Book Review

By, Nikhil Abbi Sridhar E Piyush Gupta Sagar Gupta Rahul Sangani Rohit Solanki

(B002) (B021) (B025) (B027) (B050) (B057)

The Book

The Author

John Francis "Jack" Welch, Jr Born in Massachusetts PhD -Chemical Engineering Former Chairman & CEO of GE Manager of the Century Fortune One of the three most admired business leaders in the world Financial Times

Winning

Winning: noun. The act of a person or thing that wins. Verb. a) Acquire something through effort

Method of study
Selection of book Thorough reading of the book Division of parts of the book amongst ourselves Brainstorming over the IDL theories Collating ideas into the report

Contents of the book

Winning is brutally hard but achievable There are no easy formulae for success Book however gives: a) Guidelines to follow b) Rules to consider c) Assumptions to adopt d) Mistakes to avoid

Structure of the book

Your Company
Underneath It All Mission and Values Candor Differentiation Voice and Dignity
Leadership

Hiring People Management Parting Ways Change Crisis Management

Your Competition Strategy Budgeting Organic Growth Mergers & Acquisitions Six Sigma

Your Career The Right Job Getting Promoted Hard Spots Work Life Balance

Differentiation
Underneath It All

Missions: How do you plan on winning in this business? Thats your mission statement Values: Values are the behaviours you plan to exhibit in achieving your mission Candor: Being honest and straightforward
Voice & Dignity: Listening to and respecting everybodys opinion about business decisions. Differentiation: Identifying the top 20%, the middle 70% and bottom 10% of employees in the team

Your Company

Your Company

Key elements of Leadership: Optimism, trust, candor, courage, risk taking and transparency Parting Ways Mistakes to avoid are surprises, humiliation and procrastination Change requires clear goals, hiring & promotion of go-getters, removal of resisters and exploitation of wrecks Crisis Management: assumptions to be made:

Worse than you imagined Everybody will come to know of it Media will crucify you Systems and people must change

Positive Energy

Can Energize others Passion

4E and 1P Framework for hiring

Hiring
Has an Edge Can Execute

Hiring at Top Positions

Ensure use of rigorous, non-bureaucratic evaluation system Jack Welch used this to increase hiring success rate from 50% to 80%

Ability to see around corners

Authenticity

Encircled with smart people

Heavy-duty Resilience

People Management
Give HR power and primacy

Spend resources to evaluate and coach the middle 70%

Rigorously evaluate with proven system

Confront troublemakers: and big stars with candor & action

Motivate and retain with money, recognition, training

Your Competition

Dealing with competition

Strateg y

Quality Improvemen t

Dealing with competition

Budgetin g

Business Expansio n

Dealing with competition

Strategy
Strategy is actually very straight forward. You pick a direction and implement it.

- Ponder less, do more

- Big aha- smart & realistic - Put right people in the right jobs - Employ best practices & continually improve

Budgeting:
- How to beat last years performance - How to beat competition?

Dealing with competition

Business Expansion:
o Start-Ups
- Best people in leadership positions - Encourage it with much fanfare - Freedom to make their own decisions

Quality Improvement:
o Six Sigma
- Improve operational efficiency - Improve customer experience

Your Career

The Right Job:

Learn & get to know yourself Job suited to your strengths Repeat whole process until you love your job

Getting promoted:
Find the right mentors Manage those below you fairly but with care Learn from business media Be positive & fun

Perform beyond expectations

Balancing life & career: Compartmentalize and set your priorities. Dont leave yourself out of those priorities

Jack Welch Personality traits

Extraversion: High
Openness: High Conscientiousness: High Agreeableness: Low Emotional stability:

Internal Locus of control Machiavellianism: High Risk taking: High Type A personality

Pros & Cons

Pros Cons

Based on real life corporate situations Simple language Does not contain clichs of management Good structure

Preachy at times Bad arguments for against side Could have been more succinct Almost selfcongratulatory

Conclusion
No other management book will ever be needed- Warren E. Buffett A candid and comprehensive look at how to succeed in business - Bill Gates Book integrates his personal & second hand learning experiences gained from running GE Winning is extremely important