Dave Lukas Chats with Jim Wetrich
354: Lessons in Leadership from a 40+ Year Entrepreneur Journey with Jim Wetrich
This week’s Misfit Entrepreneur is James Wetrich. For over 40 years, Jim has built companies and led teams across 3 continents and has consulted with over 100 companies. Jim built a team at Molnlycke Health Care that grew revenue over 7 times and EBITDA over 20 times creating over $1BN growth in enterprise value and taking the US business from number 5 to number 1 in the market with an employee satisfaction index over 95%.
Jim is a noted expert in leadership and founder of the Wetrich Group of companies where he focuses on coaching, mentorship, and spreading his leadership lessons to help individuals and organizations foster and implement better leadership. Jim is also a best-selling author and his latest book is called Stifled: Where Good Leaders Go Wrong.
Jim has had storied career and his wisdom and lessons learned in building and leading businesses can help any entrepreneur succeed at higher levels, so my goal is to squeeze every bit I can out of him in our time together.
Jim started out getting a Master’s in hospital administration thinking he wanted to spend his life doing that. For the first 8 years, he go to work with a number of companies in that role and really like Abbot Labs. He pivoted to work at Abbot for 11 years and left in 2000 to scratch his undeniable entrepreneurial itch. He spent his last 2 years at Abbot preparing and putting his plan together. He has had his business off an on since 200 with the exception of an 8 year stint leading Molnlycke and since 2014 has been focused on his business.
Did the business plan for your business that you created while at Abbot go to plan?
What is the #1 thing leaders need to do to ensure success in today’s world?
At the 15 min mark, we discuss decision making and the challenges in the environment we as leaders operate in.
What does a great culture look like and how do leaders foster it?
I’ve heard you say leaders cannot be successful by means of micromanagement, explain that.
Stifled: Where Good Leaders Go Wrong. Give us some areas where leaders go wrong…
At the 32 min mark, we have a great discussion on working for results vs. time.
What should leader stop doing?
What is the biggest mistake you ever made as a leader? Biggest success?
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