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This is one of my favorite business lessons. Told well by\u00a0Peter Greulich.<\/p>\n
IBM had survived The Great Depression. Gambling on a post-war boom, Watson Sr. had maintained IBM\u2019s employment levels by increasing inventories when there was little demand. Excess machinery and parts crowded basements and filled every nook-and-cranny of Endicott’s warehouses.
\nSome on the board of directors, because of this, were lobbying to remove Watson as IBM’s President.<\/p>\n
He needed these inventories sold.<\/p>\n
A very large government bid, approaching a million dollars, was on the table. The IBM Corporation\u2014no, Thomas J. Watson Sr.\u2014needed every deal. Unfortunately, the salesman failed. IBM lost the bid. That day, the sales rep showed up at Mr. Watson\u2019s office. He sat down and rested an envelope with his resignation on the CEO\u2019s desk. Without looking, Mr. Watson knew what it was. He was expecting it.<\/p>\n
He asked, \u201cWhat happened?\u201d<\/p>\n
The sales rep outlined every step of the deal. He highlighted where mistakes had been made and what he could have done differently. Finally, he said, \u201cThank you, Mr. Watson, for giving me a chance to explain. I know we needed this deal. I know what it meant to us.\u201d He rose to leave.<\/p>\n
Tom Watson met him at the door, looked him in the eye and handed the envelope back to him saying, \u201cWhy would I accept this when I have just invested one million dollars in your education?\u201d<\/p>\n
If you want to invest in your business by learning your way to success now, without the million dollar investment click the button below to learn more.<\/p>\n