hi I’m Evan Carmichael welcome to
another edition of modeling the masters
today we’re going to talk about two of
the most successful tech entrepreneurs
of all time bill Hewlett and Dave
Packard founders of the Hewlett Packard
company Bill Hewlett and Dave Packard
were University friends who graduated in
electrical engineering from Stanford in
1935 eager to become entrepreneurs
Packard and Hewlett established Hewlett
Packard in 1939 in packets garage with
all the startup money they could put
together a grand total of five hundred
and thirty-eight dollars
they then tossed a coin to decide
whether the company would be called
hewlett-packard or Packard Hewlett
together Hewlett and Packard created an
audio oscillator it was in fact the
first practical low-cost method of
generating high-quality audio
frequencies that were needed in a wide
range of industries including defense
and medicine hoping to make it seem like
the company had been around for a while
they named their product the 200a
according to Hewlett we really didn’t
know if this oscillator was any good we
simply put one together that worked
pretty well sent a letter out to
universities and others got three or
four orders and then tried it again
one of those first orders was from Walt
Disney Studios who wanted a toss letters
for their upcoming movie Fantasia
60 years after its founding
hewlett-packard has developed a
reputation for innovative and reliable
products and in 2009 had revenues of a
hundred and fifteen billion dollars
making it one of the largest companies
so the next question becomes how can you
model the success of Hewlett Packard
here are three action items that you can
put to use in your business action item
number one think about more than money
Hewlett and Packard believe that a
business had a purpose beyond just
making money businesses had
responsibilities to employees customers
and a community at large it was a
controversial viewpoint in the 1940s but
many of the management practices that
are now standard in many work
environments were pioneered by Bill
Hewlett and Dave Packard some of the
initiatives they launched included
worker bonuses based on productivity
profit sharing plans flex time schedules
company-wide health insurance pay cuts
and Fridays off instead of layoffs and
hard times
addressing everybody in the company by
the first name having an open-door
policy
creating a wall for environment to
encourage teamwork and the flow of ideas
as an entrepreneur you have to worry
about making money and making enough to
survive and then build a lasting company
but don’t make making money your only
priority remember to think about the
people who work for you the people who
buy from you and the rest of your
community to make your business a force
for good strangely enough when you focus
on helping these people the money comes
in on its own
action item number to adopt a survival
mentality the early days of a new
business can be challenging you may not
be selling the right product at the
right service and you really hit the
targets that you set for yourself this
is where it’s crucial to adopt a
survival mentality listen to your
customers until you find the product or
service that will really solve their
problems and in turn help you build a
lasting business when Bill Hewlett
talked about the early days of Hewlett
Packard he said we were just
opportunistic we made a bowling alley
four line indicator a clock drive for a
telescope a thing to make your urinal
flush automatically and a shock machine
to make people lose weight we did
anything to bring in a nickel the best
way to build a business is around
customers with problems who will pay you
to solve them adopt a survival mentality
like Hewlett and Packard and look for
opportunities to help your customers in
the midst of solving their problems
you’ll find a business idea that you can
build into a successful and enduring
company
action item number three make innovation
a part of everything you do for
businesses succeed today it needs to
always be thinking about what’s next and
how it can innovate if you can offer
more innovative solution that your
competitors don’t have yet it can be
your chance to win new business and grow
your company in the company’s early days
Hewlett and Packard had one rule above
all others the golden rule to encourage
innovation no part bins or storerooms
should ever be locked to outsiders this
was mind boggling visited to the
company’s headquarters would be shocked
that millions of dollars worth of parts
and equipment were lying around free for
anybody to use and nobody ever suspected
anyone else’s theft
are you innovated enough with your
business do you take time every week to
think about ways to make your product or
service better follow Hewlett and
Packard lead and stay on the cutting
edge of technology and your customers
and pocketbook will thank you for it so
remember think about more than money
adopt a survival strategy and make
innovation a part of everything you do I
wanted to end today’s video with one of
my favorite true stories about eula
Packard Hewlett and Packard management
style was so unique at the time that it
was given a name the HP way and Bill’s
words the HP way is a core ideology
which includes a deep respect for the
individual a dedication to affordable
quality and reliability a commitment to
community responsibility and the view
that the company exists to make a
technical contribution for the
advancement and welfare of humanity here
are the core beliefs of the HP way we
have trust and respect for individuals
we focus on a high level of achievement
and contribution we conduct our business
with uncompromising integrity we achieve
our common objectives through teamwork
and we encourage flexibility and
innovation thank you for joining me for
another edition of modern masters I
would love to hear your thoughts and
comments if you want to post something
below and stay tuned for the next
edition
another edition of modeling the masters
today we’re going to talk about two of
the most successful tech entrepreneurs
of all time bill Hewlett and Dave
Packard founders of the Hewlett Packard
company Bill Hewlett and Dave Packard
were University friends who graduated in
electrical engineering from Stanford in
1935 eager to become entrepreneurs
Packard and Hewlett established Hewlett
Packard in 1939 in packets garage with
all the startup money they could put
together a grand total of five hundred
and thirty-eight dollars
they then tossed a coin to decide
whether the company would be called
hewlett-packard or Packard Hewlett
together Hewlett and Packard created an
audio oscillator it was in fact the
first practical low-cost method of
generating high-quality audio
frequencies that were needed in a wide
range of industries including defense
and medicine hoping to make it seem like
the company had been around for a while
they named their product the 200a
according to Hewlett we really didn’t
know if this oscillator was any good we
simply put one together that worked
pretty well sent a letter out to
universities and others got three or
four orders and then tried it again
one of those first orders was from Walt
Disney Studios who wanted a toss letters
for their upcoming movie Fantasia
60 years after its founding
hewlett-packard has developed a
reputation for innovative and reliable
products and in 2009 had revenues of a
hundred and fifteen billion dollars
making it one of the largest companies
so the next question becomes how can you
model the success of Hewlett Packard
here are three action items that you can
put to use in your business action item
number one think about more than money
Hewlett and Packard believe that a
business had a purpose beyond just
making money businesses had
responsibilities to employees customers
and a community at large it was a
controversial viewpoint in the 1940s but
many of the management practices that
are now standard in many work
environments were pioneered by Bill
Hewlett and Dave Packard some of the
initiatives they launched included
worker bonuses based on productivity
profit sharing plans flex time schedules
company-wide health insurance pay cuts
and Fridays off instead of layoffs and
hard times
addressing everybody in the company by
the first name having an open-door
policy
creating a wall for environment to
encourage teamwork and the flow of ideas
as an entrepreneur you have to worry
about making money and making enough to
survive and then build a lasting company
but don’t make making money your only
priority remember to think about the
people who work for you the people who
buy from you and the rest of your
community to make your business a force
for good strangely enough when you focus
on helping these people the money comes
in on its own
action item number to adopt a survival
mentality the early days of a new
business can be challenging you may not
be selling the right product at the
right service and you really hit the
targets that you set for yourself this
is where it’s crucial to adopt a
survival mentality listen to your
customers until you find the product or
service that will really solve their
problems and in turn help you build a
lasting business when Bill Hewlett
talked about the early days of Hewlett
Packard he said we were just
opportunistic we made a bowling alley
four line indicator a clock drive for a
telescope a thing to make your urinal
flush automatically and a shock machine
to make people lose weight we did
anything to bring in a nickel the best
way to build a business is around
customers with problems who will pay you
to solve them adopt a survival mentality
like Hewlett and Packard and look for
opportunities to help your customers in
the midst of solving their problems
you’ll find a business idea that you can
build into a successful and enduring
company
action item number three make innovation
a part of everything you do for
businesses succeed today it needs to
always be thinking about what’s next and
how it can innovate if you can offer
more innovative solution that your
competitors don’t have yet it can be
your chance to win new business and grow
your company in the company’s early days
Hewlett and Packard had one rule above
all others the golden rule to encourage
innovation no part bins or storerooms
should ever be locked to outsiders this
was mind boggling visited to the
company’s headquarters would be shocked
that millions of dollars worth of parts
and equipment were lying around free for
anybody to use and nobody ever suspected
anyone else’s theft
are you innovated enough with your
business do you take time every week to
think about ways to make your product or
service better follow Hewlett and
Packard lead and stay on the cutting
edge of technology and your customers
and pocketbook will thank you for it so
remember think about more than money
adopt a survival strategy and make
innovation a part of everything you do I
wanted to end today’s video with one of
my favorite true stories about eula
Packard Hewlett and Packard management
style was so unique at the time that it
was given a name the HP way and Bill’s
words the HP way is a core ideology
which includes a deep respect for the
individual a dedication to affordable
quality and reliability a commitment to
community responsibility and the view
that the company exists to make a
technical contribution for the
advancement and welfare of humanity here
are the core beliefs of the HP way we
have trust and respect for individuals
we focus on a high level of achievement
and contribution we conduct our business
with uncompromising integrity we achieve
our common objectives through teamwork
and we encourage flexibility and
innovation thank you for joining me for
another edition of modern masters I
would love to hear your thoughts and
comments if you want to post something
below and stay tuned for the next
edition
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