Verizon CEO: The Secret Daily Habits For Ultimate Performance & Productivity
On The School of Greatness podcast, host Lewis Howes interviews Hans Vestberg, CEO of Verizon. The summary delves into Vestberg's background, from his humble origins to his leadership roles across six countries over his 25-year career at Ericsson. It explores Vestberg's guiding principles, including fostering self-awareness, empowering teams, and embodying a vision without micromanaging.
Vestberg shares his ambitious goals for Verizon, encompassing tailored services, digital inclusion initiatives, and a steadfast focus on network quality. The summary also touches on personal aspects, such as the sacrifices Vestberg's family made throughout his career and how he maintains work-life balance. Ultimately, Vestberg believes that true greatness lies in uplifting and empowering those around you.
This is a preview of the Shortform summary of the Oct 7, 2024 episode of the The School of Greatness
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1-Page Summary
Vestberg's Background and Early Career
Hans Vestberg's success stems from humble origins and over 25 years at Ericsson, where he held diverse roles across six countries. Vestberg always strived to exceed expectations, driven by a competitive spirit. He emphasizes self-awareness, believing leaders must understand their strengths and limitations to build complementary teams.
Vestberg's Leadership Principles
Vestberg crafts a "boss contract" outlining his vision when taking new roles. At Verizon, he conducted 256 meetings to align stakeholders. Vestberg focuses on empowering teams by setting the direction and enabling them to determine how to achieve goals. He creates exciting visions without micromanaging. Vestberg believes leaders must continually improve and holds himself accountable for impactful initiatives.
Vestberg's Vision for Verizon
Vestberg aims to create a personalized suite of wireless, media, financial and experiential services tailored to customers' interests. He prioritizes network quality, viewing it as key to Verizon's success. Vestberg reads customer emails daily to enhance satisfaction. He champions digital inclusion globally, spearheading an initiative to connect 1 billion people to essential services.
Personal Aspects of Vestberg's Journey
Vestberg's father instilled team values and a competitive spirit, principles he upholds by investing in community facilities. Vestberg's family sacrificed for his career, relocating frequently. He maintains work-life balance through a "boss contract" with his wife. Vestberg believes greatness means empowering and uplifting those around him.
1-Page Summary
Additional Materials
Clarifications
- A "boss contract" is a term used by Hans Vestberg to describe a document outlining his vision and expectations when taking on new leadership roles. It serves as a guide for aligning stakeholders and setting the direction for his teams. Vestberg believes in empowering his teams to achieve goals while holding himself accountable for driving impactful initiatives. This approach emphasizes clarity, accountability, and shared understanding in leadership transitions.
- Digital inclusion involves ensuring fair access to technology and the internet for all individuals, regardless of their background or circumstances. It focuses on providing affordable internet services, digital literacy training, and support to bridge the gap between those who have access to technology and those who do not. This concept aims to address disparities in digital access and usage, promoting equal opportunities for participation in the digital world. Digital inclusion is crucial for enabling individuals to engage in various aspects of modern life, such as education, healthcare, and social interactions.
- "Empowering and uplifting those around him" means that Hans Vestberg believes in supporting and encouraging the people he works with to reach their full potential. He focuses on creating an environment where individuals feel empowered to take on challenges and grow professionally. Vestberg's leadership style involves motivating and inspiring his team members to excel in their roles. Overall, he aims to positively influence and elevate the people he interacts with, fostering a culture of development and success.
Counterarguments
- While Vestberg's success is attributed to his long tenure at Ericsson, it could be argued that success in one company does not necessarily translate to success in another, and his achievements may also be a result of external factors or market conditions.
- Emphasizing self-awareness is important, but it could be argued that leaders also need to be visionary and proactive, not just aware of their own limitations.
- The "boss contract" and numerous meetings might ensure alignment, but they could also be seen as bureaucratic and time-consuming, potentially slowing down decision-making processes.
- Empowering teams is crucial, but without some level of oversight, there is a risk of misalignment with the company's vision or strategic objectives.
- Creating exciting visions is positive, but they must be backed by realistic and actionable plans, or they risk remaining as unfulfilled promises.
- The belief that leaders must continually improve is commendable, but it is also important to recognize and consolidate existing strengths rather than always seeking change.
- A personalized suite of services at Verizon sounds customer-centric, but it could lead to privacy concerns or data management issues if not handled properly.
- Prioritizing network quality is essential, but focusing too much on one aspect of the business could lead to neglecting other important areas such as customer service or innovation.
- Reading customer emails daily is a good practice, but it may not be scalable as the company grows, and it might not provide a comprehensive view of customer needs.
- Championing global digital inclusion is noble, but the initiative to connect 1 billion people could face significant logistical, political, and financial challenges that might impede progress.
- Upholding team values and a competitive spirit is important, but there should be a balance to ensure that competition does not lead to a toxic work environment.
- Investing in community facilities is positive, but it could be argued that the resources might be better spent directly on product development or customer service improvements.
- Family sacrifice is often part of a successful career, but it's important to acknowledge the potential negative impact frequent relocations can have on family members' stability and well-being.
- Maintaining work-life balance is crucial, but the concept of a "boss contract" with family could be perceived as too formal and may not address all aspects of family dynamics.
- The belief in empowering and uplifting others is admirable, but it is also important to ensure that this does not lead to overdependence on leadership for motivation and direction.
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Vestberg's background and early career
Hans Vestberg's rise to success is a story of ambition, versatility, and self-knowledge, beginning with humble origins and spanning over two and a half decades of dedicated service at Ericsson.
Vestberg's diverse work experience and career path
Vestberg recounts his journey, underscoring his extensive tenure at Ericsson, which lasted over 25 years and involved a rich international career with stays in six different countries. His willingness to frequently embrace new challenges played a substantial role in shaping his career trajectory.
Starting out at Ericsson, Vestberg did not initially excel when he took on a job checking travel expenses. His job arrangement at Ericsson came through his local soccer team, Team Handball, as part of an effort to allow him to work while also trying to propel the team to the First Division. This job-share allowed him to work in the mornings for four hours, providing the opportunity to fulfill his athletic commitments as well.
Reflecting on his early responsibilities, Vestberg quips, "If I checked travel expenses, I also took over the coffee machine to serve coffee. And I saw that people were feeling good. I probably did internal communication."
Vestberg's competitive drive and willingness to go above and beyond
Through his career, Vestberg has consistently aimed to outperform expectations in every role, striving for excellence and impact. "I always did more than I expected for you. I learned that. I always did more," Vestberg remarks, shedding light on his competitive drive and readiness to go beyon ...
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Vestberg's background and early career
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Clarifications
- Vestberg's statement about always doing more than expected reflects his proactive approach to work, where he consistently went above and beyond in his responsibilities. This mindset of exceeding expectations showcases his dedication, work ethic, and drive to excel in his career. It highlights his commitment to delivering exceptional results and making a significant impact in his professional endeavors. This attitude of going the extra mile contributed to his success and reputation for consistently surpassing what was required or anticipated in his roles.
- Vestberg's belief in knowing oneself before leading others emphasizes the impor ...
Counterarguments
- While ambition and versatility are important, success also often involves external factors such as networking, timing, and sometimes sheer luck, which are not mentioned in the text.
- A long tenure at a single company like Ericsson could be seen as a lack of diversity in experience compared to professionals who have worked across various industries or companies.
- Working in six different countries is impressive, but it doesn't necessarily equate to having a successful career; the impact and achievements in those roles are also critical.
- Embracing new challenges is commendable, but it's also important to acknowledge the role of mentorship, support from colleagues, and institutional structures that enable such opportunities.
- Starting out by checking travel expenses is a modest beginning, but it doesn't inherently indicate future success or leadership potential.
- The job arrangement through the local soccer team suggests a community or network-based opportunity, which may not be available to everyone, indicating a potential element of privilege or unique circumstances in Vestberg's career path.
- The ability to work part-time to accommodate athletic pursuits is a privilege that may not reflect the more rigid or demanding work conditions others may face.
- Aiming to outperform expectations is a strong work ethic, but it can also lead to burnout or an unsustainable work-life balance if not managed properly.
- Doing more than expected is admirable, ...
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Vestberg's Leadership Principles and Strategies
Vestberg, known for his innovative leadership style, shares his unique approach to leadership through a "boss contract," empowering teams, and a relentless pursuit of self-improvement.
Vestberg's "boss contract" approach
Vestberg shares his approach to taking on new leadership roles, which includes preparing a "white paper" that outlines his vision. He attributes the origination of this method to an experience in Chile in 1993, where his approach led him to manage his own boss. Since then, he applies the "boss contract" approach to all his positions, including his role at Verizon. To integrate his vision with the reality of the company, he conducted 256 meetings at Verizon, actively soliciting input to align his vision with the company objectives and stakeholders’ perspectives.
Vestberg believes in setting the direction for his organizations by crafting a clear vision and then bringing internal stakeholders on board with this vision. Instead of asking for opinions and receiving potentially limited views, he first writes down his goals and then spends time understanding how far his organization is from that vision. This allows him to get buy-in by guiding stakeholders to the insights themselves through projects, which empowers the team and drives motivation.
Vestberg's focus on empowering and motivating his teams
Upon becoming CEO of Ericsson in 2009, Vestberg created a job description outlining six areas only he could address due to his position: three internal (talent, strategy, governance) and three external (meeting top shareholders, largest partners and customers, appearing on big stages). He has diligently measured how he spends every hour working since 2009 to ensure that he dedicates time to what is inherently his responsibility, thus enabling him to make the most substantial impact.
Vestberg also stresses the importance of working effectively not only with one’s superiors and subordinates but with colleagues as well. He had a realization that to be a potent leader and viable CEO candidate, he needed to be someone his peers wanted in the role. In attempting to achieve this, he recognized the significance of becoming an indispensable part of ...
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Vestberg's Leadership Principles and Strategies
Additional Materials
Clarifications
- Vestberg's "boss contract" approach involves creating a detailed plan, often in the form of a "white paper," outlining his vision and goals when taking on a new leadership role. This method helps him align his vision with the company's objectives and stakeholders' perspectives. By actively seeking input and engaging with stakeholders, Vestberg ensures that his leadership direction is well-understood and supported within the organization. This approach empowers teams by guiding them towards the shared vision and fostering motivation and alignment.
- Vestberg's job description outlining six areas referred to specific responsibilities he identified as crucial for his role as CEO of Ericsson. These areas included aspects like talent management, strategic decision-making, governance, engaging with key stakeholders, partners, and customers, as well as representing the company at significant events. By focusing on these key areas, Vestberg ensured he allocated his time effectively to fulfill his core duties and maximize his impact as a leader.
- Becoming an indispensable part of the team means establishing oneself as a crucial and valued member whose contributions are essential for the team's success. This involves building strong relationships, demonstrating expertise, and consistently delivering results that benefit the team and the organization. By being indispensable, one ensures that their presence and efforts are highly regarded and sought after within the team dynamic. This status can lead to increased influence, trust, and opportunities for leadership roles and impactful decision-making.
- Vestberg emphasizes diversity by valuing varied perspectives and backgrounds within his team. He believes diverse te ...
Counterarguments
- The "boss contract" approach assumes that a leader's vision can be effectively aligned with the company's needs, but this may not always be the case if the vision is too rigid or not adaptable to changing circumstances.
- Setting a clear vision is important, but there can be a risk of not being open to feedback or alternative ideas that could potentially be more beneficial for the organization.
- Empowering teams is crucial, but without proper guidance and checks, it can lead to a lack of cohesion and direction, potentially causing confusion and inefficiency.
- Focusing on impactful responsibilities is a strong leadership trait, but it might lead to neglecting smaller yet important aspects of the company that could later grow into larger issues.
- While diversity and a ...
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Vestberg's vision and plans for Verizon
Verizon’s CEO, Vestberg, has charted a path for Verizon that aims to integrate a wide array of personalized services, build superior network experiences, and champion digital inclusion globally.
Vestberg's goal of building a personalized, vertically integrated offering for Verizon customers
Vestberg is constructing an intertwined suite of services that spans wireless, broadband, media, financial, and experiential services, each tailored to the specific interests and requirements of Verizon customers. He has orchestrated partnerships with companies like Disney, Apple, and Max to offer streaming services more affordably by reducing acquisition costs. Additionally, the "My Access" system developed under his leadership provides Verizon customers with personalized access to NFL, NBA, NHL games, and live concerts, evincing an intention to fashion a robust, resilient set of choices for customers.
Vestberg's focus on delivering the best network and customer experience
Vestberg prioritizes network excellence and exceptional customer experiences. He views these factors as instrumental to Verizon's enduring success. His strategic decision to acquire Spectrum for $52 billion underlines his focus on long-term investment in network infrastructure. His aim is to bequeath a more robust Verizon than he inherited, signifying a commitment to growth and customer satisfaction. To further this goal, Vestberg fosters innovation in products and advancement in technology, while also focusing on refining customer experience and team performance within the company.
Delivering superior network quality
Vestberg’s concentration on acquiring Spectrum and evolving Verizon’s offerings betrays a deliberate pursuit of superior network infrastructure. This foundation acts as a cornerstone for the tailored, quality services he wishes to offer each Verizon customer.
Enhancing customer satisfaction
Vestberg dedicates time to engaging with customer feedback by reading their emails every morning. This practice enables him to understand customer issues and has led to the simplification of Verizon’s services. He shares relevant feedback with his te ...
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Vestberg's vision and plans for Verizon
Additional Materials
Clarifications
- Vestberg's acquisition of Spectrum for $52 billion was a strategic move to enhance Verizon's network infrastructure. This investment aimed to improve network quality and expand Verizon's service offerings. The acquisition signaled Vestberg's commitment to long-term growth and customer satisfaction. By acquiring Spectrum, Vestberg sought to position Verizon as a leader in providing superior network experiences to customers.
- Digital inclusion is the effort to ensure that all individuals have access to and can effectively use digital technologies. It aims to bridge the digital divide by providing equal opportunities for participation in the digital world. This is crucial as digital access is increasingly necessary for tasks like education, employment, healthcare, and accessing government services. By promoting digital inclusion, societies can empower individuals, reduce inequalities, and foster economic and social development.
- Vestberg's initiative with the World Economic Forum aims to provide essential digital services like healthcare and education ...
Counterarguments
- While Vestberg's integration of personalized services is ambitious, it could lead to concerns over data privacy and how Verizon manages and utilizes customer data.
- Partnering with major companies for affordable streaming services may be seen as a positive, but it could also limit competition and choice for consumers if these partnerships lead to exclusivity arrangements.
- The $52 billion investment in Spectrum could be criticized for potentially prioritizing network expansion over immediate customer needs or service improvements.
- Fostering innovation and focusing on customer experience are commendable goals, but they may not always align; innovation can sometimes lead to complexity that detracts from user experience.
- Acquiring Spectrum and focusing on network infrastructure is important, but there may be concerns about whether these investments will translate to affordable services for consumers.
- Engaging with customer feedback is positive, yet it could be argued that this approach is reactive rather than proacti ...
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The personal and emotional aspects of Vestberg's journey
Hans Vestberg’s career, marked by leadership and success, is deeply rooted in personal and familial relationships that have shaped his path and principles.
The influential role of Vestberg's father as his coach and mentor
From a young age, Hans Vestberg was coached and mentored by his father, who instilled in him the value of teamwork and respect. His father emphasized caring for the entire team, not just focusing on personal achievements. Vestberg recalls how his father cared for all the children on the team and did not exclusively focus on him, creating an environment that fostered collective wellbeing. Being particularly stringent with Vestberg because he was his son, his father ingrained in him the importance of leadership and being competitive, fair, and respectful.
The support and sacrifices of Vestberg's family throughout his career
Vestberg’s family has made considerable sacrifices to support his career. This became evident when he received the call to become CEO while driving—he knew this new role came with great responsibility not just for him but also for his family, who had already relocated numerous times for his various roles. He reflects on the importance of a stable home life, especially when facing professional challenges. Vestberg acknowledges that without his family’s flexibility and willingness to relocate, usually involving major adaptations such as finding new friends and schools, he would not have achieved the same level of success. His family's united approach to these transitions ultimately strengthened their bond.
Recognizing the potential for his work to overshadow family life, Vestberg and his wife established a "boss contract," ensuring he spent quality time at home, thereby maintaining a vital balance between personal and professional commitments. His agreement with his family on work boundaries shows his firm commitment to both his career and loved ones.
Vestberg's definition of greatness ...
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The personal and emotional aspects of Vestberg's journey
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Actionables
- Create a "team appreciation jar" at home or work where you and others can drop notes acknowledging acts of teamwork and respect. Each week, read the notes aloud to celebrate collective contributions and reinforce the value of working together and respecting one another.
- Draft a personal "balance agreement" with your family or close friends, similar to a "boss contract," where you outline how you'll support each other's goals and manage time together. Review and adjust this agreement regularly to ensure everyone's needs are met and to maintain a stable support system.
- Volunteer to help with a local community pro ...
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