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Now a Word from "Today's Top Business Minds"…
January 06, 2010
Secret formulas from the "top minds in business" may be helpful, especially if you can't figure out how to cope with mediocre business strategy and an economy that has yet to fully rebound.
CNBC Senior Talent Producer Lori Ann LaRocco has some ideas for you. In "Thriving in the New Economy: Lessons from Today's Top Business Minds," LaRocco opens her "trillion dollar" Rolodex (the author says it contains a trillion-dollar money manager, several billionaires, and numerous millionaires), and asked her contacts to contribute their thoughts, advice, and expertise on how to thrive in this new economy.
"What makes these leaders unique," writes LaRocco, "are the strategies they employ. They are the ultimate chess players in the economy game." In her book, LaRocco says, they share their winning moves. They do so via a series of personal accounts with a foreword by H. Wayne Huizeng and an afterword by Rudy Giuliani.
The book is organized according to sectors: the economy, banking, real estate, autos, and retail. LaRocco says the business leaders in her book are her "go-to" newsmakers. Advice from these "go-to" individuals includes:
• CEO of BB&T Corporation Kelly King: "Ultimately when it comes to big decisions, leadership always makes the difference. The reality is that companies rise or fall based largely on their leadership. When your competitors are weak, you certainly try to take business away from them if you can."
• Former FDIC Chairman Don Powell: "Leadership is vital; it provides hope and stability. Leaders don't panic; they have ice in their veins. You are always going to have downturns in a free enterprise system; you can't have a rainbow until it rains."
• Former CEO of Paine Webber Don Marron: "Management leverage will replace financial leverage."
• CEO of Saks, Inc., Steve Sadove: "One of the ways to thrive in the new economy is to control what you can control. We are not letting a recession go to waste (meaning the changes he has made to Saks will not be undone, they are here to stay)."
• President of Toyota Jim Lentz: "You can't save your way to profitability."
• Senior Investment Strategist and President of the Global Markets Institute at Goldman Sachs Abby Joseph Cohen: "The most important thing about solving a problem is recognizing you have one."
Additional featured LaRocco contacts include Steve Forbes (Forbes), Peter Cohen (Ramius), Ken Langone (Home Depot and Invemed Associates), David Malpass (Encima Global), Mike Jackson (AutoNation), and Richard LeFrak (The LeFrak Organization).
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