He had an Amazing Attention to Detail
When I was a lot younger, I had a good friend that was a very good artist. I remember him talking one time about some of what he considered the most important aspect to being a good artist, and he said it was paying excruciating attention to detail.
The thought of excruciating wasn't meant in a difficult, hard, extremely boring way, but rather such a focus that things others wouldn't see or do or look for - you would see or do in your art. It has always stuck with me throughout the various businesses and investments I've been involved in throughout the years.
With Jack Welch, it was the same way. He is said to have been so go at seeing details that others couldn't see, that it was an extraordinary competitive advantage. It was said that he had "a keen attention to details many chieftains 
would simply overlook."
Think of that just for a moment. If you are able to see details that the majority of others aren't able to, what would that mean to you in a business? It would be unbelievable when you comprehend it.
The reason I bring this up is because I think it's an area that could probably be cultivated within someone. Some people may be born with some innate abilities in this area, but the majority aren't.
Focusing on detail means that you move out of the big picture you always look at, and put yourself in the situation at hand. I think it's there that a person can look and see things much clearer than when all you do is look at the larger picture.
I'm not for one minute advocating forgetting ever the overall purpose the business serves, what I mean is that you step out of it during the day and look at little things, seemingly insignicant things; things that may not seem important, but if left alone could either cause problems or if cultivated could be the answer to many things you're looking for.
It's those types of things that Jack Welch was able to see as the meditated upon General Electric and what it needed. Those who are able to focus in such a way are very difficult to compete with and built a strong mote around their business. Welch had it in a big way.
Other Jack Welch Resources:
How Jack Welch Runs GE
Jack Welch Defends
Jack Welch's advice to MIT Sloan students
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