Many of my readers already know that I have been striving hard to publish my first book.
The first draft of the book is complete! I found a publisher too! They are a great addition to this journey.
The book is based on “Entrepreneurship.” I have tried to create a guide for young entrepreneurs who can benefit from my knowledge and experience in this field. I have taken care to add every aspect related to this business that might be useful for dreamers — from ideation to execution. The book also includes advice related to things as normal as daily business operations; and as complex as creating and sustaining profits, and generating wealth.
Before diving into the launch of the book, I decided to give a preview of the book to a select group of people. I wanted to see their reactions and feedback on the contents of the book! I got an overwhelming response from several readers. They were appreciative of my ambition with the book and generally liked the concept and structure of the book. Many also came forward with brilliant suggestions for some chapters to enhance the impact of the text. Like, they wanted more anecdotes and real-life examples to explain a particular theoretical statement.
With enthusiasm, I have begun to incorporate the various recommendations that I received. Once this is done, a formal editing process will begin. I am told this takes a lot of time, and naturally so!
Keeping all these times in mind, I expect the book to take a few more weeks to hit the shelves. So, stay tuned for further updates!
You might have noticed that I did not post last week. I have not forgotten about you, dear readers. On the contrary, I have been working on something special to present to you soon.
A surprise is on the way! Keep watching this space for more!
The universality of management is an important concept to consider in modern management thought. When describing management as universal, we refer to the widespread practice of management in all types of organizations. One cannot bring a group of people together, regardless of the nature of the endeavour, and expect them to accomplish objectives unless their efforts are coordinated. Among other things, plans must be outlined, tasks identified, authority relationship specified, lines of communication established, and leadership exercised. Management, therefore, is required before any organization can expect to be effective.
Here’s what Agha Hasan Abedi, a Pakistani banker who founded “Bank of Credit and Commerce International”, has to say
WHAT DO YOU THINK?
Let me know in the comments section.
In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.
The concept of competence as a source of competitive advantage has originated in studies of diversified firms. Managers started to conceive of the company as a collection of competencies rather than as a portfolio of business units. In this way, managers were able to identify new business opportunities and find new ways to deploy the company’s intellectual assets. Managers eventually came to realize that the corporation could also draw on the competencies of its supply-chain partners. During the last decade, managers have extended the search for competencies even further; they now draw on a broad network of suppliers and distributors. Over time, then, the unit of strategic analysis has moved from the single company to a family of businesses, and finally to what people call the “extended enterprise,” which consists of a central firm supported by a constellation of suppliers. But the recognition that consumers are a source of competence forces managers to cast an even wider net: competence now is a function of the collective knowledge available to the whole system—an enhanced network of traditional suppliers, manufacturers, partners, investors, and customers.
Here’s what Brian Tracy,a Canadian-American motivational public speaker, has to say:
WHAT DO YOU THINK?
Let me know in the comments section.
In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.
I am glad to introduce a new segment on my blog called #StoryoftheMonth. The idea is to bring forward short stories, fables, and anecdotes, that have a moral or insight for the delight of my readers! So, make sure you look out for these stories once every month!
The following story was contributed by my colleague, friend, and a reader of the blog: Professor Sudarshan Srinivasan. It is a thought-provoking one on “DECISION MAKING.”
This is one of the many version of the famous “Trolley Problems”. It has been a popular thought experiment in discussions of psychology and ethics. So, which one will you choose?
A group of children are playing near two railway tracks: one still in use while the other, disused.
Only one child plays on the disused track, while the rest are on the operational track.
Now, a train is incoming, and you are just beside controls that guide the track interchange.
This is the decision before you:
You could make the train change its course to the disused track and save most of the kids. However, it would mean the lone child, playing by the disused track, would be sacrificed.
Or would you rather let the train run its usual way?
Let us take a pause here and think about the kind of choices before us.
Most people apply the utilitarian logic: They might choose to divert the course of the train and sacrifice only one child.
You might think similarly, I guess, since I had the same thought initially. It seems rational to save most of the children at the expense of only one child. Most people can maybe justify this to themselves morally and emotionally.
But, if we take pause and deliberate even further, we are forced to consider the perspective of the one child.
Have you ever thought that the child choosing to play on the disused track had made the right decision to play at a safe place? However, he is the one being sacrificed because of his ignorant friends who chose to play where the danger was.
The child who chose not to play with the rest on the operational track was sidelined as a “rational” choice.
For me, my choice would be to not change anything!
Let me justify my reasoning:
If the train was diverted, that lone child would die because he never thought the train could come over to that track! I would like to imagine that the children who used the operational track know better to have run away if they heard the train’s sirens.
Moreover, that track was not in use probably because it was not safe If the train was diverted to the track. This could put the lives of all passengers on board at stake!
This kind of dilemma that we encounter often in our daily lives! What choice does one make then? Which is better?
In the office, community, politics, and especially in a democratic society, the minority is often sacrificed for the interest of the majority. It seems like it doesn’t matter how foolish or ignorant the majority are, or how farsighted and knowledgeable the minority might be.
While we are all aware that life is full of tough decisions that need to be made, we may not realize that hasty decisions may not always be the right ones.
MORAL:
“Remember that what’s right isn’t always popular…and what’s popular isn’t always right.”
Did you like the story? Let me know in the comment section.
Customer Value Proposition (CVP) is a well-defined and persuasive marketing statement related to a specific product or service that details the reasons why a consumer would benefit from purchasing it. A business will typically use a customer value proposition as part of its marketing strategy to consumers, rather than using it internally among staff, suppliers, or distributors. A value proposition is a solution to your customer’s problem: “I am a customer, I walk in with a problem, I walk out with a solution.” The solution then is not your product or service, but the solution your product or service provides – the result, the value given to the customer.
Here’s what Don Peppers,an American author and founding partner of Peppers & Rogers Group, a customer-centric management consulting firm, has to say:
WHAT DO YOU THINK?
Let me know in the comments section.
In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.
The cost for a conflict is not only paid by individuals but also by the organization. Most workplaces try to suppress any friction between people. But if the management fails to handle these conflicts efficiently, they can avalanche later. It is therefore crucial that the immediate leader should intervene in a work-related conflict at an earlier stage. With prolonged conflicts, the organization may have to suffer a bad working environment. Some of its valuable employees may leave the company. It can also generate a feeling of distrust among the employees that eventually could harm productivity.
Here’s what Thomas Crum,an author and presenter in the fields of conflict resolution and stress management., has to say:
WHAT DO YOU THINK?
Let me know in the comments section.
In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.
I feel proud in telling all my readers that I am an ardent fan of Ratan Tata. I am now in my early seventies enjoying my third inning as a freelance advisor, blogger, business consultant, educator, and mentor. During all my classroom sessions with undergraduate and postgraduate students of management, strategy, and entrepreneurship as also during my professional interactions with young corporate executives and aspiring entrepreneurs – I have always been quoting examples of Tata Group and Ratan Tata. They are good exemplars to illustrate my lessons on best business and management practices. The Tatas have always adhered to excellent business ethics and corporate governance practices, corporate social responsibility. They are not only good at dealing with all stakeholders with earnest and fairness but also at contributing to environmental sustainability, and improving the quality of life of people.
“Once, Nano — one of his pet projects, was mired in controversy about land acquisition for the factory. After the protest of farmers in Singur, West Bengal, his company had to pull out of the state. But after all these happenings, he kept his promise to run this project. Tata’s project was shifted to Gujarat and delivered its promise to build the cheapest car.
A real-life example that demonstrates how serious he has been about keeping his promises.
Today – through this blog post – I am trying to bring about certain business learnings from the business experience of Ratan Tata. There is so much information available about Ratan Sir on the internet and other sources that it was difficult for me to decide as to what I should pick up for this post. I hope what I have finally chosen to include in this post benefits and motivates you.
A few lessons that are worth emulating:
It is great to be a Morning Person:
Early to bed and early to rise makes a man healthy, wealthy, and wise – Going to bed early, say before 10 PM and starting your day early next morning (say 5 AM) helps you better deal with negativity. It enhances your chances of success and makes you more persistent, cooperative, agreeable, conscientious, and proactive. Ratan Tata always believed in being a morning person – he used to convene his important business meetings at 6 AM in the morning to get the best results from these meetings.
Building an Atmosphere of Trust:
According to Ratan Tata – Trust is the psychological bond between you and your customers, employees, and stakeholders. Without trust, you risk becoming a superficial entrepreneur. It is therefore essential that you develop an environment of love, concern, and trust among all members of your enterprise – ensuring that you understand the aspirations and expectations of all your stakeholders and fulfil them.
Building Great Employee Relationships:
You must have a strong connection and nurture excellent relationships with your employees. Ratan Tata followed this religiously. According to him, you must inspire and motivate your employees to get the job done effectively and efficiently. You should also, through your leadership, strive to ensure that employees and management should adhere to the company vision and values.
Humility is a great Leadership Trait:
Ratan Tata has remained a humble man throughout his career. Staying humble made him a great leader and he always put himself grounded. As a result, he could easily serve his organization and its employees according to their interests. This is a great lesson for our current generation of organizational leaders and corporate managers – something worth emulating.
Always having a Positive Attitude:
As an entrepreneur or corporate executive – you must always carry a positive attitude. Ratan Tata always has a positive attitude, and he puts a smile on his face in every situation. He always possesses a positive outlook towards any difficult situation. He always tries to be a doer, not a criticizer.
Risk-taking is important for Entrepreneurs:
Ratan Tata always believes in taking the risk. He thinks that life is not lived unless one takes chances and learns how to survive the odds of new challenges. Once he said, “I don’t believe in making the right decisions. I take decisions and make them right.”
Need for Collaborating and Working together:
Ratan Tata has suggested that Indian companies need to focus more on collaboration in various areas to propel the country instead of focusing only on individual achievements. He says – “If you want to go fast, walk alone but if you want to go far, walk together.” No doubt – that is great business learning.
Learning from the Life Experiences of Others:
The best way to keep your motivational levels rising is by educating yourself from the life experiences of others. Other people’s struggle and their zeal to fight all odds to reach a pinnacle position in real life can be a great deal of inspirational dosage if you too want to attain your goals in life. Great learning indeed – try to learn from your own mistakes and failures as also from the experience of others.
Being A Man of Values:
Ratan Tata believes that a company should be run on principles, not on personalities. He and his company had some core values which they followed all through their journey. He is also well known for promoting financial transparency and intense vetting for grants for projects which help needy people. Furthermore, public safety and welfare are some of their core values which they always followed. This leadership quality has made them one of the most trusted groups worldwide.
Tata Group: A few laurels it has earned
“The Tata Group is one of India’s most respected business houses founded on ethical values originated by the founding father Jamsethji Nusserwanji Tata. Its five core values are integrity, understanding, excellence, unity, and responsibility. Tata Group’s focus is on social responsibility and ethical business practices. It is committed to giving back to society and improving the quality of life of people and contributing to environmental sustainability. It has a well-established code of conduct and a business excellence model.
Since its inception, the Tata Group had sought to function with ethics, integrity, social consciousness, and fairness. According to Ratan Tata, these values were an integral part of the group. This was intended to serve as a guide to each employee on the values, ethics and business principles expected of him or her in personal and professional conduct.
Tata Power has been named as one of the World’s Most Ethical Companies for 2016 by the Ethisphere Institute, USA, for the third successive year. Tata Power constantly works towards fostering an ethical environment through senior leadership involvement, training, and communication.
In 2017, Tata Steel had been recognized by Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practice. The steel giant has received the coveted recognition for the fifth time.”
A Visionary Leader/Manager is one – who formulates powerful strategies to outshine in today’s dynamic and volatile markets, responds appropriately to changing socio-economic trends and disruptive innovation practices prevalent in the industry, manages and coordinates various distributed assets, processes, partners, and collaborators, and most importantly manages all strategic alliances, outsourcing contracts, forward and backward integrative linkages with third parties.
Here’s what John Kotter,a Professor of Leadership, Emeritus, at the Harvard Business School, has to say:
WHAT DO YOU THINK?
Let me know in the comments section.
In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.
Your first business may not give you the success you have been dreaming of. Many entrepreneurs feel that their first idea will give them immediate success. However, this first idea may be naive or overplanned. It is the small failures in your entrepreneurial journey that bring clarity of thought. If you give up on your first attempt, you will not be able to stomach the twists and turns that a business can bring. Name any big businessman; I can assure you that they have been a serial entrepreneur. Their first business was not their final one!
Here’s what Kiran Mazumdar-Shaw,an Indian billionaire entrepreneur and the chairperson of Biocon, has to say:
WHAT DO YOU THINK?
Let me know in the comments section.
In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.
