PayPal's CEO, who now earns hundreds of thousands, however has his very first-at any time fork out examine for $208 — listed here's his advice for climbing to the major
PayPal CEO Dan Schulman is now really worth hundreds of thousands, but he began his occupation with a paycheck of $208. He made a modest salary and was an assistant to an account govt at AT&T for his very first work, in 1981.
He stayed at AT&T for 18 several years and worked his way up to operate a workforce of 40,000 folks, overseeing the core purchaser business enterprise. His govt business office was so significant it had its individual toilet. Schulman went on to operate Priceline, Virgin Cellular, and now PayPal.
Schulman states his corporate climb came down to grit and a tricky particular second that served as an critical occupation lesson. “Sooner or later, by perseverance and some luck and a whole lot of really hard operate,” he “rose to turn into the youngest member of the operating group,” Schulman told Business enterprise Insider on our podcast, “Success! How I Did It.”
But although he was at AT&T, his sister died Schulman took a leave of absence.
When he returned, he uncovered his workforce had not only remained loyal, but they had finished an extraordinary work with no substantially oversight. Schulman manufactured absolutely sure their really hard operate was identified, and that he didn’t steal credit history.
“I recognized my workforce had really hung in there with me and I just recognized that what we had attained was absolutely what they had attained,” Schulman claimed.
“I gave them complete 100% credit history. I think what I discovered there is offering credit history to some others basically appeals to extra and extra folks to your workforce mainly because they want to be a part of that workforce … In many strategies, management is about defining reality and inspiring hope, but if you have these excellent folks all over you and they know that what they do is heading to be identified, it can be very potent.”
Beneath, listen to Schulman tell the story of how he took 3 organizations public through his occupation, or continue to keep scrolling for a transcript detailing his rise by AT&T from a $208 starting off paycheck.
- Former Apple CEO John Sculley
- Angel trader Jason Calacanis
- Former Microsoft CEO and Clippers proprietor Steve Ballmer
- Box founder and CEO Aaron Levie
Here’s the part of the job interview wherein Schulman discussed his preliminary salary:
Alyson Shontell: Your occupation bought began, it appears to be, at AT&T. In the early ’80s you joined — and did I study that your very first work was $14,000 fork out?
Dan Schulman: Yeah, yeah.
Shontell: So that was at AT&T?
Schulman: I think my weekly paycheck was one thing like [$208], biweekly or one thing internet. I however have it somewhere. I used the very first 18 several years of my occupation at AT&T and it was a fantastic place that stored me moving all the time. I mean I began off as entry level a posture as you can get at AT&T. I was an associate account govt, which means I was an assistant to an account govt, and account govt was just the salesperson at the time. Then I turned an formal account govt and then a income supervisor and then a products supervisor and ultimately, by perseverance and some luck and a whole lot of really hard operate, rose to turn into the youngest member of the operating group.
I ran AT&T’s purchaser business enterprise, which at the time was a $22 billion revenue stream, $8 billion of EBITDA and 40,000 folks or so and I was 39 when that happened. And then, to my parents’ chagrin, mainly because they assumed that was like the greatest work in the world, this significant business office that basically had a toilet in it and they couldn’t imagine something extra that their son could do, I still left to join a startup, an internet startup, which really befuddled them.
Shontell: You had a toilet in your business office? That’s how you know you have manufactured it.
Schulman: I did. By no means given that and never ever want a single there once again, but sure, that was a significant part of being a senior officer at AT&T.
Shontell: But which is a really extraordinary path. I mean, it really is 18 several years but you get started in this variety of humbling work, you have your very first paycheck however that was [$208] and then you turn into its eventual president, handling 40,000 folks. What do you think are the techniques that you took that ended up the most critical to enable you climb that corporate ladder?
Schulman: I do think there’s no substitute for really really hard operate. But I think the factor that launched my occupation at AT&T, I had a really tragic factor come about in my family members. My sister died and I was top a significant workforce at the time and I had to acquire time off. It was a tricky, tricky time and when I came again, I recognized my workforce had really hung in there with me and I just recognized that what we had attained was absolutely what they had attained. I gave them complete 100% credit history.
I think what I discovered there is offering credit history to some others basically appeals to extra and extra folks to your workforce mainly because they want to be a part of that workforce mainly because they know that it really is a workforce that is heading to operate together as a single workforce, nobody’s heading to try to acquire credit history about somebody else. In many strategies, management is about defining reality and inspiring hope, but if you have these excellent folks all over you and they know that what they do is heading to be identified, it can be very potent.