Jul 22, 2020
Author David M. Cote, the much
respected former CEO of Honeywell (who took the market cap from
$20B to $180B) shows how you can hit your short-term goals without
sacrificing long-term growth as a leader. In
Winning Now, Winning
Later, Cote shares a
simple, paradigm-shifting method of achieving both short-and
long-term goals. Even in a recession, accomplishing these two
seemingly conflicting things can ensure you emerge from a crisis
stronger than ever.
Fortune magazine said, “Former
Honeywell CEO David Cote just wrote one of the best guides ever on
how to lead a company.”
[2:10] David had a lot of
ambition, but no role models or direction growing up. He quit
college twice and it took him six years to finish.
[4:15] When his wife got
pregnant, David was working night shift, had $100 in the bank, and
was scared to death.
[9:00] Herd thinking is alive
and well. Leaders need to be thinking independently.
[11:25] One of the things only a
CEO can do is balance long term yield with short term
[18:15] David was sick of seeing
presentations 100-plus pages long about their competitive
advantage. You’re lucky if you have two to three things to your
advantage, but 20? It means the team didn’t really think about this
consciously. As a leader, it’s important to question everything and
not just accept these presentations as fact.
[22:05] David would ask the most
junior of people to the most senior of people in the room, “What do
you think I should do?” It creates some fascinating dynamics
between your staff.
[24:35] After understanding
everyone’s opinion, David would then make his decision and explain
the thought process behind that decision.
[25:15] People think that if you
don’t agree with their opinion, you weren’t listening. However,
there is a difference between listening and agreeing. By explaining
a decision, people feel listened to and understand why you chose
what you chose.
[28:35] It’s easier to criticize
than to try and do something.
[32:50] You want every business
in the country to constantly become more productive. The downside
to that is that certain jobs will disappear forever.
[36:35] There are a number of
professions in this country that we don’t do a good job training
for, which creates high demand and low supply.
[38:25] Schools have an outdated
teaching model. David hated school because he didn’t know what was
relevant to him and what was not. Schools need to adapt and find
better methods to keep kids interested.
[40:30] Business has been the
biggest force of good the world has ever seen.
[42:10] Leaders need to be
thinking about how to do all the right things for the long term
while at the same time providing short term results that validated
the long term goals.
- “There were at least three times throughout the
course of my career where I thought my career was
- “Success in business requires being able to
accomplish two seemingly conflicting things at the same
wanted people to understand even though what they said was
something I disagreed with, I didn’t care. I really wanted the
development of their thought process.”
you’re a leader, it means you have people working for you, it means
you do have control over some things.”
trick is in the doing. How do you actually figure out what it is
you gotta do, mobilize everybody to do it, and actually make it
- “Business has been the biggest force of good
the world has ever seen because it has taken billions of people out
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