Business, the Jack Welch Way: 10 Secrets of the World's Greatest Turnaround King

4917 Words Oct 10th, 2012 20 Pages
Business the Jack Welch Way
10 Secrets of the World’s Greatest Turnaround King
By Stuart Craner

In Summary 1. Make your job description easily understood…and then tell everyone 2. Revolutionize, don’t tinker 3. Change continually 4. Think positive 5. Surround yourself with quality 6. Learn, always 7. Keep it simple, stupid 8. Look after your people 9. Plan succession 10. Make mistakes

The life and times of Jack Welch • At the age of 33 he became GE’s youngest general manager • Jack Welch was an “entrepreneur …willing to take well considered business risks – and at the same time know how to work in harmony with a larger business entity” • The natural average
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The fact that you are selling a nuclear power plant and not candy bars is immaterial.

Chapter 1: Invest in people • Your most precious possession is the people you have working there, and what they carry around in their heads, and their ability to work together • People are the bread and butter of Welch’s managerial style • We are betting everything on our people – empowering them, giving them resources and getting out of their way • Welch spends at least half his time talking to people (he knows 1000 people by name and has a good idea of their job responsibilities) • The idea flow from the human spirit is absolutely unlimited • At the leadership level an A player is a man or woman with a vision and the ability to articulate that vision to the team, so vividly and powerfully that it also becomes their vision. A person with the courage to make tough decisions with fairness and integrity • Reward packages are geared towards individual and company success • Developing people is too big a task to delegate to business schools or training companies • GE has effectively cherry-picked

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