Great Minds

What is the source of Competitive Advantage? #GreatMinds

/ Business, Great Minds

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:

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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.

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Offering value to customers #GreatMinds

/ Great Minds, Leadership, Motivation

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:

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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.

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Workplace conflicts may cost dearly #GreatMinds

/ Great Minds, Leadership, Motivation

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:

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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.

Workplace conflicts may cost dearly #GreatMinds Read More »

Who is a visionary leader? #GreatMinds

/ Great Minds, Leadership, Motivation

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:

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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.

Who is a visionary leader? #GreatMinds Read More »

Failures are opportunities #GreatMinds

/ Business, Great Minds, Motivation

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:

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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.

Failures are opportunities #GreatMinds Read More »

Working Capital Management is crucial for your business #GreatMinds

/ Business, Great Minds

Working Capital (WC) refers to the cash a business requires for meeting its day-to-day operational expenses like financing the conversion of raw materials into finished goods, salaries, wages, payment of bills, and others. WC is a must for every business. A business cannot survive and run without adequate working capital. WC is the lifeblood of every business organization. Business firms cannot make progress without adequate working capital. Inadequacy of WC will mean a shortage of raw materials and other inputs necessary for production, whereas excess working capital extra cost in terms of interest and other charges to the lending bank. It is therefore imperative for every entrepreneur and/or CEO to undertake effective WC management in his/her organization.

Here’s a quote that explains this well:

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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.

Working Capital Management is crucial for your business #GreatMinds Read More »

Zero focus, Zero Success #GreatMinds

/ Great Minds, Motivation

Without concentration and focus – you cannot even think clearly and meaningfully. Proper focus enables you to be more productive and helps you achieve success much quicker. The right focus ensures that you achieve your goals quickly. When you are 100% focused, it also gives you a better sense of direction and you make better choices. Here are a few suggestions to increase your concentration and focus: be effective at work by keeping your priorities always updated; doing one thing at a time; leading a simple de-cluttered life; doing an audit of your past – both good and bad actions; and most importantly – doing what you love.

Here’s what Robert J Shiller, an American economist, academic, and best-selling author, has to say:

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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.

Zero focus, Zero Success #GreatMinds Read More »

Are you ethical at your workplace? #GreatMinds

/ Great Minds, Management

You and all other people at your workplace must adhere to a certain set of values when it comes to workplace ethics. It holds good for both employees and the employer alike. When you follow good workplace ethics – you care for and stick to a set of values, moral principles, ethical behavioural standards, and all the rules and regulations that have been outlined in the handbook of your company’s handbook.  Examples of ethical behaviours in the workplace include: obeying the company’s rules, effective communication, taking responsibility, accountability, professionalism, trust, and mutual respect for your colleagues at work. Such ethical behaviours ensure maximum productivity and output at work – and consequently help you to accelerate your career growth. Is that not a solid foundation for an excellent professional journey?

Here’s what Robert K. Greenleaf, the founder of the modern Servant leadership movement, has to say:

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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.

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EQ is as important as IQ for your happiness #GreatMinds

/ Great Minds, Motivation

Emotional Intelligence, what we commonly call “EQ”, is as important as our Intellectual Ability (IQ) – whenever we think of happiness in life. Emotional intelligence is the ability to identify, use, understand, and manage our (and others) emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges, and defuse conflict. A high level of EQ in you helps in recognising your emotional state and the emotional states of others so that you are very effective in communicating and engaging with people. This helps you relate better to other people, form healthier relationships, achieve greater success at work, and lead a more fulfilling life.

Here’s what Amit Ray, an Indian author, and spiritual master, has to say:

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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.

EQ is as important as IQ for your happiness #GreatMinds Read More »

It’s not just the marketing manager’s job #GreatMinds

/ Business, Great Minds

Everyone in the organization must do an effective marketing role irrespective of his department, function, role, or designation. Internal communication between marketing and other departments of an organization is important so that all employees share their genuine concern towards enhancing customer experience, and satisfaction. Customers’ needs, wants, behaviour and satisfaction including their joys, frustrations, feelings in personal settings (even subtle messages) must be captured.

Here’s what Jay Baer, an American motivational business growth expert, has to say:

WHAT DO YOU THINK?

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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.

It’s not just the marketing manager’s job #GreatMinds Read More »