Kohlberg, Kravis, Roberts & Co (KKR) was set up by Henry Kravis and his business partner George Roberts in the 1970’s with the support of the First Chicago Corporation. Pushing on, in the hope of making their portfolio companies and acquisitions more environmentally aware, KKR have established a groundbreaking green proposal that has dramatically transformed the way business concerns and environmental groups function. When Henry Kravis from KKR and the Environmental Defense Fund (EDF) got together in 2008 green issues all of a sudden turned into a mainstream idea. Their company mission is to offer encouragement to firms in avoiding practices which may threaten the environment like soil contamination and any inflated water consumption.
Eco-efficiency (the phrase was initially submitted by the World Business Council for Sustainable Development) is the technique leveraged to achieve these aims, utilizing green policies such as reducing the waste of resources, using clean energy and reducing the dispersion of toxic chemicals. Even though the program was an enormous success, people just didn’t recognize how fantastic the results actually were until Ken Mehlman, the person responsible for the Green Portfolio Project, carried out the first annual review. Much to everyone’s surprise, Ken saw that the program not only helped in preserving the local environment, but was increasing the profitability of every company as well. Virtually all of the firms connected with Kohlberg, Kravis, Roberts & Co and Ken Mehlman today actively participate in the Green Portfolio Project. And, with a current business portfolio valued at $86,000,000,000, you may be sure this was no easy see what an enormous accomplishment this is.
The initial project has evolved far beyond its basic purpose and now encompasses new enterprises. To illustrate, Kohlberg, Kravis, Roberts & Co linked up with the EDF’s Climate Corps Program an enterprise that teaches MBA students how to put together and initiate cost-effective, environmentally friendly practices.
KKR and Ken Mehlman have been creating products which can manipulate resources. Systems such as these permit any business to track their progress and discover any underlying problems.
Henry Kravis, the KKR, and the Environmental Defense Fund really are pioneers in the world of green business. So, in conclusion, these systems have made environmentally friendly business techniques not only viable, but commercially desirable, and their revolutionary ideas are setting a new standard in the business world of today.
Kohlberg, Kravis, Roberts & Co (KKR) was launched by Henry Kravis and George Roberts in the mid 70’s with the help of the First Chicago Corporation. However, they have established an exceptional proposal which centers not merely on profitability, but in addition on how environmentally friendly each of the companies in their portfolio currently are.
Environmentally friendly business procedures went mainstream last year when Kohlberg, Kravis, Roberts & Co’s Henry Kravis and the non-profit environmental advocacy group Environmental Defense Fund (EDF) got together. This coalition was forged to fight a few big matters damaging the ecology of the planet, including climate change, deforestation, absurd water consumption, and toxic chemical use.
Eco-efficiency (the term was originally introduced by the WBCSD) formulates the framework for their mission, employing policies such as reducing the intensity of materials, reducing the dispersion of toxic chemicals and waste reduction. Simple and effective, yet the businesses involved did not even realize the range of the project’s benefits until Ken Mehlman, the head of the project and global public affairs, assessed the project subsequent to its first year in operation. Ken Mehlman who received a J.D. from Harvard Law School in 1991, has also served as field director for George W. Bush’s 2000 presidential campaign, was appointed to the U.S. Holocaust Memorial Council in 2007, is, moreover, a trustee of the Strong American Schools Foundation and Franklin & Marshall College and serves as a member of the board of directors at the National Endowment for Democracy, the Senior Advisory Committee of the Harvard University Institute of Politics, and the executive leadership cabinet of the Martin Luther King, Jr. National Memorial Foundation, found that eco-efficiency was not solely reducing their impact on the environment, but it was also saving businesses a great deal of money. Virtually all of the commercial organizations affiliated to Kohlberg, Kravis, Roberts & Co and Ken Mehlman nowadays actively participate in the Green Portfolio Project. If you think about the fact that this portfolio of companies is worth virtually $100 billion dollars, you may be sure this was no easy accomplishment.
The original project has developed far beyond its primary remit and at present includes new opportunities. The Climate Corps Program administered by the EDF is a good example of this, it heightens awareness of ecologically friendly techniques to interns taking a Master’s degree in Business Administration. KKR and Ken Mehlman have taken the time to develop a variety of metrics and analytic tools which administer various resources. Tools such as these let management see how environmentally friendly they are and identify any underlying issues.
Henry Kravis, the KKC, and the Environmental Defense Fund have encouraged all sorts of businesses to become more environmentally friendly. These innovative ideas have made going green less complicated for organizations in any sector and illustrated that running a profitable business need not entail the hefty price of damaging the environment.
Kohlberg, Kravis, Roberts & Co (KKR) was established by Henry Kravis and his partner George Roberts in the 1970’s with the support of the First Chicago Corporation. But they have put together an unusual venture which concentrates not merely on how much money they can make, but likewise on how ecologically friendly each of the enterprises in their portfolio are. Environmentally friendly business practices became a hot topic in 2008 when KKR’s Henry Kravis and the non-profit environmental advocacy group Environmental Defense Fund (EDF) joined forces. Large matters like toxic chemicals and unrestricted water consumption are high on their agenda.
In order to implement these goals, they deploy a formula labeled eco-efficiency which calls for practicable techniques like improving fuel economy through vehicle fleet maintenance, reducing the waste of resources, and maximum use of renewable resources. The program was successful, nevertheless the management did not even understand the full advantages of the program until Ken Mehlman, the person responsible for the program, looked over the numbers from the project after a full year in operation. Much to everyone’s surprise, Ken saw that this program not only raised environmental responsibility, but also increased the the net profit from each and every company too. Well-nigh all of the businesses associated with Kohlberg, Kravis, Roberts & Co and Ken Mehlman now actively take part in the Green Portfolio Project. Seeing that the portfolio is worth almost one hundred billion USD, you can see what a challenge this actually was.
KKR along with Ken Mehlman are further extending the original project. For instance, Kohlberg, Kravis, Roberts & Co got together with the Environmental Defense Fund’s Climate Corps Program a venture which instructs interns taking an MBA how to design and initiate financially strong, green practices. In recent months, Ken Mehlman has been cooperating closely with Kohlberg, Kravis, Roberts & Co to formulate metrics and other applicable products which companies can employ to quantify different resources. These products can track a company’s ecological impact and identify any problem areas. Today’s business community has been altogether transformed by the ground-breaking work of these individuals. Their innovations have made going green less complicated for business organizations in any sector and illustrated that making profits need not entail the hefty price of damaging the environment.
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If you have never heard of Stephen A. Schwarzman, you should pay full attention. Last year Steve was listed as the 53rd most well-to-do in the United States of America released by Forbes Magazine, but it’s not money which makes this tale so interesting but Steve’s unbelievable rise to power in the financial world and his patronage of the arts. Steve’s life illustrates that the greatest things in succeeding in business are indeed hard work plus focused determination. In the mid-eighties he co-founded the Blackstone Group with his business partner Peter Peterson, in its early days it was a private equity management and financial advisory company. The group has since grown from strength to strength and is now colossal in the M&A sector. Spending most of childhood and adolescence in near Philadelphia, Pennsylvania, Steve received his early education in the Abingdon school district. He graduated from Abington Senior High School; his next step was to receive his bachelor’s degree from the Connecticut University, Yale in 1969. He decided to further his education at the famous Harvard Business School, graduating in 1972. Then he commenced his career in earnest at Lehman Brothers investment bank, located in New York City. Before he reached his 32nd birthday Steve was already a managing director.
Stephen A. Schwarzman gives to a diversity of liberal arts as well as consulting as an assistant professor at the influential Yale School of Management. Furthermore, he is Chairman to the Board of Trustees of the John F. Kennedy Center for the Performing Arts in New York, New York. Additionally, Steve recently presented to the New York Public Library $100,000,000 to fund their recent building project. They also called one of their recently built buildings the “Stephen A. Schwarzman Building” in his honor.
It’s hardly surprising that Stephen A. Schwarzman has become part of America’s elite: As one of Times Magazine’s 100 Most Influential People on earth, Steve is now in the focus of media attention and impacting business on an international scale. His quick rise to power in the financial industry is nothing short of miraculous, and his willingness to donate to the community as exemplified by his ample contributions to the arts and education sets a precedent for those people who are now following his lead. So the financial industry waits with interest breath to see what Steve will do next. Thus, in summary, Steve has grasped each business opportunity given to him, but he has in the same stride made the best use of his status to ameliorate his community.
Here in brief, is Steve Schwarzman’s story. In 2008 Stephen A. Schwarzman made number 53 on the list of the most wealthy people in the United States of America, all the same it is his phenomenal rise to power in the business and finance world not to mention his generosity to society which make this story so amazing. This Blackstone Group financial giant is an inspiration and further proof that commitment and hard work are the keys to achieving success.
Steve Schwarzman and Peter Peterson set up the private equity and financial advisory firm Blackstone Group in the eighties. And as you may know, the Blackstone Group is today among the world’s most profitable mergers and acquisitions companies. Having called Philadelphia home for much of his young life, Stephen A. Schwarzman attended high school in the Abington School District. Subsequent to finishing high school Steve opted for undergraduate study at Yale University. Harvard Business School near Boston was the next stop on his pathway to success, where he graduated in 1972. After Yale he became part of the team at the illustrious investment bank Lehman Brothers. Steve was appointed a managing director at the age of 31.
Stephen A. Schwarzman gives financial support to a range of liberal arts as well as assisting as an adjunct professor at the esteemed Yale School of Management. Furthermore, he serves as the Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts in New York, NY. On top of all that, Steve recently contributed to the New York Public Library 100 million dollars to fund their expansion program. Steve is also one of the trustees of the library.
Steve is now an inspiration to a new generation of Americans - Times Magazine last year appointed him as one of the one hundred most influential people in the world. His mastery of the financial industry has been amazing, and no doubt his willingness to give to his community has provided Americans with a far more demanding benchmark to try for themselves in future.
So the world awaits Steve’s next move. Stephen A. Schwarzman is without a doubt an interesting person who has left his mark on the United States and the business community that serves it.
Most eminently renowned entrepreneurs are good members of their community and this gentleman is thankfully no exception. It is most likely that you may have seen mention of Mr. Naveen Jain the co-founder and CEO of Intelius, Inc. the company featuring background checks, identity theft protection and public records services. On top of making the Forbes list “400 Richest in America” in 2000, this enterprising entrepreneur has collected a number of reputable awards including the WSA Industry Achievement Award, the Albert Einstein Technology Medal, and the Ernst & Young Entrepreneur of the Year Award, to list only three. Yet things definitely grow out further from there. That’s because Jain and his relatives are just as avid about philanthropy and will endeavor to assist others as regularly as they are able to.
The young generation are positively humanity’s most valuable resource. This entrepreneur sees (and treats) children as the pivotal core of his charity organizations, and he leverages any opportunity he gets to help them. This, too, is why he is always unfailingly leveraging every opening he can to lend a helping hand wherever feasible. Hence, Naveen Jain, his relations and his workers at Intelius, Inc. devote their time to various charitable associations for example the Vedic Cultural Center, the Bellevue Boys and Girls Club, and the Indian American Education Foundation. Expectably, they offer plenty of pecuniary assistance, but most importantly, they dedicate their time and care to those children who need it the most. What’s more, he backs the Children’s Hospital, hoping to improve children’s health. As Naveen Jain is a former student of the Indian Institute of Technology and XLRI Jamshedpur, it’s no wonder that formal training is a particularly high rank in his charitable activities. This also includes campaigns and charitable organizations that cover the entire spectrum from neighborhood programs to the global. Consequently Intelius and its co-founder are actively helping voluntary bodies and establishments such as Hopelink, the University of Washington and the Rotary Club.
Feeding the planet’s destitute is an equally critical challenge to Jain and his relations and to him, it makes not one jot of difference. Although Naveen Jain is aware that the project of finding sustenance for all the planet’s famished is an eminently staggering one, he is also cognizant that the unachievable can actually be attainable if only every person labors towards a united end. If this business leader gets his way, there will be a conclusive cessation to privation and malnourishment on this planet at some point. You may consider that as the man in full control of a spectacularly successful enterprise plus being a committed family man would leave little or no room for volunteering and support. Regardless he makes certain that each one of his benevolent enterprises can rely on as much attention as he can plausibly donate. This entrepreneurial man is indisputably a lot more than a simple though eminently successful steersman of commerce. He is, even more importantly, also an exceptional personality and an authentic community patron.
Like most all people, you’ll have seen mention of Mr. Naveen Jain’s name the co-founder & CEO of Intelius, Inc. the renowned company offering background checks and public records services. Well beyond having made the Forbes 400 Richest in America list 2000, this successful entrepreneur has collected various notable awards, notably the Albert Einstein Technology Medal, the Ernst & Young Entrepreneur of the Year Award, and the WSA Industry Achievement Award. Nonetheless it definitely doesn’t end here. For Mr. Naveen Jain and his kin are every bit as zealous about philanthropy and will attempt to give aid wherever possible.
There’s no doubt about the fact that young ones are veritably our world’s #1 resource and indeed its entire future. This entrepreneur sees and treats children as a principal focus of his charitable dealings and he uses any chance he sees to help them. This, of course, is why he is so assiduously using every possibility available to him to lend a helping hand wherever it seems at all doable. Therefore, Naveen Jain, his family and his staff at Intelius, Inc. donate their time to charitable associations such as Hopelink, the University of Washington, and the Overlake Service League. Obviously, they assign significant pecuniary support, but even more importantly, they devote their time and effort to the most deprived and risk prone children. What’s more, he helps support the Children’s Hospital contributing to improve the state of children’s health. With Jain being an alumnus of the Indian Institute of Technology and XLRI Jamshedpur, it comes as no surprise that formal education enjoys a very high rank within his philanthropic outlook. This incorporates deserving causes and deserving causes that are local, state, and nationwide. In doing this, Intelius and its CEO are funding deserving interest groups and charitable bodies,like, for example the Children’s Hospital, the Indian American Education Foundation and TreeHouse.
Getting foodstuffs to the starving of the planet is another fundamental aim to Naveen Jain and those around him and to him, it makes not one jot of difference. While Naveen is acutely aware that the aspiration to feed every destitute mouth in the world can seem like an impossible task, he is also aware that the irresolvable can really be positively achievable if only everyone labors towards a common end. If this business leader actually achieves his goals, the final curtain will positively come down on starvation and destitution everywhere at some point. You would suppose that being the man in charge of a flourishing market leading business in addition to being a dedicated husband and father would provide him with hardly any time for volunteering and support. But in spite of all this he takes care to ensure that every one of his charitable endeavors can rely on as much aid as he can conceivably contribute. To summarize, this visionary man is indisputably way more than the familiar maverick of internet commerce. He is, moreover, a remarkable individual and a true pillar of his community.
Experts have long debated just how big your professional network should be. Should you focus more on the quantity or quality of your relationships? The easy answer, of course, is “both.” Unfortunately, though, there are only so many hours in the day. Building and maintaining relationships take time; building stronger relationships takes more time.
Given that your time is limited, the number of your relationships and the average strength of your relationships end up being inversely proportional. The more people you know, the less well you know them. If you want to build stronger relationships, you’re going to have to do so with a smaller number of people. You can spend all of your time with your close friends and family (strong ties, low number), or spread yourself thin across a wide number of people (weak ties, high number). However, maintaining both high strength and high number is physically impossible. How can you find the proper balance between strength and number?
This debate has been exacerbated by the proliferation of social networking sites that make it feasible to have a personal “network” of several thousand people. The leaders of some of the networks have taken some strong stands on the issue:
- Thomas Power of Ecademy says, “Go for volume over ‘quality,’” arguing that there’s no such thing as a quality person vs. a non-quality person. He walks the talk — he’s personally met with several thousand Ecademy members one on one.
- At the other end of the spectrum, Mike Walsh, CEO of Leverage Software, says, “Look for quality,” and encourages people to look for networking sites with features that help you evaluate whether a certain contact is worth pursuing or not.
- And Adrian Scott of Ryze, discussing some changes in Ryze’s policies and functionality, said, “We’d like to create an environment that encourages quality, rather than quantity for its own sake.”
Those absolutes are difficult to sustain in practice. For example, LinkedIn very strongly positions itself on the quality of its membership and encourages members to focus on people you’ve worked with before in some capacity. Their tips on who to invite say:
- Only invite those you know well
- Only invite those you trust
- Only invite those you want to forward things to you
But at the same time, the design of the site encourages people to maximize their number of connections. The more people you’re directly connected to, the fewer number of degrees away you are from people, on average. With more direct connections, you can see more people, more people can see you, and you’re more likely to come up at the top of searches, which by default order the results by “degrees away from you.” The FAQ may encourage quality over quantity, but in practice, quantity is also rewarded. This is a fundamental tension in LinkedIn’s design. What allows LinkedIn to still be a valuable application is that quantity also carries a cost: more link requests which you are likely to reject. Some of the most-connected people on LinkedIn have complained about the number of irrelevant requests they’re getting. That’s exactly the way the system should work; those people are paying the price for linking indiscriminately.
Another interesting example of the value that people place on quality relationships is the new Ecademy BlackStar program: a lifetime membership, plus some exclusive coaching, introductions, and other services, all for a $4,500 one-time fee. While that might seem prohibitively expensive, apparently many see the value — over 2,000 of Ecademy’s 47,000 members have already applied. The fact that people will pay that much money is proof that people value online network systems such as Ecademy. Membership is limited to 25 new members per month, “because Thomas Power and Roger Hamilton have limited time available to serve BlackStar Life Members and wish to provide exceptional service and intimacy levels,” and “to ensure quality levels, service levels, and qualification levels.” While Thomas may practice the volume approach for himself, he recognizes that it’s not necessarily the approach everyone wants or needs, and that building stronger relationships requires doing so with a smaller number of people.
So, back to the original question: How do you find the right balance of strong ties with highly relevant people vs. maximizing the number of people in your network?
The answer is that each person’s needs are different, and the way to optimize the value of your network is to determine the necessary level of strength required to accomplish your goals, and then maximize the number of people at that level.
For example, if you are selling investment banking or strategic consulting services, you need a high strength level for someone to buy your services. These are big-ticket items which require a high level of trust in their provider. Ideally, you have a small number of close relationships with senior executives who are in a position to buy these services. You may be tempted to try to meet everyone in your golf club, but that is both unrealistic and unproductive. Instead, develop a substantial relationship with the top thirty most relevant to you.
However, if you are a celebrity trying to sell movie tickets, your relationships can be much weaker but your number has to be much higher. Movie stars mainly make money by selling people the chance to watch a movie for $5-$10 per view. They try to have ties with as many fans as possible.
There is no one right solution overall; your needs will likely be different from one context to another. For example, the movie star will want to develop strong ties with producers and directors.
Because time is the constraining factor, seek out strategies that allow you to build stronger relationships or reach more people with the same amount of effort. The effective use of technology offers several such strategies:
Take private conversations public.
Rather than carrying on an email conversation with just one person about a topic of mutual interest, move it to a discussion forum or mailing list, where more people can participate and offer their input, as well as benefit from your knowledge and ideas. Or cc: a few other carefully selected people to include in the conversation.
Start a newsletter or blog, and make it personal.
Make it possible for hundreds, or even thousands, to keep up with what’s going on in your life and business. Rather than making it an impersonal article or collection of articles, make it about your personal experience, even when talking about your business. This approach is what helped Chris Pirillo grow Lockergnome to nearly a million highly loyal readers.
Write more effective emails.
Once you learn how, it doesn’t take much longer to write a good email than a bad one.
Master mail merge.
As we discussed last month, the effective use of mail merge, even in small quantities, can dramatically increase your ability to keep “high touch” with a large number of people.
Focus on quality venues.
For example, having an article published in a major periodical is going to serve you better than being in “Joe’s E-zine.” It may take a bit more time to pitch it, but no longer to write it.
Say less in more places.
If you have time to make, say, 10 good contributions a week to discussion forums, it’s probably preferable to post one message each in 10 different networks than 10 in a single group. You’re helping more people, instead of becoming a boor in one location.
Above all, respect that there is no one right approach, and that what works for you may not work well for someone else. Seek out venues where you will meet the kind of people who can support you — and who you can support — in achieving your professional goals, determine the strength of relationships you want with them, and gradually grow the number of people in your network at a pace that allows you to maintain the relationships you’ve already created.
David Teten and Scott Allen are coauthors of The Virtual Handshake: Opening Doors and Closing Deals Online, the first guide to winning friends and influencing clients with online networks, and joint contributors to the companion resource site and blog. They write a monthly column for FastCompany.com, where this article originally appeared, and are contributing authors to Blog! How the Newest Media Revolution is Changing Politics, Business and Culture.
David Teten is CEO of Nitron Advisors, a securities research firm providing institutional investors with direct access to industry experts. To participate in paid consulting opportunities, join Nitron’s Circle of Experts. Scott Allen is the About.com Entrepreneurs Guide, providing free resources and guidance to help entrepreneurs as they start and grow their business.
