Changpeng Zhao (CZ), CEO of the world’s largest cryptocurrency exchange Binance, shared the principles he followed in a blog post. CZ states that his principles should not be perceived as right or wrong, but a point of view from his own point of view. We took a look at the principles behind Binance CEO CZ’s success and prepared his top seven principles for you.
Binance CEO CZ’s principles
general principles
Be fair. Build long-term, win-win, relationships or deals. Avoid ‘bad’ relationships. Be moral. Focus. Be positive. Be responsible and take pride in what you do. Continuously Learn
understanding the world
Understanding how the world works is clearly important if any level of success is to be achieved. How do people work? Read the Sapiens book for that. We live in a human world. Everyone has a different version of the world in their head. So everyone lives in a different world. Understand their world. Do not keep too many black and white images. The world is rarely binary. Many people look at the world from an overly simplistic view. This will make them seldom successful. Look at things on a deeper level. In real life, most things are a balance.
decision-making framework
Making good decisions is a skill that can be practiced. Whether it’s a quick decision or a more thoughtful decision, go through this mental decision frame. If the decision touches on one of the core principles, follow the principles. Easy. Otherwise, review the decision framework. The first thing to determine is the size or impact of the decision. It is often better to make a decision and then implement it than not to make a decision.
Team and organization
Success as an individual on a poorly performing team rarely produces satisfactory results for the individual. The reverse is often true. If a team is doing well, every member will do well, including the struggling ones. Don’t let the organization go stale. Offer more opportunities for new leaders to grow. There will always be competition (external), some internal competition is good. Just be professional about it.
recruitment
Always hire the best people. Because to win, you need to be part of a strong team. Hire from below, next to you, above you. Hiring your own boss is one of the best ways to advance in your career. Because it shows that you are at a high level of maturity. Passion is one of the most important factors. Hire people who will grow in their role, not someone who has “been there, done that”. Don’t hire people who worry about titles. Don’t hire people who are overly committed to salaries and wages.
leadership style
Leadership is like dragging a dead horse. This is impossible. It’s not worth it. Does not share your mission or values. It’s also impossible to motivate people who don’t like you as a leader or who are lazy. So let them work elsewhere. People are either motivated or they aren’t. Therefore, only work with those who are self-motivated. Micromanagement takes more time than doing the work yourself. If you need micromanagement, you have to let that person go. Work hard, stay true to our values, and lead by example.
Goals
Use output metrics (users, revenue, market share), not input metrics (tasks, features, meetings, hours worked). I have two biggest problems with targets. 1. They are never true or scientific. It is always a random guess. Market conditions in our industry are changing very rapidly. 2. They take too much time to discuss.
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