Summary: How Toyota Became #1

Book excerpt: The must-read summary of David Magee's book: "How Toyota Became #1: Leadership Lessons from the World’s Greatest Car Company" This complete summary of the ideas from David Magee's book "How Toyota Became #1" shows that the criteria and qualities leading to Toyota’s rise to the top had little to do with sales results or profit margins. This summary points out how Toyota has created such a successful corporate environment, and how others can emulate them. In fact, Toyota looks at new products from the perspective of what customers want, rather than what they are capable of making; managers have empowered even bottom-level employees to act for themselves. Factual information is treated as autocratic: it doesn’t matter whether those facts come from senior management or lower down. Toyota is famous for having a production line that can be halted by anyone, because everyone is responsible for quality control. Executives don’t have special parking spots, they are expected to work longer hours, and they walk the manufacturing floor regularly. In other words, Toyota’s philosophy is based on mutual respect of all employees, and the willingness to prioritise the customer over procedural convenience. It’s possible, no matter the market, for others to do the same. Added-value of this summary: • Save time • Understand the key concepts • Increase your business knowledge To learn more, read "How Toyota Became #1" and create your own successful environment.