Diddy & His Mentor Ray Dalio | Inside a Meeting

Mentoring and Building a Team

• Diddy expresses gratitude for having the opportunity to have a one-on-one conversation with Ray Dalio about his principles
• Diddy met Dalio at the Forbes 100 greatest business minds event
• Diddy asks Dalio about his definition of being radically open-minded

“To be open-minded and assertive at the same time, don’t give up your assertiveness but be curious and willing to hear and challenge others’ ideas.”

Importance of Sympatico and Leverage

• Dalio advises Diddy on the importance of finding people who excel in areas he is not good at
• He mentions that selecting individuals who share the same values and are aligned with the mission is of utmost importance
• Dalio emphasizes the need to create a spec sheet for each job to identify essential elements required for success

“Start by determining the values, abilities, and skills required for each job to find individuals who fit the spec sheet. Values and abilities are more important than skills.”

Testing and Evaluating Candidates

• Dalio suggests using personality profile testing, background checks, resume evaluation, and reverse 360 feedback to assess candidates thoroughly
• He advises continuously testing and evaluating employees to ensure they are performing well
• Dalio says that relying on others to make selections for you can be beneficial

Dealing with Setbacks and Maintaining Excellence

• Diddy shares his experience of feeling his confidence chip away due to not finding players of his caliber
• Diddy discusses the importance of investing in his future and surrounding himself with a high-performing team
• Dalio encourages Diddy to reflect on what truly matters to him and keep the bar high for excellence

“Reflect on your goals and what truly matters to you. Surround yourself with individuals who share your drive for excellence and continuously invest in your future.”

Diddy’s realization about his team

• Diddy reflects on how he had so much success in various areas that he neglected nurturing his team.
• He acknowledges that his team wasn’t bad, but they didn’t match his level of excellence.
• Diddy points out that this is a common occurrence among different people and teams.

“I had outgrew my team…they weren’t at the level of excellence that I was at.”

Importance of excellence and finding the right partner

• Diddy emphasizes the significance of not compromising excellence.
• He discusses the importance of finding someone who is excellent at delivering what you need and making them a good partner.
• Diddy mentions the role of a talent scout who can identify and deliver talented individuals to work with.

“You’re not gonna compromise the excellence…find somebody who’s really great at delivering that and make them a good partner.”

The joy of working with great people

• Diddy explains that being surrounded by great people is a kick and a joyful experience.
• He contrasts this with the displeasure of working with people who are not capable.
• Diddy mentions examples like great jazz musicians or basketball teams to illustrate the excitement of working with talented individuals.

“It is a blast to be around great people… it’s a kick.”

Importance of Achieving Peace and Helping Others

• The speaker emphasizes that the most important aspect of success is achieving peace and being able to help others. They prioritize having peace of mind and the ability to make a positive impact over making the most money.
• They mention their admiration for Mansa Musa, an African King who was known for helping the underserved and underprivileged. They see him as a role model and are interested in emulating his actions.
• The speaker believes that success should be used to bring joy and positive changes to society, rather than being solely focused on personal gain. They want to be known for giving the most money away and making a difference in the lives of others.

“What can you pass? And so it becomes the joys change from going to nothing to making a lot and realizing what’s it gonna get you, more really. And the irony of it is, I never really worked for money.”