Jack Welch started his career with the GE in 1960, and in 1981 became the company’s 8th chairman and CEO. During his term, GE’s market assets got increased by whopping $400 billion, making it most valuable corporation of the world.
His honest,unique style of management and rules became the desired standards in business, with his continuous focus on people, teamwork, and profits. This book answeres most difficult questions people face both on and off during their job.
Why to Read the Book
This book evolved from thousand of questions asked to Welch when speaking to audiences around the world.
This book does not contain the same old stuff of what management should do. It is based on the true practical view which is faced by the company a nd every people related thereto.
It offers original thinking, and nuts-and-bolt advice that can change the way the people think about work.
This book basically deals with four parts which are:
1. Underneath it all-which includes
Mission and values
Voice and Dignity
2. Your company-which includes
3. Your competition-which includes
4. Your career-which includes
The right job
Balancing between work and life
Summary and general perspective
Welch starts out by explaining what a mission statement is. Welch believes an effective mission statement should answer one question, "How do we intend to win in this business?" Once the mission is formed , a company should define its values. The corporate values are behaviors, how the mission is to be carried out to win.
Jack has talked about candor. Candor is the state or quality of being frank, open, and sincere in speech or expression. He feels that lack of candor blocks creative ideas, fast action, and good people contributing all the stuff which can be helpful for company growth.
Some important aspects that has been discussed with good examples are:
First, candidates should pass three screens:
Screen #1: Do they have integrity - tell the truth and keep their word. Screen #2: Are they intelligent - having sufficient curiosity and "breadth of knowledge" to lead other smart people.
Screen #3: Are they mature - able to handle stress and sfalures, respect other's emotions, be confident without being arrogant and have a sense of humour.
Second, look for four E's and a P.
Positive Energy - thriving on action, relishing change, making friends easily, loving work, play and life.
Can Energize Others - "It takes a deep knowledge of your business and strong persuasion skills...."
Has Edge - the ability to make tough decisions, even when all the information isn't in.
Can Execute - to take the decision and make it happen, overcoming all obstacles to complete the task.
Passion - They're excited about their work, learning and growing, and helping those around them win.
With big crises, don’t ever forget you have a business to run Almost no crisis ends without damage. There will be change in people and processes.
The organization will survive for the better in a long run. Your Strategy : Competition
When it comes to strategy, think less and do more, if you want to win. Put the right people in the right positions to drive growth. Execute the best practices for to obtain sustainable competitive advantage.
The right budgeting process helps winning easier. The 2 dynamics of budgets are Negotiated settlement(minimize the risk and maximize the bonus) Phony smiles(make acquisition, develop new products, give the correct amount of investment)
It helps in improving a company’s operational efficiency, raising its productivity, and lowering its costs.
It builds customer...