"I intend to be the greatest golfer in the world, the finest film producer in Hollywood, the greatest pilot in the world, and the richest man in the world." - Howard Hughes
Howard Robard Hughes, Jr. (December 24, 1905 – April 5, 1976) was an American industrialist, aviator, engineer, film producer, director, philanthropist, and was one of the wealthiest people in the world.
When Hughes was a teenager he lost both his parents and was left with a family inheritance from money his father made by selling his inventions. Ever ambitious he was quoted as saying “I intend to be the greatest golfer in the world, the finest film producer in Hollywood, the greatest pilot in the world, and the richest man in the world.”
Hughes aggressively pursued business interests in Hollywood films, airlines, and hotels and casinos to expand his empire. He managed to turn his $1 million inheritance into a $2 billion fortune. Equivalent to $6.6 billion in today’s dollars, Howard Hughes was and still would be considered one of the richest men in the world.
Action Item #1: Surround Yourself With the Best
As entrepreneurs we can't do everything ourselves and need to recognize what we're good at and what we need to delegate to others to help us with. Getting the right team in place is one of the most important tasks you'll ever do as a business owner.
After inheriting his father's company as a teenager, Hughes recognized that he didn't have the knowhow to run the business and looked for someone who could. He hired 36 year-old Noah Dietrich to be his accountant and right-hand man on a $10,000 a year salary. For the next three decades, Dietrich eventually became director, vice-president and CEO of various branches of Hughes’ empire.
According to Robert Maheu, a chief advisor to Hughes: "Dietrich was delivering Howard profits of $50 to $55 million a year. Big bucks in those days."
Action Item #2: Don't Give Up On Your Goals
Whatever your goals are for your business you need to keep attacking them until you accomplish them. Forget about what other people say and that the odds might be stacked against you. Take consistent action every day until you reach your targets and believe that you can do it.
The Hughes H-4 Hercules was the world's largest flying boat, the largest aircraft made from wood and had the biggest wingspan of any aircraft ever built. It was contracted by the U.S. government to transport troops across the Atlantic to avoid German U-boats in the Second World War. Nicknamed the "Spruce Goose" it was three times the size of the largest plane ever previously built. Nobody thought Hughes would ever get it off the ground but he kept pushing towards his goal despite the naysayers.
According to Hughes: “This thing was a black sheep. Nobody wanted to fool around with it or become contaminated by it. We were working in a complete vacuum as to information based upon prior performance and prior design... I defy anyone today to design an airplane substantially more efficient than this one for its purpose."
Action Item #3: Be Hands On
Being an active part of your business is crucial to its success. You need to know when to hire people but you also need to know what your job is and show people that you're dedicated to doing it and inspire them to do their jobs to the best of their abilities.
With some of the best people in the industry working for him, Hughes could have chosen to distance himself from the goings on of his various enterprises. But, instead, Hughes chose to be hands-on, involving himself in even the smallest of details. He would personally test fly all the planes that he helped design. He often even put his own life at risk to involve himself and improve his product. He was also, for the most part, adored by his staff, who appreciated his hands-on approach and were inspired by his dedication and enthusiasm.
According to Hughes: “If I have made a mistake in the design, then I’m the one who should pay for it. I certainly would not ask somebody else to fly a plane if I were afraid to do it myself.”
True Story
Hughes' love of flying first began when he attended a Yale-Harvard boat race with his father. After his father lost a bet that Harvard would win, the 14 year-old Hughes was promised anything he wanted. While his dad proposed buying him his own boat, Hughes Jr. asked to fly in the old broken down seaplane anchored in front of their hotel. With the plane’s old age and its corroded wires, Hughes’ father’s initial response was no, but Hughes Jr. proved so persistent that he could not be denied. “He finally gave in,” said Hughes. “This was the very first contact I had with flying.” Throughout his career, many more were forced to ‘give in’ to Hughes’ desires.
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