The Harvard MBA Oath

The MBA Oath - Bloomberg

MBA Ethics : Food for thought.

What disappeared in 2011?

From the link: http://ca.finance.yahoo.com/blogs/insight/companies-couldn-t-cut-2011-161920993.html

Companies / Products / Brands 

Death or Disappearance

through

Bankruptcy / Acquisition / Shut down or Stupidity:

1. Palm
2. Flip
3. Napster
4. Borders
5. Facebook Deals
6. Microsoft Zune
7. Adobe Mobile Flash

Good bye 2011 :(. Ending blog stats for the year 2011 are as below.

Visitors in the past week. Mostly from USA, Canada, Russia, India, Germany, Philippines, Ukraine, UK, France etc

Last Week of December 2011 Distribution

Dec 2011 Month's Distribution

Dec. 2011 total = 4200 / month.  Overall total = 16,370

"What did you do right?" ----> That matters a lot.

My Fall 2011 term was a good one. I did well in all the courses. Got good grades in all my assignments - except one. I did try to analyze what went wrong. Turned out that even though I worked VERY HARD for the assignment, I did not answer exactly what was needed as part of the assignment.

Conclusion: It does not just matter how hard you worked towards a goal. What matters also is - what did you get right?

More soon...

53 things to keep in mind if you want to be a better entrepreneur:

Don’t let emotions cloud your decisions.
Accept criticism, no matter who gives it to you.
Never stop networking.
Learn from your own mistakes.
Learn from other people’s mistakes.
Around every corner lies an opportunity for you to sell something.
Don’t get too greedy - pigs get fat and hogs get slaughtered.
Try not to mix your family life with your business life.
No matter how successful you are, you shouldn’t stop learning.
Spending money on good lawyers and accountants will save you more money in the long run.
Don’t pick a stupid company name and if you do, don’t change it later on.
Hiring employees won’t solve most of your problems.
Be agile because slow and steady won’t win the race.
Being agile isn’t enough, you also have to be scrappy too.
Having a good business partner will be a key factor in your success.
Don’t be afraid of the unknown.
It is easier to save money than it is to make it.
You don’t always have to innovate; there is nothing wrong with copying.
Have a marketing plan.
Don’t under estimate your competition; you can’t always know what they are doing.
Watching movies like Boiler Room, will teach you how to sell.
If you don’t have a business mentor, you better get one.
Your income will be the average of your 5 closest friends, so pick them wisely.
Diversifying is a good way to play things safe.
It doesn’t matter what you want, it only matters what your customers want.
When others are fearful, you should be greedy. And when they are greedy you should be fearful.
You don’t always have to pay for advice. You’ll be amazed with the free advice you can get pick up from the web.
The best chances you have of becoming rich is through your willingness of working hard.
Even the most idiotic business idea can make money.
Sex sells and it always will.
An easy way to make more money is to up sell to your current customer base.
Base your business decisions around metrics.
There is no such thing as a safe bet.
You don’t have to start a business to be successful.
Raising venture capital is harder than being struck by lightening.
Staying under the radar isn’t always a bad thing. Being out in the open is a great way to attract more competitors.
Learn to be a team player.
If you ever get screwed over, think twice before you burn the bridge.
Learn to manage both your personal and business money.
Live in a location filled with entrepreneurs.
If you don’t take any risks, there will not be any rewards.
Don’t let anything stand in your way.
Sometimes you have to wait for good deals to come to you.
The smartest route isn’t always the easiest route.
Being too aggressive can backfire.
With networking, it isn’t about whom you know, it is about whom your network knows.
It’s never a bad thing to know too many rich people. Whether you like them or not, they can always come in handy. So make sure you always play nice with them.
Use your email signature to promote your business.
Don’t be afraid of social media. It is a great channel for customer acquisition.
You’ll learn more from starting your own business, than going to business school.
Having a personal blog doesn’t only help build your personal brand, but it helps your business as well.
Your competitors don’t have to be your enemies, you can learn a lot from them.
You can grow your business by working for free.

Vital Skills for Becoming Dollar Billionaires

It seems that there is no common magic recipe to copy and become a billionaire as each one of these billionaires has had a unique route to success, however controversial that may be.

Some had to face terrible tragedies and hardship, which would have destroyed many other human beings. Others did not have these hurdles to overcome but all of them had to work really hard. All of them had to integrate aspects of themselves, which could be called the ‘dark side’ or ‘the shadow’ as the great psychologist Carl Gustav Jung called it, into their personality and function convincingly among other human beings. We could say that the greatest effort they invest in order to become successful is with their own selves.

1) Self-management is the most difficult part of management skills needed to become a billionaire.

Along with this skill for self-management, there are however, four additional common factors in all these billionaire life stories.

2) They all had a burning desire to be successful, and they relentlessly pursued their goals without losing faith in themselves.

3) Secondly, each one of them had an inner conviction. They saw themselves as successful in their mind’s eye and did not give up in spite of all difficulties. This ability to first visualize success and maintain this vision seems to be a key component for success in all fields.

4) Thirdly, they all took major risks in thinking out of the box and acted consistently.

5) Lastly, they all understood the value of networking and engaging other gifted people.

Even if you don’t become a billionaire, you can get so much happiness by beginning to appreciate and being more thankful for what you have. If you can’t get what you’d love, love what you’ve got.

Globe & Mail article on eHealth Ontario scandal in 2009

From the link: http://www.theglobeandmail.com/life/health/the-real-ehealth-ontario-scandal-isnt-over-choco-bites/article1195611/

Instead it's the utter failure of the Ministry of Health to create electronic health records, which will ultimately lead to better and more efficient patient care. Horrors have been exposed. Heads have rolled. The “scandal” at eHealth Ontario is over. Or is it?

Let's examine briefly the scandalous activities that took place at eHealth Ontario. The chief executive officer, Sarah Kramer, was paid a decent salary, $380,000, a $114,000 bonus and $317,000 in severance when she was sacked. Ms. Kramer was forced out because she hired consultants – sometimes with untendered contracts – and those consultants were paid market rates of up to $2,700 a day. Most scandalous of all, according to media reports, is that some of these consultants expensed $1.65 for tea and $3.99 for Choco Bites. Finally, Alan Hudson, chairman of eHealth Ontario, resigned, taking it on the neck because other people coloured outside the lines. The irony is that he received no salary or expenses for the ambitious task he undertook – creating a province-wide electronic health record system by 2015.

Without a doubt some stupid things were done in the name of expediency; however well-intentioned some actions, the optics were bad. Ontario's auditor-general can sort out the accounting. But the more important question is accountability to the public on the underlying issue. The true scandal in Ontario is the utter failure of the Ministry of Health to create electronic health records, which will ultimately lead to better and more efficient patient care. Alberta has done it. Nova Scotia has done it (under the skilled guidance of Ms. Kramer, by the way), and most other provinces are well on their way.

But Ontario is an ineffectual laggard that has wasted hundreds of millions of dollars. The Smart Systems for Health agency – the predecessor to eHealth Ontario – spent $647-million and achieved diddly-squat. But, hey, the “leaders” of that initiative didn't bill taxpayers for Choco Bites so their failings never made headlines.

One should not presume to speak for Ms. Kramer or Dr. Hudson, but the likely reason they cut some corners – such as untendered contracts – was in a bid to make up for lost time. Let's be honest: The talent pool of eHealth experts is pretty shallow; tendering would result in pretty obvious results. There has been, as this “scandal” unfolded, much prurient and disingenuous tsk-tsking about the hiring of consultants.

Every government in this country uses consultants, and uses them extensively. There are three principal reasons: 

Consultants can be highly specialized and be hired to complete specific tasks that are beyond the capabilities of government staffers. It's an easy way to maintain the fiction that staffing levels are not increasing, as everyone seems to hate bureaucracy. Politicians can hire consultants that share their political bent and then marvel at their “independent” advice.

There is reason for cynicism but, hopefully, consultants are sought out principally for their abilities.

The reality is the best young talent in the health sector has been drawn to consulting agencies. The Courtyard Group, the consultancy at the centre of the eHealth Ontario “scandal,” is a prime example. By all accounts, it does great work. Yes, the consultants are paid well for it, but governments sign these contracts knowing full well the costs.

Instead of the faux outrage about consulting fees, we should be asking ourselves why the young hotshots at Courtyard, with their master's degrees in public-health administration and PhDs in computer science, are not drawn to public service. It's not just the paltry pay, but the sheer powerlessness of modern public service. In a country where we love medicare – if not worship it – it is paradoxical that those who deliver the service (and it takes more than the front-line nurses and doctors) are treated with such contempt. Ministry of Health employees, with few exceptions, have been transformed into emasculated toadies by their political bosses, whose only “vision” for health care is not irritating the public so they can be re-elected.

There is no incentive to do better. On the contrary, there is much incentive to do nothing and say nothing unless there is a fire to put out. And the health bureaucrats get gag orders for good measure. As a result, the impetus for change and innovation can, seemingly, only come from the outside – from independent agencies such as eHealth Ontario and the consultants they hire.

And when that happens, the bureaucracy reacts. Did anyone wonder why we know that a consultant spent $3.99 on Choco Bites? Because there are ministry pencil-pushers with nothing better to do than examine the meal expenses of contract workers and seethe with jealousy because people such as Dr. Hudson have the Premier's ear. If only that manpower were put to good use, such as making patient care safer, which, ultimately, is what eHealth records will achieve. The horrors have been exposed. Heads have rolled. The scandal is over. Inertia has triumphed.

Michael Buble - "Just Haven't Met You Yet"

Letter from a father to his daughter (extract from movie "Benjamin Button")

"For what its worth,
Its never too late to be whoever you want to be,
There is no time limit, stop whenever you want.

You can change or stay the same,
There are no rules to this thing.
You can make the best or the worst of it...
I hope you make the best of it.

I hope you see things that startle you,
I hope you feel things that you've never felt before,
I hope you meet people with a different point of view.
I hope you live a life that you are proud of.

If you find that you have not,
I hope you have the strength to start all over again."

INVEST in YOURSELF (Best investment you will ever make)

From the link:

Five ways to invest in yourself

by Elizabeth Rogers, 50Plus.com

Monday, March 30, 2009

With the markets falling and guaranteed investments not performing as well as they used to, it's often hard to tell where we should be putting our money. In a tough economy, we're hesitant to spend -- especially on ourselves. However, investing in "you" might just yield the best return. Here are some ways your time and money will pay off in the long run:

1) Build your SKILLS

It's tempting to put off professional development, but employment experts will tell you this thinking is backwards. Learning new skills will keep the mind sharp, but it's also a good way to stay employable when times are tough. Here are some important areas to focus on:

COMMUNICATION skills.Writing, editing, presentation and public speaking skills will all serve you well in the workplace because you'll have more confidence and the ability to get your ideas across more effectively.

COMPUTER skills.Employers are looking for people who are willing and able to learn new technology. Most employers require the basics (word processing, spreadsheets and email), but other applications are valuable too -- like web design, desktop publishing or XML and HTML.

MARKETING.A sound knowledge of marketing principles is an asset to any business, especially if you happen to know a thing or two about online marketing (like search engine optimization and social networking).

BUSINESS ADMINISTRATION.Team work, leadership, project management, customer service -- these skills are just as important (if not more important) in a tough economy.

2) Invest in the right TOOLS

Okay, so a new computer or a set of tools is the last thing you want to spend money on right now. However, having the right tools -- and good quality ones -- is essential for performing any task well, whether you're building something or running a business.

Many people are putting off big purchases and big projects until the markets pick up again, so retailers have had to respond by offering attractive discounts and promotions. Now may be the time to spend a little cash on tools for your home, hobby or business. Ask yourself: "Do I have what I need to get the job done?" If you don't, you could be losing money through lost time, frustration and lower quality workmanship.

On the other hand, you could be earning money or saving money with the right tools, like software to manage your business, equipment to automate a task at work or make hands-on work faster and easier. Even investing in a filing system to better manage your finances will pay off in the long run. You'll have a better idea of where your money is going and you'll be able to put your hands on important documents in a hurry.

3) Make new CONNECTIONS

We're all familiar with the adage that "It's who you know, not what you know". Developing a professional network has many advantages, but the one that will benefit you the most in a tough economy is employment opportunities. Experts note that one of the first things you should do if you're looking for work is to inform your network. After all, you never know where a lead is going to come from. Even if you're not looking for work, you can store up some good karma by helping someone else with a recommendation or referral.

On the personal side, solid relationships with family and friends can be a source of support when coping with difficult times. Taking steps to manage stress is good for your health in the short and long term because it reduces the risk of many ailments. Socializing is also good for the brain, and may help preserve cognitive function in the future. Personal and professional connections aren't mutually exclusive -- they often overlap in ways we can't anticipate -- and to our benefit.

Lucky for our wallets, it need not cost a lot to keep connected. Some things will have an initial cost -- like joining a professional organization, taking a course, attending networking events or joining a club -- but many are free. Look for opportunities in your community, like volunteering with a local charity or joining a church group.

4) Update your LOOK

Does your outward appearance reflect all that you have to offer, or is it undermining your skills and qualifications? Like it or not, how we look not only influences what other think of us, it often affects how we feel about ourselves. Naturally, we want to play up our best features. Here's where to start:

Your WARDROBE.It's time to take a long, hard look at your closet. Do your clothes still offer a flattering fit? Are there items that are noticeably out of style? Do you have something appropriate for work, church or an evening out? Determine the where the gaps are and you'll know where to target your spending.

When you hit the stores, keep in mind that quality shows -- you can see it in the construction and tailoring of the garment and the choice of fabric. Cheap items will look cheap, but an expensive look doesn't have to be costly. No one will know if you bought an item on sale or used, or got it at a clothing swap. In a pinch, borrow an item from a friend for an interview or date.

You can also work with what you already own: alter clothes to get a better fit, update the buttons on a jacket, or pick up one trendy item that works with the classic pieces you already own. Something inexpensive like a scarf in this year's hottest colour will play into current trends without breaking the bank.

Your MAKE UP. Our faces, like our bodies, come in all shapes and colours and they change over time. In order to play up your best features, you need to know what products, techniques and colours work best for you. For instance, if you have hooded or deep set eyes, you're not going to line your eyes or apply your shadow the same way as women who have more prominent eyes.

A second set of eyes (preferably expert ones) can help you update your colour palette and application techniques. Make sure the person has the right expertise to assess your face and eye shape as well as the properties of your skin rather than relying on one-size-fits-most formulas. And don't be shy about asking them to show you how to do it yourself.

Your HAIR.You've heard the saying "If you do what you always done, you'll get what you've always got". A change in style or colour can instantly boost your appearance. Look for a cut that suits both your face shape and the properties of your hair. For a style that's as fuss-free as possible, cooperate with your hair rather than fighting it. That might mean compromising with your cowlick, or letting that impossible curl have its own way.

Whether you go natural or decide to highlight or dye your hair, make sure it suits your skin tone. Just like with clothing, some of us simply aren't meant to wear certain colours. Sometimes warm or golden tones work better than red or ashen ones. Highlights are flattering on most people, they add texture and bright your complexion without a drastic change.

Your UNDERWEAR.Let's be blunt: properly fitting undergarments can provide the right support and shape and make our outfits look good -- but ill-fitting ones can actually create more bumps and bulges.

First, get rid of anything that's stretched out, worn out or isn't doing its job properly. Next, go for a professional fitting at a lingerie shop. The garments may be pricier, but they're often better quality and a better fit than what you might find in the department store. Even if you don't buy anything, you can still glean some useful secrets about fit -- then keep your eyes out for the sales.

Overall, the key is working with what you are, not trying to conform to some future or past ideal.

5) Seek expert ADVICE

We can't be experts in all areas, and sometimes hiring a professional is cheaper in the long run than trying to do things ourselves. There are many different kinds of consultants out there, including:

BUSINESS consultant.Need a little help with marketing, problem solving, communications or building your business? For short term help or one-time solutions, you don't need to add another staff member to your roster. Business consultants can show you how to grow your business and make more money (or in this economy, how to run more efficiently).

IMAGE consultant.Not satisfied with the advice you got in the clothing store or at the cosmetics counter? Call in someone who has the necessary expertise to tell you what works best foryou. Image consultants can help you choose the right clothes and advise you on hair and make-up as well.

Personal COACH. Need help with your career path or relationships? A personal coach can act as a mentor and a guide, and help you resolve issues that are holding you back. The fees may seem steep, but it will save you a lot of time and mistakes in the long run.

Personal TRAINER. Are you getting the most out of your workouts? A personal trainer can create a special routine to accommodate your goals and any health conditions you have. He or she can also teach you how to set up a routine and properly use machines and equipment for maximum benefit.

We know it's hard to think about spending right now. If you consider even one or two of these steps, you could give yourself an advantage over people who are waiting for things to get better before they invest their time and money in themselves and their career. In the end, the old cliche holds true: the worst thing to do is do nothing at all.

Words about COURAGE (from the movie "The Princess Diaries")

These are some of the nicest lines I have ever read:-

"Courage is not the absence of fear,

But rather the judgment that something else is more important than fear.

The brave may not live forever,

But the cautious do not live at all.

From now on you'll be traveling the road between

Who you think you are and who you can be.

The key is to allow yourself to make the journey."

-Edward Renaldi (Mia's father), from his letter to Mia for her 16th birthday

The Don't Quit Poem & Video

When things go wrong, as they sometimes will,
When the road you're trudging seems all uphill,
When the funds are low and the debts are high,
And you want to smile, but you have to sigh,
When care is pressing you down a bit,
Rest, if you must, but don't you quit.

Life is queer with its twists and turns,
As every one of us sometimes learns,
And many a failure turns about,
When he might have won had he stuck it out;
Don't give up though the pace seems slow--
You may succeed with another blow.

Often the goal is nearer than,
It seems to a faint and faltering man,
Often the struggler has given up,
When he might have captured the victor's cup,
And he learned too late when the night slipped down,
How close he was to the golden crown.

Success is failure turned inside out--
The silver tint of the clouds of doubt,
And you never can tell how close you are,
It may be near when it seems so far,
So stick to the fight when you're hardest hit--
It's when things seem worst that you must not quit.

- Author unknown

THE MBA OATH (from www.MBAoath.org)

THE MBA OATH (from www.MBAoath.org)

As a manager, my purpose is to serve the greater good by bringing people and resources together to create value that no single individual can create alone. Therefore I will seek a course that enhances the value my enterprise can create for society over the long term. I recognize my decisions can have far-reaching consequences that affect the well-being of individuals inside and outside my enterprise, today and in the future. As I reconcile the interests of different constituencies, I will face choices that are not easy for me and others.

Therefore I promise:

•I will act with utmost integrity and pursue my work in an ethical manner.
•I will safeguard the interests of my shareholders, co-workers, customers and the society in which we operate.
•I will manage my enterprise in good faith, guarding against decisions and behavior that advance my own narrow ambitions but harm the enterprise and the societies it serves.
•I will understand and uphold, both in letter and in spirit, the laws and contracts governing my own conduct and that of my enterprise.
•I will take responsibility for my actions, and I will represent the performance and risks of my enterprise accurately and honestly.
•I will develop both myself and other managers under my supervision so that the profession continues to grow and contribute to the well-being of society.
•I will strive to create sustainable economic, social, and environmental prosperity worldwide.
•I will be accountable to my peers and they will be accountable to me for living by this oath.

This oath I make freely, and upon my honor.

Excerpt from speech by Chetan Bhagat at Symbiosis.

Don’t just have career or academic goals. Set goals to give you a balanced, successful life. I use the word balanced before successful. Balanced means ensuring your health, relationships, mental peace are all in good order.

There is no point of getting a promotion on the day of your breakup. There is no fun in driving a car if your back hurts. Shopping is not enjoyable if your mind is full of tensions.

"Life is one of those races in nursery school where you have to run with a marble in a spoon kept in your mouth. If the marble falls, there is no point coming first. Same is with life where health and relationships are the marble. Your striving is only worth it if there is harmony in your life. Else, you may achieve the success, but this spark, this feeling of being excited and alive, will start to die.

One thing about nurturing the spark - don't take life seriously. Life is not meant to be taken seriously, as we are really temporary here. We are like a pre-paid card with limited validity. If we are lucky, we may last another 50 years. And 50 years is just 2,500 weekends. Do we really need to get so worked up?

It's ok, bunk (East Indian word for skip) a few classes, scoring low in couple of papers, goof up a few interviews, take leave from work, fall in love, little fights with your spouse. We are people, not programmed devices" :)

"Don't be serious, be sincere."!!

Link: http://www.chetanbhagat.com/books/

How knowledge kills innocence, not just ignorance! One feels differently about the same topics after learning about them...

"Knowledge does not just kill ignorance; It kills innocence too" - Gerry Som (my own quote :). 


I was just cleaning up my old Facebook account and found some interesting posts there: 
(1) This is a post of mine from early September 2009. I was different then, because at that time, I had not started my MBA yet. I had a lot of unanswered questions in my mind then. My thoughts were not properly formed with regards to Business or with regards to North America. I have changed in the last 2 years.

Quoting myself from September 2009 after a group event "Group events are a great way to test performance of individuals in a team / assess team dynamics. If one is too soft at working towards the goal, he could be misinterpreted for being a wussy and if one is too aggressive (even when being aggressive is potentially an asset in business world) he is a bully! Finding the right balance / tact is as difficult as it is important! Hope to learn these soft skills with time." 

I also remember asking this question about Business to some one in September 2009 "It is said that - In business, there is no mercy; If there is mercy, you can not do business" Is this true?. Obviously, at that time, I did not know the concept of CSR & Sustainability. My mind had a LOT of questions and I have not always been able to find the answers to my questions :) I can answer this question now ---> Yes, it is possible to do business with mercy. Business ethics is not an oxymoron. They can go hand in hand. 

(2) Another post of mine from September 2009 - my original quote: 

"My very own crude definition of Business (copyright Gerry Som!): A set up (pun intended) where the Enlightened tap the Clueless, the Gutsy tap the Weak, the Established tap the Unestablished, the Willing tap the Unwilling... to work for them in return for a fraction of the money they make for them and (more often than not) in return for a fraction of the respect they deserve".

Of course, I feel differently now. It is all about understanding and acceptance. Yes, the world is not perfect and yes, I shall try to adapt to the world as it is and survive. I can not change the world and there is no point getting upset or angry about it, LOL.  

- Gerry.