As the chairman and chief executive of World Wrestling Entertainment (WWE), Vince McMahon, 66, oversees a global professional wrestling empire with programming in 145 countries. After almost singlehandedly redefining both wrestling and entertainment in the 1980s, McMahon has successfully steered the companywhich has launched the careers of every buff, bold-faced wrestler from Hulk Hogan to Dwayne The Rock Johnsonthrough steroid scandals and even severe miscalculations such as the XFL. Around the ring, though, business continues to boom. In 2011, the company brought in $483.9 million in revenue. As WWE prepares to celebrate the 1,000th episode of its flagship program, Monday Night Raw, Bloomberg Businessweek asked McMahon for his managerial secrets to success.
Listen to Your Employeesand Yourself
You cant say, Go do so-and-so, unless youre willing to do it. You cant ask someone to put in a zillion hours unless youre willing to go do it. You cant ask anyone to have a passion for a product unless you have it. Listening is a lost art. I have a unique ability to listen to myself as Im talking. Thats somewhat unique, but I think that to listen is to learn. I think some of things begin from a natural standpoint, and youve got to work at them. Youve got to let it evolve.
Treat Every Day Like Day One
Once you make a decision, you go with it, and everyone gets behind it. Theres no second-guessing. One of my expressions is, First day on the job. Thats the way I like our executives to look at our business every day and what they do. When you do that, then it either confirms that what you did yesterday is the right wayor its, like, Ooh, now that I have this new information.
Theres this new form of media, theres a new way of thinking of things, you know, or I read a book last night, I read something in the newspaper
. Bringing that degree of intelligence and flexibility into the organization is very, very important.
Dont Cultivate Fear
Certainly the best way to fail in management [is to be distant and imperious]. You shut people down. If you have all the answers, why is anyone around you? If your ego is so big, then theres no room for anyone elses. The fear stuffthat is so rotten. You have to earn everyones respect. I have to do it every day. Sometimes I leave the office and I feel great. In military terms, Ive got scrambled eggs on my cap. Ive got medals dripping off my chest. When I wake up in the morning, theyre all gone. You have to earn everyones respect in business every day.
Clear Your Head and Find Your Zone
I average about four hours of sleep. I dont like to sleep. Im missing something when Im sleeping. From a personal standpoint, Im aggressive by nature and Im truculent by nature. So I need to have a socially acceptable outlet for that. That would be bodybuilding. I enjoy that. Its a challenge to be stronger. I get a lot of enjoyment by training. Nutrition goes with it. I train for my headnot my body. The ancillary benefits are that Im healthy as a horse. It really does clear my head. Its an opportunity to wash anything from my head, business-wise or personal. Thats my moment when I can get into a zone.
Dont Settle for BS Answers When Interviewing Job Candidates
My first question is: Why do you want to work with WWE? They dont have to know WWE, by the way. They dont have to be fans. Sometimes that gets in the way. If they give me a boilerplate answer, I look at them and I say, Thats a boilerplate answer. Its not what Im looking for. Im very straightforward and very honest with people. Thats what I want back. Dont tell how to make the watchtell me what time it is. Be honest. It cuts through a lot of crap. People know where they stand. They know where you stand. Life becomes a lot easier.
Complacency Is Your Worst Enemy
Indecision ticks me off, but complacency would be the biggest thing. I dont take anything for granted. Theres no entitlement. Im not entitled to take my next breath. I will never be complacent. If I climb a mountain, I want to see the next highest peak. Encourage employees by giving them other opportunities. I think if you see complacency, you say from an HR standpoint, We find that youre becoming complacent. So as a quality I dont like, thats strike one. Strike two is if they cant changeif they cant look at it as the first day on the job. Sometimes people need a kick in the butt for themselvespersonally or professionally. Strike three is when it doesnt work.