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Master the expertise required to win. |
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When Fortune magazine
6 listed the ten most admired companies, it recognized the leadership of each: |
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General Electric: Jack Welch
Microsoft: Bill Gates
Coca-Cola: Douglas Ivester
Intel: Andy Grove
Hewlett Packard: Lewis Platt
Southwest Airlines: Herb Kelleher
Berkshire Hathaway: Warren Buffet
Disney: Michael Eisner
Johnson & Johnson: Ralph Larsen |
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In each case, the leaders of these companies have profound industry knowledge and most have grown with the organization. Many star executives are long-term experts in their craft. |
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When the early Romans built an aqueduct, the engineer who designed the structure stood under it when the scaffolding was removed. This clearly verified his expertise in his craft. |
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Computer people should run computer companies (witness the disastrous short term of John Scully when he moved from Pepsi to Apple), beverage people should run beverage companies, and airline people should run airline companies. The credentials of an industry expert are impressive. Who would argue about coffee with Starbucks founder Harold Schultz or motorcycles with Harley-Davidson turnaround leader Vaughn Beals? |
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The trio who opened the first of over 500 Outback Steakhouses in Tampa had years of restaurant experience with Steak & Ale, Bennigan's, and Chili's and at the New Orleans World's Fair. This Australian concept restaurant has become one of the most popular, and profitable, steak houses of the decade.7 |
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Home Depot founders Marcus and Blank acquired their expertise as senior executives at another home center called Handy Dan. |
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Any venture capitalist will tell you that the background and character of the people is the most important factor in the success of a new venture. |
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