Welch says that depending on whom you ask, he is somewhere between a prince and a pig.
“ a pompous bullfrog who’d heard stories of other frogs being kissed by princesses and turned into handsome princes. He figured he would be an excellent candidate. He went to a fortune-teller and told her he was sure a beautiful woman somewhere was looking for him. The fortune teller looked into her crystal ball and, sure enough, said, i see a beautiful young woman watching you… exploring your body for hours… driven to know everything about you. “i knew it,” said the frog. “where will i meet this woman?” The fortune teller looked again into her crystal ball. “in her biology lab” she replied.
In the new world environment, a company cannot provide job security. Only customers can do that. One thing we’ve discovered with certainty is that anything we do that makes that customer more successful inevitably results in a financial return for us.
Companies supply the opportunity, resources and environment, and the workers supply the skills and energy. It all came back to that familiar word: competition. The new psychological contract.
In almost all cases, if you have quality, price and technology, you win — and nobody can sleazeball you.
Integrity is the rock upon which we build our business success — our quality products and services, our forthright relations with customers and suppliers, and ultimately, our winning competitive record.
Reach, set aggressive targets, recognise and reward progress, while understanding accountability and commitment.
Have a passion for excellence, hate bureaucracy and all the nonsense that comes with it.
Possess a mindset that drives quality, cost and speed for a competitive advantage.
Productivity can whip inflation. eg. if inflation is 5% and productivity is 1%, a manager starts out four points behind last year’s performance. But if he could gain 6% productivity, he’d start out ahead — despite inflation. One can choose to increase prices and lose shares or cut prices and gain share. When a business becomes productive, it gains control of its destiny.
It turns out that there is, in fact, unlimited juice in that lemon. The fact is, this is not about squeezing anything at all: it is about tapping an ocean of creativity, passion, and energy that, as far as we can see, has no bottom and no shores.
fastest, simplest, and most self-confident company on earth.
- What does your global competition look like over the next several years?
- What have your competitors done in the last 3 years to upset those global dynamics?
- What have you done to them in the last 3 years to affect those dynamics?
- How might you competitor attack you in the future?
- What are your plans to leapfrog the competition?
We want to change the competitive landscape by being not just better than our competitors, but by taking quality to a whole new level. We want to make our quality so special, so valuable to our customers , so important to their success, that our products becomes their only real value choice.
The Prime Minister of Malaysia meets with business leaders all the time. Mahathir mohamad said to me, “Look, i own 40 percent of you. You are my employees. Your success is critical to my programs. If i am going to build roads and build education, i need you to be successful because i get 40 percent of your revenues in taxes. I’m your biggest shareowner.” That philosophy is so powerful. He said, “with your success, i can educate Malays, i can build roads. I can implement the vision 20/20, which is his vision of what Malaysia will be — every person educated. He sends thousands out to the rest of the world to go to college. They have to come back within 5 years. Business isn’t the enemy, business is the partner. The successful business makes Malaysia win, because he’s the largest shareowner. I always thought that philosophy was the clearest articulation of the role of government in business that i ever saw. Government gets billions in tax revenue and that’s their dividend. The government gets more dividends than we pay out to all of our shareowners combined. When you look at the success of Malaysia, Malaysia is looking more like Singapore every day -fantastic growth in GDP, no inflation.
Managers should have 3 Es : Energy, Energise others, and they must able to Execute their plans. Apart from that, self-confidence is important, trust your own instincts. Differentiation — find ways to set yourself apart and above your competitors. Luck — enough said.