Jamie Dimon, head of the largest and powerful bank JP Morgan 10 rules for success

Every generation needs a revolution - an entrepreneurial revolution

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As continuation of triple celebration we went to legendary restaurant run by Engracia Reyes - Aristocrat Resto

Every generation needs a revolution - an entrepreneurial revolution

Three members of the family celebrated birthday this June:   may daughter, my in heaven hipag.  So they brought us to a famous restaurant in Malate Manila along Roxas Blvd.    It was full, refurbished:   new furniture and  utensils, new uniform of staff, focus on cleanliness and customer experience.   We took a function room to accommodate 50 guests.   

I guess they did a great effort to reposition the brand.  Many old time favorites become has been and fail to live in the present and be competitive.  Management become complacent and eventually close.  

Gongratulations  Inang Aciang Reyes.  Mabuhay ang Resto ninyo.

Aristocrat ni Aciang

Secret of South Korean Economic Miracle

Every generation needs a revolution - an entrepreneurial revolution

Having suffered from NK and China invasion South Korean was poor.  Until 1960 it was still so poor.  However after several decades  South Korean is one of the most prosperous country in Asia, having reached  1 $ trillion GDP, and with standards of living nearly equalling that of Western countries.

What were their secrets to success.  There were 3:

1.   Chaebols employed to industrialize export and grow;

2.   Education

3.   Strong work ethic  (due to the Chaebol) and country's drive to excel

Now its no longer working because competition in education and work place is so intense, many Koreans are unhappy and suicide rate is one of the highest.

 

Business and success lessons from movie "Battleship"

Every generation needs a revolution - an entrepreneurial revolution

This post happened to watch "Battleship" at a video streaming app.  There are several lessons that are related to success and or business strategy:

  1.  Technology, even old ones can be used to defeat competition and/or adversary

       When communications radar and other facilities were jammed, locating the enemy alternataive

       was through the tsunami warning system of the Japanese.

       Even USS Missouri battleship 70 years old was useful in destroying the enemy.

      Conversely, high technology, if there are more superior alien technology cant defeat the enemy

2.  No one is ever too old or too young to contribute towards a goal

    Hooper was not too young.

    The USS Missouri officers were not too old to run an old ship and fire their cannons.  (when 

     the destroyer John Paul Jones was destroyed by alien firepower.

    The crippled (but with prosthetic Lt Commander black retired Navy officer  (who had self doubts

     in the beginning was very useful in fighting the aliens

3.  Every strong adversary have weakness and chinks in their armor.

    That was all that was needed by Hopper to defeat the aliens:  ie that they hate bright lights  Sun

    So they took them on battle facing the sunset or sun rise.  Being blinded by bright light was

    used to the hilt and to the advantage by Hooper.

4.  Those who were weak become strong

     It was said in Corinthings.  I am weak now I am strong.   That was Hooper.

5.  The difficulties with personal life can be tougher than the job or challenges.

     Like Hooper getting the OK of the Father in Law commander.

Lessons from success and bust stories: Sharp of Japan

Every generation needs a revolution - an entrepreneurial revolution

Please find enclosed a link to the video on the decline of Sharp, its huge losses incurred in the latter years and its acquisition by Foxconn a Taiwanese subcontractor.

20 year fall of Sharp company

Lessons that I learned:  (How about you)

1.   It does not mean that if you are 40 years old, or 100 years old as Sharp, you can not fail.  You can still fail.

2.  It debunks the superiority of  Japanese management.   We can be superior too.  Or at least strive to be good.   Our bad maintenance of the park, and not 100% interment brings us closer to losing our business.  We are not asking people to manufacture high tech products, only regular cleaning and grass cutting, and we can not do this well

3.   The cost reduction alternative:

      1.  Buy or make decision

      2.  Offshoring outsourcing

      Making your own products does not mean its cheaper.  If it is made cheaper in Taiwan or

      or Chna go for it.  Sellers of carbon wheels and bike frame have it done in Taiwan which the         charge only for $200 per; whereas it would cost them $500 if they make it Europe or US.

      One such manufacturer American Classic could not compete and had to close shop

       because they were uncompetitive.

      Sharp continued to pursue its plans of local manufacturing despite the fact that land

      and materials is expensive in Japan  Labor which costs about P100,000 in Japan per month

      can be had for a max of say P14,000 in PHL.   Rather than building a plant, Sharp should 

       have opted for this course of action.  Trouble is they built another plant

4.  Innovation is temporary

    You gain leadership by innovating only temporarily.  It has to be defended and protected.

     You cant win a war or a game, you have to have a high winning average.   If innovation is

    the name of the game, it has to be continuous process.  Kaizen

    You must work hard on basics too:   5s tpm, (maintenance)

   You must keep watch too on the pace of innovation of competitors.  They are not sleeping

   

    Complacency is the enemy of innovation.   Sharp could have been complacent because of 

     their past successes in:   mechanical pencil, dyneradio, calculator, TV sets, LCD display

5.  Financial management:

    1.  No huge cap ex for a single product.  It has to be portfolio approach.  Let a hundred

         flowers bloom.  You are not sure of outcome of how you grow you flowers.  Set limits

         as we have seen in our own General Policies  No huge bet do not bet the farm 

         on single product.  

    2.  If it rains open an umbrella.  If you fail to make it in a quarter, ACT, DO                    SOMETHING

          Solve the problem.  Do it now.  Not later Not tomorrow.  Do it now

6.  Role of top management

     It is the duty of those who lead to learn good management practices.    The new president

     and chairman are partially responsible for the decline for the wrong decision.   We strive to

     stay on the business, "Give capable and intelligent direction in the management of the

     business because you cant afford to make such huge mistake that could mean the

     downfall of the company

     Thus:

     1.  Study the history of the past practices especially those that are documented on 

          how the past managers navigated the difficulties.

     2.  Study the current mistakes of contemporary mistakes of modern managers and how

         you can steer clear of their mistakes

     3.  Sharpen your critical thinking and improve your problem solving skills They can

          never be taught

7. Purpose driven organization;

   1.  The vision and mission statements define the purpose of the company.   We have out-

         lined this as part of memorialization business.  

 

Without a purpose, life is motion without meaning, activity without direction and events without reason. Without a purpose life is trivial, petty, and pointless.”

― Rick Warren, The Purpose Driven Life: What on Earth Am I Here for?

  2.  We have determined that:

      1.  We used to sell plots for cheap so that we can offer our more              gp services.

          (Are we achieving this??)

       2 Businesses that are supposed to supplement our revenues and that are supposed

          to boost our sales and collection  are not being sold and offered.   Something is

          very wrong.  This is the height of mismanagement

     

Attachments area

Preview YouTube video The 20 Year Fall of Japan's Sharp Corporation

The 20 Year Fall of Japan's Sharp Corporation