The 25 Rules That Built a $500 Billion Empire

I just finished Stephen Schwarzman’s memoir about building Blackstone from scratch. The guy turned $400,000 into $500 billion in assets. Not bad.

But here’s what makes this book different - Schwarzman ends with 25 concrete rules distilled from decades of building one of the world’s largest investment firms. These aren’t feel-good platitudes. They’re his actual operating system.

Let me break down the ones that will change how you work.

The Big Thinking Rules

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Rule #1: Go Big or Go Home “It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.”

This hit me immediately. Most people waste the same energy on small, safe goals that they could spend on transformative ones. If you’re going to grind for years anyway, why not chase something that actually matters?

Rule #16: Trust Your Vision “If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t.”

The harder the problem, the more limited the competition. Everyone else avoiding something might be your biggest signal to pursue it.

The People Rules

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Rule #4: Solve Other People’s Problems “There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them.”

This is the secret sauce. Stop thinking about what you want to get. Start thinking about what you can solve. Almost anyone, however senior, is receptive to good ideas if you’re thoughtful about their challenges.

Rule #23: Only Hire 10s “Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions.”

Here’s the brutal truth: 8s do what you tell them. 9s execute well. But 10s create new opportunities without being asked. You can build something great around a single 10.

Rule #9: Nobody Wins Alone “No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.”

Your ego isn’t your friend here. Build teams where people can challenge ideas openly.

Rule #24: Show Up When Others Walk Away “Be there for the people you know to be good, even when everyone else is walking away.”

This builds the kind of loyalty money can’t buy. Random acts of kindness during tough times create unexpected friendships and opportunities.

The Learning Rules

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Rule #2: Study Success Obsessively “The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success.”

Free education is everywhere if you pay attention. Every successful person or organization is offering a masterclass - you just need to observe and ask questions.

Rule #3: Ask for Meetings “Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you.”

Most people never ask. That’s your advantage. Meeting people early in life creates unusual bonds that compound over decades.

Rule #6: Information Is Everything “Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition.”

Always be open to new inputs - people, experiences, knowledge. The patterns you spot first become your competitive edge.

The Execution Rules

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Rule #17: Seize Rare Moments “Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit.”

Opportunities are rare. When they appear, you need to move fast and commit fully. Half-measures kill opportunities.

Rule #18: Time Kills Deals “Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you.”

In negotiations, keep everyone at the table long enough to reach agreement. The longer things drag, the more can go wrong.

Rule #20: Decide on Your Timeline “Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes.”

You can almost always say: “I need a little more time to think about this. I’ll get back to you.” This defuses even the most uncomfortable situations.

The Mindset Rules

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Rule #13: Act When Others Freeze “Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right.”

Accept risk when others are cautious. Take action when everyone else is frozen. But do it smartly.

Rule #15: Sell Your Vision Repeatedly “Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again.”

Most people don’t like change. You need to convince them why they should accept it. Don’t be afraid to ask for what you want.

Rule #21: Worry Productively “Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.”

Don’t suppress worry - use it. Channel it into identifying what could go wrong and preparing for it.

The Foundation Rules

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Rule #12: Never Compromise Integrity “Never deviate from your sense of right and wrong. Your integrity must be unquestionable. Always do what you say you will, and never mislead anyone for your own advantage.”

This isn’t negotiable. It’s easy to do what’s right when there’s no cost. It’s harder when you have to give something up. Do it anyway.

Rule #8: Control Every Detail “When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are.”

Be on time. Be authentic. Be prepared. People notice everything.

The Business Rules

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Rule #5: Understand the System “Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.”

Don’t just know your piece. Understand how everything connects.

Rule #19: Don’t Lose Money “Don’t lose money!!! Objectively assess the risks of every opportunity.”

Simple but not easy. Always run the downside scenarios before getting excited about the upside.

The Growth Rules

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Rule #14: Never Get Complacent “Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself.”

Organizations are more fragile than you think. Constant reinvention isn’t optional.

Rule #22: Learn from Failures “Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong.”

If evaluated well, failures can change the course of any organization and make it more successful in the future.

The Career Rules

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Rule #7: Choose Learning Over Prestige “When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational.”

Don’t take a job just because it seems prestigious. Take it because it will teach you something valuable.

Rule #10: Fix Others’ Problems to Fix Your Own “People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.”

When you’re stuck, look outward. Solving someone else’s challenge often solves yours too.

The Purpose Rules

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Rule #11: Believe in Something Bigger “Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service.”

Any challenge inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.

Rule #25: Help Others Dream “Everyone has dreams. Do what you can to help others achieve theirs.”

This isn’t just nice - it’s strategic. Helping others achieve their dreams creates a network of people who want to help you achieve yours.

What to Do Next

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Here’s the thing about these 25 rules - they’re not suggestions. They’re Schwarzman’s actual playbook for building something extraordinary.

Pick 3 rules that resonate most with your current situation. Write them down. Start applying them this week.

The magic isn’t in reading about these principles. It’s in systematically applying them until they become how you naturally operate.

Schwarzman didn’t stumble into success. He built it rule by rule, decision by decision, over decades.

Your turn.