hi I’m Evan Carmichael welcome to another edition of modeling the masters
another edition of modeling the masters
another edition of modeling the masters today we’re going to talk about two of
today we’re going to talk about two of
today we’re going to talk about two of the most successful tech entrepreneurs
the most successful tech entrepreneurs
the most successful tech entrepreneurs of all time bill Hewlett and Dave
of all time bill Hewlett and Dave
of all time bill Hewlett and Dave Packard founders of the Hewlett Packard
Packard founders of the Hewlett Packard
Packard founders of the Hewlett Packard company Bill Hewlett and Dave Packard
company Bill Hewlett and Dave Packard
company Bill Hewlett and Dave Packard were University friends who graduated in
were University friends who graduated in
were University friends who graduated in electrical engineering from Stanford in
electrical engineering from Stanford in
electrical engineering from Stanford in 1935 eager to become entrepreneurs
1935 eager to become entrepreneurs
1935 eager to become entrepreneurs Packard and Hewlett established Hewlett
Packard and Hewlett established Hewlett
Packard and Hewlett established Hewlett Packard in 1939 in packets garage with
Packard in 1939 in packets garage with
Packard in 1939 in packets garage with all the startup money they could put
all the startup money they could put
all the startup money they could put together a grand total of five hundred
together a grand total of five hundred
together a grand total of five hundred and thirty-eight dollars
and thirty-eight dollars
and thirty-eight dollars they then tossed a coin to decide
they then tossed a coin to decide
they then tossed a coin to decide whether the company would be called
whether the company would be called
whether the company would be called hewlett-packard or Packard Hewlett
hewlett-packard or Packard Hewlett
hewlett-packard or Packard Hewlett together Hewlett and Packard created an
together Hewlett and Packard created an
together Hewlett and Packard created an audio oscillator it was in fact the
audio oscillator it was in fact the
audio oscillator it was in fact the first practical low-cost method of
first practical low-cost method of
first practical low-cost method of generating high-quality audio
generating high-quality audio
generating high-quality audio frequencies that were needed in a wide
frequencies that were needed in a wide
frequencies that were needed in a wide range of industries including defense
range of industries including defense
range of industries including defense and medicine hoping to make it seem like
and medicine hoping to make it seem like
and medicine hoping to make it seem like the company had been around for a while
the company had been around for a while
the company had been around for a while they named their product the 200a
they named their product the 200a
they named their product the 200a according to Hewlett we really didn’t
according to Hewlett we really didn’t
according to Hewlett we really didn’t know if this oscillator was any good we
know if this oscillator was any good we
know if this oscillator was any good we simply put one together that worked
simply put one together that worked
simply put one together that worked pretty well sent a letter out to
pretty well sent a letter out to
pretty well sent a letter out to universities and others got three or
universities and others got three or
universities and others got three or four orders and then tried it again
four orders and then tried it again
four orders and then tried it again one of those first orders was from Walt
one of those first orders was from Walt
one of those first orders was from Walt Disney Studios who wanted a toss letters
Disney Studios who wanted a toss letters
Disney Studios who wanted a toss letters for their upcoming movie Fantasia
for their upcoming movie Fantasia
for their upcoming movie Fantasia 60 years after its founding
60 years after its founding
60 years after its founding hewlett-packard has developed a
hewlett-packard has developed a
hewlett-packard has developed a reputation for innovative and reliable
reputation for innovative and reliable
reputation for innovative and reliable products and in 2009 had revenues of a
products and in 2009 had revenues of a
products and in 2009 had revenues of a hundred and fifteen billion dollars
hundred and fifteen billion dollars
hundred and fifteen billion dollars making it one of the largest companies
making it one of the largest companies
making it one of the largest companies so the next question becomes how can you
so the next question becomes how can you
so the next question becomes how can you model the success of Hewlett Packard
model the success of Hewlett Packard
model the success of Hewlett Packard here are three action items that you can
here are three action items that you can
here are three action items that you can put to use in your business action item
put to use in your business action item
put to use in your business action item number one think about more than money
number one think about more than money
number one think about more than money Hewlett and Packard believe that a
Hewlett and Packard believe that a
Hewlett and Packard believe that a business had a purpose beyond just
business had a purpose beyond just
business had a purpose beyond just making money businesses had
making money businesses had
making money businesses had responsibilities to employees customers
responsibilities to employees customers
responsibilities to employees customers and a community at large it was a
and a community at large it was a
and a community at large it was a controversial viewpoint in the 1940s but
controversial viewpoint in the 1940s but
controversial viewpoint in the 1940s but many of the management practices that
many of the management practices that
many of the management practices that are now standard in many work
are now standard in many work
are now standard in many work environments were pioneered by Bill
environments were pioneered by Bill
environments were pioneered by Bill Hewlett and Dave Packard some of the
Hewlett and Dave Packard some of the
Hewlett and Dave Packard some of the initiatives they launched included
initiatives they launched included
initiatives they launched included worker bonuses based on productivity
worker bonuses based on productivity
worker bonuses based on productivity profit sharing plans flex time schedules
profit sharing plans flex time schedules
profit sharing plans flex time schedules company-wide health insurance pay cuts
company-wide health insurance pay cuts
company-wide health insurance pay cuts and Fridays off instead of layoffs and
and Fridays off instead of layoffs and
and Fridays off instead of layoffs and hard times
hard times
hard times addressing everybody in the company by
addressing everybody in the company by
addressing everybody in the company by the first name having an open-door
the first name having an open-door
the first name having an open-door policy
policy
policy creating a wall for environment to
creating a wall for environment to
creating a wall for environment to encourage teamwork and the flow of ideas
encourage teamwork and the flow of ideas
encourage teamwork and the flow of ideas as an entrepreneur you have to worry
as an entrepreneur you have to worry
as an entrepreneur you have to worry about making money and making enough to
about making money and making enough to
about making money and making enough to survive and then build a lasting company
survive and then build a lasting company
survive and then build a lasting company but don’t make making money your only
but don’t make making money your only
but don’t make making money your only priority remember to think about the
priority remember to think about the
priority remember to think about the people who work for you the people who
people who work for you the people who
people who work for you the people who buy from you and the rest of your
buy from you and the rest of your
buy from you and the rest of your community to make your business a force
community to make your business a force
community to make your business a force for good strangely enough when you focus
for good strangely enough when you focus
for good strangely enough when you focus on helping these people the money comes
on helping these people the money comes
on helping these people the money comes in on its own
in on its own
in on its own action item number to adopt a survival
action item number to adopt a survival
action item number to adopt a survival mentality the early days of a new
mentality the early days of a new
mentality the early days of a new business can be challenging you may not
business can be challenging you may not
business can be challenging you may not be selling the right product at the
be selling the right product at the
be selling the right product at the right service and you really hit the
right service and you really hit the
right service and you really hit the targets that you set for yourself this
targets that you set for yourself this
targets that you set for yourself this is where it’s crucial to adopt a
is where it’s crucial to adopt a
is where it’s crucial to adopt a survival mentality listen to your
survival mentality listen to your
survival mentality listen to your customers until you find the product or
customers until you find the product or
customers until you find the product or service that will really solve their
service that will really solve their
service that will really solve their problems and in turn help you build a
problems and in turn help you build a
problems and in turn help you build a lasting business when Bill Hewlett
lasting business when Bill Hewlett
lasting business when Bill Hewlett talked about the early days of Hewlett
talked about the early days of Hewlett
talked about the early days of Hewlett Packard he said we were just
Packard he said we were just
Packard he said we were just opportunistic we made a bowling alley
opportunistic we made a bowling alley
opportunistic we made a bowling alley four line indicator a clock drive for a
four line indicator a clock drive for a
four line indicator a clock drive for a telescope a thing to make your urinal
telescope a thing to make your urinal
telescope a thing to make your urinal flush automatically and a shock machine
flush automatically and a shock machine
flush automatically and a shock machine to make people lose weight we did
to make people lose weight we did
to make people lose weight we did anything to bring in a nickel the best
anything to bring in a nickel the best
anything to bring in a nickel the best way to build a business is around
way to build a business is around
way to build a business is around customers with problems who will pay you
customers with problems who will pay you
customers with problems who will pay you to solve them adopt a survival mentality
to solve them adopt a survival mentality
to solve them adopt a survival mentality like Hewlett and Packard and look for
like Hewlett and Packard and look for
like Hewlett and Packard and look for opportunities to help your customers in
opportunities to help your customers in
opportunities to help your customers in the midst of solving their problems
the midst of solving their problems
the midst of solving their problems you’ll find a business idea that you can
you’ll find a business idea that you can
you’ll find a business idea that you can build into a successful and enduring
build into a successful and enduring
build into a successful and enduring company
company
company action item number three make innovation
action item number three make innovation
action item number three make innovation a part of everything you do for
a part of everything you do for
a part of everything you do for businesses succeed today it needs to
businesses succeed today it needs to
businesses succeed today it needs to always be thinking about what’s next and
always be thinking about what’s next and
always be thinking about what’s next and how it can innovate if you can offer
how it can innovate if you can offer
how it can innovate if you can offer more innovative solution that your
more innovative solution that your
more innovative solution that your competitors don’t have yet it can be
competitors don’t have yet it can be
competitors don’t have yet it can be your chance to win new business and grow
your chance to win new business and grow
your chance to win new business and grow your company in the company’s early days
your company in the company’s early days
your company in the company’s early days Hewlett and Packard had one rule above
Hewlett and Packard had one rule above
Hewlett and Packard had one rule above all others the golden rule to encourage
all others the golden rule to encourage
all others the golden rule to encourage innovation no part bins or storerooms
innovation no part bins or storerooms
innovation no part bins or storerooms should ever be locked to outsiders this
should ever be locked to outsiders this
should ever be locked to outsiders this was mind boggling visited to the
was mind boggling visited to the
was mind boggling visited to the company’s headquarters would be shocked
company’s headquarters would be shocked
company’s headquarters would be shocked that millions of dollars worth of parts
that millions of dollars worth of parts
that millions of dollars worth of parts and equipment were lying around free for
and equipment were lying around free for
and equipment were lying around free for anybody to use and nobody ever suspected
anybody to use and nobody ever suspected
anybody to use and nobody ever suspected anyone else’s theft
anyone else’s theft
anyone else’s theft are you innovated enough with your
are you innovated enough with your
are you innovated enough with your business do you take time every week to
business do you take time every week to
business do you take time every week to think about ways to make your product or
think about ways to make your product or
think about ways to make your product or service better follow Hewlett and
service better follow Hewlett and
service better follow Hewlett and Packard lead and stay on the cutting
Packard lead and stay on the cutting
Packard lead and stay on the cutting edge of technology and your customers
edge of technology and your customers
edge of technology and your customers and pocketbook will thank you for it so
and pocketbook will thank you for it so
and pocketbook will thank you for it so remember think about more than money
remember think about more than money
remember think about more than money adopt a survival strategy and make
adopt a survival strategy and make
adopt a survival strategy and make innovation a part of everything you do I
innovation a part of everything you do I
innovation a part of everything you do I wanted to end today’s video with one of
wanted to end today’s video with one of
wanted to end today’s video with one of my favorite true stories about eula
my favorite true stories about eula
my favorite true stories about eula Packard Hewlett and Packard management
Packard Hewlett and Packard management
Packard Hewlett and Packard management style was so unique at the time that it
style was so unique at the time that it
style was so unique at the time that it was given a name the HP way and Bill’s
was given a name the HP way and Bill’s
was given a name the HP way and Bill’s words the HP way is a core ideology
words the HP way is a core ideology
words the HP way is a core ideology which includes a deep respect for the
which includes a deep respect for the
which includes a deep respect for the individual a dedication to affordable
individual a dedication to affordable
individual a dedication to affordable quality and reliability a commitment to
quality and reliability a commitment to
quality and reliability a commitment to community responsibility and the view
community responsibility and the view
community responsibility and the view that the company exists to make a
that the company exists to make a
that the company exists to make a technical contribution for the
technical contribution for the
technical contribution for the advancement and welfare of humanity here
advancement and welfare of humanity here
advancement and welfare of humanity here are the core beliefs of the HP way we
are the core beliefs of the HP way we
are the core beliefs of the HP way we have trust and respect for individuals
have trust and respect for individuals
have trust and respect for individuals we focus on a high level of achievement
we focus on a high level of achievement
we focus on a high level of achievement and contribution we conduct our business
and contribution we conduct our business
and contribution we conduct our business with uncompromising integrity we achieve
with uncompromising integrity we achieve
with uncompromising integrity we achieve our common objectives through teamwork
our common objectives through teamwork
our common objectives through teamwork and we encourage flexibility and
and we encourage flexibility and
and we encourage flexibility and innovation thank you for joining me for
innovation thank you for joining me for
innovation thank you for joining me for another edition of modern masters I
another edition of modern masters I
another edition of modern masters I would love to hear your thoughts and
would love to hear your thoughts and
would love to hear your thoughts and comments if you want to post something
comments if you want to post something
comments if you want to post something below and stay tuned for the next
below and stay tuned for the next
below and stay tuned for the next edition
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