speeches
American German Business Club Berlin Business Plan Competition
Ambassador William R. Timken, Jr.
Berlin
May 9, 2006
Club President Paul Kiefer,
Members of the American German Business Club Berlin,
Students and teachers,
My wife Sue and I are very pleased to be a part of the American German Business Club's First High School Business Plan Competition. I would like to thank the Club's members for their commitment to this project, designed to recognize the efforts of young, talented entrepreneurs.
Last week, I was in Washington to take part in discussions between President Bush and Chancellor Merkel. President Bush asked me to convey his best wishes to the members of organizations such as the American German Business Club of Berlin who work so hard to strengthen our relationship. The importance of stimulating entrepreneurship and investment was a key topic that Chancellor Merkel discussed with President Bush and with American business leaders during her visit to the United States.
In July, the President will pay a return visit to Germany. Chancellor Merkel is looking forward to showing the President how her home state has changed in the 15 years since reunification - both politically and economically. The way I see it, this business plan competition is all part of the same conversation.
It is never too early to spark the entrepreneurial spirit in youth. Access to strategic business thinking is essential to the future of young people on both sides of the Atlantic and to their full participation in the economy. As President Bush has often said, the role of government in the economy is to foster an economic environment that encourages entrepreneurship and inspires people to take investment risks to realize their dreams.
Free enterprise strengthens the competitive spirit of individuals, companies and nations. It is at the core of improving our quality of life. Competition drives us to be more resourceful and more productive. Economic freedom is the prerequisite for personal freedom and liberty.
When I was in the private sector, I was frequently asked to talk about what industry needs from public education. I have been involved with many business efforts to measure the skills gap between people coming out of the educational system and the needs of the workplace. These studies are usually fact- based, and they are usually outdated before the ink dries. So my answer has always been that we don't need industry-ready young people with special skills for work built into them. We need graduates with the ability to think and learn. The workplace of today bears no resemblance to that of 50, or 20 or even 10 years ago. Things will change even more quickly over the next decade.
One of my guiding principles - as a businessman and now as President Bush's diplomatic envoy in Germany-- has been to "look into the future and try to foresee events." That was the advice my great-grandfather gave to my grandfather when together they, at the turn of the last century, decided to start a new business in the automotive field, the hot new technology of that era.
My great-grandfather was one of the main carriage manufacturers in the United States in the 1800s. In 1895, he was chairman of the National Carriage Builders Association. As chairman, he was chosen to judge the first race of the horseless carriage - otherwise known as the automobile - in the United States. This was a race that Henry Ford said 25 years later he had wanted to attend, but could not find anyone to loan him the money to travel to Chicago. When my great-grandfather returned from that race, he told his 25 year-old son, my grandfather, that the automobile was the future, and they set out to be a part of that future. They patented the first tapered roller bearing in 1898, formed the present Timken Company in 1899, and sold the first tapered bearing equipped axles to an automobile producer in 1900.
My great-grandfather had a terrific idea - the tapered roller bearing - and over the next 103 years, engineering and management skills converted that idea into a successful and enduring global business enterprise.
Over the years, I have found that there are three keys to success.
One is technology. It is a major driver of productivity and economic growth. A key result of technology advancement is manufacturing growth. You can find examples of how technology impacts productivity at most companies. Those investments show up in many ways -- new products, new services, new processes, new solutions to customer problems. Technological advances account for nearly 40% of long-term economic growth.
The second key is trade. For centuries, man has known that trade is vitally important. It spurs economic growth, creates jobs, and promotes prosperous, healthier societies. The huge increases in world trade since the end of World War II have been fundamental to our vastly improved standard of living.
The third key is intelligent public policy. Government at all levels permeates our lives. When government doesn't get it right, the consequences are grave. Technology, trade and public policy are closely intertwined. I have served on a number of national and international trade organizations and have been involved in efforts to partner with government at all levels. A few years ago, I chaired the National Association of Manufacturers, an industrial trade association that serves 18 million American workers. One of my main missions as chairman was to encourage manufacturers and their employees to get more involved in the political process and to play an active role in the development of public policy.
So I would urge you to become involved in policy discussions, to understand the issues beyond the bottom line, and to think about how you can give back to your communities.
I applaud the members of the American German Business Club who provided their time and experience to these young future leaders. As mentors, you have shared your expertise and provided guidance, giving these students valuable insights into the reality of the business world. These are some of the most generous gifts you can provide.
I congratulate the young entrepreneurs who submitted business plans. We need the vision, fresh ideas and inspiration that these bright young minds can generate.
When looking at the world in which we live, I am optimistic, especially when I have the opportunity to meet young, hardworking students. I wish you continued success in all your efforts and once again congratulate all of you for your outstanding efforts. You are all winners in my book.
Thank you.
