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| Note: The FORTUNE Preview Guide is created in HTML. If you are unable to properly view the cover image, Course Connector, or hyperlinks, please view the online version at http://www.fortuneeducation.com/preview_guides/index.html. |
| COURSE CONNECTOR |
| ARTICLE SUMMARIES AND QUESTIONS |
"What It Takes to Be Great," pp. 88-96: One easy way to excuse mediocrity in life is to comfort ourselves with the idea that we were not born with natural talent. We don't have Tiger Woods' golf swing? No big deal — we just weren't lucky enough to have been wired that way. We don't have the investment savvy of Warren Buffett? Oh well — he's just a one-in-a-million genius. Well guess what, folks? Turns out, it's not as simple as all that. After extensive studies, scientific experts have concluded that "natural gifts" as we understand them simply don't exist. The notion that some people are born with an innate ability to do some specific activity especially well is, according to these researchers, pure poppycock. Instead, greatness is the result of an enormous amount of hard work over many years. Of course, it doesn't hurt to be highly intelligent and motivated, and to possess personality traits that we associate with great success. But when it comes right down to it, the best and brightest all seem to follow a similar formula for attaining excellence: setting goals, focusing intently on the tasks required to achieve those goals, making changes as necessary, and continually practicing to improve. For most of us, work is tough enough without pushing ourselves even harder, and that's why great performances are so necessarily rare. So while it's unlikely this research will generate a sudden increase in human accomplishment, it is liberating to know that greatness isn't reserved for a preordained few. It’s available to us all. This article reveals that a lack of natural talent is irrelevant to great success, and that the secret behind it is painful, demanding practice and hard work. Discussion Questions:
"12 Peak Performers," pp. 104-121: What goes into the "secret sauce" of excellence? FORTUNE asked everyone from a gambler (professional poker player Jennifer Harman) to a rock bassist (Metallica's Robert Trujillo) to a concessionaire (Dodger Stadium's Roger Owens) to find out. The answer is: It depends on whom you talk to! For drill instructor James Erwin, gunnery sergeant in the U.S. Marine Corps, the goal is to create a Marine who can lead and make critical decisions under pressure. The only way to do that is to apply pressure — lots of it. A much quieter principle guides Yukihiro Yamazaki, chief Lexus GS technician for dynamic evaluation at Toyota. The engineer relies solely on four of his five senses to evaluate a car and measure its performance. The senses, along with the ability to read people, are also key to being a successful pickpocket, according to security expert Bob Arno, an author and expert on pickpocketing. Reading people and not getting too bogged down in data helps venture capitalist Mike Moritz, general partner at Sequoia Capital, make profitable choices for his firm. For actress Laura Linney, keeping the focus on the work — the characters, the scripts — rather than on the trappings of a chaotic Hollywood lifestyle, is the secret to her success. Lastly, Daria Hazuda, scientific director for infectious diseases at Merck, recommends turning mistakes into learning experiences. A failed experiment can be a rich source of information. Students take a closer look at peak performers in 12 distinct career fields to learn more about the factors that guide their success. Discussion Questions:
"Why Costco Is So Damn Addictive," pp. 126-132: Behind the pleasant, grandfatherly visage of Costco CEO and co-founder Jim Sinegal is one sharp business mind. With $59 billion in sales from 488 warehouse locations, his company is the fourth-largest retailer in the country and seventh-largest in the world. In the 23 years since Sinegal and Jeff Brotman — now Costco's chairman — founded the company, it has never reported a negative monthly same-store sales result. How has he been so successful? Part of it is his experience. He has spent 52 of his 70 years in the retail business, getting his start working for Sol Price, who created the warehouse-club format with Price Club (Price Club and Costco merged in 1993). The other part of it is his counterintuitive approach to retail. Costco refuses to mark up any item more than 14%, in contrast to supermarkets and department stores, which frequently carry markups of 25% and 50%, respectively. The theory is that if you can create a large enough gulf between yourself and the competition, you can eventually force them to compete in other markets. Given that Costco consistently sells more efficiently than its low-margin peers, outdoes plusher names like Nordstrom, and holds its own against higher-markup "category killers" like Best Buy, it is clear that Sinegal's business philosophies are as stable as his profits. In this article, students analyze Costco and CEO Jim Sinegal's formula for retail success. Discussion Questions:
"The CEO Stats That Matter," pp. 154-160: Just what is it that makes a CEO great? That's hard to say. For some, it's the ability to inspire the troops with bold visions of future growth. For others, it’s the resolve to cut ruthlessly away at divisions and people that aren't performing. Some possess the financial acumen to see which measures of performance truly matter. Still others have the ability to discern when to ignore financial measures to define what's really special about a company. Certainly, the discipline to shun empire building and instead focus on making your core business great is important. But so is having the vision to move into a new business with greater growth potential. In truth, there is no single formula for executive greatness. So what's the best way to measure executive performance? It's far easier to define how not to measure it. Short-term stock price movements, quarterly earnings and press clippings can be too volatile, misleading or just plain unfair. Besides, even the best leaders may only have a small or short-lived positive impact on a company in the grand scheme of things. On the other hand, a bad leader can make a huge negative difference at a company, largely by driving its best people out. Thus, perhaps our obsession with finding greatness in CEOs isn't the most pressing issue. It's not a bad thing in itself, but it distracts boards and investors from a far more important pursuit — identifying CEOs who just can't hack it. Students examine some of the qualities that make CEOs great and the elusive tools for measuring executive performance. Discussion Questions:
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