No One Likes a Meddling Boss

William Jones 'Old Captain Bill' General Superintendent of Edgar Thomson Steel Works William R. Jones—“Old Captain Bill” as he was fondly called—was the General Superintendent at Andrew Carnegie‘s Edgar Thomson Steel Works, the genesis of the Carnegie steel empire.

Captain Bill (1839–1889) had little formal education. He certainly didn’t understand much of the science of the steel-making. Nonetheless, he was street-smart, outgoing, forthright, and ingenuous. His workers venerated his boundless energy. With their support, he not only broke many records in steel production, but also developed an array of inventions that touched many aspects of steel-making and rail-manufacturing.

Captain Bill’s boss, Charles M Schwab (1862–1939,) recalled an amusing interaction between Captain Bill and Andrew Carnegie in an essay titled “My 20,000 Partners” in the 19-Dec-1916 issue of The American Magazine:

The captain, I remember, used to characterize Mr. [Andrew] Carnegie as a wasp that came buzzing around to stir up everybody.

One hot day in early summer, Carnegie sought out Jones in the steel factory.

“Captain,” he said, “I’m awfully sorry to leave you in the midst of hot metals here, but I must go to Europe. I can’t stand the sultry summer in this country. You have no idea, Captain, when I get on the ship and get out of sight of land, what a relief it is to me.”

“No, Andy,” flashed the captain, “and you have no idea what a relief it is to me, either.”

No One Likes a Meddling Boss Idea for Impact: Meddling is not managing. While “keeping your eye on the ball” (and management by walking around) is indispensable to managerial control, an overly-engaged boss can create self-induced commotion. Effective managers delegate results when they can and interfere only when they must. Learn to have faith in the ingenuity of your employees, and give much latitude in how they do things.

Inspirational Quotations #704

If we judge ourselves only by our aspirations and everyone else only by their conduct, we shall soon reach a very false conclusion.
Calvin Coolidge

It is indolence… Indolence and love of ease; a want of all laudable ambition, of taste for good company, or of inclination to take the trouble of being agreeable, which make men clergymen. A clergyman has nothing to do but be slovenly and selfish; read the newspaper, watch the weather, and quarrel with his wife. His curate does all the work and the business of his own life is to dine.
Jane Austen

There must be, not a balance of power, but a community of power; not organized rivalries, but an organized peace.
Woodrow Wilson

Most people have been brainwashed into believing that their job is to copyedit the world, not to design it.
Seth Godin

How you think when you lose determines how long it will be until you win.
G. K. Chesterton

Hate is not the opposite of love; apathy is.
Rollo May

When a king asked Euclid, whether he could not explain his art to him in a more compendious manner, he was answered, that there was no royal way to geometry. Other things may be seized by might, or purchased with money, but knowledge is to be gained only by study, and study to be prosecuted only in retirement.
Samuel Johnson

It takes vision and courage to create; it takes faith and courage to prove.
Owen D. Young

I believe that we are solely responsible for our choices, and we have to accept the consequences of every deed, word, and thought throughout our lifetime.
Elisabeth Kubler-Ross

Reading is essential for those who seek to rise above the ordinary. We must not permit anything to stand between us and the book that could change our lives.
Jim Rohn

The perfect man employs his mind as a mirror. It grasps nothing; it refuses nothing. It receives, but does not keep.
Laozi

Desire, ignorance, and inequality—this is the trinity of bondage.
Swami Vivekananda

Reality is merely an illusion, albeit a very persistent one.
Albert Einstein

Stressing output is the key to improving productivity, while looking to increase activity can result in just the opposite.
Andrew Grove

Curry Favor with Customers?

People know there’s great fame with getting things named after them.

The Scottish-American steel magnate and philanthropist Andrew Carnegie (1835–1919) was fully mindful of this.

Carnegie started with his empire-building (read biography) by manufacturing steel rails for America’s burgeoning railroad industry. With great fanfare, he named his first steel plant after his most important customer, Edgar Thomson, president of the Pennsylvania Railroad. The Edgar Thomson Steel Works has been in action since 1872.

Obsequious flattery is clever marketing indeed!

Gambler’s Fallacy is the Failure to Realize How Randomness Rules Our World

Gambler's Fallacy is the Failure to Realize How Randomness Rules Our World

The Gambler’s Fallacy is the misleading belief that the probability of a specific occurrence in a random sequence is dependent on preceding events—that its probability will increase with each successive occasion on which it fails to occur.

Suppose that you roll a fair die 14 times and don’t get a six even once. According to the Gambler’s Fallacy, a six is “long overdue.” Thus, it must be a good wager for the 15th roll of the dice. This conjecture is irrational; the probability of a six is the same as for every other roll of the dice: that is, 1/6.

Chance Events Don’t Have Memories

In practical terms, the Gambler’s Fallacy is the hunch that if you play long enough, you will eventually win. For example, if you toss a fair coin and flip heads five times in a row, the Gambler’s Fallacy suggests that the next toss may well flip a tail because it is “due.” In actuality, the results of previous coin flips have no bearing on future coin flips. Therefore, it is poor reasoning to assume that the probability of flipping tails on the next coin-toss is better than one-half.

Gambler's Fallacy: Chance Events Don't Have Memories A classic example of the Gambler’s Fallacy is when parents who’ve had children of the same sex anticipate that their next child ought to be of the opposite sex. The French mathematician Pierre-Simon Laplace (1749–1827) was the first to document the Gambler’s Fallacy. In Philosophical Essay on Probabilities (1796,) Laplace identified an instance of expectant fathers trying to predict the probability of having sons. These men assumed that the ratio of boys to girls born must be fifty-fifty. If adjacent villages had high male birth rates in the recent past, they could predict more birth of girls in their own village.

There Isn’t a Lady Luck or an “Invisible Hand” in Charge of Your Game

The Gambler’s Fallacy is what makes gambling so addictive. Gamblers normally think that gambling is an intrinsically fair-minded system in which any losses they’ll incur will eventually be corrected by a winning streak.

In buying lottery tickets, as in gambling, perseverance will not pay. However, human nature is such that gamblers have an irrational hunch that if they keep playing, they will eventually win, even if the odds of winning a lottery are remote. However, the odds of winning the jackpot remain unchanged … every time people buy lottery tickets. Playing week after week doesn’t change their chances. What’s more, the odds remain the same even for people who have previously won the lottery.

Gambler’s Fallacy Coaxed People to Lose Millions in Monte Carlo in 1913

Gambler's Fallacy Coaxed People to Lose Millions in Monte Carlo in 1913 The Gambler’s Fallacy is also called the Monte Carlo Fallacy because of an extraordinary event that happened in the renowned Monte Carlo Casino in the Principality of Monaco.

On 18-August-1913, black fell 26 times in a row at a roulette table. Seeing that that the roulette ball had fallen on black for quite some time, gamblers kept pushing more money onto the table assuming that, after the sequence of blacks, a red was “due” at each subsequent spin of the roulette wheel. The sequence of blacks that occurred that night is an unusual statistical occurrence, but it is still among the possibilities, as is any other sequence of red or black. As you may guess, gamblers at that roulette table lost millions of francs that night.

Gambler’s Fallacy is The False Assumption That Probability is Affected by Past Events

The Gambler’s Fallacy is frequently in force in casual judgments, casinos, sporting events, and, alas, in everyday business and personal decision-making. This common fallacy is manifest by the belief that a random event is more likely to occur because it has not happened for a time (or a random event is less likely to occur because it recently happened.)

  • While growing up in India, I often heard farmers discuss rainwater observing that, if the season’s rainfall was below average, they worry about protecting their crops during imminent protracted rains because the rainfall needs to “catch-up to a seasonal average.”
  • Gambler's Fallacy in soccer / football penalty shootouts In soccer / football, kickers and goalkeepers are frequently prone to the Gambler’s Fallacy during penalty shootouts. For instance, after a series of three kicks in the same direction, goalkeepers are more likely to dive in the opposite direction at the fourth kick.
  • In the episode “Stress Relief” of the fifth season of the American TV series The Office, when the character Jim Halpert learns that his fiancee Pam Beesley‘s parents are divorcing, he quotes the common statistic that 50% of marriages wind up in divorce. Halpert then comments that, because his parents are not divorced, it is only reasonable that Pam’s parents are getting divorced.

The Gambler’s Fallacy is a Powerful and Seductive Illusion of Control Over Events That are Not Controllable

Don’t be misled by the Gambler’s Fallacy. Be aware of the certainty of statistical independence. The occurrence of one random event has no statistical bearing upon the occurrence of the other random event. In other words, the probability of the occurrence of a random event is never influenced by a previous, or series of previous, arbitrary events.

Idea for Impact: Be skeptical of most judgments about probabilities. Never rely exclusively on your intuitive sense in evaluating probable events. In general, relying exclusively on your gut feeling or your hunches in assessing probabilities is usually not a reason to trust the assessment, but to distrust it.

The Three Dreadful Stumbling Blocks to Time Management

The Three Dreadful Stumbling Blocks to Time Management Ineffective time management is characterized by folks having too many things they need to do (and just a few they must do,) but not enough time for everything they want to do. The key to time management, therefore, is to identify your needs and wants in terms of their importance and match them with the time and resources available.

If your time-management efforts are not getting you the results you envision, you need to pay attention to three hurdles that can get you derailed easily.

  1. The foremost obstacle to time management is a lack of practical awareness of your job duties, as well as the extent of your authority and responsibility. Your efficiency could be acutely hindered by doing the wrong tasks—those that are relatively unimportant or not even part of your job description. You could also not be using the skills or time of others, perhaps not recognizing that you have the authority to do so.
  2. An associated obstacle to effective time management is your failure to prioritize tasks. You may not be able to prioritize because either you’re unaware of your job duties, or you don’t know how to set priorities. As stated by the Pareto Principle, you could be spending 80% of your time on tasks that account for a mere 20% of the total job results. As a result, you could be working on the trivial and the routine, but not the important. In other words, you could be working on the “can do” and not the “must do.”
  3. Equally important, your time management-plans often go off the rails because of “time thieves”—meetings, impromptu visitors, avoidable reports, telephone calls, delays, canceled engagements, redundant rules and regulations, and other claptrap.

Idea for Impact: Develop a high level of awareness in the areas discussed above. Use my three-part technique (time logging, time analyzing, and time budgeting) to control time, conserve time, and make time. Additionally, learn to farm more work out—delegating not only frees up precious time, but also helps develop your employees’ abilities, as well as your own. Try not to say ‘yes’ to too many things and avoid taking on too much.

Inspirational Quotations #703

Every man who rises above the common level has received two educations: the first from his teachers; the second, more personal and important, from himself.
Edward Gibbon

No one is born hating another person because of the color of his skin, or his background, or his religion. People must learn to hate, and if they can learn to hate, they can be taught to love, for love comes more naturally to the human heart than its opposite.
Nelson Mandela

Economy is the art of making the most of life. The love of economy is the root of all virtue.
George Bernard Shaw

A man’s value to the community primarily depends on how far his feelings, thoughts, and actions are directed towards promoting the good of his fellows.
Albert Einstein

I reject any religious doctrine that does not appeal to reason and is in conflict with morality.
Mohandas K. Gandhi

No good work whatever can be perfect, and the demand for perfection is always a sign of a misunderstanding of the ends of art.
John Ruskin

All the greatest and most important problems of life are fundamentally insolvable. They can never be solved, but only outgrown.
Carl Jung

Doubt is uncomfortable, certainty is ridiculous.
Voltaire

No one can be a great thinker who does not recognize that as a thinker it is his first duty to follow his intellect to whatever conclusions it may lead.
John Stuart Mill

No man is happy unless he believes he is.
Publilius Syrus

Though men pride themselves on their great actions, often they are not the result of any great design, but of chance.
Francois de La Rochefoucauld

It is the cheerful mind that is persevering. It is the strong mind that hews its way through a thousand difficulties.
Swami Vivekananda

If a person gets his attitude toward money straight, it will help straighten out almost every other area in his life.
Billy Graham

Life, we learn too late, is in the living, in the tissue of every day and hour.
Stephen Leacock

The greatest obstacle to being heroic is the doubt whether one may not be going to prove one’s self a fool; the truest heroism is, to resist the doubt; and the profoundest wisdom, to know when it ought to be resisted, and when to be obeyed.
Nathaniel Hawthorne

Jargon Has Its Place in Business Communication

Jargon Has Its Place in Business Communication

Jargon and Buzzwords Can Hinder Communication…

The media’s excessive loathing of jargon and buzzwords is somewhat unjustified.

Yes, business communication is inundated with clichéd catchphrases with murky meanings that add no real linguistic efficiency. People tend to use such language merely to sound intelligent and important.

Why not? It’s all part of “locker-room chat.” It’s only human nature to pattern our language (and behavior) to prove that we are “in the loop.” If others are looking smart or fashionable from using specific slang and buzzwords, we will feel enticed enough to belong to that clique.

… But Jargon and Buzzwords May Be Very Helpful

Jargon and buzzwords may be annoyances, but crisp communication often needs the use of the appropriate vernacular. Every industry, profession, company, and team has a lingua franca that’s full of well-recognized acronyms, phrases, and lingo for concepts and ideas. Ordinary words do not lend such efficiency.

When used properly, purposeful jargon can actually be an efficient way to talk about complex topics in a concise way—for example, phrases such as “mission-critical” and “key differentiators” may convey much significance when discussing the “strategic resource allocation.”

Idea for Impact: Don’t Use Jargon and Buzzwords Just Because They’re Trendy

Master the vernacular of the industry, company, and team you’re working with. Limit jargon and avoid the overuse of buzzwords. Use them only when it is sensible and pragmatic—to facilitate concise and clear communication, not just to look “cool” or to “belong.”

Remember, effective communication isn’t about demonstrating your fancy vocabulary or rosy language. It’s about communicating your message in the best way possible to the audience that you’re targeting.

Presenting Facts Can Sometimes Backfire

Presenting Facts Can Sometimes Backfire People tend to have contempt for ideas that they disagree with. What’s worse is the possibility that some people, when presented with information that goes against their beliefs, may not only snub their challengers, but also double down on their original viewpoints. Cognitive psychologists call this the backfire effect.

For instance, voters have been shown to judge the political candidate they support even more favorably after the candidate is attacked by the other party. In the same way, parents opposed to vaccinations have been shown to become more convinced of their alleged apprehension that vaccination causes autism after reviewing studies showing that vaccinating their kids is the best course of action.

The backfire effect explains why, when people argue against conflicting information strongly enough, they wind up with more supportive arguments for their cause, which further aligns them with their preexisting positions.

The backfire effect is related to confirmation bias—the rampant propensity to seek, interpret, synthesize, and recall information in a way that substantiates one’s preconceptions. For instance, when people read an article that describes both sides of an issue, they tend to select that side that they happen to agree with—thus reinforcing their viewpoints.

See also: the phenomenon of group polarization explains why people who share opinions and beliefs get together in groups, they tend to be even more persuaded in their beliefs.

Think in Terms of Habits & Systems Rather Than Goals

Effective Goals Can Challenge, Motivate, and Energize

Most folks fail to understand how goals work: goals don’t stipulate behaviors.

Goals relate only to the outcomes and results of specific behaviors—they are not about the actions and behaviors that can bring about those results.

In other words, goals can only provide direction and can even impel you onward in the short-term, but ultimately, a well-designed system—when put into habitual practice—will always prevail.

'The Power of Habit' by Charles Duhigg (ISBN 081298160X) Developing a system is what matters to discipline and self-control. Committing to the process is what makes the difference. As New York Times journalist Charles Duhigg wrote in his bestselling The Power of Habit: Why We Do What We Do in Life and Business (2012,) only a systematic approach works:

Habits are powerful, but delicate. They can emerge outside our consciousness or can be deliberately designed. They often occur without our permission but can be reshaped by fiddling with their parts. They shape our lives far more than we realize—they are so strong, in fact, that they cause our brains to cling to them at the exclusion of all else, including common sense.

An example of a goal: “I want to lose 10 pounds before my sister’s wedding.” A habit/system would be, “What dieting and exercising changes can I make with the aim of looking better at my sister’s wedding?”

Another example of a goal: “How do I amass $1 million before I turn 35?” A habit/system would be, “How do I develop financial disciplines and investment methods to get richer over time and achieve a net worth of $1 million by the time I’m 35?”

Idea for Impact: Only by creating habits and systems to achieve goals can you live more of the life you aspire to. As a creature of habit, when you are doing something that is routine, you don’t need to be deliberately engaged in the task in the same way as if you were doing something that is not habitual.

Inspirational Quotations #702

The greedy man is incontinent with a whole world set before him.
Sa’Di (Musharrif Od-Din Muslih Od-Din)

One’s true character is most transparent when placed in a position of power.
Anonymous

There is a proper balance between not asking enough of oneself and asking or expecting too much.
May Sarton

It’s easy to have principles when you’re rich. The important thing is to have principles when you’re poor.
Ray Kroc

Life is what we make it, and the world is what we make it. The eyes of the cheerful and of the melancholy man are fixed upon the same creation; but very different are the aspects which it bears to them.
Albert Pike

Many of us spend our lives searching for success when it is usually so close that we can reach out and touch it.
Russell Conwell

Better is a handful of quietness than both hands full, together with toil and grasping for the wind.
The Holy Bible

A friend is a person who knows all about you but likes you anyway.
Unknown

The highest form of Grace is silence.
Swami Chinmayananda

If you’ve been beaten up in Rounds 1-9, it’s hard to come out for Round 10.
Marty Nemko

Every organization should tolerate rebels who tell the emperor he has no clothes.
Colin Powell

Things are as they are. Looking out into it the universe at night, we make no comparisons between right and wrong stars, nor between well and badly arranged constellations.
Alan Watts

We have a tendency to romanticize independence. Most business literature still views autonomy as a virtue, as though communication, teamwork, and cooperation were lesser values.
Keith Ferrazzi

If you believe that you can damage, then believe that you can fix.
Nachman of Breslov

A wise man in the company of those who are ignorant, has been compared to a beautiful girl in the company of blind men.
Sa’Di (Musharrif Od-Din Muslih Od-Din)

There is no way to happiness, happiness is the way.
Thich Nhat Hanh

Man maintains his balance, poise, and sense of security only as he is moving forward.
Maxwell Maltz