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The written assignment of this week is going to focus on a very well known and well organized company. The Lincoln Electronic Company is the world largest manufacturer welding machine and electrodes. Since it has been created by the Lincoln family, the company has known enormous success, in this essay I going to look at some critical elements contributed that company’s success; such as: The continuing influence of the founders of the company. The incentive management plan. The performance appraisal system. The way people communicate in the company.
Lincoln Electric Company 3
Write a three page case analysis that summarizes your understanding of the culture of the Lincoln Electric Company.
Being successful in life has ever been an easy thing, let say it is not a piece of cake. All of the successful people have inclined themselves to some rigid principles. Those principles require that you spent nights without sleeping while the others are sleeping. It requires you working longer than the others. In one word, in order for you to be successful, you must accept to sacrifice yourself. Those principles are valuable not only for men and women, but also for the company. Organizations are characterized by principles, rules norms. Once these items are neglected, the organization is subject to fail (bankruptcy). Conversely, what makes Lincoln Electric Company so prosperous? What makes it different in the industry it operates in? What makes it the company the world's largest manufacturer of welding machines and electrodes? I am pretty sure after a careful lecture of this essay you will be able to answer these questions and apply those rules into your own personal life. So don’t worry if you are not able to provide an appropriate respo...
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...be the student in your, some principles, disciplines, and sacrifices are required. You don’t only have to set the rules you also need to set some strategies as to how you are going to reach the goals. These principles are also true in managing business. In order for business to be successful, you must also create an organizational culture that will work for not only the entrepreneur, but also the employees, customers, providers, and so forth. Besides of all, make the Lord the center of it. Then, you will be what you were created to be, but not what people believe you could be.
Works Cited
http://www.biblestudytools.com/parallel-bible/passage.aspx?q=deuteronomy+28:11-13&t=esv&t2=niv
Arthur Sharplin (1989), Lincoln Electric Company Harvard Case Study, retrieved from the link provided in the assignment post
Flat World Knowledge, Inc.
13 N. Mill Street
Nyack, NY 10960
orter’s five forces In determining the competitive intensity and attractiveness of the market, Porter’s five forces is a framework that would help analyze the manufacturing industry of Lincoln Electric and observe the external and internal environmental factors that influence business strategy development for companies within the industry. The five forces are assumed to determine competitive power in a business situation in which these five forces are Supplier Power, Bargaining Power, Competitive Rivalry, Threat of Substitution, and Threat of New Entry. These industries possess characteristics that protect the high profitability of firms, with that said, the threat of entrants within this market is relatively low. This makes entering the market difficult for new startup companies due to the high levels of entry barriers.
The time of the Industrial Revolution allowed little room for smaller companies to make a name because the big businesses had monopolies over certain areas of industry. Therefore, for a person to make a name for himself, he had to do so with ambition, money, reputation, and inner strength. By reason of an owner not possessing these qualities, then by the rigors of business owning he would be mentally crushed by the amount of work that falls upon the owner's shoulders. In addition, even though labor came cheaply to t...
Have you ever wondered what it takes to be successful? Some people are not born into success or wealth. Many successful entrepreneurs had a vision they turned into reality. Samuel Truett Cathy is one prime example of a man who lived out his convictions. An inventor of the beast-of-chicken sandwich, mall counter service in the days before food courts and Sunday closing as a policy, Truett Cathy celebrated his 80th birthday in 2001. Many might think of him as a true modern-day role model and hero. Some sees him as the Chick-fil-a man. From his book “It’s Easier to Succeed than to Fail”, Cathy represented a real-life case history showing that a determined and energetic entrepreneur can overcome anything. Cathy stated, “ The secret to success is not secret at all. It is very obvious, but we are too often blinded to the truth.” (Cathy, p. 191)
Employees and customers have been of high importance through the years at Lincoln Electric Company. Employees are valued and compensated well for their productivity, performance and reliability. The goal has always been to have mutual respect with both the employees and the customers. When an employee or customer has something to say, whether it’s positive or negative, they know they are going to be heard.
General Electric Corporation is a multi-billion dollar conglomerate founded in 1892. The company was founded in Schenectady, New York to capitalize on the patents of Thomas Edison and the use of electric power through generation and distribution. Now a blue chip publicly traded company that has branched out beyond its core into arenas such as aircraft engineering, television, and home appliances to name a few. Over the years the corporation has been through different management models that have brought innovation in many forms that have allowed them to be envied by companies around the world. Despite great success since its conception, like many companies who can withstand the test of times, it’s natural for them to become self-absorbed, which can have a negative impact on the company structure as a whole. Coming across someone like Jack Welch who can think out of the box and in a manner that doesn’t strain the resources of the company but expands the thinking of the company as a collective unit is needed to continue the legacy of innovation in all aspects of business.
...cott went on to graduate and learned in his own way what an education in entrepreneurship should include. First you should always make yourself valuable, learn different skills that will make you useful in multiple ways. Then, you should always take risks, even if you’re failing most of the time, in every try you learn something new. Third, is finding the action, move and find what you’re looking for. Attack luck, you aren’t always lucky, but the more you look for it the more you’ll find it. One of the most important things is to conquer your fears, step out of you comfort zone. To write simply so any audience can relate to it is very useful for and entrepreneur. And last but not least, to learn persuasion in all its forms. Although, Scott’s college professors taught him a lot about being an entrepreneur, he values highly everything he learned from his experiences.
The company’s approach to motivate employees has been working in a positive way. The employees are satisfied with the family style community, and the productivity has increased as well. The company’s style of treating employees as important partners has been successful in other manufacturing companies too. For example, when Honda opened its first factory in the U.S., the CEO and employees shared the same cafeteria, just like Lincoln.
Many people believe that in order to succeed in a business that is having difficulties, it is important to focus on a particular area in order to be better productive in each of them, and be able to reach the goal. Instead, Goldratt and Jonah demonstrates that is important to focus on the company as a whole, but at the same time, it shows that it is incorrectly to only focus in an specific manufacturing department, or one plant, or a department within the plant, because people should not be concerned in local optimums.
Please complete the Case study assignment and Ms. Trumps Management style on page 525 in your Allen text.
1. How did Philips become the most successful company in its business during an era when scores of electrical engineering companies were being formed? What impediments and disabilities did Philips' strategic and organizational capabilities bring with them?
The research presented here was used to obtain a better understanding of the employees within the Power Delivery group at Sega, Inc. In addition, this information was used to educate the employee and to improve communication within the group.
The story of the goal’s book is about a plant manager of a manufacturing company whose name Alex Rogo. Alex has a bachelor degree in industrial engineering as well as a Master of business Admi...
The electric utility industry was chaotic in the late 1800’s and early 1900’s. There were people competing to generate and distribute electricity within their own cities, causing a huge excess of wires running through the streets. The competition developed to become quite intense, where people would attempt to cut prices to undersell neighboring utilities, and neighbors would reciprocate price cuts until nobody was making a good profit. Policy makers began to think the industry was a natural monopoly, in which it would be most economically efficient to have one or few entities run the electric industry. At the time, I think it was justified to implement state regulation of electric utilities because of the high overlap in infrastructure, the ruinous competition between firms, and it moved us closer to an economically optimal solution.
1. WHY? Develop your "why". As an entrepreneur, not all times you have in business will be perfect. In fact, there will be many, many difficulties along the way. However, if you can develop your why, you can achieve success. Your why must be this personal, passionate, emotional drive that keeps you going, when the world tells you to give up. It is the reason you commit and work so hard. Pushing on when it seems all the odds and world is against you. Your "why" becomes your driving will to wake up and do it again tomorrow.
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how