Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for September
M T W T F S S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5
Add your event FREE

Today

Videos


BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Cosmo&Nanu

Stronach calls for a Revolution of the mind in Austria

by Mark Tuttle

Austrian-Canadian billionaire Frank Stronach is continuing his push for a change in society with a talk to 500 of Austria's future managers by addressing students in the Festsaal at the Wirtschafts University in Vienna.

It was standing room only as Stronach started by outlining the three main challenges that he believes the youth of Austria must face if they are to have a brighter future.  The first is the tremendous debt that politicians and the financial community have come to accept as the normal way to do things.  Stronach pointed out that Austria already has national debt of 220 billion Euros, 10 billion Euros is paid just for interests. 

Secondly is the tax system itself, it is so complicated that no one understands it, and it is full of both intended and unintended loopholes.  It should be greatly simplified, “perhaps a flat tax system” he suggests. 

The third major challenge is the bloated bureaucracy of every aspect of business and life in Austria.  Pointing out that this has a “crippling effect on dealing with the dynamic nature of things” these days.  All of these systems have grown way to complex and centralized to be effective.  Magna, as an example uses simple 10 pages contracts, versus the standard 60 or 80 pages contracts that other businesses rely on, and with revenues of over 27 billion USD, only has 30 lawyers employed at its head office, a very respectable example.

Stronach said that if the right people came forward, he was going to support the formation of a political party, and has at the same time widened his approach, to one of enabling the youth to come up with their own solutions.  To stand behind his approach, Stronach has offered to fund any good ideas that are backed by the right team, with a reasonable plan.

Stronach is not identifying these challenges just from a theoretical point, but based on the experiences he has had building his much respected businesses.  He is best known for founding Magna, a group of companies employing over 110,000 employees.  Magna has strong revenue growth, zero debt and is profitable.  He said that “all stake holders must be well taken care of for a business enterprise to work.  Capital, Management and Employees“.  He doesn’t see much need to have governments and unions interfering with this process.  Stronach has been criticized by labor unions as being anti-union.  On the contrary, Stronach takes good care of his employees, without the union being present in the process.   This approach and guidelines can be found in his “Fair Enterprise Pamphlet”.

Addressing the three challenges sufficiently should “eliminate the majority of corruption and interference that impacts both the citizens and businesses in such a negative way in Austria.”

While Stronach spent much time elaborating on the nature of the problems facing Austria, he was remiss in offering up specific solutions for the students to take action on.  He prefers to seed a “Revolution of the Mind” that will lead the students to come up with the solutions that are needed to have a better future in Austria.

More information can be found at http://www.stronachinstitut.at/

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!


Cosmo and Nanu
ORF Watch

Tag cloud:
Austria  pages  ldquo  Stronach  Euros  nbsp  Magna  nature  challenges  unions  business  rdquo  employed  contracts  enterprise  debt  students  billion  approach  solutions

Latest News

 

Rare Bald Ibis Makes Microlight Flight To Italy
The project to introduce an extinct bird back to Europe is hailing success after successfully negotiating a new route over the Alps and training 14 Northern Bald Ibises how to fly south to winter feeding grounds in southern Tuscany.

Pat On The Back From Manure Explosive
A traffic cop in Austria got more than he bargained for after a booby trap covered him head-to-toe in manure as he was trying to catch people speeding.

Viennese Jihad Girl May Have Been Killed
Austrian police say that one of the two attractive young teenage girls who fled the country to go to Syria to fight on the side of Islamic rebels may have been killed.

Perversion of a Medical Dream
The Decline and Fall of the Otto Wagner Hospital, Vienna.

Fat Can Be Used To Burn Off Weight After New Patent Unveiled
It is being hailed as a sensation after scientists at an Austrian university patented a method that transforms fat storing cells into mini factories capable of actually destroying fat by burning it off.

Three Family Members Dead In Well Tragedy
A mother has lost her husband, her pregnant daughter and her son-in-law after a tragic accident where one of them fell into a well and the other two died while trying to carry out a failed rescue.

Brit Soldier Rescued After Climbing Mountain In T Shirt
A British soldier who tackled the frozen Austrian Alps wearing just shorts and a T-shirt has been rapped by officials after he had to be rescued from the snowy peak.

Mum And Daughter Struck By Lightning In Pool
A mother and her daughter were hospitalised after they were struck by lightning in a swimming pool.

Police Nab Porn Star Who Filmed In Local Church
A woman accused of making a porn movie in a local church has been caught after an informant tipped off police that he recognised her by her breasts after an appeal for information.

Young Hip Hop Dancer Gets 18 Years For Drug Smuggling
A blonde hip hop dancer and charity worker promised an international career after she was spotted by a talent scout has been jailed for 18 years in Indonesia after her work offer turned out to have been part of an elaborate drugs con.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers