I, Harjinder Sidhu, have chosen this book summary entitled,
Mind Your Own Business. This is all about A Maverick's
Guide to Business, Leadership and Life. Another great book
from Sidney Harman. Doubleday & Company, Inc., 2003; ISBN
0-385-50959-6; 208 page
Now, let's begin our article....
A maverick is an independent person who will not go along
with the other members of a group (Oxford ESL Dictionary).
This book provides priceless stories and insights from a
maverick of the business world; an exemplary business leader
who prefers not to follow orthodox beliefs in business, nor
be eaten by the hyped up ideas of the present. Instead, he
chooses the course of action that is appropriate for the
changing times.
The Maverick's Way: New Old Thing
What is effective? This is the question answered by the
maverick. He reconciles the good things from both the Old
and New times, and focuses on what is really effective in
confronting the challenges of 21st century business dealings.
A maverick thinks outside of the bed, knows that it pays to
be daring, does not allow technology to tyrannize, finds
strength in diversity, maintains balance and harmony among
people, sets leadership by example, has a strong ethical
base, and values employees and customers. A maverick knows
his customers and believes strongly in his products.
To a maverick, a company is a not just a big candy store. It
is a living instrument with living human beings. It should
have a HEART.
Keys to Leadership
The leader leads. He exercises critical judgment, which will
have a great impact on his people.
The leader defines the company. The leader's responsibility
is to explicitly present and advocate the company's purposes
and goals.
The leader inspires. He gives sense and meaning to the job.
He makes his people realize, that beyond profit there is an
underlying meaning, value, and deeper reason for the work
they do.
The leader should be the evangelist. He should be able to
exercise his influence, to sell the values of ethical
conduct.
The leader must see the company as a coherent whole. He
should be aware of the diversity in the company and bring
this together to promote the whole.
The leader must know that there is no better way to create
a family in the workplace than to encourage the family at
home. Harman International introduced the anti-domestic
violence program in the company, which reinforces the idea
that the company cares.
The leader should never underestimate the value of
disciplined hard work.
The leader empowers subordinates to do their jobs. He
should institute programs for the guidance and training
of his people. He should always keep the lines of
communication open.
The leader promotes closure. He should know the right
time to get things done.
The leader knows what he doesn't know. The leader is not
afraid to ask clarifications, if he does not understand a
particular subject.
The leader knows the meaning of two minutes. He should
respect the time of others and that of his own.
The leader teaches.
Above all, the leader develops others. As Lao Tzu advanced:
he leader having accomplished great things, the people
all feel they did it themselves...
The very best leaders go beyond the mere setting of example.
He should be able to cause a leap of imagination and faith
in his people.
The leader recognizes that people are often at their very
best the moment they have been let go. There are times
when an employee doesn't like the work anymore, or he is
unable to appreciate how the whole enterprise works- this
is the time to set him free.
A Company Must Be Profitable
1) A solid financial base is fundamental.
2) Debt should not exceed equity. A debt to equity ratio
of 1 to 1 or better should be the goal, so that a company's
leader and key executives do not spend all their time on
mere survival -paying bills, meeting the payroll, and
keeping the banks happy- but moving forward and meeting
bigger challenges and doing more visionary work.
3) There should be a regular process for annual strategic
planning and budget-planning.
The Fundamentals of Profit and Loss
1) Manage expectations, not the profits. Keep the
shareholders informed, to eliminate doubts of manipulating
numbers.
2) The Chairman and CEO should be financially literate.
They should know what the numbers really mean.
3) Good growth and profitability requires the exercise
of critical judgment. The leader should make certain that
the budget is one the company can live with.
4) In repurchasing the company's own stocks, make sure that
it will add to the company's earnings.
5) Look into the availability of funds so that the balance
sheet will not be compromised.
Make an Edge in the Business World
1) Writing. It is a unique and powerful skill you can use
for clarity and persuasion.
2) Public Speaking and Story-telling. Speak directly, and
without notes, to your audience. Individuals respond to a
well-told story.
3) Thinking. People do not respect sloppy thinking in a
leader. Thoughts should be carefully considered then
expressed directly, crisply, and clearly.
ABOUT THE AUTHOR: Dr. Sidney Harman
Dr. Sidney Harman's brilliance in the audio field can be
heard throughout the world. Whether on New York's Broadway
or in London's Millennium Dome (or nearly anywhere else where
sound quality is required), the same passion and commitment
to music that Dr. Harman has made his life's work is evident.
Tiny body mics on stage actors and miles of fiber optic cable
in the Dome's sound etwork, along with thousands of other
products, all come from Harman International, which grew out
of a small hi-fi company founded in the 1950's by Dr. Harman
and Bernard Kardon. In his role as Chairman, Sidney Harman
still demands that the company continue its unstinting
commitment to excellence.Dr. Harman has written extensively
on productivity, quality of working life and economic policy
in Newsweek magazine, the Washington Post, the Christian
Science Monitor, etc. He is the co-author, with Daniel
Yankelovich, of Starting With The People. He and his work
have been written about in many newspaper and magazine articles and
in a number of widely-read books, which include: Michael Maccoby's The Gamesman, Daniel Zwerling's Democracy at Work, Justin Jerome's Education Out of Anarchy, and Ronald Muller's The Revitalizing of America.
By: Harjinder Sidhu
About the Author
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