I am no expert on business and nor do I have the slightest inkling on how it should be run, but today as every newsmagazine or news article flashes the sorry doings of CEO’s and what the common man faces with the layoffs and slacking job market, one man comes to my mind.
I have always been fascinated with famous personalities and many summers back a friend who was then pursuing his MBA suggested the book and ever since I laid my hands on this book I carry it with me. It is a classic story of perseverance and believing in yourself.
Lee Iacocca’s story has inspired all who have read it. He started working for Ford Motor Company in 1946. Included in his long list of accomplishments is the creation of the Mustang. Working his way to the top of the company, Iacocca was eventually fired over a power struggle with Henry Ford in 1978. Angry, discouraged, but not beaten, Iacocca joined a failing company, Chrysler, as the President and CEO.Chrysler had just reported its worst earnings ever.Over the next decade, Iacocca not only pulled Chrysler out of complete collapse, but he also introduced the Minivan, and almost bought out Ford, and turned down a nomination for President of the United States.
I want to describe an event from the book which is very suitable for today’s scenario.When Chrysler was going to join the way of Studebaker and American Motors, and under these conditions Lee Iacocca accepted the position as the CEO; they offered him a deal. He would be given worthless Chrysler stocks, at a very very low price, in addition to a good salary, based on performance, if he turned the failing auto corporation around. He did. He made it solvent again, and a successful competitor in the auto industry; cashed in his’stock options’ and eventually retired a wealthy man. Compare this with the current modus operandi of CEO’s(Enron, Worldcom) where they take a stock option, build up the company’s Wall Street reputation, founded on venture capital through IPOs and then cash in when the stock is high, leaving the company capital starved and in total debt.
Lee Iacocca is known for his straight talking ways and this book is just such an example of his personable and detailed work. This book delivers Iacocca’s story of rising from the ashes, including what he feels on the events that have taken place in his life: what he liked or didn’t like, what he wish he had done differently or not at all, and what he would like to do again. Iacocca’s no nonsense approach to life and business is a mentality that is desperately needed in today’s world.
This book is for anyone who wants to be inspired by this rare breed of man. This book is not only for the business oriented wannabe leaders but for anyone wanting to be a better and successful human being. It tells a story that even the best can one day be faced with layoffs and how one can triumph over these shortcomings that life throws at each of us from time to time. Iacocca’s methods are timeless, and his attitude towards problems and how to fix them will leave you encouraged.
Suggestion:If you like to this book you will definitely enjoy his book’straight talking’.