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Good To Great

Group3 John Wise Ethan Noble Jacob Weems Charles Hodges Amanda Barrientes. Good To Great. Chapter 3: First Who…. Then What. First Who…. Then What. People vs. direction Three Simple Truths: Who then what Right people self-motivated Great people > Great Vision Wells Fargo

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Good To Great

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  1. Group3John Wise Ethan Noble Jacob Weems Charles Hodges Amanda Barrientes Good To Great Chapter 3: First Who…. Then What

  2. First Who…. Then What • People vs. direction • Three Simple Truths: • Who then what • Right people self-motivated • Great people > Great Vision • Wells Fargo • Injecting an endless stream of talent • CEO success

  3. First Who… Then What cont’d • Bank of America • Opposite approach • Weak generals, strong lieutenants • Plastic People • How is this new ? • 1.right people before choosing direction • 2.sheer rigor in people decisions • “You can’t fake it at Fannie Mae”

  4. Not a “Genius With A Thousand Helpers” • Level 5 + Management Team • (good to great companies) • Level 5 Leader • First Who • Get the right people on the bus. • Build a superior executive team. • Then What • Once you have the right people in place, figure out the best path to greatness • A “Genius With A Thousand Helpers” • (Comparison Companies) • Level 4 Leader • First What • Set a vision for where to drive the bus. Develop a road map • Then Who • Enlist a crew of highly capable “helpers” to make the vision happen

  5. It’s Who You Pay, Not How You Pay Them Does the amount and structure of compensation play a key role? You can’t teach work ethic The right people are the most important asset.

  6. Rigorous not Ruthless “Rigorous means constantly applying exacting standards at all times and at all levels.” (Good to Great) Wells Fargo and Crocker Bank (1986) First become rigorous about top management Endless restructuring and mindless hacking doesn’t make a company go from good to great

  7. Practical discipline #1: When in doubt don’t hire, keep looking. Never compromise Circuit City vs. Silo

  8. Practical Discipline # 2:When you know you need to make a people change, act. The best people don’t need to be managed. Attention spend on poor workers draw the attention away from the great employees. It is unfair keep an unsuitable employee when he or she could flourish elsewhere. Shift employees at the positions that they can be the most successful. Take the time to make a rigorous A+ selection right up front.

  9. Practical Discipline # 3: Put your best people on your biggest opportunities, not your biggest problems. Managing your problems can only make you good, where as building opportunities is the way you become great. It is not a question of what can be accomplished, but who can accomplish it. A level 5 employee should be strong and challenge decisions, but should also meld that strength into doing what ever it takes for the company. Remember that all debates should be for the common good of the company, not your own interests.

  10. A Great Life Is it possible to be wildly successful and have a well rounded life? Surround yourself with the right people. Balance=Success

  11. Well Rounded? Chairman and CEO Jim Owens • Member of the Business Roundtable in D.C. • Director for the Peterson Institute for International Economics in D.C. • Director of the FM Global Insurance Company • Director of Alcoa • Director of IBM • Member of the President’s Advisory committee for trade policy and negotiations • Member of the White House Economic Recovery Advisory Board • Serves on NC States board of trustees

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