Cheerleader for capitalism visits campus as part of Distinguished Lecture Series
Ken Langone (left) and Edward Lopez discuss education, hard work and luck during their "fireside chat."
Someone currently enrolled at 甜瓜视频app will go on to have a significant career in the leadership of a major American company, predicts one of the country鈥檚 leading businessmen.
鈥淢ark my word,鈥� said Ken Langone, co-founder of Home Depot, during a WCU Distinguished Lecture Series event Monday, Oct. 22. 鈥淚 have no doubt about it. Kids come here, wanting a better life. They鈥檙e willing to sacrifice and willing to make the effort. And I鈥檓 passionate about this kind of an environment, and that鈥檚 what I came for.鈥�
An 83-year-old billionaire financier, investor and former day laborer, he is the author of 鈥淚 Love Capitalism: An American Story,鈥� a book the Wall Street Journal described as part memoir and part free-market manifesto. Free copies of the autobiography were given out to the first 150 who registered to attend.
The event was billed as a 鈥渇ireside chat鈥� and moderated by Edward Lopez, WCU professor of economics and BB&T Distinguished Professor of Capitalism. The A.K. Hinds University Center Grandroom held a packed house for Langone鈥檚 remarks, with approximately half of the audience being WCU students. Throughout the event, his words were met with nods of agreement and laughter at humorous insights, and they ended with a standing ovation.
The billionaire businessman drew a large audience to the UC Grandroom.
Langone was born in Roslyn Heights, New York, to an Italian-American working class family, his father 鈥渁 great plumber but not a very good businessman鈥� and his mother a school cafeteria worker. His grandfather immigrated and then worked for two years to save money to buy passage for his wife and two children. 鈥淢y story could only have happened because I was born in America,鈥� he said. 鈥淪o, thank you grandma and grandpa, for coming to America. There is no other place like this on earth and we are blessed to be here.鈥�
Langone attended Bucknell University and the New York University Stern School of Business before beginning a career on Wall Street in the 1960s. In 1974, he started his own investment firm and in 1979 helped launch Home Depot. By 1989, Home Depot was the nation鈥檚 largest home improvement store and today has more than 400,000 employees.
鈥淧eople don鈥檛 work for us, they work with us,鈥� he said. 鈥淲hen they come to work at Home Depot, they are associates. On day one, they become stockholders. We share success, with them and our customers. We tell associates, 鈥榥ever sell more than what customers want or more than what they need. Serve your customer. Build trust and we鈥檒l be rewarded.鈥欌��
Langone shared his not-so-secret tips for professional success with students, with key elements being determination, integrity and dedication. 鈥淲ork like hell, give it your best shot, but make sure you鈥檙e going someplace that you love going to everyday, and you love what you're doing, and you can't wait to get there. And if the boss said you鈥檝e got to pay him to go there, and you could afford it, you鈥檇 pay him to go there. Because that means you really love it, and you鈥檙e going to be successful,鈥� he said.
Langone told the audience that in capitalism not everyone wins, but what it holds is the chance to succeed and opportunities to try, and sometimes, try again.
鈥淭here will be mistakes,鈥� he said. 鈥淒on鈥檛 let them be mistakes of character, integrity or values. First thing, you walk away from something you know is wrong. If it is not beneficial to your self-interest, if someone cannot count on you to do the right thing, it won鈥檛 work. Any other mistake you will recover from. I鈥檝e made mistakes. If you have six months, I鈥檒l tell you about them.鈥�
Langone also took questions from the audience.
Langone spoke about philanthropy as an important part of his philosophy of capitalism. Along with his wife of 62 years, Elaine, the couple has given millions of dollars to various charities, including universities, medical research and children鈥檚 causes. 鈥淚t鈥檚 not my right to tell anyone what to do with their time or money,鈥� he said. 鈥淭hink of all the hospitals, museums, schools and athletic facilities, gyms you see. How did that happen? By people who can, giving. Elaine and I have a strong sense of obligation to give back.
鈥淏ut there are many ways to express your gratitude. It doesn鈥檛 have to be money,鈥� he said. 鈥淔ortunately, I can write a check, as well as give time. Charity and philanthropy take many forms. You can donate your time. Go to a hospital, read to a child, be there for someone in need, clean up a park. There are things you can do and expect nothing back in return for them.鈥�
The Distinguished Lecture Series is new this academic year and designed to engage the campus and community in dialogue on national issues, with perspectives from leading figures in education, arts and music, politics, business and economics. The series is co-sponsored by WCU鈥檚 Division of Academic Affairs and . The intent is to give students, faculty, staff and community members direct access to contemporary voices that are shaping the nation.
The next speakers in the series are Michael Steele, former Republican National Committee chair and frequent conservative political commentator, Tuesday, Feb. 12, 5-6 p.m. at Bardo Fine and Performing Arts Center, and Cristina Henr铆quez, author of 鈥淭he Book of Unknown Americans,鈥� WCU鈥檚 One Book selection and The New York Times鈥� Notable Book of 2014, Thursday, March 21, 7:30-9 p.m. at the A.K. Hinds University Center Grandroom.
