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How to Succeed in Business

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    'The Reinventors' author Jason Jennings on how companies can survive and thrive.

  • Duration 3:22
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I almost two thirds of the companies -- made -- to the top of the fortune 500 list in 2000 a completely on top the list ten years later.

Why well our next guest blames the old adage -- broke don't fix it.

Joining us now Jason Jennings author of the re inventors which hits the stores and the shelves tomorrow.

Jason why is that we constantly try to put a square peg it around home.

Well I think that reason number one Tracy.

Is that most leaders and most companies are absolutely on able to let go they can't let go ego they can't let goal of same old same old.

They can't let go of yesterday's breadwinners they even call them.

By another name I mean they called there in hushed reverential tones they -- on the legacy brand -- and so it's it's it's actually a company -- the leaders -- ability to let go.

That makes them keep trying to put that square peg around whole.

Right -- being examined minds and -- You know -- backing grad -- I read out -- who moved my -- that famous line what would you do you weren't so afraid right that's kind of what it comes down to you.

Think out of the box.

Well it does come down to thinking out of the box one -- the other things that comes down to Howard Schultz is probably the best example.

He came back and retook the reins at Starbucks and he immediately said this company is not about copy of this company is about growth.

And we need to have growth and over the next eighteen months -- and what he did.

They undertook more than a 180.

Initiatives from via instant -- to their dessert -- Two new store designs to test and beer and wine.

And the incremental revenue that they generated by those 150 small bets made up for the several billion dollars in revenues they've lost.

The stock price doubles and fortune names him the CEO of the year -- Seven companies doing wrong other than not letting it go -- -- focusing on growth or are they getting much more worried about the little PR flub ups that happened along the life.

Outlook the biggest single discovery we made.

Is that successful serial -- -- -- were able to embrace continual radical change have a guiding principle that says they are committed to double digit growth.

Because when you have double digit growth.

Then you can easily handle the biggest challenge in business which is to I find.

-- and grow the right people and when you've got the right people then -- at least have a chance to stay ahead of cut.

It's -- well below the growth.

People are gonna look for other places to go double digit growth is lofty goal I.

How I'd lose five pounds and I know that's pretty lofty to step up on that well you know -- I've struggled with the same five pounds many I -- know -- -- -- the big day.

Digit improvement in financial performance is not that hard sometimes it's double digit organic growth rate other times it's 5% of the top line 5% improve on the bottom line and sometimes it's not organic growth at all.

Mike Long the CEO of Arrow Electronics the 22 billion dollar giant.

And the quintessential example of reinvention what I asked him how long are you gonna continue buying companies in betting companies.

He said forever because I have to stay ahead of my people because of I don't belly even if they -- where they go my competitors or -- -- my competitors.

Good -- Jason Jennings up their that reinvent there is the book will be out mouth.

Some of the companies actually he says have done a great out of -- Southwest Airlines Starbucks apple.

Yep so coming dynamic companies that's right it out -- box.

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