Wang Yung-Ching 王永慶

Just one day before he passed away Wang was still busy inspecting one of his factories, and later dined with several subordinates. He had the heroic resolve of a veteran solider battling to his very last breath, and enjoyed the respect due a commander-in-chief.

When hearing the news of his passing, all the people of Taiwan felt a sense of loss. Those who knew him, and those who did not, all felt a tinge of sadness. It seemed that an archetypical figure had passed from the world, and that with him an entire era had faded away.



  • Born in 1917 into a poor farmer’s family outside of Taipei city.
  • At the age of 15, Wang went to south to work in a rice store. Next year, he opened his own small rice store with little fund that his father had raised from friends and neighbors.
  • Cold showers saved him three Japanese sen a day, and those three sen would buy him three pecks of rice.
  • A novel approach to customer service-prototype for the management system in his Formosa Plastics Group.

Growth of Formosa Plastics Group (FPG)

  • At age 38 (1954), Wang founded the Formosa Plastics Corporation (FPG) starting with a daily output of four tons of PVC powder.
  • Half a century later,  FPG had grown into the world’s third largest petrochemical company with an annual turnover of NT$2 trillion and almost NT$3 trillion in assets. The two largest U.S. chemical makers, Dow Chemical and DuPont, view Formosa Plastics as a fierce rival.

The God of Business Management

  • He had foresight. In the 1980s he became the first Taiwanese entrepreneur to massively invest in the United States.
  • Formosa Plastics corporate culture- training program and “working hard without complaint” principle.
  • Harsh on his managers.
  • Saving. Ex. cream container  and soap.
  • Soft side
    1. Employee accommodations.
    2. Transfer Chinese cook to Texas plant.

Marital Life

  • 4 wives, 2 sons and 8 daughters.
  • First marriage- Guo Yueh-lan (no child)
  • Second marriage- Liao Chiao (2 sons and 3 daughters)
  • Third marriage- Lee (5 daughters)
  • Fourth marriage (unclear)- Lin (1 son and 2 daughters)

Is he happy or not?

  • Wang said, “nothing is easy in this world, but nothing is impossible.”
  • Wang almost never took a vacation, working until the day before he died.
  • His best friend said, “whatever idea he had, there were people who did their best to help him realize it. His life was full and magnificent. He did things the rest of us could never do.”

key traits

  • Diligence
  • Competitive
  • Action-Oriented
  • Focused
  • Visionary
  • Intelligence

Dhirubhai Ambani


¨Born 28 December, 1932
¨True “rags to riches” story
¨Small time worker with Arab merchants in 1950
¨Moved to Bombay in 1958 to start his own spices business
¨Forayed into textiles and started Reliance
¨Died on 6th July 2002 due to heart attack
¨Son of a low-wage village teacher
¨Wanted to get his bachelor’s degree but was sent to Aden (second busiest oil trading port) to earn for family
¨Did commodities trading and then petroleum
¨Wanted to speculate but had no money. Worked for free for a trading firm to learn the secrets.
¨Mastered English grammar, essay writing, and read a lot throughout his day
¨Came to Gujarat in 1954 to marry during that time his firm acquired the distribution of newly opened Shell refinery at Aden
¨DA was promoted and sent to oil filling station where he serviced ships, made friends and dreamed of opening up a refinery
¨By the late 1950s the British rule in Yemen began to collapse and Indians started returning home or going to London. DA at 26 yrs, married and blessed with a son, felt that India was calling home
¨Started “Majin” in partnership with his cousin, with $300
¨Imported polyester yarn and export spices to Yemen
¨First office of Reliance Commercial Corp. was set up – 350 sq. ft room with a telephone, one table and three chairs
¨Partnership ended in 1965 due to differences – DA was a risk taker and believed in building inventories, anticipating price rise and making profits while his cousin was the opposite
¨In 1968 moved to upmarket apartment in South Mumbai. By then his net worth was close to $200,000
¨Started the first textile mill in Naroda, Gujrat in 1966 with the help of a chartered accountant from Delhi
¨“Vimal” was a household brand by 1970s due to huge marketing. In 1975 the World Bank visited Reliance and certified it as “excellent by developed country standards”
¨In 1977 launched IPO and convinced rural people to invest. By early 1980s his net worth was $200 million
¨Control over stock exchange
¨1990s entered into petrochemicals and telecommunications
Leadership traits

¨A learner – believed that for success you need to know everything about the subject
¨Opportunistic and spiritual
¨Pioneer/first to do anything
¨Did not mind copying ideas and turning into profit
¨Never had an ego problem, got work done from people
¨Expert in marketing and operations as well
Believed in luck and destiny

¨Manipulated shares by setting up dummy companies
¨Sponsored both sides of the political spectrum
¨Almost payed zero taxes
¨Flexible values and unethical behavior

¨Dhirubhai Ambani Scholarship at Wharton School of Business
¨Dhirubhai Ambani hosptial at Mumbai
¨Critically acclaimed movie “Guru” based on his life
¨Quoted once in an interview – “More than anything else I learnt that nothing big can ever be achieved without money, influence and power and I also learnt that money, influence and power alone cannot achieve anything in life, big or small, without a certain soft, delicate, sensitive, understanding human touch in all one’s deeds and words.”
¨”Dhirubhai will go one day. But Reliance’s employees and shareholders will keep it afloat. Reliance is now a concept in which the Ambanis have become irrelevant.”
¨”A vision has to be within reach not in the air. It has to be achievable.”

Inspirational Entrepreneurs: Sean Combs – CEO Bad Boy Records

Sean Combs Net Worth: $550 Million as of September 2012 Source: Record Producer, rapper, fashion designer, businessman according to Forbes Magazine.

Diddy is the owner of Bad Boy Records, the Sean John and Enyce clothing lines,stake in Ciroc vodka, and has recently talked about opening a business school in New York. Diddy also released a single with his new group Diddy-Dirty Money called ‘Hello Good Morning.’ Diddy made $30 million in 2010 and $35 million between May 2010 to May 2011.

Jack Welch: CEO of the century

      • General
        • CEO of General Electric (GE) for 20 years from 1981 to 2001. He was influential CEO, both internally and externally
        • During his tenor, GE’s value increased from $13 billion to several hundred billion.
        • He was named by Fortune Magazine in 1999 “Manager of the Century”


  • Childhood
    • Born in 1935 in Salem, Massachusetts – only child
    • His parents were second generation Irish immigrants. Father – a train conductor and union leader.
    • His “strong-willed” mother , Grace, had a strongest influence in Welch’s characters and successes.
    • He spoke with stutter.
    • His participation in sport – hockey, basketball, baseball had profound impact on his life and career.
      • “Welch described one instance in particular when his hockey team lost a game, to which he responded by throwing his stick and pouting. Immediately afterward Welch’s mother marched straight into the locker room and took him to task in front of the team: “If you don’t know how to lose, you’ll never know how to win. If you don’t know this, you shouldn’t be playing”
  • Education
    • Received B.S. in Chemical Engineering from the University of Massachusetts in 1957.
    • M.S. and Ph.D. degrees in chemical engineering from  the University of Illinois in 1960.
    • He was the first in the family to go to college.
  • Early days in GE
    • Joined GE 1960 as junior engineer in Plastic division
    • Frustrated by bureaucracy and decided to quit
    • His boss, Reuben Gutoff, recognized Welch’s talent, and talked him into staying. Promised that he would provide Welch a more entrepreneurial work environment.
    • Increasing commitment with GE after the big blowup of chemical factory that Welch was responsible in 1963
    • Welch experimented with a different mixture of chemicals and it caused an explosion
    • He needed to explain to Reed, an executive several levels up
    • Unexpectedly, Reed  asked him why and what he hoped to achieve. The boss focused on what Welch learned from the incident and asked him for advice on how to avoid the explosions.
    • learning from mistakes and not blaming people if an attempt at something new went wrong…unless they repeated the same mistake more than once.
    • leaders are not infallible and need to admit to their own mistakes if they are to create a culture in which others are honest and admit to mistakes, too. Otherwise you get the myth that the leader can’t be wrong and everyone covers up evidence to the contrary, and also never admit that they themselves are wrong.
  • Being a CEO
    • He took 20 years to become the CEO
    • In 1981, he was selected, over six other candidates, the CEO of GE…climbing the corporate ladder of 29 levels of management
    • Dismantling of the bureaucracy
    • “Neutron Jack.” The name was derived from the neutron bomb. During a streamlining process, he laid off 135,000 GE employees—25 percent of the company’s workers.
    • Maintaining operations that were ranked first or second in their given field. In the next five years from becoming CEO, GE closed 73 plants and offices and sold 232 businesses.
  • Welch’s management style and philosophy
    • Customer satisfaction and positive relationships with both customers and employees were what ultimately made a business successful
    • He brought an air of informality to the company but informality could not have been mistaken for laxity, or kindness for weakness.
    • Top 20% performers deserved to be handsomely rewarded while the bottom 10% should be replaced.
    • Borderless organization and generalization
    • 4-Es Leadership Traits
      • Energy: Positive energy & make change.
      • Energizer:  Know how to spark others to perform.
      • Edge: Those with edge are competitive types. They know how to make the really difficult decisions
      • Execute:  Converting energy and edge into action and results
  • Key traits that led Jack Welch success
    • Confidence
    • Competitive
    • Arrogance
    • Vision
    • Passion
    • Open-minded
    • Energetic
    • Action and result-Oriented

Hello world!

These entrepreneurs have several things in common. They all work hard and they don’t wait on opportunities to find them. They create opportunities. Not one of them found a new idea. They just found something that they could do better than anyone else and they worked hard. John Schnatter CEO of Papa Johns Pizza said “Concentrate on what you do best and do it better than anyone else.”

Wayne Huizenga said ”

My father always said working for somebody else never amounted to anything. You have to be an entrepreneur.”

Ben Cohen Founder and CEO of Ben & Jerry’s Ice Cream

Ben Cohen was born in 1951 in Brooklyn, NY and grew up on Long Island.  He met and became friends with his future business partner, Jerry Garfield in junior high school. The two bonded when they were required to take a gym class designed for overweight kids in 1963.  Ben was accepted at Colgate University and went to school primarily to dodge the draft.  He struggled in school and found that higher education was not fulfilling so he dropped out and went to a number of different alternative schools.  Meanwhile, Jerry applied to over twenty law schools and did not get into a single one.  Ben joked that the two friends had failure in common. 
Ben and Jerry decided to start a small business, perhaps for lack of anything better to do.  At first they wanted to open a bagel shop but they felt that making bagels was too complicated.  As a result, they took an ice cream making class for $5 and opened up their first shop in Burlington, VT in an old gas station. 
Ben and Jerry’s community presence contributed to their early success.  College students loved Ben and Jerry’s business incentives like “Free Cone Day” and the “World’s Largest Ice Cream Sundae.”  During the winter months, it was difficult to Ben and Jerry to earn a profit so Ben started to sell ice cream to local restaurants.  He stored the ice cream in pint containers to make it easier to transport.  The pint container became Ben and Jerry’s defining innovation and is still the way their ice cream is served today. 
In 1984, Ben and Jerry’s found that they could issue a Vermont only public offering.  This allowed Vermonters to invest in the company.  The revenues were used to build a new manufacturing facility.  The new facility was built between 1985 and 1988 and Ben was commited to making the facility without any unnecessary waste.  At the same time, Ben established the Ben and Jerry’s foundation which donated 7.5% of the company’s annual pre-tax profits to charity.
Ben used the Ben and Jerry’s charity and other corporate activities to advocate for his personal beliefs.  The company gave money to a wide range of causes including anti-nuclear energy organizations,  Vermont farms, music festivals, the YMCA, creating eco-pint containers, Rock the Vote and fair trade.  In addition, Ben and Jerry’s created a three part mission to their company:
·         Product Mission
To make, distribute and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the Earth and the Environment.
·         Economic Mission
To operate the Company on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees.
·         Social Mission
To operate the company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally and internationally.
Ben and Jerry’s was bought out by Unilever in 2000.  Since this time, Ben has retired from his role as founder and CEO.  Unilever worked out an agreement so that Ben and Jerry’s can continue  to fulfill its product and company mission. 
“We’re all here in this world for some reason or another. If you’re aware of injustice, you can either ignore it, say there is nothing you can do about it, complain about it and not do anything, or put your energies into doing something about it. And for me, the only thing that is a meaningful use of my life is to work to improve the quality of life for people who are disadvantaged. I don’t believe that just because one person is born on one side of some imaginary line and another person is born on the other side means that a lot of people should be getting screwed through no fault of their own.” – Ben Cohen
Traits that Led to his Success:
·         Luck
·         Passion
·         Principled
·         Intellectual Curiosity
·         Authenticity

The Dangote Magic

Alhaji Aliko Dangote has risen from his humble backgrounds in the merchant town of Kano, Nigeria to become the richest black person in the world through sheer hard-work and perseverance.

Anyone who has lived or worked in Nigeria knows that it is not exactly easy to sustain a business in this country but Alhaji has made it seem all too easy. He began the Dangote Group with a loan from his uncle in 1981. The group started off as a simple trading business and is today one of the largest industrial conglomerates in Africa.

Alhaji has come a long way and i believe, he has only just begun. His belief and faith in the good that can come out Africa is unique and this differentiates him from most African entrepreneurs who are quick to leave the continent in search for something better after establishing themselves.

Alhaji Dangote is well known for his generosity, his resourcefulness, his faith and his humility.; qualities that have endeared him to millions of Nigerians.
When he is not thinking up strategies to expand the Dangote brand, Alhaji loves yachting and flying.

“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.” – Aliko Dangote

“If you give me today $5 billion, I will not invest any abroad, I will invest everything here in Nigeria. Let us put heads together and work.” Aliko Dangote

Damilola Ashaolu
MBA 2013 Candidate

General David H. Petraeus

I have learned from researching General David H Patraeus that his father raised him by repeating him these words “results son, results” His father’s words of wisdom has resonated throughout his military career. (R) General Petraeus definitely produced results in Iraq and Afghanistan by incorporating his strategic vision revolutionizing how we conduct counterinsurgency operations while closing the gap in partnership with host nation forces. He is a man that I admired and losing is never an option for him. Below are some of his character traits that make him a phenomenal leader of men.

Leads by example
Risk Taker
Raphael A. Jimenez II

MBA Student

H. Wayne Huizenga

On the 29th of February Clarence Montague presented a detailed analysis of the H. Wayne Huizenga, President, Founder and CEO of Waste Management Inc., Blockbuster Video, and Auto Nation Clarence analyzed Mr. Huizenga’s entire life to include his achievements, failures, and key attributes. The highlights from Lauren’s presentation follow:


Born in 1937 son of 2nd generation Dutch Americans
Wayne’s grandfather owned an independent trash hauling company in Chicago stressed that “working for somebody else never amounted to anything.” “You have to be an entrepreneur”
Wayne’s father built homes and his mother provided the interior decoration
As a child in Chicago Wayne attended a private Dutch school and made decent grades
His entire family was self employed
Wayne’s parents had marital problems that caused Wayne to occasionally act out
He had a single minded intensity but was prone to occasional emotional outbursts
Wayne started operating a bulldozer at age 14 for his father’s construction business
Moved to Fort Lauderdale FL at the age of 15
Wayne’s parents divorced in 1954 and remarried in 1978
He attended Pine Crest High School and earned decent grades
He played football and was elected senior class treasurer
College Years

Enrolled in Calvin College (religious school) in Grand Rapids Michigan in 1976
Dropped out of college after 3 semesters
Enlisted in the Army reserves in 1959
Marital Life

Married 1st wife in 1960 (childhood sweetheart) Divorced in 1966
Married 2nd wife in 1972
Waste Management Intl

In 1960 Wayne went to work for Pompano Carting (trash company)
In 1962 he bought his own truck and $500 worth of clients from Wilbur Portor, owner of porters rubbish services
Wayne began to buy out competition and consolidate routes in Fort Lauderdale
1970 Wayne merged is FL business with a relative’s trash company in Chicago
1982 over 100 acquisitions later WMI was the largest waste management company in the world – resigned as president in 1984

1987 seeing a potential star Wayne raised $18 mil to buy out a small video store with 8 stores and 11 franchises
Using the same formula as WMI Wayne bought up small chains throughout the country
By 1994 BB grew to 3700 stores in 11countries
In 1994 Wayne sold BB to Viacom for $8.4 bil

1995 Wayne became the COB of Republic Industries Inc a waste management company
AutoNation was created by Rep. in 1981
1996 AutoNation began purchasing new car dealers and rental car dealers throughout the US
AutoNation used the megastore concept but used different names in every region
Largest auto retailer in the World
Wayne stepped down in 2003
Professional Sports

Wayne was the only man to own 3 professional sports team at once in the same area (South Florida near monopoly)
Miami Dolphins NFL
Florida Marlins MBL – won the World series in 1997 and dismantled the team
Florida Panthers NHL
Nearly purchased Miami Heat NBA
Lobby to build a 2600 acre sports entertainment complex in South Florida with stadiums, theme parks, shops and luxury golf courses centered around each team
Other Accomplishments

Started Extended Stay America hotel chain which grew to 62 location in its 1st year and over 500 hotels be he sold in 2004
Florida Marlins MBL – won the World series in 1997 and dismantled the team
Founded three Fortune 500 companies
6 companies listed on the NYSE


He focuses on service industries, mostly which have recurring income: dumpster rental, trash collection, video rental, etc. Even the emphasis of the AutoNation model was customer service.
He focuses on finding industries that aren’t meeting customer needs
He uses a blitzkrieg strategy focuses on disjointed industries with no consolidated loyalty
Career Achievements

5 time Financial World Mag CEO of the Year
Business Leader of the Year – Georgetown U
Gordon Grand Fellow – Yale U
Florida Sports Hall of Fame
Horatio Alger Association Award
Ernst & Young Entrepreneur of the Year 2005

Major contributor to Nova Southeastern, fund the H. Wayne Huizenga School of Bus & Entr.
Funded the Huizenga Sales Institute
The Florida Council of 100
The Florida Council of Economic Education
The Salvation Army
The Boys and Girls Club


Competitive (Mr. Huizenga business model is based on seeking and destroying the competition, dominating the market and getting out on top)
Action-Oriented/Driven (His hard work and active involvement in his ventures has been consistent, from driving a bulldozer for his dad, driving a trash truck for his first company and serving as CEO for his own business ventures)
Goal Setter (Wayne has a vision for every venture — He expects to win in all that he does.)
Constant Improvement (When business begins to stagnate Wayne normally sells out and finds the next challenge)
Hard Worker – His penchant for hard work is legendary. There is no luck involved with his success.
Risk Taker – This is a must. He was not successful at every business, but he never failure to get up and keep moving.
Visionary – Wayne know how to make things better. He turned trash collection, video rentals, and auto sales into empires. Each the largest in the world in their industry.

Gabrielle “Coco” Chanel

On the 29th of February Lauren Smilanich presented a detailed analysis of the life of Gabrielle “Coco” Chanel. Lauren analyzed Ms Chanel’s entire life to include her achievements, failures, and key attributes. The highlights from Lauren’s presentation follow:

Gabrielle “Coco” Chanel – Early Life

ž Born in 1883

ž Mother was an unwed laundress, father was a street peddler

ž Couple eventually married several years after her birth

ž Several younger siblings – 2 sisters and 3 brothers

ž Mother died of tuberculosis when she was 12

ž Her father sent her and her sisters away to a convent for orphans

Early Career

ž Left the convent at 18 to work as a seamstress

ž Also worked as a cabaret singer, where she first acquired the nickname ‘Coco’

ž Met and became mistress to a wealthy textile heir, Etienne Balsan

ž Enjoyed the idle lifestyle of the wealthy, began designing hats as a hobby during this time

ž 1908 – began an affair with one of Balsan’s friends, Chapel, who financed her first shop

ž Opened her first shop in 1910 in Paris, started out selling hats

ž Added two new stores shortly after

ž In 1920, she launched her signature perfume Chanel No. 5, the first to feature a designer’s name

ž 1925- introduced Chanel suit with collarless jacket and fitted skirt

ž Revolutionary emphasis of comfort

ž also pioneered the ‘little black dress’ for evening wear

ž Had a 10 year relationship with the married Duke of Westminster

ž In response to suggestion of marriage, quoted as saying “There have been many Duchesses of Westminster, but there is only one Chanel”

ž In 1931 she met Samuel Goldwyn through a mutual friend – Grand Duke Dmitri Pavlovich of Russia

ž For 1 million dollars, he would take her to Hollywood twice a year to design costumes for the movies

ž Not a successful attempt – her designs didn’t translate well to film

1930’s – WWII

ž Economic depression of the 30’s had a negative impact on her business, had to lay off several workers

ž Closed her shops when WWII started, saying it was ‘not the time for fashion’

ž Had a romantic relationship with a Nazi officer

› Questioned after the war, widely suspected of working as a spy for the Nazis


ž Moved to Switzerland after the war

ž Returned to France and returned to the fashion world in 1954

› Lots of doubt about her potential for renewed success (fashion had become male dominated (e.g. Christian Dior) – back on top within 3 years

ž New collection was not received well by the Parisians due to her wartime associations with the occupying Nazis

› British and Americans celebrated her new collection

ž Continued to take and active role in each collection until her death in 1971 at 87


ž Humble background – unwed parents, peasant background

ž Minimal education

ž Ambitious

ž Opportunistic – leveraged her relationships with men to her advantage

ž Independent – never married

ž Charismatic

ž Tenacious – returned to fashion even amidst great uncertainty in her 70’s, was undaunted by failures