To build a culture of innovation, leaders must actively destigmatize failure. Bloomberg makes a public show of support for employees whose experiments don't work, signaling that the attempt itself is valued and will not harm their career.
Extreme preparation, including analog backups for digital presentations, can turn a potential disaster into a demonstration of competence. A Bloomberg employee salvaged a key demo by using a binder of screen printouts, impressing the client and closing the deal on the spot.
True innovation requires building features customers don't yet know to ask for. Bloomberg's success came from providing functionality users hadn't imagined was possible with computers, rather than just reacting to their explicit requests.
Early in your career, prioritize the quality of people and the experience you'll gain over the highest salary. Bloomberg's lower-paying job choice led to a better long-term outcome because he focused on building a foundational network and skillset.
Despite running a 26,000-person company, Michael Bloomberg personally calls employees or their families after a major accident or death. This highly personal gesture reinforces that people are the company's most important asset, fostering deep loyalty and a caring culture.
Michael Bloomberg advises deflecting credit to build political capital. When asked who built something, he suggests crediting a colleague. While others may know it's a generous framing, it improves their perception of you and creates a sense of obligation from the person you credited.