...How Failure Breeds Success Even heard of Choglit? How about OK Soda or Surge? Long after ‘New Coke’ became nearly synonymous with innovation failure, these products joined Coca-Cola Co.’s graveyard of beverage busts. Given that history, failure hardly seems like a subject CEO E, Neville Isdell would want to trot out in front of investors. But Isdell did just that, deliberately airing the topic at Coke’s annual meeting in April. “You will see some failures,” he told the crowd. “As we take more risks, this is something we must accept as part of the regeneration process.” Warning Coke investors that the company might experience some flops is a little like warning Atlantans they might experience afternoon thunderstorms in July. But Isdell thinks it’s vital. He wants Coke to take bigger risks, and to do the, he knows he needs to convince employees and shareholders that he will tolerate the failures that will inevitably result. That’s the only way to change Coke’s traditionally risk averse culture. And given the importance of this goal, there’s no podium too big for sending the signal. While few CEOs are as candid about the potential for failure as Isdell, many are wrestling with the same problem, trying to get their organizations to cozy up to the risk-taking that innovation requires. A warning: it’s not going to be an easy shift. After years of cost-cutting initiatives and growing job insecurity, most employees don’t exactly feel like putting themselves on the line. Add to...
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...About the case The purpose of this case is to draw attention to how corporations are beginning to understand that being innovative, and taking risks, means coping with the potential of product failure. This case looks at how companies are trying to develop organizational cultures that are innovative, risk taking and able to deal with product failure. It identifies some of the major corporate flops like eVilla Sony Corp’s $500 internet appliance and General Motors crossover SUV. This case also quotes leading business school academics on how failure is important to the experimental process. It outlines how companies can learn from failure and suggests that the challenge is knowing how to balance organizational performance and learning cultures. Moreover it describes how some companies are tackling the issue for example how Corning examined its successes and failures spanning its 150 year history. It also highlights how being involved in learning from failure can impress present and future employers and presents best-practice ideas for getting the most out of failures. Case Analysis Experiential learning process Experiential learning involves learning from experience. According to Kolb, concrete experience provides the information that serves as a basis for reflection. From these reflections, we assimilate the information and form abstract concepts. We then use these concepts to develop new theories about the world, which we then actively test. Through the testing of our ideas...
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...their programs; the similarities and differences in their stories; and finally, the factors that may have impacted their success. Michael Dell Michael Dell is founder and CEO of Dell Corporation, a fortune 500 company which was the number one stock of the 1990s, soaring almost 90,000 percent (Krames, 2003, p. 58-59). Dell discovered his entrepreneurial abilities early in life when at 12 years, he issued his first product catalog, the Dell Stamps (Krames, 2003, p. 58). Dell has contributed positively to the technological industry by not only building computers, but also showcasing his outstanding entrepreneurial abilities. Through mass customization, Dell revolutionized the industry. According to Draft (2013), “mass customization refers to using mass-production technology to quickly and cost-effectively assemble goods that are uniquely designed to fit the demands of individual customers” (p. 31). Mass customization enabled Dell to achieve significant savings by eliminating intermediaries. Through customer segmentation, Dell was able to determine the needs and specifications of customers, while forecasting the demand. What is unique about this strategy is that, Dell was able to prove that, companies can be successful with mass customization only when the customer is placed at the epicenter of every activity of the organization. Dell’s success did not come without some major resistance. For instance, “Dell experimented with an indirect model...
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...We all know that failures are Stepping Stones to Success.Failure is one of the toughest things to deal with and happens so frequently in life, on various levels, that learning to deal with it can aid how we approach all types of Endeavour. No one likes experiencing failure, but every attempted goal includes the possibility of failure as well as that of success. To grow we much keep reaching out for these new experiences. Failure feels so bad because it directly affects our ego and sense of identity in relation to the world around us. Failure can make us feel ineffective, inadequate and isolated. But this stage of failure is only temporary and will pass. Try to take advantage of a failure by analyzing what you could have done differently and rest assured that you will never sufferer the same failure again. If a failure was something unavoidable or beyond your control, perhaps you can attempt the project again with other collaborators. In either case, understanding our failures is a key component in dealing with them and being able to move on to new goals and projects. Once you’ve taken a look at a failure and determined what you could or could not have done differently to alter the outcome, don’t dwell on the issue. One of the most important parts of getting over failure is to move on to the next thing. Success breeds successful feeling people, so don’t hesitate to go ahead with your next project or goal. Choose something that you are particularly knowledgeable...
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...5 (Prepare the Organization for Drastic Change), we can see a totally different leadership style, challenges they faced, how they were able to overcome them, and their contributions to assuring the viability of their respective organizations by Michael Dell and Andy Grove. Michael Dell, the founder and Chief Executive officer of Dell Computers believed that it is very important to work closely with the customers so that their individual needs are identified upfront. Andy Grove, another computer industry giant, a cofounder and former Chief Executive officer of Intel believed in his mantra that “only the paranoid survive” (Krames, 2003, p. 135) which according to Krames, gave him the foresight to build his company and have a lucrative career because of his skepticism about competitors. Comparison of Michael Dell of Dell Computers and Andy Grove of Intel Michael Dell as a young man has thought of himself as an entrepreneur and learned that in order to build a successful business; you must develop a strong and “direct relationship with the customer” (p. 58). According to Mr. Dell, “From the start, our entire business from design to manufacturing to sales was oriented around listening to the customer, responding to the customer, and delivering what the customer wanted” (p. 59) is of great importance because that contributed immensely to his success because his primary focus was directed towards his customers’ needs, dealing with their requirements, and simply cutting...
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...Failure to Escape Traumatic Shock by Seligman and Maier The purpose of this study was to determine the type of learning acquisition in dogs that were subjected to three different styles of electric shock. They wanted to determine what method of learning worked the best to avoid a shock for an extended period of time. Each of the three groups of dogs learned escape/avoidance training, however the "escape" group and the "yoked" group gained more training than the normal control group. The "escape" group was taught during their training that touching the side panels during the shock would terminate it. This was repeated 64 times in the harness and the same training was done 10 more times in the shuttle box, 24 hours later. The "yoked" group received the same training as the "escape" group, however the "escape" group could touch the side panels to end the shock while the "yoked" group was taught the same thing, but touching the panels did not end the shock. In Experiment 1 the "yoked" group might have experienced a concept called learned helplessness. The researchers in this version of the experiment proceed to think that because the "yoked" group couldn't get out of the shocks by touching the side panels, that the group just accepted the fact that the shocks will take place and that they can't do anything about it. In Experiment 2, the experiment was designed to see if the dogs from experiment 1 would react the same to an inescapable shock as they did in experiment...
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...THE AIRLINE INDUSTRY: Trends, Challenges, Strategies John Wensveen, Ph.D. Dean, School of Aviation Dowling College New York, USA www.dowling.edu President, Airline Visions www.airlinevisions.com The University of Sydney Faculty of Economics and Business Leadership and Policy Seminar Series Sydney, Australia 23 February 2010 Presentation Objectives • Provide background on the global industry • Present a regional analysis • Discuss current and future evolvement of the industry (trends) • Discuss challenges and strategies impacting the industry • Discuss the new breed of airlines • Discuss why airlines fail and how to achieve success Background Section 3 Stages of Development Impacting the Airline Industry • • • • Regulation Liberalization Deregulation “Re-regulation” Phases of Industry Restructuring (resulting from Deregulation / Liberalization) • Expansion • Consolidation • Concentration Past, Present and Future Trends The Global Airline Industry 2012 2010 2008 Time 2006 2004 2002 2000 1998 Survive Adapt Recover Rethink State of Industry “Scenarios” • • • • • SARS 9/11 War Financial Crisis of 2008, 2009, 2010… What to prepare for… – – – – Globalization Change in international political landscape Distribution of natural resources (oil, gas, water) Internal conflicts (shifts in power) and unintended consequences and unintended consequences of good intentions Public and international perception War Terrorism Continued financial issues – – –...
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...and influence to lead change 3 – Develop a vision and strategy – Create plan to guide change process 4 – Communicate change vision – Implement communication strategy that constantly communicates new vision with others 5 – Empower broad based action – Eliminate barriers to change, encourage risk taking and problem solving 6 – Generate short term wins – Plan for short term wins, milestones to be met. Reward those who achieve these results 7 – Consolidate gains and produce more change – Coalition uses credibility from goal achievements/wins and creates additional change. More people are brought into the change process throughout the organization 8 – Anchor new approach in culture – Reinforce change by recognizing change and how it has led to success. Develop methods to ensure leadership development and succession. The 11 reasons employees resist change include: 1. Individual’s predisposition toward change – change can be difficult and we learn this from an early age. When I was 11, my parents got divorced and it was difficult for me to understand why I had to...
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...in 1999 was based on 80,000 interviews with managers from more than 400 companies. Some of the managers interviewed in the study were from Fortune 500 companies list while others were entrepreneurs and key players in small businesses. Both authors had approximately 20 years of experience in studying main characteristic among great managers. It is one of the most remarkable studies ever taken and has great significance and role to play in human resource practices. The authors in their book “First Break All the Rules: What the World’s Greatest Managers Do Differently” asks, “Should you build close personal relationships with your employees, or does familiarity breed contempt?” and they responded “The most effective managers say yes, you should build personal relationships with your people, and no, familiarity does not breed contempt.” (Blackaby) Great managers in the world differ from one another in terms of age, race and gender. Each of them has a different style of management and different set of goals. In spite of the varied difference, Great managers share one common trait: They do not hesitate to break virtually every rule held sacred by conventional wisdom. They do not believe that, with enough training, a person can achieve anything he sets his mind to. They do not try to help people overcome their weaknesses. They consistently disregard the...
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...ENGLISH ESSAY: MACBETH “Macbeth shows us a world blackened by selish desires.” In life, we are often oblivious and undermine the power of evil as we aren’t directly exposed to the dangers and destructive consequences at first. We are presented with this same idea in the tragedy of Macbeth by William Shakespeare. Macbeth’s progression and transformation throughout the play demonstrates and a world blackened by selfish desires. Macbeth at the beginning of the play is shown to be a friendly, honest and loyal person. But later, manipulation and deception as well as lust and greed mould Macbeth in to an aggressive, ambitious and possessed man. Finally, through his transformations we are able to identify a world blackened by selfish desires. Macbeth at the beginning of the play is shown to be a friendly, honest and loyal character. Shakespeare demonstrates Macbeth's loyalty to his king and to Scotland as the Captain recalls, "brave Macbeth killed [Macdonald]." Macbeth is well respected by his peers and maintains good relationships with them and is willing and committed to acting to protect Scotland. Furthermore, we are introduced to Macbeth by Malcom in act one scene two as a “good and hardy soldier” further highlighting his brave and courageous nature. On a different level, Macbeth shows he is a loving and respectful character in his attitude and approach towards his wife as he calls her his “dearest partner of greatness.” Additionally, we are able to measure the strength of the...
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...Mission The mission of Haier is to innovate and become a leader in the industry. Under this umbrella, Haier has further designed a series of strategies to address the following two issues: 1. Lead by building a strong brand, centered on product quality and best of breed services. 2. Build a strong research and development capacity to boost Innovation to capture and meet the needs of customers, Another important dimension of Haier’s mission and strategies is to build Haier into a global brand by internationalizing its R&D, manufacturing, distribution, services, etc. Internationalization Strategies * Focused on difficult markets first-enter the difficult developed market first. This will allow Haier way to develop highest quality standards since the requirements in the developed market are very tough and not easy to meet. * Staff with locals who have worked multinational/top brand. Use local people and local thinking to satisfy the needs of the customers. * Utilized speed and differentiation approach. Haier paid close attention to consumer needs in overseas market and made modifications to meet them. Focuses on minor details (e.g. freezer with a separate compartment for ice scream). * Rapid product development which was facilitated by its eight design center * To manufacture quality products and sell it at a premium price * Offered what the developed market didn’t have. Going Global- The EU Market Objectives Given the fact that Europe...
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...It has been said that systems fail when systems builders ignore “people” problems. Discuss. System building efforts often fail because there is too much emphasis on the technology and not enough attention to changes in organizational structure, job design, workflows, and reporting relationships. Inattention to these issues often breeds resistance to a new system and may also produce a system that is incompatible with the organization. Conflicts between the technical orientation of system designers and the business orientation of end users must also be resolved for successful implementation of systems. The success or failure of organizational change can be determined by how well information systems specialists, end users, and decision makers deal with key issues at various stages of implementation Systems are likely to fail when system builders ignore “people” problems. The success of a system and its acceptance depends ultimately on the people using the system. While a system may meet the functional requirements of an organization, its acceptance or rejection would ultimately depend on the people using the system. The users or people using the system need to be an integral part while designing the system. In this way system builders would be able to understand the concerns of the people using the system, as well as motivate them to be use the system effectively. The support of management is also an essential part for the successful deployment and use of a system. Often systems...
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...accountable for academic success. Even though many students believe that they do not need a plan to achieve academic success, planning and goal setting is critical, without having a plan, and setting goals self-accountability for success is difficult. Maintaining a plan to succeed and to hold yourself accountable for both success and failure is the first step in personal responsibility. Students that plan for and take personal responsibility for their education have drastically improved success rate of achieving their educational goals. Personal responsibility is holding yourself accountable for the actions you choose or chose not to take in your pursuit of success. Students that do not take personal responsibility for their success are doomed to fail. Success is a choice and is attained by not only choosing to be successful but by making the correct choices along the way to ensure you are staying on the path to success. Students that take personal responsibility for their education have drastically improved success rate of achieving their academic goals. As a student, you must develop a plan for success and then be self-accountable to using this plan to ensure success. While there may be some outside influences such as Career Advisors, Financial Advisors, Parents, or Employers holding the student accountable to a certain extent, only the student is truly in control of the decisions they make on a day to day basis and lead to success or failure as a student. If a student...
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...former is a description of failure of capitalism in The Grapes of Wrath and the latter is a description of the failures of capitalism in The Great Gatsby. In The Grapes of Wrath the Joad family is traveling from Oklahoma to California, a distance of about 1,500 miles, in search of work to sustain their family. Their home in Oklahoma is taken by the bank because the farm is unusable after the dust bowls have started. The novel The Great Gatsby follows the lives of a few rich people and shows the way their money has the ability to do. Both Fitzgerald and Steinbeck condemn the idea of the...
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...Ethics and Values: Good Guides Toward Occupational and Educational Success Learning Team C: Names of team members Axia College of University of Phoenix Abstract What are ethics and values? Values are what a person or society hold as important and a desired behavior. Ethics are sometimes based on a collection or one value. Ethics are what is considered morally right to one or more individuals. Upholding to good values and good ethical beliefs will greatly aid us in our lives, at our jobs, and in our schools. They effect the decisions that we make our successes or failures. Some of the important values to businesses, schools, and colleges are education, safety, a friendly and professional attitude, integrity, and honesty. Displaying integrity in a professional working environment will greatly benefit anyone. Integrity is a constant devotion to following guidelines based on good morals, ethics, and standards. Integrity will provide a safe and stable environment. Good integrity is found in all good managers. It is the key to leading by example. Ethics and values are the key to all good students, teachers, leaders, mentors, and all professionals. They are our guide through life, help us make good choices, and lead us to many life successes. What are values and ethics? What do they have in common? How can they effect our everyday lives? Because we are all diverse and have different beliefs toward different situations and concepts, we are forced to overcome...
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