The ability to concentrate and to use time well is everything.
Lee IacoccaRead
In business, you're trying to make a buck. God was good to me and blessed me. I made some money and started this foundation years ago, and it has grown in size. With the foundation it's a lot different, because the bottom line isn't how you can make more money or get a better return, it's helping the projects that you feel strongly about move forward.
Interpretation
The quote emphasizes that true success in business goes beyond profit, focusing on meaningful contributions.
Lee Iacocca reflects on his journey in business, highlighting that while making money is essential, the real fulfillment comes from using those resources to support and uplift causes he cares about. He suggests that a foundation's mission transcends financial gains, instead prioritizing positive impact and support for valuable projects.
In practice
During a charity event, someone could cite this quote to emphasize the importance of giving back.
The ability to concentrate and to use time well is everything.
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.
No matter what you've done for yourself or for humanity, if you can't look back on having given love and attention to your own family, what have you really accomplished?
Listening can make the difference between a mediocre organization and a great one.
What is it that you like doing? If you don't like it, get out of it, because you'll be lousy at it. You don't have to stay with a job for the rest of your life, because if you don't like it you'll never be successful in it.
Here's what management is about: Pick good people and set the right priorities.
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If your customer base is aging with you, then eventually you are going to become obsolete or irrelevant. You need to be constantly figuring out who are your new customers and what are you doing to stay forever young.
The rules of engagement around building a brand have changed significantly over the past 10 to 15 years. Where companies at one time could spread their message through traditional marketing, consumers now seek an enduring emotional connection with the companies they patronize. The foundation of that connection is the most important characteristic of building a world-class brand: trust. Trust with your people and trust with your customers.
If customer ignorance is a profit centre for you, you're in trouble.
Of all the things that your company owns, brands are far and away the most important and the toughest. Founders die. Factories burn down. Machinery wears out. Inventories get depleted. Technology becomes obsolete. Brand loyalty is the only sound foundation on which business leaders can build enduring, profitable growth.
I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
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