Less-Confident People Are More Successful

July 30, 2012

By Tomas Chamorro-Premuzic in Harvard Business Review Blog Network   Article

“… extremely low confidence is not helpful: it inhibits performance by inducing fear, worry, and stress, which may drive people to give up sooner or later. But just-low-enough confidence can help you recalibrate your goals so they are (a) more realistic and (b) attainable. … If your confidence is low, rather than extremely low, you stand a better chance of succeeding than if you have high self-confidence. There are three main reasons for this:

  1. Lower self-confidence makes you pay attention to negative feedback and be self-critical:Most people get trapped in their optimistic biases, so they tend to listen to positive feedback and ignore negative feedback. …
  2. Lower self-confidence can motivate you to work harder and prepare more: If you are serious about your goals, you will have more incentive to work hard when you lack confidence in your abilities. In fact, low confidence is only demotivating when you are not serious about your goals.
  3. Lower self-confidence reduces the chances of coming across as arrogant or being deluded. … the consequences of hubris are now beyond debate. According to Gallup, over 60% of employees either dislike or hate their jobs, and the most common reason is that they have narcissistic bosses.

…  people with low self-confidence are more likely to admit their mistakes — instead of blaming others — and rarely take credit for others’ accomplishments. This is arguably the most important benefit of low self-confidence because it points to the fact that low self-confidence can bring success, not just to individuals but also to organizations and society.”


“You can’t buy it”

July 30, 2012

From Business Ethics and Leadership   Source

“If you don’t have integrity, you have nothing. You can’t buy it. You can have all the money in the world, but if you are not a moral and ethical person, you really have nothing.” – Henry Kravis


“Executives are like crows – they like shiny things”

July 30, 2012

By Pascal Dennis on Lean Pathways   Article

Beware INITIATIVES

“Like most people, I went to business and engineering school with the best intentions – get a better job, learn interesting stuff, become a better manager and so on. But we pick up more than we bargain for – including dysfunctional mental models, which I’ve written about at length. We begin to believe that, because we are so smart and well-educated, we can manage from a distance. And the corollaries:

  • What can front line workers possible teach us?
  • Improvement means head office INITIATIVES dreamed up by people — just like us!

Result? Endless INITIATIVES stream out of head office. They crowd out real work and often crush our managers and team members. Everywhere, I see good people struggling under the weight of actual work plus the funny work head office insists on. Executives are like crows – they like shiny things. …

At our old Toyota Motor Manufacturing Canada plant – we never had INITIATIVES. We had tough performance targets set through Strategy Deployment, and the expectation that we’d figure out root causes & countermeasures. Result: we focused entirely on making the day’s production and improving our management system. We were free to balance continuous improvement with breakthrough. We owned our management system.”


The Spreading Scourge of Corporate Corruption

July 30, 2012

By  in New York Times   Article

“Perhaps the most surprising aspect of the Libor scandal is how familiar it seems. Sure, for some of the world’s leading banks to try to manipulate one of the most important interest rates in contemporary finance is clearly egregious. But is that worse than packaging billions of dollars worth of dubious mortgages into a bond and having it stamped with a Triple-A rating to sell to some dupe down the road while betting against it? Or how about forging documents on an industrial scale to foreclose fraudulently on countless homeowners? …

Trust in big business overall is declining. Sixty-two percent of Americans believe corruption is widespread across corporate America. According to Transparency International, an anticorruption watchdog, nearly three in four Americans believe that corruption has increased over the last three years.

We should be alarmed that corporate wrongdoing has come to be seen as such a routine occurrence. Capitalism cannot function without trust. As the Nobel laureate Kenneth Arrow observed, “Virtually every commercial transaction has within itself an element of trust.””


How to Raise the Energy Level of Your Next Meeting with One Simple Technique

July 30, 2012

By  in Duct Tape Marketing   Article

“I attended a meeting the other day and before we got down to the business of the agenda the leader asked us each to reflect on one thing in business and one thing personally that we were really excited about. … What I observed gave me reason to believe every meeting I ever conduct should start this way – all hands meetings, one on one meetings, project meetings, planning meetings, even meetings with outside vendors and suppliers.

Here are a few reasons why:

  • You could physically feel the energy in the room lift as each individual shared something positive
  • Everyone in the room became centered – yesterday and the last email were put away
  • The meeting was immediately collaborative
  • I deepened my relationship personally with each attendee
  • I learned more about each professionally than I had in a year

I think the rush to get on with on it keeps us from understanding each other. With understanding comes empathy, compassion, knowledge and perspective – and from these things we are all better prepared to work with each other.”


Libor Is Not the Only Manipulated Economic Number

July 30, 2012

By Washingtons Blog   Article

Many Other Core Economic Figures Manipulated As Well

“[Bank of England executive] Paul Tucker told MPs that Barclays’ abuse of the Libor system may be only one part of the banks’ dishonesty over crucial financial information, suggesting that other markets should now be investigated. An official inquiry into Libor – which helps determine interest rates for householders and businesses – should be broadened to include several over markets where banks are trusted to report their own data, he said. …

The Libor scandal could be repeated in a number of other “self-certifying” markets where prices are determined, he said. “Self-certification is clearly open to abuse, so this could occur elsewhere,” he said. A Financial Services Authority inquiry into Libor should be extended to other self-certifying markets, he said. …

An expansion of the FSA review could take in a number of other interest-rate-related data as well as some complex financial instruments measuring the difference between banks’ borrowing costs and that of the US government. [i.e. the Ted spread]. Some markets in gold and oil are also based on self-certification.

Mainstream commentators are starting to publicly discuss manipulation in the precious metals markets.  See thisthis and this.””


The Stupidity and Strength of Youth

July 23, 2012

By Dan Rockwell at Leadership Freak   Article

“Young leaders focus on themselves too much. They mistakenly believe success depends on them rather than others. They think about their own potential and neglect the potential of others.

Small dreams are reached alone.
Great dreams require others.

Young leaders limit themselves by sinking into themselves. Shifting from success to significance makes great dreams possible.

Other mistakes young leaders make:

  1. Reluctance to lead. (Frequently a belief issue)
  2. Assuming dissent is resistance.
  3. Making impulsive decisions without doing their homework.
  4. Hiding ignorance.
  5. Not asking.
  6. Being arrogant.
  7. Assuming collaboration just happens.
  8. Acting independently.
  9. Inconsistency.
  10. ????”