Andy Grove, the former CEO of Intel, died on Monday. He was an amazing man with many amazing lessons.
1. Immigrants create jobs. Mr. Grove was a Hungarian immigrant with nothing. He earned a PhD from Cal, and built Intel into one of America’s mightiest companies. Few people in the world have created more jobs and wealth than Mr. Grove did.
2. Don’t look back or wallow in self-pity. Mr. Grove grew up Jewish in Nazi and Soviet occupied Hungary in the worst of conditions. He escaped and made a completely new life for himself.
3. Never give up or stop fighting. Mr. Grove’s Intel was flat on its back and getting pummeled by Japanese competitors in the 1980s. Few companies would have survived. Mr. Grove kept on swinging and swinging until he landed his punches.
4. Don’t be afraid to pivot business. Mr. Grove completely abandoned Intel’s memory chip business and moved into microprocessors in 1985. This is akin to JVM switching from residential to commercial mortgages all at once.
5. Listen to employees and customers at all levels. He was famous for getting the dirt on his company by listening to employees and customers from all levels, and making sure they never held back. He disdained managers who insulated themselves from subordinates and bad news.
Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646
