I received an Evite from the Bootstrapping networking group to attend a Q&A session with Jack Welch at Book People today. It was cool to see the legendary Jack Welch in person. Here are my notes:
“right players” is key
always hire ppl better than u
HR is key
20 70 10 differentiation
20% most important
70% improve
10% get rid of them, and do it immediatelyGE development
HP CEO, Carly, didn’t develop from within, cost HP a lot of money when it didn’t work out, 22m severance pkg, lack of HR training was the problemQuestion: male and female difference as leaders:
top high positions: noneexec compensations
ppl need to have dreams
stock options didn’t matter
caps on salary don’t workassessments on CEO’s perf: lots of things he mentioned to gauge his success
91% stocks go to non top-150hiring from outside: best interview question: tell me about ur last job? And listen!
Eat sandwiches for as long as you can – then you have the negotiating power… Compensation between investor and entrepreneurs is supply and demand, if you got quality, you have the upper hand.
Don’t spread equity equally, it gives the wrong results; it offends the good people and keeps the bad people on board longer. And it will become a dental plan overnight, which is the last thing you want.
manager: being from bout u 2 about THEM!!!
Results and behaviors matrix
growth makes management a lot easier
Drucker is the only business Jack he reads or recommends
Some pics from the Treo:
“always hire ppl better than u” – reminds me of a quote from an old fave tv show of mine: if you’re dumb surround yourself with smart people; if you’re smart, surround yourself with smart people who disagree with you.
i’m all for hiring people smarter than me. it’s a good way to make sure you get quality people and it’s a good way to keep yourself challeneged and engaged.