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John DeLorean was a pretty interesting man.
I learned a lot about him by reading a book called Ego is the Enemy by Ryan Holiday. Holiday was a child genius who ended up being an executive at American Apparel. In the past year or two, it came out that their founder had a terrible personal life and dealt with all kinds of corruption.
They tried to fire him from the company. Holiday was there, one of the youngest executives in the company, watching this unfold. He wrote his book based on his experience with his boss’s ego, including lots of great stories of how ego destroys companies.
But the John DeLorean story was my favorite.
The misadventures of John DeLorean
John DeLorean was a designer at GM who wanted to produce futuristic cars. He was convinced that the culture of order and structure at GM was holding back creative geniuses like himself.
Since he was a very good salesman, he felt confident in his ability to forge his own path in business. So he walked away from his job at GM in order to produce his brand of futuristic cars.
He failed miserably.
Without the Back to the Future reference, most people would likely never know what a DeLorean Car was. They were cool in the movie, but in reality, without the flux capacitor, the car was a piece of junk. It had some cool features such as the doors opening upwards, but the car was terribly inefficient.
DeLorean was indeed a genius, but he couldn’t manage himself. He was the cause of extreme disorganization and failure in the DeLorean car company.
If you can’t manage yourself, you can’t manage people.
(By the way, I highly recommend the book Managing Oneself by Peter Drucker on this subject.)
What farmers can learn from John DeLorean
When I talk to farmers, a lot of the same issues from the John DeLorean story arise. They fail to manage themselves and are often making gut decisions rather than logical and planned decisions, especially when it comes to grain marketing. You can join us for a FREE Personal Grain Marketing Plan Webinar October 5th to help to show key steps to overcoming emotion and stress in grain marketing.
They don’t like the structure. They just like running the tractors and don’t care about sitting in the office.
The reality is, there’s work you’ve got to do in organizing and analyzing your finances in order to run a successful business.
A lot farmers are geniuses at production, but when it comes time for sales, and to build a growth model, they’re not interested. They may lack the knowledge and structure it takes for marketing, and they may need to outsource it.
It was DeLorean’s pride that led to his downfall. He believed he could do everything. Really, he should have gotten himself good business partners.
In the same way, we have to focus on our strengths and get help with our weaknesses. For those of you who don’t want to learn new things, that’s OK. Just hire someone with knowledge to do that thing for you.
Henry Ford was famous for implementing this concept. Once, when his company was being sued, Ford was asked scientific questions he didn’t know the answers to. He said, “I don’t know all the answers, but on my desk I’ve got a bunch of buttons, each of which would call someone who could answer any question you come up with.”
Andrew Carnegie did the same thing. At one time, he was the richest man in the world, but he wasn’t an expert in industry. He was an expert businessman who knew how to lean on others.
You should be passing off two main areas of their business, if you don’t have a lot of time to devote to them:
1) Production – Know where every single penny on your operation goes; know what it takes to produce every bushel and where the inefficiencies are so they can be corrected.
2) An organized sales plan – Have somebody help you form a plan. You can join us for a FREE Personal Grain Marketing Plan Webinar October 5th to help to show key steps to overcoming emotion and stress in grain marketing.
Cash Cow has solutions to each of these: Farm Management Software on the production side and grain marketing advisory on the sales side.
DeLorean bristled against the structure of GM, but only one car company in this story is still successful today—and it’s not his.
What happened to DeLorean in the end?
The DeLorean story doesn’t have a happy ending. He eventually began selling cocaine to try to finance his failure as a businessman . . . and he got caught.
Identify your strengths and double down on them. But outsource your weaknesses. It seems that John DeLorean flipped that script, and that’s what caused him to fail.
Too busy in the day-to-day to deal with finances and grain marketing? Let us help. Check out our solutions: software on the production side and grain marketing advisory on the sales side.