A Good Leader is a Good Follower

To differentiate leader from follower is difficult; they have several similarities as well as also have some differences. In leadership, one should have to take risk and lead the team; have ability to see opportunity that other cannot see. Both should be able to learn from someone or something. Leaders must be independent and isolated and should not rely on anyone but himself and have to be entrepreneurial and make workplace culture better by working with generous purpose. Good leadership is needed to solve problems and to navigate unexpected circumstances Followers only need to be competent during the battle and must be able to carry out orders by their leader, with their own ability while at other times; they have no need to be that competent. They could ask for help from their friends but in contrast, Leader cannot ask for help from his followers or else his followers would consider him incompetent. Being a follower is easier than being a leader because leader has to be isolated and should have ability to solve his own problems.

Leadership can be as successful or effective or both.

  1. Successful leadership but not effective – In this pattern, leader’s style may not compatible; but follower does the job because of leader’s power and position. They obey the command and follow his idea.
  2. Effective leadership – the followers may do the job willingly to cooperate because the leader’s request satisfies the follower’s needs or goal.
  3. Successful leadership – it emphasizes upon position, power and close supervision.
Read the rest

Guidelines for Being a Good Leader

The leader leads his people towards the goal. He is the person who can get his people to follow him. He is the one who is looked up to, whose judgment is trusted, and who inspires the people working with him and for him. Good leader should be motivating, inspiring and able to manage people. Leader should be charismatic and being visionary and have ability to acting decisively. There is very complex opinion about leadership either can take it as based on personality and physical traits or based on prescribed behaviors. Leadership can define in terms of power relationship between leaders and followers. As good leaders, they must try to get employees to concentrate around common goal and should have creative vision and strategic plan for an organization.

Decisiveness is very important characteristic because every leader has to be taking some difficult decision in job. They have to take decision that shows firmness and leads the team towards the desired goal. Great leader never take step back during the hard situation. They react according to the time and situation. Leader has to be aware about the surroundings, their people’s working style and nature, about their boss, about the company’s desired goal and strategy. So, leader can be preplanned what to do in future and in such type of situation. By understanding the problem and situation, leaders have to take wise decisions that lead team towards the goal.

Attitude of leader is also an important factor in team work because it determines the action and affects the people’s working style.… Read the rest

Global Market Models and Concept Analysis

Managers must be conscious that markets, supplies, investors, locations, partners, and competitors can be anywhere in the world. Successful businesses will take advantage of opportunities wherever they are and will be prepared for downfalls. Evidently, successful managers, in this environment, need to understand the similarities and differences across national boundaries, in order to utilize the opportunities and deal with the potential downfalls. In developing appropriate global strategies, managers need to take the benefits and drawbacks of globalization into account. A global strategy must be in the context of events around the globe, as well as those at home. International strategy is the continuous and comprehensive management technique designed to help companies operate and compete effectively across national boundaries. While companies’ top managers typically develop global strategies, they rely on all levels of management in order to implement these strategies successfully. The methods companies use to accomplish the goals of these strategies take a host of forms. For example, some companies form partnerships with companies in other countries, others acquire companies in other countries, others still develop products, services, and marketing campaigns designed to appeal to customers in other countries. Some rudimentary aspects of international strategies mirror domestic strategies in that companies must determine what products or services to sell, where and how to sell them, where and how they will produce or provide them, and how they will compete with other companies in the industry in accordance with company goals. The development of international strategies entails attention to other details that seldom, if ever, come into play in the domestic market.… Read the rest

Push and Pull Factors in International Business

Companies decide to go global and enter international markets for a variety of reasons, and these different objectives at the time of entry should produce different strategies, performance goals, and even forms of market participation. However, companies often follow a standard market entry and development strategy. The most common is sometimes referred to as the “increasing commitment” method of market development, in which market entry is done via an independent local partner. As business and confidence grows, a switch to a directly controlled subsidiary is often enacted. This internationalization approach results from a desire to build a business in the country-market as quickly as possible and by an initial desire to minimize risk coupled with the need to learn about the country and market from a low base of knowledge.

International markets evolve rapidly and very often companies struggle to keep up in terms of their strategy. It is therefore reasonable to deduce that many companies’ international operations will consist of a collage of country market operations that pursue different objectives at any one time. This, in turn, suggests that most companies would adopt different entry modes for different markets. More commonly, however, is for companies to evolve a template that is followed in almost all markets. This usually starts with market entry via an indirect distribution channel, usually a local independent distributor or agent.

The factors leading to the wide acceptability of international business are:

  1. Globalization of economics: The policy of liberalization was adopted which led to the globalization of various economics including the former communist countries and socialist pattern of the society.
Read the rest

How To Make Your Small Business Stand Out

There are many small businesses out there, but they’re not all the same. It’s important to distinguish yourself from the competition right away. Avoid getting clumped together with all the other guys. You have the power to communicate your uniqueness.

Doing nothing will only keep you invisible. You have to take action and constantly be brainstorming ways to offer a distinctive edge. You have to want to be the best to get to that level. Unfortunately, there are no shortcuts, but there are techniques that’ll get you to where you want to go. See how to make your small business stand out.

Business Cards

One way to differentiate yourself is with your business cards. Go online and choose or create a business card design that fits the look of the company. Craft or reinvent your brand with a free business card maker and start showing off who you are to customers. Personalize the card and choose a theme, images and text that create a custom business identity. This may seem like a small adjustment, but a business card has the ability to close business deals and make new connections.

Volunteer Locally

Get involved with your community. Show your face in public and meet new people. Volunteering with local organizations is a great way to give back and tell others about your business. Make it part of your routine and get around to different areas and groups. Volunteering feels good and it’s an activity outside of your normal daily tasks. Get to know people in your community and you may find you have a lot in common with them.… Read the rest

Confirmation Bias – Understanding Behavioral Biases in Finance

Confirmation bias is the inclination to seek or make sense of news or facts in a way that validates one’s preconceptions. So, during the decision making process for psychologist they will refer to information that supports their decision more favorably. They will rarely give the obvious negative much consideration and since our beliefs and postulations are definitely prejudiced so the tendency to give more attention and weight to data that support our beliefs than we do to contrary data will subtly but gradually have a harmful effect.

An illustration of Confirmation Bias

A very real manifestation of this tendency can be observed in the virtual world. For instance, investors are increasingly turning to message boards or virtual communities to search, clarify, and exchange information before making investment decisions. The volume of discussion on such portals is so intense that it has become possible to sense stock sentiments from here. These message boards have been shown to provide more accurate and timely information than forecasts by analysts.

The reason so many investors even turn to these online communities is to gain an unbiased evaluation of the market conditions, a third-party opinion on something they might not have comprehensive information about, and the 360 degree view of the situation that can help in formulating a successful investment strategy. What in turn happens is that psychological biases, especially in such uncertain and noisy environments, affect the processing of information through these portals leading to short-sighted or impaired decision making.

It can be debated that investment-related message boards and communities do not necessarily benefit potential investors by helping them make unbiased and informed decisions, primarily because investors search for specific information on these portals that align with what they already believe.… Read the rest