What makes Marwaris so successful in business?

Marwaris

According to Thomas A Timberg’s book, The Marwaris: From Jagath Seth to the Birlas, there are seven secrets of Marwari businessmen which are still valid “and perhaps will remain so”.


1. Watch the money

Marwaris

There are two key functions performed by the Marwari business firms and business groups – strategic management of investment funds by moving them to where they are most productive in the long term and close financial monitoring of the enterprises in which they have a share.

It is perhaps the changes in Harsh Goenka and Kumar Mangalam Birla’s business styles that point to a dilution of finance-centric strategies in present times.


2. Delegate but monitor

Marwaris

Successful business have to learn how to delegate, otherwise the span of economic activity can engage in will be limited.

They also have to know when to intervene, fully aware that a decision to intervene is costly. Usually it is easier to replace an unsatisfactory executive rather than turn him around. Ineffectual executives and family members are gently moved out to cushy and uncritical positions.


3. Plan, but have a style and a system

Marwaris

This is somewhat ambiguous as we clearly see a transition from an intuitive style to a more systematic one. However, this may be, as some suggest, a product of the transition from business founders to inheritors.


4. Lead to expand and do not let the system inhibit growth

Marwaris

A key characteristic of successful businessmen is a drive to expand. Many forms have expansion in their mission statements but few implement it.


5. The right corporate culture

Marwaris

The firm or group must have a style which befits its market and the times. Changes or adjustments constitute one of the most difficult tasks.

Corporate culture in a firm is critical in inspiring loyalty, especially of competent managers. Financial incentives can go only thus far, and are sometimes counterproductive.


6. Don’t get blown away by fads

Marwaris

The shelf life of half the management fads is six months. Professors, including those from business schools, devise striking and attractive theories which bear no responsibility for success.

A responsible manager has to be more tentative and experimental in his approach. As any school debater knows, there are usually at least two sides to any question, even multiple sides as in the Anekantavada of Jain logic. The problem is to decide which is right in a given situation.


7. Do not miss new developments

Marwaris

Some businesses describe themselves as ‘knowledge businesses’. As a matter of fact, all are. The world’s oldest family businesses have had some very successful ventures and a lot of failed ones because of missed opportunities.

Originally at http://economictimes.indiatimes.com/slideshows/management-leaders/7-secrets-that-makes-marwaris-so-good-in-business/what-makes-marwaris-so-successful-in-business/slideshow/55223494.cms

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Sat 03 Dec 16

Pay check: How much do these world leaders earn?

World Leader

Have you ever wondered how much money the top leaders of some of the world’s leading nations earn annually? Here’s a list of the most recent official data (as of September, 2016) of the yearly earnings of these world leaders.

* All figures in US dollars.

World Leader
Xi Jinping, President, People’s Republic of China
Salary: $20,600

 


World Leader
Narendra Modi, Prime Minister, India
Salary: $28,800

 


World Leader
Matteo Renzi, Prime Minister, Italy
Salary: $120,000

 


World Leader
Vladimir Putin, President, Russia
Salary: $137,650

 


World Leader
Theresa May, Prime Minister, UK
Salary: $186,119

 


World Leader
François Hollande, President, France
Salary: $198,700

 


World Leader
Jacob Zuma, President, South Africa
Salary: $206,600

 


World Leader
Shinzo Abe, Prime Minister, Japan
Salary: $241,250

 


World Leader
Angela Merkel, Chancellor, Germany
Salary: $242,000

 


World Leader
Justin Trudeau, Prime Minister, Canada
Salary: $260,000

 


World Leader
Barack Obama, President, USA
Salary: $400,000

– All figures according to official data compiled by CNN

Originally at http://www.msn.com/en-us/money/savingandinvesting/pay-check-how-much-do-these-world-leaders-earn/ss-AAawHzo#image=1

 

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Sat 15 Oct 16

Why Can’t We Stop Working?

Rat Race

I hadn’t seen Jim in two years. When we reconnected recently, I was shocked. The handsome, dapper professional I knew had gained 30 pounds and started smoking. Bursting with nervous energy, he told me about his business travails — work so busy he was staying regularly until 10 at night, and a billionaire client sapping his energy and causing him grief. But the project with the billionaire would soon be over, he declared. “That’s great!” I said. “So you won’t have to deal with him again.” Well, Jim allowed, there might be another contract with him in the works.

It wasn’t about money. We were standing in the middle of his vacation home, enjoying prime mountain views. Business was booming; he only wished it were possible to spend more time up here at his dream home, and perhaps to start dating and meet someone. But, of course, it was possible. For some reason, he was choosing not to — and Jim’s not the only one.

As Harvard Business School professor Clay Christensen described in his mega-bestseller How Will You Measure Your Life?  (with Karen Dillon and James Allworth), the ROI of work is immediately apparent. You get instant feedback and, oftentimes, instant gratification in the form of raises, promotions, new contracts, or general approbation. The arc of family life is different. In the moment, it can be banal, boring, or discouraging.

Harvard happiness researcher Daniel Gilbert has shown that children don’t increase parents’ short-term happiness; in fact, on a day-to-day basis, parents prefer almost anything (from watching television to exercising) to spending time with their kids. Work is certainly one societally sanctioned excuse. Yet, says Christensen, many professionals are dismayed to wake up in midlife and discover frayed relationships, divorces, and alienation from their family. We have to grasp the difference between the short and long-term rewards of work and our personal lives.

Another challenge, says Shawn Achor, author of The Happiness Advantage, is that we misunderstand the relationship between happiness and success. We assume that professional triumph comes first: I’ll be happy when I make SVP! I’ll be happy when I get into the right graduate school! I’ll be happy when I make the 40 Under 40 list! But that’s actually backward. Instead, he writes, “Happiness is…the precursor to greater success. Every single relationship, business and educational outcome improves when the brain is positive first.” In other words, success is a result of happiness, not the other way around. And yet, so many executives work tirelessly, questing for a goal — happiness — that doesn’t come from professional achievement.

For many top performers, the idea of dialing back on work is also disturbing because they fear it will torpedo their career. Partly, of course, this anxiety is exaggerated. Since humans fear loss more than they covet gain, it’s easy to frame any deceleration as the loss of our career potential and a potentially disastrous mistake. But to complicate matters, in some particularly competitive fields like investment banking or corporate law, long hours truly are mandatory. And, culturally, we’re regaled with examples like Tesla’s Elon Musk, a twice-divorced father of five who took one vacation during a four-year period.

Even when it’s not all about us, the pressure to keep working full-tilt can be intense. As one successful consultant friend told me, “There are a lot of people that depend on me — the people who report to me, the people I mentor, and my clients. It’s very hard to turn away from them and let them down.” Indeed, when he recently cut back his travel schedule due to several family health crises, he got significant pushback from his colleagues. “I get emails and phone calls every day: we missed you at the meeting.” Grappling with divided loyalties can be challenging. “It hurts because some of them can sound scolding,” he says, “but I have to stick to my plan.”

Even when we know working to excess isn’t good for us, it’s hard to cut back. Most of us aren’t as extreme as the investment bank intern who died in London after allegedly working 72 hours straight to impress his bosses. But according to Christensen, we may not be that different, either: it’s a matter of degree, and timing. Overwork may not kill us tomorrow, but —  if left unaddressed — it may kill our most important relationships in 10 or 20 years.

How do we strike a balance, particularly when work itself can be so gratifying? (My consultant friend says his intense schedule is the result of his desire to “make a difference in people’s lives, and I am good at it. That is very hard to give up and it keeps a lot of people happy.”) True success means recognizing our real, individual priorities and, as best we can, living them out today instead of pinning our hopes on some mythical future state of “I’ll be happy when…”

– by Dorie Clark

Originally at http://blogs.hbr.org/2014/01/why-cant-we-stop-working/


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