Carlos Slim’s Guide to Success | Why Competition and Motivation Matter

What's up, Believe Nation? It's Evan. My one word is believe, and I believe in you. I believe in your potential, and I wanna see that thing that you've got inside you explode out into the world to have a big impact for you, your family, and the world. So to help you on your journey, today we're gonna learn from one of the richest men in the world, Carlos Slim Helú, and my take on his top 10 rules for success. Rule number 2 is my personal favorite, and I'd love to know which one you guys like the best. And as always, guys, as you're watching, if you hear something that really, really resonates with you, please leave it down in the comments below and put quotes around it so other people can be inspired. And when you write it down, it's much more likely to stick for yourself as well. Enjoy!

Have you had failures?

Failures? Yes. No, what I say to my children, you need to have failures, but try to make small failures, small mistakes, also in business and in life, not to make big mistakes.

Do you learn from mistakes?

Always. And from the mistakes of the others you need to learn also. It's more important to learn of other mistakes that make your mistakes to learn.

How would you describe wealth? What is wealth to you?

Well, I think wealth is a kind of instrument to create welfare. It's an instrument to create welfare in a society. I think it's different, wealth, than income. Regularly, wealth should be managed with efficiency, sobriedad, sobriété, and create more wealth. It's like a tree, a fruit tree. Wealth is like a fruit tree. The product of the tree are the fruits. And these fruits should be the income that you need to give away, but taking part of these fruits to grow more trees.

More fruit. The tree is the wealth.

Yes. And the fruit is the income. So you need to create more wealth, more fruits, more trees, and to have a bigger production of wealth and of income. I believe that family and personal life and business or professional life is not only compatible, it's necessary. You will have a better professional life with a good personal life and family life than if you don't have a good personal life and a family life. I think I don't understand the contrary. And it's very clear that the good personal life make you stronger. You are stronger for the challenges. You are working. I think I don't believe in working 20 hours or 16 hours or 14 hours. When you work too much, it's because your job is beyond you. You are not controlling, you are not doing good your job. If you need to be 15 hours, 16 hours, it's because you are not organized. That you don't have delegation of your responsibility. And I don't believe that in any business, in any activity, you need to work 15 or 16 hours and you don't have time for yourself or for your family or for anyone. Success is not being recognized by others. It is not about an external opinion. It is about an internal state of being. It is the harmony between the soul and our emotions that are fed by love, family, friendship, authenticity, and honesty. The fundamental and permanent values that are far superior to professional, economical, social, or political success.

Would you say— this is maybe trite— that you're a happy man?

Well, I think happy is not a way to be, but a way to go. No?

You want to be happy?

No, no, no. It's a way of living. It's a way of being and living and I cannot explain very well. It's not a point. It's not that you arrive to one point and that you are happy. No, it's a way to do things, to live, to feel that make you happy.

It's a goal.

It's a— no, it's not a goal. It's a way. It's a direction, it's a, how you say, it's a way to live. The way that you live, if you live with loving life, loving people, with having challenge in life, doing things, making things for others, and I think that's what is very Fidel. When you started out as a young person, when you started amassing your businesses, did you set as a goal for yourself, I want to be that most successful businessman in the world? No, I think businessmen, like painters or artists or doctors, they get involved in his activities. And don't worry about— it's not a football game. You are doing what you think you should do and you like to do. And you work in the activity like a newsman or like a painter in what you are interested. I am not concerned about what they say and if it is true or it is not true. I think anyway that any privilege that you have, and as much as you have a privilege, is higher your responsibility. I don't look for being— it's not looking for scores like in the school or in competition. I think vocation, motivation, what you study, what you read, what you learn, And especially to organize a team of people, human resources, no, a team of people that get motivated, that work with you, that accept your leadership, and that you are constantly forming, educating, and work with a motivation that make them feel that they can achieve anything that they propose. And to feel to be part of a winner team, a team that is triumphant, that can win, that is winning. That motivated more the people. And that's the way you look in sports, it's the same in politics, it's the same in any— in science. Why this team do that? Or why Barry Bonds is breaking this record and why he's— Why does Pelé make these things, or Maradona? Because they are good with this vocation, they have talents, but also they work strongly. They work not in number of hours, but in training and learning and planning and creating.

Do you like competition?

Sure. Imagine that you are an athlete that runs 100 meters. You will run alone? Competition makes you better. You need to have competition and also the most important international reference for whatever you do. You need to have the highest reference to make you a good job. We are in 18 countries, 18 countries today, and we have competition everywhere. I don't think that there is now a telecommunication service in any place, I don't know North Korea, no, including North Korea, that there is no competition.

That's, there's no monopoly.

That until I understand there is competition everywhere. I think the only way to finish with poverty is giving good works. So enabling people to work as opposed to giving them stuff. Yes, that's why we are, working in creating human capital. I think that the business community compromise to go beyond the business to help— not to help, to solve the social problems of our countries, getting involved with money and with our time. Because it's not a problem of money. I think that businessmen and entrepreneurs have more experience managing resources, and we can solve more easily the problems that politicians that have other views— they are thinking in elections, they are thinking popularity, they are thinking in some other things. And I don't think that giving money should be something for popularity, personal popularity, that say, oh, we give money, that we are popular because we are giving our money. That's not the way. You need to put your money, but put more your work, your time. We're solving the problem because we think it is the solution. What I want to do is that things— make things change, that my family follow this work. Not follow, they are doing the work more than me. And that my grandchildren also follow working for that, and that in some years things in our countries change. I think that also by all means it's very important to finish with poverty, to fight poverty. It's good economically. In the past was something ethical and moral, like what they are talking about, giving money, is morality. And ethically. What we need is effectiveness. And now, to take out poor people from poverty and to put them in the modern economy is very good for the economy, for the country, for the society, and for the business. It's the best investment.

What scares you?

That scares me. I think to live with fear is the worst feeling that human beings can have. So I try not to have these feelings. I don't make a masochist reading or looking what can be negative.

Do you get down?

Sometimes you get a little down and then you get up faster and stronger.

Thank you guys so much for watching. I made this video because Yogesh85d asked me to. If there's someone you'd like me to cover in a future top 10, check out the link in the description and go and cast your vote. I'd also love to know what did you learn from this video? What lesson really hit home the hardest? What are you going to immediately apply somehow to your life or to your business? Leave it down in the comments below. I'm really curious to find out. I also wanna give a quick shout out to Peter Joseph Arca III. Thank you so much for picking up a copy of my book, Your One Word. Taking that picture in your car, posting it online. I really appreciate the support and I'm so glad you enjoyed the read. Thank you guys again for watching. I believe in you. I hope you continue to believe in yourself and whatever your one word is. Much love. I'll see you soon.

Was your goal to make money?

No, I think that the one that has like that, like a goal, Not you go. No, no, I think that's why there are so much financial rambos, gamblers, gambling, trying to bet to win a lot of money. That's a kind of gambling more than other things when they want to win only. If you are in business, you need to understand the environment. You need to have a vision of future. And for that, you need to know the past. I think it's very important. From this side, like a businessman, but also in the personal side. A businessman cannot be only in business. You need to have more interests. Life offers a lot of interest, many things to know, to learn, to feel, to live.

Your gift, do you think it's a gift, the ability to just do business well? You succeeded in so many things. You think you were born with that?

I think always it's a combination of genetics, or born, like sports, or like you, like any activity. You have the combination of born with that and education and training and work, etc., experience, circumstances.

You have a— but you love business, right? You don't? You love it?

I love to invest and to create economic activity.

And you could read a balance sheet?

Well— So let me give you the one secret to happiness.

One word. This is all you need to be happy.

The most important word ever.

If you had to think of one word that's most important to you or that sums you up or that would be kind of like a little beacon.

Hey, Believe Nation! If you want to know what the most important one word is for Tony Robbins, Gary Vaynerchuk, Oprah Winfrey, will.i.am, and Howard Schultz, I have a very special secret video for you. Check the description for details.