Part of Entrepreneur biographies · All guides
Bloomberg by Bloomberg summary
Bloomberg by Bloomberg
- Bloomberg was let go from Salomon Brothers in 1981 after its merger.
- He used his payout to start a financial data company.
- Merrill Lynch was the first big customer and an early investor.
- The company added its own news service, Bloomberg News.
- Bloomberg argues hard work and being there early beat brilliance.
How did Michael Bloomberg start Bloomberg?
After being let go from Salomon Brothers in 1981, he used his payout to start a company selling financial data on desk terminals. He knew traders wanted fast, clean data and analysis, and built a product with a small team that he sold first to Merrill Lynch. He kept adding news and tools and leased the terminals, building steady income.
Actionable
- Write down the tool you wished you had in your last job, and sketch it.
- Ask a likely buyer to commit before you finish building.
- Show up early for a week and note what you learn.
- Plan how your product could earn money every month.
Lessons
- Your past job can show you a product idea.
- Early customers guide the build.
- Hard work compounds.
- Recurring revenue builds stability.
Quick answer
Our summary of Bloomberg by Bloomberg by Michael Bloomberg with Matthew Winkler (1997), in our own words.
What 125x is: 125x is a web app at 125x.app. You connect your YouTube subscriptions, and it gives you a feed of the latest videos from the channels you follow, each with a summary: a verdict, the 5 key takeaways, and the spoiler, plus Actionable and Lessons tabs with more tips. You read that and decide what's actually worth opening.
Open 125xWho is Michael Bloomberg?
Michael Bloomberg founded Bloomberg L.P. in 1981 and later served three terms as mayor of New York City.
He wrote this memoir in 1997 with Matthew Winkler, the founding editor of Bloomberg News.
The story in 5 parts
- Growing up in Medford and Johns Hopkins.
- Salomon Brothers and being let go.
- Building the terminal.
- Adding news, radio and TV.
- Thoughts on management and giving.
A closer look
Bloomberg describes his years at Salomon as training. He ran trading and later the computer systems, which showed him how much traders needed better data.
He shares how the first team built the terminal fast and kept talking to traders to fix what they didn't like. Being close to customers was the core of the product.
The office culture was open on purpose, with no private offices and glass walls. He believed it kept people talking and information moving.
The book ends with his views on giving and public service, years before he became mayor. He argues that business success brings a duty to give back.
Business lessons from the book
- Customer need: build what traders want.
- Open office: no private offices, lots of talking.
- Recurring revenue: lease the terminal.
- Effort: outwork rivals.
Who should read it
Founders who left a big firm, product builders and readers interested in financial data.
About this summary
We wrote this summary in our own words from the book and its public reviews. It follows the same layout as a 125x video summary: a verdict, 5 takeaways, the answer to the big question, and Actionable and Lessons tabs. More in entrepreneur biographies.
FAQ: questions people ask
What is Bloomberg by Bloomberg about?
Michael Bloomberg's account of starting and building Bloomberg.
Who was Bloomberg's first customer?
Merrill Lynch.
Is Bloomberg by Bloomberg worth reading?
Some value given. Direct and practical, if a bit dated.
Related guides
- Entrepreneur Biography Summaries: Founder Lessons
- Billionaire and Founder Interview Summaries
- Productivity and Self-Improvement Book Summaries
- Every 125x guide
125x is a web app at 125x.app that turns your YouTube subscriptions into a feed with a summary on every video, plus Actionable and Lessons tabs with more tips, so you can see what's worth opening before you spend the time.
125x is made by Blake Labs Inc. 125x is not made by YouTube or Google.