Very good book IF YOU ARE AN ENTREPRENEUR OR SUFFICIENTLY ENTRENCHED IN YOUR COMPANY. Otherwise, I recommend you entrench your position FIRST, THEN caVery good book IF YOU ARE AN ENTREPRENEUR OR SUFFICIENTLY ENTRENCHED IN YOUR COMPANY. Otherwise, I recommend you entrench your position FIRST, THEN carry out Bob's recommendations (with stock ownership), otherwise I guarantee that you will step on enough "important people's" toes to get yourself fired from the company. Bob, hired by Andre Meyer who gave him a great deal of free rein (because of the numbers he delivered), himself was "forced out" by Andre Meyer & al. after he exhausted his usefulness at Avis (also because he worked for the "wrong" boss, Meyer had more of a trading / PE mentality than a Buffett hold-forever-er). The author himself was an energetic business genius along the lines of a Sam Walton....more
3.5 stars. Perhaps the rating would be higher if most of the material covered has not already been lip-serviced to death by corporate managers. I'm su3.5 stars. Perhaps the rating would be higher if most of the material covered has not already been lip-serviced to death by corporate managers. I'm sure Mr Iverson is sincere, and probably a much better executor of these principles than his peers. The point is that you won't find any particularly insightful or thought-provoking material here unless you've been relatively insulated from corporate and HR-speak.
A sampling: "We have little tolerance for politics, the pettiness, the fixation on rank and status, or the insensitivity to employees’ needs that people in most big companies endure as a matter of course." “Today’s leader must maintain sensitivity to the views of everyone who has a stake in the company and realize that each one can make a special contribution to meeting the company’s goals.” “Equality, freedom and mutual respect promote motivation, initiative and continuous improvement.” “Employees want first and foremost to be appreciated for who they are. They want to be acknowledged as unique individuals – each with immense and unrealized potential. All too often, though, their managers cast them as drones.”...more
An amazing journey into the mind of Henry Ford. Read it for yourself - this is not one of those books that can be adequately summarized in a book reviAn amazing journey into the mind of Henry Ford. Read it for yourself - this is not one of those books that can be adequately summarized in a book review; every page is overflowing with hard won wisdom and practical ideas....more
3.5 stars. Very interesting subject material - readers can learn a lot from Jay-Z's strategic thinking, deal structuring, publicity and other skills -3.5 stars. Very interesting subject material - readers can learn a lot from Jay-Z's strategic thinking, deal structuring, publicity and other skills - the man probably understands business value and synergies better than 95% of corporate CEOs (who are further hampered by agency problems / self-serving biases). Unfortunately, the writer tends to veer off in strange directions including a rambling description of a wild goose chase he (the writer) undertook to sleuth about Jay-Z's involvement with Armand de Brignac - details that may be interesting to an aspiring biographer / investigative journalist but not the general audience. One also gets the feeling the biography was FAR less thoroughly researched as compared to, say, Brad Stone's or Walter Isaacson's excellent efforts on Jeff Bezos and Steve Jobs respectively, and is closer to a protracted magazine piece. Nonetheless, still recommended for those with an interest in Jay-Z the businessman or business dealmaking in general....more
First off I think the author made a great effort to make abstract concepts accessible to even the relative layperson by using a story format. Because First off I think the author made a great effort to make abstract concepts accessible to even the relative layperson by using a story format. Because like a serialized drama the correct answer is not unveiled till subsequent chapters, the reader has the opportunity to form in their own mind a tentative answer and compare this real time with the proposed answers, which is a great way to learn. The novel imparts some useful lessons about: - the dangers of using the wrong performance indicators - many of the plant's KPIs like cost per unit and worker idle time were blinking red even as actual shipments of product, inventory build-up and processing times were improving - conflicts between improving accounting numbers and actually improving the bottom line - some basic corporate managerial common sense, such as the importance of having both local (plant) and headquarters support when implementing difficult changes and communicating these well to related departments, such as sales - how to diagnose root causes of problems and design solutions
Much of this was originally common sense but has become buried in the "rule by accountants / finance" that has overtaken American industry for the past several decades. Nothing wrong with accounting-based management (Rockefeller and Carnegie had the same approach) but where it's been taken beyond the limits of common sense, Goldratt shows how one may reconcile some of these with plant operations / production and sales, while making sure not to get fired for showing bad KPIs in the short term.
I'm an outsider to manufacturing but still found the book interesting, though dated and rather limited / superficial in scope. There's probably been better material published since on individual issues covered (lean manufacturing, management basics, GAAP vs "owner's" accounting, problem diagnosis, etc.) and the reader may do better elsewhere....more
One of the best biographies I ever read. Carnegie is an endlessly fascinating character and probably a better role model for young men and women than One of the best biographies I ever read. Carnegie is an endlessly fascinating character and probably a better role model for young men and women than some of the more dour, unhappy, self destructive but successful businessmen. He placed great store by cultivating personal relationships and extremely generous to those in his circle of friends. Like many successful business builders, he actually had his start (for his own business) in one of the worst depressions (the Panic of 1873) and likely learned some valuable lessons there. Those who think business success depends on burning bridges and Machiavellianism would note that he maintained excellent lifelong ties with early friends, acquaintances, employers and colleagues. He also maintained strong interests outside of work in writing and traveling and a mindset of passionate, humanistic curiosity throughout life. Was a large part of his success luck? Probably, as he was in the right place at the right time, but Nasaw also does a great job of describing the various mindsets, systems and habits that accentuated his success. A very inspiring work and the writer has done a great job of providing a rich backdrop of the times to the reader....more
Who knew Walter Isaacson was a romantic / psychoanalyst? LOL. The narrative has the electrifying quality of a soap opera, complete with an abandoned bWho knew Walter Isaacson was a romantic / psychoanalyst? LOL. The narrative has the electrifying quality of a soap opera, complete with an abandoned boy who scours the world (specifically India) barefoot to reach spiritual fulfillment, manages to cultivate father figures from successful venture capitalists to the President of Pepsi, gets his team to wildly exceed their own expectations through a mix of manipulation and bullying, fights and eventually overtakes "the establishment" (IBM), lives through Shakespearean failures due to his egomania, etc. It was pretty enjoyable although I'd personally prefer a more matter-of-fact, businesslike writing style, such as Brad Stone's The Everything Store. I'm assuming Isaacson's emotive style will appeal to a more general audience. Nonetheless this was a richly detailed, engaging and overall well-recommended effort....more
Munger once said that an intelligent orangutan could have read NCR John Patterson's business plan and figured that he would build a very successful buMunger once said that an intelligent orangutan could have read NCR John Patterson's business plan and figured that he would build a very successful business. The same could be said of Kroc's "Grinding It Out". He spends very little of the book talking about anything that is unrelated to widening the company's moat. Instead, he describes with obvious gusto every aspect of the business operation, from how high patties should be stacked to not dry out the bottom patty, to making standardization easier by developing "idiot proof" materials and equipment, to training, franchisee selection, counter-cyclical investing (moving in on locations even when the economy is poor to lock in low costs), motivating and keeping loyal employees and operators (including a decentralized approach that allowed ideas such as Filet-O-Fish and Big Mac invented by individual operators to be implemented chain-wide), the importance of advertising and protecting one's brand (California operations languished for a time because unscrupulous franchisees licensed by the original McDonald brothers were bastardizing the menu and cutting corners on ingredients). He obviously dislikes spending time with the Wall Street circuit of investment bankers and M&A lawyers, instead visiting outlets and reviewing operation reports as his pastime to find areas for improvement (similar to Walton). Kroc's energy and love of the business ("intelligent fanatic") come through every page of the book. A great book with excellent business insights, pulsating with the "joie de vivre" of a life well spent....more