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Title: Studies in Business-Cycle Theory
WonderClub
Item Number: 9780262120890
Number: 1
Product Description: Studies in Business-Cycle Theory
Universal Product Code (UPC): 9780262120890
WonderClub Stock Keeping Unit (WSKU): 9780262120890
Rating: 2.5/5 based on 2 Reviews
Image Location: https://wonderclub.com/images/covers/08/90/9780262120890.jpg
Weight: 0.200 kg (0.44 lbs)
Width: 0.000 cm (0.00 inches)
Heigh : 0.000 cm (0.00 inches)
Depth: 0.000 cm (0.00 inches)
Date Added: August 25, 2020, Added By: Ross
Date Last Edited: August 25, 2020, Edited By: Ross
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$99.99 | Digital |
| WonderClub (9296 total ratings) |
Bonnie Lindsay
reviewed Studies in Business-Cycle Theory on September 09, 2012Warren Buffet, Don Keough, and Charlie Munger are the three giants and knowledge houses who’ve established great businesses, so much that it’s a status quo to be called you are from Omaha.
He talks about how the book got it’s name. It so happens that when Warren Buffet was invited to deliver a speech on How to win - he believed that it wasn’t something he could really talk about as it’s a highly uncertain topic to talk about, he decided to talk about how to fail, which was aired in the TV then and then evolved to this book 10 commandments for business failure.
He talks about his humble beginnings where he worked different jobs in different places and when he moved on to Coca-Cola - he believes it was a great businesses that touched and impacted so many different people all around the globe in every nook and corner where the name is very well known.
the Ten Commandments to failure has been devised by him and if you follow one or more of these commandments - you are not only going down, but are also taking your company with you. This is not a breakthrough mantra but just common sense.
1. QUIT TAKING RISKS - he that is over cautious will accomplish very little. He traces back the history of human kind that settled down for mediocrity with so many reasons that were fair enough, however with no risk comes nothing new in life. He traces back to his origin and how his forefathers did eventually take risk and fared really well. He talks about how coco-cola’s multi-million dollar risk benefitted in surging sales and the creation of a cheerful fat Santa. He discusses in detail how Xerox 914 is a piece of monumental history and the very name Xerox become a household name in the place of photocopying as a verb. He says Xerox failed because it stopped taking risks when computer was launched and Xerox with a five year headstart over it’s future competitors, failed to take risks which is one of the major diseases of success. The other two are complacency and arrogance. Xerox, finally in the 2000’s was blamed of credit fraud in all levels, and is now reinventing itself with it’s new management. Short-term innovations are often necessary for Long term winning, even if there are any failures, it’s really important to stay in business. Sometimes the failures give way to new ideas and unexpected wins. If you have a product that is winning, you simply can’t bank on it, but have to constantly think about opportunities that evolve. 

2. BE INFLEXIBLE - he talks how coca-cola met a crisis and would have caused a corporate suicide. The time when Pepsi created an amazing jingle to sell a two ounce bottle for 2 nickels became a huge hit, coca-cola had entered into a contract with bottlers from round the world to bottle the concoction. The bottle was a trademark symbol which connected with people in the way it looked, felt and was perceived, but when Pepsi sales soared, bottlers in Coca-Cola didn’t like the corporate fooling around them with the contract. You can’t be inflexible when the conditions around you is changing. You will surely fail if you don’t change when circumstances around you change. He talks about Digital equipment corporation - a company with 100,000 employees - a pioneer in so many ways - search engines, internal emails, mp3, etc. they weren’t adapting to the change and were inflexible. henry Ford wanted to change the perspective af a motor car from simply being a plaything for the rich to also serve as a transportation for the masses. He kept redoing the profit per car to increase the sales volume. When an average pay was lesser, he paid more than double. Pro-sumers. He got his own workers to buy and use his product with the raise in money he was so inflexible but failed eventually. He wasn’t okay with changing colours, but the modelty was going to be only black color. He, however changed but created a competitive edge by Chevrolet and Toyota. The major studios wasn’t flexible and prevented growth. Flexibility / adaption is the key idea about Darwin’s theory of survival of the fittest. 

3. ISOLATE YOURSELF: if you are trying to create a Taj Mahal for yourselves and try to isolate yourselves from your company, and people who work for you, you are isolating yourselves, some people are too cool to know the names of those who work for you. Being isolated alienates, created rumours, and even causes revolts. Some bosses from round the world often tend to create an isolated environment for themselves with a bunker mentally and look at things from their desk, some want to hear only good news. Some even hire people to nod their heads to everything he’d say. You may be a CEO at office, but you have to have the mind to take your own garbage at home. You always have to surround yourselves with people who challenge your idea and let you think beyond your limitations. Don’t hire dim bulbs to appear bright. Some of the associates he hired to work with him often walked up and said what they thought and he often listened to them.

4. ASSUME INFALLIBILITY: A good name is rather to be chosen than riches. When children started to fall sick because of Coke, when the beer company cut down on it’s ingredients and then the consumers were angry. General Motors - incalculable loss of public goodwill. When he went to East Germany to buy several plants after his initial reluctance, then accepted that the plant caused amazing turnarounds. The source of information is from your own team. Pose as an infallible leader if you want to fail.

5. PLAY THE GAME CLOSE TO THE FOUL LINE: trust is important. Consumers trust that the brand will deliver what is says it would, likewise everyone banks on trust - investors, management & employees. The corruption in Kmart leading to its fall- The court calling it - played close to the line, and crossed it. The obsession with celebrities has always been there. Doing things right and doing the right thing. You can never pass enough laws to make men ethical. there should be an absolutely necessity of doing the right thing. It’s ethics. 

6. DON’T TAKE TIME TO THINK: taking time to think really matters. Less is more. If you want to fail, don’t take time to think. If you want success, take lots of time to think. Thinking is the best investment you can ever make. Success is not about moving faster, but fair is. The example of Intuit - think smart & act fast. Gandhi mentioned - there’s more to life than increasing it’s speed. Data unprocessed can mask reality. The uncertainty principle is a great example. The things we think we don’t know aren’t the problem. The things we think we know usually get us into trouble - Mark Twain. Confrontation trap - they want to see what they’d like to see. Don’t fail to ask obvious questions. Don’t fool yourselves with your measure of quality and own standards. Stop measuring wrong variables, and don’t have the wrong people doing it. The example of Coca Cola 6 ounce bottles and Pepsi 12 ounce bottles. It’s plain foolish and dangerous. It’s not a luxury, it’s a necessity. Once the ball is rolling, it’s difficult to stop. 

7. PUT ALL YOUR FAITH IN EXPERTS AND OUTSIDE CONSULTANTS: the brand is defined by what each person (consumer) feels about it. The example of the come back of Coca-Cola Classic was a clear indication of what your customers think than the market research professionals. The expertise of so many experts has been proved wrong, as opposed to popular opinion. Statistical figures are sometimes validated by external experts, and have been consisting. 

8. LOVE YOUR BUREAUCRACY: sometimes the rules and routines become more important and end up as an obstacle. They keep you busy, but no productive progress has been made. You don’t need to have five levels of approval, but just streamline your process. Some times there can be major choke points, and internal impediments, that becomes a personal battle. Your success is my failure. bureaucracy impedes performance and creates tension. The greater the number of cooks, the greater the bureaucracy and confusion.

9. SEND MIXED MESSAGES: the problem with communication is the illusion that it’s been accomplished. Sometimes the communication is misleading and sends mixed messages. 

10. BE AFRAID OF THE FUTURE: the ability gives you responsibility to demonstrate your faith in the future. One optimist in a sea of pessimist can make a difference. Sight, smell, hearing, taste, and touch - the ability to sense the mood - a great habit that most successful people have it. 


11. ADDED BONUS - LOSE YOUR PASSION FOR WORK FOR LIFE: there should be a genuine passion for something, and be a little crazy about it. Without a brand, it’s just a commodity. A brand is magic, and will thrive in the hands of those you want it. Make an emotional connection with your people.

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