Hyatt Hotels Executive Chairman, Tom Pritzker, appeared Friday morning on CNBC Squawk Box speaking initially about where he thinks we are in the business cycle given the uncertainty in our economy today. He states there are spots of optimism for the United States and over time he believes we'll be fine. He also indicates there is uncertainty out there and if you don't have to make a decision about something right now (development) you should wait because of the context of uncertainty in the economy.
About 4 minutes into the interview, he is asked what it takes to be successful in business. Keep in mind he is not only a hotel executive but someone who has also started up a number of other business lines including gaming, leasing, health care, industrial, etc. He said for Conrad Hilton the 3 key elements of success were Location, Location, Location. For Hyatt hotels the 3 key elements of success were People, People, People. He talks about how no business plan ever works as it is supposed to work, so you have to be able to change as things change and you need people that can change and adjust as well.
I have been preaching this same theme my whole career, so it is not hard for people that know me to understand why 7 years ago I started Hospitality Talent Scouts. Yes, Tom Pritzker speaks straight to a subject that helps my business and makes it profitable, but he also speaks on the same subject that helps your business be profitable as well!
Do you think you can do it without the right people? Well --You are wrong. I have 36 years of experience in this business to back up this claim. Yes, it is music to my ears when a respected, admired and successful visionary leader like Tom Pritzker speaks out like this as well.
I hope you enjoy this 5 minute video clip as much as I did.
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Frank M. Speranza