Don'T Let The Future Pass You By

TuckerвЂ"“Don’t Let the Future Pass You By”

Preston Tucker was man with a dream. His entrepreneurial leadership style thrust that dream into immediate action. He built the “car of tomorrow, today.” There were shortcomings, however, with Tucker’s Entrepreneurial Visionary Strategy. If Tucker had balanced his approach with key aspects of the Shared Vision Strategy, he may have succeeded in sustaining his name as a revolutionary automaker.

Tucker was a risk-taker whose visionary freedom went unchecked. He showed poor decision making when he advertised more than he could deliver. His assistant, Abe, was shocked to discover that the radical car he was marketing didn’t actually exist. The prototype was yet to be manufactured. Tucker’s over-confidence was evidenced as his vision immediately expanded to manufacturing convertibles and airplanes as well.

Initial market research was lacking. Tucker simply advertized the car of his dreams in a magazine and was inundated by the response. He operated on his intuition and believed everyone would want to buy the “best car ever made.” Tucker’s revolutionary rear-engine design and attention to safety featuresвЂ"all at an affordable price, created his niche in the market. Tucker made a fatal error in underestimating the market monopoly of the “big three” car manufacturers.

With his independent drive, Tucker consulted no one. He had a sense of end-result thinking and he was confident he knew the right way to get there. Decisions were made solo every step of the way. Although he did not seek help, he validated the young engineer’s suggestions to re-design. The turning headlights that didn’t compromise either the aerodynamic style or safety concerns were accepted as an excellent modification.

There were no checks and balances in place. He demonstrated his resentment of authority by not being held accountable to his board. On his own, Tucker did not have the full range of skills that was necessary to address all elements of his business. He did not seek out a team of complementary strategic thinkers that could have made his operation more sustainable. Tucker had totally unrealistic expectations of his employees. He anticipated that his employees would work around the clock for months. He invested precious little time into empowering his employees.

In fact, Tucker didn’t show much concern for any people around him. His cook had to hustle to accommodate unexpected dinner guests. On impulse, Tucker brought a dozen, trained dogs home without consulting his family. He lied to his wife about ongoing fundraising efforts. Tucker gave little notice to the accident involving the young engineer who almost died accidentally, beneath the car. His autocratic and controlling style at the plant neither empowered employees nor unleashed their creativity. “Just do it!” stifles inventiveness. Tucker also showed complete disregard for his team and stakeholders by not mentoring a successor to take his place in the future.

Another key area where Tucker showed little concern was in financial responsibility. He ran out of money! People scoffed that, with his high society living, he spent twice as much money as he made. Tucker hired employees without even discussing their salary. His original estimate for the prototype project was $50,000. Within moments he lowered his assessment to $10,000. He finally started up with $6,000. Tucker carried a huge debt load and intended to manufacture fifty cars in the first year, with no strategic financial planning. To conduct the business he leased a plant site so large that even the “big three” car manufacturers refused to rent it. Costs and expenditures didn’t seem critical until his trial, when Tucker’s wife scrambled to gather and sequence the receipts from the start-up expenses.

Poor investor relations were evident throughout the project. Tucker help critical information from his investor groups. He hired a security guard to keep the details of the prototype project hidden from media and the investors. Tucker’s zeal for the dream was paramount. He rationalized that he could be less than honest. His plan unraveled when the guard turned out to be an informant for the competition.

Although Tucker had innovative ideas, he did not maintain high standards. The car would boast disk brakes, a fuel injection system and seat belts. The prototype that received much fanfare was actually a poorly built showpiece made of scrap metal, and not delivered on time. There were leaks and transmission problems moments before the unveiling of the car. According to Tucker, it just had to look good at this point. Once again, he could rationalize away the need for integrity. He was experiencing a detached vision by this point. For Tucker, vision and reality were starting to separate.