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by Jim Collins
Over the course of their research, Collins and his team examined
over 6,000 press articles and 2,000 pages of executive interviews. The
In 1975 CEO Ken Iverson realized if they just kept pushing in the
same direction, they could one day be the most profitable steel
company in the US. It took over two decades, but eventually the goal
was reached.
The right people will eventually find a path to success. When Dick
Cooley took over as the CEO of Wells Fargo, he realized he could never
understand the major changes that would follow from the imminent
deregulation of the banking industry.
But, he reasoned that if he got the best and the brightest people
into the company, somehow together they would find a way to prevail.
He was right. Warren Buffet subsequently called Wells Fargos
executives, The best management team in business, as the company
prospered spectacularly.
With the right people, companies did not need to worry about
how to motivate them. They focused on who they paid, not how they
paid, and created an environment where hard workers thrived and
lazy workers left. In top management, people either jumped right off
or stayed for the long run.
The market-leader, Scott Paper, felt that their game was up and
that they could never compete against a giant like P&G. They tried to
diversify and stay in categories where P&G did not compete.