Ideas on how to become rich - Some Great Ideas by Jack Welch

Ideas on how to become rich - Some Great Ideas by Jack Welch

I have been busy with my Economics examinations and have not had much time to blog, but I received a very nice email from someone who had some interesting tips and ideas on wealth and money making, because she read a book by Jack Welch. Thus my post for today is "Some Great Ideas by Jack Welch" on how to become rich and successful. A short introduction to Jack Welch in case you aren't sure who he is or in case you wish to have a reminder:

John Francis Jack Welch was former Chairman and CEO of General Electric and is incredibly rich and wealthy, having successfully managed GE from 1981 to 2001. He is known for his uncanny business acumen and his wise business strategies that have done very well.

Here is the contribution by Sally, and here is what she wrote to me (edited):

Some great ideas by Jack Welch

"I am in SIM reading this book by Jack Welch and these are some of the tips which I thought I would like to share with you:

a) invest in people
people matter in our lives, value good friends and people

b) dominate your market or get out
This is like what you said to me and sounds exactly like the advice you gave to me! This is a good idea.

c) never sit still - we have to be relentless and restless because sitting on our butts, we cannot achieve anything great.... and the ship can only sail when it leaves the port of safety. This is a good idea as well!

d) one should also think service - according to Welch, one should also know how to provide good service and in particular better service, better than someone else... because people remember your service after the product is gone and waned.

e) forget the past and move on to the future -- what is gone is gone, the most important thing is to harness energy for the future because that is where we can embrace the new and look forward to new things and new money making opportunities and ideas.

f) learn and lead - life is about learning everyday, and life is also about leadership. We should learn new things every day and learn how to be leaders!

g) no bull - do not bullshit , be honest and straightforward - this is typical Jack Welch!

h) kill bureaucracy

i) stick around - be persevering and persistent, for money making opportunities and new ideas are always around the corner, and finally

j) manage the corner store - look out for things that seem insignificant and keep track of what is going on... I realise that I have to make sure that I am keeping abreast of what is going on around me. That's all I have to share regarding Jack Welch and his great ideas.

All these tips from Jack Welch of GE"

Thanks to Sally for her invaluable contribution to my ideas on how to become rich site! Thanks for reading and more important posts here on finance, investment and money making ideas to come soon. Thanks and cheers!

Ideas on how to become rich