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In Financial Services, you could invest $10 million on Monday and by Friday, if you thought the investment looked bad, you close the window and go home As Welch explained, Everybody should work in a fast-growing business like Plastics or Financial Services A lot of managers don t know what a good business looks like So Welch s expert intuition carried over to GE as a whole his earlier experience of what a good business looks like But what did this mean as an overall strategy, beyond slashing bureaucracy.

At the end of his first year as CEO, Welch gave his first speech to a Wall Street audience:12

change and master keys inoperative, except the appropriate individual display room key and the emergency key Dummy cylinder One without an operating mechanism; used to improve the appearance of certain types of installations Emergency key (EMK) A special, usually top-level, hotel master key that operates all the locks in the hotel at all times An emergency key will open a guest room lock even if it is in the shut-out mode With many types of hotel locks, this key acts as a shut-out key, making all other change and master keys inoperative, except the appropriate individual display room key and the emergency key Engineer s key (ENG) A selective master key used by various maintenance personnel to gain access through many doors under different master and grand master keys.

If I could, this would be the appropriate moment for me to withdraw from my pocket a sealed envelope containing the grand strategy for the General Electric Company over the next decade. But I can t . . . tie a bow around the many diverse initiatives of General Electric. . . . What will enhance the many decentralized plans and initiatives of this company isn t a central strategy, but a central idea a simple core concept that will guide General Electric in the eighties and govern our diverse plans and strategies.

The key can be set to operate any lock in a master key system and, typically, fits building entrances, corridors, and mechanical spaces Establishing such a key avoids issuing high-level master keys to maintenance personnel See selective master key Floor master key A master key that opens all or most of the locks on a particular floor of a building Grand master key (GM or GMK) A key that operates a large number of keyed-different or keyed-alike locks Each lock is usually provided with its own change key The locks are divided into two or more groups, each operated by a different master key Each group can be operated by a master key only, or by the grand only or by a master and the grand Great-grand master key (GGM or GGMK) A key that operates a large number of keyed-different and/or keyed-alike locks.

Accessory equipment For a private well-pumping system to provide water service comparable to that offered by a utility company, accessory equipment is needed. Storage tanks The pump discharge line must be connected to a storage tank. The tank, also called a pressure tank, is generally located on the lower level of the house but might also be located in an outside pump house. Water from the tank is forced into the house supply pipe whenever there is a demand at one of the plumbing fixtures. A properly functioning tank provides a water reservoir that balances the capacity of the pump against the usage

That central idea was planful opportunism. Instead of a GE-style strategic plan, you set only a few clear, overarching goals. That leaves people free to seize any opportunities they saw to further those goals. Tichy tells us that Welch cited a military source for the idea:

Each lock is usually provided with its own change key The locks are divided into two or more groups, each operated by a different grand master key Each of these groups is further subdivided into two or more groups, each operated by a different master key A group can be operated by the great-grand only, a grand only, a master only, or any combination of the three Guest room change key The hotel room key that is normally issued to open only the one room for which it was intended The guest room key cannot be used to set a hotel lock in the shut-out mode from the outside of the room, nor will it open a hotel lock from the outside if the lock is in the shut-out mode Hotel-function shut-out.

Welch operated that way instinctively, but the notion crystallized in his mind in the late 1970s, after he read Johannes von Moltke, a nineteenth-century Prussian general influenced by the renowned military theorist Karl von Clausewitz.