What It Takes
Lessons in the Pursuit of Excellence
What's it about
Ever wonder what separates the good from the truly exceptional? Discover the blueprint for building an empire and achieving peak performance, whether you're launching a startup, leading a team, or simply striving for personal excellence. This is your guide to thinking bigger and outmaneuvering the competition. You'll learn the core principles that helped Stephen Schwarzman build Blackstone, one of the world's leading investment firms. Uncover his practical frameworks for spotting opportunities, negotiating high-stakes deals, recruiting world-class talent, and turning every setback into a strategic advantage on your own path to success.
Meet the author
Stephen A. Schwarzman is the Chairman, CEO, and Co-Founder of Blackstone, one of the world's leading investment firms with over a trillion dollars in assets under management. From his start with a two-person team, he built a global institution by relentlessly pursuing excellence and empowering talented people. In his book, Schwarzman distills the hard-won principles and frameworks he developed over a legendary career in finance and philanthropy, offering a blueprint for anyone aspiring to build, lead, and achieve more in their own lives.
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The Script
In 2011, the musician and fashion designer Rihanna found herself in a Dublin field, filming a music video. When the local farmer who owned the land saw what he considered overly suggestive behavior, he drove his tractor into the middle of the set and shut down the entire multi-million dollar production. It was a bizarre, public clash between a global pop culture machine and a single, unmovable individual. Yet, for Rihanna's team, it was just another problem to solve. The shoot was salvaged, the video released, and the hit single, ‘We Found Love,’ became one of the biggest of her career. This is the unglamorous reality behind massive success: a relentless series of high-stakes, unpredictable problems that must be solved, one by one, with no guarantee of a good outcome.
This cycle of facing down one seemingly insurmountable challenge after another is the world Stephen A. Schwarzman has inhabited for decades. He didn't just stumble into success; he built a framework for anticipating, analyzing, and overcoming obstacles that others saw as deal-breakers. As the co-founder of Blackstone, one of the world's largest investment firms, he has been at the center of deals that reshaped entire industries. After years of being asked for his secrets—by presidents, entrepreneurs, and students alike—he decided to codify the principles he developed through a lifetime of navigating these high-stakes negotiations and crises. He wrote What It Takes as a playbook for anyone who wants to turn ambitious goals into reality, distilling the hard-won lessons from a career spent making the impossible happen.
Module 1: The Myth of Positive Thinking and the Power of Neutrality
We’re often told to "think positive." But what happens when you’re down 16-0 in a championship game, or your biggest client just pulled their account? Positive thinking can feel delusional. Moawad argues that it's an unreliable strategy because it often clashes with reality. Negative thinking, on the other hand, is a self-fulfilling prophecy. It always works, but only in the wrong direction.
This brings us to a more powerful alternative. Neutral thinking is the most effective strategy for high-pressure situations. It’s about stripping away emotion and judgment. You don’t tell yourself you’re going to win. You don’t tell yourself you’re going to lose. You simply assess the facts. Think like a pilot during an emergency. They don't panic or hope. They follow a checklist. They ask: "What is the situation? What is the plan? What is the next step?"
For instance, during the 2014 NFC Championship, quarterback Russell Wilson threw four interceptions. His team was down 12 points with less than five minutes left. Instead of spiraling into negativity or forcing false optimism, he thought neutrally. He focused on the facts: the score, the time remaining, and the next play. He led his team to a stunning comeback victory. This is neutral thinking in action. It’s a skill you can build. It keeps you grounded in reality and focused on what you can control.
And here's the thing. This applies to everyone, not just athletes. Imagine a difficult conversation with your boss. Instead of fixating on your anxiety or resentment, you can think neutrally. What are the facts of the situation? What is the goal of this meeting? What is the first thing I need to say? By focusing on the process, you strip the emotion out and regain control.
Module 2: You Are Your Own Biggest Influencer
Every day, you are exposed to thousands of marketing messages. But none of them are as powerful as the one you tell yourself. Moawad makes a startling claim. Your influence over yourself is ten times more powerful than any external influence. The constant internal dialogue you have—your self-talk—is the most important ad campaign of your life. And most of us are running terrible ads.
This leads to a critical insight. You must stop verbalizing negativity. The human brain is wired for a negativity bias. It’s an evolutionary survival mechanism. But in the modern world, this bias can be destructive. Voicing a negative thought gives it power. It’s like watering a weed. Moawad cites the strange case of basketball star Pete Maravich. He once told a reporter he didn’t want to play ten years in the NBA and die of a heart attack at 40. He retired after exactly ten seasons and died of a heart attack at 40. While anecdotal, it highlights the profound power of spoken words.
The first step is simply to eliminate the negative. Moawad suggests a 24-hour challenge. For one full day, do not say anything negative out loud. No complaining about traffic. No griping about a coworker. No self-criticism. This simple act of elimination creates a mental vacuum.
Then, you can begin to fill that space. Replace negative or positive self-talk with neutral, behavior-based statements. Instead of "I'm going to fail this presentation," a neutral thought is "I have prepared my slides. I will focus on delivering the first point clearly." This is the Law of Substitution in action. Your mind can only hold one dominant thought at a time. By intentionally focusing on a neutral, actionable thought, you crowd out the distracting and destructive ones. Elite performers do this instinctively, focusing on their fundamentals, not the noise.