The world lost a multibillionaire entrepreneur recently--a great
leader whom most Americans have probably never heard of. Given that he was the
person behind some very successful media brands, that says a lot.
Pat McGovern, 76, began his business career in the 1960s, as
the founder and chairman of International Data Group. He was the man
responsible for magazines such as Computerworld, Macworld, PC World, and many other brands in
the U.S. and abroad, including the "For Dummies" series of
instructional and self-help books.
Think Big / Be First
McGovern wrote an article for Inc. in 2007, in which he
talked about the importance of expanding your horizons to be successful. He was
one of the first American CEOs to establish a joint publishing venture in
China, for example, and his company was a pioneer in venture capital in Vietnam
and India. With the establishment of a website operating from Antarctica, IDG
became the first company in the world to have a presence on all seven
continents.
"When a company ventures abroad, its point person
should be its CEO, traveling frequently and acting boldly and
enthusiastically," McGovern wrote. "IDG launches businesses in three
to five new countries each year, and for virtually all of them I'm first on the
ground, meeting with potential customers, government ministers, and management
candidates."
Step Aside and Trust
McGovern was thinking globally long before most of his
peers. His companies launched titles in Japan and the Soviet Union in the
1970s, and he reportedly spent four months of the year traveling overseas to
drum up new business. Yet he was a hands-off leader, allowing the people he put
in charge of overseas divisions to make decisions.
"His primary control is financial," Inc. reported
in 1988. "His headquarters works as an investment bank, putting money into
each unit's worthwhile ventures, denying or withdrawing it from ones that are
not worthwhile, while McGovern cruises from office to office like a cheery
potentate on a magic carpet, bringing enthusiasm and bonuses wherever he
goes."
Get Out of Your Way
Inc.'s Leigh Buchanan started out at IDG as a copy editor in
the late 1980s, and she described her surprise when McGovern stopped by her
cubicle to hand her a year-end bonus check.
Pat thanked me for my contributions. He asked how things
were going and looked vaguely disappointed when all I could muster was an
unilluminating "Fine." Then he complimented me on a column I had
ghostwritten for some technology honcho. The column was my most substantive
accomplishment to date and the thing I was proudest of. But my name didn't
appear on it anywhere, so how did he know? After three or four minutes, he
handed me my bonus and proceeded to the next cubicle.
When she interviewed him years later, Buchanan said she
learned that McGovern made one-on-one visits like that to every single one of
the company's 1,500 employees at the time, and that the process took almost
four weeks.
Be a Personality, But
Be Humble
McGovern was worth an estimated $5.1 billion, but he
cultivated a modest image. He lived in a same house in Hollis, New Hampshire,
which he bought in 1989. He flew coach and drove used cars, reported The Wall
Street Journal. He would show up at employees' 10th anniversaries to take them
out for dinner.
"I don't think he did these things because he was
naturally outgoing," wrote Harry McCracken, who covers technology at Time,
but who spent 16 years working for McGovern at IDG. "If anything, he
seemed to be on the reserved side--but...he believed that one of his
responsibilities as IDG chairman was to make other staff members feel good
about their work. Even when I was a low-level editor, I got occasional
complimentary notes from him--always written on the same ultra-cheery
letterhead, with GOOD NEWS! and a
rainbow at the top. He must have bought it by the truckload."
Earned a Lot and Give
it AwayIn 2000, McGovern and his wife founded an institute for the study of the brain at his alma mater, MIT, with a $350 million gift. It was one of the largest donations ever to a university in the U.S. To put it in context, the donation dwarfs the entire endowments of more than 640 American colleges.
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