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The rules of engagement around building a brand have changed significantly over the past 10 to 15 years. Where companies at one time could spread their message through traditional marketing, consumers now seek an enduring emotional connection with the companies they patronize. The foundation of that connection is the most important characteristic of building a world-class brand: trust. Trust with your people and trust with your customers.
The fact that used cars is our largest category is a good example. We would not have sat in a conference room and said, "Hey, how about used cars?" So what can be learned that is extensible to other companies is to ask what are your customers doing with your products that maybe you didn't anticipate that they would do? How do you think of your customers as your research and development lab, as opposed to having an R&D lab at headquarters?
You have wondered, perhaps, why all real accountants wear hats? They are today's cowboys. As will you be. Riding the American range. Riding herd on the unending torrent of financial data. The eddies, cataracts, arranged variations, fractious minutiae. You order the data, shepherd it, direct its flow, lead it where it's needed ... You deal in facts, gentlemen, for which there has been a market since man first crept from the primeval slurry.
I was 21 and had spent the last few years in Stanford University Engineering School at California. Many people advised me to take up a nice, cushy job rather than face the challenges of running a hydrogenated oil business. Looking back, I am glad I decided to take charge instead. Essentially leadership begins from within. It is a small voice that tells you where to go when you feel lost. If you believe in that voice, you believe in yourself.
You're missing it. This is not a one-man show. What's reinvigorating this company is two things: One, there's a lot of really talented people in this company who listened to the world tell them they were losers for a couple of years, and some of them were on the verge of starting to believe it themselves. But they're not losers. What they didn't have was a good set of coaches, a good plan. A good senior management team. But they have that now.
The dilemma of our age is the combination of unprecedented material progress and systematic spiritual decline. The decline in public and private morality can be witnessed in the marketplace as well as the forums of international diplomacy. In the past, a man's honor and reputation were his most valuable assets. Business agreements were made with a handshake. Today one might be well advised to check the "bottom line" and read the "small print."
Our jobs determine to a large extent what our lives are like. Is what you do for a living making you ill? Does it keep you from becoming a more fully realized person? Do you feel ashamed of what you have to do at work? All too often, the answer to such questions is yes. Yet it does not have to be like that. Work can be one of the most joyful, most fulfilling aspects of life. Whether it will be or not depends on the actions we collectively take.
In the early 1970s, Milton Friedman argued that corporations should not be socially responsible because they had no mandate to be; they existed to make money, not to be charitable institutions. But in the economy of the 21st century, corporations cannot be socially responsible, if social responsibility is understood to mean sacrificing profits for the sake of some perceived social good. That's because competition has become so much more intense.
During the Q&A periods after my speeches, it is the men who say to me, "Help me understand how I am going to balance my work and my family." Now, let me tell you why I believe they see it that way. Because when they look around the room, they see the women who are going to be in their lives, the choices they will have for a spouse. And they realize that these women are educated, ambitious, and have every intention of having careers of their own.
The great virtue of free enterprise is that it forces existing businesses to meet the test of the market continuously, to produce products that meet consumer demands at lowest cost, or else be driven from the market. It is a profit-and-loss system. Naturally, existing businesses generally prefer to keep out competitors in other ways. That is why the business community, despite its rhetoric, has so often been a major enemy of truly free enterprise.
Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac's talents didn't extend to investing: He lost a bundle in the South Sea Bubble, explaining later, 'I can calculate the movement of the stars, but not the madness of men.' If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.
An unreflective passion for social justice may be one of the biggest obstacles to creating peace and prosperity in the 21st century. While there are most certainly factory owners in China whom we would rightly regard as criminal in their treatment of their workers, it is very important not to confuse these incidents with the phenomenon of globalization. It is a good thing that Wal-Mart is encouraging more humane standards in its supplier's factories.
...treasure what it means to do a day's work. It's our one and only chance to do something productive today, and it's certainly not available to someone merely because he is the high bidder. A day's work is your chance to do art, to create a gift, to do something that matters. As your work gets better and your art becomes more important, competition for your gifts will increase and you'll discover that you can be choosier about whom you give them to.
To me it seems pretty obvious that it would be simple to build a business around helping people achieve autonomy, a feeling of competence and relatedness. In fact, every web company that has been successful thusfar has their business build solidly on one or all of these. And I believe that as people discover that these things are within their reach, they will gravitate more and more towards companies that offer tools to helping them achieve happiness.
Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay. The upshot is that a mediocre-or-worse CEO - aided by his handpicked VP of human relations and a consultant from the ever-accommodating firm of Ratchet, Ratchet and Bingo - all too often receives gobs of money from an ill-designed compensation arrangement.
The question is, when so many others cut corners, shave the truth, self-deal, believe in the fast buck, and follow the crowd along the low road of least resistance, can we even afford to travel the high road of ethical behavior? Frankly, we can't afford anything else. Any other competitive angle is a pure crapshoot in today's business world. Companies with shaky ethics and shabby standards will be crippled as they try to compete in our changing world.
Karl Rove described Obama as "the guy at the country club with the beautiful date, holding a martini, and making snide comments about everyone who passes by." Unlike George Bush, who's the guy at the country club who makes snide comments, and then passes out. Now this characterization, of course, was something Mr. Rove just completely pulled out of his bulbous, gelatinous a$$, but remember this is America, a land where people believe anything they hear.
I think re-engineering or restructuring or downsizing or rightsizing or whatever you want to call it, it's basically firing, has gone way too far. Employees, as I've talked to them across the country, feel that they are not respected, they are not valued, they are worried about their jobs. They simply feel that the company is no longer loyal to them. Why should they be loyal to the company, they ask me. Why should I go the extra mile? Why should I care?
My experience to date has been that change, particularly relative to business, rarely happens in a revolutionary way. That isn't to say there are not times when major change happens, but my experience is that particularly when you're encouraging businesses to change of their own volition, the change is more slow over time. I don't think global trade is going to go away. I think it's unlikely that global trade and multinationals are not going to be around.
Big ideas come from the unconscious. This is true in art, in science, and in advertising. But your unconscious has to be well informed, or your idea will be irrelevant. Stuff your conscious mind with information, then unhook your rational thought process. You can help this process by going for a long walk, or taking a hot bath, or drinking half a pint of claret. Suddenly, if the telephone line from your unconscious is open, a big idea wells up within you.
When you delve deep enough, you find that practically every great fortune and great enterprise in America have sprung from the courageous enterprise of some individual. It was Commodore Vanderbilt's enterprise in switching first from running a ferryboat to running other ships, and then, when he was well along in years, his enterprise in switching into railroading, that created what was to become one of the most notable fortunes in the history of the world.
An executive cannot gradually dismiss details. Business is made up of details and I notice that the chief executive who dismisses them is quite likely to dismiss his business. Success is the sum of detail. It might perhaps be pleasing to imagine oneself beyond detail and engaged only in great things, but as I have often observed, if one attends only to great things and lets the little things pass the great things become little; that is, the business shrinks.
I've never needed a lobbyist personally to put my case. I'd rather put my case myself. But I don't understand how other people look at things. A lot of people in business haven't been involved in politics. They are frightened of ministers and the whole procedure. It's not something to be frightened of. It's something to go in and realise that people who go into politics, regardless of being Labor, Liberal or Nationals, primarily go in to serve the community.
To put it another way, I believe that purpose and principle, clearly understood and articulated, and commonly shared, are the genetic code of any healthy organization. To the degree that you hold purpose and principles in common among you, you can dispense with command and control. People will know how to behave in accordance with them, and they'll do it in thousands of unimaginable, creative ways. The organization will become a vital, living set of beliefs.
The real development I've seen of people in organizations, especially in big ones, comes from their being volunteers in a nonprofit organization - where you have responsibility, you see results, and you quickly learn what your values are. There is no better way to understand your strengths and discover where you belong than to volunteer in a nonprofit. That is probably the great opportunity for the social sector - and especially in its relationship to business.
To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.
My business is to be talented, that is, to be capable of selecting the important moments from the trivial ones. . . . It's about time for writers - particularly those who are genuine artists - to recognize that in this world you cannot figure out everything. Just have a writer who the crowds trust be courageous enough and declare that he does not understand everything, and that alone will represent a major contribution to the way people think, a long leap forward.
Today the strategies of many companies in the real estate industry are premised on low interest rates, an assumption that has resulted in the rapid expansion of the real estate securitization business. This trend could be regarded as a risk factor, as it exposes the real estate sector to at least three potential problems: first, interest rate hikes; second, revisions to securitization business accounting standards; and third, overheating in the real estate market.
The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.
Rare almost as great poets, rarer, perhaps, than veritable saints and martyrs; are consummate men of business. A man, to be excellent in this way, requires a great knowledge of character, with that exquisite tact which feels unerringly the right moment when to act. A discreet rapidity must pervade all the movements of his thought and action. He must be singularly free from vanity, and is generally found to be an enthusiast who has the art to conceal his enthusiasm.
Taxes will eventually become a voluntary process, with the possible exception of real estate - the one physical thing that does not move easily and has computable value. The US has a jump-start on the practice, in that 65 percent of local school funds come from real estate taxes - a practice Europeans consider odd and ill advised. But wait until that's all there is left to tax, when the rest of the things we buy and sell come from everywhere, anywhere, and nowhere.
The IRS spends God knows how much of your tax money on these toll-free information hot lines staffed by IRS employees, whose idea of a dynamite tax tip is that you should print neatly. If you ask them a real tax question, such as how you can cheat, they're useless. So, for guidance, you want to look to big business. Big business never pays a nickel in taxes, according to Ralph Nader, who represents a big consumer organization that never pays a nickel in taxes. . . .
One of the main purposes of laws in a democratic society is to put burdens upon intelligence and reduce it to impotence. Ostensibly, their aim is to penalize anti-social acts; actually their aim is to penalize heretical opinions. At least ninety-five Americans out of every 100 believe that this process is honest and even laudable; it is practically impossible to convince them that there is anything evil in it. In other words, they cannot grasp the concept of liberty.
Advertising and the free society are closely connected. Advertising helps to make a free society remain so by increasing competition, and by helping to maintain the freedom of the mass media themselves. The free society is one where advertising and advertising agencies are likely to be in considerable demand, though it is true that even in a totally centralist society there would still be a need for organisations and people to have access to mass communication media.
I can find only three kinds of business in the universe: mine, yours and God's. Much of our stress comes from mentally living out of our business. When I think, "You need to get a job, I want you to be happy, you should be on time, you need to take better care of yourself," I am in your business. When I'm worried about earthquakes, floods, war, or when I will die, I am in God's business. If I am mentally in your business or in God's business, the effect is separation.
Think for yourself. Unplug yourself from follow-the-follower groupthink, and virtually ignore what everyone else in your industry is saying (except the ones everyone agrees is crazy). Do your own research, draw your own conclusions, set your own course, and stick to your guns. When you're just starting out, people will tell you you're wrong. After you've blown past them, they'll tell you you're crazy. A few years after that, they'll (privately) ask you to mentor them.
No one in the world can change Truth. What we can do and should do is to seek truth and to serve it when we have found it. The real conflict is the inner conflict. Beyond armies of occupation and the hecatombs [e.g. the sacrifice of many victims] of extermination camps, there are two irreconcilable enemies in the depth of every soul: good and evil, sin and love. And what use are the victories on the battlefield if we ourselves are defeated in our innermost personal selves?
Borrowing money on what's called 'easy terms,' is a one-way ticket to the Poor House. If you think it ain't a Sucker Game, why is your Banker the richest man in your Town? Why is your Bank the biggest and finest building in your Town? Instead of passing Bills to make borrowing easy, if Congress had passed a Bill that no Person could borrow a cent of Money from any other person, they would have gone down in History as committing the greatest bit of Legislation in the World.
One cannot expect to coast along and rise automatically to the top, no matter what friends you may have in the company. There may have been a time when, in large corporations, a person could rise simply because he had a stock interest or because he had friends in top management. That's not true today. Success in business requires training and discipline and hard work. But if you're not frightened by these things, the opportunities are just as great today as they ever were.
When I was trying to popularize the concept of the Internet - ten or 15 years ago - I came up with this concept of "the 5 Cs." Services needed to have content, context, community, commerce, and connectivity. After that, when I was trying to think of what the key management principles were to build into the culture, I started talking about the Ps. The P's were things like passion, perseverance, perspective and people. I think the people aspect is really the most important one.
Entrepreneurs don't really make mistakes, though. We just make decisions that seem right at the time, but which sometimes turn out to have been the wrong path to take. For example, we allowed a buyer to place a huge opening order and later had to take some product back. We didn't have our sell-through programs in place, so in hindsight, it would have been wiser to sell in less product at the outset. The scary thing is you are always making decisions without knowing the future.
Like it or not - and often we don't - power is a pervasive phenomenon. From midnight decisions in the Oval Office that risk the lives of young Americans to quarrels over the kitchen table, power is part of every human equation. Yes, it can be - and often is - abused, in business as in all arenas of endeavor. But it can also be used to do great good for great numbers. And as a career-building tool, the slow and steady (and subtle) amassing of power is the surest road to success.
Success in life could be defined as the continued expansion of happiness and the progressive realization of worthy goals. Success is the ability to fulfill your desires with effortless ease. And yet success, including the creation of wealth, has always been considered to be a process that requires hard work and it is often considered to be at the expense of others. We need a more spiritual approach to success and to affluence which is the abundant flow of all good things to you.
Apparently, sir you Chinese are far ahead of us in every respect, except that you don’t have entrepreneurs. And our nation, though it has no drinking water, electricity, sewage system, public transportation, sense of hygiene, discipline, courtesy, or punctuality, ‘’does’’ have entrepreneurs. Thousands and thousands of them. Especially in the field of technology. And these entrepreneurs—"we" entrepreneurs—have set up all these outsourcing companies that virtually run America now.
The men of wealth who today are trying to prevent the regulation and control of their business in the interest of the public by the proper government authorities will not succeed, in my judgment, in checking the progress of the movement. But if they did succeed they would find that they had sown the wind and would surely reap the whirlwind, for they would ultimately provoke the violent excesses which accompany a reform coming by convulsion instead of by steady and natural growth.
I hope corporations will dedicate a percentage of their top innovators' time to issues that could help people left out of the global economy. This kind of contribution is even more powerful than giving cash or offering employees' time off to volunteer. It is a focused use of what your company does best. It is a great form of creative capitalism, because it takes the brainpower and makes life better for the richest, and dedicates some of it to improving the lives of everyone else.
We grow by letting the customer tell us. So when the customer tells us that they're frustrated, that they just got their catalogue and we're already out of a product they wanted, then it tells me that we're not making enough. We let the customer tell us instead of creating an artificial demand for our products. Any time you're making products that people don't need, you're at the mercy of the economy, you're at the mercy of whatever is going on. So we tried to avoid that situation.
Letting users control your site can be terrifying at first. From day one we were asking ourselves, "What is going to be on the front page today?" You have no idea what the system will produce. But stepping back and giving consumers control is what brought more and more people to the site. They have a sense of ownership and discovery at the same time. If you give users the tools to spread and share their interests with others, they will use them to promote what is important to them.
... business training in early life should not be regarded solely as insurance against destitution in the case of an emergency. For from business experience women can gain, too, knowledge of the world and of human beings, which should be of immeasurable value to their marriage careers. Self-discipline, co-operation, adaptability, efficiency, economic management,--if she learns these in her business life she is liable for many less heartbreaks and disappointments in her married life.
Executives run organizations. In business, we need executives who have clarity, people who are in touch with themselves. Then, in leadership and management positions, they can be good role models and leaders. The people I know who have really moved their organizations are scrupulous role models. They are so clear about honesty, integrity, openness, mutual self-respect, dignity for the individual, and creativity, that they don't deviate from these principles at all in their behavior.