Book outline:
Axel Madsen, in this 320-page 2001 book, shines the light on one of the most successful, colorful, and irrepressible entrepreneurs. Innovators’ fight with the moneymen have always had mixed results and the bankers are often vilified. In Willy Durant’s case too, the financiers removed him multiple times from heading General Motors, an integrated conglomerate so grand and large, that no one had envisioned or built anything like it in his time. The first time they snatched his company, he built up his financial strength and rebounded to head the company again. But the bankers, through one of their own planted on GM’s board of directors, crashed the stocks to jettison Durant out a second time from where he was too far to return to lead again. Still, the man kept fighting to build something of value and give purpose to others, without a public display of any ill will and no trace of it in his records. This was a pioneer of genius proportions. He was a loyal, optimistic, and ambitious. More than a century, the company he founded is #1 in market share in the US as it was when Durant launched it.
What’s the core message?
In business, if you take money from the bankers, you will be in their grips. Every aspect of your vision, leadership, operations, and hiring is subject to their scrutiny and endorsement.
How do these concepts compare with points raised in other books?
Durant was a pioneer of his own unique brand of leadership by exceptional salesmanship, charisma, and trust. Most other innovation leaders of his time had some unique core. Henry Ford knew about engines and was driven to provide a car to the public. John D. Rockefeller built his oil business by acquiring weakened competitors and keeping new ones out. Andrew Carnegie built his steel business by excelling at every stepping stone business he participated in. Durant was a visionary genius with progressive ideas. He established GM is a long time pioneering industrial behemoth with the philosophy of curating excellence in it’s many acquired companies. It acquired Buick, established Chevrolet, purchased Cadillac, Oldsmobile, and other component companies for spark plugs, windshields, and more and integrated them in to his grand vision of a integrated enterprise.
What the book does well.
This book provides an excellent chronological step-by-step evolution of William Durant from birth in Boston, childhood in Flint, and adult life in New York and back to Flint. It covers the dizzying rate of transactions he conducts to build General Motors and the remarkable relationships he builds in recruiting talented managers to lead his various initiatives successfully. The author also shines a light on his frailties with dignity and compassion.
What could have made this book better?
What was the state of mind of this grand innovator and leader? Who inspired him? Was not having a mentor or mentors the reason for his downfall? If he had banker friends or if he had befriended JP Morgan associates, would he have had a different leadership and financial trajectory? The book successfully recounts Durant’s actions but it comes short of forging Durant into the giant visionary and ambitious industrialist, talent scout, and loyal man that he was.
Who would benefit from reading this book?
The formation of General Motors, an enterprise that has not just survived but still leads after a hundred years after it was formed is a subject of essential education for all. It teaches about trust, charisma, good faith, confidence, and resilience.
What I got out of the book. Insights and takeaways.
(1) The gift of the goodness of the heart is a blessing. It is the foundation and an essential basis for earning trust, friendship, confidence, and charisma. Goodness in the heart is a magic potion that magnetizes people, projects, and resources to innovate and collaborate.
(2) Grand vision is worthy of life. When merged with intelligence and hard work, it not only attracts talent to collaborate in the building of amazing innovations, it also powers a life of ambition, optimism, and enthusiasm.
(3) In the business of business, the providers of money eventually determine the future of the business. Time and again, investment bankers decide who the best steward is to safeguard and grow their investment. Founders, managers, innovators, and employees are necessary nuisances if they slow, distract, or block the bankers’ view of the enterprise’s profit growth potential.