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Pleased, but not Satisfied
The chairman of MidAmerican Energy Holdings Company explains that Pleased, but Not Satisfied is a state of mind and that running a business is a journey never finished. He emphasizes that business basics are fundamental to creating long-term value in any enterprise. Conservative economic analysis and disciplined, detailed management practices may not be flashy, but they consistently deliver high quality results.
127 pages, Hardcover
First published January 1, 2008
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Displaying 1 - 10 of 10 reviews
July 27, 2010
I was pleased, but not satisfied to have read this book. In truth - it was too short! This is a great primer, but I hope someone can convince David Sokol to do a more in depth version, as I think there is a lot more we can learn from him.
It kind of felt like I was getting macro board-level type coaching on the philosophy of how to create and manage a successful business. I saw the same themes popping up that I see in other places, such as Tony Hsieh's new Delivering Happiness book, Four Steps to the Epiphany, and even the lean startup. Clearly all businesses have parallels in terms of the best ways to run them - and equally clearly David Sokol knows his stuff.
My Notes
Chapter II: Core Principles
* Customer commitment: Sokol believes a business should have a core principle to put the customer first. This is a theme I've heard from a number of CEO's of respected companies, and one I truly believe in. Make sure to remember that anyone your business deals with is a customer - that includes not just consumers, but also suppliers, partners, etc.
* Employee commitment: also a core value focus to provide the best workplace possible. Don't hire employees unless the existing team is already operating at 125% capacity - it isn't fair to hire people then have to lay them off later. Keep a notebook on each direct report's successes/failures each month. Communicate constantly to ensure each report knows if they are meeting expectations. Rank employees.
* Financial Strength: often not given enough everyday focus. Must have ever-vigilant focus on margins, balance sheet, and avoiding future risks.
* Integrity: (I'm comforted that this is a core value). When hiring he looks for integrity, intellect, and passion. Enron, Worldcom and Tyco failed because of a lack of integrity at the highest level. Warren Buffet uses the question "Would I be comfortable for my action to be disclosed in a front page story on my hometown paper, written by a knowledgeable and thorough reporter and read by all my friends and family?"
Chapter III: Goal Setting and Budgeting
* Do a 10 year plan once a year. The plan won't be useful for more than a few years, but it's a good exercise to think at a macro level.
* "It is the discipline of setting goals, coupled with consistent fact based measurement, that creates great outcomes in business or in personal life".
* Set goals annually and measure them monthly. Get the whole team doing this.
Chapter IV: Plan, Execute, Measure, and Correct
* Plans are often under-described. Each detail must be described, along with how it will be measured.
* Plans often, and by necessity, include assumptions. It is critical these assumptions be documented as such, the risks clearly described, so that they can be measured and verified later. Assumptions must be verified!
* "Verifying that a plan is being executed properly and that all activities are on budget and on schedule is not micromanaging, it is MANAGING."
It kind of felt like I was getting macro board-level type coaching on the philosophy of how to create and manage a successful business. I saw the same themes popping up that I see in other places, such as Tony Hsieh's new Delivering Happiness book, Four Steps to the Epiphany, and even the lean startup. Clearly all businesses have parallels in terms of the best ways to run them - and equally clearly David Sokol knows his stuff.
My Notes
Chapter II: Core Principles
* Customer commitment: Sokol believes a business should have a core principle to put the customer first. This is a theme I've heard from a number of CEO's of respected companies, and one I truly believe in. Make sure to remember that anyone your business deals with is a customer - that includes not just consumers, but also suppliers, partners, etc.
* Employee commitment: also a core value focus to provide the best workplace possible. Don't hire employees unless the existing team is already operating at 125% capacity - it isn't fair to hire people then have to lay them off later. Keep a notebook on each direct report's successes/failures each month. Communicate constantly to ensure each report knows if they are meeting expectations. Rank employees.
* Financial Strength: often not given enough everyday focus. Must have ever-vigilant focus on margins, balance sheet, and avoiding future risks.
* Integrity: (I'm comforted that this is a core value). When hiring he looks for integrity, intellect, and passion. Enron, Worldcom and Tyco failed because of a lack of integrity at the highest level. Warren Buffet uses the question "Would I be comfortable for my action to be disclosed in a front page story on my hometown paper, written by a knowledgeable and thorough reporter and read by all my friends and family?"
Chapter III: Goal Setting and Budgeting
* Do a 10 year plan once a year. The plan won't be useful for more than a few years, but it's a good exercise to think at a macro level.
* "It is the discipline of setting goals, coupled with consistent fact based measurement, that creates great outcomes in business or in personal life".
* Set goals annually and measure them monthly. Get the whole team doing this.
Chapter IV: Plan, Execute, Measure, and Correct
* Plans are often under-described. Each detail must be described, along with how it will be measured.
* Plans often, and by necessity, include assumptions. It is critical these assumptions be documented as such, the risks clearly described, so that they can be measured and verified later. Assumptions must be verified!
* "Verifying that a plan is being executed properly and that all activities are on budget and on schedule is not micromanaging, it is MANAGING."
July 20, 2016
One of the best managers of our time shares the keys to his management principles. It's a cheatsheet for a great manager - very short but densely packed with invaluable information. I loved every chapter of it and will definitely revisit.
Read
August 29, 2022Integrity is merely doing what is right, even when no one is looking. It is being honest with people. It is being forthright and candid. It is honouring a commitment even when it is not convenient. It is admitting when you are wrong. It is maintaining confidentiality. It is giving proper credit to an individual's contributions or achievements. It is playing by the rules and not attempting to get around them.
A technique I utilise in evaluating my team is to first keep a notebook, updated at least monthly, as an employee's successes or failures during the month. Waiting until year-end often places too much emphasis on October and November outcomes, as opposed to the entire year. Then, after separately evaluating each employee, I force myself to rank my team in the order in which I would terminate each member if I was forced to do so one at a time...Employees discover early and often how their performances measure up versus expectations. Further, it enables us to identify future high-performance individuals and help them acquire the skills necessary to achieve their career goals.
Warren has created a perfect haven for businesses that want to grow in a sensible manner. Berkshire Hathaway companies avoid the public market pressure of quarterly earnings guidance, fads or short-term trade-offs versus long-term superior results. Warren creates a climate for business managers akin to playing in the Pro Bowl, but where individual performance takes a back seat to team performance.”
A technique I utilise in evaluating my team is to first keep a notebook, updated at least monthly, as an employee's successes or failures during the month. Waiting until year-end often places too much emphasis on October and November outcomes, as opposed to the entire year. Then, after separately evaluating each employee, I force myself to rank my team in the order in which I would terminate each member if I was forced to do so one at a time...Employees discover early and often how their performances measure up versus expectations. Further, it enables us to identify future high-performance individuals and help them acquire the skills necessary to achieve their career goals.
Warren has created a perfect haven for businesses that want to grow in a sensible manner. Berkshire Hathaway companies avoid the public market pressure of quarterly earnings guidance, fads or short-term trade-offs versus long-term superior results. Warren creates a climate for business managers akin to playing in the Pro Bowl, but where individual performance takes a back seat to team performance.”
February 26, 2022
Having worked for a company chaired by David Sokol, "Pleased, but not Satisfied" serves as a handbook for the business practices he has instilled into the companies he has led. The book is a short read but it gives his 30,000 view of how to create value through disciplined, precise management practices. I wouldn't call this a must-read for the operators of the world (private equity or otherwise) but the book is filled with principles and heuristics that are helpful food-for-thought.
February 18, 2025
Very short but very great read. Wonderfully written and gives amazing insights into what makes a great manager. The first 20 or so pages essentially gives a background into sokols history and background. After that be ready to take a lot of notes because there is a lot of great pieces of information packed in very tightly together. Definitely a book I will keep on my shelf to hand off to friends.
September 7, 2011
This is a good habit, when you're pleased, but not satisfied! That means you always striving for continuous improvement. This is one of the most important habits to develop in your life, this is why I wrote the "13 Habits that made me Billions" series of books to help empower kids to make the world a better place. I used this habit continuously as I was never satisfied with anything that we produced I was always improving reviewing the books, I was simply pleased that I was making progress. But never satisfied! The quest for perfection, we never get there, so the most important thing is to enjoy the journey! "Have fun! Enjoy the process more than the proceeds."
November 28, 2015
The best part of the book was the reprint of the speech by the CEO of American Express. It reinforces providing the unexpected in customer service and the danger of cultural lock in and organizational or sector arrogance. Overall, a very quick read, not remarkably pithy, but certainly readable and with nuggets of wisdom.
December 2, 2010
Exceptional good guide to life - author says business, though I would argue that Mr Sokol's observations are valid in all aspects of life!
Want to read
January 16, 2016Rare book by David Sokol, the right hand man of Buffett
Read
November 28, 2016Ready for a great read.
Displaying 1 - 10 of 10 reviews