Array
(
    [0] => WP_Post Object
        (
            [ID] => 16062
            [post_author] => 90
            [post_date] => 2019-09-17 07:48:10
            [post_date_gmt] => 2019-09-17 07:48:10
            [post_content] => George Yip photoProfessor of Marketing and Strategy, Imperial College Business School. Previously Professor of Strategy and Co-Director, Centre on China Innovation, China Europe International Business School in Shanghai; VP and Director of Research & Innovation, Capgemini Consulting; Dean, Rotterdam School of Management, Erasmus University; faculty at Harvard, UCLA, Cambridge and London business schools. Other books include Strategic Transformation, Managing Global Customers, Asian Advantage and Total Global Strategy. He took his MBA at Harvard and has worked at numerous business schools including those at Harvard, UCLA and Cambridge, as well as working as author, consultant and manager. Most recently he was professor of strategic and international management at the London Business School. He will be a keynote speaker at the IMI National Management Conference on 29th September 2016.

IMI: Based on your current work – if you only had 6 words of advice to give a business – what would they be?

GY: China is the next innovation powerhouse

IMI: What does this mean? GY: China is moving from imitation to innovation. China’s vast, diverse and still-growing market, its legions of low-cost scientists and engineers, and its innovation ecosystem of research institutes, technology parks and universities have created a fertile ground in which Chinese companies are now innovating, not just for China, but for the world. As a result, the country has finally emerged from years of being seen as merely the factory of the world and is now rapidly assuming a new role: innovator to the world. IMI: Where should we look for further information? GY: Forbes online, George Yip and Bruce McKern, “The ‘Three Phases’ of Chinese Innovation” 23 March 2015. Forbes online, George Yip and Bruce McKern, “5 Ways to Protect Your Intellectual Property in China,” 1 July 2015. Forbes online, George Yip and Bruce McKern, “5 Strategy Lessons Companies Can Learn From China,” 6 June 2016. George Yip is a keynote speaker at the IMI National Management Conference taking place on Thursday 29th of September. To register for this event, please click here.         [post_title] => "China is the next innovation powerhouse" Six Word Wisdom from George S. Yip [post_excerpt] => [post_status] => draft [comment_status] => open [ping_status] => open [post_password] => [post_name] => china-next-innovation-powerhouse-six-word-wisdom-george-s-yip [to_ping] => [pinged] => [post_modified] => 2019-11-28 00:31:23 [post_modified_gmt] => 2019-11-28 00:31:23 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.imi.ie/?p=16062 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [1] => WP_Post Object ( [ID] => 11945 [post_author] => 63 [post_date] => 2015-10-05 11:20:50 [post_date_gmt] => 2015-10-05 11:20:50 [post_content] =>
thimon
Thimon de Jong runs over the past ten years has consulted with leading organisations such as Ikea, Deloitte, Aon, Samsung and GDF Suez, on sharpening their business strategies to sync with wider socio-cultural trends. Thimon runs his own company, Whetston, a strategic foresight think tank. He also teaches at Utrecht University on how sociocultural trends can be used to improve business strategy. He will be a keynote speaker at the IMI National Management Conference on 8 October 2015 IMI: Based on your current work – if you only had 6 words of advice to give a business - what would they be?

TDJ: Develop a digitally balanced business strategy

IMI: What does this mean? TDJ: Society, human behaviour, business: our world is rapidly getting more and more digital. But parallel to this development, the need for the real, the personal and the unconnected is growing. In the future, a successful strategy will cater both these trends with a digital balance in any part of business: products, services, marketing communication, HR etc. IMI: Where should we look for further information? TDJ: This fall, I will release a series of articles on this, published via LinkedIn and my website: www.whetston.com NMC 2015 A4 HEADER Thimon de Jong is a keynote speaker at the IMI National Management Conference taking place on Thursday 8 October. This event has now reached maximum capacity however if you would like to be added to the waiting list, please email your contact details and company name to conference@imi.ie. [post_title] => "Develop a digitally balanced business strategy" Six Word Wisdom from Thimon de Jong [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => develop-digitally-balanced-business-strategy-six-word-wisdom-thimon-de-jong [to_ping] => [pinged] => [post_modified] => 2019-12-04 16:19:02 [post_modified_gmt] => 2019-12-04 16:19:02 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.imi.ie/?p=11945 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [2] => WP_Post Object ( [ID] => 22610 [post_author] => 80 [post_date] => 2018-04-05 09:27:06 [post_date_gmt] => 2018-04-05 08:27:06 [post_content] => [caption id="attachment_22612" align="aligncenter" width="600"]Jack Welch was CEO of GE for 20 years. In a changing world, is he still the model for leadership? Jack Welch was CEO of GE for 20 years. In a changing world, is he still the model for leadership?[/caption]   When discussing the challenges facing business leaders it seems almost de rigeur nowadays to talk about the level of change organisations are facing. The challenge to equip leaders to build the future in these uncertain times is certainly daunting, with seismic geopolitical shifts (in this context the Trump administration seems to be the gift that keeps on giving), disruptive technological change (how many of us even fully understand the implications of bitcoin, blockchain and whatever new technology will be unleashed on us next) and even severe climate and weather events. The very ubiquitous nature of these challenges may however inure us to their real potential as both a threat and an opportunity to affect a true paradigm shift in how we view leadership, a classic case of an issue being undervalued through overuse. . The Concept of Leadership From the perspective of the 21st century the development of our concept of leadership is a little clearer than it may have been in the past.  From this remove we can see how the largely male, heroic models of leadership have greatly influenced the literature and teaching in this field. The business leaders who are most often cited, Jack Welch, Steve Jobs etc. are broadly from a similar mould and the models of leadership, with the exception of Servant Leadership (as a servant leader you put the needs of others, particularly team members, before you even consider your own, but how many executives really model themselves on this type of leadership?) extol an assertive, confident, out-going and mainly extroverted style. In fact, the Myers Briggs type most associated with leadership is the ENTJ (extraversion, intuition, thinking, judgment), which is described as the ‘general’, again exposing the military underpinnings of the leadership canon. We can clearly see this bias in the continuing popularity of books like Dale Carnegie’s “How to win friends and influence people”, the pseudoscience of NLP and programmes that teach executives how to create the right ‘impression’. Given the genesis of the leadership concept it is understandable that people might misconstrue the notion of leadership presence as the ability to impose oneself (and influence people), but there is real hope that we are about to experience a genuine shift in the paradigm. . Unhappy Influencers [caption id="attachment_22617" align="aligncenter" width="600"]Richard Boyatzis studied how leaders influence those around them Richard Boyatzis studied how leaders influence those around them and how that effected their lives and careers[/caption] . Recent research conducted by Richard Boyatzis and colleagues from Case Western Reserve University examined the relationship between the extent to which people adopted an ‘influencing’ leadership style and their later satisfaction with both their careers and their life in general.  Interestingly they found a very strong negative correlation between these factors, i.e. the more people adopted an influence style the less satisfied they were with their careers and lives. Boyatzis and colleagues did not have an objective measure of career success, so one could still argue that the ‘influencers’ did better in their careers, but Boyatzis’ research does tell us that irrespective on how well an outsider might judge your career progress, the ‘influencers’ are less happy about their situation.  The researchers concluded that those who adopt an influencing style are pushing on their environment and trying to get more from others, e.g. they tend to show a high need to control social situations. The crux of the problem, especially in the context of a VUCA world, is that pushing on or trying to control an environment that is in a constant state of flux, verging on chaos is unlikely to be very effective and will certainly lead to people being highly dissatisfied and unhappy in their work and indeed their lives. Now would be the perfect time for the leadership movement to learn the lessons of evolutionary psychology that success in a changing environment falls to the most adaptable, those who can outlearn their competition.   The Adaptable Generation This will require a cadre of new leaders who are less ego-identified with success and winning, who don’t see problems as opportunities to impose themselves and demonstrate mastery of the environment. Rather we will see the emergence of leaders who can go with the flow, adapt to new realities quickly, work through and with others as either leader or follower and pivot gracefully as cherished paradigms fall away and hard-earned experience proves ineffective as a guide to new problems. There is no doubt that the idea of women in leadership is in the current zeitgeist and may or may not create a fundamental shift in how we see leadership in the future.  I am however hopeful, that as the new model emerges we will see less emphasis on the old machismo of the ability to impose oneself on others and on the environment and more emphasis on the willingness to adapt, change and ‘flow’ with emerging realities. Bruce Lee used to tell his students to ‘be like water’, perhaps that is not a bad metaphor for what leaders will need to become.   imi-colm-foster-810Dr Colm Foster is Director of Executive Education at the Irish Management Institute. He has acted as a leadership development consultant to organisations in the US, Asia and Ireland, particularly specialising in Emotional Intelligence. The next IMI Diploma in Leadership starts on 2nd May, 2018. [post_title] => 21st Century Leadership: The Shifting River [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => 21st-century-leadership-shifting-river [to_ping] => [pinged] => [post_modified] => 2018-04-05 09:27:06 [post_modified_gmt] => 2018-04-05 08:27:06 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.imi.ie/?p=22610 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [3] => WP_Post Object ( [ID] => 29596 [post_author] => 94 [post_date] => 2018-12-30 14:51:55 [post_date_gmt] => 2018-12-30 14:51:55 [post_content] => [post_title] => 2018 hghlights from IMI speakers [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 2018-hghlights-from-imi-speakers [to_ping] => [pinged] => [post_modified] => 2019-11-07 12:47:02 [post_modified_gmt] => 2019-11-07 12:47:02 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.imi.ie/?p=29596 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [4] => WP_Post Object ( [ID] => 8010 [post_author] => 37 [post_date] => 2014-09-04 14:33:32 [post_date_gmt] => 2014-09-04 14:33:32 [post_content] => Due to a number of factors such as technology and globalisation our day to day lives - whether business or personal increasingly involve broader international networks.  And while in the IMI blog we often consider our "effectiveness" in how we interact with and manage others but all too often we do not discuss the critical factors of nationality and culture. How do cultural differences impact on your ability to do business? And how can we make sure we are maximising our relationships with those in our network who may be operating with cultural differences to our own.   Erin Meyer is a professor at INSEAD, one of the world's leading international business schools. Her work has appeared in Harvard Business Review, Singapore Business Times and Forbes.com. In 2013 the Thinkers 50 named her as one of 30 up-and-coming thinkers and in October 2013 British Airways Business Life magazine on their list of 'Ten Dons to Watch'. Her work focuses on how the world's most successful global leaders navigate the complexities of cultural differences in an international environment.   Erin-Meyer IMI: Based on your current work - if you only had 6 words of advice to give a business - what would they be? EM: Succeed Globally with a Culture Map IMI: What does this mean? EM: Today, whether we work with colleagues in Dusseldorf or Dubai, Brasilia or Beijing, New York or New Delhi, we are all part of a global network (real or virtual, physical or electronic) where success requires navigating through wildly different cultural realities. Unless we know how to decode other cultures and avoid easy-to-fall-into cultural traps, we are easy prey to misunderstanding, needless conflict, and ultimate failure. Yet most managers have little understanding of how local culture impacts global interaction. Even those who are culturally informed, travel extensively, and have lived abroad often have few strategies for dealing with the cross-cultural complexity that affects their team's day-to-day effectiveness. To help people improve their ability to decode the cultural differences impacting their work and to enhance their effectiveness in dealing with these differences, I have built on the work of many in my field to develop a tool called the Culture Map. It is made up of eight scales representing the management behaviours where cultural gaps are most common. The eight scales are based on decades of academic research into culture from multiple perspectives. To this foundation I have added my own work, which has been validated by extensive interviews with thousands of executives who have confirmed or corrected my findings.   The scales are:
  • Communicating: explicit vs. implicit
  • Evaluating: direct criticism vs. indirect criticism
  • Leading: egalitarian vs. hierarchical
  • Deciding: consensual vs. top down
  • Trusting: task vs. relationship
  • Disagreeing: confrontational vs. avoidance
  • Scheduling: linear-time vs. flexible-time
  • Persuading: applications-first vs. principles-first
By analyzing the relative positioning of one nationality to another on each scale, managers learn to decode how culture influences day-to-day international collaboration and therefor avoid the common pitfalls. Managers have always needed to understand human nature and personality differences – that’s nothing new. What is new is that twenty-first century managers must understand a wider, richer array of work styles than ever before. They have to be able to determine which aspects of their interactions are simply a result of personality and which are a result of differences in cultural perspective. IMI: Where should we look for further information? EM: Read The Culture Map: Breaking Through the Invisible Boundaries of Global Business.  Or my HBR article:  Navigating the Cultural Minefield www.erinmeyer.com. Erin Meyer will be holding a Masterclass at IMI on September 30th.  If you are interested in attending click here to register. [post_title] => "Decode cultural differences to suceed globally" Six Word Wisdom from Erin Meyer [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => six-word-wisdom-erin-mayer [to_ping] => [pinged] => [post_modified] => 2019-11-08 10:50:23 [post_modified_gmt] => 2019-11-08 10:50:23 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.imi.ie/?p=8010 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [5] => WP_Post Object ( [ID] => 16052 [post_author] => 88 [post_date] => 2016-09-28 11:32:28 [post_date_gmt] => 2016-09-28 11:32:28 [post_content] => Frances Ruane picFrances Ruane served as Director of the ESRI from 2006 to 2015.  She previously taught in the Dept of Economics at TCD, and earlier in her career she work at Queens University in Canada and at the Central Bank of Ireland and the IDA. In Ireland, her current activities include chair of the Interdepartmental Group on Making Work Pay for People with Disabilities at the Department of Social Welfare, membership of the Public Interest Committee of KPMG, and an Honorary Professor in the Department of Economics at Trinity College, where she contributes to the MSc in Economic Policy Studies. She is also a Research Affiliate at the ESRI and a member of the Royal Irish Academy.  
IMI: Based on your current work – if you only had 6 words of advice to give a business – what would they be?

FR: Look positively beyond the immediate.

  IMI: What does this mean? FR: After a period of rapid growth, the global financial crisis meant that Irish businesses had to concentrate on handling immediate challenges.  They managed that disruption well and this contributed to the strength of Ireland’s recovery.   But the focus on the immediate has left many businesses with legacy issues (debt burdens, under-investment in innovation, poor staff morale). And now businesses need to prepare for the medium term when we discover what is really meant by ‘Brexit means Brexit’.  Forward looking businesses leaders need now to ask: what could Brexit mean for my market and company? Where am I exposed to risk and how can I mitigate it?   [post_title] => "Look positively beyond the immediate" Six Word Wisdom from Frances Ruane [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => look-positively-beyond-immediate-six-word-wisdom-frances-ruane [to_ping] => [pinged] => [post_modified] => 2019-11-08 09:58:39 [post_modified_gmt] => 2019-11-08 09:58:39 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.imi.ie/?p=16052 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) )
Cormac Lucey

Cormac Lucey

17th Jul 2019

Cormac Lucey is an IMI associate on the IMI Diploma in Business Finance.

Related Articles

"China is the next innovation powerhouse" Six Word Wisdom from George S. Yip
"Develop a digitally balanced business strategy" Six Word Wisdom from Thimon de Jong
21st Century Leadership: The Shifting River
2018 hghlights from IMI speakers
"Decode cultural differences to suceed globally" Six Word Wisdom from Erin Meyer
"Look positively beyond the immediate" Six Word Wisdom from Frances Ruane

Is the sky the limit or will you be blocked by bias clouds

It is important that investors should know their limitations too. Behavioural finance is the study of the influence of psychology on the behaviour of investors. It finds that investors are not always rational, suffer from systemic biases and are limited in their rational self-control.

The first step to combatting these, often unconscious, biases is to be aware of them. What then are the key behavioural errors that can dog our decisions? The following errors were identified recently by Joe Wiggins, a fund manager with Aberdeen Standard Investments:

Myopic Loss Aversion – We are more sensitive to losses than gains, and overly influenced by short-term considerations. Often investors check their portfolios frequently, even if they are operating with a long-term investment horizon. Making frequent investment decisions can worsen your investment results. A 2015 study by the Central Bank of Ireland found that 75 per cent of retail CFD clients who invested in CFDs during 2013 and 2014 made a loss.

Integration – We seek to conform to group behaviour and prevailing norms. Like a limping wildebeest at the back of a herd in the Serengeti, we want to keep pace with the herd for fear of being picked off. The problem is that, in investment markets, the herd is more often wrong than right. That’s why Warren Buffett said that it is wise to be “Fearful when others are greedy and greedy when others are fearful.”

Recency – We overweight the importance of recent events. In 2006, one had to look back over a decade and half to observe a year-on-year in Irish residential property prices. Accordingly, most market participants grievously underestimated the possibility of a serious property bear market. Today memories of the property crash are fresh in peoples’ minds and many are fearful of another residential property crash. But that is quite unlikely, with rent yields considerably above mortgage rates.

Risk Perception – We are poor at assessing risks and gauging probabilities. We allow the emotional hope of investment gains override logic in assessing risks. At the height of the residential property price bubble, houses in some parts of Dublin (e.g. Howth, Dalkey, Blackrock) were selling for more than 100 times the annual rental income those properties could command. But many investors were more fearful of missing out on continued gains from property market than they were by the dismal long-term return prospects those valuations suggested.

Overconfidence – We over-estimate our own abilities. Not only is the recorded investment performance of retail investors poor but so too is the record of professional fund managers. The empirical evidence strongly suggests that the vast majority of investors would be better off buying low-cost funds that track market indices. Yet millions of us persist with the belief/hope/illusion that we can do better managing our funds ourselves.

Results – We focus on outcomes when assessing the quality of our decisions. Even as the Irish property market got more and more overvalued between the years 2004 and 2007and risks (e.g. rising interest rates) continued to mount, investors largely stuck with it because they were enjoying positive outcomes.

Stories – We are often persuaded by captivating stories. If you get the chance, make sure to watch Alex Gibney’s excellent documentary about the rise and fall of Elizabeth Holmes and Theranos “The Inventor: Out for Blood in Silicon Valley”. It depicts the rise and fall of a woman and her company that were propelled forward by several captivating stories: replacing injections with thumbpricks for taking blood samples; replacing an expensive blood-testing duopoly with access controlled by clinicians with cheap tests that individuals could order; having a female entrepreneur enjoy the same success as Apple’s Steve Jobs. But it was all a fraud.

In making financial decisions, it’s a case of forewarned being forearmed: the more we are aware of our limitations, the better we can avoid them.

Cormac Lucey is an IMI associate on the IMI Diploma in Business FinanceCormac is also a Financial Services Consultant and Contractor who has previously worked with PricewaterhouseCoopers, Rabobank Frankfurt and the Department of Justice.