Tuesday, October 23, 2007

Three Key Principles

Ewing Marion Kauffman in 1950 quit his job because of his treatment by the president of the company for which he worked. "The year before," Kauffman says, "I made more money than the president so he cut back my commission. The next year I made more money than he did again, so he cut back my territory. So I quit and started Marion Labs in my basement." His entrepreneurial genius created Marion Laboratories, Inc. which grew to $1 billion in revenues, $6.5 billion in market cap, and had over 300 millionaires among its 3,400 employees. Kauffman grew the company on three principles:
(1) Treat people as you would want to be treated.
(2) Share the wealth with those who contribute to its creation.
(3) Give back to the community.

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