Tag Archives: Business

In My Hands Today…

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Principles: Life and Work – Ray Dalio

Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals.

In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success.

In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve.

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Drive: The Surprising Truth About What Motivates Us – Daniel H. Pink

Most people believe that the best way to motivate is with rewards like money—the carrot-and-stick approach. That’s a mistake, says Daniel H. Pink (author of To Sell Is Human: The Surprising Truth About Motivating Others). In this provocative and persuasive new book, he asserts that the secret to high performance and satisfaction at work, at school, and at home—is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world.

Drawing on four decades of scientific research on human motivation, Pink exposes the mismatch between what science knows and what business does—and how that affects every aspect of life. He examines the three elements of true motivation—autonomy, mastery, and purpose-and offer smart and surprising techniques for putting these into action in a unique book that will change how we think and transform how we live.

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Hooked: How to Build Habit-Forming Products – Nir Eyal

How do successful companies create products people can’t put down?

Why do some products capture widespread attention while others flop? What makes us engage with certain products out of sheer habit? Is there a pattern underlying how technologies hook us?
Nir Eyal answers these questions (and many more) by explaining the Hook Model—a four-step process embedded into the products of many successful companies to subtly encourage customer behaviour. Through consecutive “hook cycles,” these products reach their ultimate goal of bringing users back again and again without depending on costly advertising or aggressive messaging.

Hooked is based on Eyal’s years of research, consulting, and practical experience. He wrote the book he wished had been available to him as a start-up founder—not abstract theory, but a how-to guide for building better products. Hooked is written for product managers, designers, marketers, start-up founders, and anyone who seeks to understand how products influence our behaviour.

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The Knowledge-Creating Company: How Japanese Companies Create the Dynamics of Innovation – Ikujiro Nonaka and Hirotaka Takeuchi

How have Japanese companies become world leaders in the automotive and electronics industries, among others? What is the secret of their success? Two leading Japanese business experts, Ikujiro Nonaka and Hirotaka Takeuchi, are the first to tie the success of Japanese companies to their ability to create new knowledge and use it to produce successful products and technologies. In The Knowledge-Creating Company, Nonaka and Takeuchi provide an inside look at how Japanese companies go about creating this new knowledge organizationally.

The authors point out that there are two types of knowledge: explicit knowledge, contained in manuals and procedures, and tacit knowledge, learned only by experience, and communicated only indirectly, through metaphor and analogy. U.S. managers focus on explicit knowledge. The Japanese, on the other hand, focus on tacit knowledge. And this, the authors argue, is the key to their success–the Japanese have learned how to transform tacit into explicit knowledge.

To explain how this is done–and illuminate Japanese business practices as they do so–the authors range from Greek philosophy to Zen Buddhism, from classical economists to modern management gurus, illustrating the theory of organizational knowledge creation with case studies drawn from such firms as Honda, Canon, Matsushita, NEC, Nissan, 3M, GE, and even the U.S. Marines. For instance, using Matsushita’s development of the Home Bakery (the world’s first fully automated bread-baking machine for home use), they show how tacit knowledge can be converted to explicit knowledge: when the designers couldn’t perfect the dough kneading mechanism, a software programmer apprenticed herself with the master baker at Osaka International Hotel, gained a tacit understanding of kneading, and then conveyed this information to the engineers. In addition, the authors show that, to create knowledge, the best management style is neither top-down nor bottom-up, but rather what they call middle-up-down, in which the middle managers form a bridge between the ideals of top management and the chaotic realities of the frontline.
As we make the turn into the 21st century, a new society is emerging. Peter Drucker calls it the knowledge society, one that is drastically different from the industrial society, and one in which acquiring and applying knowledge will become key competitive factors. Nonaka and Takeuchi go a step further, arguing that creating knowledge will become the key to sustaining a competitive advantage in the future.

Because the competitive environment and customer preferences changes constantly, knowledge perishes quickly. With The Knowledge-Creating Company, managers have at their fingertips years of insight from Japanese firms that reveal how to create knowledge continuously, and how to exploit it to make successful new products, services, and systems.

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Made to Stick: Why Some Ideas Survive and Others Die – Chip Heath and Dan Heath

Mark Twain once observed, “A lie can get halfway around the world before the truth can even get its boots on.” His observation rings true: Urban legends, conspiracy theories, and bogus news stories circulate effortlessly. Meanwhile, people with important ideas–entrepreneurs, teachers, politicians, and journalists–struggle to make them “stick.”

In Made to Stick, Chip and Dan Heath reveal the anatomy of ideas that stick and explain ways to make ideas stickier, such as applying the human scale principle, using the Velcro Theory of Memory, and creating curiosity gaps. Along the way, we discover that sticky messages of all kinds–from the infamous “kidney theft ring” hoax to a coach’s lessons on sportsmanship to a vision for a new product at Sony–draw their power from the same six traits.

Made to Stick will transform the way you communicate. It’s a fast-paced tour of success stories (and failures): the Nobel Prize-winning scientist who drank a glass of bacteria to prove a point about stomach ulcers; the charities who make use of the Mother Teresa Effect; the elementary-school teacher whose simulation actually prevented racial prejudice.