• This is a partial transcript from "Your World with Neil Cavuto," April 7, 2005, that was edited for clarity.

    NEIL CAVUTO, HOST: Now, do not get me wrong. I loved — loved — Jack Welch's (search) last book, "Straight from the Gut." (search) I guess I was just expecting more stuff from the gut. Thank God Jack got it right this time, and I suspect his new wife, Suzy, had something to do with that.

    In "Winning," I think the real Jack emerges. It's something to guide not just those into the corner office but those who aspire in any office, in any field. Arguably the most successful CEO in American history is joined by the person I suspect is the real brains behind this instant Amazon.com top seller, Suzy Welch (search).

    Welcome to both of you.



    CAVUTO: Good to have you. It really is a great book, at the risk of sounding disingenuous. But you're not my boss any more, so I don't have to suck up to you.

    But one of the things I think you guys try to point out here is this isn't a book for CEOs or even people who want to be CEOs. It's about just getting along in life beyond just business, isn't it?

    J. WELCH: Absolutely. We think that this book is sort of a playbook in a way for people to deal with every situation they encounter and to take control of their lives and to control their own destiny and not be victims.

    CAVUTO: But I get this idea that we live in a society where we blame someone for our ills or travails. Both of you seem to be saying get over yourselves.

    S. WELCH: Yes. Absolutely. You've got to stop blaming other people. Even if it is someone else's fault, the predicament you're in, they're not going to fix it for you. You have to take charge of your situation, find the solution, face what the problem is. It might even be you. And just move forward.

    CAVUTO: OK. It could never be me, by the way.

    But let me ask you this, and Jack, you were there in the early days when CNBC (search) was starting, and, you know, you hired me.

    J. WELCH: I know where you're going.

    CAVUTO: But I thought of this. In those early days, CNBC was awful. I mean, it's awful now, by the way, but it was really awful then. But you, I remember, were a big champion and proponent for CNBC succeeding. You later did that for MSNBC and what have you.

    But let's say my boss weren't that way. How can I succeed? I'm just sort of like a cog in the wheel, right?

    J. WELCH: You lay out what you think ought to be done, and you really get an understanding with yourself about doing it. And if, in fact, Neil, you don't get the response, you have enough options that if you can't get your boss to change, you look elsewhere. You look elsewhere. And you did.

    CAVUTO: But what if my options are thin? You know what I'm saying? You know, you inherited G.E. at a lousy time, in the midst of a recession, double digit interest rates, lousy environment. Where are a lot of your executives going to go in the beginning when you're razzing them and all that?

    J. WELCH: No, I think people do, though, have options. There are needs for great people everywhere. And we've got to build self-confidence in people to the point that they're never hunkering down, hanging on. So the job of a manager — we talk about this a lot — the job of a manager is to take care of them. It's about them. It's not about you; today become a leader. And so their job is to build those people.

    And if you're in a situation that doesn't or the company doesn't believe that, you've got to be facing into it's time to look elsewhere or it's time to face into my boss and get this straightened out.

    CAVUTO: Unlike Suzy — who am I to disparage a book that sold three million copies — it was a few more than mine, I might put out.

    But I think you came across a lot more in this book, and I'm wondering whether you sort of toned Jack down and reminded folks this time it's one thing to be zealous about work — you know, he talks about balance and all of that and life — but this was the guy who was holding Saturday meetings with his executives, not even asking if some of them had lives.

    S. WELCH: You know, I think it's impossible to tone Jack down, so I did not try to tone Jack down. But I think that Jack is three years out of the job now. So when Jack was writing "Straight from the Gut," he was fresh from the battlefield. Three years out he's spoken 300,000 people.

    CAVUTO: Sounds like he's feeling guilty about this.

    S. WELCH: Well...

    J. WELCH: No.

    CAVUTO: Really? So when you would call a bunch of executives together on a Saturday, you didn't think that, "Hey, these guys have kids, these guys have families?"

    J. WELCH: Neil, we talk about work life balance as you making your choices.

    CAVUTO: Right.

    J. WELCH: I made a choice. People say to me you didn't have any balance. Well, that's from their perspective. I had a lot of balance from my perspective.

    CAVUTO: The balance — your business, your work-a-day life — was your epicenter.

    J. WELCH: And my golf and my friends were my epicenter. But that is my choice.

    CAVUTO: So you have no regrets having not spent, let's say, more proverbial time with the kids and that.

    J. WELCH: I spent lots of time on my discreet vacations.

    CAVUTO: You never took vacations.

    J. WELCH: Yes, I did. I did.

    CAVUTO: You did? One or two.

    J. WELCH: I did.

    CAVUTO: Is there something wrong in the work force today when we don't honestly tell the weaker links, "You're a weak link"?

    S. WELCH: Yes, there's something wrong. I think that we're not doing anyone any favors when you don't say, "You might actually be much better suited to take what talents you do have and employ them in a place where they really matter. It's not working out here."