Magna CEO on Turning Five Thousand Dollars Into One Billion | Frank Stronach | EP 396

Dr. Jordan B Peterson sits down with founder and CEO of Magna International, Frank Stronach. They discuss the keys to starting and maintaining a successful business, and the ideas contained within the Economic Charter Rights, which advocates for the input and autonomy of all workers and profit sharing to be exercised company wide.

Frank Stronach is the Founder and Honorary Chairman of Magna International Inc., the world's most diversified automotive parts supplier with more than 170,000 employees in 43 countries and sales of over $40 billion US. At Magna, he introduced his unique management philosophy known as Fair Enterprise, which is based on a business Charter of Rights that predetermines the annual percentage of profits shared between employees, management, investors and society.

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- Links -

For Frank Stronach:

The Stronach Foundation for Economic Rights; https://economiccharter.ca/

On Instagram https://www.instagram.com/officialfrankstronach/

The Greed Factor (Book) https://www.amazon.com/Greed-F....actor-Solutions-Revi

Official website for the SARIT car https://saritmobility.com/


- Chapters -

(0:00) Coming up
(0:22) Intro
(1:25) Meeting Frank Stronach
(2:27) Immigrating to Canada, Magna Enterprises
(12:27) Making a system that works
(16:54) We stand at a crossroad: who will rule the world?
(18:39) What this law would employ for small and big businesses
(19:45) You could not build Magna today, we need to reform
(22:32) Studying a trade: spending a week to make a two-inch square
(29:09) The preference of many small businesses over a few big ones
(32:40) From zero to one: getting your first customers
(33:55) Opportunity, the rise of Magna
(38:54) The nature of a deal: its not about compromise
(46:43) How you develop a good reputation in a capitalist system
(50:06) The Economic Charter of Rights explained
(59:55) Anthropology, group size in primates and the most efficient community size
(1:02:10) Pursue happiness, but make money too
(1:04:49) We don’t teach young people to be active contributors to society
(1:06:27) Checks and balances, managing employee growth within the hierarchy
(1:09:02) Breaking the mindset: why the ECR has not been widely adopted
(1:14:52) It’s not the bureaucrats, it’s the system.
(1:16:52) Introducing the SARIT micro mobility Car
(1:22:30) Specs and expectations for the SARIT
(1:26:30) A vision for fostering generous productivity
(1:28:10) Frank Stronach’s personal motivator



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