approach in management and implementation of business activities. His main philosophy was to ensure credibility and have the confidence at all times.
Use of harsh tone has been part of Trump and a most commonly used style in his business operations of real estate. It is known to almost everyone who has worked closely with him that the harsh tone and he are warm at the same time.
Trump has faced several business challenges and the main being bankruptcies. His two business hotel has been declared bankrupt on so many occasions for the period between 1991 and 2009. In the year 2005, Trump was found liable for having failed to get a business operation license for his company, Trump Entrepreneurial Institute.
Some of the greatest achievements of Trump are; his acquisition of Grand Hyatt Hotel, and building a trump tower which is considered a huge success as it stands to be Headquarter of Trump organization. His ability to rebuild New York City’s Wollman Rink is as well termed as one of his greatest achievements.
“Without passion, you don’t have energy, without energy, you have nothing.”
Comparison and Contrast among the three leaders.
All the three leaders are billionaires and have ventured in so many huge business opportunities. All of them as well have exceptional personal styles that make them advance their business operations and in the management of their employees. When it comes to career paths and how they began they all started participation in business activities at a younger age and while still in school. The difference comes about in management methods and principles. Each and every leader has unique principles and management methods that they feel suits them best. Both Trump and Warren pursued Bachelors of Degrees in business fields. Carl got involved in business practices despite pursuing Bachelor of Arts in Philosophy.
Why the three leaders have been successful
The three leaders have been successful due to so many reasons. One of the main reasons for their great achievements and success is their determination and consistency. They kept on using any arising opportunity for investment, and that is why they have participated in more than one line of investments. The other reason is that they took risks every time they saw an opportunity and never had fear to get into a new business venture. The other reason for their success is the fact that they all had passion into the business field being the reason for their early engagement into business activities while still in schools. Lastly, they got effective education system up to a University level which made them well equipped with much knowledge especially for management of their business premises.
The impact of management styles.
Warren showed Free Reign and Democratic management style; Trump used command control approach while Carl used the Democratic method in management. The management styles brought different impacts as used by the three leaders. Democratic management style ensured equal opportunity to every staff member, and everyone. Therefore, the strength of Democracy is that employees and staff have equal opportunities and same working conditions. Weakness associated with democracy is that employees and staff have some element of freedom that can easily abuse and involve in non-business activities. Command control approach has a major impact in that it ensures business activities run the way they are scheduled to because a command given has to be followed. This method makes employees on toes. The strength of this method is that it makes business activities run as programmed within the set tile limit. Its weakness is that it instills fear in employees and make them work under unnecessary pressure.
Buffett, Warren, and Lawrence A. Cunningham. The Essays of Warren Buffett: Lessons for Corporate America. , 2015. Print.
Stevens, Mark, and Carol B. Stevens. King Icahn: The Biography of a Renegade Capitalist. , 2014. Print.
Wooten, Sara M. I. Donald Trump: From Real Estate to Reality Tv. Berkeley Heights, NJ: Enslow Publishers, 2009. Print