Ronald Kruszewski knows what it takes to be successful. He found success at Stifel Nicholas financial firm at age 38, becoming its CEO.
"I was just so full of myself (when I got the job)," Kruszewski said. "Then I was flipping through the minutes one day and I found I was the only one who would take the job."
Since then, he has turned Stifel into one of the top firms in the nation, with 14 consecutive years of record revenue. In 2008, he was named Entrepreneur of the Year in the Financial Services category from Ernst and Young.
On Thursday, he offered advice on what it takes to succeed to business students at Augusta State University as part of the Executive Speaker Series. His main method of teaching was by discussing bad decisions in the business world and the financial failings during the past two years.
"There is nothing too big to fail," Kruszewski said. "Was the Titanic too big to fail? It went to the bottom of the Atlantic in about an hour. If you are too big to fail, you're too big to exist."
According to Kruszewski, this "unsinkable" mentality was what got major corporations into trouble.
He also offered lessons on strategic planning.
"Strategic planning is for people who have too much time on their hands," he said. "First of all what strategic planning does is suggest you can predict the future."
Instead, he said to leave yourself in a position to take advantage of opportunities.
Kruszewski also stressed the importance of quality over quantity.
He said the most important quality needed for success is a high EQ (emotional quotient), which includes understanding feelings, regulating emotions and feeling empathy.
"Do you think I go back and check your grades after you've been working at Stifel Nicolaus for a year? Never done it, because I quickly determine whether you have emotional intelligence and are you a team player."
Kruszewski said the successful possess five qualities: intelligence, high motivation, optimism, teamwork and high EQ.
"You come in and you're ready to conquer the world," he said. "Add a little EQ to that and you'll succeed."
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