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“Follow Your Passion” Is Terrible Career Advice

April 14, 2022 By Nagesh Belludi 1 Comment

The cliché “follow your passion” is easily the worst career advice you could ever give or get.

My guidance: Don’t do something you love. Do something you’re good at, even if it may not be something you’re passionate about.

Contentment isn’t likely to come from figuring out what you love and doing it for your career. Career success really comes from doing what other people will love you—and ‘compensate’ you—for doing.

Idea for Impact: You don’t have to give up your dreams, but pursue them as a hobby. Don’t try to find a perfect job. Find a good, if not a passion-filled, career and find the gratification of pursuing your passions outside of work.

Besides, people don’t really know what reality is like until they’re doing it. Therefore, perhaps a better way to choose what you do be to follow your effort? Be flexible. Have a broad view of what you wish to achieve, and be prepared to compromise on how you make it happen. Enjoy the work that you do, and discover aspects of it you’d enjoy regardless of being paid or not. True career contentment comes from an appreciative boss, helpful coworkers, the opportunity to learn and grow, a reasonable commute, and a middle-class living.

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Filed Under: Career Development, Living the Good Life Tagged With: Career Planning, Coaching, Employee Development, Personal Growth, Pursuits, Role Models, Winning on the Job

Don’t Be Deceived by Others’ Success

November 15, 2021 By Nagesh Belludi Leave a Comment

Imitating successful competitors is a leading pathway to business innovation. Benchmarking can offer meaningful insights into comparative performance and help discover learnings for improvement. However, adopting others’ best practices can be surprisingly misleading and ineffective.

Four perception biases that come with benchmarking other companies can fail to make yours any better.

Many companies luck into success.

As I’ve noted before, you can’t reproduce others’ luck. Successful companies tend to significantly overvalue the effect of their leaders’ deliberate decisions on their performance and understate the role of chance—being at the right time, at the right place, with the right people. Alas, what worked in their circumstances may not work in yours.

The set-up-to-fail syndrome.

Benchmarking can be remarkably misleading when you make oversimplified comparisons to superstars who may not represent your situation. You could sink your business if you blindly copy celebrity leaders’playbooks in the wrong context, product, strategy, or market.

Companies that benchmark Apple and Steve Jobs and sidestep market research often disappoint themselves when their product launches fail. The leaders of these companies neither have Jobs’s brilliant intuition nor his extraordinarily talented creative team to build what customers want but didn’t know they wanted yet.

In the same way, companies that imitate the 20-70-10 “rank and yank” processes from Jack Welch’s playbook often fail to realize that several factors contributed to their success at General Electric. Welch had a robust organizational culture that insisted on regular and candid employee feedback and robust personnel processes for recognizing and developing the best talent within the company.

Corporate culture is a tricky business.

Your company’s culture—the prevailing way your people feel, think, behave, and relate to one another—cannot be changed easily. One industrial company aborted trying to imitate Google’s culture. This company couldn’t get its managers and employees to be more autonomous and innovative because the company’s and the industry’s ingrained culture did not lend itself to experimentation, risk-taking, and the celebration of fast failure.

Benchmarks look backward, not forwards.

In a competitive, ever so fast-changing world, what has succeeded in the past ten years may not necessarily do so in the next 10. The management guru Tom Peters once warned, “Benchmarking is stupid! Because we pick the current industry leader, and then we launch a five-year program, the goal of which is to be as good as whoever was best five years ago, five years from now.”

A strong focus on “quick wins” can turn out long-term losers.

Benchmarking can make short-term gains but have adverse long-term effects that may not manifest until many years later. By imitating an industry leader, a capital goods company decided to boost efficiency by outsourcing design to its suppliers. Years later, it discovered the debilitating effects of the loss of vital technical knowledge.

Idea for Impact: Best practices only add value when applied in the proper context

Applying best practices in the wrong context is a sure-fire way to hold your company back.

Pay attention to all ideas, mull them over, test what makes sense, adopt what works, and discard what doesn’t.

Sure, help yourself to great ideas wherever you can get them, but be mindful of the context. Try to understand how the top performers’ circumstances and culture may be causing their success. Think through the long-term consequences of any decision you take or any practice you adopt.

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Filed Under: Leadership, Mental Models Tagged With: Creativity, Critical Thinking, Getting Ahead, Icons, Leadership Lessons, Mentoring, Role Models, Winning on the Job

Hitch Your Wagon to a Rising Star

October 28, 2021 By Nagesh Belludi Leave a Comment

If it becomes apparent that someone above you on your department’s org chart is a superstar, let them know that you want to join their team or continue to work with them as they move up. Especially if you sense you’d connect with them intellectually as well as emotionally.

Companies identify their A-players, pour training into them, give them growth opportunities, and build their experience using “stretch assignments.” Partner with such a superstar. Even if they get hired away by a competitor, you’ll stand a chance of moving with them.

Contrarily, if you wind up working with someone whose career is about to implode, try to get a transfer away from that person as quickly as possible.

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Filed Under: Career Development, Managing People Tagged With: Career Planning, Getting Ahead, Mentoring, Role Models, Winning on the Job, Workplace

The Truth about Being a Young Entrepreneur

May 24, 2021 By Nagesh Belludi Leave a Comment

I think we should start telling our young people that getting into business is hard.

Let’s stop pumping them up, “Go for it, kid. This is awesome. This is going to be the best thing you’ve ever done. If X can do it, you can do it too. You’re going to smash it.”

Entrepreneurs have a tendency to over-confidence, and the over-confident tend to be socially and culturally primed for entrepreneurship.

Fact is, most first-time entrepreneurs wish that someone had told them how hard it was going to be. Ideas are a dime a dozen. When real-life replaces daydreams, researching, experimenting, taking on customers, building a team, gaining wisdom, and getting cash in the door are all awfully difficult. Most self-employed people put in very long hours and worry about their work, even outside of work. Entrepreneurship simply isn’t for everyone.

America is fascinated by entrepreneurs. But the successful-young-entrepreneur narrative has generated a false affirmation that sets up people for disappointment when they encounter reality.

In recent years, we’ve seen more young people diving into the startup realm. Yes, young entrepreneurs have lower opportunity costs and a better sense of the new generation’s needs. But they don’t have the network, mature frame of mind, industry insight, and adequate financial resources vital to success. Indeed these factors are why older entrepreneurs tend to have a substantially higher success rate.

Let’s stop creating false hopes for young people who don’t realize how difficult business—even a one-person-shop—is. Yes, encouragement is essential, and it can go a long way in helping people succeed. However, let’s lend support to reality and not a myth.

Idea for Impact: If you have the entrepreneurial itch, don’t become quickly sold on tales of grandeur.

Don’t build a startup to become a trend.

Don’t quit your day job yet—especially if your business idea is a spin-off from your present occupation or you intend to turn a hobby or a particular interest into a thriving business.

Don’t give up that steady paycheck until after you’ve built a side hustle.

Don’t listen to the superstars.

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Filed Under: Career Development, Personal Finance Tagged With: Entrepreneurs, Learning, Personal Finance, Personal Growth, Personality, Persuasion, Role Models, Skills for Success

‘Follow Your Passion’ is Really Bad Career Advice

May 17, 2021 By Nagesh Belludi Leave a Comment


One of Our Greatest Literary Stylists Was a Full-time Business Executive

Wallace Stevens, one of the 20th century’s most celebrated poets, was a full-time insurance executive for The Hartford Accident and Indemnity Company. The son of a wealthy lawyer, Stevens attended Harvard, where he became recognized on campus as a prolific and multitalented writer. He moved to New York City to become a poet. His father was a lover of literature but was also prudent. He disapproved of Stevens’ literary aspirations and directed his son to cease writing and study the law.

Stevens eventually caved to his family’s pressure and went to New York University Law School. He practiced law at several New York firms for more than a decade before becoming an insurance lawyer and executive.

Stevens wrote most of his poetry on his daily two-mile walks to and from work: “I write best when I can concentrate, and do that best while walking.” He would take slips of paper in his pockets and jot down words. His secretary would type them up for him.

Despite the job demands, Stevens produced a fantastic body of imaginative work in his spare time. He won the Pulitzer Prize for poetry in 1955 for Collected Poems (1954.)

A Paycheck Comes First

Artists of all kinds have kept their jobs their entire lives. Among just the writers,

  • T. S. Eliot did some of his best work while employed at Lloyds Bank in London.
  • Two-time Poet Laureate Ted Kooser was also an insurance executive for much of his career. He would get up early, write poems for an hour and a half, and then go to work.
  • Pulitzer winner A. R. Ammons was a sales executive at his father-in-law’s scientific glass firm.
  • Richard Eberhart, another Pulitzer winner, worked at the Butcher Polish Company, his wife’s family’s floor wax business.
  • Poet Laureate James Dickey started his career at an advertising agency to “make some bucks.” A copywriter, he worked on the Coca-Cola and Lay’s Potato Chips accounts. He famously said, “I was selling my soul to the devil all day… and trying to buy it back at night.”
  • William Carlos Williams was a doctor in New Jersey practicing pediatrics and general medicine.
  • Novelist Henry Darger was a custodian at a Chicago hospital.
  • Harvey Pekar was a VA Hospital clerk in Cleveland. He held this job even after becoming famous. Until he retired in 2001, he declined all promotions.
  • Jules Verne was an agent de change (a broker) on the Paris Bourse. He woke up early each morning to write before going for the day’s work.
  • Novelist Jodi Picoult worked at an ad agency and a financial analyst, a textbook editor, and an eighth-grade teacher. She wrote her first novel when she was pregnant with her first daughter.

Disregard the Inspirational Mumbo Jumbo

Each of these authors had ambitions to be a writer but didn’t think they could earn a living at it initially. They started working as a means to an end. At the same time, they plodded away at writing, honing their craft, trying to appeal to readers, and refusing to stop trying because of their ambition and passion.

The boilerplate career advice “Do what you love and the money will follow” is aspirational but hardly practicable. Plenty of people are passionate about their craft, but few people can turn those passions into an actual paycheck.

Many people want to “do what they love” and specialize in, say, 17th-century Metaphysical poetry, get disheartened when there aren’t a lot of job positions available in that field, let alone that narrow area of expertise.

Pursue a passion but as a hobby. Work at it, and until you can find people who’ll like your work well enough to pay you for what you love to do, get a day job that’s acceptable and pays reasonably well. A steady professional income will take the pressure off. You’ll still be pursuing what you love, and, hopefully, someday, you can make a full career of it.

For now, though, let the money follow, if only from a different source.

Idea for Impact: Cultivate a Passion, But Don’t Expect to Make it a Career Right Away

To follow a passion, go get a day job. Think of it as your side gig. Then make time to cultivate your passions. When you’re good at something that people are likely to want, the money will come.

Despite the well-meaning counsel to follow your passion, the truth is, it’s easier to pursue your passion and achieve your dreams if you can afford to work free. Until then, seek the peace of mind that comes from being able to pay your bills and attaining financial stability.

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Filed Under: Career Development, Living the Good Life, The Great Innovators Tagged With: Career Planning, Life Purpose, Persuasion, Pursuits, Role Models

Five Ways … You Could Elevate Good to Great

March 18, 2021 By Nagesh Belludi Leave a Comment

  1. Don’t be too self-critical. If you must dissect your faults, do so with a mirror, not a magnifying glass. For instance, reframe “I’m buried in debt” as “I owe $800 on credit cards and $10,000 in student loans.”
  2. Set easy-to-meet, incremental goals. You’ll feel so good about the results that taking the next step will be much easier. The best plans are only good intentions unless you set deadlines for yourself and achieve results. Keep a written list of all your accomplishments, however small, and celebrate your progress.
  3. Don’t try to do everything. Continuous learning on a few areas will help you pin down and sharpen the essential skills to move up.
  4. Make the most of mentors. Bring together a range of experts and tap into their knowledge and experience. Watch and learn how those you admire got to where they are now. Take responsibility for your own development and placement. Map out your own journey.
  5. Seek out opportunities. Join cross-team projects. Get involved with all aspects of your job. Keep your eyes and ears open to everything up for grabs. Ask for what you want and take risks—you’ll accomplish more and feel good about being brave.

Bonus: Come to terms with your limitations and deal with problems deftly before they metastasize.

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Filed Under: Career Development, Sharpening Your Skills Tagged With: Getting Ahead, Learning, Mentoring, Personal Growth, Role Models, Skills for Success, Winning on the Job

Book Summary of Oprah Winfrey’s ‘The Path Made Clear’

December 8, 2020 By Nagesh Belludi Leave a Comment

The title of Oprah Winfrey’s The Path Made Clear: Discovering Your Life’s Direction and Purpose (2019) might lead one to expect profound insights. Upon delving into its pages, one finds it’s merely a delightful mishmash of feel-good quotes from her illustrious guests.

'The Path Made Clear' by Oprah Winfrey (ISBN 1250307503) Winfrey opens each of the ten chapters with a short personal anecdote of her hard work, persistence, and gratitude. Her meditations illuminate her passion-driven inner self: “Pay attention to what feeds your energy, you move in the direction of the life for which you were intended” and “Your life is always whispering to you.”

Apart from the prologues, the reflections of Winfrey’s guests are poorly organized and fail to effectively guide readers towards discovering their purpose and living it. Some of the guests’ thoughts are poignant and thought-provoking:

  • “When problems show up, relax, and lean away from the noise that the mind is making. Give the noise room to pass through and it does. It passes right through. Don’t let fear take over. Like if you get on a horse and you’re scared, you’re not going to be a very good rider, right? But that doesn’t mean you let the horse go wherever it wants. You learn how to interface and interact with life in a wholesome, participatory way. Letting go of fear is not letting go of life.”—Michael Singer, meditation teacher
  • “Inspiration comes from three areas. It’s the clarity of one’s vision, the courage of one’s conviction, and the ability to effectively communicate both of those things.”—Jeff Weiner, executive chairman of LinkedIn
  • “Don’t pray to have a challenge-free life. Pray that the challenges that come will activate your latent potential.”—Michael Bernard Beckwith, New Thought writer
  • “Luxury is a matter not of all the things you have, but all the things you can afford to do without.”—Pico Iyer, essayist & travel writer

Recommendation: The Path Made Clear is worth a quick scan. While it makes for a lovely addition to your coffee table or nightstand, offering moments for contemplation, don’t expect much in terms of substance.

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Filed Under: Living the Good Life Tagged With: Attitudes, Learning, Mindfulness, Personal Growth, Role Models, Skills for Success

The Checkered Legacy of Jack Welch, Captain of Quarterly Capitalism

March 16, 2020 By Nagesh Belludi Leave a Comment

The legendary Jack Welch, the former Chairman and CEO of General Electric (GE) 1981–2001, died two weeks ago.

Welch was the most prominent business leader of the post-war era. Under his leadership, GE metamorphosed into one of the world’s largest, most profitable, and best-admired companies. He expanded GE’s market capitalization from $12 billion to $410 billion on the back of the steady economic expansion of the 1990s. Welch also became the poster child for “new globalization,” and GE led American companies in gaining access to new markets and lower-cost labor. (Note: GE Medical Systems was one of my first consulting clients out of college.)

For nearly three decades, until his star faded away in about 2008, Welch was the talk of corporate America. He was lionized for streamlining the industrial giant’s top-heavy bureaucracy and empowering managers to spot problems and make changes promptly.

Welch became the font of all sorts of pearls of management wisdom. He was the exemplar after whom American managers patterned themselves—“What Would Jack Do?” became a familiar business mantra. Companies borrowed six-sigma, rank-and-yank, stretch goals, and his other managerial innovations. In 1999, Fortune magazine designated Welch as the “manager of the century.”

Jack Welch Legacy #1: The Messy and Embarrassing $180 Million-Divorce

In 2002, Welch’s reputation took a first big hit when his wife Jane Welch exposed his extramarital affair with Harvard Business Review editor Suzy Wetlufer (later his third wife.) The affair started when she was interviewing him for her publication. Jane, a sharp corporate lawyer whom Jack had extolled as “the perfect partner” in part for taking up golf and playing with his business associates, had even confronted Wetlufer over the phone and cast doubt on her journalistic objectivity.

Welch’s private life became fodder for gossip, and he became a regular feature in New York’s supermarket tabloids. The proceedings of the divorce divulged the extravagant pension benefits that Welch had gotten for himself. Among other lavish allowances, he had kept a company plane and an apartment in New York’s Central Park West—just these cost GE some $1.7 million a year. GE would supply Welch with fresh flowers, wine, dry cleaning, and even vitamins. After a public outcry, Welch was forced to forfeit many of these retirement benefits.

Jack Welch Legacy #2: The Aura Deflated

Welch transformed GE into a super-conglomerate and a Wall Street-darling during his 21-year tenure as CEO. Sadly, Welch’s business model became overly complicated, and many of the mistakes of his strategic deals manifested years later. The most consequential case in point was GE Capital, the finance division that delivered the parent company a near-fatal blow during the 2008 financial crisis. Welch had overconfidently let GE Capital grow unchecked during his tenure, and its easy profits had masked problems at GE’s core industrial divisions.

After a much-publicized “Super Bowl of CEO succession planning,” Welch bequeathed his successor Jeffrey Immelt with a puffed-up corporation. Welch retired in September 2001, and the “house that Jack built” started to crumble right away in the wake of the 9/11 attacks. After failing to curb GE’s sagging profits, Immelt was fired in 2017 following his ill-timed deals for GE’s power division.

All told, Welch’s undoing was his exceptional obsession with shareholder value. He made countless deals—many unrelated to GE’s traditional core competencies—and championed corporate efficiency to the detriment of initiatives that may have sustained GE’s long-term competitiveness.

GE is now a derelict shadow of its former self. Its market capitalization has fallen from a peak of $600 billion in 2000 to $82 billion today.

Jack Welch Legacy #3: The “GE Man” Turned out a Dud

Welch’s other legacy was going to be the “GE Man.” Trained at the knee of Welch, GE’s vast managerial talent was commonly recognized as one of the world’s best. Its leadership development program, headquartered at the famed Leadership Center in Crotonville, New York, was the best training ground for future executives. In April 2005, Fortune magazine noted,

When a company needs a loan, it goes to a bank. When a company needs a CEO, it goes to General Electric, which mints business leaders the way West Point mints generals. … One headhunter estimates the company harbors another dozen execs of FORTUNE 500 caliber.

Alas, Welch’s protégés were mostly disappointments. Much of the long line of managers whom he had mentored at GE has failed to achieve runaway success in running big firms—3M, Boeing, Chrysler, Home Depot, Honeywell, Pentair, ABB, and, undeniably, GE itself.

John Flannery, another “GE Man” who succeeded Immelt, was fired after just 14 months. Flannery was replaced by Larry Culp, the first outsider to run GE in the company’s 126-year history!

Jack Welch Legacy #4: “Jack’s Rules” for Management Success

Welch and his management style earned much criticism for insensitiveness and abrasiveness. Yet, some of his leadership techniques are worth emulating.

  • Nurture a “boundaryless” culture. Cultivate an open organization by removing the barriers that inhibit people and organizations working together. Foster an informal culture that expedites the free flow of ideas, people, and decisions.
  • Involve everybody to enhance productivity. Welch instituted a brainstorming process called “Work-Out” that enabled frontline employees and workers to propose improvement ideas to the bosses who are required to take action “on the spot.”
  • Empower people. Delegate and get out of the way. “We now know where productivity-real and limitless productivity-comes from. It comes from challenged, empowered, excited, rewarded teams of people.”
  • Embrace meritocracy. Let ideas and intellect rule over hierarchy and tradition. “The quality of the idea is determined by the idea, and not the stripes on your shoulder.”
  • Eliminate bureaucracy. “Anything that you can do to simplify, remove complexity and formality, and make the organization more responsive and agile, will reduce bureaucracy.” Welch once called bureaucracy “the Dracula of institutional behavior,” since red tape and rules and regulations tend to rise from the dead every few years.
  • Simplify. Drop unnecessary work. Work with colleagues to streamline decision-making. “The way to harness the power of these people is not to protect them … but to turn them loose, and get the management layers off their backs, the bureaucratic shackles off their feet and the functional barriers out of their way.”
  • Focus on continuous improvement. “Don’t sit still. Anybody sitting still, you can guarantee they’re going to get their legs knocked out from under them.”
  • Act with speed. “Speed is everything. It is the indispensable ingredient in competitiveness.”
  • Get good ideas from everywhere. Study competitors. Abandon the “not invented here” mindset and embrace best practices that are “proudly found elsewhere.”

Welch’s playbook has been studied in dozens of management books, including the three best-sellers he wrote: Jack: Straight from the Gut (2001,) Winning (2005; with wife Suzy Welch,) and The Real-Life MBA (2015; also with Suzy.)

Jack Welch: Captain of Capitalism Whose Star Faded Away

Welch’s most significant legacy will be the Wall Street-orientation of business corporations. He promoted an obsessive focus on creating shareholder value, and in so doing, helped incite the current fixation on quarterly earnings. That, and the burn out of the General Electric that Welch left behind, is testimony to the potential after-effects of sacrificing the long-term well-being of corporations to meet short-term targets.

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Filed Under: Leadership, The Great Innovators Tagged With: Entrepreneurs, General Electric, Icons, Jack Welch, Leadership Lessons, Mentoring, Role Models

Some Lessons Can Only Be Learned in the School of Life

November 19, 2019 By Nagesh Belludi Leave a Comment


How Anil Ambani Learned the Ropes of Doing Business in India

In the Fall of 1982, Anil Ambani, scion of one of India’s wealthiest family, returned home to Mumbai, then Bombay, after attending the University of Pennsylvania’s Wharton School.

Anil had fast-tracked through his two-year MBA program in less than 15 months.

He met up with his father Dhirubhai Ambani and announced, “Look, Dad, I’ve become an MBA, and I’m going to take a break since I worked hard. I will see you in the New Year.”

Dhirubhai asked, “I am very happy and delighted that you accomplished this. Since I did not go to any formal school or college, I do not have any degree, why don’t you tell me, from your learning at Wharton, what does an MBA stand for?”

Smug and self-satisfied, Anil replied, “That’s simple. Master of Business Administration.”

Dhirubhai countered, “An MBA represents Manē Badhā Āvō che,” (Gujarati for “I am know all.”) He explained,

You are entering India, and you need to Indianize your MBA … at Wharton School, did they teach you about customs duties, excise duties, income tax, sales tax, Parliament?

Do you know about a zero-hour question, a call-attention motion, and the difference between a starred question and an unstarred question in the Indian Parliament?

If you don’t get to know all these things, let me assure you, all your formal education is not going to help you. You need your practical Indian MBA. And I am going to create that learning environment for you so that you can get the exposure.

A formal education doesn’t necessarily teach you everything about how to navigate the real world

Dhirubhai Ambani, the prototypical crony capitalist that he was, was highlighting the importance of learning the ways and means of doing business in pre-liberalization India.

One must note that Ambani’s extraordinary rags-to-riches story was a blend of cunning, street smartness, audacious risk-taking, and an unparalleled knack for bending the rules through powerful politicians and bureaucrats. As controversial as he was, Ambani must be understood in the socio-political context of India’s post-Independence industrial milieu. He artfully exploited the opportunities those times offered.

Idea for Impact: Formal education cannot complete the kind of real-world operative skills that you need

If you’re truly serious in your desire to get ahead in business, you will need a broader grasp of your chosen discipline than you can get from formal education.

  • Look, listen, learn. Every industry, company, organization, and team has its own culture. Spend time observing the winners: what does success look like? Who holds power, and how are they persuaded? What are the traits of people who get ahead? Emphasize developing skills in line with the winners.
  • Develop a network of people who can potentially lend a hand or bail you out of a jam. Invest in the people who will listen to your ideas and support your ambitions. Get to know peers at all levels to build a support base. Any person may have the knowledge and the allegiances that they can put to work for you if they’re so inclined.
  • Discover how to make the most of the circumstances you’re dealt with. Don’t manipulate others for your own devices in a Machiavellian sense—although, occasionally, you may need to use duplicity for respectable purposes, i.e. where certain ends can justify certain means.

Remember, the political payoff for fostering and nurturing relationships, and for developing a vast reservoir of skills and experiences, may take months, years, or even decades.

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  5. Hitch Your Wagon to a Rising Star

Filed Under: Career Development, Sharpening Your Skills Tagged With: Attitudes, Career Planning, Employee Development, Getting Ahead, Job Transitions, Learning, Mentoring, Personal Growth, Role Models, Thinking Tools, Winning on the Job

Beware of Key-Person Dependency Risk

September 7, 2018 By Nagesh Belludi

Key-Person Dependency Risk is the threat posed by an organization or a team’s over-reliance on one or a few individuals.

The key-person has sole custody of some critical institutional knowledge, creativity, reputation, or experience that makes him indispensable to the organization’s business continuity and its future performance. If he/she should leave, the organization suffers the loss of that valued standing and expertise.

Small businesses and start-ups are especially exposed to key-person dependency risk. Tesla, for example, faces a colossal key-man risk—its fate is linked closely to the actions of founder-CEO Elon Musk, who has come under scrutiny lately.

Much of Berkshire Hathaway’s performance over the decades has been based on CEO Warren Buffett’s reputation and his ability to wring remarkable deals from companies in duress. There’s a great deal of prestige in selling one’s business to Buffett. He is irreplaceable; given his remarkable long-term record of accomplishment, it is important that much of what he has built over the years remains intact once he is gone. Buffett has built a strong culture that is likely to endure.

Key Employees are Not Only Assets, but also Large Contingent Liabilities

The most famous “key man” of all time was Apple’s Steve Jobs. Not only was he closely linked to his company’s identity, but he also played a singular role in building Apple into the global consumer-technology powerhouse that it is. Jobs had steered Apple’s culture in a desired direction and groomed his handpicked management team to sustain Apple’s inventive culture after he was gone. Tim Cook, the operations genius who became Apple’s CEO after Jobs died in 2011, has led the company to new heights.

The basic solution to key-person dependency risk is to identify and document critical knowledge of the organization. (Capturing tacit knowledge is not easy when it resides “in the key-person’s head.”) Organizations must also focus on cross-training and succession planning to identify and enable others to develop and perform the same tasks as the key-person.

Idea for Impact: No employee should be indispensable. A well-managed company is never dependent upon the performance of one or a few individuals. As well, no employee should be allowed to hoard knowledge, relationships, or resources to achieve job security.

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Filed Under: Business Stories, Managing People, MBA in a Nutshell, Mental Models Tagged With: Biases, Career Planning, Entrepreneurs, Human Resources, Icons, Leadership Lessons, Mental Models, Personality, Risk, Role Models

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About: Nagesh Belludi [hire] is a St. Petersburg, Florida-based freethinker, investor, and leadership coach. He specializes in helping executives and companies ensure that the overall quality of their decision-making benefits isn’t compromised by a lack of a big-picture understanding.

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