Business and Entrepreneurship

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Creation of wealth and distribution of wealth is one the most profound economic objective. I do agree that ‘profit’ is not a dirty word. To me doing business is satisfying because it gives tremendous amount of opportunities for exposing one’s innate Click here to read more…

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Business proposals – The world of ‘Finance’, where TRUST matters

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Business proposals – The world of ‘Finance’, where TRUST matters

I am really happy to note that you are very much ambitious and desirous for developing your business in global markets. I am also delighted and thankful to know that you have Click here to read more…

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Research and publication

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Research and publication

Had been to a research workshop and had interesting ideas today.

The publishing process as described by the speaker is follows:
1) Design and implement research with a main target journal and a back-up in mind.
2) Study the journal thoroughly
3) Choose the collaborators Click here to read more…

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John Hammond – Chairman, HSBC

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John Hammond – Chairman, HSBC

Had a great time with John Hammond, Chairman, HSBC. Very live, humble and analytical. A lot to learn from him.

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Some issues in Finance

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The following are bullets points from my earlier presentation made to a group of senior managers of a large steel company. This presentation was titled at that time as ‘Emerging Issues in Finance Click here to read more…

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MARG London School of Economics Conference

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MARG London School of Economics Conference

A conference to be attended today at London School of Economics & Political Science (LSE).

I reached at around 9:00 am at Holborn Tube Station and then started walking towards LSE. LSE is at a walking distance from Holborn Tube Station in London. One finds range of Click here to read more…

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Management Science: Practices v/s Theory

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There are not always black or white answers in management. A lot of aspects in management fall in grey area. And that is really fascinating to me. I tell my MBA students since long that ‘There is no accurate formulae for any management success and that is where an individual’s capabilities come into demand’. One cannot guarantee that by doing an MBA or by reading a few books on management or may be listening to some management Gurus, one shall acquire all those managerial skills. According to my current thinking, management is more to be ‘learnt’ rather then to be ‘taught’.

Often I am remarked by some of my friends and colleagues that management is all bookish and theoretical. Coincidentally, in majority of cases, this kind of remark is made by people who might have not read sufficient management literature. Hence, you might agree that it is very ‘easy’ for them to build this opinion.

May be they are right according to their own experience and judgement. However, I humbly disagree on this school of thought. As per my limited understanding I view management more as an applied science. In fact, there are various evidences that first management was ‘applied’ (or practised) and then put into theory. Say for e.g Henry Fayol (1841-1925) first put his ideas into action and when his management ideas were successful, then he shared it with the world and named it as ’14 Principles of Henry Fayol’. More about him and his work on:

http://en.wikipedia.org/wiki/Henri_Fayol

http://www.12manage.com/methods_fayol_14_principles_of_management.html

There are umpteen numbers of such examples. Management theory and practice are intertwined and majority of management theory is drawn from practice. However, similar to many other theories, management theories would also operate under a set of circumstances, assumptions and models.

So if a management idea is not working in a particular business situation, then it is not a conclusive evidence of unreliable management idea. That is where corporate trainers and management consultants come to help. What is more important is need of expert people who are able to translate management ideas into palatable language that is understandable to people across organizations. These experts also help organizations in customizing those management ideas according to the structure, culture and specific needs of the organizations. In fact, that is what we also do in our corporate training and management consulting assignments. Our first responsibility is to capture all necessary facts of our client organization and then to translate a management idea into a customised of course of action through our solutions of corporate training and consulting projects. And it works.

We interacted with a fairly large size of organization recently in London. They were keen to explore on possibilities for restructuring their budgeting exercise. Due to a Non Disclosure Agreement conditions I won’t be able to divulge much details here, but we spent a great amount of time and energy and developing a customised model for their budgeting exercise which is also popularly known as ‘Activity Based Budgeting’ (ABB). Some more details on this in future.

A few links on ABB as follows:

http://www.investopedia.com/terms/a/abb.asp

http://www.activitybasedmgmt.com/Activity_Based_Budgeting.htm

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Welcome!

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Welcome to JP’s blog!

Welcome to my blog! This blog will have my reflections on my thinking related to life, careers, businesses, opportunities, travel, photography, ideas, influences, organizations, individuals and more. Depending on various factors and my schedule this blog may be regularly irregular.

karmanye vadhika raste,

ma phaleshu kadachana;

ma karma phala he tur bhuh,

ma te sangvasta karmani

The above stanza originally in Sanskrit language is from Bhagwat Gita which has a profound message for the mankind. It means that we as human beings do have right to do ‘KARMA’ which means work (duty) but we need not expect any fruit from the work. We have a duty and an obligation to do, but we have no right to expect a particular consequence or result or fruit to follow from what we do.

To conclude for the first blog, the following is my disclaimer para.

Please note that this blog shall be part of my website www.jatinpancholi.com and subject to disclaimer mentioned on the same. Kindly note that by visiting this website or any of the pages, you are agreeing to the terms and conditions mentioned in the disclaimer. For further information, please read http://www.jatinpancholi.com/disclaimer


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