In today's economy, you need to evolve constantly if you want your career to go places. If you don't, there is every possibility that one of your colleagues/ classmates will walk away with the coveted position that you aspired to.
So how does one add value to oneself? Here are five steps that will meet all your career
advancement needs:
Self learning
Learning is an ongoing lifelong process, we learn a little from everything we do. Career advancement requires a structured form of learning. If you are aspiring to a higher role within or outside your organisation, you need to identify the competency that role demands and go about acquiring the same. Some of the best-managed companies provide such learning tools to their employees.
Self assessment
Know yourself and where you stand -- it's important if you're planning your own growth chart. We are assessed by others whenever we are interviewed for job openings and promotions, so stay one step ahead and assess yourself first. You need to work on areas where there is room for improvement. If you come from a technology background, for example and you think you have mastered a particular technological tool, go ahead and get certified. This will add a lot of value to your professional standing and will pay off richly in future.
Peer discussions
Life's lessons are learned through community interaction and that holds true for our professional lives too. Whenever you get time off from your busy schedule, utilise it positively by interacting with your peers and discussing common areas of interest. If you can't meet up in person, use the Internet -- there are lots of professional networking portals and some of them have large numbers of qualified professionals as members. This informal knowledge-gathering complements the disciplined self-learning approach discussed above.
Career counselling
Everyone needs expert advice and counselling from time to time. We hear about godfathers and political gurus all the time, but unfortunately we do not recognise the relevance of professional mentors, thanks to the job opportunities economic growth has brought to India. There are, however, several intelligent folk who model their careers along similar lines as their seniors and heed the latter's advice in matters involving career growth. Sometimes it's also a good idea to opt for career counselling -- it helps one identify which professional path has the maximum scope for growth and job satisfaction.
Look before you leap
Several youngsters take up new jobs/designations because they offer better monetary compensation. If you are clear about your career growth pattern, monetary return should be a secondary criterion -- first comes future growth potential. You also need to verify offers made to you by potential employers or your boss -- discuss your new responsibilities thoroughly and only if you are completely convinced should you take up the new challenge.
June 26, 2008
5 career needs of every professional
Don't hand out your business cards like freebies!
Picture this: Rahul Khanna, a dashing young B-school graduate, comes from a simple family and is looking to make it big in the corporate world.
He is currently in the lobby of a five star hotel where large corporate houses are holding a seminar, an excellent place to network for future career prospects.
He meets Mohit Suri, a head of HR who is in a position to offer Rahul a lucrative job opportunity. They exchange civilities and then comes the big moment -- Mohit casually asks for Rahul's business card.
Scene I
Like most people, Rahul keeps his newly-printed business cards in his wallet and he promptly reaches for his back trouser pocket. He struggles to wrest the wallet from his snug-fitting pants and clumsily drops it on the floor. It flips open and Rahul's loose change, petrol bills, other business cards, girlfriend's photograph and credit cards spill out for all to see.
Kaput -- so much for a great first impression!
Scene II
When asked for his business card, Rahul reaches into his front trouser pocket, effortlessly pulls out a business card holder, removes a card and presents it to Mohit. Poetry in motion! Mohit's eyes linger on the card holder and he is impressed with Rahul's style.
Would you like to be Rahul in Scene I or Scene II?
Here's another example: Ajay Verma, an executive with a multinational company is sitting at his desk. An old colleague drops in for a visit and asks for his business card. Ajay is quite comfortable since it is post-lunch. He pulls out his card from his drawer, holding it between his index and third fingers (like a cigarette) and casually tosses it to his friend across the table. Is that appropriate?
Your business card is an important part of your professional identity. It holds your name, designation, the organisation you represent, your office/ residential telephone numbers, mobile number, fax number, email ID, website address etc. It also carries your credentials, educational qualifications and designation. When you are presenting it to somebody, do so with respect. Your body language should also convey the same.
Always hold the card face-up, so that the print faces the individual you are presenting it to. This is a courtesy, so that he/ she doesn't have to turn it around to read it. Hold it firmly in one corner, using your your thumb and index finger to grip it as you extend it to the receiver.
How should I present my business card?
Always present your business card with your right hand, as in some cultures it is considered impolite to do so with your left.
If you are dealing with clients from Asian countries like Japan or China, hold the business card with both hands and offer it accompanied by a small bowing gesture. Europeans and Americans do not pay as much attention to business cards as the Asians do.
In India we follow a middle path. East meets West!
Where should I store my cards, if not in my wallet?
Always keep you business cards in an elegant-looking business card holder. The stores that sell wallets and other accessories also stock card holders. Take your pick. Metal ones look extremely classy, but you also get very stylish ones in leather. Pick one that is slim, capable of holding about 10-15 cards at a time. I need not tell you to replenish them frequently!
Unlike a wallet, where business cards tend to get misshapen, a card holder keeps your cards in pristine condition. It prevents smudging and creasing, keeping the cards crisp and at their most attractive. (I'd like to mention at this point that most men don't think it is necessary to go shopping for new wallets either -- they get married to their wallets and fall into a comfort zone with what ends up looking like a relic!)
Is it okay for me to jot down extra details on my card or on someone else's card with a pen?
Always make sure that the information on your card is current. Avoid scratching out old numbers, email addresses etc and overwriting with a pen -- it looks shoddy. It's worth investing in a new set rather than doing that.
Moreover, it is rude to write something and deface someone else's card in their presence. When you are out of sight, by all means pen any reference required.
I have seen some people put business cards that they have just received down onto the table/ desk in front of them. Is that acceptable?
If you are in a conference/ meeting where there are more than a few people, it is acceptable to put business cards neatly and in an orderly manner on the table/ desk in front of you. You may do so through the course of the meeting -- this helps you to refer to the names of the attendees/ participants as and when required.
If you are in a meeting, you may pick up the cards that you have kept on the table and put them in your planner, diary or folder. Again, the body language should be such that you are collecting your valuable papers and documents. Just make sure you don't leave any behind. It is very insulting.
At times like this, it is wise to carry a whole bunch of your own business cards in your planner, as the supply in the card holder may soon be exhausted.
How does one show respect to an individual who has handed you his/ her card?
Simple -- just smile while accepting it. Say thank you. Spend a few seconds reading it -- 5 to 10 seconds should be enough to acknowledge all that is printed there! Nod your head approvingly and if you can think of an intelligent or complimentary thing to say, do so -- "Oh, so your office is in Noida?" or "That's an impressive/ interesting logo your company has".
What does one do with the card then?
Put it back deliberately in your own business card holder.
This denotes that you are keeping it safe along with your own valuable cards and will file it when you get back to your office.
When should a business card be presented?
Ideally, at the commencement of a formal meeting. But there is no hard and fast rule. You can even present one in the midst or at the end of a meeting, as and when the need for an exchange of information emerges.
Please also keep in mind that in Asian countries no business commences till a formal exchange of business cards has taken place.
Who should present his/ her card first?
Ideally, you should not offer your card to an individual who out-ranks you, since it then becomes obligatory for him/ her to present you with his/ her card also.
If, however, some time has elapsed conversing and you have managed to strike up a measure of familiarity, it may be okay to offer yours and ask for his/ hers.
As for those at the same professional level or below you, it is perfectly alright to ask them for their business cards and present yours anytime -- no protocol is required.
Open office? More reason to watch your manners!
From closeted cabins to open offices, we sure have come a long way. Everywhere you look, closed confines are giving way to open spaces in workplaces in different industries. As Suniti Joshi, an interior designer and planner in Mumbai says, "It is cost-effective, and you can accommodate more people in the given area. Open plan offices are economical because heating or cooling the workspace is done easily. Also, if the layout needs to be rearranged, or a few extra work stations accommodated, it can be done quickly and without too much additional cost."
Apart from the obvious practical value, open offices may very well be a way of 'breaking down' walls and repositioning one workplace as one with a more 'open' culture. Some like Solomon Abraham, Practice Lead at Ikya Human Capital Solutions, are all for it. "Open spaces are one of the best things to happen in India. They energise employees, knowledge flow is quick and accurate, and performances are at an all time high."
Some like Pragya Thakur, Circulation Business Director at a consumer-publishing group, are not so keen on it for strong reasons that delve beyond the obvious. "I suppose people thought open offices would promote more sociability and dissolution of hierarchical perceptions. Of course, that didn't happen because those who are higher up in the corporate food chain still have their window offices with the spectacular views."
Well, whatever be the intent behind the concept of open offices and whether we want them or not, offices and their cultures are opening up in more ways than one. If you happen to work in one of these open offices, there are some 'unwritten' rules you might want to follow to keep your work environment conducive and productive.
Here's how to work effectively and make the most of your open office:
Keep the noise level down: Don't yell or talk loudly across cubicles or across the working hall. Keep the volume of your phone on low and answer calls preferably in the first two rings. Don't talk on your phone loudly. Use speaker phones only in closed rooms/ areas designated for making conference calls. It is extremely rude and distracting to those working around you. Use the receiver unless you must have your team members in the conference call. Make sure others around are not getting disturbed, or use it only late in the evening when the office has emptied out. Also avoid chatting in groups around others' desks. If you wish to convey something, especially unpleasant, use a closed room to avoid any embarrassment.
Respect others' privacy: Don't peep into others' monitors or open drawers that don't belong to you. It can be infuriating to find that your neighbour has been going through your desk drawer or peeking at your monitor on the pretext of looking for a stapler.
As Jagdeep Kaur, Senior Curriculum Developer, Oracle, says, "Working in open spaces becomes very uncomfortable when one is dealing with confidential content on one's computer. You never know when who might see what, especially if you have a nosy neighbour. This puts a strain on you to be alert and on your guard at all times, which becomes very inconvenient and tiring after a while."
Pragya concurs, particularly with regard to lunchtime. "There's the thing about watching people eat their lunches at their desks, or being watched eating one's own lunch. We live a large chunk of our lives in our offices, at our desks, and it really affects our quality of life when nothing we do or say in those hours is private."
Don't just land up at someone's work station: If you need to speak to someone but are not sure if they are available for a little 'chit-chat', check their status message on the office communicator. If not, you can always send them a short mail indicating the purpose of your meeting. They'll revert whenever they are relatively free.
Some elements, especially social butterflies, are in constant need to touch base with people and can end up at anybody's work station without considering the fact that others might be busy and not in the mood to spend time gossiping. It can be is very annoying when people land up at your desk without any intimation while you are trying to either meet a deadline or focus on your work.
Keep your desk and cubicle uncluttered: Nothing leads to a shabby, unprofessional impression more than a cluttered, dirty desk in open view, especially if you are sharing a cubicle. Keep loose sheets, scraps of paper etc out of open view. Organise your desk by keeping it dust free, with all papers filed or clipped and stationery and other random items in a drawer.
Don't become an island: Don't use individual work stations as a pretext to become an island all your working hours. Get involved in topics of common interests and try to help your team members when someone is stuck.
Avers Jagdeep, "I have always enjoyed working in open spaces and have never found myself yearning for a cabin or closed private space of my own. In offices, I like being able to just turn around and speak to my neighbours. Or, just stand up and look around and just gesture to attract their attention whenever I need help. Proximity also helps team members bond with each other."
Suniti too feels that open offices make communication and supervision easier. "Issues and problems reach the management very fast as they too are part of the central office space, and therefore solutions are arrived at faster."
A few other dos and don'ts:
Avoid strong perfumes/deodorants: Some colleagues might be allergic to strong smells and odours. It's better to keep it light and soft. Also be mindful of food and feet odours that are far from pleasant and hang in the confines of air-conditioned environment for a while.
Health and hygiene: When you sneeze or cough, cover you mouth or use a tissue. Do not leave used tissues lying around to spread germs and diseases.
Sit up straight: Slouching indicates laziness and disinterest in work. And, that's the last thing you would want your colleagues and bosses to perceive.
Keep your soft board non-offensive: Watch what you put up on the soft board so that your colleagues are not offended. Avoid jokes or cartoons of a sexual, racist or political nature, these could stir up tensions or make colleagues uncomfortable.
Don't wriggle your way through work stations: Use the designated passages/ aisles instead of wriggling and maneuvering your way through people's work stations and chairs. A little discipline never hurt anyone.
February 10, 2008
Switch Job?
- Are You Planning to Switch Job -
You spend a large percentage of your waking hours at your job. How happy are you there? Will you be happier in a new job? To switch or not to switch is the perennial question many of us face today.
If your job isn't working for you, don't panic or take it personally. A large percentage of employees switch jobs in such conditions. "If you're not thrilled about your current situation, you should be actively interviewing with other companies. It's much easier -- both emotionally, and from a negotiation standpoint," says Mohit Kesarwani, 26, a unit manager with ICICI Bank.
But, before you reach that decision, it is important to evaluate certain aspects -
Are you a chronic job-switcher?
"Whether it's for a good reason or bad, switching jobs is extremely common nowadays, especially in some professions -- software for example. The days when people kept only one job throughout their lives are gone. Today, the average CV usually contains several moves, especially early on in a career. In fact, it's even considered unambitious to spend too many years in one job," says Manisha Dutt, 29, a manager with a software firm in Gurgaon.
However, an extreme case of 'job hopping,' such as one every year or even several times a year, definitely won't reflect well on your resume, especially if you are under 30. "This is because a company also spends a considerable amount on training new employees and is always looking at reducing employee turnover. In such a case, one look at your resume, and they may run in the other direction," says Kesarwani.
Circumstances that demand a job change and those that don't -
Some circumstances may warrant a job change, but others can be remedied. "The reason to get you to switch needs to be big -- reasons like lack of opportunities for growth, a move necessitated for family/ health reasons, need for a better salary, etc. Alternatively, you may know for sure that the new company is a great place to work in," says Pankaj Sharma, 27, an independent recruitment consultant in Delhi.
Questions to ask yourself -
Ask yourself the following questions regarding where you are at present (and be honest with your answers) -
- Do I really like my current job?
- Do I enjoy working with my colleagues?
- If I stay here, where will I be in two years time?
- Could I be earning more elsewhere?
- What are the intangible benefits of working here?
- Is the technology one that I would like to align myself with in the future?
Answer the questions using these broad parameters -
- Job quality (Is this what I want to do?)
- Growth prospects (Can I stay in this job? Can I move up?)
- More money (How much is enough?)
- Mental stimulation
- The importance of money.
Money is good stuff - it pays for nice vacations, cool cars, education for your children, etc. Don't discount the money factor, especially if others are depending on you.
"No matter what any one says, money does buy happiness. When you accumulate a significant amount as a buffer between yourself and poverty, and stop living one pay cheque at a time, your life completely changes. You gain the freedom to pursue other avenues, like your own business, a career change, a personal project, or a mentally enriching educational experience. Such freedom is an incomparable source of happiness and tranquility, and only money can grant it," says Kesarwani.
However, if the new place totally rocks, you might consider working there and even taking a salary cut to jump ship if your current job is indeed a living nightmare.
Do a cost-benefit analysis -
Let's say you take home Rs 30,000 per month. You are offered a 20 per cent salary hike in the new job and see yourself now taking home Rs 36,000 a month. What will that extra Rs 6,000 a month (= Rs 72,000 a year) do for you?
Will you blow it all on a plasma TV, stash it all in savings for an early retirement, eat out two or three more times a week, or go partying with your friends?
What is the bottomline impact on your lifestyle that this raise will give you? How will this raise impact your work environment? Keeping in mind that you work eight hours or more a day, are these extras worth the anxiety and the risk involved in switching jobs? What risks do you have if you stay in your current job? In short, what is the opportunity cost?
To cut to the chase, don't move only for financial reasons unless you're going to earn significantly more. Happiness, in terms of liking what you are doing and feeling that you are accomplishing something, is much more important. Eventually, the money won't be motivation enough to continue with the new job.
Weigh the risks -
Consider this - you already know what your current job is like and you like it. You know the people and get along with your colleagues, who are interesting people. Your boss treats you well.
The new place might be even better and the offer may be 20 per cent more than what you're getting now. The people might all be nice, or there may be a few nut cases and backstabbers there. Your boss may steal the credit for the work you do.
"Switching is a big risk; you are going out into the unknown. Chances are, the new place can be worse," says Sharma, who has experienced this himself.
"Verify everything the potential boss tells you. Bosses try to make the job sound attractive in the same way that job applicants try to make themselves sound good," says Dutt.
If you don't really want to quit -
"The first step is to analyse why, and whether or not you really want to leave. Is it just because of one thing, such as a low salary or an interpersonal conflict? If so, you must communicate that to your manager and HR department. It could be better to first consider options such as moving to another department, or negotiating a salary hike rather than leaving the organisation," feels Dutt.
Most problems at the workplace can be solved if both parties are willing to solve them. "A three-month trial can be experimented with to see if the situation can be resolved. Just like problems take time to develop, their solutions also take time to work," says Kesarwani.
Keep your relationship with your colleagues and your company intact -
The way in which you carry yourself during your transition can have a great impact on your career. It says as much about you professionally as the impression you had made on your first day. The people who you work with will make it a point to note your behaviour. If it is anywhere inappropriate or negative, the word can spread quickly. Keep in mind that this group you leave includes potential references.
"Your last impression is just about as important as your first. It's vital to break away without any ill feeling, and leave behind an impeccable record. It's a small world and it could just happen that you work with, or for, the very same people again," says Sharma.
So, it's important to leave on positive terms. Display professionalism. The right attitude is critical to building bridges, and not burning them, when you are at the threshold of assuming a new position.
The guilt factor -
"Only three months into my first job, I landed a new opportunity offering me 30 to 40 per cent more than my current job. I felt really bad leaving my current job and disappointing the people that gave me a chance to work there," says Dutt.
"As for feeling bad about leaving, don't get all flustered about it. Everyone needs to grow, and employers themselves are aware of that," says Sharma. "The key for you is to determine whether it's the wrong job, the wrong employer, or the wrong career. Once you have made that decision, the ideal scenario is to locate a new job while you are still employed. Then, if you think what you get is better than your current job, don't feel guilty -- take it. They'll understand.
February 8, 2008
Plan your Time. Manage your Time. Invest Your Time
Introduction
At one stage or another we all have heard or read all or any of the below mentioned, Time Related Phrases:
1) Time is money. Time is wealth.
2) Time is a river. Time is a wind.
3) Respect your time.
4) Doesn’t matter what you do…time will just pass away.
5) You never know, when your time will change. (Samey bada balvaan hota hai)
6) Each year, each day, each moment is unique in its own way. Once it passes, it will never come again.
7) Respect my time and I will respect yours.
8) With time, all wounds will heal.
9) If I had more hours
10) I don’t have time
There are many more.
But, like money or wealth or your assets can you save your time for difficult days? No, you cannot. Your time is now, invest it or waste it.
We are living in an era where researchers, philosophers and historians are talking, discussing and debating about “Life Management”…”Plan your life”. Every individual should know what he want in his life? Where he see himself after 5 or 10 years? One should know what he or she is expecting in his or her life. Hence, Time Management is an important aspect of our life.
How busy are you? - Your daily Routine
Let’s see, what we (Most of us) do in our daily life. How we are managing our day? As an example, I will take my daily schedule and I am sure that yours too will be closer to that. We spend time in following activities:
1) Rest / Sleep – 8 hours
2) Health: Yoga, Exercise – 1 hour
3) Prayers – 1 Hour
4) Food (Breakfast, Lunch, Dinner & Snacks) – 2 hours
5) Entertainment – 2 hours
6) Knowledge / Learning / News – 1 hour
7) Socializing – 1 Hour
8) Work/Profession/Career – 10 hours
9) Traveling – 3hours
10) Time for Family – 3 hours
One should do all these activities to have a successful, purposeful, stress free and happy life. If I calculate above mentioned time, it comes out to be 32 hours, whereas there are only 24 hours in a day. So, how to manage? I don’t want to cut any of the activity.
Manage your Time
One can manage his time by using following skills and tools
1) Planning
2) Multi-tasking
3) Optimum use of Technology
4) Delegation
5) Self Discipline
Plan your day. Be disciplined. Respect your time and that of others too. Have proper schedule. Do multitasking. Use technology in a best possible manner.
Let’s plan your day
1) You wake-up in the morning and then go for walk or jogging. At the same time on your walk-man you can also listen to prayers, religious songs etc. Right or Wrong?
2) Once you come back from your walk, at the time of your morning tea or milk, you can scan through Newspaper or News Channels to keep you updated with the latest events and news. Can you?
3) While having your breakfast, you can also spend that time with your kids and family or listen to songs of your choice.
4) While driving or traveling to your office you can either listen to songs or use your mobile – phone to stay in touch with your friends and relatives through messages and calls. If you are at a senior level and really busy and your office is quite far away…you can also have one meeting in your car. You can also go through few reports, analysis; check those reports and also sign those documents that need your signatures and approvals. Can you do this?
5) In office, you do all of the following things:
A) Internal Meetings (There are three types of meetings – Briefing, Discussion / Debate, Review)
B) Routine work (It will be very useful for you to have well defined processes to take care of routine works)
C) Value Addition to your Function and Department
D) Client Meetings (Purpose can be any of the following: update them; get more business; grievance / query handling)
E) Interviews (To add a new person to your team; Employee Retention; Employee Grievance Handling)
Do you think that there is anything more that you do at your workplace; over and above the activities that I have listed???
6) During your first tea-break in office, have a brief meeting with your team-members and delegate your routine work.
7) You can have an important client or business meeting during your lunch.
8) For discussion / debates with seniors or your peers located at different areas, you can either use the technology of Conference Call or Video Conferencing. It will help you in managing your time and save your money. Same technology can be used for interviewing candidates from different locations. You can also use this technology for Induction, Training and Development and also for Media briefing. If you can solve a problem through a simple message on mobile phone or a simple e-mail; you don’ have to call for a meeting. So, use your mobile phone and internet to help you in managing your time.
9) Along with your second tea-break, you can also have another meeting (Review Meeting) with your team.
10) While moving from one office to another or one department to another, you can also send messages to your family members, relatives and friends and stay in touch with them.
11) When you are in a meeting, it is important that you prepare yourself for the meeting and keep it within the limits of discussion. Be there for the meeting, on time and you should also know when to end the meeting. It is a matter of discipline.
12) In the evening, while going home you can do any of the following: Listen to your favorite songs; go through the reports and papers or have meeting with client or customer.
13) Once you are at home, give your time to family. Listen to them. Solve their Concerns. Enjoy with them. Do not bore them by discussing about your day in the office.
14) At the time of Dinner, you can again update yourself with news and current updates.
15) Before, you retire for the day, read something.
Do you think, that you have things to do or to take care that I have not mentioned in the list?
What Busy People do?
1) They respect their time as well as that of the other person.
2) They manage their time in such a manner that they get time to do everything in their life.
3) They use technology in a best possible manner.
4) They are self-disciplined.
5) They plan their day and their time.
6) They know their limitations. They trust people, efficiencies & talent of people around them and delegate their work.
7) They take responsibility and accountability.
What Busy People don’t do?
1) They don’t scream or complain for lack of time.
2) They do not procrastinate or postpone their work.
3) They don’t gossip.
4) They don’t blame TIME for their failures and frustrations.
5) They don’t mix their work with family. They don’t carry their work to home and don’t bring their family emotions and fights to workplace.
6) They don’t blame others.
Number of hours in a day will not change. There will only be 86,400 seconds in a day. It is up to you, how you manage and use each of those seconds. One needs to invest each second. As, it has been rightly said, time once passed will never come again. Busy people are very satisfied, happy and do everything that they want to do in their life. Those, who show that they are busy, end up with frustration, burn-outs, stress and most of the time failure in life and profession.
Before I sign-out, I like to share few examples to let you know the value of Time, I studied these examples when I was in school,
To realize the value of one year; ask a student who has failed a final exam.
To realize the value of one month; ask a mother who has given birth to a premature baby.
To realize the value of one week; ask an editor of a weekly newspaper or magazine
To realize the value of one hour; ask the lovers who are waiting to meet.
To realize the value of one minute; ask the person who has missed the train, bus or plane.
To realize the value of one second; ask a person who has survived an accident.
To realize the value of one millisecond; ask the person who has won a silver medal in the Olympics.
Soft Skills for HR Professionals…
Introduction
To work in any profession, one should not only have “Subject Matter Expertise” but also personality, behavior, decorum, mannerism, attitude, professional approach, and thinking to work efficiently and to sustain in that given profession. Failing which, irrespective of your knowledge, education and background you will never be able to grow in that profession. This is also true for HR Profession. There are some minimum expectations from HR Professionals, in the way they carry themselves, behave and present themselves that can hamper or lift their image and professional graph. Some of those traits and attributes I have mentioned in this article. Though, to a large extent I have covered all the attributes but still I consider this list as INCLUSIVE and not EXCLUSIVE. The need is to benchmark your Personality and Behavior. Respect can only be earned and not “asked for”.
Nine Qualities all HR Professionals Should Have
1) Clarity of Thoughts – In most of the situations and circumstances, we come across two options; either we want to do or we don’t want to do; either we agree to it or we don’t agree to it; either it is acceptable or it is not acceptable; either you want or you don’t want. It has been seen that many HR Professionals are confused. They are not clear, where they want to take their company. They don’t know what role they like to play in the organization. They don’t have clarity of role. They don’t have clear expectations, neither from themselves, or from their team or from their internal customers (employees). With this confusion, they fail to take decisions. They fail to take stand.
2) Efficiency in Time Management - HR professionals is expected to be efficient in time management. They are expected to set time-frame and meet those expectations. Most of the time, I have seen that they don’t give any time limit. You approach them for any work and they respond by saying, “Ok, it will be done”. But when? I agree that “Good HR Professionals” have many things to do. Recruitments, Employee Relations, Talent Management, Career Development, Benchmarking, etc are the things, which takes lots of time. But, all goals, all dreams, all activities, all commitments looks good and are achievable, if there is a closing date for that. For Example, I want my company to be in top-10 companies in the world. It’s a Vision. It’s a good dream. But, if I don’t specify, by which year or in how many years, I want to achieve that goal, it will only remain as a dream and will never become a reality. Uncertainty, Ambiguity, Open-Ended commitment, Confusion, these are things, that are not expected from any HR Professional.
3) Compare Performances / Compare Situations & Circumstances but do not compare individuals / People – Knowingly or unknowingly but quite often, instead of Circumstances and Situations, we tend to compare two different people. Instead of analyzing the behavior of a person we tend to analyze them as an individual and take this as our right. The very basic principle of science and management says that no two individuals are same.
4) Knowledge about the Business and Industry – Everybody should be aware of their strengths and weaknesses. They should be aware as what they want in their life and career. It is a well known fact and has been proved in various surveys that HR professionals don’t care to understand the business of the company and the industry that they are working in. According to the survey done by Virgin Management Consultancy 67% HR Professionals in USA and 83% HR professionals in India do not know the nitty-gritty of their company’s business. They don’t know from where the revenue is coming. They don’t know the business model of their company. I think, as it is important to know about the city and country that you are traveling to; it is equally important to know and understand the business of the company that you are working with.
5) Vision and Goal for the Department, Team and Organization – What you want to do for the organization? Are you planning to implement a competitive compensation plan? Do you want to take your company in the bracket of 25 “Best Employers in the Country”? Are you planning to acquire best of the talent from market? Do you think that you need to control the growing Attrition Rate of your company? Have you thought about “Organization Development” and “Talent Management”? Usually, that is the confusion. HR professionals and HR heads don’t have that vision. They want to do something in HR but don’t know what they can do or should do. They should have vision for the organization for HR perspective and goals for their department and team. It’s a must have. Until and unless you are sure about your destination, you cannot take the path.
6) Love for Number / Data / Figures / Calculations / Analysis / Projections – You talk to any person in any other profession and tell them that you are in HR; two things will automatically flash in their mind – Theory and Politics. One reason why HR professionals in India have not been able to enter into the Board Room and make their presence felt in the organization is because though they have ideas, they have strategies and policies but they are not able to support those strategies with data. (It is because there is no mathematics and calculations involved in this subject that many people [mostly females] love to join this profession).
For example, if I have a “Retention Strategy” and I want to implement in the organization. I need to show, how much the implementation of that strategy will cost; by what percentage the company will be able to increase the employee retention and decrease the attrition; which are the companies that are using this particular strategy and how effective it has been in their cases. If, I am going with this data, calculation and analysis, I am sure that my strategy will be implemented.
Hence, HR professionals need to be more analytical, data oriented and good in calculations. They should not be subjective and theory oriented.
7) Enthusiasm to Share / Develop / Coach and Mentor – We have heard and read in our schools and colleges that “Knowledge is a wealth; the more you distribute/share the more you gain”. In this profession of HRM & D; we are privileged and are in a very unique position where we can develop people. We can develop their career. We can develop their life. We can help them in changing their perception and behavior. We can groom them, so that they can be successful in their life. Don’t you think that we have very important and crucial role to play?? How many of us have actually thought of those lines? Do, think about it, you have one life, give what you can. If 10 people will remember me once I bid adieu to this world for helping them in developing their life, I will consider my life as successful.
8) Self Discipline – This again is a common quality that everyone should have, irrespective of their respective professions, but it is more appreciable in HR Professionals and is like a must have. They need to set standards for others to follow; they need to benchmark their own behavior and if they start flowing with water, everything else will go for a toss and things will go out of control. I have heard, people saying that I am doing this or that because others are also doing it but that is not expected from HR Professionals. Discipline in life is a must to grow, prosper and being successful. So, set standards and don’t just flow.
9) Trust Worthy – This is very important quality and must have for all HR Professionals. Candidates, at the time of interview share important information with HR; Employees share lots information, personal, professional, ideas, suggestions, future related, dreams etc. Imagine, if the HR professional keep sharing that information with everyone in the team of HR; will that employee ever comeback to HR to share anything with him. NEVER. HR professionals need to win that trust and then maintain and keep that trust. This is very true for HR Professionals, who are working in “Employee Relations”. Relation of any kind, be it with employees, is based on trust and honesty. If ever, you break that trust, you will never be able to win it again.
Management Guru Look what the Guru(Chanakya) has to say about management:-
Straight trees are cut first and Honest people are screwed first."
"The biggest guru-mantra is:
"The fragrance of flowers spreads only in the direction of the wind.But the goodness of a person spreads in all direction."
"Citizens never support a weak company and birds don't build nests on a tree that doesn't bear fruits."
"God is not present in idols. Your feelings are your god.
The soul is your temple."
"A man is great by deeds, not by birth."
"Treat your kid like a darling for the first five years. For the next five years, scold them. By the time they turn sixteen, treat them like a friend. Your grown up children are your best friends."
"Education is the best friend. An educated person is respected everywhere. Education beats the beauty and the youth."
A Unique Guide to Inbox Management.
Key learnings:
- For most people, an inbox is a means to store data.
- There is an interesting link between a clutter-free inbox and its owner.
- Being aware of the need for efficient inbox management could lead to reduced stress.
"I have to report how much time I spent on projects I'm working on every week, and I can remember what I worked on by looking at what was in my Inbox that week."
"The server that my Inbox is on is backed up every night, so if there's a crash I won't lose my e-mail."
"I need a computer with lots of space. I keep almost everything in my Inbox forever. If I need to find the e-mail address of somebody who sent me mail last June, I sort my Inbox by date and find their e-mail from last June, and there it is."
"I know it's time to clean my Inbox when I have to scroll down to see everything in it. I use my Inbox as a reminder of things I have to do, and if I can't see everything, I might forget to do something important."
"I like to keep as much as possible in my Inbox because it is easier to sort and find things there ... it's all in one place."
We often hear such common reactions from people struggling to manage their inbox. To them, an inbox is a means to store data that would come in handy during 'emergencies'. Their e-mail management techniques reach far beyond the purpose for which the inbox exists! Most often, such clutter in the inbox can only complicate matters rather than simplify. Imagine you had a box full of unread messages accumulated over a week claiming your attention. How do you react? Too much to handle, isn't it?
All we are trying to say here is a simple fundamental - Keep your inbox clean! There is a link between a clutter-free inbox and its owner that you would like to know about! The way an individual maintains his inbox determines his brought- up, personal habits and also his mental health! . Psychologist Dave Greenfield, founder, the Center for Internet Behavior in West Hartford, says that if you are among those who keep the inbox full rather than "meaningful", you could be leading a cluttered life. You 'live' in the past or you may have a lot of unfinished business to take care of. Similarly, if you are prone to the "obsessive compulsive disorder (OCD)" of cleaning your inbox every time a new e-mail pops up in your inbox, then beware - you might be missing out on great opportunities!
So, what is the best way to inbox management?
Often, the first question that strikes is, where to start! Which e-mail to keep or delete? Which e-mail takes priority over the others?. A marketing consultant had about 400 unread messages , all needing immediate response. He failed to understand where to start. He therefore made an 'evil' decision to delete all his messages and sent a template e-mail to all his contacts making up a lie. He claimed to have received information from his Internet Service Provider about some problem with his mails. It explained the absence of immediate response. This lie allowed him to start afresh while maintaining good inter-personal relations with all his contacts! Lies may help you once but cannot save you from the guilt of being unresponsive all the time. So, take a quick look at a few handy tips for efficient management of your inbox.
Do's
- Read the e-mail, and respond accordingly. Response could include filing, flagging, replying or deleting as per need!
- Track your messages into folders by subject or by priority.
- If you are not the right person to address the mail request, make sure to forward it to the appropriate person.
- Ensure that you mark junk mail as junk. That helps save the time needed to identify SPAM.
- Make time for inbox house-keeping once a week. You could use the alphabetising feature that allows organising email by sender or may be colour-code the e-mail by category of senders.
- Use templates to answer your e-mail and insert a person's name and comments as and when required. That would save you the time you spend in sending similar e-mail content to different people in different situations.
- Unsubscribe from newsletters or magazines that you once thought could be useful but no longer are! That would cut down on major clutter.
- Recruit an assistant to handle your e-mail (if you are a corporate head honcho who cannot even think of sneaking in a quick break!)
Don'ts
- Use inbox as a 'to-do' list.
- Allow people to use e-mail to turn their crisis into your emergency.
- Switch rapidly between tasks in the zeal to clear your inbox whenever the "you've got mail" alarm rings. It would only turn you inefficient during the course of the day because every time you switch work, you find the need to start all over again!
Moving beyond the 4 Ps of an MBA
Ask an MBA aspirant about the four Ps and you will be surprised by the response. In case you were expecting a typical straight-out-of the Kotler reply you will be astounded to hear words like Placements, Package, Profile and Prospects! As news of summer internships comes in from top campuses and students heading to all corners of the globe, the aspirants can't be blamed. This makes me ponder -- Is an MBA about just these four Ps? With names like Goldman Sachs, Lehman Brothers, Macquarie, Merrill Lynch, McKinsey doing the rounds in portals of the top campuses, and the sweat and night outs for that day zero slot one cannot deny the all important 'P' factors. Having said that, one cannot just 'quantify' the output of an MBA course by these factors. In two years of one's campus life, one has the choice of a number of 'take-aways' that are more durable than the first job! Knowledge: First and foremost, the MBA adds an immense amount of knowledge. Subjects ranging from Quantitative Techniques to Transactional Analysis help widen the domain knowledge. This learning may not be in too much depth, but surely in terms of breath of knowledge you are a know-it-all. Presentation skills: With myriad class presentations, one is bound to become an expert in not only making PowerPoint presentations but also presenting them in a crisp, confident and professional manner. Analytic skills: With the help of computer application tools like Excel and SPSS and the knowledge of various statistical and quantitative methods one is surely in command of analysing and number crunching any problem and coming up with an instant solution. Networking: You end up studying, living, eating with over 200 of your batchmates, each from an different background -- diverse geographies, religions, educational backgrounds, work experience. Thus, an MBA college becomes a melting pot of learning from one another. What is more important is we also leave the campus with so many friends who would be working in various corporates across the globe. Perspective: This is what B-schools have been known for. By way of case studies and contests -- students develop their own way of thought on a particular situation at hand. This helps future managers to have their own take on various situations/ problems they face in life. Confidence: Presentations, quizzes, exams, inter-school competitions, simulated games all make one a more confident individual. In today's highly competitive world -- where dog eat dog is the order -- confidence is the most sought after weapon in the corporate jungle. Team spirit: Well, this is not something that should be brushed aside. Team working skills are essential for success in any endeavour. B-schools ensure this by giving a platform in terms of group assignments and tasks. While working on it one encounters problems like social loafers, managing conflict, ego issues, coming to an agreement etc. This practice thus helps one achieve mastery at managing people. Self understanding: By far the most important take-away for anyone -- to understand thyself. To understand what your strengths and weaknesses are. And thus work on things that are more 'fitting' them. To understand what motivates, the long term goals and break them into short-term goals is what one can hope to gain. Thus, a budding MBA aspirant should look forward to an all-round growth and create relationships to last a lifetime from an MBA course to make the time spent here valuable forever. What about placements? As they say, it's just a freebie thrown in at the fag end to have something to look forward to after an MBA!
12 things your CV should NOT have
Your CV is your marketing brochure through which you try to sell a commodity, ie your skills to the potential buyer ie the prospective employer. The sole purpose of your CV is to fetch you an interview call. Nothing more, nothing less. However, creating a CV isn't as simple as just using flowery language and pretty fonts. There are certain things that put recruiters off and if you want to make a good impression, make sure you do not commit these mistakes in what is arguably the most valuable document of your job hunt. While the rules listed are well-founded, they are not carved in stone. At times you will need to break the rules. If you want to add these things knowingly and purposefully to your CV we advise you to do that. The points mentioned here are not listed in the order of priority; instead they are listed in the sequence in which they usually appear on a CV. ~ Colorful or glossy paper and flashy fonts ~ Resume or CV at the top ~ Photographs until asked ~ Usage of 'I', 'My', 'He', 'She' ~ Spelling mistakes and grammatical errors A candidate who submitted his CV without proofreading it committed the mistake of wrongly spelling 'ask' as 'ass'. Now you can imagine the type of embarrassment he must have faced during the interview, when the interviewer pointed it out. These mistakes tend to convey a lazy and careless attitude to the interviewer. ~ Lies about your candidature ~ Abbreviations or jargon that is difficult to understand ~ Reasons for leaving last job ~ Past failures or health problems For instance, you have a gap in your employment because you started your own business which did not do well. Some candidates might write -- Reason for gap in employment: Started own business which failed. Do not do this type of injustice with your job hunt at this stage of writing the CV. ~ Current or expected salary ~ Irrelevant details ~ References Now that you have run through the list, take a fresh look at your CV and prune away unnecessary details and unaffordable blunders that could have cost you your dream job.
Your CV is a formal, official document. Keep it simple.
Many people tend to add headings to their CV. The usual are CV, Curriculum Vitae and Resume. Do not do this.
Do not add your photo to the CV until you have been asked for it. Photographs are required only for certain types of positions like models, actors etc.
Do not use these in your CV. Many candidates write, 'I worked as Team Leader for XYZ Company' or 'He was awarded Best Employee for the year 2007'. Instead use bullet points to list out your qualifications/ experience like: Team leader for XYZ Company from 2006-2007.
Proofread your CV until you are confident that it doesn't have any spelling mistakes or grammatical errors. These are big put-offs for the recruiters. Moreover, sometimes these mistakes might land you in an embarrassing situation.
Do not lie about your past jobs or qualifications or anything which might have an impact on the job. You may be able to secure a job with these lies today but tomorrow you may lose it as well.
People screening your resume usually belong to the HR department. If they do not understand what the abbreviations and jargon mean, they will simply dump your CV in the trash can. Avoid over-using such terms as far as possible.
Leave these reasons to be discussed during the personal interview. For example, some candidates write: Reason for leaving the last job: Made redundant. Avoid making such statements in your CV, they add no value. Besides, if you do get an interview call, chances are the interviewer will address the issue.
Mentioning these immediately slash your chances of getting an interview call.
Leave it to be discussed while negotiating the salary.
Leave out the details like marital status, sex, passport number, number of kids, age of kids. These are usually irrelevant for most interviewers but at times could be used as a basis for discrimination.
Do not include them until asked. In fact, it is not even required to mention the line 'Reference available on request'. If the recruiter requires a reference, he/she will ask you to bring it along for the interview.
February 4, 2008
From college to corporate: What you need to know ?
Graduating from college is a significant rite of passage. For most graduates, it signifies an important transition into the real world of being totally independent and earning a livelihood full-time.
The thought of making it on your own can make you anxious and uncertain about the future. Or, it can make you positive and rosy about your expectations. The difference depends on how well you prepare for the mental and physical things every move requires, especially from college to the workplace.
Consider the following three key career skills that will be vital as you transition to the workplace:
Career skill # 1 -- Develop effective communication skills (interpersonal & written)
What do you think researchers say is the most important ingredient for success and achievement in today's workplace? What's the foundation for supportive, cooperative work and personal relationships?
Interestingly, the answer to both of these questions is the same -- the ability to communicate skillfully and confidently with people. Therefore, excellent interpersonal communication skills are the most powerful career and personal skills you can possess.
This means, how you communicate with others and through others to get business results. As a young professional, you need to focus on both verbal as well as written communication skills (e-mail and regular correspondence).
Human resources professionals estimate that more than 80 per cent of people who fail at their jobs do so for one reason -- they don't relate well to other people. Even in highly technical jobs, success or failure is determined more by human relations skills than by technical proficiency. A study published by the Carnegie Institute of Technology reports that 15 per cent of financial and career success is due to technical competence and 85 per cent is due to interpersonal skills. Let's face it, dealing with others isn't always easy. In fact, if you're like most people, it will probably turn out to be one of the biggest day-to-day challenges you will face in the workplace. Therefore, it's important for you to meet the challenge and be successful with all the people with whom you interact. Strive to build strong and better relationships with your work associates (this includes your manager, clients and customers, peers, co-workers and others). If you work on mastering Career Skill # 1, you're certain to be on your way to success. Career Skill # 2 -- Administrative: Manage your job It's a fact of business life. Every day employees are judged by their ability to manage projects, priorities and deadlines. An organisation's success (and your own career success) depends, to a great degree, upon your skill in getting things done -- on time and with the desired result. Find out as soon as possible what your company and manager expect from you. This will include using your people (interpersonal communication) and technical skills (the knowledge, skills and abilities that make you a sought-after professional). Once you determine what's expected of you, decide how you will accomplish it. Design a professional development plan so that your action items lead to achieving your goals. Stay on top of even the most demanding schedule of competing priorities and multiple projects. To help with this, build a deadline ie a "safety net" to make sure no critical deadlines slip by. Also, make sure that your deadlines are realistic. Finally, get a mentor who can help you design an effective career plan. Career Skill # 3 -- Build and leverage your relationships The old adage "Who you know can be just as important as what you know" applies here. And, nowhere is this truer than in today's workplace where managers, colleagues and mentors (if you're lucky enough to attract one or two) often determine who gets noticed and promoted, who finds a new job, and who thrives in the new organisation. Take charge of your career by becoming a partner with your manager. That means that you will be working to gain your manager's respect and trust in your competence. Enlist your manager's full support for your projects. As we covered earlier, know what's important to your manager. Be open to constructive criticism because it has a constructive impact. Your manager is the person with the power to open doors for you, help accelerate your learning and development and support you in achieving your goals. Strive for harmonious working relationships. Workplace conflict can have constructive or destructive consequences on an individual's performance, the team's performance, and the organisation as a whole. This conflict is often the result of clashes in vision, priorities, values and personal loyalties. Anticipate and sidestep the pitfalls that could impede your progress. Once you are on solid ground with your team and manager, look around and see which bridges you need to build so that you are connected with the right people in the organisation (those who can make things happen for you). Some of these relationships may last over the span of your career. Nurture them and value them for what you can get as well as give to them. A final word A smooth transition from college to the work world is possible if you have the proper mental attitude, make smart moves early in your career and establish ties to your community. To put things in proper perspective, by all means recognise the seriousness of starting your first full-time job, but don't be mentally overburdened by trying to match the success of co-workers or other professional colleagues. However, as long you stay at your first job, do your best and accomplish as much as you can. Bear in mind, though, that your career is more than a single job. During your career you will most likely work with many companies in various positions. Some will be more fulfilling and challenging than others.
January 20, 2008
Are you listening well ?
Etiquette and polish, both in personal and business settings, are linked to how well we communicate.
Most people think communication is all about speaking and devalue the importance of listening.
And many others don't realize what a vast difference there is between simply hearing what is being said and really listening.
People who know how to listen learn more, care more, and end up being the ones we want to be around socially as well as professionally.
Want to improve your listening skills?
Understand why you need to listen and remember to practice these tips the next time you conduct a conversation.
Your eyes are a dead giveaway if you are not listening.
When your mind wanders and you begin thinking of something or someone else, your eyes show your disinterest. And the person speaking to you is well aware that you are not paying attention.
And this is true even if you don't look away. Blank stares don't conceal boredom!
How can you know if you are a bad listener ?
A good listener uses his/ her eyes and mind while listening.
If you find yourself already formulating your next sentence in your mind while someone is speaking to you, you are doing injustice to the conversation.
You will get more out of the conversation if you understand, comprehend and assimilate what is being said BEFORE responding.
Good etiquette = listening!
Do you make these common listening mistakes?
The difference between being a good listener versus a great listener is using your heart in addition to your eyes and mind while listening.
Do you do this?
~ If a friend tells you something is wrong, you immediately tend to give advice or criticism.
~ If a friend tells you about something wonderful that has happened, you usually chip in with something similar that you have experienced.
Rarely do we share joy or sympathise with pain. Rarely do we just let others speak.
To improve your listening skills, practise with those closest to you.
When family members or friends share their thoughts and feelings, curtail the urge to relate what you hear to one of your own experiences.
I believe 'interested people are interesting'.
Similarly, 'boring people get bored'.
You don't need to know a lot about a subject to have a conversation.
You just need to have a desire to learn, understand and make things interesting.
For example, if someone tells you they are a teacher, instead of saying, "That's nice," and moving on to the next topic, try to find out why they are teaching, how they decided on this profession and what their current thoughts on teaching are.
Dig deep and create meaningful conversations.
How do I get others to listen to me?
i. Listen more intently, question more, and speak with emotion.
Build interesting conversations instead of one-way lectures.
ii. Engage people while you speak. Ask questions like, "What do you think?" or "Do you agree?"
Try not to speak continuously for long periods. People tend to have short attention spans.
When you do not listen to what others are saying and only care to listen to your own voice, this is an indication that you really do not care for other people's opinions.
Think about who you really enjoy being around, at work or in your personal life. Usually it is those who really listen and care about you. Are you listening?
9 easy tips to deal with difficult customers
You are waiting in the queue in the mail. It's the weekend jamboree. Everyone is having fun --except the man ahead of you in the queue at the cash counter.
He is going through each item in the bill with the cash counter executive at least twice. Confirming the price and checking the number of items. The man's wife has already wandered off to another section. A task that normally would take the most experienced counter staff a maximum of five minutes now spills over to 10.
People behind you in the queue start getting restless. Finally, the man walks off with his shopping load. You heave a sigh of relief and start piling your purchases on the counter. Suddenly, the man is back. He shows the clerk some item in the list that is supposed to have some offer. Some misunderstanding ensues and the customer starts howling at the cash counter staff. The young girl is close to tears.
Identify the problem
What would you call a customer like that? Diffficult? Rita Dharap agrees vehemently. Rita works with a popular retail chain in Pune. "Almost all customers are difficult. They go through every item on the list with minute care. I can understand because it is after all their hard earned money," she says. "I would probably react the same way." Smriti Jain, though, feels there is no excuse for such behaviour. "It just takes a little more to be nice to the person at the counter. I don't think that is too difficult. Most customers feel that just because they are spending money they own everything, including the staff," she opines, "Customers should remember that the person behind the counter is also human."
~ Picky ~
~ Impatient ~
~ Demanding ~
~ Chatty ~
~ Intimidating ~
Never argue -- it'll only hurt you
~ It is not personal
The most important thing is to realise that there is nothing personal about a difficult customer's behaviour. You and he/she are interacting professionally, not socially. Hence, there is no point in losing sweat over their behaviour.
~ Smile
It might be difficult to do this all the time, but smiling is a very good way to bridge barriers with customers. Do not change your demeanor even if the customer has a formidable look on his or her face.
~ Don't argue
Whatever the customer's contention, the client is always right. So, do not argue with the customer. This will only make him or her more irate.
~ Be patient
Patiently listen to what the customer has to say. Nod your head to indicate you understand what he or she is saying.
If you can provide immediate solutions, do it. If you cannot, please direct the customer to the person who can. See that there is very little time lag within these activities.
.
When dealing with a difficult customer, do your best to be polite. ~ Choose your replies
It is necessary to be very careful when you reply. Anything you say can be misconstrued by a difficult customer. For example, do not blame the customer or your company. If there is a conflict, merely say: "Let me check with my team members and confirm the same with you."
~ Be empathic
Customers sense empathy. If you are warm and empathic it will reflect on your face and in your service.
~ Practice positive thinking
If you tend to get sulky and moody, try to practice positive thinking. If need be, participate in some activity that will stimulate positive thinking in you.
~ Keep your promises
A definite way of building customer satisfaction is to deliver on your promises. If you have assured a customer that you will get back to them, remember to do so, even if it is to say that you are working on the problem.
Tips to become a successful entrepreneur
Indian entrepreneur? These two words no more ring a surprise. While entrepreneurs are blooming across small and big towns in India the people who support them convert their dreams into reality are inceasing as well. The Indian Angel Network is one such organisation that invests in early stage businesses of entrepreneurs who can create immense value. The members of this network have prior entrepreneurial and/or operational experience that they bring to help nurture and grow early stage businesses. Ranjit Shastri is one such influential member of the Indian Angel Network. He co-founded PSi, Inc, an investment advisory firm incorporated in New York with an associated company in India. PSi has assisted a wide range of international investors in India, including both strategic investors and private equity firms, in identifying opportunities in India. In the first of a series where members of the Indian Angel Network offer their tips to entrepreneurs in India, Ranjit Shastri discusses his experience and what he has learnt from it. A Get Ahead Special. Over the past couple of decades I've observed many entrepreneurs in India and abroad, and have seen some of them achieve great success and others stagnate or sink into oblivion. I've been asked to share some of these experiences, and can also share some more recent experiences that I've had through the Indian Angel Network, India's largest and only-pan India network of individual early stage investors, which has been instrumental in kick-starting a number of ventures in India. The tips that I've listed below are not based on anything that I've read -- in fact, numerous books have been written on the subject -- but on real experiences with people that I've met and done business with over the years. This is not a scientific or exhaustive list, but the thoughts that have come immediately to mind. I'm sure my entrepreneurial friends will add many more ideas in articles that will follow in the future. The first involves getting started, leaving a safe job or career prospects and jumping into the entrepreneurial fray. The second issue has to do with maintaining and building a viable business, successfully scaling up so that one has not just managed to 'survive' but also to grow the business and create great value for investors. Finally, there's the issue of knowing when to move on, either by selling the business or handing over to someone who can bring new energy, skills and ideas to bear. Let's take each of these issues in turn, and examine some of the things you can do to address them. Most successful entrepreneurs that I've met, however, don't see themselves as particularly brave. In fact, they do a lot of homework and make contingency plans that take into account the possibility of failure. I've met a number of entrepreneurs who have left McKinsey & Co., my first employer after business school, because they recognised that becoming a director at McKinsey is not guaranteed for even some of the hardest working, smartest people that you come across in the business world. Becoming a director at any large organisation has much to do with factors that are not in your control, including personal relationships and the economic cycle that the company happens to be in when promotion decisions are made. While organisations try to be fair, they operate in a world that isn't, and if you recognise that staying put is not necessarily safe you are more likely to get over the fear of venturing out. There's no point taking a big risk if you have a small idea, and from an economic perspective, it's logical to concentrate on expected value, which means the potential value creation times the probability of actually achieving it. So if your job is 100% secure, and the chances of entrepreneurial success are only 10%, then compare your future salary against the expected future value of your venture (the 'payoff') times 10%. If the expected value (payoff times 10%) is more than your salary, then logically you should give it a try. However, most people are irrationally risk averse, so if the expected value is not vastly higher than their salary, they would opt for the more certain outcome. On the other hand, people who are destined to become entrepreneurs are more likely to be sceptical about the security of their job, so they wouldn't assign a 100% probability to the so-called safe option. In Tip #2, I said it's important to think big, but for most entrepreneurs it's also important to start small. A good example is SchoolTrainer, which was started by a Delhi-based Hindi and Math tutor. He has a big idea, but has started out small (just himself). He currently has less than 100 teachers on his panel, but expects to scale up to a thousand over the next few years. Starting small enables you to experiment, work out the bugs in your systems, and prove your idea. The discipline of a tight budget also forces small companies to do what customers ask them to do. Companies that start operations with a lot of resources often scale up too quickly, waste money and enjoy the luxury of not having to listen to customers. In other words, if you think the risk of entrepreneurship is high, consider the risk of losing a fortune by letting an opportunity slip out of your hands. Of course, explaining this to conservative family members (usually a parent or spouse) may be difficult. For some people, even a 10% chance of failure is too high to contemplate, no matter how big the potential payoff is. A 90% chance of failure is out of the question. Conservative family members will only be convinced if you have an airtight back up plan, which leads to Tip #5. One entrepreneur I know asked his employer, a very prestigious professional services firm, for a leave of absence. This gave him time to verify that his idea had merit. He knew that if he failed (which he assumed was likely), he could always return to the relative safety of a conventional career. His friends and acquaintances thought he was gutsy, but he knew he had a safety net. In the end, he was able to prove his idea during his leave of absence and was able confidently to convert his leave of absence into a separation. He was shrewd, not brave.
There are three sets of issues that one must consider when thinking about how to become an entrepreneur, particularly if you are born into a middle-class family of professionals (one or more of your parents work for a large company).
Getting started
Tip #1: Don't worry about not being courageous enough for the uncertainty of the business world, as being an entrepreneur has nothing to do with courage. People who observe entrepreneurs leaving a secure job and taking the plunge into the unknown sometimes marvel at their courage (or foolhardiness).
Tip #2: Look for a big idea, and be rational.
Tip #3: Start small.
Tip #4: When faced with the fear of giving up a secure job, concentrate on the equally frightening possibility of someday looking back with regret.
Tip #5: Have a backup plan.
