During my MBA I have compiled a collection of small (one or two liner) business lessons. Most have been derived from class readings, quotes from speakers or my own perspectives. While my compilation is well over 100, this week I shall share five of them:
- TEAMS: When people start agreeing, get worried. Consensus is seen in a more positive light than should be warranted. Conflict is essential. Ideas, hypothesis, theories need to be challenged before they proceed.
- TEAMS: While diversity can led to more ideas on the table, its key power is being able to test and shake the ‘perfect’ idea/s that seem so obvious to the majority.
- INNOVATION: A well characterized need is the DNA of a great innovation.
- MARKETING: The only facts are from your customers.
- LEADERSHIP: Your job as a manager is to help make others successful.
One of the tokens of advice/insight from my internship at BioMarin Pharmaceutical as the concept of a Sigmoid Curve and its application to how you should be thinking about your career.
What is big data exactly? I’m OK with my stats and my calc but ‘Big Data’ has always sounded like this sexy but advanced level of math that is able to transform data into previously unknown/unattainable insights, or so it seemed…
Why do firms exist? Seems like a pretty simple question right. However, it’s something I’ve never thought about. Turns out there is a simple answer.
Firms arise because of market failure. The market despite its efforts is not able to achieve efficient outcomes. It lacks the coordination (of sourcing and deploying resources) that organizations can achieve. Firms exist to solve hard problems. This is how they add value and why we pay them for it.
I’ve never really paid much attention to checklists. They’ve just seemed trivial and mundane. However, checklists were a topic of discussion this week, particularly when they should/shouldn’t be used. Below is an exert from a paper I had to write on the subject. Enjoy.