Learning from Lee Iacocca

As a business owner it can be easy to get wrapped up in what’s going on in your business. We all have challenges, things that frustrate us and almost always run out of time at the end of the day. But one of the best things we can do if we’re interested in growing our business is to seek the wisdom of others, whether working with a coach, or learning from great business leaders like Lee Iacocca. Lee Iacocca celebrates his birthday on the 15th of this month, so today I thought we’d take a look at a little of his wisdom.   A couple of the quotes may not seem like they are relevant or really share any knowledge that can help you in your business, but if you take a minute to think about what they’re really saying, I think you’ll learn something valuable.

“In times of great stress or adversity, it’s always best to keep busy, to plow your anger and your energy into something positive.”

“So what do we do? Anything. Something. So long as we just don’t sit there. If we screw it up, start over. Try something else. If we wait until we’ve satisfied all the uncertainties, it may be too late.”

“Start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.”

“In the end, all business operations can be reduced to three words: people, product, and profits.”

“The only rock I know that stays steady, the only institution I know that works, is the family.”

“To succeed today, you have to set priorities, decide what you stand for.”

“I have found that being honest is the best technique I can use. Right up front, tell people what you’re trying to accomplish and what you’re willing to sacrifice to accomplish it.”

“What is wrong with changing your mind because the facts changed? But you have to be able to say why you changed your mind and how the facts changed.”

“I have always found that if I move with seventy-five percent or more of the facts that I usually never regret it. It’s the guys who wait to have everything perfect that drive you crazy.”

“There is no substitute for accurate knowledge. Know yourself, know your business, know your men.”

“The ability to concentrate and to use time well is everything.”

“The greatest discovery of my generation is that human beings can alter their lives by altering their attitudes of mind.”

“A guy named Charlie Beacham was my first mentor at Ford. He taught me the importance of the dealers, and he rubbed my nose in the retail business.”

“I guess I invented extended warranties, because that’s all we had to sell at Chrysler in those days.”

“Over the years, many executives have said to me with pride: ‘Boy, I worked so hard last year that I didn’t take any vacation.’ I always feel like responding, “You dummy. You mean to tell me you can take responsibility for an eighty-million-dollar project and you can’t plan two weeks out of the year to have some fun?”

“I only wish I could find an institute that teaches people how to listen. Business people need to listen at least as much as they need to talk. Too many people fail to realize that real communication goes in both directions.”

“To solve big problems you have to be willing to do unpopular things.”

“There’s no great mystery to satisfying your customers. Build them a quality product and treat them with respect. It’s that simple.”

 

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