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Archive for the ‘business management’ Category

Social Media is Not a CareerIt is simply a function of marketing; it helps support branding, a means to get more awareness, more users or more revenue.  It’s not an end in itself.  Don’t latch on to a saddle however smelling of horseflesh if the horse is not under you.

Pick Up the Phone – ‘Be a mensch’ and show yourself as one, which you cannot from behind your computer. Business gets done on the phone and in person.  So keep your smile ready and it will be a winner if you also have developed skills to project your personality through voice attention and inner warmth. It should be your first instinct, not last, to talk to a real person and source business opportunities

Be the First In & Last to Leave ­ This advice I give to the 20-year olds with some trepidation. In my day as an apprentice when the employer palmed you with his discards and $ 3 per month for tea  my rule was be the last to arrive and first to leave. No more. In these days your boss fires by email ‘u r fired, sry’ out of the blue. Company that you grew with and almost lived your life will dump you. So wise up to sobs whose ethics is all set like a hologram in a $5 bill carries no more value.

For those who mean to excel no matter what here is my advice: Pay for the hire and to show your good will give quality time to your work. Still in the formative stages of your professional career  you have more ground to make up than everyone else around you which you shall not achieve on this strictly work- for- pay mentality. If you know better than the rest no company worth its name will risk losing you for some measly $100. If you have something to prove, work like hell since your colleagues shall not be sitting on their butts knowing your work experience in quality is in leaps and bounds than theirs , and you do have something to prove.  There’s only one sure-fire way to get ahead, and that’s to work harder than all of your peers.

Don’t Wait to Be Told What to Do –  If  you have no responsibility your duty calls elsewhere.  You’ll never get ahead by waiting for someone to tell you what to do.  Saying “nobody asked me to do this” while the leaky faucet is flooding the canteen tells your boss  in Acme Waterworks Plumbing &Sanitation Co. one thing:  ‘plumbing isn’t your line.

Take Responsibility for Your MistakesYou should be making lots of mistakes when you’re early on in your career.  But you shouldn’t be defensive about errors in judgment or execution.  Stop trying to justify your F-ups.  You’re only going to grow by embracing the lessons learned from your mistakes, and committing to learn from those experiences.

You Should Be Getting Your Butt KickedWorking for someone that demands excellence and pushes your limits every day will build the most solid foundation for your ongoing professional success.

A New Job a Year Isn’t a Good Thing ­­–  It takes about 2-3 years to master any new critical skill, give yourself at least that much time before you jump ship.  Otherwise your resume reads as a series of red flags on why not to be hired.

People Matter More Than Perks It’s so trendy to pick the company that offers the most flex time, unlimited meals, company massages, game rooms and team outings.  Those should all matter, but not as much as the character of your founders and managers. Great leaders will mentor you and will be a loyal source of employment long after you’ve left.  (-(Ack:Forbes July 23,13 Jason Nazar)

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It must be said as a proof to the political acumen of FDR after the Great Depression, the United States had 40 years of economic growth,without a single financial crisis. The financial industry was tightly regulated. Most regular banks were local businesses, and they were prohibited from speculating with depositors’ savings. Investment banks, which handled stock and bond trading, were small, private partnerships.
“In the traditional, uh, investment-banking-partnership model, the
partners put the money up. And obviously, the partners watched that money very carefully. They wanted to live well, but they didn’t want to bet the ranch on anything.”Samuel Hayes Prof.emeritus of investment banking Harvard Business School.
ii
In the 1980s, the financial industry exploded. The investment banks went
public, giving them huge amounts of stockholder money. People on Wall Street started getting rich. In 1981, President Ronald Reagan chose as Treasury secretary the CEO
of the investment bank Merrill Lynch, Donald Regan (1981-85).
The Reagan administration, supported by economists and financial lobbyists, started a 30-year period of financial deregulation.
In 1982, the Reagan administration deregulated savings and loan companies, allowing them to make risky investments with their depositors’ money. By the end of the decade, hundreds of savings and loan companies had failed.
(This crisis cost taxpayers 124 billion dollars, and cost many people their life savings. Perhaps one of the biggest bank heist in our history came out of the nexus between Reagan and Donald Regan (not related). You see the entire Wall Street was behind the Presidnt to a man. This was a dry run for the economic downturn of 2008 and would affect globally millions as a result.( Only the villains and fools had to strut on the stage and do their pieces.)

Law catches up with crooks sooner or later. Thousands of savings and loan executives went to jail for looting their companies. One of the most extreme cases was Charles Keating.
You got to say Keating, a smart Alec that he was, hired an economist named Alan Greenspan. His hand was so steeped in the heist that he did go to jail but luck smiled on Greenspan. President Reagan appointed him chairman of America’s central bank, the Federal
Reserve. Greenspan was reappointed by presidents Clinton and George W. Bush.
During the Clinton administration, deregulation continued under Greenspan and Treasury secretaries Robert Rubin — the former CEO of the investment bank Goldman Sachs — and Larry Summers, a Harvard economics professor. By the late 1990s, the financial sector had consolidated into a few gigantic firms, each of them so large that their failure could threaten the whole system; and the Clinton administration helped them grow even larger.
In 1998, Citicorp and Travelers merged, to form Citigroup, the largest financial services company in the world. The merger violated the Glass-Steagall Act, a law passed after the Great Depression, which prevented banks with consumer deposits from engaging in
risky investment banking activities. Here we see a President’s lack of attention to detail or long range conseqnces was writing the scenario for disaster.
Reagan and Clinton:
By the way Reagan stepping out from the entertainment business wanted to entertain and his policies all as can be seen were motivated by wowing them and leave them in stiches. He had style but never did acquire susbstance as FDR has had. (It seems he never as a President wanted his aides to brief him with memos more than a paragraph.Was it his short attention span or the Alzcheimer was in incipient stage?) Clinton the Great Communicator also failed but for different reasons. Mnica Lewinsky scandal was a distraction.
The nation was banking with fools and under the watch of men of straw. The events will run their course and in 2008 blow in the faces of the nation.(ack: Inside Job-sony Pictures,2010)
benny

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Smartest Crooks Know Law is on Their Side

Enron scandal did not happen by itself. It was made to happen by some crooks with lots of help from other agencies. For example Arthur Andersen one of the largest audit and accountancy partnership went out of business by playing along. Where did Enron get such a clout so suddenly and so authoritatively? It could not have been coincidence that natural gases were deregulated in 1985 and also marked the founding of Enron. How much politicians in office or outside (but with power to help the company along the way) shall be a debatable point. Remember the company’s television commercial of not so long ago, ending with the reverberating phrase, “Ask why, why, why?” That question we may phrase it as Ask Who,who,who,who?

Enron was formed in 1985 by Kenneth Lay after merging Houston Natural gas and InterNorth. With the coming of Jeffrey Skilling it was time to set special purpose entities, and it took care of accounting loopholes to hide billions in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives were able to mislead Enron’s board of directors and audit committee as well as pressurize Andersen from looking closely at high-risk accounting issues.

Stock prices of Enron at US$90 per share in mid-2000 caused shareholders to lose nearly $11 billion when it plummeted to less than $1 by the end of Nov.2001.On Dec.2 2001 Enron filed for bankruptcy. It was the largest corporate bankruptcy in U.S. History and also largest auditing failure. Employees and shareholders received limited returns in lawsuits, despite losing billions in pensions and stock prices. As a consequence of the scandal, new regulations and legislation were enacted to expand the reliability of financial reporting for public companies.

On looking back what was really the compelling reason for the United States Congress to pass legislation deregulating the sale of natural gas? It was all too plain that it was to give traders such as Enron to sell energy at higher prices, allowing them to thrive. After producers and local governments decried the resultant price volatility and pushed for increased regulation, strong lobbying on the part of Enron and others, was able to keep thefree market system in place.

McLean and Elkid in their book The Smartest Guys in the Room, “The Enron scandal grew out of a steady accumulation of habits and values and actions that began years before and finally spiraled out of control.”Risk takers ought to be awarded for their guts. It is an American quality’ In the end it proved crooks jumped and the spectator applauded bravely watching their motions calculated to deceive there was no hoop to begin with. When some express outrage at government controls think of Enron. It was fraud perpetrated on unsuspecting nation by people who were responsible to set checks and balances and defend the man on the street who voted them to office.(ack:wikipedia)

Free market shall allow such entities as Enron to exploit the public with the same ease as raising prices in commodities artificially by vested interests. In the case of state intervening there can be failures as mentioned in Gulf Oil Spill.

Pity that democracy is earmarked for humans withtheir faults:poor judgment greed, malice and lack of opportunites in their youth or neglected.

benny

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Parable of An Unprofitable Steward©
The king had to go on a long journey. Before he departed he called his council of servants, who were permitted to speak frankly at all times to hear his charge. He entrusted the care of ten cities to one servant whose abilities he counted most. Similarly he left seven cities under the charge of one who was of the second in rank; and three with his servant with limited abilities. Lastly he left the care of a harbor town with a servant who was of very middling abilities.
Before he took leave he exhorted them to rise to the challenge so he may have cause for greater confidence in them in future. Thus he left.
After a long absence the king returned and called his servants to account. Each servant had done well except the one who was entrusted with the harbor town.
The servant excused himself saying he had the most difficult time since he not only had to hold the town from internal strife but also keep enemies from coming in. “I just held the town from ruin till you came. Now I deliver the town just as it was back to you. ”
The king pointed to him the way other servants had gone and waged war with their neighbors and added territories twice as much.
The king stripped the harbor town from his hand and gave to his own son. The servant got very angry and said,” Sire, in your absence what did he do? He merely sat on your throne..”
The king replied, ” You are right. He just ruled as I would have. Under his watch all servants, excepting you, added to my kingdom. They proved they were kings in their own right. So they get to rule over their kingdoms from henceforth.”
He ended saying,” All you did was to conduct as a servant not to be found fault with. You cannot be of use to me. “
When you are expected to be like a king, the mindset of a servant will not do.
benny

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