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Strategy creation and achieving operational effectiveness are treated as distinct functions by executives, and they are not mistaken following that strategy. But linking strategy with operational effectiveness can lead to the creation of successful business models. Here you will find some excellent examples of how some companies have been able to do this, including the peanut story which comes from Southwest Airlines.
read moreTsun-yan Hsieh is the chairman of LinHart Group which specializes in CEO leadership, here he suggests six highly effective tips which anyone can apply and become a talent magnet. These include cultivating and maintaining relationships with talented people much before you actually need them, creating the right expectations about yourself and your enterprise, looking beyond talented individuals’ accomplishments into what actually drives them, getting them into your company in a planned and thoughtful manner and then mentoring them for success.
read moreMelatonin is the world’s largest producer of medical devices, thus it needs a steady inflow of ideas for innovation. The company has been doing this successfully using modern social networking tools, which help it receive ideas from across the globe. It has developed community pages dedicated to specific topics where global workforce can learn and share knowledge. This allows knowledge to flow smoothly across all levels and empowers everyone working in the company to come out with new ideas.
read moreIntuition is not a reliable guide when it comes to evaluating the potential of ideas. According to Ronny Kohavi who is an architect at Microsoft’s Online Services division studies in the software industry have shown that when evaluated through controlled experiments less than 50% of such good-to-great ideas work. Therefore relying on intuition to judge the potential of any idea is a not advisable. Source: Technology Review
read moreProtecting business ideas by covering them with a cloak of secrecy is very common, big companies like Apple are extremely secretive about new products or even updates on existing products. It works for Apple because it does not need anyone’s advice to make the right decisions. However, for most small to mid-sized business and startups secrecy can lead to failure. As an entrepreneur with a great new idea, you are so taken over by it, that you may not see the whole picture, or be able to account for all the significant factors that could affect your idea.
read moreVijay Govindarajan, an author and professor of international business at the Tuck School of Business shares insightful, thought provoking and inspiring opinions on the need to dream big (it fosters innovation); the importance of failure (he calls them knowledge building exercises); the need to develop employees as entrepreneurs (to attract and keep the smartest people); and to push the boundaries of innovation by going beyond your traditional costumer base. Source: Inc
read moreThese are 5 ‘powerful’ tips as they are grounded on the basics, the psychology of negotiation. All of them offer tips and precautions that would help keep the upper edge in any negotiation. They include, not conceding ground by offering a range, not expressing negotiating fatigue, driving the negotiation by quoting the price first, taking a call on whether you want to appear as a final decision maker or get some time to think over the deal by pretending you need to consult a higher authority and finally staying unruffled at the other party’s negotiation tactics.
read moreHere we are not talking about poor performers but smart talented people who can be poisonous for your company. The author classifies them into two types, the Heretic who is always on the lookout for weaknesses simply to feel empowered and prove that the company is being run by morons and the Jerk, who is always hostile and aggressive so much so that he can singlehandedly breakdown communication across the executive and eventually through the company. Source: Forbes
read moreTyson Toussant and Tim Coombs spent six years developing, a more durable substitute for canvas made from recycled plastic, they called it Bionic Yarn. Here they narrate how they went about turning into a brand. Source: Forbes
read moreMost executives would strongly agree at the importance of focusing on core competency. But as the case of Eastman Kodak Company, IBM, Nokia and many others show that in today’s disruptive technological landscape it may not always be a good idea. All of the aforementioned companies stuck to their core competency for far too long and as a result, they had to suffer through major losses. Although core competencies play a vital role in any company’s success, it needs to be ready to go beyond that and evolve with the changing business landscape.
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31st December, 1969
25th August, 2009 Quote of the Day
“There are a lot of things that go into creating success. I don't like to do just the things I like to do. I like to do things that cause the company to succeed. I don't spend a lot of time doing my favorite activities.
- Michael Dell
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