An organization is represented by its collective ability to create values. Many companies establish their values based on the market in which they arose. However, when the market renews itself, such values remain the same - often outdated - which diminishes the company's ability to adapt.
IBM's case is no different. The company's values met the beliefs of its founder, Thomas J. Watson :. However, after the company's near extinction, it had to change its values because the old ones no longer corresponded to the beliefs of the new IBM.
Being responsible for bringing IBM closer to its customers, Gerstner worked out eight principles that would be the cornerstones of the company's new culture:. There are three fundamentals that characterize successful businesses and entrepreneurs , and they can be the foundation for any business, large or small:. All major companies struggle to outperform their competitors daily in the marketplace.
Everyday life in the business world is made up of attitudes, not just ideas. Thus, the author states that execution is the most important part of the strategy. It is about turning all your strategies into actions and analyzing the results. Knowing how to do it means doing the right things faster, better, and more productively than your competitors.
The company has employees committed to success , true leaders and people focused on quality. The best leaders create high-performance cultures , set goals and analyze results. Many people believe that small businesses work well and large companies do not.
However, this is not true. Gerstner says that a company's performance is not measured by its size. It is not about saying that large companies predominate over small ones, or that elephants are better than ants. That is, despite the great extent, large companies can rise after a crisis without having to decentralize or close their doors. Therefore, we need to develop and apply strategies that keep a company together, always thinking about employee well-being and customer satisfaction.
He teaches you how to grow your business, seeking better numbers and results. It was a major benefit for our family finances, so I packed off for Dartmouth in September , without ever having set foot on its campus.
Four years later I graduated with a degree in engineering science. I immediately went to Harvard Business School for two years. Back then one could leave undergraduate school and go directly to busi- ness school, a practice that has since, for the most part, been aban- doned by business schools. Then, at the tender age of 23, I emerged from Harvard and went into business.
My first assignment was to conduct an executive compensation study for the Socony Mobil Oil Co. I knew nothing about exec- utive compensation, and absolutely nothing about the oil industry. Thank goodness I was the low man on the totem pole, but in the McKinsey world one was expected to get up to speed in a hurry. Within days I was out meeting with senior executives decades older than I was.
Over the next nine years I advanced to the level of senior partner at McKinsey. I was responsible for its finance practice and was a member of its senior leadership committee.
I was the partner in charge of three major clients, two of which were financial services companies. The most important thing I learned at McKinsey was the detailed process of understanding the underpinnings of a company. Although I enjoyed the intellectual challenge, the fast pace, and the interaction with top- ranking senior people, I found myself increasingly frustrated playing the role of an advisor to the decision makers.
I stayed at American Express for eleven years, and it was a time of great fun and personal satisfaction. Our team grew Travel Related Services earnings at a compounded rate of 17 percent over a decade; expanded the number of cards issued from 8 million to nearly 31 million, and built whole new businesses around the Corporate Card, merchandise sales, and credit card processing industries.
The presumption was that Gerstner had joined IBM to preside over its continued dissolution into a confederation of autonomous business units, effectively eliminating the corporation that had invented many of the industry's most important technologies. Instead, Gerstner took hold of the company, making the bold decision to keep it together, defiantly announcing, "The last thing IBM needs right now is a vision.
Summing up his historic business achievement, Gerstner recounts high-level meetings, explains the no-turning-back decisions that had to be made, and offers his hard-won conclusions about the essence of what makes a great company run.
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