By Teresa Lowry

I love books and I love to read. As a child weekly trips to the library were greeted with anticipation and delight. Such a place of abundance. All those books. Later, every house I lived in contained bookshelves with stacks of books, read and unread. Bought, borrowed or gifted, each shows up at the right time. There are books on my iPad although nothing can replace the touch and feel of a book in my hands. Cracking the spine, the fresh pages, the anticipation of what’s ahead. About those fresh pages. This won’t last long. Invariably there will be smudges of chocolate on the pages. I also love chocolate.

If I really enjoy a book I want to share it with you. Books educate, entertain, and take us away. My personal favorites are the biographies of great leaders, historical novels, and all things inspirational. I am excited to combine my two passions leadership training and reading, and share with you our Aegis Learning friends, what I’m reading this month.

THE GAMBLER: HOW PENNILESS DROPOUT KIRK KERKORIAN BECAME THE
GREATEST DEAL MAKER IN CAPALIST HISTORY

The Gambler by William C. Rempel is the biography of Kirk Kerkorian the business tycoon and humanitarian. This is the rags-to-riches story of the visionary self-made billionaire who transformed the leisure industry and Las Vegas. Kerkorian exemplified so many of the attributes we teach at Aegis Learning. He was a humble leader. Described time and again as low key and unpretentious he traveled without an entourage. He drove a Ford Taurus and always paid his own way even in his hotels and casinos. He relished his personal anonymity. A generous benefactor, you will not find his name on buildings or statutes. Requesting anonymity was often one of the requirements of accepting a donation or gift from him.

Another key leadership quality was his practice of delegating to his trusted executive team. He relied on the judgment of his key people. Rempel writes that Kerkorian had come to appreciate how much more he could accomplish by delegating management decisions. As delegator in chief Kirk trusted his team to manage the details. That meant no muddied chain of command, no interference from above.

KERKORIAN AS RISK TAKER AND COURAGEOUS LEADER

The key leadership principal that appears time and again when reading about Kerkorian is that he was a fearless risk taker. Three times in twenty-five years he would build the world’s largest resort hotel in Las Vegas. His first record breaker, the International Hotel opened on July 2, 1969. The naysayers and pundits expected a flop. Kerkorian persevered. On a personal note, the progress of the International Hotel was watched closely by my family. My dad, a carpenter, was fortunate to obtain work on the construction of the International. He would come home from the site and regale us with stories about the magnitude of the project and all the fancy amenities. At 30 stories tall we could see the hotel from our nearby neighborhood. Kerkorian went on to break records and build the largest, literally “Grandest” hotels in Las Vegas two more times.

Risk taking, and risk tolerance are important leadership characteristics and skills. Effective leaders must challenge paradigms, confront difficult situations and take risks on a daily basis. Calculated risks. With each action, the leader must determine the desired outcome, identify the potential negative consequences of the action and then choose if the risk justifies the reward.

KNOW WHEN TO HOLD EM, KNOW WHEN TO FOLD EM

Effective leaders understand that all applications for courage need to be considered in a broader and more global perspective. Simply put, there are times to fight and times to keep quiet and acquiesce. Giving ground tactically on a single issue or event is not a sign of weakness. Rather it is a sign that the leader has exercised the good judgment to maintain power and credibility to use courage another day.

As the story goes, Kerkorian waged a tremendous campaign to buy Chrysler Corporation. Rempel reports Kerkorian had one of the most audacious strategies ever floated over Detroit: a buyout that would take the nation’s number three automaker private. The company fought him. Ultimately, he did not get the takeover he had hoped for. One of Kirk’s most enduring and endearing qualities was his limited capacity for grudges. He didn’t collect them. “Its business” he would say and move on.

SO MUCH MORE

I highly recommend The Gambler. Yes, much of the story involves my home city of Las Vegas but there is so much more. Kerkorian’s humble beginnings, years as a World War II pilot and airline owner provide the backdrop for the development of a courageous leader and entrepreneur. His interactions with Howard Hughes, Ted Turner, Lee Iacocca and other visionaries make for a fascinating and educational read.