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Stoics in Silicon Valley learn to manage disappointment
17 Dec. 2016 |Financial Times | Byline: Philip Delves Broughton.
* Stoicism is the new Zen, a rediscovered set of ideas that seem tailor-made for a period of rapid change.
* The Obstacle Is the Way: The Timeless Art of Turning Trials Into Triumph by Ryan Holiday
* Keep moving forward

History will one day tell us more about the meeting this week between Donald Trump and the biggest names in Silicon Valley. We will find out why these usually swagge...
books  disappointment  endurance  Jim_Collins  joyless  MLK  next_play  Philip_Delves_Broughton  rapid_change  Romans  Ryan_Holiday  Silicon_Valley  Stoics  suffering  tough-mindedness  Vietnam_War 
february 2017 by jerryking
Wilbur Ross brings art of restructuring to Team Trump
JANUARY 21, 2017 | FT| by: Philip Delves Broughton.

“When you start out with your adversary understanding that he or she is going to have to make concessions, that’s a pretty good background to begin.”

So all this stuff about tariffs and walls and protectionism turns out to be pure gamesmanship.......In his career as an investment banker at NM Rothschild and then running his own business, WL Ross & Co, he has shown repeatedly how he can dive into an industrial dung heap and emerge with a fistful of dollars and not a speck on his silk tie......... Working on his own account, Mr Ross’s most famous deal was his purchase of an ailing group of US steelmakers in 2002, shortly before President George W Bush imposed tariffs on imports of steel. Mr Ross used the protection to fix the operations, cut debt and draft new contracts with workers. He was able to take the company public in 2003 and sell it two years later to the Indian steel mogul Lakshmi Mittal.

He has pulled off similar tricks, mostly successfully in coal mining, textiles and banking, immersing himself again and again in new industries and the minutiae of the laws, trade rules and contracts that govern them.

As a student at Harvard Business School, Mr Ross was mentored by Georges Doriot, a pioneering advocate for venture capital, who said: “People who do well in life understand things that other people don’t understand.”
For bothering to understand things that most people don’t, Mr Ross deserves more credit than he gets. He is often easily dismissed as a vulture or someone who buys low and sells high. But what he has done is hard. The devil in restructuring is in the grinding detail of voluminous contracts and difficult, often highly emotional negotiations.
arcane_knowledge  bankruptcy  contracts  detail_oriented  dispassion  emotions  gamesmanship  Georges_Doriot  hard_work  imports  HBS  inequality_of_information  Lakshmi_Mittal  leverage  messiness  minutiae  moguls  negotiations  new_industries  Philip_Delves_Broughton  preparation  protectionism  restructurings  sophisticated  steel  tariffs  thinking_tragically  unsentimental  vulture_investing  Wilbur_Ross 
january 2017 by jerryking
Cyber stickups that retail chiefs should have learnt to fear
31 October/1 November 2015 | FT | Philip Delves Broughton

The risks in retail are now of an entirely different nature....
cyber_security  retailers  data_breaches  CEOs  Philip_Delves_Broughton  hackers  risks  Pentagon  lessons_learned 
november 2015 by jerryking
How to Jump-Start Entrepreneurship
December 25, 2012 | WSJ | By PHILIP DELVES BROUGHTON.

How to Jump-Start Entrepreneurship
The challenges often come down to a disconnection from money, talent and customers.
Philip_Delves_Broughton  entrepreneurship  Kauffman_Foundation 
february 2013 by jerryking
A conversation that translates
June 7, 2012 | The Financial Times pg. 14 | Philip Delves Broughton.
(Pass on to Abdoulaye DIOP)
For global companies, creating an approach to risk that resonates across cultures can be a challenge, writes Philip Delves Broughton

Risk is a risky word. Already prone to misinterpretation among people who share a language and a culture, the difficulties multiply dangerously when it moves across borders.

What a Wall Street trader might define as moderately risky may seem downright insane to a Japanese retail broker; what an oil pipeline engineer in Brazil might characterise as gung-ho may appear overcautious to his revenue-chasing chief executive in London....The greatest pitfalls in managing risk across borders, he says, emerge from assuming too much. When dealing with fellow English speakers, it is easy to imagine that a shared language means shared assumptions - that the English, Americans and Australians think the same thing because they are using the same words.... Tips for managing risk across borders

Context is more important than language. Understand what matters most in the markets where you are doing business. Is it the law, logic or maintaining relationships?

Every word comes with its own "metadata" in different cultures. Be as specific as you can and never assume you have been properly understood without checking for potential misunderstandings.
cultural_assumptions  risks  risk-management  Communicating_&_Connecting  globalization  organizational_culture  transactions  national_identity  Philip_Delves_Broughton  translations  assumptions  misinterpretations  contextual  metadata  specificity  crossborder  cross-cultural  misunderstandings  interpretation  conversations  risk-assessment  words  compounded  risk-perception  multiplicative 
september 2012 by jerryking
"Portrait of a perfect salesman."
3 May 2012| Financial Times | Philip Delves Broughton.

Tips for closing any deal

Know the odds

Most salespeople face far more rejection than acceptance. Knowing how many calls or meetings it takes to make each sale helps develop the positive attitude vital to succeed. After all, 99 rejections may be just the prelude to that triumphant yes.

Find a selling environment that suits you

Some people are great seducers, others dogged persuaders. Some like to make lots of sales each day, others prefer making one a year. Some enjoy high financial incentives, others thrive on the human relationships. Decide who you are first, then find a sales role that suits your personality type.

Be your customer's partner not their adversary

Great salespeople create value around products and services that they can convey and deliver to their customers. Paying attention and acting in the interests of your customer rather than yourself is very difficult. But as information about price and features becomes more widely available, service and relationships become the real value in each sale.
sales  selling  Philip_Delves_Broughton  Salesforce  character_traits  personality_types/traits  customer_centricity  ratios  partnerships  relationships  rejections  salesmanship  salespeople  success_rates  customer_focus  pay_attention  positive_thinking  solutions  solution-finders 
may 2012 by jerryking
Infotrac Newsstand - Document
Time to stand up to the crisis junkies
Author(s): Philip Delves Broughton
Source: The Financial Times. (Sept. 6, 2011): News: p14
crisis  crisis_management  Philip_Delves_Broughton 
december 2011 by jerryking
A brave new networked world - FT.com
July 18, 2011 | FT | by Philip Delves Broughton.

Technology may have made everyone accessible, but it has not yet made
all social networks equal.... Old fashioned ties (telephone or in-person
meetings) continue to be of paramount importance...don't underestimate
the importance of re-activating dormant ties....businesses use social
network analysis tools to categorize customers....
Social network analysis is being used to measure job performance and
forecast turnover, to rate employees for promotion, monitor their
ethical standards and improve the systems for collaboration. It is now a
standard diagnostic and prescriptive tool for management consultants
advising companies.
social_networking  LinkedIn  Philip_Delves_Broughton 
july 2011 by jerryking
The value of information
Philip Delves Broughton
Financial Times; London
03-08-2011

Jump to best part of document
The value of information
data  data_driven  analytics  Philip_Delves_Broughton  Thomas_Davenport  data_mining 
april 2011 by jerryking
Lean start-up thinking that works for all
Oct. 26, 2010 / FT/ Philip D. Broughton. The classic method is
to look at the mkt. for an opportunity, establish a business case,
develop a product, test, validate & finally launch. At each stage,
you gather resources, establish criteria for the next step and try to
adjust as you go. The challenge, though, is that technology &
customer tastes move so fast that the classic method is
inadequate....Rather than wait until all your ducks in a row, iterate
early & often by finding customers willing to help you refine your
product & even buy it in its most primitive form. Don't waste $ by
investing in an unproven product, but rely on customer feedback to tell
you where to spend. The ideas owe much to "agile software development",
an adaptive process that values customer collaboration, responsiveness
& individual input over strict product road maps, tools & mktg.
plans. For traditionalists, agile development may smack of
ill-discipline, when in fact it is just a different kind of discipline.
ProQuest  Philip_Delves_Broughton  start_ups  lean  experimentation  criteria  iterations  early_adopters  Michael_McDerment 
november 2010 by jerryking
Why boardrooms are not all rock 'n' roll
Nov 1, 2010|FT|Philip Broughton.Managing creative people is
difficult,not just because creativity is rare and the people who possess
it chafe at being managed but because establishing a mkt for creative
work is one of the hardest things to do in business.VCs know this when
they install seasoned executives to guide young founders (e.g.Eric
Schmidt @ Google & Sheryl Sandberg @ Facebook).Similarly, Hollywood
often pairs a hard-headed business type with a creative genius.Steven
Spielberg's career took off under the guidance of Sid Sheinberg, a
fierce lawyer who ran MCA/ Universal.Book publishing's best-known agent,
Andrew Wylie, is nicknamed "the Jackal" for his tenacity on behalf of
clients...The Stones required 3 very different kinds of manager:(1) to
validate them within a highly competitive industry & establish them
in the public eye;(2)to usher them into the big time; and (3) to build a
protective fort around their steady-state operations & ensure their
L.T. survival & profitability.
ProQuest  Philip_Delves_Broughton  creative_types  rollingstones  autobiographies  Keith_Richards  music_industry  partnerships  talent_management  Andrew_Wylie  Hollywood  pairs 
november 2010 by jerryking
FT.com / Management - When to turn a blind eye to the facts
September 20 2010 | Financial Times | By Philip Delves Broughton.
.....For the men and women fighting to stop the leak, there were the messy, practical challenges to be met, and decisions to be made based on the evidence. And then there were those who made the decision early to pound away at this latest example of “Big Oil” gone wild.

President Barack Obama was caught between the two, trying to make decisions based on the complex set of facts, while others claimed to know exactly what decisions should be made, and compiled the evidence accordingly.

Businesses are often caught in the same trap. Ideally, you want to base your decisions on sound evidence. But often, managers make a decision then rustle up the evidence to support it. As Peter Tingling and Michael Brydon of Simon Fraser University wrote recently in the MIT Sloan Management Review, it is the difference between evidence-based decision making and its ugly sibling, decision-based evidence making......
Profs Tingling and Brydon found that evidence is used by managers in three different ways: to make; inform; or support a decision. If it is used to make a decision, it means the decision arises directly from the evidence. If it is used to inform a decision, evidence is mixed in with intuition or bargaining to lead to a decision. If it is used to support a decision, it means the evidence is simply a means to justify a decision already made. They also found that evidence is often shaped by subordinates to meet what they perceive to be the expectations of their bosses.

There are two dangers to letting decisions trump evidence. The first is when decision making is simply ill-informed. Ideally, a decision that contradicts the evidence is an inspired hunch, formed by experience, like Nelson’s. In the worst case, it is the product of ignorant bias.

The second danger is that once your employees know that you, as a manager, are more interested in finding evidence to fit your conclusions rather than seeking out truth, it infects a company with demoralising and destructive cynicism.
......In other companies, however, the cult of data-driven decision making leaves so little room for personal beliefs that people just tailor evidence to fit pre-made decisions......What is a manager to do? How do you encourage the use of data, while leaving room for the occasional inspired decision? One solution is to be more flexible in how you categorise decisions. Not all will require the same degree of evidence.

Another is to weigh the costs of gathering evidence. Is it always worth it? If not, don’t fudge it for appearance’s sake. Admit that you are trusting your well-honed instincts.
evidence_based  Octothorpe_Software  Philip_Delves_Broughton  decision_making  Peter_Tingling  environmental_disasters  Deepwater_Horizon  evidence  oil_spills  oil_industry  fact_patterns 
september 2010 by jerryking
Review: Drive - WSJ.com
FEBRUARY 1, 2010, | Wall Street Journal | by PHILIP DELVES BROUGHTON
Daniel_Pink  Philip_Delves_Broughton 
february 2010 by jerryking
Book Review: “The Management Myth” - WSJ.com
AUGUST 5, 2009 | Wall Street Journal | by PHILIP DELVES BROUGHTON. Reviews
The Management Myth By Matthew Stewart Norton, 343 pages, $27.95.
book_reviews  management_consulting  business_schools  Philip_Delves_Broughton 
august 2009 by jerryking
Taking Care of the Customer - WSJ.com
APRIL 8, 2009| Wall Street Journal | by PHILIP DELVES
BROUGHTON reviews two books,
Inspire!
By Jim Champy
(FT Press, 176 pages, $22.99)

Hit the Ground Running
By Jason Jennings
(Portfolio, 246 pages, $25.95)

(a) Don't abandon your customers after each campaign but engage with
them all the time; (b) be authentic -- that is, do what you promise and
don't take the people who buy from you for fools. They will have their
revenge in the market or, failing that, online.
Philip_Delves_Broughton  book_reviews  authenticity  books  customer_engagement 
april 2009 by jerryking
Grade Conflation - WSJ.com
DECEMBER 21, 2005 WSJ article by PHILIP DELVES BROUGHTON on grade inflation at HBS
decision_making  organizational  HBS  Philip_Delves_Broughton  MBAs  grade_inflation 
february 2009 by jerryking
Up the Ladder, Step by Step - WSJ.com
Nov. 26, 2008 WSJ book review by Philip Delves Broughton of
"There's No Elevator To the Top" By Umesh Ramakrishnan.

He describes meeting the chairman of Nestle, who complains that his
rivals are no longer Mars or Pepsi but telephone companies. "Five years
ago seventy percent of the pocket money of kids was to buy chocolates,
ice cream; now eighty percent is in telecom," the Nestle boss tells Mr.
Barrault. "Can you imagine the impact for my business?"
book_reviews  career  Managing_Your_Career  discretionary_spending  leadership  CEOs  Philip_Delves_Broughton  competition  Theodore_Levitt  Nestlé  Pepsi  mobile_phones  confectionery_industry 
february 2009 by jerryking
Embracing Debt, Enhancing Value
Feb. 13, 2008 book review by Philip Delves Broughton of
"Lessons From Private Equity Any Company Can Use" by Orit Gadiesh and
Hugh MacArthur.
book_reviews  private_equity  lessons_learned  Philip_Delves_Broughton  Bain 
january 2009 by jerryking
The Hard Work of Getting Ahead - WSJ.com
Oct. 29, 2008 book review by Philip Delves Broughton of Geoff'
Colvins' ,"Talent Is Overrated" and Geoff Smart and Randy Street's
"Who".
movingonup  talent_management  book_reviews  overrated  Geoff_Smart  hiring  Philip_Delves_Broughton  talent  Geoff_Colvin  hard_work 
january 2009 by jerryking

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