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Hedgehogs and The New Blog Conception

Hedgehogs and The New Blog Conception

The Hedgehog Concept comes from Jim Collins’ book Good to Great, one of the most popular business books of all time. The essence of the Hedgehog Concept is that successful companies adhere to the three principles outlined in the graphic below, and they succeed by maintaining focus on what they do best and by not being distracted from their primary objectives.

Now, as a bit of a data geek (and someone who prefers fact to myth), I must note that Good to Great has been called out for having a flawed statistical methodology. So I won’t speak to whether or not the Hedgehog Concept produces the stated results for large public companies. What I will say is that as a model for business blogging, the Hedgehog Concept seems a useful framework, and it is the paradigm I used in evaluating the future direction of this blog.

• What are you passionate about? This is a tough question, as I am passionate about many things. I have always been a bit of a polymath, and have never had that one passion that drove me to the exclusion of all others. I am certainly passionate about business, and in particular, small business. But if I had to pick the two areas of business that I am most passionate about, they would be customer service and marketing.
• What can you be the best in the world at? Of course, this phraseology comes across a bit arrogant for an individual. So let’s recast it as where can you add remarkable, rare and substantial value? And herein lies the beauty of the Hedgehog Concept, when I ask this question it leads me to only one answer: customer service. Despite having a concentration in marketing at the graduate level, if I had to pick an area where I have focused the most — through reading, studying, training and field testing, the area where colleagues actually call to specifically ask my advice — it would be customer service, not marketing.

So, combining the first two questions of the Hedgehog leads me inexorably to customer service as an area of focus. Which leaves us with question 3, driving the economic engine. While I do have an answer for question 3 that completes the circles, it can wait for a later time. For now, the mission of this blog is to build a strong community by creating great content in a focused area of expertise.

BlackBerry thumb' is the name given to a repetitive strain injury caused by overusing mobile phones to send emails and texts.

The condition is so common that one law firm believes employers can expect a series of lawsuits from staff claiming compensation.

"If no one knows about the risks involved, they won't sue, but more and more people are becoming aware of health hazards in the workplace," The Telegraph quoted Karen Jackson, co-founder of the solicitors and Roberts Jackson of Wilmslow, Cheshire, as saying.

'BlackBerry thumb' is the overuse of a mobile phone for work purposes and we envisage potential work in this area as more people are using their handsets when they're on the move, which is leading to repetitive strain injury.

"A lot of people displaying symptoms associated with repetitive strain injury do not realise they are work-related, but the number with symptoms is increasing."

3 Things You Must Know Before You Start A Blog (Video)

3 Things You Must Know Before You Start A Blog (Video).

3 Things You Must Know Before You Start A Blog (Video)

Should I Become an Entrepreneur

I have always wanted to be an entrepreneur. Just for the reason that not only do I have a good possiblity to realise a great amount of money earned out of self satisfaction, but also the hind interest of gaining a better social image in my local community.

After reading Prof. Michael C. Jensen, in his paper Self interest, Altruism, Incentives & Agency Theory  I am confident that the basic vision of earning a huge sum of money will not be able to drive me to become an entrepreneur. It has to be some thing else.

Suryakant Bhai, a Maruti Suzuki car dealer in Rajkot & Junagarh, Gujarat was once was telling me about his long career as an entrepreneur. He had walked a long distance from a small village in Gujarat and then reachin as a big businessmen in Rajkot. I was persistently pushing for the shorter vision of only profits and he was ways away from profits. He spoke of customer orientation as a path to achieving his social status and reputation in the state. A big lesson for me as a young business development executive fresh out of college. So Money is not a big motivator for an entrepreneur.

Going ahead with Maslows laws of highercy of needs I believe that I was a novoice lying at the bottom of the pyramid and trying to compare myself with a person who is already higher up in the same pyramid.

 

GMAT Strategies

Sentence Correction


1. Don't bother to read answer choice (A). It simply repeats the underlined part of the sentence.

2. Don't worry about punctuation; it's not tested in GMAT Sentence Correction.
3. Test-takers have a natural tendency to hyper-correct-to find fault with the original version (the first answer choice). Keep in mind that, on average, in 1 out of 5 Sentence Correction questions the original version (the first answer choice) is the best among the five choices.
4. Trust your ear. If an answer choice sounds awkward in the context of a sentence, don't bother to analyze it-eliminate it and move on.
5. Eliminate any answer choice that distorts the intended meaning of the sentence.
6. Some answer choices might contain internal grammatical errors (they're grammatically improper, even apart from the sentence). Eliminate them right away to narrow down the viable choices.
7. You'll always encounter a second-best answer choice as well. Resolve close judgment calls in favor of the version
that most effectively and concisely expresses the intended meaning of the sentence.
8. Just because an answer choice is a bit wordy or awkward (read: there's room for improvement), don't assume it's a wrong choice. If it contains no grammatical errors, while each of the other choices do, then it's nevertheless the best of the five choices.
9. Just because an answer choice is grammatically correct, don't assume it's the best choice. It might be a bit wordy or awkward; or it might contain a redundancy; or it might employ the passive voice. Another choice might be better overall.
10. Just because an answer choice corrects every problem in the original sentence, don't assume that it is the best answer choice. It might contain a new grammatical error, diction error or word usage problem, or it might be wordy or awkward.
11. Before confirming your response, be sure to read the entire sentence-from beginning to end-with your answer choice. If
it sounds proper to your mind's ear, go with it and move on to the next question.

Sentence Correction Secrets

On the sentence correction questions, when in doubt GO SHORT. In a study of the Eighth and Ninth Editions of the Official Guide to the GMAT there is strong evidence that the shorter answers tend to be right much more often than the longer answers.
# of Times Correct/# of Possiblities % Correct
Shortest answer 101/365 27.7%
2nd Shortest answer 95/365 26.0%
3rd Shortest answer 87/365 23.8%
4th Shortest answer 44/365 12.1%
5th Shortest answer (Longest) 38/365 10.4%

As you can see by the chart, the shortest answers are not always correct, but have a much greater probability of being right than the longest answers. In fact, the shortest answer is almost three times as likely to be correct as the longest answer! If you're debating between two possibilities on the test, go with the
shorter one and the odds will be in your favor. (Note: The study was conducted using a visual appraisal to figure out the shortest answers rather than word or letter count. Visual "ties" were split up among each tied answer choice. For example, if the correct answer and another answer were tied for 2nd shortest, both the 2nd shortest and 3rd shortest were given credit and two possibilities were counted.)

Critical Reasoning

1. Always read the question stem first (before reading the passage). It will contain useful clues about what to look for and think about as you read the passage.
2. Questions that ask you to identify an assumption behind the argument are similar to those that ask you to select the answer choice the most seriously weakens the argument. In both types of questions, your task is to determine what must be assumed in order for the argument's conclusion to be reasonably inferable. In the latter type of
question, your second task is to find the statement among the answer choices that refutes that assumption.
3. If the passage confuses you, try identifying the argument's conclusion (often signaled by terms such as "as a result," "consequently," and "therefore") and its premises-evidence that is given as factual (often signaled by terms such as "because," "since," and "given that.") The passages do not always present the components of an argument in the most coherent sequence. Reasoning linearly from premises to conclusion can help you make sense of it all.
4. In any question that asks which answer choice most effectively either weakens or strengthens the argument, you can be certain that one or two of the answer choices will go the wrong way-by accomplishing just the opposite of what the question asks for. Be on the lookout for them; it's remarkably easy to become confused and go for this type of answer choice under time pressure and during a
momentary lapse of concentration.
5. Many passages contain superfluous statements which are irrelevant to the argument and shouldn't come into play at all in responding to the question at hand. Don't be thrown by these red herrings; separate them out from the important logical features of the argument.

Reading Comprehension

1. Read the first question before you begin reading the passage. By doing so, you can read more actively-with an eye out for the information you need.
2. Never confirm your answer to a question until you've read the entire passage. Information relevant to a question can appear anywhere in the passage.
3. Using your pencil and scratch paper, jot down a rough outline as you read. It will help you locate relevant details quickly as you answer the questions, and minimize vertical scrolling and re-reading.
4. Don't be overly concerned with details (dates, examples, and lists) as you read;
instead, jot down in outline form where these details are located in the passage so you can locate them quickly as needed to respond to the questions.
5. After reading the entire passage, take about 15 seconds to sum it up in one sentence-in the form of a rough thesis statement. Doing so is well worth the effort, because you'll be able to answer some Reading Comprehension questions with nothing more than the thesis in mind.
6. No matter what type of question you're dealing with, eliminate any answer choice that runs contrary to the passage's overall thesis.
7. Be on the lookout for answer choices that provide information supported by the passage but not responsive to the question. This is one of the test-makers' favorite wrong-answer ploys.
8. If the author of the passage adopts a position, or stance, on an issue, but discusses other viewpoints as well in the passage, be on the lookout for answer choices that confuse the author's
viewpoint with the viewpoints of others. This is another common wrong-answer ploy.
9. Be on the lookout for wrong answer choices that provide information not mentioned in the passage-yet another common wrong-answer ploy. These wrong answer choices can be tempting, because it's remarkably easy to assume that you overlooked the information as you read the passage.

Problem Solving

1. If the question asks for a numerical value, the answer choices will increase in size as you read down the list. So if you estimate roughly the size of number the question asks for, then you can easily zero in on the most viable answer choices.
2. Always look for a shortcut to crunching numbers--a more intuitive way of getting to the right answer. The typical Problem Solving question is designed to allow for a longer way as well as a shorter way of solving it. So if you find yourself doing a lot of pencil work, then there's probably an
easier way.
3. Geometry figures are drawn proportionately--unless a figure indicates explicitly that it is not drawn to scale. Nevertheless, don't rely on your eye to measure angle sizes, line segment lengths, or areas. Instead, use your knowledge of mathematics along with the numbers provided to solve the problem. Believe me: The test-makers are careful to ensure that no problem can be solved merely by visual measurement or estimation.
NOTE: The one exception involves Data Interpretation questions that require you to interpret bar graphs and line charts; you can (and should) rely on visual estimation for these questions.
4. If you're stuck, many questions allow you to work backwards by assuming hypothetically that each answer choice in turn is the correct one, then testing it by "plugging it in."
5. Use pencil and scratch paper for all calculations, and always check your calculations before confirming your response. Remember: Wrong
answer choices will anticipate commonly made computational errors, and careless errors are the #1 cause of incorrect answers in GMAT Problem Solving.
6. In handling word problems (math problems cast in a real-world setting), make reasonable real-world assumptions. Don't split hairs by looking for subtle meanings or ambiguous language. The test-makers are not out to trick you in this way.

Data Sufficiency

1. Memorize the five answer choices; they're the same for each and every Data Sufficiency question.
2. Be careful not to carry over any information from one numbered statement to another. (Making this mistake is remarkably easy, especially under time pressure and in a momentary lapse of concentration.)
3. If a question asks for a numerical value (as opposed to a quantitative expression that includes variables), the question is answerable only if a numbered statement (1 or 2) yields one and only one possible
numerical answer--not a range of values.
4. If you can eliminate either answer choice (A) or (B), then you can also eliminate answer choice (D).
5. If either numbered statement (1 or 2) alone suffices to answer the question, then you can eliminate answer choices (C) and (E).
6. In distinct contrast to Problem Solving geometry figures, Data Sufficiency figures are not necessarily drawn proportionately--unless a figure indicates explicitly that it is drawn to scale. Do NOT rely on your eye to measure angle sizes, line segment lengths, or areas. Instead, handle any Data Sufficiency question using your knowledge of mathematics along with the numbers provided.
7. Data Sufficiency questions are designed to test you primarily on quantitative concepts, not on your ability to manipulate numbers (that's what Problem Solving questions are for). So if you find yourself doing a lot of pencil work, you're probably on the wrong track.
8. Just as in
Problem Solving questions, in Data Sufficiency questions cast in a real-world setting you should make reasonable real-world assumptions. Don't split hairs by looking for subtle meanings or ambiguous language. The test-makers are not out to trick you in this way

 

www.google.com

It seems the abyss is the only place where the stock markets are directed to

The secret of the world economic form at Davos is just somethingmore than what appears to be like some power centres assembling to sold some of the biggest problems we all are facing. Somehow I feel its not such a benevolent gesture. The same openion is held by ANDREW ROSS SORKIN. He writes "An invitation to the meeting is supposed to be considered an exclusive honor. But for corporate executives, the cost of being a Davos Man, or, yes, a Davos Woman, even for just a couple of days, doesn’t come cheap."

Moreover people come there for the hidden agenda of chasing successful people who want to be seen with other successful people. That’s the actual game which comes at a very very heavy price. A heavy cost being charged for a noble cause of displaying benevolence? Somethis is missing and also fails to gell well with the cause.

A Hefty Price for Entry to Davos http://dealbook.nytimes.com/2011/01/24/a-hefty-price-for-entry-to-davos/?ref=business

Five Forces Model by Michael E. Porter

What is the basic idea behind Porter's Five Forces model?

Porter's Five Forces model is made up by identification of 5 fundamental competitive forces:

• Barriers to entry
• Threat of substitutes
• Bargaining power of buyers
• Bargaining power of suppliers
• Rivalry among the existing players

Some later economists also consider government as the sixth force in this model.

When putting all these points together in a graphical representation, we get Porter's Five Forces model which looks like this:

Force 1: Barriers to entry

Barriers to entry measure how easy or difficult it is for new entrants to enter into the industry. This can involve for example:

• Cost advantages (economies of scale, economies of scope)
• Access to production inputs and financing,
• Government policies and taxation
• Production cycle and learning curve
• Capital requirements
• Access to distribution channels

Patents, branding, and image also fall into this category.

Force 2: Threat of substitutes

Every top decision makes has to ask: How easy can our product or service be substituted? The following needs to be analyzed:

• How much does it cost the customer to switch to competing products or services?
• How likely are customers to switch?
• What is the price-performance trade-off of substitutes?

If a product can be easily substituted, then it is a threat to the company because it can compete with price only.

Force 3: Bargaining power of buyers

Now the question is how strong the position of buyers is. For example, can your customers work together to order large volumes to squeeze your profit margins? The following is a list of other examples:

• Buyer volume and concentration
• What information buyers have
• Can buyers corner you in negotiations about price
• How loyal are customers to your brand
• Price sensitivity
• Threat of backward integration
• How well differentiated your product is
• Availability of substitutes

Having a customer that has the leverage to dictate your prices is not a good position.

Force 4: Bargaining power of suppliers

This relates to what your suppliers can do in relationship with you.

• How strong is the position of sellers?
• Are there many or only few potential suppliers?
• Is there a monopoly?
• Do you take inputs from a single supplier or from a group? (concentration)
• How much do you take from each of your suppliers?
• Can you easily switch from one supplier to another one? (switching costs)
• If you switch to another supplier, will it affect the cost and differentiation of your product?
• Are there other suppliers with the same inputs available? (substitute inputs)

The threat of forward integration is also an important factor here.

Force 5: Rivalry among the existing players

Finally, we have to analyze the level of competition between existing players in the industry.

• Is one player very dominant or all equal in strength/size?
• Are there exit barriers?
• How fast does the industry grow?
• Does the industry operate at surplus or shortage?
• How is the industry concentrated?
• How do customers identify themselves with your brand?
• Is the product differentiated?
• How well are rivals diversified?

Rivalry is the fifth factor in the Five Forces model but probably the one with the most attention.

What are the assumptions behind the Five Forces model?

From the risk-return perspective, Five Forces model indirectly implies that risk-adjusted rates of return should be constant across firms and industries.

How can I analyze my business from inside?

Porter's Five Forces model views the business from outside. It focuses on assessing competitive position within industry. If you wanted to analyze your firm from within, you might want to consider the SWOT model. The SWOT model has some aspects of external view as well but complements Porter's Five Forces model in the internal view. Another model that you might want to consider is the Balanced Scorecard and IFE/EFE matrix.

Who is Michael Porter?

Michael Porter is a professor at Harvard Business School and is a leading authority on competitive strategy and international competitiveness. Michael Porter was born in Ann Arbor, Michigan.

Got a Good Strategy? Now Try to Implement It

http://knowledge.wharton.upenn.edu/article.cfm?articleid=1173#

A great book: Making Strategy Work by Wharton management professor Lawrence G. Hrebiniak