Jack Welch Essay example -- GCSE Business Marketing Coursework

Jack Welch - Leadership Secret 1- Harness the Power of Change It is important in today’s changing economy that business leaders are not afraid to make necessary changes to succeed. When Jack Welch became CEO of General Electric in 1981, it was a lethargic business, satisfied with its output and entangled in bureaucracy. He understood the competition that overseas markets presented and the need for a new global strategic plan. He was able to envision the true potential of his resources and implemented drastic changes such as the Stretch, Work-Out, and Number One, Number Two business concepts (which will be discussed later) to achieve his goals. - Leadership Secret 2- Face Reality This is the most important rule in Jack Welch’s business strategy. Too many business leaders become comfortable with their performance and refuse to see the need for change. A business leader must understand the importance of accurately defining their company’s current position if they are planning on making successful changes. And once problem areas are discovered, managers must act immediately to correct them. When Welch took over at GE, he quickly addressed the common practice of sugar coating financial paperwork that only left a false since of security and insisted that every business unit in the GE empire must be the number one or number two competitor in its respective marketplaces or it would be fix, close, or sold. - Leadership Secret 3- Managing Less is Managing Better Managers need to provide the vision for their employees and instill confidence. Too many times, employees are held back by not having the power to make even the simplest of decisions without approval. Managers should empower their employees and trust that they are giving their total effort. This will give managers more time to work on plans to achieve the long-term goals of the company. - Leadership Secret 4- Create a Vision, Then Get Out of the Way â€Å"People always overestimate how complex business is. This isn’t rocket science. We’ve chosen one of the world’s most simple professions.† In Jack Welch’s words, business is simple. A leader needs to supply his employees with the information, the resources, the vision, and the atmosphere to succeed and reward them when they do. Welch does not concern himself with the details of GE’s many business units; he only needs to ma... ...direct more attention to the services side of an industry. The growth rates for product services increases more rapidly than that of product productions, so there is great incentive to direct your primary resources to provide service after the sale. - Leadership Secret 27, 28, 29- Turn Your Business into an e-Company The Internet is the future of business. Bring your company up-to-date and provide customers, not only with product descriptions and information, but with a way to shop, communicate and interact with your company via the web. The Internet also provides less chance for human error in the ordering process because fewer individuals have to handle information. And, most importantly, the Internet speeds up operations, whether it is use for sending information to employees or receiving custom orders from customers. - Conclusion Jack Welch has definitely revolutionized the business approach. He has proven, over the years, that his techniques and concepts are extremely effective and that business leaders, worldwide, should heed his advice. This book provides a small glance into the methods and methodology of, arguably, one of the greatest managers of our time.