Management

Recently, I had an employee tell me that her paycheck was not as important as the education we could provide her. As a business owner, you can’t afford to cut out employee development from your budget.

Wamda, a leading entrepreneurship empowering organisation that supports and invests in some of the MENA region’s most successful and innovative startups, has launched Wamda X.

A manager friend often says, “I can’t solve a problem if I don’t know about it.” That’s his way of encouraging colleagues to inform him of issues as they arise.

I’ve worked with entrepreneurs a long time. One was an Army Ranger in Vietnam, another was a motorcyclist with a ponytail. Despite stylistic differences, successful entrepreneurs always have a vision and a plan.

A friend’s family company manufactures customized products. A customer called to say that delivery of his order by Friday was critical. The receptionist checked, then replied that standard delivery should arrive Thursday. On Thursday, only two of five boxes arrived. Unhappiness ensued.

Sir Francis Bacon is credited with the aphorism, “Knowledge is power.”

We live in strange times. Anyone can broadcast anything via the web and social media. Unsubstantiated and biased “news” quickly compounds in prominence through the magic of algorithms. Truth has become elusive.

Much like sports teams cycling through head coaches, companies often seem to constantly be changing CEOs.

Unlike millennials, Generation Z (born after 1995) grew up in uncertain times, so they have different priorities. This is important for employers to know, because members of Generation Z are now seeking their first jobs.

Success in golf eludes me consistently. I always try to do the 10 or 15 things that will result in a great shot. That yields confusion, and sometimes comedy, but rarely success.

I’ve hired bright college graduates for their first job since 1987. At orientation, I emphasize one point: the only dumb question is the one you didn’t ask.

Managers have a lot to consider each day. Strategy. Tactics. Short-term goals. Long-term goals. Budgets. Performance reviews. Communication. Time allocation.

Success in sales is often about overcoming negatives rather than emphasizing positives. Similarly, success in management is often about avoiding failures. Reaching budgets brings short-term success, but to maximize career success, it’s important for a manager to avoid failures.

I was barely out of business school when I initiated a transaction with a top client of my firm. Because the structure was innovative, the client was important and I was a rookie, the deal got lots of attention.