hi I’m Evan Carmichael welcome to
another edition model in the Masters I
believe that the fastest and most
effective way to great business is the
model the strategies that people who’ve
already done what you’re trying to do so
today we’re going to look at how a man
turned a small-town newspaper into a
media empire and amassed a personal
fortune of over eight billion dollars
this is a story of media mogul and News
Corporation found there Rupert Murdoch
in a top three lessons you can learn
from his success Rupert Murdoch grew up
under the guise of a newspaperman some
of dame elisabeth murdoch and Sir Keith
Murdoch a well-connected journalist and
adviser to former Australian Prime
Minister Billy Hughes Keith became
australia’s most prominent newspaper
executive owning the herald and weekly
times and was knighted for services to
the crown he had always envisioned
passing on his business to his young son
but was disappointed with the young
Rupert’s slow progress because of this
Murdoch desired to be like his father
but often rebelled Raonic attended
Geelong grammar school the same elite
boarding school in the outskirts of
Australia attended by Prince Charles he
later enrolled in Worchester college at
the University of Oxford at the time his
father was experiencing severe heart
problems and grew disappointed to learn
that a son was developing reputation for
nothing more than partying at the
expense of his studies worried about a
son’s future Keith called in a favor
from a friend of his Lord Beaverbrook
who was publisher of The Daily Express
in London beaverbrook Gabe Rupert a job
working at the newspaper where he
quickly developed the talent for
sensational headlines and snappy writing
after having successfully completed
college Murdoch would purchase them and
revived the news a small-town newspaper
Merc began looking for other daily and
local newspapers to acquire in little
time Murdoch that gained control of most
of the newspapers in Australia’s capital
cities including Sydney’s the Daily
Mirror with this he was able to begin
offering the larger competitors in
Sydney a real challenge his papers were
soon becoming known for their exciting
stories about sex and mayhem
in 1960 form he followed this up with
the establishment of the Australian the
country’s first national daily newspaper
initially based out of Canberra Murdoch
moved the australian to sydney after
which his reputation as a serious news
man began to develop a more serious
publication than his others the
Australian never grew particularly
largest circulation but did generate an
elite readership and lent itself to
Murdoch’s influence among the powers
that be in 1972 Murdoch acquired
Sydney’s The Daily Telegraph which made
him one of the three largest newspaper
proprietors in the country Murdock
continued to expand his holdings with
the purchase of HarperCollins new world
communications directv and several
stations from the Chris Craft industries
he purchased the rights to broadcast the
National Football League as well as
bought the Los Angeles Dodgers baseball
team the international family
entertainment religious cable network
heritage media and part ownership of the
New York Knicks and near Granger’s as
well as Manchester United for 1.5
billion dollars by 2002 muricata
controlling interest in over 750
businesses around the world with his
newly moved headquarters from Australia
to the New York City News Corp continues
to expand its global media dominance it
currently earns almost 25 billion
dollars in yearly revenues not including
the revenues of companies in which it
only has a minority stake with a
personal net worth of 6.7 billion
dollars Murdoch continues his reign as
one of the world’s most successful media
magnets industry by tapping into what he
was really good at Rupert Murdoch was
able to turn a small-town newspaper into
a multibillion-dollar Empire to help
your business take the next big step
forward here are three action items you
can learn from the pit Murdoch
action item number one know your
business I always recommend
entrepreneurs that they build a business
around their passion a big reason behind
this is that you have to know your
business to be successful getting into
an industry that you don’t understand
because you think you make a lot of
money is a quick recipe for failure the
more you understand your business and
have a passion for the greater your
chances of success while Murdock
understands the pitfalls of
micromanaging he has never been one to
sit back and let someone else call the
shots especially when it comes to his
own business when the printing presses
straight up up to the marketing and
advertising apartments Murdock keeps a
tight rein on the activities that take
place within his company walls Murdock
never got too big or too rich to involve
himself in a daily running of his
newspapers indeed because his father had
involved the young Murdock in all
aspects of his own newspaper from
sweeping floors to copy editing he do
intimately familiar with every aspect of
his operation according to Murdock I try
to keep in touch with the details I also
look at the product daily that doesn’t
mean you interfere but it’s important
occasionally to show the ability to be
involved it shows you understand what’s
happening they all put up with me so it
encourages me I probably don’t do it
enough here I dig in I like to know
what’s going on action item number two
do not fail it’s failing an option for
you one of the common character traits
of successful entrepreneurs is that they
don’t give up on their company they all
go through dark days and times when they
might question what they’re doing but
they keep going until they get to that
light at the end of the tunnel why was
Murdock so confident in his ability to
achieve his goals how did he know that
despite all the odds he was going to
succeed he was going to make it in the
cutthroat news business because Murdock
knew just how ruthless he could be when
he was going after something he really
wanted Murdock does fiercely passion
about his business and more than
anything else wants to see it grow to
new limits he would regularly work
16-hour days a hobbit which continues
even as he enters his 80s Murdock claims
he will never quit his company noting
that his mother is well into her
nineties and continues to maintain a
busy schedule there was no obstacle too
big for Murdock to overcome
he even became a citizen of the United
States in 1985 losing his Australian
citizen and in order to be able to
legally owned an American television
station with his never-ending ambition
maraca engaged in an endless series of
takeovers and acquisitions until he had
created an empire that controlled more
of the world’s information than any
other single entity according to Murdoch
we have no intention of failing the only
question is how where the success will
have more news people companies still
have their head in the sand but other
media companies are aggressive it’s
perfectly natural that people would be a
bit paranoid about me the buck stops
with the guy who signs the checks
action item number three build a team
creating a successful company usually
means building beyond yourself if you
want to have a significant impact on
your industry then you’ll need to become
more than a one-person show hiring good
people is the key and it starts with
having a purpose that people are excited
about mining will only motivate people
so much they’ll do what they’re told for
money but they’ll give you the heart and
soul if they believe in what you’re
doing in the hiring process Murdock
claims that his number one priority is
to find people who embody the
entrepreneurial spirit without that
characteristic says Murdock the company
stagnates and cannot keep up with its
competitors Murdock also claims that
without this entrepreneurial spirit
decisions tend to get political people
would rather say no then take a risk on
something once he’s assembled his a team
Murdock strives to cultivate company
loyalty by assigning significant
responsibilities to each staff member as
well as pain slightly better than the
market rate but this is not a fail safe
solution as Murtagh kozlowski team
players along the way according to
Murdock that’s key to the culture of the
company all our division heads are
expected to be entrepreneurial and look
for opportunities to take risks we’re
not overlaid with these sort of business
development groups we have one or two
people who help troubleshoot in the
finance department but too often you get
a group of very brilliant Harvard MBAs
in a company that are set up to study
strategy or whatever and it tends to
slow things down you might say that
sometimes we can reach out a bit more
but if you know people you make fewer
mistakes so remember know your business
do not fail and build the team to finish
up this video I wanted to share when my
favorite true stories of Rupert Murdoch
and some of his best quotes in January
two thousand twelve off the coast of
Tobago Keys five tiny uninhabited
islands in the grenadines there were a
gaggle of billionaires yachts there’s
David Geffen on rising sun the world’s
biggest job Simon Cowell on a slipstream
Phillip green online heart while
elsewhere of Marks and Spencers boss
stuart rose is staying with matthew
freud and elisabeth murdoch
their yacht next to them is angle share
james murdoch spoke and nearby as a
floating holiday home of carphone
warehouse boss Charlie Dunstone right in
the middle is a craft whose precious
cargo is Rupert Murdock Murdock stopped
by Cowell slipstream on his tender
delivering that morning’s newspapers
published by News International in
Britain America and Australia they’ve
been reproduced on a printing press
installed on Murdoch’s yacht the world’s
most expensive newspaper boys do it rose
quit digging fork wanting to tip the
deliverer
you
thank you for joining me for another
dish of the ball in the Masters if you
like the video and you want to see more
please give it a thumbs up below I’d
also love to hear what you have to think
if you want leave a comment under the
video so thank you and you’ll see you on
the next episode
you
you
another edition model in the Masters I
believe that the fastest and most
effective way to great business is the
model the strategies that people who’ve
already done what you’re trying to do so
today we’re going to look at how a man
turned a small-town newspaper into a
media empire and amassed a personal
fortune of over eight billion dollars
this is a story of media mogul and News
Corporation found there Rupert Murdoch
in a top three lessons you can learn
from his success Rupert Murdoch grew up
under the guise of a newspaperman some
of dame elisabeth murdoch and Sir Keith
Murdoch a well-connected journalist and
adviser to former Australian Prime
Minister Billy Hughes Keith became
australia’s most prominent newspaper
executive owning the herald and weekly
times and was knighted for services to
the crown he had always envisioned
passing on his business to his young son
but was disappointed with the young
Rupert’s slow progress because of this
Murdoch desired to be like his father
but often rebelled Raonic attended
Geelong grammar school the same elite
boarding school in the outskirts of
Australia attended by Prince Charles he
later enrolled in Worchester college at
the University of Oxford at the time his
father was experiencing severe heart
problems and grew disappointed to learn
that a son was developing reputation for
nothing more than partying at the
expense of his studies worried about a
son’s future Keith called in a favor
from a friend of his Lord Beaverbrook
who was publisher of The Daily Express
in London beaverbrook Gabe Rupert a job
working at the newspaper where he
quickly developed the talent for
sensational headlines and snappy writing
after having successfully completed
college Murdoch would purchase them and
revived the news a small-town newspaper
Merc began looking for other daily and
local newspapers to acquire in little
time Murdoch that gained control of most
of the newspapers in Australia’s capital
cities including Sydney’s the Daily
Mirror with this he was able to begin
offering the larger competitors in
Sydney a real challenge his papers were
soon becoming known for their exciting
stories about sex and mayhem
in 1960 form he followed this up with
the establishment of the Australian the
country’s first national daily newspaper
initially based out of Canberra Murdoch
moved the australian to sydney after
which his reputation as a serious news
man began to develop a more serious
publication than his others the
Australian never grew particularly
largest circulation but did generate an
elite readership and lent itself to
Murdoch’s influence among the powers
that be in 1972 Murdoch acquired
Sydney’s The Daily Telegraph which made
him one of the three largest newspaper
proprietors in the country Murdock
continued to expand his holdings with
the purchase of HarperCollins new world
communications directv and several
stations from the Chris Craft industries
he purchased the rights to broadcast the
National Football League as well as
bought the Los Angeles Dodgers baseball
team the international family
entertainment religious cable network
heritage media and part ownership of the
New York Knicks and near Granger’s as
well as Manchester United for 1.5
billion dollars by 2002 muricata
controlling interest in over 750
businesses around the world with his
newly moved headquarters from Australia
to the New York City News Corp continues
to expand its global media dominance it
currently earns almost 25 billion
dollars in yearly revenues not including
the revenues of companies in which it
only has a minority stake with a
personal net worth of 6.7 billion
dollars Murdoch continues his reign as
one of the world’s most successful media
magnets industry by tapping into what he
was really good at Rupert Murdoch was
able to turn a small-town newspaper into
a multibillion-dollar Empire to help
your business take the next big step
forward here are three action items you
can learn from the pit Murdoch
action item number one know your
business I always recommend
entrepreneurs that they build a business
around their passion a big reason behind
this is that you have to know your
business to be successful getting into
an industry that you don’t understand
because you think you make a lot of
money is a quick recipe for failure the
more you understand your business and
have a passion for the greater your
chances of success while Murdock
understands the pitfalls of
micromanaging he has never been one to
sit back and let someone else call the
shots especially when it comes to his
own business when the printing presses
straight up up to the marketing and
advertising apartments Murdock keeps a
tight rein on the activities that take
place within his company walls Murdock
never got too big or too rich to involve
himself in a daily running of his
newspapers indeed because his father had
involved the young Murdock in all
aspects of his own newspaper from
sweeping floors to copy editing he do
intimately familiar with every aspect of
his operation according to Murdock I try
to keep in touch with the details I also
look at the product daily that doesn’t
mean you interfere but it’s important
occasionally to show the ability to be
involved it shows you understand what’s
happening they all put up with me so it
encourages me I probably don’t do it
enough here I dig in I like to know
what’s going on action item number two
do not fail it’s failing an option for
you one of the common character traits
of successful entrepreneurs is that they
don’t give up on their company they all
go through dark days and times when they
might question what they’re doing but
they keep going until they get to that
light at the end of the tunnel why was
Murdock so confident in his ability to
achieve his goals how did he know that
despite all the odds he was going to
succeed he was going to make it in the
cutthroat news business because Murdock
knew just how ruthless he could be when
he was going after something he really
wanted Murdock does fiercely passion
about his business and more than
anything else wants to see it grow to
new limits he would regularly work
16-hour days a hobbit which continues
even as he enters his 80s Murdock claims
he will never quit his company noting
that his mother is well into her
nineties and continues to maintain a
busy schedule there was no obstacle too
big for Murdock to overcome
he even became a citizen of the United
States in 1985 losing his Australian
citizen and in order to be able to
legally owned an American television
station with his never-ending ambition
maraca engaged in an endless series of
takeovers and acquisitions until he had
created an empire that controlled more
of the world’s information than any
other single entity according to Murdoch
we have no intention of failing the only
question is how where the success will
have more news people companies still
have their head in the sand but other
media companies are aggressive it’s
perfectly natural that people would be a
bit paranoid about me the buck stops
with the guy who signs the checks
action item number three build a team
creating a successful company usually
means building beyond yourself if you
want to have a significant impact on
your industry then you’ll need to become
more than a one-person show hiring good
people is the key and it starts with
having a purpose that people are excited
about mining will only motivate people
so much they’ll do what they’re told for
money but they’ll give you the heart and
soul if they believe in what you’re
doing in the hiring process Murdock
claims that his number one priority is
to find people who embody the
entrepreneurial spirit without that
characteristic says Murdock the company
stagnates and cannot keep up with its
competitors Murdock also claims that
without this entrepreneurial spirit
decisions tend to get political people
would rather say no then take a risk on
something once he’s assembled his a team
Murdock strives to cultivate company
loyalty by assigning significant
responsibilities to each staff member as
well as pain slightly better than the
market rate but this is not a fail safe
solution as Murtagh kozlowski team
players along the way according to
Murdock that’s key to the culture of the
company all our division heads are
expected to be entrepreneurial and look
for opportunities to take risks we’re
not overlaid with these sort of business
development groups we have one or two
people who help troubleshoot in the
finance department but too often you get
a group of very brilliant Harvard MBAs
in a company that are set up to study
strategy or whatever and it tends to
slow things down you might say that
sometimes we can reach out a bit more
but if you know people you make fewer
mistakes so remember know your business
do not fail and build the team to finish
up this video I wanted to share when my
favorite true stories of Rupert Murdoch
and some of his best quotes in January
two thousand twelve off the coast of
Tobago Keys five tiny uninhabited
islands in the grenadines there were a
gaggle of billionaires yachts there’s
David Geffen on rising sun the world’s
biggest job Simon Cowell on a slipstream
Phillip green online heart while
elsewhere of Marks and Spencers boss
stuart rose is staying with matthew
freud and elisabeth murdoch
their yacht next to them is angle share
james murdoch spoke and nearby as a
floating holiday home of carphone
warehouse boss Charlie Dunstone right in
the middle is a craft whose precious
cargo is Rupert Murdock Murdock stopped
by Cowell slipstream on his tender
delivering that morning’s newspapers
published by News International in
Britain America and Australia they’ve
been reproduced on a printing press
installed on Murdoch’s yacht the world’s
most expensive newspaper boys do it rose
quit digging fork wanting to tip the
deliverer
you
thank you for joining me for another
dish of the ball in the Masters if you
like the video and you want to see more
please give it a thumbs up below I’d
also love to hear what you have to think
if you want leave a comment under the
video so thank you and you’ll see you on
the next episode
you
you
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