I believe it is a big mistake to think that money is the only way to compensate a person for his work. People need money, but they also want to be happy in their work and proud of it.
I established the rule that once we hire an employee, his school records are a matter of the past and are no longer used to evaluate his work or decide on his promotion.
Management of an industrial company must be giving targets to the engineers constantly; that may be the most important job management has in dealing with its engineers.
In the long run, no matter how good or successful you are or how clever or crafty, your business and its future are in the hands of the people you hire.
In the United States businessmen often do not trust their colleagues. If you trust your colleague today, he may be your competitor tomorrow, because people frequently move from one company to another.
From a management standpoint, it is very important to know how to unleash people's inborn creativity. My concept is that anybody has creative ability, but very few people know how to use it.