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Mind_Your_Own_Business_ _A_Book_Summary
| Mind Your Own Business - A Book Summary
This article is based on the following book: Mind Your Own
Business A Maverick’s Guide to Business, Leadership and Life By
Sidney Harman Doubleday & Company, Inc., 2003 ISBN 0-385-50959-6
208 pages
A maverick is an independent person who will not go along with
the other members of a group (Oxford ESL Dictionary). This book
provides priceless stories and insights from a maverick of the
business world; an exemplary business leader who prefers not to
follow orthodox beliefs in business, nor be eaten by the hyped
up ideas of the present. Instead, he chooses the course of
action that is appropriate for the changing times.
The Maverick’s Way: New Old Thing
What is effective? This is the question answered by the
maverick. He reconciles the good things from both the Old and
New times, and focuses on what is really effective in
confronting the challenges of 21st century business dealings.
A maverick thinks outside of the bed, knows that it pays to be
daring, does not allow technology to tyrannize, finds strength
in diversity, maintains balance and harmony among people, sets
leadership by example, has a strong ethical base, and values
employees and customers. A maverick knows his customers and
believes strongly in his products. To a maverick, a company is a
not just a big candy store. It is a living instrument with
living human beings. It should have a HEART.
Keys to Leadership
The leader leads. He exercises critical judgment, which will
have a great impact on his people.
The leader defines the company. The leader’s responsibility is
to explicitly present and advocate the company’s purposes and
goals.
The leader inspires. He gives sense and meaning to the job. He
makes his people realize, that beyond profit there is an
underlying meaning, value, and deeper reason for the work they
do.
The leader should be the evangelist. He should be able to
exercise his influence, to sell the values of ethical conduct.
The leader must see the company as a coherent whole. He should
be aware of the diversity in the company and bring this together
to promote the whole.
The leader must know that there is no better way to create a
family in the workplace than to encourage the family at home.
Harman International introduced the anti-domestic violence
program in the company, which reinforces the idea
that the company cares.
The leader should never underestimate the value of disciplined
hard work.
The leader empowers subordinates to do their jobs. He should
institute programs for the guidance and training of his people.
He should always keep the lines of communication open.
The leader promotes closure. He should know the right time to
get things done.
The leader knows what he doesn’t know. The leader is not afraid
to ask clarifications, if he does not understand a particular
subject.
The leader knows the meaning of two minutes. He should respect
the time of others and that of his own.
The leader teaches. Above all, the leader develops others. As
Lao Tzu advanced: “the leader having accomplished great things,
the people all feel they did it themselves…”
The very best leaders go beyond the mere setting of example. He
should be able to cause a leap of imagination and faith in his
people.
The leader recognizes that people are often at their very best
the moment they have been let go. There are times when an
employee doesn’t like the work anymore, or he is unable to
appreciate how the whole enterprise works- this is the time to
set him free.
A Company Must Be Profitable
1. A solid financial base is fundamental. 2. Debt should not
exceed equity. A debt to equity ratio of 1 to 1 or better should
be the goal, so that a company’s leader and key executives do
not spend all their time on mere survival -paying bills, meeting
the payroll, and keeping the banks happy- but moving forward and
meeting bigger challenges and doing more visionary work. 3.
There should be a regular process for annual strategic planning
and budget-planning.
The Fundamentals of Profit and Loss
1. Manage expectations, not the profits. Keep the shareholders
informed, to eliminate doubts of manipulating numbers. 2. The
Chairman and CEO should be financially literate. They should
know what the numbers really mean. 3. Good growth and
profitability requires the exercise of critical judgment. The
leader should make certain that the budget is one the company
can live with. 4. In repurchasing the company’s own stocks, make
sure that it will add to the company’s earnings. 5. Look into
the availability of funds so that the balance sheet will not be
compromised.
Make an Edge in the Business World
1. Writing. It is a unique and powerful skill you can use for
clarity and persuasion. 2. Public Speaking and Story-telling.
Speak directly, and without notes, to your audience. Individuals
respond to a well-told story. 3. Thinking. People do not respect
sloppy thinking in a leader. Thoughts should be carefully
considered then expressed directly, crisply, and clearly.
By: Regine P. Azurin and Yvette Pantilla http://www.bizsum.com
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BusinessSummaries is a BusinessSummaries.com service. (c)
Copyright 2001-2005, BusinessSummaries.com
About the author:
Regine Azurin is the President of BusinessSummaries.com, a
company that provides business book summaries of the latest
bestsellers for busy executives and entrepreneurs.
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