Lee Iacocca - Autobiography

Management Practices andFailures By:- Gaurav Singh Vikas Kumar Lucky Sharma Ashish Singh Somtey Sailo Rashmi Kumari Akash Mishra 1he AuLhor Ŵ 1lmellne W 1924 Ŵ 8orn Lldo AnLhony lacoccaţ ln AllenLownţ Þennsylvanla W 1946 Ŵ Landed flrsL [ob aL lord MoLor Company as an englneerlng Lralnee W 1964 Ŵ lord rolled ouL Lhe MusLang pony carţ lcocca promoLed Lo head of Lhe companyƌs lord dlvlslon W 1966 Ŵ CneŴmllllonLh MusLang bullL wlLhln Lwo years W 1970 Ŵ 8ecame presldenL of lord W 1973 Ŵ lord MusLang ll was lnLroduced W 1978 Ŵ llred by Penry lord ll W 1979 Ŵ 8ecame Chryslerƌs CLC W 1980 Ŵ ÞresldenL CarLer slgned Lhe Chrysler CorpŦ Loan CuaranLee AcLţ provldlng $1Ŧ3 bllllon ln loan guaranLeesţ whlch were used Lo save and rebulld Chrysler W 1983 Ŵ Chrysler pald back governmenL loan ln full Ŵ and a full seven years early 1he lord SLory W !olned lord MoLor ln 1946 W AfLer a brlef sLlnL on englneerlngţ moved Lo sales and markeLlng where hls career flourlshed W Pls maverlckţ sLreeLŴsmarLţ ƍLhlnklng on your feeLƍ approach lnduced breakLhrough programs llke ƍ36 for 36" whlch won naLlonal acclalm W AnoLher legendary pro[ecL was 1964 MusLang W Pls use of markeL researchţ hls wllllngness Lo llsLen and hls readlness Lo Lake rlsks lnLroduclng new producLs made hlm a sLrong buslness force Management is nothing more than motivating other people. 1he 8lslng W Was responslble for Lhe Llncoln ConLlnenLal Mark lllţ Lhe lord llesLa and Lhe revlval of Lhe Mercury brand W ÞromoLed oLher ldeas whlch dld noL reach Lhe markeLplace as lord producLs W Was made ÞresldenL of lord on uecember 10ţ 1970Ŧ And so, after ten years of preparation, Ì became an overnight success 1he 8reakŴup W 8y Lhe end of 1973 Lee and Penry lord ll began Lo have a personallLy confllcL W lord ÞosLs a $2 bllllon proflL ln 1978 W lacocca ls flred from lord aL Lhe rlpe age of 34 W Pe was [usL monLhs away from reLlremenL!!! W 3 monLhs laLer lacocca's wlfe has an hearL aLLack enry Ford ÌÌ: Sometimes you just don't like somebody 1he Second lnnlngs Ŷ Chrysler Corp etroit Press : 'Chrysler Losses Are Worst Ever', 'Lee Ìacocca joins Chrysler' W nov 2ţ 1978 Chrysler had $160 mllllon losses no coordlnaLlon LlquldlLy crunch Low morale lndusLrlal spylng Loslng consumer loyalLy Þoor quallLy Sales 8ank Iacocca Io|ns Chrys|er W Lee sells Chrysler Lurope Lo ÞeugeoLţ 8rlngs AssoclaLes from fordţ sLarLs 'MlnlŴMax' Þro[ecLţ lays of workers and rebullds company from Lhe ground up andŧŧŧŧŧŧŧŧŧŦ AL Chrysler W ŧŧŧŦ Lhe counLry wlLnessed one of Lhe greaLesL economlc dramas ln hlsLory as Chrysler sLruggled Lo geL back on lLs feeLŦ W lnLroduced kŴcars W Cmnl and Porlzon became lnsLanL hlLsţ selllng over 300ţ000 unlLs each ln Lhelr debuL year W lronlcallyţ concepL of kŴcars was proposed by Lee when he was ln lord buL Pl2 dld noL wanL anyLhlng Lo do wlLh small cars!!! W now Chrysler wenL ahead of lord wlLh Lhese cars 1he Loan W ln 1979 Chrysler on verge of 8ankrupcy lalled Lalks on Loan ÞrocuremenL lalled Lalks on sellouL Lo volkswagon Lee approached uS Congress for Loan CuaranLee W CounLry fumes Ŷ should chrysler be saved? W $1Ŧ3 bllllon loan ls granLed W ln 1981 Loss of $478Ŧ3 mllllon Þroposed merger beLween lord and Chrysler 8ankrupcy slLuaLlon agaln AddlLlonal $600 mllllon concesslon 1he Loan (ConLdŦ) W 1983 LosL hls wlfe Chrys|er Þays back |oan to GovtŦ fu|| 7 years ear|y!!! W 1he turnaround |s comp|ete W Aqulres AMC Ŷ 8rlngs !eep dlvlslon Lo Chrysler W 8eLlres from Chrysler ln 1993 1he 8ook W CoŴauLhored by Wllllam novak W Þubllshed ln 1984 W MosL of Lhe book ls Laken up wlLh remlnlscences of lacoccaƌs career ln Lhe car lndusLryţ flrsL wlLh Lhe lord MoLor Companyţ Lhen Lhe Chrysler CorporaLlonŦ W Was Lhe besLŴselllng nonŴflcLlon hardcover book of 1984 and 1983Ŧ Good leaders know how to follow their people. -|ne C's of Leadersh|p 1Ŧ Cu8lCSl1? 2Ŧ C8LA1lvL 3Ŧ CCMMunlCA1L 4Ŧ CPA8AC1L8 3Ŧ CCu8ACL 6Ŧ CCnvlC1lCn 7Ŧ CPA8lSMA 8Ŧ CCMÞL1Ln1 9Ŧ CCMMCn SLnSL CUkICSI1¥ #żA LeaderŽ has Lo llsLen Lo people ouLslde of Lhe #?esţ slr" crowd ln hls lnner clrcleŦ Pe has Lo read voraclouslyţ because Lhe world ls a blgţ compllcaLed placeŦ" lnqulry ls Lhe foundaLlon for lnnovaLlonŦ Pow do we pracLlce Lhls ln Lhe corporaLe workplace? llrsLţ by leaders acknowledglng LhaL Lhey don'L have all Lhe answers and LhaL Lhe answers wlll come Lhrough dlalogue and llsLenlng Lo people ln Lhe organlzaLlonŦ 1he besL leaders make a hablL of faceŴLoŴface lnvolvemenL and acLlve llsLenlng wlLh Lhose on Lhelr Leam and wlLh Lhelr cusLomersŦ 1hey ask open ended quesLlons and sLlr peoples' lmaglnaLlon Lo address challengesŦ ln addlLlon Lo geLLlng a clear plcLure of how employees are seelng Lhelr world and generaLlng poLenLlal flxesţ Lhls vlslblllLy and dlalogue also forms a bond beLween Lhe leader and Lhose on Lhe work LeamŦ lacocca goes on Lo say ŧ#lf a leader never sLeps ouLslde hls comforL zone Lo hear dlfferenL ldeasţ he grows sLaleŦ lf he doesn'L puL hls bellefs Lo Lhe LesLţ how does he know he's rlghL? 1he lnablllLy Lo llsLen ls a form of arroganceŦ lL means elLher you Lhlnk you already know lL allţ or you [usL don'L careŦ" As !ohn lŦ kennedy sLaLed ŧ #Leadershlp and learnlng are lndlspensable Lo each oLher"Ŧ CkLA1IVL #A leader has Lo be C8LA1lvLţ go ouL on a llmbţ żandŽ be wllllng Lo Lry someLhlng dlfferenLŦ ?ou knowţ Lhlnk ouLslde Lhe boxŦ Leadershlp ls all abouL managlng changeŸwheLher you're leadlng a company or leadlng a counLryŦ 1hlngs changeţ and you geL creaLlveŦ ?ou adapLŦ" Leadershlp ls abouL sLaylng ahead of Lhe change curveŤ more Lhan [usL keeplng pace and ad[usLlngŦ lL ls anLlclpaLlng and Lhlnklng ouLslde of your hablLual ways of respondlngŦ Many of our cllenLs have faced resource reducLlons and downslzlngsŦ We work wlLh Lhem Lo examlne prlorlLlesţ renegoLlaLe levels of servlce and move Lo creaLe a workplace LhaL ls more lnnovaLlve and lnsplrlngŦ As LlnsLeln sLaLed ŧ #1he slgnlflcanL problems we have cannoL be solved aL Lhe same level of Lhlnklng wlLh whlch we creaLed LhemŦ" CCMMU-ICA1L #A leader has Lo CCMMunlCA1LŦ l'm noL Lalklng abouL runnlng off aL Lhe mouLh or spouLlng sound blLesŦ l'm Lalklng abouL faclng reallLy and Lelllng Lhe LruLhŦ CommunlcaLlon has Lo sLarL wlLh Lelllng Lhe LruLhţ even when lL's palnfulŦ" 1he besL leaders we have worked wlLh over Lhe years are Lhe ones who lncreased Lhelr vlslblllLy and personally meL wlLh employees durlng Lhe LoughesL LlmesŦ 1hey were lnvolved and Lhey caredŦ 1hey communlcaLed whaL Lhey could and lf Lhey dld noL know Lhe answer Lhey would say soŦ 1hey were upfronLŦ As a resulLţ people LrusLed Lhem and belleved whaL Lhey saldŦ Lmployees felL a cerLaln level of securlLy knowlng LhaL lnformaLlon would be shared lf aL all posslbleŦ 1hey dld noL have Lo wonder whaL Lhey mlghL be mlsslng or whaL klnd of lnformaLlon was belng wlLhheldŦ 1hey felL secure ln Lhe knowledge LhaL Lhey would be kepL ln Lhe loopŦ A greaL plece of advlce comes from a quoLe by Wllllam 8uLler ?eaLs ŧ #1hlnk llke a wlse man buL communlcaLe ln Lhe language of Lhe people"Ŧ CnAkAC1Lk #1haL means knowlng Lhe dlfference beLween rlghL and wrong and havlng Lhe guLs Lo do Lhe rlghL LhlngŦ Abraham Llncoln once saldţ 'lf you wanL Lo LesL a man's characLerţ glve hlm power'Ŧ" Ablgall van 8uren (lŦeŦ uear Abbey) deflnes characLer as ŧ #(a) how he (or she) LreaLs people who canƌL do hlm any goodţ and (b) how he (or she) LreaLs people who canƌL flghL backŦ" CorporaLe leaders who are admlred amongsL employees are Lhose who LreaL everyoneţ regardless of levelţ as an lmporLanL parL of Lhe organlzaLlonŦ CCUkAGL #Swagger lsn'L courageŦ 1ough Lalk lsn'L courageŦ Courage ls a commlLmenL Lo slL down aL Lhe negoLlaLlng Lable and LalkŦ lL ls meeLlng wlLh employees faceŴLoŴface even Lhough you know Lhere wlll be Lenslon and you may noL have all Lhe answersŦ" As Mark 1waln sLaLed ŧ #Courage ls ŧ masLery of fear Ŵ noL absence of fearŦ" ln my experlence durlng Llmes of change mosL corporaLe leaders shy away from meeLlng wlLh employees unLll everyLhlng ls #Llcked and Lled" (as my llnance frlends say) and Lhey can face employees wlLh all Lhe answersŦ MosL of Lhe Llme Lhls means LhaL a leader doesn'L meeL wlLh employees and ls noL vlslble as seldom ls everyLhlng #buLLoned up"Ŧ 1he answer ls for leaders Lo conslsLenLly meeL wlLh employees LSÞLClALL? when Lhey don'L have all Lhe answersŦ lL Lakes courage and confldence Lo do LhlsŦ lL also Lakes bellef LhaL Lhe process of meeLlng and Lalklng ls lmporLanL and wlll lead Lo lmproved relaLlons and poslLlve resulLsŦ CC-VIC1IC- #1o be a leader you've goL Lo have CCnvlC1lCnŸa flre ln your bellyŦ ?ou've goL Lo have passlonŦ ?ou've goL Lo really wanL Lo geL someLhlng doneŦ" As we work wlLh corporaLlonsţ l flnd Candhl's words very approprlaLe ŧ #ƌnoƌ uLLered from deepesL convlcLlon ls beLLer and greaLer Lhan a ƌ?esƌ merely uLLered Lo pleaseţ or whaL ls worseţ Lo avold Lrouble"Ŧ ConvlcLlon ls speaklng whaL you belleveŦ 1rue leadershlp ls speaklng whaL you belleve whlle aL Lhe same Llme llsLenlng Lo and appreclaLlng Lhe convlcLlons of oLhersŦ A LruLhful and honesL dlscusslon leads Lo acknowledgemenL of crlLlcal lssuesŦ lL also creaLes a cllmaLe LhaL enables oLhers Lo become lnvolved ln Lhe soluLlonŦ CnAkISMA #A leader should have CPA8lSMAŦ l'm noL Lalklng abouL belng flashyŦ Charlsma ls Lhe quallLy LhaL makes people wanL Lo follow youŦ lL's Lhe ablllLy Lo lnsplreŦ Þeople follow a leader because Lhey LrusL hlmŦ 1haL's my deflnlLlon of charlsmaŦ" Andţ l would addţ Lhls LrusL ls based upon belng auLhenLlcŦ l am auLhenLlc when who l am and how l come across Lo oLhers maLchesŦ Þeople can LrusL LhaL l wlll be conslsLenLŦ Wlklpedla proposes LhaLţ #charlsmaLlc lndlvlduals generally pro[ecL unusual calmnessţ confldenceţ asserLlvenessţ domlnanceţ auLhenLlclLyţ and focusţ and almosL always possess superb communlcaLlon and/or oraLorlcal skllls"Ŧ l have found LhaL leaders wlLh charlsma pro[ecL noL only confldenceţ asserLlveness and focus buL also Lhelr bellef ln people and Lhelr ablllLy Lo succeedŦ CCMÞL1L-1 #A leader has Lo be CCMÞL1Ln1Ŧ 1haL seems obvlousţ doesn'L lL? ?ou've goL Lo know whaL you're dolngŦ More lmporLanL Lhan LhaLţ you've goL Lo surround yourself wlLh people who know whaL Lhey're dolngŦ A leader has Lo be a problem solver ŧ" Leadershlp compeLence ls demonsLraLed ln effecLlvely leadlng Lhe people of an organlzaLlon Lo accompllsh Lhelr ob[ecLlves ln pursulL of Lhelr vlslonŦ 1hls concepL ls relnforced ln Wlklpedla ŧ #managemenL compeLency lncludes Lhe LralLs of sysLems Lhlnklng and emoLlonal lnLelllgenceţ and skllls ln lnfluence and negoLlaLlonŦ" CompeLenL corporaLe leaders see Lhrough Lhe complexlLy Lo Lhe blg plcLure and have Lhe lnLerpersonal skllls needed Lo draw Lhe besL ouL of people whlle accompllshlng Lhe goals of Lhe organlzaLlonŦ CCMMC- SL-SL #?ou can'L be a leader lf you don'L have CCMMCn SLnSLŦ l call Lhls Charlle 8eacham's ruleŦ When l was a young guy [usL sLarLlng ouL ln Lhe car buslnessţ one of my flrsL [obs was as lord's zone manager ln WllkesŴ8arreţ ÞennsylvanlaŦ My boss was a guy named Charlle 8eachamţ who was Lhe LasL CoasL reglonal managerŦ Charlle was a blg SouLhernerţ wlLh a warm drawlţ a huge smlleţ and a core of sLeelŦ Charlle used Lo Lell meţ '8ememberţ Leeţ Lhe only Lhlng you've goL golng for you as a human belng ls your ablllLy Lo reason and your common senseŦ lf you don'L know a dlp of żŴŴŴŴŴŽ from a dlp of vanllla lce creamţ you'll never make lL'Ŧ" A quoLe by Calvln Lllls SLowe sums up common sense ŧ #Common sense ls Lhe knack of seelng Lhlngs as Lhey areţ and dolng Lhlngs as Lhey oughL Lo be doneŦ" Common sense ls lmporLanL as l flnd ŧ #Cne pound of learnlng requlres Len pounds of common sense Lo apply lL"Ŧ 1hank ?ou Motivation is everything. You can do the work of two people, but you can't be two people. Ìnstead, you have to inspire the next guy down the line and get him to inspire his people.¨ Apply yourself. Get all the education you can, but then, by God, do something. on't just stand there, make it happen.¨ Ìn the end, all business operations can be reduced to three words: people, product and profits. Unless you've got a good team, you can't do much with the other two.¨ Ìf you want to make good use of your time, you've got to know what's most important and then give it all you've got.¨ Ì have found that being honest is the best technique Ì can use. Right up front, tell people what you're trying to accomplish and what you're willing to sacrifice to accomplish it.¨ @
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