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    TheProjectGutenbergEBookofForgingAheadinBusiness,byVarious

    ThiseBookisfortheuseofanyoneanywhereatnocostandwithalmostnorestrictionswhatsoever.Youmaycopyit,giveitawayorre-useitunderthetermsoftheProjectGutenbergLicenseincludedwiththiseBookoronlineatwww.gutenberg.net

    Title:ForgingAheadinBusiness

    Author:Various

    ReleaseDate:November5,2011[EBook#37924]

    Language:English

    Charactersetencoding:ASCII

    ***STARTOFTHISPROJECTGUTENBERGEBOOKFORGINGAHEADINBUSINESS***

    ProducedbyCharleneTaylor,HenryGardinerandtheOnline

    DistributedProofreadingTeamathttp://www.pgdp.net(ThisfilewasproducedfromimagesgenerouslymadeavailablebyTheInternetArchive/AmericanLibraries.)

    *****

    Transcriber'sNote:TheoriginalpublicationhasbeenreplicatedfaithfullyexceptasshownintheListOfChangesattheendofthetext.

    Wordsinitalicsareindicatedlike_this_.Textemphasizedwithboldcharactersorothertreatmentisshownlike=this=.

    *****

    [Illustration:ModernBusiness]

    FORGINGAHEADINBUSINESS

    [Illustration:ModernBusiness]

    ALEXANDERHAMILTONINSTITUTEASTORPLACENEWYORKCITY_CanadianAddress,C.P.R.Bldg.,Toronto.__AustralianAddress,8aCastlereaghStreet,Sydney._

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    Copyright,1921,byAlexanderHamiltonInstitute

    CONTENTS

    PAGE

    FOREWORD--THELAWOFSUCCESS7

    CHAPTER

    ITHEMODERNBUSINESSCOURSEANDSERVICE9

    IITHEDANGEROFSPECIALIZINGTOOEARLY30

    IIIPUSHINGBEYONDTHEHALF-WAYMARK35

    IVAPERSONALPROBLEM43

    VTHEQUESTIONBEFOREYOU69

    VIDESCRIPTIVEOUTLINEOFTHECOURSE72

    VIIADVISORYCOUNCIL,LECTURERSANDSTAFF97

    ADVERTISEMENTS121

    OrganizationoftheAlexanderHamiltonInstitute

    _AdvisoryCouncil_

    JosephFrenchJohnson,D.C.S.,LL.D.Dean,NewYorkUniversitySchoolofCommerce,AccountsandFinanceFrankA.Vanderlip,A.M.,LL.D.FinancierT.ColemanduPont,D.C.S.BusinessExecutiveJohnHaysHammond,D.Sc.,LL.D.ConsultingEngineerJeremiahW.Jenks,Ph.D.,LL.D.ResearchProfessorofGovernmentandPublicAdministration,New

    YorkUniversity

    _SpecialLecturers_

    ErastusW.Bulkley,Memberofthefirm,SpencerTraskandCompanyHerbertS.Collins,Vice-President,UnitedCigarStoresCompanyHenryM.Edwards,Auditor,NewYorkEdisonCompanyHarringtonEmerson,EfficiencyEngineerCharlesErnestForsdick,Controller,UnionOilCompany

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    OrlandoC.Harn,ChairmanofSales,NationalLeadCompanyA.BartonHepburn,Chairman,AdvisoryBoard,ChaseNationalBank,NewYorkFredericH.Hurdman,CertifiedPublicAccountantLawrenceM.Jacobs,Vice-President,InternationalBankingCorporationJacksonJohnson,Chairman,InternationalShoeCompany,St.LouisFowlerManning,DirectorofSales,DiamondMatchCompanyFinleyH.McAdow,PastPresident,NationalAssociationofCreditMenGeneralCharlesMiller,FormerChairmanoftheBoard,Galena-SignalOilCompanyMelvilleW.Mix,President,DodgeManufacturingCompanyEmmettH.Naylor,Secretary-Treasurer,WritingPaperManufacturers'AssociationHolbrookF.J.Porter,ConsultingEngineerWeldingRing,ExporterArthurW.Thompson,President,ThePhiladelphiaCompanyofPittsburghFrederickS.Todman,GeneralManager,Hirsch,Lillienthal&CompanyJohnC.Traphagen,Treasurer,MercantileTrustandDepositCompanyofNewYorkJohnWanamaker,MerchantWalterN.Whitney,Vice-President,ContinentalGroceryStores,Inc.

    _Authors,CollaboratorsandStaffMembers_

    AlbertW.Atwood,A.B.,TheStockandProduceExchangeBruceBarton,GeneralPublicityDwightE.Beebe,B.L.,CollectionsRalphStarrButler,A.B.,MarketingandMerchandisingGeoffreyS.Childs,B.C.S.,OfficeMethodsEdwinJ.Clapp,Ph.D.,TransportationandTerminalFacilitiesRaymondJ.Comyns,B.C.S.,PersonalSalesmanshipHerbertF.deBower,LL.B.,BusinessPromotionRolandP.Falkner,Ph.D.,BusinessStatisticsMajorB.Foster,M.A.,BankingPrinciplesCharlesW.Gerstenberg,Ph.B.,LL.B.,FinanceLeoGreendlinger,M.C.S.,C.P.A.(N.Y.),FinancialandBusiness

    StatementsJ.AntondeHaas,Ph.D.,ForeignTradeandShippingJohnHaysHammond,ConsultingEngineerEdwardR.Hardy,Ph.B.,FireInsuranceWarrenF.Hickernell,Ph.D.,BusinessConditionsSolomonS.Huebner,Ph.D.,MarineInsuranceCharlesW.Hurd,BusinessCorrespondenceJeremiahW.Jenks,Ph.D.,LL.D.,RelationofGovernmenttoBusinessJosephFrenchJohnson,D.C.S.,LL.D.,EconomicProblems;BusinessEthicsWalterS.Johnson,B.A.,B.C.L.,CommercialLawEdwardD.Jones,Ph.D.,Investments

    JohnG.Jones,SalesManagementDexterS.Kimball,A.B.,M.E.,CostFinding;FactoryManagementBernardLichtenberg,M.C.S.,AdvertisingPrinciplesFrankL.McVey,Ph.D.,LL.D.,EconomicsJohnT.Madden,B.C.S.,C.P.A.(N.Y.),AccountingPracticeMacMartin,AdvertisingCampaignsG.F.Michelbacher,M.S.,CompensationandLiabilityInsuranceT.VassarMorton,Litt.B.,CreditPracticeBruceD.Mudgett,Ph.D.,LifeInsuranceE.L.StewartPatterson,DomesticandForeignExchange

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    FredericE.Reeve,C.P.A.,AccountingPrinciplesJesseH.Riddle,M.A.,BankingFrederickC.Russell,B.C.S.,AuditingBernardK.Sandwell,B.A.,InternationalFinanceWilliamW.Swanson,Ph.D.,MoneyandBankingJohnB.Swinney,A.B.,MerchandisingWilliamH.Walker,LL.D.,CorporationFinance

    THELAWOFSUCCESS

    Duringthewinterof1883aslim,studiousyoungmanwasworkingasassistantforemaninagreasylittlemachineshopatAurora,Illinois.HewassavingmoneywithaviewtospendingthenextyearattheStateUniversity,andhewasdevotingeveryminuteofhissparetimetothoughtandreading.Hewasnotmakingmuchofastirintheworld,andonlyafewofhisclosefriendsevergaveasecondthoughttohisambitionsorprospects.

    Oneofthesefriendswasanewspaperreporter,arecentHarvardgraduate.He,too,wasinterestedinstudy,especiallyoffinancialquestions,and

    hefounditapleasuretoguidethereadingoftheyoungforeman.Manyaneveningthetwofriendsspentinthediscussionofgreateconomicandfinancialproblems.Thoughbothmenhadtheirambitionsanddreams,itdidnotoccurtoeitheronethathewouldeverplayabigpartinsolvingtheseproblems.

    AfewyearslatertheHarvardgraduatebecamefinancialeditorofthe_ChicagoTribune_andbroughtintheyoungermanashisassistant.Duringtheiryearsofnewspaperworktogethertheycontinuedtostudyandthink,andtheirknowledgeofbusinessprinciplesandmethodsgraduallybroadened.Theywerefittingthemselvesalmostwithoutknowingittostepforwardintopositionsofleadership.

    Today,theformerreporteristheheadofagreatuniversityschoolofcommerce;theassistantforemanbecamethepresidentofthelargestbankintheUnitedStates.OneofthesemenisJosephFrenchJohnson,nowDeanoftheNewYorkUniversitySchoolofCommerce,AccountsandFinance.TheotherisFrankA.Vanderlip,thegreatfinancier.

    Thelifehistoriesofmostmenwhohavesucceededinalargewayareequallysimple.Theyhavelookedahead,theyhaveplanned,theyhaveequippedthemselveswithallthebusinessknowledgeavailable,andsuccesshasfollowed._Successmustfollow._Thelawofsuccessisasdefiniteasthelawofgravity.Hereitis:

    _Prepareinadvanceforopportunities._

    Itisnotthedramaticmomentsoflifethatcount.Itisthequietplanningandreadingofthemanwhoisgettingreadynowforwhatisgoingtohappentwo,fiveortenyearsfromnow.

    ChapterI

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    THEMODERNBUSINESSCOURSEANDSERVICE

    AsDeanofNewYorkUniversitySchoolofCommerce,AccountsandFinance,JosephFrenchJohnsonhadformanyyearscontinuallyreceivedlettersrequestingadviceonwhattoreadonbusiness.

    Thesedemandscamenotonlyfromyoungmen,butfrommatureandableexecutives,andsometimesevenfromthemostsuccessfulbusinessleaders.ToallsuchrequestsDeanJohnsonwasobligedtoreplythattheonlypracticalwaytostudythefundamentalprinciplesofbusinessinasystematicmannerwastoattendthelecturesinuniversityschoolsofcommerce.

    Atthattimetheliteratureofbusinesswasscantyandforthemostpartofdoubtfulvalue.Workingalone,amancouldgetbutlittlehelpinhiseffortstowidenanddeepenhisknowledgeofbusinessprinciples.

    Itbecameevidentthattherewasagreatneedforanorganized,logicalstatementofthebasicprinciplesonwhichsuccessfulbusinessisfounded.Itwasdeterminedtoestablishaninstitutionwhichshouldmeetthedemand.AfteryearsofpreparationtheAlexanderHamiltonInstitutewasestablishedin1909.

    Thename

    Inselectingthename,itwasagreedthatnonecouldbesosuitableasthatofAlexanderHamilton.

    Hamiltonisperhapschieflyrememberedforhismasterlystatesmanship;buthewasequallyconspicuousassoldier,financier,author,organizerandpracticaleconomist.

    HewaswithoutdoubtthegreatestmanagereveremployedbytheUnitedStatesGovernment.WhenhebecamethefirstSecretaryoftheTreasury,hefoundachaoticgovernment,withoutmoney,withoutcredit,andwithout

    organization.Hesecuredorder,providedfundsandcreatedprosperity.HeinvestigatedtheindustriesanddirectedtheearlycommercialdevelopmentoftheUnitedStates."Hetouchedthedeadcorpseofthepubliccredit,anditspranguponitsfeet.Hesmotetherockofthenation'sresourcesandabundantstreamsofrevenuegushedforth."

    Hamiltonwasagreatexecutiveandsystematizer;hehimselfworkedoutanaccountingsystemfortheUnitedStatesGovernmentwhich,withbutslightmodifications,remainedinforceformorethanahundredyears.

    Theplan

    TheModernBusinessCourseandServiceisasystematic,time-savingmethodofbringingtoanyman'sofficeorhomethatbusinessknowledgeandtrainingwhichheneeds,butwhichhecannotacquirethroughhisownexperience.

    Itisdesignedforthebenefitoftwogroupsofmen:

    (1)thosewhoalreadyareinexecutiveorsemi-executivepositions;

    (2)youngmenwhohavebrainsandtheambitiontobecomebusiness

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    executives.

    Itisintended,ingeneral,forthemenwhoarelookingandmovingahead;forlive,keen-witted,energeticmen;formenwhoarenotsatisfiedtoremainintheranksorinsubordinatepositions.Thesemenmayormaynothavehadathoroughschoolandcollegetraining;thatisnotanessential.Theymayormaynothavewealthandhighposition;thatisunimportant.Butthey_must_haveabilityandenoughseriouspurposetospendaportionoftheirsparetimeinreadingandthinkingaboutbusinessproblems.

    Theorganization

    TheModernBusinessCourseandServiceisconductedbyanorganizationmadeupofbusinessandprofessionalmenandofuniversityspecialistsinbusinesssubjects.Inasmuchassuchaninstitutionderivesitsstrengthalmostwhollyfromthemenwhoareidentifiedwithit,acompletelistofthesemen,withbriefbiographicalnotestoshowwhotheyareandwhattheyhaveaccomplished,isgiveninChapterVII,onpages97to118.

    TheInstituteorganizationconsistsoffourgroups:

    ADVISORYCOUNCIL

    AUTHORSANDCOLLABORATORS

    SPECIALLECTURERS

    INSTITUTESTAFF_a._CONSULTANTSTAFF_b._ADMINISTRATIVESTAFF

    BusinessandeducationalauthorityofthehigheststandingisrepresentedintheAdvisoryCounciloftheInstitute.

    _ThisAdvisoryCouncil_consistsofFrankA.Vanderlip,thefinancier;T.

    ColemanduPont,thebusinessexecutive;JohnHaysHammond,theeminentengineer;JosephFrenchJohnson,DeanoftheNewYorkUniversitySchoolofCommerce;andJeremiahW.Jenks,thestatisticianandeconomist.TheCouncilhasgeneralsupervisionanddirectionofthepoliciesandactivitiesoftheInstitute.Noimportantmoveofanykindismadewithoutthesanctionofthisbody.

    _TheAuthorsandCollaborators_aremenprominentineducationalandbusinesscircles.Asauthors,co-authorsandcollaboratorstheyareresponsiblefortheModernBusinessvolumes.TheirwritingisdoneundertheguidanceandwiththecooperationoftheInstitute'sEditorialBoard.Eachoneischosenbecauseofhisparticulartrainingandabilityinthefieldhecovers.

    _TheSpecialLecturers_,whosebusinessconnectionsarestatedonpages111to118,aremenofhighcommercialstandingwhohavedevotedtimeandthoughttopreparingwrittenlecturesfortheModernBusinessCourseandService.Theselecturespresentsomeoftheresultsoftheirsuccessfulbusinessexperience.

    _TheInstituteStaff_activelyconductstheModernBusinessCourseandService.ManyofthemembersoftheStaffarealsomembersofthefacultiesofuniversityschoolsofcommerce.EverymemberoftheStaffis

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    aspecialistwhoinsomeonebusinesssubjectisentitledtorankasanauthority.Theirnames,businessanduniversityconnectionsandofficialdutiesintheInstitutearestatedonpages100to110.

    (a)_TheConsultantStaff_aretheexpertswhodonotgivetheirentiretimetotheInstitute,butwhoarecalleduponforspecialinformationandadvicewhenevertheoccasionrequires.

    (b)_TheAdministrativeStaff_consistsoftheSeniorandJuniorExecutiveswhoareactiveintheadministrativeworkoftheorganization.ThesemenareheadsofthedepartmentsresponsibleforthesuccessfulmanagementoftheAlexanderHamiltonInstitute.

    Subjectscovered

    TheModernBusinessCourseandServicebringstoasubscribertheessentialbusinessknowledgethathedoesnotacquireinhisownexperience.ThesubjectmatteroftheCourseandServiceistreatedunderthefollowing24heads:

    1.BUSINESSANDTHEMAN2.ECONOMICS--THESCIENCEOFBUSINESS3.BUSINESSORGANIZATION

    4.PLANTMANAGEMENT5.MARKETINGANDMERCHANDISING6.SALESMANSHIPANDSALESMANAGEMENT7.ADVERTISINGPRINCIPLES8.OFFICEADMINISTRATION9.ACCOUNTINGPRINCIPLES10.CREDITANDCOLLECTIONS11.BUSINESSCORRESPONDENCE12.COSTFINDING13.ADVERTISINGCAMPAIGNS14.CORPORATIONFINANCE15.TRANSPORTATION16.FOREIGNTRADEANDSHIPPING

    17.BANKING18.INTERNATIONALEXCHANGE19.INSURANCE20.THESTOCKANDPRODUCEEXCHANGES21.ACCOUNTINGPRACTICEANDAUDITING22.FINANCIALANDBUSINESSSTATEMENTS23.INVESTMENTS24.BUSINESSANDTHEGOVERNMENT

    Simple,elastic,workable

    TheModernBusinessCourseandServicecoverstheessentialsubjectson

    whicheverybusinessmanshouldbewellinformed.

    Whenanenrolmentisaccepted,theInstituteundertakes,

    1._Tosupplythesubscriber_withtheModernBusinessText--themostcompleteandbestorganizedtreatmentofbusinessprinciplesandpracticethathasyetbeenproduced.

    2._Toguideandilluminate_hisreadingoftheTextbyaseriesofModernBusinessTalks.

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    3._Tobringhimintotouch_withtheideasandmethodsofsomeoftheforemostbusinessandprofessionalmeninthecountrythroughaseriesofModernBusinessLectures.

    4._Togivehimfacilities_forapplyingandtestinghisknowledgeofbusinessprinciplesthroughaseriesofModernBusinessProblems.

    5._Tokeephiminformed_oncurrentbusinesseventsandthetrendoffutureaffairsinthecommercialworldbymeansofMonthlyLettersonBusinessConditions.

    6._Toacquainthim_withimportanteventscoveringtheproductionandpricesofgeneralcommoditiesandthecurrentsecuritymarket.

    7._Tosupply_himwithfourModernBusinessReportsonimportantproblems;thereportstobeselectedbyhimfromanextensivelist.

    8._Torenderpersonalservice_throughanswerstoallinquiriesinconnectionwithhisreadingoftheCourse.

    AnenrolmentfortheModernBusinessCourseandServicecoversaperiodoftwoyears.DuringthattimeeachsubscriberisconstantlyintouchwiththemembersoftheInstituteStaff.Therearenorigidrules--noredtape--torestrictorannoy;instead,thereispersonalguidanceandsincerecooperation.

    Themorecarefullyyouconsidertheplan,themoreclearlyyouwillseehowwellitisadaptedtotheneedsofbusymenwhomustmakeeveryminuteandeveryounceofeffortproducethegreatestpossibleresults.

    YouwillseemoreclearlytheactualscopeoftheModernBusinessCourseandServiceifyoukeepinviewitseightmainfeatures:

    1--TEXT2--TALKS3--LECTURES4--PROBLEMS5--MONTHLYLETTERS6--FINANCIALANDTRADEREVIEWS7--REPORTS8--SERVICE

    1--Text

    ThebasisoftheCourseandServiceisaseriesoftwenty-fourtext-books

    preparedunderthecarefulsupervisionofitseditors,assistedbywell-knownauthorities.Insomecasesthelatterappearasauthors,inothersascollaboratorsinthepreparationoftheTexts.

    DeanJosephFrenchJohnsonisEditor-in-ChiefoftheCourse.ThemanagingeditorisDr.RolandP.Falkner.AssociatedwiththemisalargeeditorialstaffwhichtakesanactiveshareinthewritingandpreparationoftheCourse.Theauthorsandcollaboratorsarespecialistswhorankasauthoritiesintheirparticularfield.Theseriesiswidelyrecognizedasthemostimportantcontributionyetmadetobusinessliterature.

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    ThevolumesintheModernBusinessSeriesaresoldapartfromtheInstituteCourseonlytouniversitiesforuseasprescribedtext-booksinclassroomwork.AmongtheuniversitieswhichhaveusedtheInstitute'svolumesastextsare:

    BostonUniversityBrownUniversityCedarCrestCollegeCoeCollegeCollegeoftheCityofNewYorkCollegeofWilliamandMaryColoradoCollegeColumbiaUniversityCornellUniversityDartmouthCollegeDenverUniversityDrakeUniversityDuquesneUniversityElmiraCollegeGeorgetownUniversityGeorgiaSchoolofTechnologyGrinnellCollegeKansasStateAgriculturalCollege

    LawrenceCollegeMarquetteUniversityMiamiUniversityMiddleburyCollegeNewHampshireCollegeNewYorkUniversityNorthwesternUniversityOhioStateUniversityOhioUniversityOregonAgriculturalCollegePennsylvaniaStateCollegePurdueUniversityQueensUniversity

    RosePolytechnicInstituteSouthDakotaStateCollegeStateCollegeofWashingtonSyracuseUniversityToledoUniversityTrinityCollegeTulaneUniversityVanderbiltUniversityVirginiaPolytechnicInstituteUniversityofAlabamaUniversityofAkronUniversityofArizonaUniversityofBritishColumbia

    UniversityofCaliforniaUniversityofChicagoUniversityofCincinnatiUniversityofColoradoUniversityofIllinoisUniversityofIndianaUniversityofIowaUniversityofKansasUniversityofMichiganUniversityofMinnesota

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    UniversityofNebraskaUniversityofOregonUniversityofPittsburghUniversityofTexasUniversityofWashingtonUniversityofWisconsinWashingtonandLeeUniversityYaleUniversity

    Thereareaboutthreehundredandfiftypagesineachofthetwenty-fourvolumes.Eachvolumeiscarefullyindexedandcontains,inadditiontothetext,afewreviewsuggestionsaftereachchapterwhichareofgreatvalueinmasteringthesubject.

    QuestionsofCommercialLawastheyaffecteachsubjectarediscussedinthevolumepertainingtothatparticularunitoftheCourse.

    _BusinessandtheMan__Volume1_

    ByJOSEPHFRENCHJOHNSON,D.C.S.,LL.D.,DeanofNewYorkUniversitySchoolofCommerce,AccountsandFinance;ChairmanoftheAdvisoryCouncil,AlexanderHamiltonInstitute.

    _Economics--theScienceofBusiness__Volume2_

    ByJOSEPHFRENCHJOHNSON,D.C.S.,LL.D.,incollaborationwithFRANKL.MCVEY,Ph.D.,LL.D.,President,UniversityofKentucky.

    _BusinessOrganization__Volume3_

    ByCHARLESW.GERSTENBERG,Ph.B.,LL.B.,ProfessorofFinance,andHeadoftheDepartmentofFinance,NewYorkUniversitySchoolofCommerce,withthecollaborationofWALTERS.JOHNSON,B.A.,B.C.L.,MemberoftheBaroftheProvinceofQuebec,LectureronRailwayandConstitutionalLaw,McGillUniversity.

    _PlantManagement__Volume4_

    ByDEXTERS.KIMBALL,A.B.,M.E.,Dean,EngineeringCollege,CornellUniversity.

    _MarketingandMerchandising__Volume5_

    PreparedbytheAlexanderHamiltonInstituteincollaborationwithRALPHSTARRBUTLER,A.B.,AdvertisingManageroftheUnitedStatesRubberCompany,andJOHNB.SWINNEY,A.B.,SuperintendentofMerchandising,WinchesterStores.

    _SalesmanshipandSalesManagement__Volume6_

    ByJOHNG.JONES,Vice-PresidentandDirectorofSalesandAdvertising,AlexanderHamiltonInstitute.

    _AdvertisingPrinciples__Volume7_

    ByHERBERTF.DEBOWER,LL.B.,Vice-President,AlexanderHamiltonInstitute.

    _OfficeAdministration__Volume8_

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    ByGEOFFREYS.CHILDS,B.C.S.,OfficeManageroftheAlexanderHamiltonInstitute.

    _AccountingPrinciples__Volume9_

    ByFREDERICE.REEVE,C.P.A.,andFREDERICKC.RUSSELL,Controller,AlexanderHamiltonInstitute.

    _CreditandCollections__Volume10_

    ByDWIGHTE.BEEBE,B.L.,DirectorofServiceoftheAlexanderHamiltonInstitute,andT.VASSARMORTON,Litt.B.,Bursar,AlexanderHamiltonInstitute.

    _BusinessCorrespondence__Volume11_

    ByCHARLESW.HURD,AssociateEditor,AlexanderHamiltonInstitute,incollaborationwithBRUCEBARTON,President,Barton,Durstine&Osborn,Inc.

    _CostFinding__Volume12_

    ByDEXTERS.KIMBALL,M.E.,Dean,EngineeringCollege,CornellUniversity.

    _AdvertisingCampaigns__Volume13_

    ByMACMARTIN,PresidentoftheMacMartinAdvertisingAgency.

    _CorporationFinance__Volume14_

    ByWILLIAMH.WALKER,LL.D.,DeanofDuquesneUniversitySchoolofAccounts,FinanceandCommerce.

    _Transportation__Volume15_

    ByEDWINJ.CLAPP,Ph.D.,formerlyProfessorofEconomics,NewYork

    University.

    _ForeignTradeandShipping__Volume16_

    ByJ.ANTONDEHAAS,Ph.D.,ProfessorofForeignTrade,NewYorkUniversity.

    _Banking__Volume17_

    ByMAJORB.FOSTER,M.A.,AssistanttotheExecutiveCommittee,AlexanderHamiltonInstitute,incollaborationwithJESSEH.RIDDLE.

    _InternationalExchange__Volume18_

    PreparedbytheAlexanderHamiltonInstituteincollaborationwithE.L.STEWARTPATTERSON,SuperintendentoftheEasternTownshipsBranches,CanadianBankofCommerce.

    _Insurance__Volume19_

    PreparedbytheAlexanderHamiltonInstitute,incollaborationwithEDWARDR.HARDY,Ph.B.,LectureronFireInsurance,NewYorkUniversitySchoolofCommerce,AssistantManager,NewYorkFire

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    InsuranceExchange;S.S.HUEBNER,Ph.D.,ProfessorofInsurance,UniversityofPennsylvania;G.F.MICHELBACHER,M.A.,ActuaryoftheNationalWorkmen'sCompensationServiceBureau,andBRUCED.MUDGETT,Ph.D.,AssociateProfessorofEconomics,UniversityofMinnesota.

    _TheStockandProduceExchanges__Volume20_

    ByALBERTW.ATWOOD,A.B.,AssociateinJournalism,ColumbiaUniversity.

    _AccountingPracticeandAuditing__Volume21_

    ByJOHNTHOMASMADDEN,B.C.S.,C.P.A.(N.Y.),ProfessorofAccountingandHeadoftheDepartmentofAccounting,NewYorkUniversitySchoolofCommerce.

    _FinancialandBusinessStatements__Volume22_

    ByLEOGREENDLINGER,M.C.S.,C.P.A.(N.Y.),SecretaryandTreasurer,AlexanderHamiltonInstitute;formerlyAssistantProfessorofAccounting,NewYorkUniversitySchoolofCommerce.

    _Investments__Volume23_

    ByEDWARDD.JONES,Ph.D.,formerlyProfessorofCommerceandIndustry,UniversityofMichigan.

    _BusinessandtheGovernment__Volume24_

    ByJEREMIAHW.JENKS,Ph.D.,LL.D.,ResearchProfessorofGovernmentandPublicAdministration,NewYorkUniversity,MemberofAdvisoryCouncil,ChairmanoftheBoard,AlexanderHamiltonInstitute,incollaborationwithJohnHaysHammond,consultingengineerandpublicist.

    2--Talks

    TheModernBusinessTalks,whicharesentfortnightly,areinformaldiscussionsoftheprinciplestreatedintheText.Asthenameindicates,theseTalksbringupmanyspecificpointsandcases,andshowmoreclearlywhyandhowtheunderlyingprinciplesofscientificbusinessshouldbeapplied.Theyareparticularlydirect,practicalandstimulating.TheirperiodicvisitsservetokeepeverysubscriberintouchwiththeInstituteStaffandalivetotheimportanceoffollowingtheCoursesystematically.TheTalksarepreparedbymembersoftheInstituteStafforotherauthorities.

    InthepamphletwhichcontainstheTalkthereadingassignmentforthefollowingtwoweeksissuggested.Onreceivingthefortnightlyinstalment

    ofnewmaterial,thesubscriberwillordinarilyreadtheTalkbeforetakingupthereadingassignment,andthusgetabird's-eyeviewofthegroundthatistobecoveredduringthesucceedingtwoweeks.

    Someofthesubjectsdiscussedare:

    _TheShortestWaytotheExecutive'sChair__TheMarketValueofBrains__SharingtheProduct__PitfallsofPartnership_

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    _ACorporateVenture__PuttingtheMessageAcross__TheDominanceofSalesmanship__LeadingtheSalesForce__Credit,theMotivePowerofBusiness__CostRecordsasProfitMakers__OvercomingCorporationDifficulties__TheHundredThousandDollarLetter__MakingAdvertisingPay__TheRailwayaPublicServant__BuildingUpYourBankCredit__CashinginonForeignTrade__SafeguardsofInsurance__WhatDoYouKnowAboutWallStreet?__TheBenefitsofSpeculation__CapitalizingtheAuditor'sViewpoint__BasingDecisionsonFacts__ReadingAccountingRecords__SavingSalesmen__HoldingtheWatchonYourInvestment__SatisfyingYourForeignCustomer_

    3--Lectures

    ThewrittenModernBusinessLectures,whicharesenttosubscribersmonthlyduringthetwo-yearCourse,havebeenespeciallypreparedfortheInstitutebyeminentbusinessexecutives,publicistsandaccountants,andreflecttheexperienceofthesemeninsuccessfullyhandlingbusinessproblems.

    Theyareintended,first,toshowhowthesemenhaveactuallyappliedtheprinciplesdiscussedintheModernBusinessCourse;second,togivefurtherinformationastolargeandhighlydevelopedbusinessconcernsandtheirmethods;and,third,tobringsubscribersintoclosertouchwiththewidecircleofrepresentative,successfulmenofaffairs.

    SomeofthesubjectsoftheLecturesare:

    _EssentialsofaSuccessfulEnterprise__TheValueofTradeAssociations__MarketingaNationallyAdvertisedProduct__RetailStoreManagement__TheCreationofaSellingOrganisation__EfficientCreditManagement__OrganisinganAccountingDepartment__CostandEfficiencyRecords__MarketabilityofSecurities__BuildingaMail-OrderBusiness__ElementsofEffectiveAdvertising_

    _TheRailwayasaBusinessDeveloper__SellinginForeignMarkets__HowBanksServeBusiness__TheForeignExchangeField__TheDay'sWorkinWallStreet__WhyBusinessNeedstheAuditor__TheInvestmentSecurityBusiness_

    4--Problems

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    OneofthestrongestfeaturesoftheCourseistheseriesoftwenty-fourProblems--suchproblemsasaccountants,financiers,bankersandbusinessmanagersmeetinpractice--especiallypreparedfortheCoursebymembersoftheInstituteStaff.

    EachProblemisacarefullywordedstatementofalltheessentialfactorsinsomebusinesssituation;inotherwords,thesituationispresentedanddescribedjustasitmightbeinthereportofasubordinateofficialtotheheadofabusinessenterprise.TheProblemsaresoarrangedastocorrespondcloselytotheassignedreading.Forinstance,afterthesubjectofcostaccountshasbeendiscussed,aProblemisgiveninwhichaknowledgeofcostaccountingprinciplesiscalledfor.Thus,theProblemsservenotmerelytotestthesubscriber'sunderstandingandthinkingpower,butalsotofixinhismindandmakedefinitethestatementsandprinciplescontainedintheTextvolumes.

    WhensolutionstotheProblemsaresentin,theyarecriticised,graded,andreturnedwithsuggestionsforfurtherstudy.SolutionstotheProblemsarenot,however,required.Someofthetitlesare:

    _ThePresident'sChoice__AdvertisingtheAyer-HallSaws__RemodelingtheRowland-JohnsonCompany'sSalesOrganization_

    _AQuestionofProfitsandFinancialCondition__ThreeForeignExchangeSituations__Scudder'sSystemtoBeattheMarket__TheReorganisationoftheIndustrialRealtyCompany__EmbarkinginForeignTrade__AFireandItsConsequences_

    5--MonthlyLetteronBusinessConditions

    Abusinessexecutivemusthaveaknowledgeofthefundamentalprinciplesrelatingtotheinternalorganizationandmanagementofabusiness.

    Heshouldalsohaveabasisofjudgingthoseexternalbusinessconditionsoverwhichnoonegroupofmenhascontrol,buttothetrendofwhicheverylineofbusinessmustbeadjustedinordertogainthemaximumofprofitandsuffertheminimumofloss.

    TheresultsofthesestudiesarepresentedtothebusinessmaninaclearandconcisemannerintheMonthlyLetteronBusinessConditions.

    Inordertokeepsubscribersinformedregardingthestateofbusinessathomeandabroad,andasabasisforapplyingtheprinciplesexplainedintheText,theMonthlyLetterswillprovemosthelpful.TheeconomicexpertsofourBusinessConditionsBureauareconstantlybringingtogetherandinterpretingfactsandfiguresregardingbankclearings,pigiron

    production,unfilledsteelorders,exportsandimports,railroadearnings,andsuchindicesoffinancialconditionsasthereserves,loansanddepositsoftheFederalReserveBanks.

    Thelettersdiscusspoliticaleventsanddevelopmentsinthebusinessworldwhichhaveaninfluenceuponpricemovementsandconditionsofactivityordepression.Thebusinessmanwillfindthemparticularlyinteresting,astheyshowhimwhattoexpectinthefuturebypointingoutthepresenttrendofaffairs.

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    6--FinancialandTradeReviews

    TheFinancialandTradeReviewsareissuedmonthlybyourBureauofBusinessConditionsandaredesignedtocoverinatimelyandinterestingfashiontheactivitiesinthesecuritymarketbyanalyzingindividualandgroupsecuritiesandbypresentingstatisticsonpricesandearningsofstandardstocksandbonds.

    TheReviewscovertheproductionandpricetrendsofbasiccommoditiesandmattersofinterestinforeignfields.Leadingarticlesdealwithcurrenteventsofnoteandinteresttothebusinesscommunity.

    TheFinancialandTradeReviewisavaluablesupplementtotheprinciplesbroughtoutintheregularreadingschedule.

    7--ModernBusinessReports

    TheModernBusinessReportsarewrittenbyprofessionalandtradeexpertsandmembersoftheInstituteStaff,andcoverbothimportantbusinessproblemsofgeneralinterestandtechnicalsubjectsrelatingtoAccounting,Sales,OfficeMethods,Merchandising,Productionandotherspecializeddepartments.

    FromtimetotimeadescriptivelistoftheseReportsissenttoeachsubscriber.FromtheseliststhesubscribermaychoosefourReportsatanytimeduringthetwo-yearperiodofhisenrolment.

    TheseReportsrunfromtentofiftypagesinlength.Eachoneispreparedinreferencetosomespecificproblemandistheresultofspecialinvestigation.Thesubjectscoverawidefield,andeverysubscriberwillfindamongthemanumberwhichareofparticularinteresttohim.

    ThelistofReportsincludessuchtitlesas:

    _PreparationfortheAccountingProfession_

    _ProfitSharing__TerritorialSupervisionofSalesmen__AdvertisingAmericanGoodsinForeignMarkets__AnalysisofBankReports__PromotionandOrganizationofaPublicServiceCorporation__ThePsychologyandStrategyofCollecting__DeskEfficiency__HowtoReadtheFinancialPageofaNewspaper__Employes'PensionSystems__EvaluationofPublicUtilities_.

    8--Service

    ThereadingmatteroftheModernBusinessCourseisinitselfofremarkablevalue;subscribershavetoldusoverandoveragainthatonevolume,orsometimesonepamphlet,oroneReport,hasbroughtthemideasworthvastlymorethanthefeefortheCourseandService.

    Thisvalueislargelyenhancedbythefactthatbackofthereadingmatterthereisanorganizationofmenwhoareanxioustocooperateineverywaypossiblewitheachsubscriber.Thisorganizationisequippedtorenderserviceateverystageofthesubscriber'sprogress.

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    Firstofall,certainmembersoftheStaffareassignedtothepleasanttaskofcarryingoncorrespondencewithsubscribers.Theymakeanearnesteffortwheneveranewenrolmentisreceivedtogetintotouchwiththesubscriberandlearnunderwhatconditionsheisworking,whatexperienceandeducationhehashadandwhatobjectshehasinview.Withthisinformationbeforethemtheycanoftenmakesuggestionsthataredirectlyhelpfulandthatmeanalargerincreaseinthesubscriber'spersonalbenefitfromhisuseoftheCourseandService.

    Furthermore,everyonewhothinksashereadscomesacrossstatementsandopinionswhichhedoesnotfullyunderstandorwhichhequestions.Theprivilegeofaskingaboutanysuchstatementsoropinionsisfreelyopentoallsubscribers.Thereisnolimitwhatevertothenumberofquestionswhichmaybesubmitted,basedontheTextorotherreadingmatteroftheCourse.

    Thefourgreatactivitiesofbusiness

    Therearefourfundamentalactivitiesineverybusiness--Production,Marketing,Financing,andAccounting.

    Onthefollowingpageyouwillseethewholefieldofbusinesschartedin

    suchawayastoshowclearlytherelationofvariousbusinessactivitiestoeachother.Economics,thestudyofbusinessconditionsandbusinesspolicies,isthehubofallbusinessactivity.Radiatingfromitarethefourgranddivisionsofbusiness--Production,Marketing,Financing,Accounting.Theseinturnaresubdividedintothemoredetailedactivitieswhichtheyinclude.

    TheModernBusinessCourseandServiceisathoroughtreatmentofallthedivisionsindicated.

    [Illustration:

    ECONOMICS

    ACCOUNTING

    ACCOUNTINGPRINCIPLESFINANCIALANDBUSINESSSTATEMENTACCOUNTINGPRACTICEANDAUDITING

    FINANCE

    CORPORATIONFINANCEBANKINGCREDITANDCOLLECTIONSBUSINESSORGANIZATION

    INSURANCETHESTOCKANDPRODUCEEXCHANGESINTERNATIONALEXCHANGEINVESTMENTS

    PRODUCTION

    MARKETING

    COPYRIGHT1921,BYALEXANDERHAMILTONINSTITUTE]

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    ASurveyofModernBusinessScience

    AllbusinessactivitiesmaybeclassifiedunderProduction,Marketing,FinancingandAccounting.Forpurposesofsystematicstudy,eachofthesemaybesubdividedasshownabove.

    Inaddition,therearetwoimportantforceswhichcontrolbusiness--ManandGovernment.Forthatreasonadiscussionoftherelationbetween"BusinessandtheMan"and"BusinessandtheGovernment"naturallyformsapartofthesurveyofmodernbusiness.ThefirsttwoandthelasttwoassignmentsintheModernBusinessCourseandServicecovertheseimportantsubjects.

    Thearrangementofthesubjectshasbeencarefullyplannedsothatthemaximumbenefitwillbederivedbyfollowingtheassignmentsintheirregularorder.Inthechartyouseethelogicalarrangementofthesesubjectsasrelatedtothebusinessworld.NotethattheorderinwhichthesesubjectsaretreatedintheCourseisnotaccordingtotheirarrangementinthechart.Onthecontrary,themoregeneralsubjectsarefirstconsidered;thencomethemorecomplex--thespecializationsandenlargementsuponthefoundationsubjects.Thisplanpermitsaprogressivearrangementthatmakesforabroadunderstandingofthescienceof

    business.

    Justasanyuniversityorcollegerequiresaknowledgeofcertainsubjectsbeforeotherscanbetakenup,becausethismoregeneralknowledgeisessentialtoaproperunderstandingofthemoreadvanced,sowehavearrangedthesubjectstreatedintheModernBusinessCourseandServiceinasimilarmanner.

    Texts,Talks,Lectures,Problems,MonthlyLetters,FinancialandTradeReviews,ReportsandService--thesearetheimportantfeaturesoftheModernBusinessCourseandService.

    ChapterII

    THEDANGEROFSPECIALIZINGTOOEARLY

    Agreatmanyyoungmenthinktheyhavefoundaquickandeasyroadtosuccessbyconcentratingtheirmindswhollyonthejobstheyhappentohold.

    Itisperfectlytruethatabusinessmanmustnotunderestimatetheimportanceofdetails.

    Butitisalsotruethatlargesuccessisalwaysbuiltuponaclearunderstandingofbasicprinciples.

    Thecommonfallacythatitisbestforaman--especiallyayoungman--toconfinehisthoughtandstudiestohisownspecialtyhasinmanyinstancesprovedruinous.Itiseasilypossibletospecializesomuchastoloseallsenseoftheimportanceofabroad,well-balancedbusinesstraining.

    Weallknowthelawyerwhoiswrappedupinhisquibbles;theaccountant

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    technicalknowledgeintoresults.

    Everyonewhoholds,orexpectsevertohold,apositionofbusinessresponsibilityshouldbefamiliarwiththewholefieldofmodernbusiness.Thereasonsforthisareapparenttoanyonewhohastodowiththehandlingoflargeproblems.Itisnecessaryalwaystotakeintoaccount_all_theimportantfactorsinsuchproblems.Nomatterhowablyamarketingoranaccountingdifficultymaybemet,thesolutionisworsethanuselessifitaffectsunfavorablyanyotherphaseofthebusiness.

    Abusinessexecutivecannotaffordtomakemanyseriousmistakes.Toguardagainstmistakes,hemustbefortifiedwithanall-roundknowledgeofbusinesspractice--notmerelyapartialorone-sidedknowledge.

    TheprinciplesofProduction,Marketing,FinancingandAccountingarefundamentalandapplytoalllinesofbusiness.Themanwhosaystheydonotapplybecausehisbusinessis"different"issimplyexposinghisfailuretogetdowntorockbottominhisthinking.Everybusinesshasitspointsofdifference,justaseverymanhasanindividualityofhisown.Butweknowthathumannature,broadlyspeaking,ismuchthesameinall.Inalikesenseallbusinessmovesalongsimilarlines.Itallconsistsofproducing,marketing,financingandaccounting.

    Thebroadprinciplesofmodernbusinessscience,therefore,governall

    business.Theyarerelatedto_your_problems,nomatterhow"different"yourbusinessmayappeartobeonthesurface.

    ChapterIII

    PUSHINGBEYONDTHEHALF-WAYMARK

    Thereisalwaysadangerofhalf-waysuccess.Amanmaybeattheheadofanoffice,adepartment,asalesforce,orabusiness,andyetbeonlya

    half-waysuccess,ifwhathehassofaraccomplishedbemeasuredagainsthisactualcapacity.Mostmen,infact,possessnativeabilitysufficienttocarrythemforwardintobiggerpositionsthanthosetheynowoccupy.Buttoaccomplishthatresultitisnecessarytokeepcontinuallymovingahead.

    Chiefamongthecharacteristicsthatcarrymenpastthehalf-waymarkontheroadtosuccessiseagernesstokeeponlearningmoreaboutbusinessprinciplesandbusinessmethods.

    ThelateMarshallFieldsaid:

    "Themanwhoputstenthousanddollarsadditionalcapitalinto

    anestablishedbusinessisprettycertainofincreasedreturns;andinthesamewaythemanwhoputsadditionalcapitalintohisbrains--information,welldirectedthoughtandstudyofpossibilities--willassurely--yes,moresurely--getincreasedreturns.Thereisnocapitalandnoincreaseofcapitalsaferandsurerthanthat."

    Theablestmeninbusinessareconstantstudents.ManyoftheforemostbusinessexecutivesoftheUnitedStateshaveforthisreasonwelcomedanopportunitytoenrolfortheModernBusinessCourseandService.This

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    CourseandServicebringstotheminconvenient,time-savingform,anexplanationofworkingprinciplesthathaveprovedsuccessfulineverylineofbusiness.

    Thekindofmenenrolled

    PresidentsofbigcorporationsareoftenenrolledfortheModernBusinessCourseandServicealongwithambitiousyoungermenintheiremploy.Amongthe145,000subscribersaresuchmenas:

    H.S.Kimball,PresidentoftheRemingtonArmsCorporationJohnJ.Arnold,PresidentoftheBankers'UnionofForeignCommerceandFinanceE.R.Behrend,PresidentoftheHammermillPaperCompanyH.C.Osborn,President,AmericanMultigraphSalesCompanyMelvilleW.Mix,PresidentoftheDodgeManufacturingCompanyWilliamH.Ingersoll,MarketingManagerofRobt.H.IngersollandBrothersCharlesE.Hires,President,HiresRootBeerCompanyP.W.Litchfield,Vice-PresidentoftheGoodyearTireandRubberCompanyEzraHershey,Treasurer,HersheyChocolateCompanyWilliamA.Candler,Secretary,Coca-ColaCompany

    GeorgeM.Verity,President,AmericanRollingMillCompanyCharlesE.Murnan,Vice-President,UnitedDrugCompanyW.F.MacGlashan,President,TheBeaverBoardCompaniesH.D.Carter,GeneralManager,RegalShoeCompanyFrancisA.Countway,PresidentofLeverBrothersCompany(_ManufacturersofLuxandLifebuoySoap_)E.E.Amick,Vice-President,FirstNationalBankofKansasCityRaymondW.Stevens,Vice-President,IllinoisLifeInsuranceCompanyRoyW.Howard,ChairmanoftheBoardofDirectors,Scripps-McRaeNewspapersStephenB.Mambert,Vice-President,ThomasA.EdisonIndustriesS.L.Avery,President,UnitedStatesGypsumCompany

    --andscoresofothersequallyprominent.

    Thesemen,andthousandsofotherInstitutesubscribers,knowthatastudyoftheprincipleswhichhavebroughtunusualsuccesstoothermenincreasestheirowncapacityforfurtherachievement.

    Greatbusinessorganizations

    Officers,departmentheadsandjuniorsofalargenumberofimportantcompaniesareenrolledfortheModernBusinessCourseandService.TheprimepurposeoftheCourseandServiceistodevelopthebusinessknowledgeandjudgmentofeachsubscriber,andtheheadsofthese

    companiesrealizethattheincreasedefficiencyonthepartofindividualswhichresultsfromthistrainingcarrieswithitgreaterefficiencyandprofitsfortheircompanies.

    Thetendencyinlargebusinessorganizations,unlessthechiefexecutivesareunusuallythoughtfulandfar-sighted,istorepressinitiativeandconstructivethinkingexceptonthepartofthefewmenwhodirecttheaffairs.TheModernBusinessCourseandServicecounteractsthistendency.Itencouragesthoughtandinitiative.Itdevelopsmen.Itstimulatesthewholeorganizationandmakespossiblemorerapidexpansion

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    UnitedStatesSteelCorporation771WesternElectricCompany254WesternUnionTelegraphCompany291WestinghouseElectricandManufacturingCompany501Willys-OverlandCompany191WinchesterRepeatingArmsCompany211F.W.WoolworthCompany81

    Manyofthemenenrolledinthesegreatcompaniesareheadsoftheirorganizations;presidentsandvice-presidents.Mostofthemareimportantofficialsanddepartmentheads;afewaremenwithsmallerresponsibilities.

    ThesoundbusinessreasonwhichunderliesthefavorableactionofsomanygreatcorporationsiswellexpressedbyPresidentGeorgeM.Verity,oftheAmericanRollingMillCompany,whosays:

    "WhenIlearnedthatsomefiftyofourmenhaddecidedtotakeuptheModernBusinessCourseandService,thestockofthiscompanyroseseveralpointsinmyestimation."

    ThefollowingexpressionsregardingthevalueoftheCoursetomeninbigcorporationsaretypicalofmanythatwehavereceived:

    "WehavebeenfamiliarwithyourCourseofinstructioneversinceitwasfirstoffered,andregarditasanexcellentoneformenengagedintheinvestmentsecuritybusiness.AlargenumberofourmenaretakingtheCourse,andwehaverecommendedittomanyofourassociates."

    SPENCERTRASK&COMPANY,_InvestmentBankers,NewYorkCity._

    "Realizingmylackofexperience,IsubscribedtoyourCourseandfounditofincalculablevalue.Itgavemequicklythefundamentalsofaccounting,ofwhichIhadknownnothing.Itgavemeabroadelementaryinsightintomodernmarketing

    methods.Thevolumeoncreditswasalsohelpful.TheCoursesavedmemanyexpensiveblunders.

    "Briefly,foronestartinginabusinessofhisownIconsidertheAlexanderHamiltonInstituteCoursepracticallyindispensable.Inadditiontoitsindirectvalue,IhavebeenabletoputadefiniteworthonthisCourse,tomyselfandthefirm,ofmanythousandsofdollars."

    J.ROYALLEN,_Treasurer,MintProductsCompany,Inc.,Mfrs.of"LifeSavers."_

    "ThegoodthatourpeoplehavereceivedfromtheAlexander

    HamiltonInstituteCoursehasbeenphenomenal.Itisnotonlythemostinstructiveandvaluabletreatiseonlivesubjectsformenwhoaretrainingforbusinesscareers,butitisthemostconcise,instructiveandclearlypresentedformofeducation,toourminds,thathasbeenpresentedforthebenefitofexecutives."

    CHARLESE.MURNAN,_Vice-President,UnitedDrugCompany,Boston._

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    "InmylongbusinessexperienceIhaveneversubscribedtoanythingfromwhichIhavereceivedgreatervalue,inwhichIhavetakengreaterinterest,andfromwhichIhavereceivedgreaterinspirationformywork.Idonotbelieveanyonecantakeuptheworkwithoutfindingitnotonlyeffective,butofgreatvalue."

    CHARLESE.HIRES,_President,HiresRootBeerCompany,Philadelphia._

    "MyappreciationoftheAlexanderHamiltonInstituteCourseisbasednotonlyuponthebroadscopeofitsappealandthecloseco-ordinationofthesubjectstreated,butalsofromthebenefitthatIhavepersonallyderivedfromfollowingtheCourse."

    STEPHENB.MAMBERT,_Vice-PresidentandFinancialDirector,ThomasA.EdisonIndustries._

    "ItseemstomethatyourModernBusinessCourseaffordsanopportunityforthestudyofpracticalbusinessmethodsandtheacquisitionofbusinessknowledgewhichwillbevaluabletoanymanambitioustosucceedinbusiness."

    F.W.HILLS,_Comptroller,

    AmericanSmeltingandRefiningCo.,NewYork._

    "Wehadtwobuildingsitesinview.WhenitcametoafinaldecisionIappliedtheprincipleswhichwerelaiddownintheCourse;itbecameclearatoncethatthefirstsite--whichhadoriginallyseemedsoattractive--wasactuallylessdesirableforourpurposes.

    "Knowingthefundamentalprinciples,itwasasimplemattertoanalyzethevariousrequirementsofthisbusinessstepbystep;asaresultofthisanalysiswehaveasiteevenmoresuitablethantheoneoriginallycontemplated;andwewereabletobuyitnotmerelyonmorefavorableterms,butatanactualsavingof

    morethan$82,000."

    GEORGEH.BORST,_President,TwentiethCenturyStorageWarehouse,Philadelphia._

    "MyexperiencewiththeAlexanderHamiltonInstituteleavesmeonlywiththeregretthatIdidnotmakecontactwithitatanearliertime."

    SAMUELG.MCMEEN,_President,ColumbusRailwayandLightCompany,Columbus._

    "Ihavebeenlookingforsomethingofthiskindforsometime

    pastandammorethanpleasedthatthisshouldbebroughttomyattention."

    R.C.NORBERG,_GeneralSalesManager,WillardStorageBatteryCompany,Cleveland._

    "Theexceedinglyinterestingmannerinwhichthesubjectsaretreatedwasanagreeablesurprisetome.IbecamesoabsorbedinthereadingthatIamreluctanttolayitdownwhenbed-timeormeal-timearrives."

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    V.J.FAETH,_GeneralManager,Winterroth&Co.,PianoMerchants,NewYorkCity._

    Theunqualifiedindorsementsofthesesuccessfulexecutives,andthefactthatalargenumberofmeninalmosteverynationallyknownorganizationareenrolled,proveconclusivelythatthereisagreatneedfortraininginbusinessfundamentals.Whereverthewheelofbusinessturns--theneedisgreat.Itisamattertobereckonedwithbyeverymanandconcerninbusiness.

    ChapterIV

    APERSONALPROBLEM

    HowisitpossiblethattheModernBusinessCourseandServiceshouldbehelpfulaliketothegrizzledexecutiveandtotheyoungmanwhohasnotyetmadehismarkinbusiness?Whyisitthatinagreatmanyorganizationsourlistofsubscribersbeginswiththepresident,includespracticallyalltheofficersanddepartmentheads,andendswitha

    selectedgroupofmenwhoasyetareinsubordinatepositions?

    Theanswerissimple.Themainproblemofeverybusinessmanistheproblemofdevelopinghimself.Itmakesnodifferencehowgreatorhowsmallaman'spositionmaybe,theonlywaytoenlargehisinfluenceandhisincomeisfirsttoenlargehimself.Thegreatestbusinessmeninthecountryarequickesttoacceptandapplythistruth.

    Itmaysometimesappearasthoughamanbecomesabiggerbusinessmanbybeingpromotedintoabiggerjob.Thetruthisjustthereverse.Thebigjobnaturallygravitatestothewell-trained,capableman.Ifthejobprovestoolargefortheman,itdoesn'ttakelongforittoshriveluntilitbecomesaperfectfit.

    Ontheotherhand,amanwhoreallybecomesbiggerthanhisjobsimplygrowsoutofitandintoanother;orheenlargesthejobanditsrewardstofithismeasure.

    Wheredoyoubelong?

    Youareamemberofoneortheotherofthesetwogroups:

    (1)thosewhohave"arrived"

    (2)thosewhoareontheirwaytowardsuccess.

    Thereis,tobesure,athirdgroupwhichunfortunatelyconstitutesanoverwhelmingmajority,thegroupmadeupofpurposelessdrifterswhohavenospecialambitionsandusuallylittlenativeability.TothisgrouptheInstitutehasnothingtooffer.

    Theymightrefuseindignantlytosignacontracttoworkforthenexttenyearsatthesamesalarytheyarenowreceiving.Yettheendoftheten-yearperiodwillfindmostoftheminthesameposition,oronlyatrifleahead.

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    Find_your_placeandsalaryonthischart

    +------------------+|PRESIDENT||OR||GENERALMANAGER||$15,000to$30,000|+---------+--------+|+-------------------+---------+---------+-------------------+||||+--------+--------++--------+--------++--------+--------++--------+--------+|VICE-PRESIDENT||VICE-PRESIDENT||COMPTROLLER||TREAS.&SEC'Y||INCHARGEOF||INCHARGEOF||INCHARGEOF||INCHARGEOF||PRODUCTION||MARKETING||ACCOUNTS||FINANCE||$8,000to$15,000||$8,000to$15,000||$8,000to$15,000||$8,000to$15,000|+--------+--------++--------+--------++--------+--------++--------+--------+||||Abovethislinearemenwhounderstandthefundamentalsunderlyingalldepartmentsofbusiness===============================================================================Belowarethe$1,800and$4,000menwhobysystematicallytrainingthemselvescanclimbhigher

    ||||+--------+--------++--------+--------++--------+--------++--------+--------+|_Staffof_||_Staffof_||_Staffof_||_Staffof_||COSTDEPARTMENT||SALESADVERTISING||ACCOUNTINGAND||CREDITAND||FACTORYAND||CORRESPONDENCE||STATISTICAL||INSURANCE||OFFICEFORCE||AND||DEPARTMENTS||FINANCEAND||||TRANSPORTATION||||INVESTMENT||||DEPT'S||||DEPARTMENTS|+--------+--------++--------+--------++--------+--------++--------+--------+

    Forthereisonlyonepowerintheworldthatcanliftaman,andthatisthepowerofaddedknowledgeandtraining.

    ForyearstheAlexanderHamiltonInstitutehasspecializedinonething;ithasonlyoneCourse;itssolebusinessistotakemenwhoknowonedepartmentofbusiness,andbyaddingtotheirequipmentaknowledgeoftheotherfundamentalsshownonthechartontheprecedingpage,tofitthemforhigherpositions.

    Ifyoualreadyhavereachedabusinesspositionoflargeresponsibility,thatsurelydoesnotmeanthatyouhavestoppedgrowing.Theboundlessopportunitiesthatareopentoallarebeckoningyouon.Nonoteworthybusinessmanattainshisfulldevelopmentuntilheiswellpastmiddleage.Infact,themanofrealpowerneverappearstohavereachedhislimit.Yourrealachievementsarestillaheadofyou.Asyoulookoverthepagesfollowing,youwillseethatthebrainiestexecutivesinthecountry

    areusingtheModernBusinessCourseandServiceasequipmentforstillbiggerundertakings.

    Ifyouarestilltrudgingintheranks,orifyouhaveadvancedonlypartwaytowardyourgoal,youwillbekeenlyinterestedinthecommentsofthosewhohavefoundtheModernBusinessCourseandServiceanimmensehelpinhasteningtheirprogress.Thesemenarerapidlyforgingahead.Theyaresettingafasterandfasterpace.Unlessyouareabletokeepupwiththem,youmustdrifttotherear.

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    Becausetheyoungmenofthisgenerationaregettingabettertrainingthanhasbeenavailableinpreviousgenerations,thestandardsofbusinessabilityhaverisenandwillcontinuetorise.Yesterday,amanoflimitedexperienceandtrainingwasoftenabletoforcehiswayintoanexecutiveposition;today,itismuchmoredifficulttodoso;tomorrow,itwillbeimpossible.

    Thebusinessleadersofafewshortyearsfromnowwillbethemenwhotodayarepreparingthemselvesforthedutiesofleadership.

    Yourgains

    Youmayask:"_WhatcantheInstitutedoforme?_"

    Theanswertoyourquestionisoutlinedinthe"ChartoftheModernBusinessCourseandService"whichisprintedonpage49.ThatChartshowshowtheorganizedknowledgeaboutbusinessprinciplesandbusinesspracticewhichhasbeencollectedandclassifiedbytheAlexanderHamiltonInstituteistransmittedtosubscribersthroughtheeightfeaturesoftheCourseandService--Text,Talks,Lectures,Problems,MonthlyLetters,FinancialandTradeReviews,Reports,andService.

    _Inwhatwayscanabusinessmancashinonthisknowledge?_Agreatmany

    directandpracticalbenefitsthatnaturallyfollowtheuseoftheModernBusinessCourseandServicemightbecited.SevenofthemostimportantareshownintheChartonthefollowingpage.

    ThemostobviousanddirectbenefitconsistsinaBETTERUNDERSTANDINGOFSOUNDBUSINESSPRINCIPLES.

    TheotherbenefitsshownontheChartare:

    ABILITYTOPLANEFFECTIVELY

    INCREASEDCONFIDENCEINHANDLINGBIGDEALS

    ABILITYTOMAKEQUICKERANDMOREACCURATEDECISIONS

    MORELEISUREFORRECREATIONANDCONSTRUCTIVETHOUGHT

    INCREASEDABILITYTOHANDLEMEN

    INSURANCEAGAINSTMISTAKES.

    TheinevitableresultsofthesegainsinpersonalpowerandefficiencyareLARGERINCOMEANDAGREATERSUCCESSINBUSINESS.

    [Illustration:

    _ChartoftheModernBusinessCourseandService_

    ORGANIZEDBUSINESSKNOWLEDGECollectedandclassifiedbyALEXANDERHAMILTONINSTITUTEORGANIZATION(AdvisoryCouncil,StaffandSpecialLecturers)TransmittedtoSubscribersthru

    REPORTSLECTURES

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    TALKSTEXTSPROBLEMSSERVICEMONTHLYLETTERS

    ThisknowledgeassimilatedbyTheWide-AwakeBusinessManresultsin

    BETTERUNDERSTANDINGOFBUSINESSPRINCIPLESABILITYTOPLANMOREEFFECTIVELYINCREASEDCONFIDENCEINHANDLINGBIGPROBLEMSQUICKERANDMOREACCURATEDECISIONSMORETIMEFORCONSTRUCTIVETHINKINGGREATERABILITYTOHANDLEMENKNOWLEDGETHATPREVENTSMISTAKES

    LARGERINCOMEandGREATERSUCCESSINBUSINESS

    ]

    NoteonthefollowingpageswhatsubscribersfortheModernBusinessCourseandServicehavetosayinthatconnection.

    Betterunderstanding

    Amancannotgofarinbusinessunlesshe_thinks_.Andhemustnotonlythink,butthinkstraight.Hisconclusionsmustbebasedonsoundprinciples.

    Unlessamanisthinkingalongrightlines,hewillhavelittle

    initiative,andhisjudgmentwillbepoor.

    Thenecessityforeverylivebusinessmantounderstandtheprinciplesuponwhichmodernbusinessisbasedcannotbeoverstated.TheModernBusinessCourseandServicegivesthatunderstanding.Itilluminatespointsthatwereobscureanditanswersmanypuzzlingquestions.Itlightsuptheroadahead,sothatthebusinessmancanseemoreclearlythepaththatheshouldtake.

    Mr.Wm.H.Ingersoll,MarketingManagerforthefamousIngersollwatch,saysthattheModernBusinessCourseandService

    "givesthefirstcoherentpresentationoftheentiresubjectof

    business.Itgivesoneaperspectiveandanappreciationofessentials,aswellasmuchknowledgeregardingrightandwrongmethodsofprocedure."

    AsafairexampleofthemannerinwhichtheModernBusinessCourseandServicestimulatesthoughtandleadstoprogressiveaction,evenincompaniesthatalreadywerewellorganizedandhighlysuccessful,takethefollowingnotefromMr.NormanW.Wilson,Vice-PresidentoftheHammermillPaperCompany:

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    "Everymoment'stimeIhavedevotedtoithasbeenwellrewarded.IwantyoutoknowwhatahighregardIhavefortheworkyouaredoingandtoknowthatImakeitapointtoencourageourpeopleheretostudyyourCourse."

    Mr.J.H.Hansen,PresidentoftheJ.H.HansenCadillacCompanyofOmaha,emphasizesthepracticalinformationthattheModernBusinessCourseandServicehasbroughttohim:

    "WhenIlocatedinNebraskaasasalesmanfortheCadillacautomobile,arepresentativeoftheInstitutepersuadedmethatImightjustaswelltryforthebigprizesinbusinessasforoneofthemediocreones.ThedecisiontoenrolintheModernBusinessCourseandServicewasaturning-pointinmylife.

    "Iknewsomethingaboutsellingalready.ButnowIbegantoseebusinessasawhole,andtherelationofeachdepartmenttoit.Advertisingandcosts;accountingandofficeorganization;thecontrolofmen,andcorporationfinance--alltheseelements,whicharenecessaryifamanistosucceedinbusinessforhimself,cametomewiththeInstitute'shelp.

    "WhentheopportunityarrivedIwasreadyforit.Weorganizedourcompanyandthefirstyeardidmorethanamilliondollar

    business.

    "Inmyjudgment,thereasonwhysomanymennevergetintobusinessforthemselvesorfailaftertheydogetin,isbecausetheyarenotpreparedfortheiropportunitywhenitcomes."

    Mr.H.C.Smith,President,Allith-ProutyManufacturingCompany,Chicago,stateswhytheModernBusinessCourseandServiceishelpfulwithoutbeingrevolutionary:

    "Allmenwhohavebeensuccessfulmustbecreditedwithhavinggoodbusinessprinciples.YourCoursedoesnotrequirechanging

    theseprinciples,butitwillbroadenone'sownideasandenablehimtogetgreaterresults."

    Increasedconfidence

    Agreatmanymenaccomplishlessthantheirabilitiesandenergyentitlethemtoaccomplish,simplybecausetheydonotfeelsureofthemselves.Theboldestmanalivebecomesuncertainandtimidinthefaceofunfamiliardifficulties.ThemanwhofollowstheModernBusinessCourseandServicebecomesacquaintedatcloserangewithbusinessdifficultiesaswellaswithtriedmethodsofovercomingthem;helearnshowtotacklesuchdifficultiesandgoesforwardwithoutfearormisgivings.

    TheseriesofModernBusinessProblemswhichconstituteanimportantfeatureoftheModernBusinessCourseandServiceisespeciallyintendedtocultivatefamiliaritywithdifficultbusinesssituationsandtherebytocreateself-confidence.Theyareproblemsofthekindwhichexecutivesareconstantlymeeting.Themanwhocansolvethemsuccessfullyshouldhavenodifficultywhenhemeetssimilarproblemsthatariseinhisownwork.

    Abetterandbroadergraspoftheprinciplesandpracticesthatunderlie

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    allbusinessalsosuggestswaysofwideningthescopeofone'sbusinessactivityandgivesthenecessaryconfidencetogoaheadanddoit.Mr.JohnMcBride,ofMcBride'sTheatreTicketOffice,NewYork,wroteusaftercompletingtheModernBusinessCourse:

    "Theaveragemancandoublehisfaithinhimselfinafewmonthsifhewillmasterthefundamentalsofbusinessthroughyourtraining."

    Mr.W.H.Schmelzel,PresidentoftheW.H.SchmelzelCompany,ofSt.Paul,Minnesota,wroteafterhehadfollowedtheCourse:

    "Itismypersonalopinionthateveryyoungbusinessmanoftodaydependsagreatdealonconsultationoradvicefromasuccessfulandexperiencedadviserorfriendonallmattersofabusinessnature.

    "IntheearlydaysofmybusinessexperienceIwasconfrontedwiththetaskofmakingdecisionspreparingmyselffortheproblemsIwastosolveintheyearstofollow.HavingbeenbornandraisedinasmalltowninaWesternState,IwascontentwithadviceandconsultationofmyacquaintancesinmatterspertainingtothethoughtsIwishedtocarryout.

    "Iwas,therefore,eagertoobtainassistancefromacorpsofexpertsintheirparticularline,andaftergivingyourModernBusinessCourseconsiderablescrutiny,andbeinginformedontheclassofmen,thatIfeltconfidentoftheirsuccess,andIrealizedthatsuchaCoursehadmerit,andonewhichIcouldaffordtoconsult,advisewithandbuildmyfuturewithideasandmethodsyouhadsoablyworkedout."

    Quickerdecisions

    Istheabilitytodecidethingsquicklyaninbornfaculty?No,itislargelyahabitofmindwhichanyonemaycultivateinhimself.However,we

    mustbearinmindthatitisnecessarynotonlytodecidequickly;theremustbeveryfewmistakes.Thisrequiresamindthatistrainedtograspasituationandtothinkaccuratelyaswellasrapidly.

    _Thesecretofquickandaccuratedecisionisknowledgeofprinciples._Ifamanknowswhatprincipleappliesinhandlingagivencase,hehasnodifficultyinmakinguphismindanddecidingwhattodo.Ifthebalancesheetofagivenconcernwerelaidbeforeyouandyouwereaskedtodecideatonce(assumingthatthefigureswerecorrect)whethertoshipa$10,000orderofgoodstothatcompany,possiblyyouwouldnotknowwhattosay.Butifyouwerefamiliarwiththedefiniteprinciplesofaccountingandfinancewhichwouldenableyoutoanalyzethatbalancesheetandmakeityieldavividpictureofthefinancialconditionoftheconcern,youwould

    nothesitateamoment.Youwouldreplyinstantly.

    Whatdecisionmeanttothisman

    Ayoungman,whosenamewearenotatlibertytogive,toldusofadramaticincidentwhichillustratesthevaluethatkeenbusinessmenattachtopreparednessandquickdecisions.Uptoaboutayearagothisyoungmanwasheadaccountantforhiscompany.TheBoardofDirectorshadbeeninsessionaboutanhouroneafternoonwhenamessengercametohis

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    deskandtoldhimthathewaswantedintheboardroom.

    Asheenteredtheroomthepresidentsnappedathim,"Wouldyouadviseustoissueablockofcollateraltrustbondstofinanceanewadditiontoourfactorywhichwillcostabout$60,000?"

    "No,"saidtheaccountant,"thecompany'screditisgoodenoughforanissueof$60,000onetothree-yearnoteswithoutsecurity.Ifnecessary,thenewbuildingcouldbemortgagedafterconstruction,and,atthepresentrate,thebusinesscouldpayoffthewholeloaninfiveyears."

    Arapid-fireseriesofquestionsfollowed,coveringthefinancial,advertisingandsalespolicyofthefirm,toeachofwhichtheaccountantgaveconcentratedthought,quickdecisionandconvincingreply.

    Thepresident'sfinalquestionwas,"Howwouldyouliketobecometreasurerofthiscompanyat$6,000ayear?"

    Intheletterthattoldofthisincidentthissubscribersaid:

    "Idon'tknowwhetherIowemosttoyouortomyfriendintheCarnegieSteelCompanywhourgedmetoenrolforyourCourseandService.IcouldhaveansweredfewifanyofthequestionsaskedmewithouttheknowledgeIgainedfromit.Ifoundoutlater

    thatthepresidentknewallthetimeIwasfollowingyourCourse,andwantedtoprovetotherestofthedirectorsthatIcouldintelligentlyconsideranddiscussbusinessproblems."

    Mr.CharlesC.Chase,intheAdvertisingDepartmentofBrownCompany,ofPortland,Maine,bringsoutanothermethodofsecuringhelpindecidingquestionsthatareoutsidethescopeofhispreviousexperience.Hesays:

    "TothefellowswhohaveaskedmeabouttheCourseandwhatIbelieveitwilldoforthem,Ihavesaid:

    "ThroughasubscriptiontotheCourseoftheAlexanderHamiltonInstituteyounotonlyallyyourselfwitha"BoardofDirectors"

    whosecombinedbusinessexperienceprobablyamountstoatleastfivehundredsuccessfulyears--aBoardthemembersofwhichhavehadspecializedexperienceineveryimportantphaseofbusiness--butwhohavebeenassembledfortheverydefinitepurposeofhelpingmen."

    Thismethodisequallyvaluabletotheexecutive,accordingtoMr.LynnP.Talley,DeputyGovernoroftheFederalReserveBankofDallas:

    "WheneverIamconfrontedwithaproblemrelatingtofundamentaleconomicconditionsofbusinesspracticeorbusinesspolicy,Ifindgreatcomfortandsatisfactionintakingdownthevolumerelatingtothesubjectandalwaysfindelucidationofthe

    problemsthatconfrontme."

    Mr.JamesP.Robertson,ofSmith,RobertsonandCompany,Seattle,says:

    "AsageneralreadingCourseonbusinessIcantruthfullysayitishighgrade,andcanrecommendittoanyoneinterestedinthestudyofbusiness."

    Mr.A.E.Winger,President,AmericanLithographicCompany,writes:

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    "IthinkyourCourseisanexcellentoneandamparticularlyimpressedwiththeunderlyingthoughtthatIfindthroughouttheentireCourse--applicationofprinciples.Ithasbeenmyexperiencethatsoundjudgmentisthemostessentialrequisiteofanyexecutive,andthatthejudgmentrequiredinbusinesstodaycanbestbeformedbyathoroughknowledgeofbusinessprinciples."

    Mr.SamuelCochrane,President,CochraneChemicalCompany,JerseyCity,sumsuptheargumentinthisremark:

    "IfIhadenrolledwithyouayearortwoago,Ishouldbebetterabletohandletheproblemsputuptomeeveryday."

    Moreleisure

    Thesecretofleisureisnottodolesswork,buttoorganizeworksothatagreatervolumecanbehandledinlesstime.Noactivemanwishestocutdownhisproductiveefforts.Agreatmanymen,however,aresotiedtotheirbusinesstasksbydetailandroutinethattheyhavelittletimeorenergyleftforconstructivethought.Frequentlytheydonotgetenoughrecreationandphysicalexercisetokeeptheminprimecondition.Asaresult,theyarefritteringawaythebestyearsoftheirlifeinhandling

    smalldetailsthatneverbringthemanywhere.

    Toagreaterorlesserextent,thisistrueofallofus.Howtoescapefromthetime-wastingenergy-absorbingroutineanddetailsisavitalquestion.

    Being"swampedwithtoomuchdetail"isinrealityakindofbusinessdisease--andaverydangerousone.Itismostlikelytoattacktheofficersofrapidlyexpandingconcernsandenergetic,ambitiousmenwhoareconstantlytakingonnewresponsibilities.Unlessonecanshakeoffthisdisease,itwillprobablygooneatingawaymoreandmoreofhistimeandenergyuntilheloseshisgriponlargeaffairsandtohischagrin,seesothermenofsmallerabilityrisingabovehim.Itisasbadforaman

    tobe"toobusy"asforhimtobenotbusyenough.

    Asamatteroffact,itisunnecessaryforanymantobesoharassedwithdetails--exceptasatemporarycondition--thathecannotgiveareasonableamountoftimetorecreation,readingandthought.Thecompanyburdenedbythedetail-typeofexecutiveisnotgettingwhatitpaysfor.Hisnaturalabilitiesarebeingdivertedtothingsthatcheapermencoulddoequallywell.Heowesittohiscompany,aswellastohimself,toreorganizehiswork.

    Cuttingoutthedetails

    Itisnecessarilytrueinallsuchcasesthatmanyoftheover-busyman'sdutiesrecurdayafterday.Theyareofasemi-routinenatureandcouldbemadewhollyroutinebygivingtheproperinstructionstosomeoneelse.Inotherwords,thisisaproblemoforganizationsimilartothatoforganizingafactory,astore,orabodyofmen.TheprinciplesthatarediscussedintheModernBusinessCourseandServiceapplytoanindividualjustaswellastoacompany.Amancanorganizehisdeskverymuchonthesameplanthathewouldorganizeafactory.Whenhedoesso,heinvariablyfindsthathisefficiencyisincreased,hisworkismoreproductive,andhehimselfhasmoreleisure.

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    Accordingly,anybusinessmanwhodesirestoforgeaheadshouldreducethedetailsofhisworktoroutinewhichcanbecarriedonwithoutspecialthought.TheModernBusinessCourseandServiceisadirectandinvaluableaidtothemanwhofeelshimselftieddownbydetails.

    Ofcourse,wemustconsiderinthisconnectionthemanwhothinksthatheismuchbusierthanhereallyis.Therearesparemomentsineveryman'sday.Thereisthehalf-hourbeforeoraftertheeveningmeal;thetimespentintravelingtoandfromwork;theoneortwoeveningsaweekthateventhebusiestmanshouldspendathome.Themeasureofaman'schancesofsuccessmayreadilybetakenbylearningthemannerinwhichheuses--orwastes--hissparetime.

    NobetterusecanbemadeoftheseoddmomentsthaninreadingtheModernBusinessCourse.Thisreadingisnottiring;itisrecreativeandstimulating.Itwillenableanymantoorganizehisworksoastoincreasehisleisureforreadingandstudy.Itwillhelphimtorisetoahigherlevelwherehisthoughtandenergywillbemoreproductive.

    Manyofthebigbusinessexecutivesareinvestingtheirsparemomentsinjustthisway.Theyrealizethegreatresultsthatareboundtofollow.Itisunquestionablytruethattheuseofone'ssparemomentscountheavilyindetermininghowmuchwillbeaccomplishedayearortwohence.

    Thefollowingalsogivetheiropinion:

    "Foragoodmanyyearsasapractisingminingengineer,Igraduallybegantorealizethattherewassomethingwrongwithengineersinregardtotheirbusinesssuccess.Somethingthatseemedtostandbetweenthemostbrilliantofmenandsuccessinbusiness.Afteralongstudyofmenandconditions,IsubscribedtoyourCourse.FromthenonIbegantotakegreaterresponsibilitiesandlargerfeesbecauseofmyaddedconfidenceandbusinessknowledge.ItrulyfeelthatyourcourseferriedmeacrosstothatphaseofprofessionalgraspwhereIbecamesuccessfulinbusinessasaprofessionalengineer."

    GLENVILLEA.COLLINS,_ConsultingEngineerofSeattle._

    Muchthesamethoughtsareadmirablyexpressedbyanotherbusyexecutive,Mr.J.H.Carter,Vice-President,NationalCityBankofNewYork:

    "YouwillnodoubtbeinterestedtoknowthattheclassformedundertheauspicesoftheCityBankClubtofollowtheAlexanderHamiltonInstituteCourse,whichyouhelpedstartabouttwoyearsagolastSpring,isjustcompletingitsstudy.

    "Themajorityoftheoriginalenrolmentoffiftymembershave

    followedtheCourseregularly.Ithasheldtheinterestofthementhroughoutandhasprovedunusuallystimulatingandinteresting.

    "Theofficialstaffofthebankhasgiventheclassitsheartymoralsupport,and,inaddition,hasofferedtorefundapartofthefeetothosecompletingtheCoursesuccessfully.Wefeelthatthispolicyhasnotonlyencouragedthemen,buthasbenefitedthebankaswell.

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    "Personally,IcannotspeaktoohighlyoftheCourse.IfeelthatthetimeIhavegiventoitduringthepastfewyearscouldnothavebeenemployedtogreateradvantage."

    Increasedabilitytohandlemen

    Therearejusttwofactorsthatdetermineaman'scompetencetodirecttheworkofothermen:

    1.Hissuperiorknowledgeoftheworkinhand.2.Hisabilitytocommandrespect.

    Asamatteroffact,thesecondfactorisalmostwhollyincludedinthefirst.Themanwhoreallyknowswhatheistalkingaboutalwayscommandsrespect.Themanwhoislargelya"bluff,"nomatterhow"magnetic"orforcefulhispersonality,issoonfoundoutandretiredinfavorofthemanofsmallerpretensions,butmoreknowledge.Thehistoryofalmostanybusinesssuccessdemonstratesthetruthofthisstatement.

    Modernbusinessaffairsaresocomplexthatitiswhollyoutofthequestiontoputanuntrainedmanincommand.Onemightaswelltalkofputtinganuntrainedmaninchargeofamodernbattleship.Inbothpositionsbroad-gaugeknowledgeandjudgmentareabsolutelyessential.The

    sameprincipleappliesequallytotheminorcommands.Theleadingbusinessmenofthecountryareforthemostpartquiet,self-controlledmen,whothinkbeforetheyspeakandwhoareconstantlystudyingbusinessproblems.Thisisthetypeofmanbestfittedtocontrolanddirecttheworkofothers.

    Themanwhodevelopshimself,developshisabilitytohandlemen.ThroughtheModernBusinessCourseandServicethetrainingcanbesecuredthatmakesforself-developmentandforsuccess.

    T.H.BaileyWhipple,ofthePublicityDepartmentoftheWestinghouseElectricCompany,writes:

    "YourCourseunquestionablydoesformenwhatexperienceandnativeabilityalonecanneverdo."

    Mr.G.E.Lucas,OfficeEfficiencyEngineer,SaylesFinishingPlants,says:

    "IamindeedgladthatItooktheopportunitytoenrolfortheModernBusinessCourseandService.WhatIhaveobtainedhasbeenofverymaterialbenefittome.Myownexperiencebearsontheexperienceofmyothercolleagueswhohavebeengettinghelpandinformationfromyouinthepasttwoyears.Allthereportsthatwehaveobtainedhavebeenthoroughlysatisfactoryandverycomplete."

    TheexperienceofMr.S.G.McMeen,President,ColumbusRailwayPowerandLightCompany,Columbus,Ohio,isequallytothepoint:

    "Myexperiencebeganmanyyearsagointechnicallinesandcontinuedalongthemtoengineeringandconstructionpractice.Asoftenhappens,thistechnicalworkledmeintoexecutivematters.ItwasinthemthatImissedsomeoftheadvantagesenjoyedbymenwhohavespecializedearlierincommercialandfinancialwork.

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    "NaturallyIformedahabitofappropriatingtheneededknowledgewhereverImightfindit,andfoundmuchmorethanIcouldassimilate.Thelong-feltneed,therefore,wasforasourceofclassifiedinformationforreferenceandstudy,asourceoftrainingbytheuseofintelligentproblemsandasourceofadvicetowhichImightturnwhenindoubt.ThissourceIfoundinthevolumes,periodicalliteratureandserviceoftheAlexanderHamiltonInstitute."

    Largerincomeandsuccess

    Asthediagramonpage49indicates,thesevendirectaidswhichsubscribersobtainfromtheModernBusinessCourseandServiceare:

    1.Betterunderstandingofbusinessprinciples

    2.Abilitytoplanmoreeffectively

    3.Increasedconfidenceinhandlingbigproblems

    4.Quickerandmoreaccuratedecisions

    5.Moretimeforconstructivethinking

    6.Greaterabilitytohandlemen

    7.Knowledgethatpreventsmistakes

    Alloftheseaidstopersonalefficiencyareboundtoresultinincreasedincomeandgreatersuccess.Eventhoughamanshouldgainonlyslightlyinanyoneofthesevenqualitiesnamed,hewouldbecomeafarbetterbusinessman.Hewouldeitheradvanceinpositionorexpandhisbusiness--ineithercaseraisinghimselftoahigherlevelofincomeandsuccess.Theeffectisallthemorestrikingwhenamanincreaseshisefficiencyinrespecttoallsevenqualities.Tociteexamplesseems

    almostunnecessary.Yetafewtypicalexpressionsfromsubscribersmaybeofinterest:

    "ItisveryhardtoputintowordsjusthowmuchgoodIhavederivedfromtheAlexanderHamiltonInstituteCourse,butIdorealizethatasproblemspresentthemselves,theyaremucheasiertosolve,andIhaveabetterconceptionofthefutureoutlookofbusinesssincehavingthebenefitofyourCourse,andthereisscarcelyadaybutwhatsomemattercomesupforwhichIuseyourCourse."

    Mr.W.C.ROOSE,_Sec'yandGen.Mgr.__BeaconShoeCompany_,_Manchester,NewHampshire_

    "Duringthepasttwoyearsmysalaryhasincreasedmorethan400%.ThishasbeenduetotheratherremarkableincreasetheFullerBrushCompanyhashadinsales.ThesesalesareindirectlytheresultoftheideasIhavereceivedfromyourCourse."

    S.L.METCALF,_FormerVice-PresidentandDirectorofSales,FullerBrushes,Inc.NowPresident,BetterBrushes,Inc.,Palmer,Mass._

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    "TothemanwhohashadtheadvantageofacollegeeducationthisCourseopensupwhatmightbecalledavistaofthebusinessworldinaveryuniquemanner.Theinformationobtainedfromthiscourse,ifacquiredbytheordinarycollegemanbyactualexperience,wouldrequirenolessthanalifetimeanditispresentedinsuchamannerastobereadilyassimilatedintheshortspaceoftwoyears,devotingonlyoddhourstostudy."

    Mr.E.J.BARTELLS,_Manager__WoodPipeExportCompany,Seattle,Washington_

    AsubscriberfromaprosperouscityinIowarecentlycalledattheNewYorkofficesoftheAlexanderHamiltonInstitute,sayingthathewantedtomeetsomeofthemenwhohadgivenhimsuchvaluableassistance.Heisthecontrollerofalargemanufacturingcompanyandathoroughlytrainedandexpertaccountant.ThethingthatimpressedhimmostabouttheplanoftheModernBusinessCourseandServicewastheopportunityitofferedhimofincreasinghisalreadyextensiveknowledgeoftheprinciplesoffinance,management,advertising,sellingandorganization,aswellasaccounting.

    "Letmetellyouwhathappenedtomeafewweeksago,"hesaid."Ifoundmyselfupagainstaproblemthatneverhadariseninmypreviousexperience.Iwassimplystumped.Isoughthelpfromvarioussourcesin

    attemptingtofindasatisfactorysolution.Thenitoccurredtome--themostobviousthingsoftencometomindlast--tolookintheModernBusinesstextsforarayoflight.Tomygreatdelight,thereIfoundaclearanddefinitestatementoftheveryprinciplesthatshouldbeapplied.

    "Iamfranktosaytoyou,"heconcluded,"thatthisonebitofinformationwasworthtomeatleastthreetimesthepriceofyourCourse."Alreadythissubscriberhadrealizeda300percentdividendonhisinvestment.Ofhissubsequentgainswehavenorecord.TothegreatmajorityofthosewhosubscribefortheCourseandServicethereturnsaresimplyincalculable.Thetraining,theinformationandtheideasthattheysecureareabig--oftenanessential--factorinmakingtheirbusiness

    careershappierandmoresuccessful.Whocancalculatethemoneyvalueofareturnofthatkind?

    ThemoderatefeewhichischargedfortheModernBusinessCourseandServiceisbaseddirectlyuponthecostofproducingtheliteratureincludedintheCourseandofmaintainingtheorganizationthatconductstheCourseandService.Thefeeissmallinitself;itshrinksintoinsignificancewhencomparedwiththereturns.Oneofoursubscriberswasspeakingonlytheliteraltruthwhenhesaid:

    "Tothemanofabilityandbrains,yourCourseandServiceoffersa_priceless_meansofdevelopingthesequalitiestotheirhighestefficiency."

    Forthewomaninbusiness

    TheModernBusinessCourseandServicemakesthesameappealtothebusinesswomanasitdoestothebusinessman.Consequentlyanumberofwomenareenrolledforit.Amongthesewomenare:

    Mrs.E.M.Simon,President,R.&H.SimonCompany,UnionHill,NewJersey

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    MissSaraF.Jones,Mgr.Woman'sDept.,EquitableLifeAssuranceSociety,Chicago,IllinoisMrs.M.K.Alexander,Solicitor,EquitableLifeAssuranceSociety,Chicago,IllinoisMissMaryR.Cass,Manager,F.N.BurtCompany,Buffalo,NewYorkMissLouiseMessner,Accountant,PetermannStoresCompany,Kearsarge,MichiganMissS.F.Troutman,SecretaryandAssistanttoTreasurer,FirstPresbyterianChurch,Pittsburgh,PennsylvaniaMrs.N.M.Favor,AssistantCashier,TheTravelersInsuranceCompany,Manchester,NewHampshire

    Todaywomenareengagedinallbranchesofbusiness.Agreatnumberofwomenoccupyexecutiveandotherimportantpositionsinsomeofthelargeconcernsofthecountry,andthenumberissteadilyincreasing.Fortheambitiouswomanacareerinbusiness,withitsgreatrewardsandthepossibilitiesofrenderingworthyservice,holdsforthattractiveopportunities.

    ChapterV

    THEQUESTIONBEFOREYOU

    Aseriousbusinessquestionisnowconfrontingyou.Itisimportantthatyoushouldconsideritfairlyandcalmlyandthatyoushouldpromptlymakeupyourmindfororagainstit.Thefactsareallbeforeyou.

    ThequestioniswhetherornotyoushouldenrolfortheModernBusinessCourseandService.Thinkovertheargumentsproandcon.

    YouknowthattheCourseandServicewillbringyouabetterunderstandingofsoundbusinessprinciples;thatitwillgiveyouincreasedself-confidence;abilitytoplanmoreeffectivelyandtodecidebusiness

    questionsmorequicklyandsurely.Youwillfindyourselfwithincreasedabilitytohandlemen.Youwillprobablyenjoymoreleisure;youwillcertainlyearnalargerincome.

    YouarewellenoughacquaintedwiththestandingandreputationofthemenbehindtheAlexanderHamiltonInstitutetoknowthattheModernBusinessCourseandServicemustbeofthehighestquality.Andforthesamereasonyouknowthatitnaturallyisofferedtoyouataverymoderatefee.

    ThefeefortheModernBusinessCourseandServiceis$136intheUnitedStates.Thiscovers,withoutanyadditionalexpense,theTexts,Talks,Lectures,ProblemsMonthlyLetters,FinancialandTradeReviews,Reports

    andallnecessarypersonalhelp.Thecompletesetof24Textvolumescomesatonce,andtheotherliteratureatconvenientintervals.

    IftheCourseisworthanythingatall,thefeeisslightincomparisonwiththeresultsthatwillfollow.Thefeemaybepaidinconvenientterms.

    Makeyourdecision

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    Certainobjectionsmayoccurtoyou:

    _Youhaveotherusesforyourmoney--_

    Nodoubt;yetnoneofthemisasnecessarytoyoursuccessfulbusinesscareerastheModernBusinessCourseandService.

    _Youaretoobusy--_

    Everybodywhoamountstoanythingisbusy;yetnever"toobusy"toacquireknowledgesoimportantasthis.

    _Youhaveadebttopayoff,oratriptotake,oryouwouldrather"thinkitover--"_

    Theseargumentsareunsoundfromeverypointofview.Noman,injusticetohimself,ortothosewhomaybedependentuponhim,shoulddenyhimselfthisopportunitytomakeaninvestmentthatwillyieldlargedividendsone,twoandthreeyearsfromtoday.

    Inthecomingstruggleforworldmarkets,therewillbeagreatneedformenofbroad,executivetraining.Formenwhoareprepared,therewillbemoreopportunitiestosucceedinabigwaythaneverbefore.

    Itisfalseeconomy,therefore,topostponeforasingledayadecisionthatwillenableyoutopushbeyondthehalf-waymarkandforgeaheadinbusiness.

    Youareabusinessman,trainedtomakedecisions.Thesimplefactsarebeforeyounow.Weighthearguments;thenact.

    ChapterVI

    DESCRIPTIVEOUTLINEOFTHECOURSE

    InlookingoverthefollowingdetailedoutlineoftheModernBusinessCourse,youwillseemoreclearlyhowcloselyeverysectionisrelatedtodailybusinesspractice.

    Theitalicsaftereachtitlegivetheactualchapterheadings;thefollowingmattergivesabriefdiscussionofthepurposeandscopeofeachsectionoftheCourse.

    BUSINESSANDTHEMAN

    "_ScientificTrainingforBusiness_,"_anintroductiontotheModernBusinessCourseandService__Natureandaimofbusiness__Theprofitproblem__Economicsandsociology__Psychology__Ethicsofbusiness__Vision,ortheidea__Personalefficiency__Health_

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    _Theefficientbusinessman__Theexecutive__Subordinateorjuniorofficers__Therank-and-fileworker__Personality__CharacterAnalysis__Opportunity_

    Themostimportantthinginbusinessisthehumanelement--you.Everymanmusthaverealambition,highideals,andadefinitegoalinmindbeforeevenacorrectknowledgeofbusinessprincipleswillhelphimtomorethanahalf-waysuccess.

    ThepurposeofthisfirstsectionoftheCourseistodiscusstheviewpointofthesuccessfulbusinessmaninaninspiringway,sothatyoumaybeinspiredyourselfandsothatyoumaybeabletoinspireothersaboutyou.

    "Scientifictrainingforbusiness"isanintroductiontothewholeModernBusinessCourseandService.InitDeanJohnsontellsyouinwhatwayyoushouldreadtheCourse,howtogetthemostoutofit,andhowtousetheequipmentsoastobringresults.

    TheCoursebeginswithananalysisofbusinessoperations.Itshows

    brieflywhatarethedominantfeaturesofbusinesslifewhichnomancanaffordtoneglect.Itthentakesuptherelationofpersonalqualitiestobusinesssuccess;itshowswhatpersonalcharacteristicsarehelpfulandhowtheymaybecultivated;anditalsopointsoutthetraitsofmind,mannersandmoralswhichhindermenintheirbusinesscareer.Thefirstpointinunderstandingbusinessproblemsandbusinessprinciplesistoapproachthemwiththerightattitudeofmind.

    ThissectionoftheCourseservestobringthereaderintopersonaltouchwiththebusinessproblemswhichwillengagehisattentionmoreindetailinthesubsequentsectionsandthusfurnishesausefulintroductiontotheentireCourse.

    ECONOMICS--THESCIENCEOFBUSINESS

    _Purposeandscopeofeconomics__Fundamentalconcepts__Landandcapital__Laborandenterprise__Threefundamentallaws__Consumptionofwealth__Valueandtheconsumer__Valueandtheproducer__Valueandthetrader__Money_

    _Credit__Money,creditandprices__Foreigntrade__Rent__Interest__Wages__Profits_

    Economicsisthefoundationstoneuponwhichthescienceofbusinessisbuilt.Itunderliesallbusinessjustasmathematicsunderliesall

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    branchesofengineering.ItisthebasicsubjectoftheCourse,anditsgeneralprinciplesshouldbethoroughlyunderstoodbeforetakingupthesubjectstreatedlater.

    Thebookiswrittenforthegeneralreader,whohaslittleornoknowledgeofeconomictheory.Itgivesaclearideaofthebusinessproblemsandforceswithwhichbusinessmendealandenablesthereadertoformintelligentjudgmentsofhisown.

    ThissectionoftheModernBusinessCoursemakesclearthelawsgoverningthepricesofgoods,thewagesofemployes,theprofitsofemployers,theprocessesofexchange,thefunctionsofmoneyandcredit,andtherentofbuildingsandland.Ittakesupincomprehensivemannertheproblemsraisedbytradeunions,bytrusts,bygovernmentaltaxationandbythegrowingtendencytowardgovernmentalregulationofbusiness.

    Anunderstandingofalltheselive,interestingbusinessproblemsisanessentialpartofthementalequipmentofabroad-gaugedbusinessman,workingunderpresent-dayconditions.

    BUSINESSORGANIZATION

    _Purposeandformsofbusinessorganizations_

    _Soleproprietorship__Generalpartnerships__Limitedpartnerships__Syndicates__Businesstrusts__Corporationsasbusinessunits__Generalaspectsofcorporations__Incorporationofcompanies__Dissolutionofcorporations__Stockanddividends__Stockholders__Meetingsofstockholders__Directorsandofficers_

    _Intercorporaterelations__Consolidations,salesandleasesofassets__Holdingcompanies__Illegalcombinations_

    Ifyouareinbusinessforyourself,orinsomewaybecomeinterestedinagrowingbusiness,thereisnothingthatisofgreaterinterestthanyourrightsandtherightsofothermenwhoareintheconcern.

    Theapplicationofthecorrectprinciplesofproduction,marketing,financingandaccountingarenecessarytoinsuresuccess,astheydeterminetheprofitsofthebusinessasawhole.Everymangoesintobusinesstosecuremoreincomeforhimself,andtheamountofhisown

    incomewilldepend,notonlyontheamountoftheprofitsofthewholebusiness,butonhisownproportionateshareoftheseprofits.Thedivisionoftheprofitsintosharesdependalmostentirelyontheformoforganization.

    Moreover,whenmenenterbusinesstheyhazardnotonlytheirtimeandadefiniteamountofwealthintheenterprise,butperhapsotherwealththatwasintendedtobekeptseparate.Indeed,embarkingonabusinessventuremaybebutthebeginningofthelossoftheincomeoffutureyearswhenallchanceofprofitshasceasedandthebusinessrepresentsnothingbuta

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    lotofdebtsthatremaintobeliquidated.

    Riskisanimportantelementthatisvariedbytheformoforganizationselected.Thissectiontracesbrieflytheriseofthecorporationthroughtheindividualenterprise,thepartnershipandthejointstockcompany,andstatestheadvantagesanddisadvantagesofeachoftheseformsofconductingbusiness,aswellasthoseofthecorporation.ThissectionoftheCourseconstitutesthefirststepinthestudyofcorporatefinance.

    PLANTMANAGEMENT

    _Thebasisofmodernindustry__Fundamentalindustrialprinciples__Characteristicsofmodernindustry__Methodsoforganizationandadministration__Coordinativeinfluences__Purchasing__Storingmaterial__Planningandproductiondepartments__Insuringresults--securingindustrialdata__Standards__Thecontrolofquality--inspection__Rewardinglabor--oldermethods_

    _Rewardinglabor--newmethods__Comparisonofwagesystems--profitsharing__Statisticalrecordsandreports__Locationofindustrialplants__Arrangementofindustrialplants__Practicallimitationsinapplyingindustrialprinciples__Problemsofemployment__Employes'service__Scienceandmanagement_

    Modernmanagementofindustrialplantsischaracterizedbyplanningandsystem.Oldprocessesandoldmethodsnolongercommandrespectbecausetheyareold.Theyhavebeensubjectedtosearchinganalysisinthehope

    offindingbetterwaysofdoingthings.Welooktodaynotforthehistory,butforthereasonsofeveryphaseofplantmanagement.

    Thisisouraspectofthegeneralindustrialchangeswhichhavetransformedmodernindustryandmadeitahigh-poweredproductiveinstrument.Itisnotanisolatedthing,butjustassignificantapartofmodernbusinessmethodsasareimprovedtransportation,increasedcreditandpresent-daybanking.

    InthispartoftheCourse,therelationofplantmanagementtothecharacteristicdevelopmentofmodernlifeisfirsttraced,andthenthechangesdisplayedwhichscientificmethodshavemadeintheconductofmanufacturingprocesses.Theseaffectthestructuralorganizationof

    business,therelationsofthedirectingandmanagingorganstooneanother.Theyalsoaffecttheoperationsofthesemanagingunits,thepurchaseandstorageofmaterials,theroutingandsequenceofwork,thebestutilizationofmachineryandthelike.

    Thekeynoteofthevolumeisefficiencyinproductiveeffortandtheprincipleswhichunderlieit.

    MARKETINGANDMERCHANDISING

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    _Marketing:Moderndistribution__Thefieldofmarketing__Studyoftheproduct__Studyofthemarket__Tradechannels__Sellingtothejobber__Wholesalemiddlemen__Sellingtotheretailer__Sellingthroughexclusiveagencies__Influencingretailsales__Sellingtotheconsumer__Good-willandpricemaintenance__Reachingthemarketandthecompletecampaign__Merchandising:Thejobber__Modificationofthejobber'sservice__Problemsofthejobber__Retailcompetition__Retailtypes__Chainstores__Mail-orderselling__Trainingthesalesforce__Buying__Stockkeeping_

    _Cooperationforservice_

    Therearethreedifferentkindsofthingsthatmustbeconsideredbyeveryonewhohasanythingtosell.Onegroupofconsiderationshastodoonlywithpersonalsalesmanshipandsalesmanagement.Anotherhastodoonlywithadvertising.Stillathirdisconcernedsolelyneitherwithpersonalsalesmanshipnorwithadvertising,butiscommontoboth.Beforeaneffectiveforceofsalesmencanbeselectedandtrainedandanadvertisingcampaignmappedout,theplanbehindthepersonalsellingandadvertisingcampaignmustbedevised--themarketingmethodsmustbedetermined.

    Theconsiderationsheremaybegroupedunderthreeheads:thegoodstobe

    sold,themarketforthegoods,andthemethodsofreachingthatmarket.

    Anumberofquestionsmustbeaskedandansweredaboutthethingstobesold.Forexample:Isthereareadydemandormustonebecreated?Isthecommodityanecessityoraluxury?Isitsubjecttoseasonalvariations?Isthetrade-markwellknown?Andsoon.

    ThefirstpartoftheText,Marketing,concernstheproblemsofthemanufacturer;thesecondpart,Merchandising,treatsoftheproblemsofthedealer,bothwholesalerandretailer.Betweenthemtheypresentacompletepictureoftheprocessesbywhichgoodsreachtheconsumer,andrevealthetendenciesinmoderndistribution.

    SALESMANSHIPANDSALESMANAGEMENT

    _Salesmanship:Thepowerofpersonalsalesmanship__Staples,brandedstaplesandspecialties__Sellingprocess--preliminarytotheinterview__Sellingprocess--theinterview__Sellingprocess--theagreement__Sellingprocess--miscellaneous__Humanappealsthatsell_

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    _Developmentofcharacterandcaliber__Thesalesman'sdutiesandresponsibilities__Cooperation,influenceandfriendship__Salesmanagement:Thesalesmanager--hisqualificationsandduties__Buildinganorganization--selectingmen__Buildinganorganization--trainingsalesmen__Sellingmethodsandthesellingequipment__Compensationandterritory__Salesrecords__Cooperationwithsalesmen__Salescontests__Salesconventions_

    Thereisnosubjectwhichismoreuniversallyinterestingtoeveryoneinbusinessthanselling.

    Salesmanshipinitsbroadestsenseisessentiallythesellingofone'spointofview,theabilitytostartwiththeotherfellow'spointofviewandleadhismindtoacceptyours.Whenanindividualendeavorstoinfluenceanother,heispractisingsalesmanship.Inthisbroadsense,everyonewillprofitbyaknowledgeoftheprinciplesofsalesmanshipandsellingmethods.

    InthisportionoftheModernBusinessCourse,thesalesmanisshownthe

    necessityoflearningsomethingofhisprospectprevioustotheinterview.Suggestionsarealsomadeforgettingtoseethebuyer.Thedevelopmentsinasalearediscussedinsuchawayastoenablethesalesmantobuildaneffective,man-to-mantransaction,andthehumanappealsthatsellareoutlined.

    Afterdiscussingthequalificationsanddutiesofthesalesmanager,methodstobeemployedintheselecting,trainingandhandlingofmenaredetailed.Thetrainingofretailsalespeopleisdiscussed.Theplanningofthesalesman'sequipment,thebuildingofasalesmanual,theapportionmentofterritoryaregoneinto.Methodsofkeepingsalesrecordsandstatisticsareoutlined;directionsgivenforthehandlingofsalescontestsandconventions,theeditingofahouseorgan,andthe

    apportioningofquotas.

    ADVERTISINGPRINCIPLES

    _Advertising--aconstructiveforceinbusiness__Fundamentalsofadvertising__Gettingtheadvertisementseen__Gettingtheadvertisementread__Makingtheadvertisementunderstood__Makingtheadvertisementproduceaction__Humanappealsinadvertising__Wordvaluesinadvertising_

    _"Gettingtheorder"copy__"Gettingtheinquiry"copy__"Directingthereader"copy__"Moldingpublicopinion"copy__Preparingtheadvertisement__Layoutofadvertisements__Booklets,catalogsandfolders__Drawingsandreproductions__Printingartinadvertising__Trade-marks,slogansandcatchphrases_

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    _Legallimitsandrestrictionsonadvertising_

    Consideringthelargenumberofprogressiveconcernsenteringthefieldofadvertisingeachyear,andprofitingthereby,theaveragebusinessman'slackofknowledgeconcerningadvertisingprinciplesislamentable.

    Fewhaveanyabilityeithertowriteortojudgecopy,andalmostallareatalosstodealintelligentlywiththeprinter.

    ThissectionoftheCoursediscussesthevariousclassesofcopydividedaccordingtotheresultseachisdesignedtoaccomplish.Thevalueofwordtoneinwritingandhowtosecureitareindicated.Instructionsforpreparingandlayingouttheadvertisementaregiven.

    Thetechniqueoftheprintingart--typefaces,paper,printingprocesses,half-tonesandline-cutillustrations--isdiscussed.

    Theadvertisingslogan,thepackagedesignandthevariousconsiderationsinconnectionwiththetrade-markaretreated.

    Thebusinessmanispreparedtocorrelatetheprinciplesofadvertisingwiththoseofmarketingmethods,andtobringanunderstandingofbothtohisstudyofadvertisingproblemsofwholesaleandretailmerchandising.

    OFFICEADMINISTRATION

    _Theofficeinmodernbusiness__Location,planningandlayoutoftheoffice__Officeequipmentandsupplies__Officeappliances__Selectionofemployes__Employmenttestsandrecords__Training__Stimulationofemployes__Filing__Interdepartmentalcommunications_

    _Officemanuals__Theworker'scompensation__Welfare__Officeorganization__Planning__Officecontrol__Workreportsandtheiruse__Theartofmanagement_

    Itisonlyinrecentyearsthatindividualbusinessenterprisesoutsideofthemanufacturingfieldhavegrowntosuchimportanceastobringalargenumberofemployesunderonemanagement.Todaytheproblemsoftheofficearenolessurgentthanthoseoftheshop.

    Officeadministrationisinsomerespectslike,inotherrespectsunlike,plantmanagement.Itisalikeinthatitpursuesthesameidealsofefficiency.Itisunlikeinthatmachinesandequipmentfallintothebackgroundandthehumanelementloomslargeintheforegroundofofficework.

    Methodsofconductingclericalworkhave,sincetheadventofthevariousofficemachines,ofwhichthetypewriterwasthepioneer,undergonerapidtransformation.Underlyingthesechangestherehavebeenprinciples,more

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    orlessclearlyrecognized,whichitistheaimoftheTexttodiscoverandpresentinanorderlyandsystematicfashion.

    Infewdepartmentsofofficeworkhavestandardizedprocessesbaseduponscientificprinciplesmadesuchheadwayasintheemploymentfield.Hiringemployesforofficework,trainingthemfortheirduties,stimulatingthemtotheirbesteffort,adjustingwagestoworkperformed,andprovidingfordeservedpromotions,arenolongercasualoccupationsofsomegeneraloffices,buttheworkandspecialconcernofthetrainedofficemanager.

    Here,aselsewhere,concentrationandspecializationarebeginningtorevealtheprinciplesunderlyingsuccessfuleffort.Suchprinciplesconcernnotonlytheoperations,buttheorganizationoftheofficeanditsvariousparts.

    ACCOUNTINGPRINCIPLES

    _Developmentandscopeofaccountancy__Accountsandtheirpurpose__Classificationofaccounts__Doubleentrybookkeeping__Booksofaccount__Applyingaccountingprinciples--theoriginalentries_

    _Applyingaccountingprinciples--theledgerrecords__Applyingaccountingprinciples--summarizingresults__Columnarbooks__Opening,operatingandclosingthebooks__Thetrialbalance__Economicsummary__Thebalancesheet__Singleentrybookkeeping__Continentalsystemofbookkeeping__Depreciation__Methodsofcomputingdepreciation__Labor-savingdevices__Internalchecks_

    Asbusinessbecomesmorecomplexwearemoreandmoredependentuponaccountingmethodstoshowusthetrendoftheindividualbusinessinwhichweareinterested.

    Henceaknowledgeofaccountingprinciplesisindispensable.Yet,evenamongexperiencedbookkeepers,comparativelyfewhaveaclearunderstandingoftheprincipleswhichunderlieallcorrectmethodsofkeepingfinancialrecords.

    ThissectionoftheCourse,therefore,startswithaclearexplanationofthefundamentalprinciplesofbookkeeping,andprogressesstepbystepuntilitreachesthemostcomplicatedcasesofpartnershipandcorporation

    accounting.

    Withinrecentyearsthegreatimporta


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