LONG Tom Peters

1
LONGTom PetersEXCELLENCE.
ALWAYS.XAlways/BANGKOK/01August2006
2
Slides at tompeters.comalso Final and
Leadership
3
25
4
The Irreducible209
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A frustrated participant at a seminar for
investment bankers in Mauritius listened
impatiently to my explanation of differences of
opinion among me, Mike Porter, Gary Hamel, Jim
Collins, etc. Finally, hed had enough. What, if
anything, he asked, do you believe for sure?
I mumbled something, but his query started
rumbling around in my mind. Three days later,
wandering on a Sunday in London, the idea of the
irreducibles occurred to meand I started
jotting down notes on stuff I do indeed believe
for sure. Before I knew it, a few days later,
the list had grown to 209 items. Hence The
Irreducible209 that follows.Tom Peters
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Thats a Big Number .
7
THREE BILLION NEW CAPITALISTS Clyde Prestowitz
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One Singaporean worker costs as much
as 3 in Malaysia 8
in Thailand 13 in China
18 in India. Source The Straits
Times/2003
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EXCELLENCE. THE MANDATE.
10
It is not the strongest of the species that
survives, nor the most intelligent, but the one
most responsive to change. Charles Darwin
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If you dont like change, youre going to
like irrelevance even less. General Eric
Shinseki, Chief of Staff. U. S. Army
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We are in a brawl with no rules. Paul Allaire
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S.A.V.
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Screw Around Vigorously
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Sams Secret 1!
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Reward excellent failures. Punish mediocre
successes.Phil Daniels, Sydney exec
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EXCELLENCE. STARTERS.
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Radio City Music HallSeptember 2005
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Franchise Lost! TP How many of you 600
really crave a new Chevy?NYC/IIR/061205
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2P.3E.
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People.Product.Execution.Enthusiasm.Excellence
.
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EXCELLENCE. THE WORD.
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SynonymsPurityTranscendenceVirtueEleganceMaj
estyAntonymsMediocrity
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EXCELLENCE. GAMECHANGER.
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Excellence1982 The Bedrock Eight Basics 1. A
Bias for Action 2. Close to the Customer 3.
Autonomy and Entrepreneurship 4. Productivity
Through People 5. Hands On, Value-Driven 6. Stick
to the Knitting 7. Simple Form, Lean Staff 8.
Simultaneous Loose-Tight Properties
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ExIn 1982-2002/Forbes.comDJIA 10,000 yields
85,000 EI 10,000 yields 140,050
Forbes/Excellence Index /Basket of 32
publicly traded stocks
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Sorry, Jack The New Rules

• Old Rule
• Big Dogs Own the Street
• Be No.1 or No. 2 in the Market
• Shareholders Rule
• Be Lean and Mean
• Rank Players Go With the As
• Hire a Charismatic CEO
• Admire My Might
• Source Fortune/07.24.2006

• New Rule
• Agile Is Best Big Can Bite
• Create Something New
• The Customer Is King
• Look Out, Not In
• Hire Passionate People
• Hire a Courageous CEO
• Admire My Soul

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EXCELLENCE. CAUSES.ADVERSARIES.
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Causes/1966-2006 Im
plementation/Small Wins (Stanford GSB/PhD
thesis 1st on implementation per
se) EXCELLENCE (as a worthy business
pursuit) Management Style/Corporate Culture Soft
Ss/7-S (Waterman-Peters complete business
model waaaaay beyond Strategy
Structure) Structure gt Strategy (We shape our
structures, then they shape us Churchillian
paraphrase) Soft Change Levers (gt structure
symbols, patterns settings) Close to the
Customer (novel idea, circa 1982) MBWA (Managing
By Wandering Aroundcourtesy a much more
intimate than today HP) Productivity through
People (novel idea, circa 1982) Chaos/Crazy Times
Call for Crazy Organizations Middle-sized
companies are cool Re-imagine!/Innovate or
Die! Small-ish/Scale Synergy limits-delusions/an
ti-Big Mergers
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Causes/1966-2006 Women/Mark
et opportunity Women/Leaders (right for the
times) Design/Design-as-soul Wow! (Hot
language) Weird! Passion!/Enthusiasm!/Exuberance!
(as Leader Lever 1) Brand You (or else) PSF
Bedrock (add value or bustevery group must
demonstrate economic viability) PSF Brand You
WOW Projects New Biz Logic Sales/R gt -C
(increasing revenue more important than cutting
cost) HealthCare/Wellness-Safety-H5N1 Brand
Talent (best roster wins) New VA
Ladder/Products-Services-SOLUTIONS-EXPERIENCES-DRE
AMKETING (Dream Marketing)-LOVEMARK Different gt gt
Better Boomers Geezers/marketing to new
mega-segment
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Hardball Are You Playing to Play or Playing to
Win? by George Stalk Rob Lachenauer/HBS
PressThe winners in business have always
played hardball. Unleash massive and
overwhelming force. Exploit anomalies.
Threaten your competitors profit sanctuaries.
Entice your competitor into retreat.Approximat
ely 640 Index entries Customer/s (service,
retention, loyalty), 4. People (employees,
motivation, morale, worker/s), 0. Innovation
(product development, research development, new
products), 0.
32
M.I.A. Talk. (Present.) Listen. (Interview.)
Sell. (Life Sales.) Do. (Execution-Implementatio
n.) Talent. (Recruit-Develop-Retain.) Project
Management. (Create. Solicit support. Execution.
Adoption-Client Culture Change.) Product.
(It.) Innovation. (Design. Creativity.
Buzz-building. Politics.) Leadership. (USMA,
etc.) E.Q. (Connect.) Culture Change. (Lasting
impact.) Diversity. (Cross-cultural
Effectiveness.) Career Creation. (Brand You
life-lifestyle.) Wellness. (Life.) B.Schools
(M.I.A. or at most B.I.A.barely in action)
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Them-UsTom Peters/0624.2006
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Them UsStrategy

EXECUTIONPlanning
ActionMarketing
Selling/SalesMarkets
CustomersCustomers
ClientsMicro-segmentation Big
Stuff (Women, Boomers)Cost minimization
Revenue maximizationSynergy/Efficiencies
DecentralizationStrategic supplier
Pioneering supplierProcess
ProjectEffectiveness
ExcellenceMen
WomenLeadership
Management
LeadershipStandardization
Exceptionalism (53 53)Big clients
COOL clientsPrestigious Board
INTERESTING Board
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Them UsBig

Mid-sizeGrowth by merger
Organic growthBuy market share
Create NEW marketsEfficient, streamlined
Value-creating PSF
department Certainty-predictability
Ambiguity-opportunityFearful of losing
Aggressive pursuit
of winningPlan
PrototypeCareful
evaluation Another
prototypeRevised plan
Another prototypePeople/Employees
TalentEffective HR department Rockin
Talent
Development Center
of ExcellenceBenchmark
against the Benchmark against the
best-industry leader coolest
36
Them
UsBenchmark
FuturemarkOrderly career progression Up
or Out (PDQ)Head
HeartIQ
EQProfessional
PassionateStoic, humble leaders
Noisy, emotional
characters in chargeHire for
Resume Hire for
intangiblesMeasured-thoughtful
Relentless, pig-headed approach
determinationTeamwork comes first
Teamwork and disruptive
individuals equal
billingListen to customers Lead
customersCustomer involvement
Intimate-Seamless
customer inter-twining
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Them UsMBM (Management
MBWA by memo)MBA
MFAShareholder Value Great
people-product rule comes first
Work smart Work
hardBuilt to last Built to
Rock the WorldReward successes Reward
(EXCELLENT)
failuresQuality first! Design
1TQuality first Innovation
1THigh-quality Jaw-dropping
Experience transactionCVs demo consistent
CVs feature Magic Moments performanceGood
grades Cool stuff Operational
excellence World-rocking INNOVATION

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Them UsBrand
LovemarkBest analysis wins
Best STORY winsBeyond politics
Politics-is-life, the
rest is detailsOutsource
BestsourceMotivate
Send on QUESTSMotivate
InviteMeasured language HOT
languageProduct-Service Gamechanging
SOLUTION,
Thrilling EXPERIENCE,
DREAM come true,
LOVEMARKPastel
Technicolor Better
DifferentMission success Mission
EXCELLENCEVery good
EXCELLENCE. ALWAYS.
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Porter.Drucker.Bennis.Peters.
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Importance of Success Factors by Various
Gurus/(Unreliable) Estimates by Tom Peters
Strategy Systems People
Passion Porter 50 20
20 10 Drucker 25 35
25 15
Bennis 25 20 30
25 Peters 15
20 40 25
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good words.Bad words.
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Words that may NOT be used in my presence
Motivate Market
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Words that may NOT be used in my presence
Motivate
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In the end, management doesnt change culture.
Management invites the workforce itself to
change the culture. Lou Gerstner
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Words that may NOT be used in my presence
Market
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SellSellSell
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Words that may NOT be used in my presence
Motivate Market MBA Plan (mostly)
Worker Job Task Exceeds
expectations HR Employee evaluation
Man (mostly) Shareholder Value
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Words that MAY be used in my presence Invite
(v. Motivate) Sell (v. Market) People
(wed like to serve) (v. Market segment)
Client (v. Customer) OJT/MFA (v. MBA)
Act/ Execute (v. Plan) Talent (v.
Worker) Quest/Adventure-in-EXCELLENCE (v.
Job) Wow Project (v. Task) Rockin
(profit-makin) PSF (v. Department)
Theater (v. Office) Breathtaking
Experience (v. Transaction that Exceeds
expectations) Talent Fanatics Inc (v. HR)
Brand You adventure (v Career development)
Annual Report development session (v.
Employee evaluation) Woman (v. Man)
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Words that MAY be used in my presence Wow!
(v. Nice) Bloody-minded (v. Committed)
Thank you! (v. ____) Attack/Innovate (v.
defend/Entrench) Great stuff. Great people.
Do it fanatics. (v. shareholder value)
EXCELLENCE. ALWAYS. (v. Good work) (v.
shareholder value)
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EXCELLENCE. ALWAYS.
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Why in the world did you go to Siberia?
52
The Peters Principles Enthusiasm. Emotion.
Excellence. Energy. Excitement. Service. Growth.
Creativity. Imagination. Vitality. Joy.
Surprise. Independence. Spirit. Community.
Limitless human potential. Diversity. Profit.
Innovation. Design. Quality. Entrepreneurialism.
Wow.
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Business (at its best) An emotional, vital,
innovative, joyful, creative, entrepreneurial
endeavor that elicits maximum concerted human
potential in the wholehearted service of
others.Excellence. Always.Employees,
Customers, Suppliers, Communities, Owners,
Temporary partners
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Business The Ultimate Creative Endeavor.
55
Business The Ultimate Personal
Development-Growth Experience.
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Business The Ultimate Transcendent Service
Opportunity.
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EXCELLENCE. INNOVATE. OR. DIE.
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World Innovation ForumEVERYTHING YOU THOUGHT
YOU KNEW ABOUT INNOVATION IS WRONGTom
Peters/New York/0524.2006/Inno.new.LIST.0527
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What We Know For Sure About InnovationBig
mergers by large dont workScale is
over-ratedStrategic planning is the last refuge
of scoundrelsFocus groups are counter-productive
Built to last is a chimera (stupid)Success
killsForgetting is impossibleRe-imagine is a
charming ideaOrderly innovation process is an
oxymoronic phrase ( Believed only by morons
with ox-like brains)Tipping points are easy to
identify long after they will do you any
goodFacts arentAll information making it to
the top is filtered to the point of danger and
hilaritySuccess stories are the illusions of
egomaniacs (and gurus)If you believe the
memoirs of CEOs you should be institutionalizedH
erd behavior (XYZ is hot) is ubiquitous and
amusingTop teams are DittoheadsCEOs have
little effect on performanceExpert prediction
is rarely better than rolling the dice
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World Innovation Forum Alt TitleYOU ONLY FIND
OIL IF YOU DRILL WELLS
61
A focus on cost-cutting and efficiency has
helped many organizations weather the downturn,
but this approach will ultimately render them
obsolete. Only the constant pursuit of innovation
can ensure long-term success. Daniel Muzyka,
Dean, Sauder School of Business, Univ of British
Columbia (FT/09.17.04)
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Pathetic!
63
Forbes100 from 1917 to 1987 39 members of the
Class of 17 were alive in 87 18 in 87 F100
18 F100 survivors underperformed the market by
20 just 2 (2), GE Kodak, outperformed the
market 1917 to 1987.SP 500 from 1957 to 1997
74 members of the Class of 57 were alive in 97
12 (2.4) of 500 outperformed the market from
1957 to 1997.Source Dick Foster Sarah
Kaplan, Creative Destruction Why Companies That
Are Built to Last Underperform the Market
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I am often asked by would-be entrepreneurs
seeking escape from life within huge corporate
structures, How do I build a small firm for
myself? The answer seems obvious Buy a very
large one and just wait. Paul Ormerod, Why
Most Things Fail Evolution, Extinction and
Economics
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Sluggish Obese Unimaginative More Sluggish
More Obese More Unimaginative Even More
Sluggish Even More Obese Even More
Unimaginative Nissan Renault GM
Innovative Challenger for Toyota????
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I dont believe in economies of scale. You dont
get better by being bigger. You get worse.
Dick Kovacevich/Wells Fargo/Forbes/08.04 (ROA
Wells, 1.7 Citi, 1.5 BofA, 1.3 J.P. Morgan
Chase, 0.9)
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Scale?Microsofts Struggle With Scale
Headline, FT, 09.2005Troubling Exits at
Microsoft Cover Story, BW, 09.2005Too Big
to Move Fast? Headline, BW, 09.2005
68
Almost every personal friend I have in the world
works on Wall Street. You can buy and sell the
same company six times and everybody makes money,
but Im not sure were actually innovating.
Our challenge is to take nanotechnology into the
future, to do personalized medicine Jeff
Immelt/2005
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More than 1 RD spending, last 25 years?
70
GM
71
Line Extensions 86 percent of new products. 62
percent of revenues. 39 percent of
profit.Source Blue Ocean Strategy, Chan Kim
and Renée Mauborgne
72
I HEREBY PLEDGE When asked, What are some
examples of companies stepping up to todays
challenges? I will NEVER AGAIN offer an
example of a Giant Company instead Ill refer to
Cirque du Soleil, Donnellys Weatherstrip
Service, 3K tanning salons, 10.6M women-owned
businesses (or the typically female recipients of
micro-lending) There is more to Biz Life
than Giant Cos LOTS MORE that hidden 99
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While many people big oil finds with big
companies, over the years about 80 percent of the
oil found in the United States has been brought
in by wildcatters such as Mr Findley, says Larry
Nation, spokesman for the American Association of
Petroleum Geologists. WSJ, Wildcat Producer
Sparks Oil Boom in Montana, 0405.2006
74
EXCELLENCE. DEFINED.
75
Great Companies SET THE AGENDA. (Period.)
disturb the sleep of
76
AGENDA SETTERS Set the Table/ Pioneers/
Questors/ AdventurersUS Steel Ford Toyota
Sears GM ITT The Gap Limited WalMart
Tesco PG 3M Intel IBM Apple Nokia
Cisco Dell MCI Sun Microsoft Google
Enron Schwab GE Laker Southwest People
Express Ogilvy Virgin eBay Amazon Sony
Amgen BMW CNN Nike
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Built to Last vs Built for ImpactBut what if
former head of strategic planning at Royal Dutch
Shell Arie De Geus is wrong in suggesting, in
The Living Company, that firms should aspire to
live forever? Greatness is fleeting and, for
corporations, it will become ever more fleeting.
The ultimate aim of a business organization, an
artist, an athlete or a stockbroker may be to
explode in a dramatic frenzy of value creation
during a short space of time, rather than to live
forever. Kjell Nordström and Jonas
Ridderstråle, Funky Business
78
Inno64 Innovation Strategies Tactics
79
Parallel universe /Exec Ed v res MBA End run
regnant powers/JKC Find done deals-practicing
mavericks/Stone-ReGo Bell curves2016 in
2006 Non-industry benchmarking Everything
Portfolio V.C.s all! Hot language/Wow-Astonish
me-Insanely great-immortal-Make something
great Lead customers/PW-Embraer Lead suppliers
/Top decile RD Weird alliances Mottos/Paul Arden
(Whatever You Think Think the Opposite) Hire
freaks/Enough weird people? Weird Boards!!!
80
CEO track record of Innovation (nobody starts at
45!) System/GE-Immelt Strategic thrust
overlay Calendar Big Delta easier than
Small MBWA with freaks-weirdos/JKC MBWA/Boonies
labs V.C.-formal/Intel Acquire weird Childrens
crusade Old farts crusade Go Global at any
size Stop listening to customers Talent!/Unusual
sources-Hire innovators-V.C.s Eschew giant mergers
81
Remember scale economies max out early Assisted
suicide! (Built to last Chimera-snare-delusion
) Burn your press clippings Forgetting
strategy Fire all strategic planners Tempo! Fina
l product bears little relation to starting
notion Design! Design! Design! (culture, not
program) All innovation Pissed-off people Gut
feel rules! Focus groups suck Weird focus groups
okay Be-Do philosophy
82
Celebrations Culture-little as well as big Inno
(everyone-an-innovator) Life Wow
Projects Acknowledge messiness-pursue serendipity
(Blitzkrieg-Containers-Science-Jim
Utterback) R.F.A. Culture of execution 4/40
decentralization, execution, accountability,
615AM EVP (S.O.U.B.)/Systems-process
un-design Diversity for diversitys
sake Women-Women-Women/customers (they are the
market, not a segment)-leaders Boomers-Geezers
(all the money)
83
CRO (Chief Revenue Officer) culture/top-line
obsessed CIO (Chief INNOVATION Officer) Laughter F
acility-space configuration Experiments-prototypes
Reward excellent failures. Punish mediocre
successes. Bizarrely high incentives (
penalties) We are what we eat/We are who we hang
out with (E.g. Staff-Consultants-Vendors-Out-sour
cing Partners/, Quality-Innovation Alliance
Partners-Customers-Competitors/who we benchmark
against -Strategic Initiatives -Product
Portfolio/LineEx v. Leap-IS/IT Projects-HQ
Location-Lunch Mates-Language-Board)
84
Winning against Niche/Focus
Dramatic Difference 2016/2011 in 2006
Transparent (easy to do business with/Great
EXPERIENCE) Partner EXECUTION
85
Innovation Some Secrets
86
We become who we hang out with!
87
Measure Strangeness/Portfolio
QualityStaffConsultantsVendorsOut-sourcing
Partners (, Quality)Innovation Alliance
PartnersCustomersCompetitors (who we
benchmark against) Strategic Initiatives
Product Portfolio (LineEx v. Leap)IS/IT
ProjectsHQ LocationLunch MatesLanguageBoard
88
Parallel universe!
89
Venture fund E.g. Gerstner/Amex, Dow/Marriott,
Grove/Intel, Bedbury/Starbucks
90
SkunkWorks/ ParallelUniversethe 1
solutionSource Scott Bedbury
91
Immelt on Innovation breakthroughs Pull out
and fund ideas in each business that will
generate gt100M in revenue find best people to
lead (80 throughout GE)Source Fast
Company/07.05
92
Immelt is now identifying technologies with
which GE will systematically set out to build
entirely new industries StrategyBusiness, Fall
2005
93
We made mistakes, of course. Most of them were
omissions we didnt think of when we initially
wrote the software. We fixed them by doing it
over and over, again and again. We do the same
today. While our competitors are still sucking
their thumbs trying to make the design perfect,
were already on prototype version No. 5. By the
time our rivals are ready with wires and screws,
we are on version No. 10. It gets back to
planning versus acting We act from day one
others plan how to planfor months. Bloomberg
by Bloomberg
94
FAIL, FAIL AGAIN. FAIL BETTER. Samuel Beckett
95
Reward excellent failures. Punish mediocre
successes.Phil Daniels, Sydney exec
96
Bloody-minded-ness!
97
JackWorld/1_at_T (1) Neutron Jack. (Banish
bureaucracy.) (2) 1, 2 or out Jack. (Lead or
leave.) (3) Workout Jack. (Empowerment, GE
style.) (4) 6-Sigma Jack. (5) Internet Jack.
(1-5/Throughout) TALENT JACK!
98
Never forget implementation boys. In our work
its what I call the missing 98 percent of the
client puzzle. Al McDonald, former Managing
Director, McKinsey Co, to a project team that
included TP
99
BIAS
100
TP/BW on BigCo Sin 1 too much talk, too little
do
101
Ninety percent of what we call management
consists of making it difficult for people to get
things done. Peter Drucker
102
Excellence1982 The Bedrock Eight Basics 1. A
Bias for Action 2. Close to the Customer 3.
Autonomy and Entrepreneurship 4. Productivity
Through People 5. Hands On, Value-Driven 6. Stick
to the Knitting 7. Simple Form, Lean Staff 8.
Simultaneous Loose-Tight Properties
103
METABOLIC MANAGEMENT
104
The Leadership111. Talent
Management2. Metabolic Management3. Technology
Management4. Barrier Management5. Forgetful
Management6. Metaphysical Management7.
Opportunity Management8. Portfolio Management9.
Failure Management10. Cause Management11.
Passion Management
105
The secret of fast progress is inefficiency,
fast and furious and numerous failures.Kevin
Kelly
106
If things seem under control, youre just not
going fast enough. Mario Andretti
107
Im not comfortable unless Im
uncomfortable.Jay Chiat
108
Boyd on TEMPO
109
He who has the quickest O.O.D.A. Loops
wins!Observe. Orient. Decide. Act./Col. John
Boyd
110
In war, delay is fatal. Napoleon The only
way to whip an army is to go out and fight it.
Grant demonstrating the tactic that would
become his hallmark the immediate move to seek
out the enemy and attack him John Mosier, on
Grant A good plan executed right now is far
preferable to a perfect plan executed next
week. Patton
111
EXCELLENCE. 4/40.
112
4/40
113
De-cent-ral-iz-a-tion!
114
Ex-e-cu-tion!
115
Execution is the job of the business leader.
Larry Bossidy Ram Charan/ Execution The
Discipline of Getting Things Done
116
Execution is a systematic process of
rigorously discussing hows and whats,
tenaciously following through, and ensuring
accountability. Larry Bossidy Ram Charan/
Execution The Discipline of Getting Things Done
117
Ac-count-a-bil-ity!
118
GE has set a standard of candor. There is no
puffery. There isnt an ounce of denial in the
place. Kevin Sharer, CEO Amgen, on the GE
mystique (Fortune)
119
615A.M.
120
????????Work Hard gt Work Smart
121
EXCELLENCE. WANTING.
122
This is not a mature category.
123
This is an undistinguished category.
124
The Bottleneck Is at the Top of the
BottleWhere are you likely to find people
with the least diversity of experience, the
largest investment in the past, and the greatest
reverence for industry dogma At the top!
Gary Hamel/Harvard Business Review
125
EXCELLENCE. DRAMATIC.DIFFERENCE.DOABLE.
126
798
127
415/SqFt/WalMart798/SqFt/Whole Foods
128
SummaryWallopWalMart16Or Why its so
absurdly easy to beat a GIANT Company
129
The Small Guys Guide Wallop
WalMart16 Niche-aimed. (Never, ever all
things for all people, a mini-WalMart.) Never
attack the monsters head on! (Instead steal niche
business and lukewarm customers.) Dramatically
Different (La Difference ... within our
community, our industry regionally, etc is as
obvious as the end of ones nose!) (THIS IS WHERE
MOST MIDGETS COME UP SHORT.) Compete on
value/experience/intimacy, not price. (You aint
gonna beat the behemoths on cost-price in 9.99
out of 10 cases.) Emotional bond with Clients,
Vendors. (BEAT THE BIGGIES ON EMOTION/CONNECTION!!
)
130
This is an essay about what it takes to create
and sell something remarkable. It is a plea for
originality, passion, guts and daring. You cant
be remarkable by following someone else whos
remarkable. One way to figure out a theory is to
look at whats working in the real world and
determine what the successes have in common. But
what could the Four Seasons and Motel 6 possibly
have in common? Or Neiman-Marcus and WalMart? Or
Nokia (bringing out new hardware every 30 days or
so) and Nintendo (marketing the same Game Boy 14
years in a row)? Its like trying to drive
looking in the rearview mirror. The thing that
all these companies have in common is that they
have nothing in common. They are outliers.
Theyre on the fringes. Superfast or superslow.
Very exclusive or very cheap. Extremely big or
extremely small. The reason its so hard to
follow the leader is this The leader is the
leader precisely because he did something
remarkable. And that remarkable thing is now
takenso its no longer remarkable when you
decide to do it. Seth Godin, Fast
Company/02.2003
131
The Small Guys Guide Wallop WalMart16
Hands-on, emotional leadership. (We are a
great cool intimate joyful dramatically
different team working to transform our Clients
lives via Consistently Incredible
Experiences!) A community star! (Sell
local-ness per se. Sell the hell out of it!) An
incredible experience, from the first to last
momentand then in the follow-up! (These guys
are cool! They get me! They love me!) DESIGN
DRIVEN! (Design is a premier weapon-in-pursuit-o
f-the sublime for small-ish enterprises,
including the professional services.)
132
The Small Guys Guide Wallop WalMart16
Employer of choice. (A very cool, well-paid
place to work/learning and growth experience in
at least the short term marked by notably
progressive policies.) (THIS IS EMINENTLY
DO-ABLE!!) Sophisticated use of information
technology. (Small-ish is no excuse for small
aims/execution in IS/IT!) Web-power! (The Web
can make very small very big if the
product-service is super-cool and one
purposefully masters buzz/viral
marketing.) Innovative! (Must keep renewing and
expanding and revising and re-imagining the
promise to employees, the customer, the
community.)
133
The Small Guys Guide Wallop WalMart16
Brand-Lovemark (Kevin Roberts) Maniacs!
(Branding is not just for big folks with big
budgets. And modest size is actually a Big
Advantage in becoming a local-regional-niche
lovemark.) Focus on women-as-clients. (Most
dont. How stupid.) Excellence! (A small player
per me has no right or reason to exist unless
they are in Relentless Pursuit of Excellence. One
earns the rightone damn day and client
experience at a time!to beat the Big Guys in
your chosen niche!)
134
What Ive Learned about Small BusinessTom
Peters26June2006
135
Passion for PRODUCT.OBSESSION With Product.LOVE
The Product.Aim To Be ONLY ONES WHO DO WHAT WE
DO.Keep ADDIN Stuff.Invest UNWISELY in
RD.Reside Permanently In The DISCOMFORT
Zone.Unhealthy PARANOIA Is A Good Thing.Add
Clients That PUSH-PULL.SELL. SELL. SELL.
SELL.Go For Broke CUSTOMER CONTACT
PEOPLE.PERFECTION Customer Contact People.Hire
for ATTITUDE.INVITE On An Adventure. GREAT
CFO/Biz Guy-Gal. NASTY CFO/Biz
Guy-Gal.QUADRANGULAR LEADERSHIP
Visionary-Talent Fanatic-Project Manager-I.P.M.
(I.P.M. Inspired Profit Mechanic)
136
GREAT Logo.DESIGN! OVERDO Marketing
Materials.WOMEN Roar. WOMEN Rule. WOMEN
Buy.Diversity Be RELENTLESS. Cut And
RUN.Product Includes-Features the
PACKAGING.Define Your DRAMATIC DIFFERENCE
(R.P.O.V.8)Best STORY Wins.DRESS For
Success.First Goal AMUSE Yourself.Know
YOURSELF. DONT Do Stuff You Hate.
Over-invest In RELATIONSHIPS. (R.O.I.R.
Return On Investment in Relationships)SYSTEMATICA
LLY Manage Relationships.Work The SUPPORT
PEOPLE In Client Orgs.
137
BLOG As If Your Life Depended On
It.SOPHISTICATED Use Of Infotech.RESPONSE To
Problems.Make Em PAY.CLOSE The Sale. Invest
BIGTIME In PR.Media FRIENDLY.Live-To-SCHMOOZE.F
un/Laughter MBWA Stay In Touch.You
Must Be The Change You Wish To See In The
World/GANDHI5K For 5M.Your CALENDAR Never
Lies.OUT Pastels. IN Technicolor
138
JUST SAY NO TO C.E.O. CIO/Chief Innovation
Officer. CSO/Chief Sales Officer. CWO/Chief Wow
OfficerEXCELLENCE Is Very Cool.
MICRO-MANAGE Your Reputation.Wear Your
Integrity On Your SLEEVE.KEEP Your
Promises.EXECUTION!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!A Man Without A Smiling Face MUST NOT
Open His Shop.RECOGNITION! Work HARD, Not
Smart.Insanely Great. THE STANDARD.
139
Small Giants Companies That Choose To Be Great
Instead Of Good by Bo Burlingham
140
Its always showtime. David DAlessandro,
Career Warfare
141
EXCELLENCE. PITIFUL.
142
Idiot is too kind a word.
143
Thats a very diverse team. Patrick Cescau,
CEO, Unilever 1 of 14 Board of Directors
members is a woman (not an exec) 2 of 7 Exec
Team members are Indians. (Source FT/24-25
June.) Approximately 85 of Unilevers
products are purchased by women.
144
Thats a VERY diverse team. Patrick Cescau,
CEO, Unilever 1 of 14 Board of Directors
members is a woman (not an exec) 2 of 7 Exec
Team members are Indians. (Source FT/24-25
June.) Approximately 85 of Unilevers
products are purchased by women.
145
85 vs. 7 (1 of 14)
146
Thats a VERY sick man. Tom Peters
147
EXCELLENCE. OPPORTUNITY.
148
Women are the majority market Fara
Warner/The Power of the Purse
149
?????????Home Furnishings 94Vacations 92
(Adventure Travel 70/ 55B travel
equipment)Houses 91D.I.Y. (major home
projects) 80Consumer Electronics 51 (66
home computers) Cars 68 (90)All consumer
purchases 83 Bank Account 89Household
investment decisions 67Small business
loans/biz starts 70Health Care 80
150
Cases!McDonalds (mom-centered to majority
consumer not via kids)Home Depot (Do it
everything! Herself)PG (more than house
cleaner) DeBeers (right-hand rings/4B)AXA
FinancialKodak (women emotional centers of
the household)Nike (gt jock endorsements new
def sports majority consumer)AvonBratz (young
girls want friends, not a blond
stereotype)Source Fara Warner/The Power of the
Purse
151
1. Men and women are different.2. Very
different.3. VERY, VERY DIFFERENT.4. Women
Men have a-b-s-o-l-u-t-e-l-y nothing in
common.5. Women buy lotsa stuff.6. WOMEN BUY
A-L-L THE STUFF.7. Womens Market Opportunity
No. 1.8. Men are (STILL) in charge.9. MEN ARE
TOTALLY, HOPELESSLY CLUELESS ABOUT WOMEN.10.
Womens Market Opportunity No. 1.
152
EXCELLENCE. OPPORTUNITY.
153
2000-2010 Stats18-44 -155 21(55-64
47 )
154
44-65 New Customer Majority 45 larger
than 18-43 60 larger by 2010Source Ageless
Marketing, David Wolfe Robert Snyder
155
The Irreducible209
156
73. Exercise. 74. Paint. (Leader. Portraits of
Excellence.) 75. Best story wins. 76. You must
be the change you wish to see in the
world. 77. Two big ones. Max.
(Priorities.) 78. No I in Team. (I in
Win.) 79. I in Win. (No I in Team.) 80.
Different 1, Better 0. (Better 0.1) 81.
Imitation Mistake. (Learn, from who?) 82.
Choose/battle the right competitor. 83.
Schools. Creativity. Entrepreneurship.
(Not.) 84. MBAs. Creativity. Entrepreneurship.
Leadership. (Not.) 85. Design. Under-rated.
Wildly. (Still.) (Everything.)
157
EXCELLENCE. VALUE ADDED.
158
55B
159
The Only? Answer PSF (Professional Service
Firm model/The Organizing Principle) Brand
You(Distinct or Extinct/The Talent) Wow!
Projects (Different vs. Better/The Work)
160
SCS/Supply Chain Solutions 750 locations
2.5B fastest growing division 19 acquisitions,
including a bankSource Fast Company
161
MasterCard Advisors
162
Huge Customer Satisfaction versus Customer
Success
163
EXCELLENCE.NECESSITY.OPPORTUNITY.
164
Disintermediation is overrated. Those who
fear disintermediation should in fact be afraid
of irrelevancedisintermediation is just another
way of saying that youve become irrelevant to
your customers. John Battelle/Point/Advertisin
g Age/07.05
165
ChicagoHRMAC
166
support function / cost center/ overhead
or
167
Are you Rock Stars of the Age of Talent
168
The Irreducible209
169
117. Negotiation. Make all winners. (Save
face.) 118. Grace makes enemies friends. 119.
Network. 120. Invest in relationships. (Think
ROIR. Return On Investment in
Relationships.) 118. Relationship investment.
Forethought. Calendar item.
Intensity. 119. Innovation. Easy. (Hang out
with weird.) 120. Weird Win. (Weird
times.) 121. The bottleneck is at the top
of the bottle. 122. Good Board Weird Board.
(At least, surprising.) 123. No
contention, no progress.
170
EXCELLENCE. NO OPTION.
171
Department Head to Managing Partner, IS
HR, RD, etc. Inc.
172
Are you the Principal Engine of Value
AddedE.g. Your RD budget as robust as the
New Products team?
173
Core MechanismGame-changing Solutions PSF
(Professional Service Firm model/The
Organizing Principle) Brand You(Distinct or
Extinct/The Talent) Wow! Projects
(Different vs. Better/The Work)
174
The PSF35 Thirty-Five Professional Service
Firm Marks of Excellence
175
The PSF35 The Work The Legacy1.
CRYSTAL CLEAR POINT OF VIEW (E very
Practice Group If you cant explain your
position in eight words or less, you dont
have a positionSeth Godin)2. DRAMATIC
DIFFERENCE (We are the only ones who do what
we doJerry Garcia)3. Stretch Is Routine
(Never bite off less than you can
chewanon.)4. Eye-Appetite for Game-changer
Projects (Excellence at Assembling Best
TeamFast) 5. Playful Clients (Adventurous
folks who unfailingly Aim to Change the
World)6. Small Uneconomic Clients with Big
Aims 7. Life Is Too Short to Work with Jerks
(Fire lousy clients)8. OBSESSED WITH LEGACY
(Practice Group and Individual Dent the
UniverseSteve Jobs)9. Fire-on-the-spot Anyone
Who Says, Law/Architecture/Consulting/
I-banking/ Accounting/PR/Etc. has become a
commodity 10. Consistent with 9 above DO
NOT SHY AWAY FROM THE WORD (IDEA)
RADICAL
176
Point of View!
177
The PSF35 The People The
Leadership18. TALENT FANATICS (Best-Coolest
place to work) (PERIOD)19. EYE FOR THE PECULIAR
(Hiring Go beyond same old, same old)
20. Early Opportunities (vs. Wait your turn)
21. Up or Out (Based on Legacy/Mentoring as
much as Billings/Rainmaking)22. Slide
the Old Aside/Make Room for Youth (Find oldsters
new roles?)23. TALENT IS OBSESSED WITH
RENEWAL FROM DAY 1 TO DAY R R
Retirement24. Office/Practice Leaders Evaluated
Primarily on Mentoring-Team Building
Skills 25. A PROPRIETARY TALENT DEVELOPMENT
PROCESS (GE) 26. Team Leadership Skills Valued
Early27. Partner with B.I.W. Best In World
Outsiders as Needed and to Infuse Different
Views
178
The PSF35 The Firm The
Brand28. EAT-SLEEP-BREATHE-OOZE INTEGRITY (My
life is my messageGandhi) 29. Excellence
in EXECUTION 100.00 of the Time (No such
thing as a small sins/World Series Ring to
the Batboy!) 30. Drop everything/Swarm to
Support a Harried-On The Verge Team31.
SPEND AS AGGRESSIVELY ON RD AS A TECH FIRM OR
CIRQUE DU SOLEIL 32. A PROPRIETARY
METHODOLOGY (FBR, McKinsey, Chiat Day, IDEO, old
EDS)33. Web (Technology) Obsession 34.
BRAND/LOVEMARK MANIACS (Organize Around a
Point of View Worth BROADCASTING You must
be the change you wish to see in the
worldGandhi) 35. PASSION! ENTHUSIASM! (Passion
Enthusiasm have as much a place at the
Head Table in a PSF as in a widgets
factory You cant behave in a calm, rational
manner. Youve got to be out there on the
lunatic fringeJack Welch)
179
The PSF35 The Firm The
Brand28. EAT-SLEEP-BREATHE-OOZE INTEGRITY (My
life is my messageGandhi) 29. Excellence
in EXECUTION 100.00 of the Time30. Drop
everything/Swarm to Support a Harried-On
The Verge Team31. SPEND ON RD LIKE A TECH
FIRM. 32. A PROPRIETARY METHODOLOGY (FBR,
McKinsey, Chiat Day, IDEO, old EDS) 33.
BRAND MANIACS (Organize Around a Point of View
Worth BROADCASTING) 34. PASSION!
ENTHUSIASM! 35. EXCELLENCE. ALWAYS.
180
EXCELLENCE. ATTITUDE.TRANSFORMATION.
181
Fleet ManagerRolling Stock Cost Minimization
Officervs/orChief of Fleet Lifetime Value
Maximization Strategic Supply-chain
Executive Customer Experience Director (via
drivers)
182
Purchasing Officer Thrust 1 Cost (at All
Costs) Minimization Professional? Or/to Full
Partner-Leader in Lifetime Value-added
Maximization?(Lopez Arguably Villain 1 in
GM tragedy/Anon VSE-Spain)
183
HCare CIO Technology Executive (workin in a
hospital) Or/to Full-scale, Accountable (life
or death) Member-Partner of XYZ Hospitals
Senior Healing-Services Team (who happens to be a
techie)
184
PSF Transformation Credit
Department/TrekWas
IsCredit Dept
Financial
ServicesHammer on dealers until
Make dealers successful so theythey pay
CAN payAR
sold to 3rd party Trek is
the commercial financialcommercial co.
Company23 employees
12 employeesOversee
peak AR of 70M Oversee peak AR of
160MIdentify risky dealers
Identify opportunitiesCost Center
Profit CenterNo
products
Products Consulting, MC/Visa,
Stored
value of gift cards, Gift card

peripherals, Online paymentsSource John
Burke/0330.06
185
EXCELLENCE. UP THE LADDER.
186
The Value-added Ladder/Stuff n ThingsGoods
Raw Materials
187
The Value-added Ladder/Stuff TransactionsServ
icesGoods Raw Materials
188
The Value-added Ladder/Opportunity-seeking
Gamechanging SolutionsServicesGoods Raw
Materials
189
AnswerPSF
190
Are you the Principal Engine of Value
AddedE.g. Your RD budget as robust as the
New Products team?
191
The Only? Answer PSF (Professional Service
Firm model/The Organizing Principle) Brand
You(Distinct or Extinct/The Talent) Wow!
Projects (Different vs. Better/The Work)
192
EXCELLENCE. EXPERIENCE IT.
193
Experiences are as distinct from services as
services are from goods. Joe Pine Jim
Gilmore, The Experience Economy Work Is Theatre
Every Business a Stage
194
Club Med is more than just a resort its a
means of rediscovering oneself, of inventing an
entirely new me. Source Jean-Marie Dru,
Disruption
195
The Starbucks Fix Is on We have
identified a third place. And I really
believe that sets us apart. The third place is
that place thats not work or home. Its the
place our customers come for refuge.Nancy
Orsolini, District Manager
196
EXCELLENCE. UP THE LADDER.
197
The Value-added Ladder/Memorable
ConnectionSpellbinding Experiences
Gamechanging SolutionsServicesGoods Raw
Materials
198
CXOChief eXperience Officer
199
EXCELLENCE. DREAM IT.
200
DREAM A dream is a complete moment in the life
of a client. Important experiences that tempt the
client to commit substantial resources. The
essence of the desires of the consumer. The
opportunity to help clients become what they want
to be. Gian Luigi Longinotti-Buitoni
201
EXCELLENCE. UP THE LADDER.
202
The sun is setting on the Information
Societyeven before we have fully adjusted to its
demands as individuals and as companies. We have
lived as hunters and as farmers, we have worked
in factories and now we live in an
information-based society whose icon is the
computer. We stand facing the fifth kind of
society the Dream Society. Future products
will have to appeal to our hearts, not to our
heads. Now is the time to add emotional value to
products and services. Rolf Jensen/The Dream
SocietyHow the Coming Shift from Information to
Imagination Will Transform Your Business
203
Furniture vs. DreamsWe do not sell furniture
at Domain. We sell dreams. This is accomplished
by addressing the half-formed needs in our
customers heads. By uncovering these needs, we,
in essence, fill in the blanks. We convert
needs into dreams. Sales are the inevitable
result. Judy George, Domain Home Fashions
204
The Value-added Ladder/EmotionDreams Come
TrueSpellbinding Experiences Gamechanging
SolutionsServicesGoods Raw Materials
205
CDMChief Dream Merchant
206
EXCELLENCE. ALWAYS.
207
What Isnt Matter Is What Matters section
title, Branded Nation The Marketing of
Megachurch, College Inc., and Museumworld, James
Twitchell
208
VA Teaching MomentAndy pointed to a molding,
about halfway up the wall
209
EXCELLENCE. LOVE IT.
210
Brands have run out of juice. Theyre dead.
Kevin Roberts/Saatchi Saatchi
211
Kevin Roberts Lovemarks!
212
(No Transcript)
213
(No Transcript)
214
(No Transcript)
215
CL OChief Lovemark Officer
216
EXCELLENCE. THE STORY.
217
Storytelling is the core of culture.
Branded Nation The Marketing of Megachurch,
College Inc., and Museumworld, James Twitchell
218
Market Power Story Power
219
CSTOChief Storytelling Officer
220
EXCELLENCE. LEADING.
221
CXOChief eXperience Officer
222
CDMChief Dream Merchant
223
CCOChief Conversations Officer
224
CPIChief Portal Impresario
225
CL OChief Lovemark Officer
226
CSTOChief Storytelling Officer
227
CWOChief WOW Officer
228
CROChief Revenue Officer
229
EXCELLENCE. SOUL.
230
All Equal Except At Sony we assume that all
products of our competitors have basically the
same technology, price, performance and features.
Design is the only thing that differentiates one
product from another in the marketplace. Norio
Ohga
231
We dont have a good language to talk about
this kind of thing. In most peoples
vocabularies, design means veneer. But to me,
nothing could be further from the meaning of
design. Design is the fundamental soul of a
man-made creation. Steve Jobs
232
Hypothesis Design is the principle metaphor
for the encompassing Value-added Imperative!
233
If you cant win on cost, then youre left
with cool. Anon./NZ
234
EXCELLENCE. K.I.S.S.
235
One bank is currently claiming to leverage
its global footprint to provide effective
financial solutions for its customers by
providing a gateway to diverse markets. Charles
Handy
236
I assume that it is just saying that it is there
to help its customers wherever they are.
Charles Handy
237
450/8
238
"A business unit strategy should be less than
fifty pages long and should be easy to
understand. Its essence should be describable in
one page ... If you can't describe your strategy
in twenty minutes, simply and in plain language,
you haven't got a plan. Larry Bossidy
239
I wanted GE to operate with the speed,
informality, and open communication of a corner
store. Corner stores often have strategy right.
With their limited resources, they have to rely
on laser-like focus on doing one thing very
well. Jack Welch/Fortune/04.05
240
Lees Rule Run It off a Blackberry!
241
The art of war does not require complicated
maneuvers the simplest are the best, and common
sense is fundamental. From which one might wonder
how it is generals make blunders it is because
they try to be clever. Napoleon on Simplicity,
from Napoleon on Project Management by Jerry
Manas.
242
EXCELLENCE. EVERYWHERE.
243
New ZealandSpainPortugalIrelandSingapore
Taiwan PhilippinesUAEChile(Romania)
244
Better By Design A National StrategyNZ
Design Excellence
245
New ZealandSpainPortugalIrelandSingapore
Taiwan PhilippinesUAEChile(Romania)
246
MADE IN TAIWAN From Cheap Manufacturing to
Chic Branding Headline/Advertising Age/06.05
247
Taiwan, Your Partner in InnoValuePoster/Buchares
t/03.06
248
New ZealandThailandSpainPortugalIrelandSingap
ore Taiwan PhilippinesUAEChile(Romania)
249
London circa 1976 You cant build a real
economy on services, finance, advertising,
etc.London circa 2006 deliberately aims to be
the capital of the 21st century
250
The Irreducible209
251
163. Own up. Quick. ( Denial. Cancer.)164.
Celebrate. Often.165. 78 people 78 approaches.
(Each. Unique.)166. Weed. Ceaselessly. (Prune.
Stupid. Rules. Non-stop.)167. Get out
of the way. (You The problem.)168.
Smile. Sunny. Optimism. (If it kills you.)169.
Flowers. (Cheery workplace.)170. Enjoy. (Or get
the hell.)171. Be intolerant of sour. (1
Major pollution)172. No quick trigger on
promotion. (Too important.)173.
Evaluation Lots of study-time.174. Evaluation
Life or death to evaluee.175. 360
evaluation. No fad.176. Exit when youre done.
(Done. Sooner than you think.)
252
EXCELLENCE. BEDROCK.
253
Management has a lot to do with answers.
Leadership is a function of questions. And the
first question for a leader always is Who do we
intend to be? Not What are we going to do? but
Who do we intend to be? Max De Pree,
Herman Miller
254
People want to be part of something larger than
themselves. They want to be part of something
theyre really proud of, that theyll fight for,
sacrifice for , trust. Howard Schultz,
Starbucks (IBD/09.05)
255
Ah, kids What is your vision for the future?
What have you accomplished since your first
book? Close your eyes and imagine me
immediately doing something about what youve
just said. What would it be? Do you feel you
have an obligation to Make the world a better
place?
256
EXCELLENCE.ENTHUSIASM.ENERGY. PASSION.
257
Nothing is so contagious as enthusiasm.
Samuel Taylor Coleridge
258
Before you can inspire with emotion, you must be
swamped with it yourself. Before you can move
their tears, your own must flow. To convince
them, you must yourself believe. Winston
Churchill
259
Charles Handy on the Alchemists Passion was
what drove these people, passion for their
product or their cause. If you care enough, you
will find out what you need to know. Or you will
experiment and not worry if the experiment goes
wrong. Passion as the secret to learning is an
odd secret to propose, but I believe that it
works at all levels and at all ages. Sadly,
passion is not a word often heard in the
elephant organizations, nor in schools, where it
can seem disruptive.
260
Most important, he upped the energy level at
Motorola. Fortune on Ed Zander/08.05
261
Q If it were your 50K lifes savings and my
50K, what sort of Waiters would we look
for?A Enthusiasts!
262
In classical times when Cicero had finished
speaking, the people said, How well he spoke,
but when Demosthenes had finished speaking, they
said, Let us march. Adlai Stevenson
263
Let us march.
264
EXCELLENCE. BEDROCK.
265
Brand Talent.
266
Ninety percent of what we call management
consists of making it difficult for people to get
things done. Peter Drucker
267
Organizing Genius / Warren Bennis and Patricia
Ward BiedermanGroups become great only when
everyone in them, leaders and members alike, is
free to do his or her absolute best.The best
thing a leader can do for a Great Group is to
allow its members to discover their greatness.
268
Leaderships Mt Everest/Mt Excellencefree to
do his or her absolute best allow its
members to discover their greatness.
269
CQOChief quest-meister
270
The role of the Director is to create a space
where the actor or actress can become more than
theyve ever been before, more than theyve
dreamed of being. Robert Altman, Oscar
acceptance
271
A Few Lessons from the ArtsEach hired and
developed and evaluated in unique ways (23
contributors 23 unique contributions 23
pathways 23 personalities 23 sets of
motivators)Attitude/Enthusiasm/Energy
paramountRe-lent-less!Practice is cool (G
Leonard/Mastery)Team and individual Aspire to
EXCELLENCE ObviousEx-e-cu-tionTalent Brand
DuhThe Project rulesEmotional languageBit
players. No.B.I.W. (everything)Delta events
Delta rosters (incl leader/s)
272
We are a life Success Companyfounder,
RE/MAX
273
Our MissionTo develop and manage talentto
apply that talent,throughout the world, for the
benefit of clientsto do so in partnership to
do so with profit.WPP
274
Leaders do people. Period. Anon.
275
The leaders of Great Groups love talent and
know where to find it. They revel in the talent
of others. Warren Bennis Patricia Ward
Biederman, Organizing Genius
276
PARCs Bob Taylor Connoisseur of Talent
277
Q If it were your 50K lifes savings and my
50K, what sort of Waiters would we look
for?A Enthusiasts!
278
Hire very good people!
279
From 1, 2 or youre out JW to Best
Talent in each industry segment to build best
proprietary intangibles EMSource Ed
Michaels, War for Talent
280
We believe companies can increase their market
cap 50 percent in 3 years. Steve Macadam at
Georgia-Pacific changed 20 of his 40 box plant
managers to put more talented, higher paid
managers in charge. He increased profitability
from 25 million to 80 million in 2 years. Ed
Michaels, War for Talent
281
The Cracked Ones Let in the LightOur business
needs a massive transfusion of talent, and
talent, I believe, is most likely to be found
among non-conformists, dissenters and rebels.
David Ogilvy
282
DD21M
283
A review of Jack and Suzy Welchs Winning claims
there are but two key differentiators that set GE
culture apart from the herd First Separating
financial forecasting and performance
measurement. Performance measurement based, as it
usually is, on budgeting leads to an epidemic of
gaming the system. GEs performance measurement
is divorced from budgetingand instead reflects
how you do relative to your past performance and
relative to competitors performance i.e., its
about how you actually do in the context of what
happened in the real world, not as compared to a
gamed-abs