8 PRACTICES / What Makes an Effective Executive / Peter F. Drucker / Interview Compilation

strategy execution and people all go together and if you don't get the people right the strategy doesn't matter and if you don't get the people right you won't get the execution so you're dead so from my standpoint strategy sort of a purist thing it's more academic execution and getting it done is what it's all about so without question that whole idea of winning driving home what you're going to do and what you're not going to do is pull Volvo decided before Romans that they were going to be in cars and their focus now on buses and trucks and escalators they can excel in that they were in a bad game in cars that takes a courageous management to get out of the carpet takes a lot of gas that's a huge decision and the fact that that company get it the team can 50 years ago is a trick of each of the system it's very interesting I was worth about over a million dollars when I was 23 and over ten million dollars nice 24 over 100 million dollars and it wasn't that important because I never did it for life I [Music] I think money is wonderful things that enables you to do things able to do invest in ideas that don't have a short-term payback like that but especially at that point in my life because it was not the most important thing the most important thing was the company the people the products we were what we were going to enable people agree with this product so I didn't think about it a great deal I never sold any stuff I really believed that the company would be very well over the long term you know there's this myth that that people think they don't need a business plan and oftentimes I find business owners who have an idea for great one and where they miss it is the execution they don't go through the process of writing things down is any time you can take pen to paper and write out your ideas and share them with other people and get feedback which is essentially a business plan you're going to do better it can be a whiteboard in an office it could be notes taken on your computer and a journal but I wanted to start with something that says here's what my product or services here's I'm going to attack the market here's how I'm going to beat the competition here's how I'm going to learn from that here's what I'm going to take for my customers and here's the kind of people I need to surround myself if you don't answer those questions then really you're just kind of like a like a dodgeball game just going to go out there and win it and some point and again black in the tie today there is no such thing as complete control nothing no one has complete control in any situation people that leading organizations in some ways have left because not only do they have to control what they do they have to help persuade everyone else what they do but you know if you are able to take responsibility I'm not late because there was traffic I'm late because I didn't leave early enough to account for the fact that there was traffic the project didn't get finished not because my friend my partner didn't do it my colleague didn't do his part the fault the project didn't get finished because I didn't set up a team where my colleague wanted to do this part when you take responsibility and you take full responsibility that is the most empowering thing and you can do it at any stage if you have to do it if you're raising money as an entrepreneur you have to do it if you want if you're trying to persuade people to work with you you have to do it at all stages think that's the most important the most important thing about running a company is to remember all the time what a company is a company is simply a group of people and as a leader of people you have to be a great listener and you have to be a great motivator you have to be very good at praising and above the best in people people are no different from like if you order flowers they perish if you praise even a Flemish and that's critical attributes of an illegal [Music] now the first thing we must do is deal with change and learn to accept the fact that things are changing fast and so to illustrate how to handle change I thought since I hadn't been here in 8 years I would give you a little amway history so you would see how we handle change when J Van Andel and I started our first business we started a flying school now that was a change but the important thing is that neither one of us knew how to fly and so when you consider doing something new you see all I can't do it I've never done this but we didn't let our not flying stop us from starting we just began and hired instructors and learn from them [Music] we all meet for three hours once a week you talk about everything we're doing whole business and there's tremendous teamwork and competences which filters down to tremendous people throughout them and teamwork is dependent on trusting other folks to come through with their part without watching them with trusting that they're going to come to you and that's what we do really well and we're great at figuring out how to divide things up great teams we have and all work on the same thing touch bases frequently and bring it all together into a product we do that really well and so what I do all day is meet with teams of people and work on ideas and solve problems to make new products to make new marketing programs whatever it is and our people willing to tell you you're wrong yeah I mean other than snarky journalists I mean people are ya know we have wonderful arguments and you win them all or oh no I wish I did okay you can if you want to hire great people and have them stay working for you you have to let them make a lot of decisions and you have to you have to be run by ideas not hire and so some companies operate by you know the product genius at the top and we all know these companies in this whole motif of you know to be a great CEO you've got to be the great product person who really you know it's intoxicating and fun but you're building incredible amounts of dependence on yourself and eventually you know how well I know how Turkish consumers consume efflux not that well and so you're much stronger obviously building a distributed set of great thinkers so you know we look at it we say we want to be like a major league baseball team and you know you've only got so many positions on the field and if everyone is not incredible at what they do then you're not gonna win [Music]

Channel: Yan Rocha

Views: 8,736

Rating: 4.6666665 out of 5

Keywords: Peter F. Drucker, Peter Drucker, Drucker, Leadership, Executive, Effective executive, Leader, Management, Succesful leaders, Steve Jobs, Apple, Jack Welch, General Electric, Marcus Lemonis, Sheryl Sandberg, Facebook, Richard Brandson, Virgin Group, Richard DeVos, Amway, CEO, Reed Hastings, Netflix, Co-Founder, Harvard, Harvard Business, Article, Harvard Business Review, Practices, 8 Practices, Eight Practices, Leadership Rules, Rules to success, Interview Compilation, Interviews

Id: UjIjHS0XYE4

Length: 8min 29sec (509 seconds)

Published: Wed Jun 07 2017