Sabtu, 08 Maret 2008
Financial Planning Introduction Making a plan to reach your goals
Making a plan to reach your goals.Most of us have goals in life that call for an investment of a significant amount of time and financial resources. We may have done some planning. However, our natural tendency is to focus on only one or two goals that are most important to us right now. For most people, developing and maintaining a plan to achieve all of their financial goals is a daunting challenge—one we delay taking on.
Making a plan and sticking to it is sometimes challenging if you go it alone. You don't have to. Partner with someone who will act as your "financial coordinator" to help you make a plan, implement it, and change the roadmap as needed.
Making a plan and sticking to it is sometimes challenging if you go it alone. You don't have to. Partner with someone who will act as your "financial coordinator" to help you make a plan, implement it, and change the roadmap as needed.
The Process of Great Leadership
The road to great leadership (Kouzes & Posner, 1987) that is common to successful leaders:
o Challenge the process - First, find a process that you believe needs to be improved the most.
o Inspire a shared vision - Next, share you vision in words that can be understood by your followers.
o Enable others to act - Give them the tools and methods to solve the problem.
o Model the way - When the process gets tough, get your hands dirty. A boss tells others what to do...a leader shows that it can be done.
o Encourage the heart - Share the glory with your followers' heart, while keeping the pains within your own.
o Challenge the process - First, find a process that you believe needs to be improved the most.
o Inspire a shared vision - Next, share you vision in words that can be understood by your followers.
o Enable others to act - Give them the tools and methods to solve the problem.
o Model the way - When the process gets tough, get your hands dirty. A boss tells others what to do...a leader shows that it can be done.
o Encourage the heart - Share the glory with your followers' heart, while keeping the pains within your own.
Managerial Grid
The Blake and Mouton Managerial Grid (1985) uses two axis:
1. "Concern for people" is plotted using the vertical axis
2. "Concern for task" is along the horizontal axis.
They both have a range of o to 9. The notion that just two dimensions can describe a managerial behavior has the attraction of simplicity. These two dimensions can be drawn as a graph or grid:
High 9 Country Club Team Leader
8
7
P 6
E
O 5
P
L 4
E
3
2
1 Impovished Authoritarian
0 2 3 4 5 6 7 8 9
Low High
TASK
Most people fall somewhere near the middle of the two axis. But, by going to the extremes, that is, people who score on the far end of the scales, we come up with four types of leaders:
o Authoritarian (9 on task, 1 on people)
o Team Leader (9 on task, 9 on people)
o Country Club (1 on task, 9 on people)
o Impoverished (1 on task, 1 on people).
Authoritarian Leader (high task, low relationship)
People who get this rating are very much task oriented and are hard on their workers (autocratic). There is little or no allowance for cooperation or collaboration. Heavily task oriented people display these characteristics: they are very strong on schedules; they expect people to do what they are told without question or debate; when something goes wrong they tend to focus on who is to blame rather than concentrate on exactly what is wrong and how to prevent it; they are intolerant of what they see as dissent (it may just be someone's creativity), so it is difficult for their subordinates to contribute or develop.
Team Leader (high task, high relationship)
This type of person leads by positive example and endeavors to foster a team environment in which all team members can reach their highest potential, both as team members and as people. They encourage the team to reach team goals as effectively as possible, while also working tirelessly to strengthen the bonds among the various members. They normally form and lead some of the most productive teams.
Country Club Leader (low task, high relationship)
This person uses predominantly reward power to maintain discipline and to encourage the team to accomplish its goals. Conversely, they are almost incapable of employing the more punitive coercive and legitimate powers. This inability results from fear that using such powers could jeopardize relationships with the other team members.
Impoverished Leader (low task, low relationship)
A leader who uses a "delegate and disappear" management style. Since they are not committed to either task accomplishment or maintenance; they essentially allow their team to do whatever it wishes and prefer to detach themselves from the team process by allowing the team to suffer from a series of power struggles.
The most desirable place for a leader to be along the two axis at most times would be a 9 on task and a 9 on people -- the Team Leader. However, do not entirely dismiss the other three. Certain situations might call for one of the other three to be used at times. For example, by playing the Impoverished Leader, you allow your team to gain self-reliance. Be an Authoritarian Leader to instill a sense of discipline in an unmotivated worker. By carefully studying the situation and the forces affecting it, you will know at what points along the axis you need to be in order to achieve the desired result.
1. "Concern for people" is plotted using the vertical axis
2. "Concern for task" is along the horizontal axis.
They both have a range of o to 9. The notion that just two dimensions can describe a managerial behavior has the attraction of simplicity. These two dimensions can be drawn as a graph or grid:
High 9 Country Club Team Leader
8
7
P 6
E
O 5
P
L 4
E
3
2
1 Impovished Authoritarian
0 2 3 4 5 6 7 8 9
Low High
TASK
Most people fall somewhere near the middle of the two axis. But, by going to the extremes, that is, people who score on the far end of the scales, we come up with four types of leaders:
o Authoritarian (9 on task, 1 on people)
o Team Leader (9 on task, 9 on people)
o Country Club (1 on task, 9 on people)
o Impoverished (1 on task, 1 on people).
Authoritarian Leader (high task, low relationship)
People who get this rating are very much task oriented and are hard on their workers (autocratic). There is little or no allowance for cooperation or collaboration. Heavily task oriented people display these characteristics: they are very strong on schedules; they expect people to do what they are told without question or debate; when something goes wrong they tend to focus on who is to blame rather than concentrate on exactly what is wrong and how to prevent it; they are intolerant of what they see as dissent (it may just be someone's creativity), so it is difficult for their subordinates to contribute or develop.
Team Leader (high task, high relationship)
This type of person leads by positive example and endeavors to foster a team environment in which all team members can reach their highest potential, both as team members and as people. They encourage the team to reach team goals as effectively as possible, while also working tirelessly to strengthen the bonds among the various members. They normally form and lead some of the most productive teams.
Country Club Leader (low task, high relationship)
This person uses predominantly reward power to maintain discipline and to encourage the team to accomplish its goals. Conversely, they are almost incapable of employing the more punitive coercive and legitimate powers. This inability results from fear that using such powers could jeopardize relationships with the other team members.
Impoverished Leader (low task, low relationship)
A leader who uses a "delegate and disappear" management style. Since they are not committed to either task accomplishment or maintenance; they essentially allow their team to do whatever it wishes and prefer to detach themselves from the team process by allowing the team to suffer from a series of power struggles.
The most desirable place for a leader to be along the two axis at most times would be a 9 on task and a 9 on people -- the Team Leader. However, do not entirely dismiss the other three. Certain situations might call for one of the other three to be used at times. For example, by playing the Impoverished Leader, you allow your team to gain self-reliance. Be an Authoritarian Leader to instill a sense of discipline in an unmotivated worker. By carefully studying the situation and the forces affecting it, you will know at what points along the axis you need to be in order to achieve the desired result.
Leadership Models
Leadership models help us to understand what makes leaders act the way they do. The ideal is not to lock yourself in to a type of behavior discussed in the model, but to realize that every situation calls for a different approach or behavior to be taken. Two models will be discussed, the Four Framework Approach and the Managerial Grid.
Four Framework Approach
In the Four Framework Approach, Bolman and Deal (1991) suggest that leaders display leadership behaviors in one of four types of frameworks: Structural, Human Resource, Political, or Symbolic. The style can either be effective or ineffective, depending upon the chosen behavior in certain situations.
Structural Framework
In an effective leadership situation, the leader is a social architect whose leadership style is analysis and design. While in an ineffective leadership situation, the leader is a petty tyrant whose leadership style is details. Structural Leaders focus on structure, strategy, environment, implementation, experimentation, and adaptation.
Human Resource Framework
In an effective leadership situation, the leader is a catalyst and servant whose leadership style is support, advocate, and empowerment. while in an ineffective leadership situation, the leader is a pushover, whose leadership style is abdication and fraud. Human Resource Leaders believe in people and communicate that belief; they are visible and accessible; they empower, increase participation, support, share information, and move decision making down into the organization.
Political Framework
In an effective leadership situation, the leader is an advocate, whose leadership style is coalition and building. While in an ineffective leadership situation, the leader is a hustler, whose leadership style is manipulation. Political leaders clarify what they want and what they can get; they assess the distribution of power and interests; they build linkages to other stakeholders, use persuasion first, then use negotiation and coercion only if necessary.
Symbolic Framework
In an effective leadership situation, the leader is a prophet, whose leadership style is inspiration. While in an ineffective leadership situation, the leader is a fanatic or fool, whose leadership style is smoke and mirrors. Symbolic leaders view organizations as a stage or theater to play certain roles and give impressions; these leaders use symbols to capture attention; they try to frame experience by providing plausible interpretations of experiences; they discover and communicate a vision.
This model suggests that leaders can be put into one of these four categories and there are times when one approach is appropriate and times when it would not be. Any one of these approaches alone would be inadequate, thus we should strive to be conscious of all four approaches, and not just rely on one or two. For example, during a major organization change, a structural leadership style may be more effective than a visionary leadership style; while during a period when strong growth is needed, the visionary approach may be better. We also need to understand ourselves as each of us tends to have a preferred approach. We need to be conscious of this at all times and be aware of the limitations of our favoring just one approach.
Four Framework Approach
In the Four Framework Approach, Bolman and Deal (1991) suggest that leaders display leadership behaviors in one of four types of frameworks: Structural, Human Resource, Political, or Symbolic. The style can either be effective or ineffective, depending upon the chosen behavior in certain situations.
Structural Framework
In an effective leadership situation, the leader is a social architect whose leadership style is analysis and design. While in an ineffective leadership situation, the leader is a petty tyrant whose leadership style is details. Structural Leaders focus on structure, strategy, environment, implementation, experimentation, and adaptation.
Human Resource Framework
In an effective leadership situation, the leader is a catalyst and servant whose leadership style is support, advocate, and empowerment. while in an ineffective leadership situation, the leader is a pushover, whose leadership style is abdication and fraud. Human Resource Leaders believe in people and communicate that belief; they are visible and accessible; they empower, increase participation, support, share information, and move decision making down into the organization.
Political Framework
In an effective leadership situation, the leader is an advocate, whose leadership style is coalition and building. While in an ineffective leadership situation, the leader is a hustler, whose leadership style is manipulation. Political leaders clarify what they want and what they can get; they assess the distribution of power and interests; they build linkages to other stakeholders, use persuasion first, then use negotiation and coercion only if necessary.
Symbolic Framework
In an effective leadership situation, the leader is a prophet, whose leadership style is inspiration. While in an ineffective leadership situation, the leader is a fanatic or fool, whose leadership style is smoke and mirrors. Symbolic leaders view organizations as a stage or theater to play certain roles and give impressions; these leaders use symbols to capture attention; they try to frame experience by providing plausible interpretations of experiences; they discover and communicate a vision.
This model suggests that leaders can be put into one of these four categories and there are times when one approach is appropriate and times when it would not be. Any one of these approaches alone would be inadequate, thus we should strive to be conscious of all four approaches, and not just rely on one or two. For example, during a major organization change, a structural leadership style may be more effective than a visionary leadership style; while during a period when strong growth is needed, the visionary approach may be better. We also need to understand ourselves as each of us tends to have a preferred approach. We need to be conscious of this at all times and be aware of the limitations of our favoring just one approach.
Culture and Climate
There are two distinct forces that dictate how to act within an organization: culture and climate.
Each organization has its own distinctive culture. It is a combination of the founders, past leadership, current leadership, crises, events, history, and size. This results in rites: the routines, rituals, and the "way we do things." These rites impact individual behavior on what it takes to be in good standing (the norm) and directs the appropriate behavior for each circumstance.
The climate is the feel of the organization, the individual and shared perceptions and attitudes of the organization's members. While the culture is the deeply rooted nature of the organization that is a result of long-held formal and informal systems, rules, traditions, and customs; climate is a short-term phenomenon created by the current leadership. Climate represents the beliefs about the "feel of the organization" by its members. This individual perception of the "feel of the organization" comes from what the people believe about the activities that occur in the organization. These activities influence both individual and team motivation and satisfaction, such as:
o How well does the leader clarify the priorities and goals of the organization? What is expected of us?
o What is the system of recognition, rewards, and punishments in the organization?
o How competent are the leaders?
o Are leaders free to make decision?
o What will happen if I make a mistake?
Organizational climate is directly related to the leadership and management style of the leader, based on the values, attributes, skills, and actions, as well as the priorities of the leader. Compare this to "ethical climate" -- the "feel of the organization" about the activities that have ethical content or those aspects of the work environment that constitute ethical behavior. The ethical climate is the feel about whether we do things right; or the feel of whether we behave the way we ought to behave. The behavior (character) of the leader is the most important factor that impacts the climate.
On the other hand, culture is a long-term, complex phenomenon. Culture represents the shared expectations and self-image of the organization. The mature values that create "tradition" or the "way we do things here." Things are done differently in every organization. The collective vision and common folklore that define the institution are a reflection of culture. Individual leaders, cannot easily create or change culture because culture is a part of the organization. Culture influences the characteristics of the climate by its effect on the actions and thought processes of the leader. But, everything you do as a leader will effect the climate of the organization.
Each organization has its own distinctive culture. It is a combination of the founders, past leadership, current leadership, crises, events, history, and size. This results in rites: the routines, rituals, and the "way we do things." These rites impact individual behavior on what it takes to be in good standing (the norm) and directs the appropriate behavior for each circumstance.
The climate is the feel of the organization, the individual and shared perceptions and attitudes of the organization's members. While the culture is the deeply rooted nature of the organization that is a result of long-held formal and informal systems, rules, traditions, and customs; climate is a short-term phenomenon created by the current leadership. Climate represents the beliefs about the "feel of the organization" by its members. This individual perception of the "feel of the organization" comes from what the people believe about the activities that occur in the organization. These activities influence both individual and team motivation and satisfaction, such as:
o How well does the leader clarify the priorities and goals of the organization? What is expected of us?
o What is the system of recognition, rewards, and punishments in the organization?
o How competent are the leaders?
o Are leaders free to make decision?
o What will happen if I make a mistake?
Organizational climate is directly related to the leadership and management style of the leader, based on the values, attributes, skills, and actions, as well as the priorities of the leader. Compare this to "ethical climate" -- the "feel of the organization" about the activities that have ethical content or those aspects of the work environment that constitute ethical behavior. The ethical climate is the feel about whether we do things right; or the feel of whether we behave the way we ought to behave. The behavior (character) of the leader is the most important factor that impacts the climate.
On the other hand, culture is a long-term, complex phenomenon. Culture represents the shared expectations and self-image of the organization. The mature values that create "tradition" or the "way we do things here." Things are done differently in every organization. The collective vision and common folklore that define the institution are a reflection of culture. Individual leaders, cannot easily create or change culture because culture is a part of the organization. Culture influences the characteristics of the climate by its effect on the actions and thought processes of the leader. But, everything you do as a leader will effect the climate of the organization.
Roles ad Relationships
Roles are the positions that are defined by a set of expectations about behavior of any job incumbent. Each role has a set of tasks and responsibilities that may or may not be spelled out. Roles have a powerful effect on behavior for several reasons, to include money being paid for the performance of the role, there is prestige attached to a role, and a sense of accomplishment or challenge.
Relationships are determined by a role's tasks. While some tasks are performed alone, most are carried out in relationship with others. The tasks will determine who the role-holder is required to interact with, how often, and towards what end. Also, normally the greater the interaction, the greater the liking. This in turn leads to more frequent interaction. In human behavior, its hard to like someone whom we have no contact with, and we tend to seek out those we like. People tend to do what they are rewarded for, and friendship is a powerful reward. Many tasks and behaviors that are associated with a role are brought about by these relationships. That is, new task and behaviors are expected of the present role holder because a strong relationship was developed in the past, either by that role holder or a prior role holder.
Relationships are determined by a role's tasks. While some tasks are performed alone, most are carried out in relationship with others. The tasks will determine who the role-holder is required to interact with, how often, and towards what end. Also, normally the greater the interaction, the greater the liking. This in turn leads to more frequent interaction. In human behavior, its hard to like someone whom we have no contact with, and we tend to seek out those we like. People tend to do what they are rewarded for, and friendship is a powerful reward. Many tasks and behaviors that are associated with a role are brought about by these relationships. That is, new task and behaviors are expected of the present role holder because a strong relationship was developed in the past, either by that role holder or a prior role holder.
Goals, Values, and Concepts
Leaders exert influence on the environment via three types of actions:
1. The goals and performance standards they establish.
2. The values they establish for the organization.
3. The business and people concepts they establish.
Successful organizations have leaders who set high standards and goals across the entire spectrum, such as strategies, market leadership, plans, meetings and presentations, productivity, quality, and reliability.
Values reflect the concern the organization has for its employees, customers, investors, vendors, and surrounding community. These values define the manner in how business will be conducted.
Concepts define what products or services the organization will offer and the methods and processes for conducting business.
These goals, values, and concepts make up the organization's "personality" or how the organization is observed by both outsiders and insiders. This personality defines the roles, relationships, rewards, and rites that take place.
1. The goals and performance standards they establish.
2. The values they establish for the organization.
3. The business and people concepts they establish.
Successful organizations have leaders who set high standards and goals across the entire spectrum, such as strategies, market leadership, plans, meetings and presentations, productivity, quality, and reliability.
Values reflect the concern the organization has for its employees, customers, investors, vendors, and surrounding community. These values define the manner in how business will be conducted.
Concepts define what products or services the organization will offer and the methods and processes for conducting business.
These goals, values, and concepts make up the organization's "personality" or how the organization is observed by both outsiders and insiders. This personality defines the roles, relationships, rewards, and rites that take place.
Attributes
If you are a leader who can be trusted, then those around you will grow to respect you. To be such a leader, there is a Leadership Framework to guide you:
BE KNOW DO
BE a professional. Examples: Be loyal to the organization, perform selfless service, take personal responsibility.
BE a professional who possess good character traits. Examples: Honesty, competence, candor, commitment, integrity, courage, straightforwardness, imagination.
KNOW the four factors of leadership - follower, leader, communication, situation.
KNOW yourself. Examples: strengths and weakness of your character, knowledge, and skills.
KNOW human nature. Examples: Human needs, emotions, and how people respond to stress.
KNOW your job. Examples: be proficient and be able to train others in their tasks.
KNOW your organization. Examples: where to go for help, its climate and culture, who the unofficial leaders are.
DO provide direction. Examples: goal setting, problem solving, decision making, planning.
DO implement. Examples: communicating, coordinating, supervising, evaluating.
DO motivate. Examples: develop moral and esprit in the organization, train, coach, counsel.
BE KNOW DO
BE a professional. Examples: Be loyal to the organization, perform selfless service, take personal responsibility.
BE a professional who possess good character traits. Examples: Honesty, competence, candor, commitment, integrity, courage, straightforwardness, imagination.
KNOW the four factors of leadership - follower, leader, communication, situation.
KNOW yourself. Examples: strengths and weakness of your character, knowledge, and skills.
KNOW human nature. Examples: Human needs, emotions, and how people respond to stress.
KNOW your job. Examples: be proficient and be able to train others in their tasks.
KNOW your organization. Examples: where to go for help, its climate and culture, who the unofficial leaders are.
DO provide direction. Examples: goal setting, problem solving, decision making, planning.
DO implement. Examples: communicating, coordinating, supervising, evaluating.
DO motivate. Examples: develop moral and esprit in the organization, train, coach, counsel.
Factors of leadership
Follower
Different people require different styles of leadership. For example, a new hire requires more supervision than an experienced employee. A person who lacks motivation requires a different approach than one with a high degree of motivation. You must know your people! The fundamental starting point is having a good understanding of human nature, such as needs, emotions, and motivation. You must come to know your employees' be, know, and do attributes.
Leader
You must have a honest understanding of who you are, what you know, and what you can do. Also, note that it is the followers, not the leader who determines if a leader is successful. If they do not trust or lack confidence in their leader, then they will be uninspired. To be successful you have to convince your followers, not yourself or your superiors, that you are worthy of being followed.
Communication
You lead through two-way communication. Much of it is nonverbal. For instance, when you "set the example," that communicates to your people that you would not ask them to perform anything that you would not be willing to do. What and how you communicate either builds or harms the relationship between you and your employees.
Situation
All are different. What you do in one situation will not always work in another. You must use your judgment to decide the best course of action and the leadership style needed for each situation. For example, you may need to confront an employee for inappropriate behavior, but if the confrontation is too late or too early, too harsh or too weak, then the results may prove ineffective.
Various forces will affect these factors. Examples of forces are your relationship with your seniors, the skill of your people, the informal leaders within your organization, and how your company is organized.
Different people require different styles of leadership. For example, a new hire requires more supervision than an experienced employee. A person who lacks motivation requires a different approach than one with a high degree of motivation. You must know your people! The fundamental starting point is having a good understanding of human nature, such as needs, emotions, and motivation. You must come to know your employees' be, know, and do attributes.
Leader
You must have a honest understanding of who you are, what you know, and what you can do. Also, note that it is the followers, not the leader who determines if a leader is successful. If they do not trust or lack confidence in their leader, then they will be uninspired. To be successful you have to convince your followers, not yourself or your superiors, that you are worthy of being followed.
Communication
You lead through two-way communication. Much of it is nonverbal. For instance, when you "set the example," that communicates to your people that you would not ask them to perform anything that you would not be willing to do. What and how you communicate either builds or harms the relationship between you and your employees.
Situation
All are different. What you do in one situation will not always work in another. You must use your judgment to decide the best course of action and the leadership style needed for each situation. For example, you may need to confront an employee for inappropriate behavior, but if the confrontation is too late or too early, too harsh or too weak, then the results may prove ineffective.
Various forces will affect these factors. Examples of forces are your relationship with your seniors, the skill of your people, the informal leaders within your organization, and how your company is organized.
Principles of Leadership
1. Be technically proficient - As a leader, you must know your job and have a solid familiarity with your employees' tasks.
2. Seek responsibility and take responsibility for your actions - Search for ways to guide your organization to new heights. And when things go wrong, they always do sooner or later -- do not blame others. Analyze the situation, take corrective action, and move on to the next challenge.
3. Make sound and timely decisions - Use good problem solving, decision making, and planning tools.
4. Set the example - Be a good role model for your employees. They must not only hear what they are expected to do, but also see. We must become the change we want to see - Mahatma Gandhi
5. Know your people and look out for their well-being - Know human nature and the importance of sincerely caring for your workers.
6. Keep your workers informed - Know how to communicate with not only them, but also seniors and other key people.
7. Develop a sense of responsibility in your workers - Help to develop good character traits that will help them carry out their professional responsibilities.
8. Ensure that tasks are understood, supervised, and accomplished - Communication is the key to this responsibility.
9. Train as a team - Although many so called leaders call their organization, department, section, etc. a team; they are not really teams...they are just a group of people doing their jobs.
10. Use the full capabilities of your organization - By developing a team spirit, you will be able to employ your organization, department, section, etc. to its fullest capabilities.
2. Seek responsibility and take responsibility for your actions - Search for ways to guide your organization to new heights. And when things go wrong, they always do sooner or later -- do not blame others. Analyze the situation, take corrective action, and move on to the next challenge.
3. Make sound and timely decisions - Use good problem solving, decision making, and planning tools.
4. Set the example - Be a good role model for your employees. They must not only hear what they are expected to do, but also see. We must become the change we want to see - Mahatma Gandhi
5. Know your people and look out for their well-being - Know human nature and the importance of sincerely caring for your workers.
6. Keep your workers informed - Know how to communicate with not only them, but also seniors and other key people.
7. Develop a sense of responsibility in your workers - Help to develop good character traits that will help them carry out their professional responsibilities.
8. Ensure that tasks are understood, supervised, and accomplished - Communication is the key to this responsibility.
9. Train as a team - Although many so called leaders call their organization, department, section, etc. a team; they are not really teams...they are just a group of people doing their jobs.
10. Use the full capabilities of your organization - By developing a team spirit, you will be able to employ your organization, department, section, etc. to its fullest capabilities.
The Two Most Important Keys to Effective Leadership
A Hay's study examined over 75 key components of employee satisfaction. They found that:
o Trust and confidence in top leadership was the single most reliable predictor of employee satisfaction in an organization.
o Effective communication by leadership in three critical areas was the key to winning organizational trust and confidence:
1. Helping employees understand the company's overall business strategy.
2. Helping employees understand how they contribute to achieving key business objectives.
3. Sharing information with employees on both how the company is doing and how an employee's own division is doing - relative to strategic business objectives.
So in a nutshell -- you must be trustworthy and you have to be able to communicate a vision of where the organization needs to go. The next section, "Principles of Leadership", ties in closely with this key concept.
o Trust and confidence in top leadership was the single most reliable predictor of employee satisfaction in an organization.
o Effective communication by leadership in three critical areas was the key to winning organizational trust and confidence:
1. Helping employees understand the company's overall business strategy.
2. Helping employees understand how they contribute to achieving key business objectives.
3. Sharing information with employees on both how the company is doing and how an employee's own division is doing - relative to strategic business objectives.
So in a nutshell -- you must be trustworthy and you have to be able to communicate a vision of where the organization needs to go. The next section, "Principles of Leadership", ties in closely with this key concept.
Concepts of Leadership
Good leaders are made not born. If you have the desire and willpower, you can become an effective leader. Good leaders develop through a never ending process of self-study, education, training, and experience. This guide will help you through that process.
To inspire your workers into higher levels of teamwork, there are certain things you must be, know, and, do. These do not come naturally, but are acquired through continual work and study. Good leaders are continually working and studying to improve their leadership skills; they are NOT resting on their laurels.
Before we get started, lets define leadership. Leadership is a process by which a person influences others to accomplish an objective and directs the organization in a way that makes it more cohesive and coherent. Leaders carry out this process by applying their leadership attributes, such as beliefs, values, ethics, character, knowledge, and skills. Although your position as a manager, supervisor, lead, etc. gives you the authority to accomplish certain tasks and objectives in the organization, this power does not make you a leader...it simply makes you the boss. Leadership differs in that it makes the followers want to achieve high goals, rather than simply bossing people around.
To inspire your workers into higher levels of teamwork, there are certain things you must be, know, and, do. These do not come naturally, but are acquired through continual work and study. Good leaders are continually working and studying to improve their leadership skills; they are NOT resting on their laurels.
Before we get started, lets define leadership. Leadership is a process by which a person influences others to accomplish an objective and directs the organization in a way that makes it more cohesive and coherent. Leaders carry out this process by applying their leadership attributes, such as beliefs, values, ethics, character, knowledge, and skills. Although your position as a manager, supervisor, lead, etc. gives you the authority to accomplish certain tasks and objectives in the organization, this power does not make you a leader...it simply makes you the boss. Leadership differs in that it makes the followers want to achieve high goals, rather than simply bossing people around.
Competence May Be Enough
There she was, at her podium center stage, ready for the onslaught. And Sen. Hillary Clinton got what she expected at last week's Democratic debate, and more. Aside from the predictable ripostes from rivals Sen. Barack Obama and John Edwards about her lack of specificity on fixing Social Security and her past support of the Iraq war (and maybe a future one in Iran), she was painted, in no particular order, as unelectable, untrustworthy, and unappealing. In an election that's about change, they were calling her the status quo Democrat—hoping the ultimate insult would stick and become the kiss of death. Or a way to revive their own poll numbers.
No doubt about it, Clinton's performance was the worst of her campaign. The warm Hillary—with the ever ready smile (and all-too-ready laugh)—was gone. She was more the stern headmistress than the coy front-runner, glaring at her opponents as they dared take her on—off her perch. She stonewalled direct questions as if that might be a way to keep out of political trouble. It didn't work; it only reminded voters (with help from her opponents) of another Clinton who used to parse his words. "Will she be the person who brings about the change in this country?" snickered former Senator Edwards. "You know, I believe in Santa Claus. I believe in the tooth fairy. But I don't think that's going to happen!"
But hold on. The argument about change is more complex than Edwards would have us believe. Sure, this election is about change; they always are. And of course Clinton didn't help herself in last week's debate, looking like just another evasive pol. But here's the real question to consider: How much change does the public really want? Have the voters decided it's time for the political equivalent of a long ball? Or do they think the times are too dangerous to take a big risk? After all, elections are often defined by the features of the previous presidency. George W. Bush has been a risk-taker, and the results have been less than inspirational. He's also regarded as a management nightmare. Andrew Kohut, president of the Pew Research Center, says that for the past two years, the word most volunteered by those asked to describe the president is this: incompetent.
The public feels the same way about its government, seeing Congress as pretty much a joke (80 percent say it isn't getting anything done, according to a recent Pew survey). And around two thirds of Americans think the country is headed down the wrong track. But as New York Times columnist David Brooks recently pointed out, people also feel fairly good about their own lives. So as they try to decide on the next president, he says, they're looking for a way to reconcile their personal satisfaction with their dismay at the way the country is being run. In other words, fix the government, but leave them alone.
Experience. That's why this election may turn out to be more about the intangibles—that sense of what voters want in a leader. So when Clinton dissembles, refusing to answer direct questions—such as whether illegal immigrants should have driver's licenses or whether her husband's presidential papers should be released before the election—she doesn't help herself. But all is not lost. If voters are looking for the post-Bush president—someone strong and competent—she could still be their man. A new Pew survey shows that overwhelming majorities of voters find Clinton to be ambitious (93 percent), outspoken (84 percent), and tough (78 percent). For a woman, those traits were once deadly; now, the poll shows, a majority consider these attributes something they like about Clinton. (We've come a long way, baby.) She may not give you goose bumps at a rally, but she probably knows how to get things done. "Voters may not be willing to take a risk this year," says William Galston, a former Bill Clinton domestic policy adviser. "They probably want someone with a steady game plan." In other words: less preaching, more pragmatism.
If true, that's not good news for Obama, whose campaign is built on inspiration—and on big ideas, like passing the generational torch. On the podium next to Clinton, he seems young and ill at ease; she exudes what she often calls her "lifetime of experience." But there is a danger here for Clinton, and we saw it last week: Obama's freshness also seems honest and sincere. Hillary's caution—which is the best spin to put on her performance—seems born out of too much political experience, and expedience. Evasiveness is not a quality voters search for in a leader.
No doubt about it, Clinton's performance was the worst of her campaign. The warm Hillary—with the ever ready smile (and all-too-ready laugh)—was gone. She was more the stern headmistress than the coy front-runner, glaring at her opponents as they dared take her on—off her perch. She stonewalled direct questions as if that might be a way to keep out of political trouble. It didn't work; it only reminded voters (with help from her opponents) of another Clinton who used to parse his words. "Will she be the person who brings about the change in this country?" snickered former Senator Edwards. "You know, I believe in Santa Claus. I believe in the tooth fairy. But I don't think that's going to happen!"
But hold on. The argument about change is more complex than Edwards would have us believe. Sure, this election is about change; they always are. And of course Clinton didn't help herself in last week's debate, looking like just another evasive pol. But here's the real question to consider: How much change does the public really want? Have the voters decided it's time for the political equivalent of a long ball? Or do they think the times are too dangerous to take a big risk? After all, elections are often defined by the features of the previous presidency. George W. Bush has been a risk-taker, and the results have been less than inspirational. He's also regarded as a management nightmare. Andrew Kohut, president of the Pew Research Center, says that for the past two years, the word most volunteered by those asked to describe the president is this: incompetent.
The public feels the same way about its government, seeing Congress as pretty much a joke (80 percent say it isn't getting anything done, according to a recent Pew survey). And around two thirds of Americans think the country is headed down the wrong track. But as New York Times columnist David Brooks recently pointed out, people also feel fairly good about their own lives. So as they try to decide on the next president, he says, they're looking for a way to reconcile their personal satisfaction with their dismay at the way the country is being run. In other words, fix the government, but leave them alone.
Experience. That's why this election may turn out to be more about the intangibles—that sense of what voters want in a leader. So when Clinton dissembles, refusing to answer direct questions—such as whether illegal immigrants should have driver's licenses or whether her husband's presidential papers should be released before the election—she doesn't help herself. But all is not lost. If voters are looking for the post-Bush president—someone strong and competent—she could still be their man. A new Pew survey shows that overwhelming majorities of voters find Clinton to be ambitious (93 percent), outspoken (84 percent), and tough (78 percent). For a woman, those traits were once deadly; now, the poll shows, a majority consider these attributes something they like about Clinton. (We've come a long way, baby.) She may not give you goose bumps at a rally, but she probably knows how to get things done. "Voters may not be willing to take a risk this year," says William Galston, a former Bill Clinton domestic policy adviser. "They probably want someone with a steady game plan." In other words: less preaching, more pragmatism.
If true, that's not good news for Obama, whose campaign is built on inspiration—and on big ideas, like passing the generational torch. On the podium next to Clinton, he seems young and ill at ease; she exudes what she often calls her "lifetime of experience." But there is a danger here for Clinton, and we saw it last week: Obama's freshness also seems honest and sincere. Hillary's caution—which is the best spin to put on her performance—seems born out of too much political experience, and expedience. Evasiveness is not a quality voters search for in a leader.
Chartered Accountant in India
In India, the profession of chartered accountancy is handled by ICAI. Chartered Accountancy Course is a professional course in Accounting introduced in India in 1949, with the enactment of the Chartered Accountants Act. The Institute of Chartered Accountants of India (ICAI) was formed the same year . This Institute is both an examining and a licensing body. It is the responsibility of the institute to conduct the Chartered accountancy (CA) Course. The course involves a blend of theoretical education and practical training which run concurrently for a period of three years and equips a student with knowledge, ability, skills and other qualities required of a professional accountant
Chartered Accountant in South Africa
In South Africa only one accounting body manages the designation CA(SA) (Chartered Accountant (South Africa) namely SAICA (South African Institute of Chartered Accountants). A separate registration is needed for Chartered Accountants wishing to act as Auditors, namely RAA (Registered Accountant and Auditor). The RAA Designation are controlled by PAAB (Public Accountants and Auditors Board.).
The public are often mistaken by thinking that all Chartered Accountants may act as Auditors. Since TOPP (Training Outside Public Practice) a great number of members earned the designation Chartered Accountant whith no knowledge or experience in Auditing. These Chartered Accountants specialise in financial management and almost exclusively act as financial directors or managers for large corporations.
Various other accounting bodies play a role in South Africa. Of these the CFA and CPA designations are the best known. These accountants mainly act as accounting officers for close corporations (A legal entity much like a company, but with less regalatory measures). No person other than a person holding both the CA(SA) & RAA designations may act as an auditor for companies.
The public are often mistaken by thinking that all Chartered Accountants may act as Auditors. Since TOPP (Training Outside Public Practice) a great number of members earned the designation Chartered Accountant whith no knowledge or experience in Auditing. These Chartered Accountants specialise in financial management and almost exclusively act as financial directors or managers for large corporations.
Various other accounting bodies play a role in South Africa. Of these the CFA and CPA designations are the best known. These accountants mainly act as accounting officers for close corporations (A legal entity much like a company, but with less regalatory measures). No person other than a person holding both the CA(SA) & RAA designations may act as an auditor for companies.
Canadian accounting bodies
In Canada, there are three recognized accounting bodies. CA (Canadian Institute of Chartered Accountants) is the oldest and the largest, followed by CGA (Certified General Accountants Association of Canada), and CMA (Society of Management Accountants of Canada). CA and CGA were established by Act of Parliament; CMA was established by the Company Act. The CA designation issued by the Institutes of Chartered Accountants of Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Ontario is recognized as a CPA (chartered Public Accountant) designation in the USA.
Auditing rights are regulated by provincial governments. In British Columbia, the Company Act provides that only CAs, CGAs, or anyone who has been granted an accounting licence by the provincial regulatory body may audit public companies. In Prince Edward Island, only qualified CAs and CGAs can perform public accounting and auditing in accordance with the Public Accounting and Auditing Act. In all other provinces, except Quebec, only qualified CAs, CGAs, and CMAs may audit public companies.
Due to political reasons, historically Quebec and Ontario only allowed CAs to audit public companies. However, CGAs and CMAs can audit a selected list of public bodies in Quebec. In 2004, Ontario government authorized qualified CAs, CGAs, and CMAs to audit public companies, subject to improved professional standards to be applied equally to all three accounting bodies.
In Quebec, the situation is currently under review and challenge based on the Agreement of Internal Trade (AIT). In August 2005, the AIT issued a report recommending Quebec to change its legislation by opening public auditing to qualified accountants who are not CAs.
The size of the accounting bodies varies across Canada. In Ontario and Quebec, CA is substantially bigger than CGA or CMA. In Manitoba, CGA is the largest accounting body, whereas in British Columbia, CA and CGA are about the same size.
In the federal level, all statutes provide equal recognition of all three accounting bodies. Given that most Canadian provinces and statutes provide equitable treatments to CAs, CGAs, and CMAs, the "Canadian Chartered Accountant equivalents" are CGA and CMA.
Auditing rights are regulated by provincial governments. In British Columbia, the Company Act provides that only CAs, CGAs, or anyone who has been granted an accounting licence by the provincial regulatory body may audit public companies. In Prince Edward Island, only qualified CAs and CGAs can perform public accounting and auditing in accordance with the Public Accounting and Auditing Act. In all other provinces, except Quebec, only qualified CAs, CGAs, and CMAs may audit public companies.
Due to political reasons, historically Quebec and Ontario only allowed CAs to audit public companies. However, CGAs and CMAs can audit a selected list of public bodies in Quebec. In 2004, Ontario government authorized qualified CAs, CGAs, and CMAs to audit public companies, subject to improved professional standards to be applied equally to all three accounting bodies.
In Quebec, the situation is currently under review and challenge based on the Agreement of Internal Trade (AIT). In August 2005, the AIT issued a report recommending Quebec to change its legislation by opening public auditing to qualified accountants who are not CAs.
The size of the accounting bodies varies across Canada. In Ontario and Quebec, CA is substantially bigger than CGA or CMA. In Manitoba, CGA is the largest accounting body, whereas in British Columbia, CA and CGA are about the same size.
In the federal level, all statutes provide equal recognition of all three accounting bodies. Given that most Canadian provinces and statutes provide equitable treatments to CAs, CGAs, and CMAs, the "Canadian Chartered Accountant equivalents" are CGA and CMA.
Chartered Accountant in Australia
Constitution
The Institute of Chartered Accountants in Australia (ICAA) was constituted by Royal Charter in 1928.
The ICAA now operates under a Supplemental Royal Charter (amended from time to time) granted by the Governor General of Australia on behalf of Queen Elizabeth II on 19 August 2005.
The ICAA is governed by a Board of Directors consisting of seven members who are elected by Chartered Accountants on regional registers and up to four Board appointed members. Directors and Regional Councillors will be elected for a three year term, with one-third of the positions on the Board and Regional Councils being up for election each year. The President and Deputy President are elected annually by the Board.
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Regional Councils
The principal role of the Regional Councils is to provide advice to the Board on strategic policy and member issues, act as a link between the Board and members in their region, assist in public profiling and liaison with State and Territory governments, and carry out such functions as may be delegated to them by the Board. Each Regional Council has either six or nine members elected by the members in that region.
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Becoming a Chartered Accountant
Most Chartered Accountants in Australia, are university graduates who, after completing their degree, are required to pass a postgraduate program, the CA Program and also complete a 3 year period of approved practical experience mentored by a Chartered Accountant. To then retain their Chartered Accountant designation members must complete Continuing Professional Education (CPE) of 120 hours in a triennium.
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Professionalism
Chartered Accountants in Australia are employed, in the most part, by public companies and professional accounting firms. There is great rivalry between Chartered Accoountants and other professional bodies in Australia including the CPA Australia (CPA's).
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Membership
During the 2005 year, the membership of the Institute grew to 42,455. In addition, there were 15,151 university accounting graduates enrolled in the CA Program. Membership grew by some nine per cent. 43 per cent of members work in commerce and 39 per cent in public practice at locations throughout Australia and in 107 countries around the world. The remaining members fill positions in government, academia and elsewhere.
By comparison, the CPA Australia membership in 2003 was around 102,192 members.
The Institute of Chartered Accountants in Australia (ICAA) was constituted by Royal Charter in 1928.
The ICAA now operates under a Supplemental Royal Charter (amended from time to time) granted by the Governor General of Australia on behalf of Queen Elizabeth II on 19 August 2005.
The ICAA is governed by a Board of Directors consisting of seven members who are elected by Chartered Accountants on regional registers and up to four Board appointed members. Directors and Regional Councillors will be elected for a three year term, with one-third of the positions on the Board and Regional Councils being up for election each year. The President and Deputy President are elected annually by the Board.
[edit]
Regional Councils
The principal role of the Regional Councils is to provide advice to the Board on strategic policy and member issues, act as a link between the Board and members in their region, assist in public profiling and liaison with State and Territory governments, and carry out such functions as may be delegated to them by the Board. Each Regional Council has either six or nine members elected by the members in that region.
[edit]
Becoming a Chartered Accountant
Most Chartered Accountants in Australia, are university graduates who, after completing their degree, are required to pass a postgraduate program, the CA Program and also complete a 3 year period of approved practical experience mentored by a Chartered Accountant. To then retain their Chartered Accountant designation members must complete Continuing Professional Education (CPE) of 120 hours in a triennium.
[edit]
Professionalism
Chartered Accountants in Australia are employed, in the most part, by public companies and professional accounting firms. There is great rivalry between Chartered Accoountants and other professional bodies in Australia including the CPA Australia (CPA's).
[edit]
Membership
During the 2005 year, the membership of the Institute grew to 42,455. In addition, there were 15,151 university accounting graduates enrolled in the CA Program. Membership grew by some nine per cent. 43 per cent of members work in commerce and 39 per cent in public practice at locations throughout Australia and in 107 countries around the world. The remaining members fill positions in government, academia and elsewhere.
By comparison, the CPA Australia membership in 2003 was around 102,192 members.
Chartered Accountant in United Kingdom
In the United Kingdom, there are five accounting bodies authorised by the Department of Trade and Industry under the Companies Acts to audit the accounts of a business as Registered Auditors. A member of these bodies will generally be known as a graduate member after passing all the necessary exams and then become an Affiliate, Associate or Fellow. Their counterpart in U.S.A is called American CPA or CPA of individual state board of accountancy (without mutual recognition agreement at Federal level). He or she should have been trained by a recognized qualifying body (RQB) such as the Association of International Accountants (AIA), Institute of Chartered Accountants of Scotland (ICAS),the Institute of Chartered Accountants in England & Wales (ICAEW), Institute of Chartered Accountants in Ireland or Association of Chartered Certified Accountants (ACCA). The primary authority is the Companies Act while the traditional authority is a Royal Charter granted by Her Majesty the Queen. Apart from brand preference, all five registered auditors are with equal status under law, particularly by reference to EU directives for mutual recognition with auditors of all twenty-five EU member states.
In Britain, ICAS is the oldest and smallest of these organisations. The AIA is the youngest with just around 76 years. In terms of number of members, ICAEW is the largest in England and EU while ACCA is the British largest global accounting body. All five British registered auditors are recognized to be a member of the Hong Kong Institute of Certified Public Accountants (HKICPA) subject to certain requirements. As such, "English Chartered Accountant equivalents" in UK are AIA and ACCA, recognised by the DTI, and by mutual recognition agreement with HKICPA, China (as Hong Kong was formerly a British state pre-1997).HKICPA is the only accounting body which gained exemptions from China Institute of Certified Public Accountants, Beijing (CICPA)and with reciprocal with six chartered accountants.
Consumers or employers may be confused by the standing of Chartered Accountants (CA) in various jurisdictions. CAs in UK and those in the Commonwealth may not be interchangeable or be regarded as equivalent standards. Many jurisdictions have their own accreditation programs for admission of foreign or out of state accountants for quality assurance.
Similarly in the Republic of Ireland, there are five audit bodies under the Irish Companies Act: the Institute of Certified Public Accountant in Ireland, Institute of Incorporated Public Accountants, Institute of Chartered Accountants in Ireland, ACCA, and ICAEW, three of which are the same in the UK. "Irish Chartered Accountant equivalents" in the Republic of Ireland are the CPA (Ireland) and IIPA.
In United Kingdom and Ireland, there are other accounting bodies which have received the Royal charter or Royal Coat of Arms such as CIPFA,CIMA and ICEA but which are not yet authorised by the DTI to be Registered Auditors. It seems that such bodies will merge with other Registered Auditors in coming years.
In Britain, ICAS is the oldest and smallest of these organisations. The AIA is the youngest with just around 76 years. In terms of number of members, ICAEW is the largest in England and EU while ACCA is the British largest global accounting body. All five British registered auditors are recognized to be a member of the Hong Kong Institute of Certified Public Accountants (HKICPA) subject to certain requirements. As such, "English Chartered Accountant equivalents" in UK are AIA and ACCA, recognised by the DTI, and by mutual recognition agreement with HKICPA, China (as Hong Kong was formerly a British state pre-1997).HKICPA is the only accounting body which gained exemptions from China Institute of Certified Public Accountants, Beijing (CICPA)and with reciprocal with six chartered accountants.
Consumers or employers may be confused by the standing of Chartered Accountants (CA) in various jurisdictions. CAs in UK and those in the Commonwealth may not be interchangeable or be regarded as equivalent standards. Many jurisdictions have their own accreditation programs for admission of foreign or out of state accountants for quality assurance.
Similarly in the Republic of Ireland, there are five audit bodies under the Irish Companies Act: the Institute of Certified Public Accountant in Ireland, Institute of Incorporated Public Accountants, Institute of Chartered Accountants in Ireland, ACCA, and ICAEW, three of which are the same in the UK. "Irish Chartered Accountant equivalents" in the Republic of Ireland are the CPA (Ireland) and IIPA.
In United Kingdom and Ireland, there are other accounting bodies which have received the Royal charter or Royal Coat of Arms such as CIPFA,CIMA and ICEA but which are not yet authorised by the DTI to be Registered Auditors. It seems that such bodies will merge with other Registered Auditors in coming years.
Chartered Accountant
Chartered accountant (CA) is a brand originated from British Royal Charter and widely spread in the Commonwealth since its inception in 19th century. The standard for UK CAs is said to be equivalent to a British degree.In the accounting profession, there is no competitive league table similar to Master of Business Administration. As such, no accounting body can ethically claim to be the best in the world or equivalent to an MBA in the absence of a fair comparison. For non-British nations, Certified Public Accountant brands are the most popular. In the 21st century, CPAs or non-Chartered Accountants (even in United Kingdom and Australia) have become the largest bodies in terms of global membership. e.g. ACCA & CPA-Australia. As CAs can now freely merge with or reciprocate with non-CAs or non-audit bodies, equal treatment is given to all stakeholders. All auditing bodies recognized under statutes should have acceptable quality
Chartered Accountant
Chartered accountant (CA) is a brand originated from British Royal Charter and widely spread in the Commonwealth since its inception in 19th century. The standard for UK CAs is said to be equivalent to a British degree.In the accounting profession, there is no competitive league table similar to Master of Business Administration. As such, no accounting body can ethically claim to be the best in the world or equivalent to an MBA in the absence of a fair comparison. For non-British nations, Certified Public Accountant brands are the most popular. In the 21st century, CPAs or non-Chartered Accountants (even in United Kingdom and Australia) have become the largest bodies in terms of global membership. e.g. ACCA & CPA-Australia. As CAs can now freely merge with or reciprocate with non-CAs or non-audit bodies, equal treatment is given to all stakeholders. All auditing bodies recognized under statutes should have acceptable quality
Common Auditing
Avoiding the question of human capital and its intangibles, the focus in ISO standards for performance audits suggests that capital assets can be evaluated first for what they do and only second for what they are worth. That is, building a model of what activities or service economy or service product the capital asset supports, makes it easier to compare unlike physical goods. Consider two different ways to pollinate an orchard: by paying people to do it, or by letting bees do it. The beehive or meadow, and the road or truck, each bring in those who do the pollination, so should be treated equally.
The ISO 19011 standard may be a step in this direction, as it combines environmental management (for natural capital assets) with quality management (for humans) into a single audit. It is however not clearly a method suited for capital asset valuations, though it provides a framework to distinguish types of assets based on what activities they support. This would permit an activity-based costing or throughput accounting model to be quite easily constructed.
The Natural Capitalism approach goes further and advises a single uniform way of dealing with natural capital as an asset equivalent to infrastructural capital, financial capital and human capital. Though it says nothing about how to combine these into a single total cost of operations.
The ISO 19011 standard may be a step in this direction, as it combines environmental management (for natural capital assets) with quality management (for humans) into a single audit. It is however not clearly a method suited for capital asset valuations, though it provides a framework to distinguish types of assets based on what activities they support. This would permit an activity-based costing or throughput accounting model to be quite easily constructed.
The Natural Capitalism approach goes further and advises a single uniform way of dealing with natural capital as an asset equivalent to infrastructural capital, financial capital and human capital. Though it says nothing about how to combine these into a single total cost of operations.
Management Accounting Treatment
Capital asset accounting is more difficult when intangibles are considered, most notably in the managing of human capital. Because some theory of value creation must be used to assess the contribution of the different elements of human capital, this is considered a management accounting problem to which few fixed standards have so far been applied.
However, rampant speculation and potential for creative accounting and accounting scandal is involved when intangibles are a large part of a company's value. Most such recent US scandals involved high-tech companies during the dotcom boom that could represent their software, teams of engineers, and loyalty of their customers, rather arbitrarily since there was little to compare it to before the Internet era.
Breaking down the intangibles that go into human capital into the instructional capital followed to do things, the individual capital talent, and the social capital between them and the customers that allows them to trust each other and get things done, is an approach sometimes advised.
In sports economics and in public sector efforts at measuring well-being, and other specialized fields there is a need to try to gauge these intangibles for a group of people in a team or a whole society. This is a very difficult issue:
However, rampant speculation and potential for creative accounting and accounting scandal is involved when intangibles are a large part of a company's value. Most such recent US scandals involved high-tech companies during the dotcom boom that could represent their software, teams of engineers, and loyalty of their customers, rather arbitrarily since there was little to compare it to before the Internet era.
Breaking down the intangibles that go into human capital into the instructional capital followed to do things, the individual capital talent, and the social capital between them and the customers that allows them to trust each other and get things done, is an approach sometimes advised.
In sports economics and in public sector efforts at measuring well-being, and other specialized fields there is a need to try to gauge these intangibles for a group of people in a team or a whole society. This is a very difficult issue:
Capital asset
In accounting, a capital asset is an asset that is recorded as capital - that is, property that creates more property, e.g. a factory that creates shoes, or a forest that yields a quantity of wood.
Tax Accounting Treatment
The treatment of different types or kinds of capital asset varies very widely by jurisdiction. The GAAP only require that capital assets be treated differently from operating expenses, as the latter yield all their benefits immediately.
In most countries a capital cost deduction applies to require or allow a purchaser to write off the cost of acquiring the asset over time. Rather than writing off the entire cost of acquisition in one year, it is written off over multiple years to reflect the fact that it is used in each year to do things and wears down or is used up or obsoleted to some degree. The period of time over which this occurs can range typically from 2 years for software to 30 years for buildings.
Tax Accounting Treatment
The treatment of different types or kinds of capital asset varies very widely by jurisdiction. The GAAP only require that capital assets be treated differently from operating expenses, as the latter yield all their benefits immediately.
In most countries a capital cost deduction applies to require or allow a purchaser to write off the cost of acquiring the asset over time. Rather than writing off the entire cost of acquisition in one year, it is written off over multiple years to reflect the fact that it is used in each year to do things and wears down or is used up or obsoleted to some degree. The period of time over which this occurs can range typically from 2 years for software to 30 years for buildings.
In Extremis Leadership
Most forms of leadership, whether in the public or private sector, pose some type of risk. Traditional leadership is usually illustrated by risking power, money, or position. But what happens when people choose to exercise leadership in environments that could potentially kill them? In Extremis Leadership examines those high-risk environments and provides a new understanding of how to lead not only in life-and-death situations but also in everyday situations.
Thomas Kolditz defines those who elect to lead others during times of imminent physical danger as in extremis leaders. Under extreme conditions, leadership and life are placed on the line so that others may live. As Kolditz examines the concept of in extremis leadership, you begin to understand that exercising leadership in life-threatening environments requires instilling in others a confidence to succeed, a promise for survival, and a sense of resilience, while simultaneously performing almost impossible tasks. These principles are similarly applied to business, government, sports, or whenever else teams must perform under challenging conditions.
More than ever before, we see in extremis leadership in the public service of firefighters, police officers, and military personnel. On September 11, 2001, many watched as firefighters entered the burning towers of the World Trade Center. As fire units arrived, we were faced with enormous fires ninety floors above ground level and with the daunting mission of rescuing an estimated twenty-five thousand people. Fire officers led their firefighters up the narrow stairs of the 110-story office building in the hope of saving those who were in their greatest moment of need. Each firefighter at every level of command was in extreme risk while carrying out this daring lifesaving operation.
In just over an hour from the start of the terrorist attacks, the South Tower of the World Trade Center collapsed, and orders were given for firefighters to evacuate the North Tower. In the process of leaving, one lieutenant stopped his engine company at the ninth floor to direct other fire units to safety. At the same time, a captain directed his ladder company to assist a woman who was unable to walk down the stairs, delaying their exit from the building. These stories of exercising leadership, along with countless similar accounts from that day, inspire us and cause us to wonder about the characteristics of in extremis leaders. What we observed on 9/11 were people doing ordinary things at an extraordinary moment in history. The aim of this book is to teach how to apply these traits to the daily workplace.
Kolditz takes a close look at the dangerous environment of the combat military officer and at the extreme sport of free-fall parachuting to explain the transformational character of in extremis leadership. These hazardous conditions magnify the role leadership plays in accomplishing basic and even insurmountable tasks, which gives us a new perspective on the meaning of authentic leadership. Kolditz's research offers a firsthand glimpse of the essential element of leadership under conditions of grave risk. Such research is rarely done because of the danger that is presented to the researcher, but it is essential to understanding the dynamics of leadership within hostile environments.
Every day fire, police, and military organizations respond to dangerous situations with leaders who personally direct perilous operations. Individuals within public service need a greater understandingabout leading in this choice of profession. Kolditz's research reveals that the most experienced individuals often exercise leadership by placing themselves at greater risk in order to protect the safety of the less experienced. Such service, along with countless other demonstrations of selfless leadership, contributes immense public value to our communities. This book defines in extremis leadership and examines the emergent pattern of behavior when leading in both extreme danger and during ordinary routine events.
Within extreme conditions, Kolditz observes four requisites for in extremis leadership. These distinctive activities are first observed in the extremis context, where those who lead are self-motivated to not only master the fundamental execution of their jobs, but also to rapidly scan the environment and make sense of new information. Effective leadership requires rapid decision making by learning from a constantly changing environment of danger. Second, the danger or risk is equally shared between those who are leading and those who follow. This shared responsibility produces a profound trust in those who lead. The third element that Kolditz observes is the minor disparity in lifestyle among those who lead and those who follow. Pay differences are minimal and most often take a back seat to other values. Finally, Kolditz asserts that followers demand a level of competence from those who are in leadership positions. For those who exercise leadership under dangerous conditions, all outcomes are personally related to their level of competence and ability. These same requisites are essential to successful leadership in every profession.
Kolditz examines what most other leadership books seldom witness: the moment when a person'Fs true character is called on to lead. Leadership in the face of danger usually takes place within a few tense moments. There is little time to look inward to complain about conditions, point fingers, or feel self-pity. Such negativity is a luxury one simply cannot afford. Instead, Kolditz argues that leaders possess a calm demeanor and look outward to make sense of a shifting environment and find solutions for resilience. In these moments, leadership is demonstrated by providing purpose, motivation, and direction to others. At its core, Kolditz explains, leadership is really about the success of your people.
There are many experts on leadership. However, there are few who can combine academic credentials with military and extreme sports experience to provide readers with a personal insight into leading when it counts the most. Whether you are an emergency responder, military officer, or business professional, you will be required to exercise leadership within a high-risk environment at some point in your career. Tom Kolditz's extraordinary stories will inspire you and educate you on the characteristics you need to provide effective leadership under challenging conditions. He also explains the important emotional and physical skills you will need to survive these extreme events. In Extremis Leadership provides a practical guide of how to lead at the most important times in your life.
Thomas Kolditz defines those who elect to lead others during times of imminent physical danger as in extremis leaders. Under extreme conditions, leadership and life are placed on the line so that others may live. As Kolditz examines the concept of in extremis leadership, you begin to understand that exercising leadership in life-threatening environments requires instilling in others a confidence to succeed, a promise for survival, and a sense of resilience, while simultaneously performing almost impossible tasks. These principles are similarly applied to business, government, sports, or whenever else teams must perform under challenging conditions.
More than ever before, we see in extremis leadership in the public service of firefighters, police officers, and military personnel. On September 11, 2001, many watched as firefighters entered the burning towers of the World Trade Center. As fire units arrived, we were faced with enormous fires ninety floors above ground level and with the daunting mission of rescuing an estimated twenty-five thousand people. Fire officers led their firefighters up the narrow stairs of the 110-story office building in the hope of saving those who were in their greatest moment of need. Each firefighter at every level of command was in extreme risk while carrying out this daring lifesaving operation.
In just over an hour from the start of the terrorist attacks, the South Tower of the World Trade Center collapsed, and orders were given for firefighters to evacuate the North Tower. In the process of leaving, one lieutenant stopped his engine company at the ninth floor to direct other fire units to safety. At the same time, a captain directed his ladder company to assist a woman who was unable to walk down the stairs, delaying their exit from the building. These stories of exercising leadership, along with countless similar accounts from that day, inspire us and cause us to wonder about the characteristics of in extremis leaders. What we observed on 9/11 were people doing ordinary things at an extraordinary moment in history. The aim of this book is to teach how to apply these traits to the daily workplace.
Kolditz takes a close look at the dangerous environment of the combat military officer and at the extreme sport of free-fall parachuting to explain the transformational character of in extremis leadership. These hazardous conditions magnify the role leadership plays in accomplishing basic and even insurmountable tasks, which gives us a new perspective on the meaning of authentic leadership. Kolditz's research offers a firsthand glimpse of the essential element of leadership under conditions of grave risk. Such research is rarely done because of the danger that is presented to the researcher, but it is essential to understanding the dynamics of leadership within hostile environments.
Every day fire, police, and military organizations respond to dangerous situations with leaders who personally direct perilous operations. Individuals within public service need a greater understandingabout leading in this choice of profession. Kolditz's research reveals that the most experienced individuals often exercise leadership by placing themselves at greater risk in order to protect the safety of the less experienced. Such service, along with countless other demonstrations of selfless leadership, contributes immense public value to our communities. This book defines in extremis leadership and examines the emergent pattern of behavior when leading in both extreme danger and during ordinary routine events.
Within extreme conditions, Kolditz observes four requisites for in extremis leadership. These distinctive activities are first observed in the extremis context, where those who lead are self-motivated to not only master the fundamental execution of their jobs, but also to rapidly scan the environment and make sense of new information. Effective leadership requires rapid decision making by learning from a constantly changing environment of danger. Second, the danger or risk is equally shared between those who are leading and those who follow. This shared responsibility produces a profound trust in those who lead. The third element that Kolditz observes is the minor disparity in lifestyle among those who lead and those who follow. Pay differences are minimal and most often take a back seat to other values. Finally, Kolditz asserts that followers demand a level of competence from those who are in leadership positions. For those who exercise leadership under dangerous conditions, all outcomes are personally related to their level of competence and ability. These same requisites are essential to successful leadership in every profession.
Kolditz examines what most other leadership books seldom witness: the moment when a person'Fs true character is called on to lead. Leadership in the face of danger usually takes place within a few tense moments. There is little time to look inward to complain about conditions, point fingers, or feel self-pity. Such negativity is a luxury one simply cannot afford. Instead, Kolditz argues that leaders possess a calm demeanor and look outward to make sense of a shifting environment and find solutions for resilience. In these moments, leadership is demonstrated by providing purpose, motivation, and direction to others. At its core, Kolditz explains, leadership is really about the success of your people.
There are many experts on leadership. However, there are few who can combine academic credentials with military and extreme sports experience to provide readers with a personal insight into leading when it counts the most. Whether you are an emergency responder, military officer, or business professional, you will be required to exercise leadership within a high-risk environment at some point in your career. Tom Kolditz's extraordinary stories will inspire you and educate you on the characteristics you need to provide effective leadership under challenging conditions. He also explains the important emotional and physical skills you will need to survive these extreme events. In Extremis Leadership provides a practical guide of how to lead at the most important times in your life.
Browser wars
A rough estimation of the usage share of major web browsers by layout engines over time.
The term "browser wars" is the name given to the competition for dominance in the web browser marketplace. The term is most commonly used to refer to two specific periods of time: the particularly intense struggle between Internet Explorer and Netscape Navigator during the late 1990s, and the growing threat which Mozilla Firefox poses to Internet Explorer from 2004 onward.
Early browser competition
In the early 1990s there were many simple graphic-oriented World Wide Web browsers available. The first which reached widespread popularity was Mosaic, developed at NCSA. Several companies licensed it to create their own commercial browsers, such as Spry Mosaic and Spyglass Mosaic.
One of the Mosaic developers, Marc Andreesen founded the company Mosaic Communications Corporation and created a new web browser named Mozilla. To resolve legal issues with NCSA, the company was renamed Netscape Communications Corporation and the browser Netscape Navigator. The Netscape browser improved on Mosaic's usability and reliability, and it soon dominated the market, helped by the fact that "evaluation copies" of the browser were downloadable without restrictions or cost.
[edit]
The first round of browser wars
By mid-1995, popular culture had begun to notice the web, and Netscape Navigator was the most used web browser at that time. Microsoft licensed Mosaic as the basis of Internet Explorer 1.0 which it released as part of the Microsoft Windows 95 Plus Pack in August 1995. Internet Explorer 2.0 was released three months later, and by then the race was on.
New versions of Netscape Navigator (later Netscape Communicator) and Internet Explorer were released at a rapid pace over the following few years. Features often took priority over bug fixes, and therefore the browser wars were a time of unstable browsers, shaky Web standards compliance, frequent crashes, security holes, and lots of user headaches. Internet Explorer only began to approach par with its competition with version 3.0 (1996), which offered scripting support and the market's first commercial Cascading Style Sheets implementation.
In October 1997, Internet Explorer 4.0 was released. The release party in San Francisco featured a ten-foot-tall letter "e" logo. Netscape employees showing up to work the following morning found that giant logo on their front lawn, with a sign attached which read "From the IE team." The Netscape employees promptly knocked it over and set a giant figure of their Mozilla dragon mascot atop it, holding a sign reading "Netscape 72, Microsoft 18" (representing the market distribution). [1]
Internet Explorer 4 changed the tides of the browser wars. It was faster and it adopted the W3C's published specifications more faithfully than Netscape Navigator 4.0. Unlike Netscape, it provided the possibility for truly "dynamic" pages in which the flow of the text and images of the page could be altered after the page was loaded. Installing Internet Explorer 4.0 was considered as a system upgrade that would provide more capabilities such as MP3 playback.
During these times it was common for web designers to display 'best viewed in Netscape' or 'best viewed in Internet Explorer' logos. These images often identified a specific browser version and were commonly linked to a source from which the "preferred" browser could be downloaded. To some extent, these logos were indicative of the divergence between the "standards" supported by the browsers and signified which browser was used for testing the pages. Supporters of the notion that web sites should be interoperable with any browser started the "Viewable With Any Browser" campaign.
A lot was at stake for these two companies involved in the browser wars. A popular web browser could earn a great deal of money: search engine companies would bid to be the default tool used in the web browser, and other companies with a web presence would bid to be listed in the default set of bookmarks which was preinstalled with the browser. Since a web browser is a powerful gateway to a great deal of information, the company which controlled this gateway could conceivably have a great deal of influence over its users.
The term "browser wars" is the name given to the competition for dominance in the web browser marketplace. The term is most commonly used to refer to two specific periods of time: the particularly intense struggle between Internet Explorer and Netscape Navigator during the late 1990s, and the growing threat which Mozilla Firefox poses to Internet Explorer from 2004 onward.
Early browser competition
In the early 1990s there were many simple graphic-oriented World Wide Web browsers available. The first which reached widespread popularity was Mosaic, developed at NCSA. Several companies licensed it to create their own commercial browsers, such as Spry Mosaic and Spyglass Mosaic.
One of the Mosaic developers, Marc Andreesen founded the company Mosaic Communications Corporation and created a new web browser named Mozilla. To resolve legal issues with NCSA, the company was renamed Netscape Communications Corporation and the browser Netscape Navigator. The Netscape browser improved on Mosaic's usability and reliability, and it soon dominated the market, helped by the fact that "evaluation copies" of the browser were downloadable without restrictions or cost.
[edit]
The first round of browser wars
By mid-1995, popular culture had begun to notice the web, and Netscape Navigator was the most used web browser at that time. Microsoft licensed Mosaic as the basis of Internet Explorer 1.0 which it released as part of the Microsoft Windows 95 Plus Pack in August 1995. Internet Explorer 2.0 was released three months later, and by then the race was on.
New versions of Netscape Navigator (later Netscape Communicator) and Internet Explorer were released at a rapid pace over the following few years. Features often took priority over bug fixes, and therefore the browser wars were a time of unstable browsers, shaky Web standards compliance, frequent crashes, security holes, and lots of user headaches. Internet Explorer only began to approach par with its competition with version 3.0 (1996), which offered scripting support and the market's first commercial Cascading Style Sheets implementation.
In October 1997, Internet Explorer 4.0 was released. The release party in San Francisco featured a ten-foot-tall letter "e" logo. Netscape employees showing up to work the following morning found that giant logo on their front lawn, with a sign attached which read "From the IE team." The Netscape employees promptly knocked it over and set a giant figure of their Mozilla dragon mascot atop it, holding a sign reading "Netscape 72, Microsoft 18" (representing the market distribution). [1]
Internet Explorer 4 changed the tides of the browser wars. It was faster and it adopted the W3C's published specifications more faithfully than Netscape Navigator 4.0. Unlike Netscape, it provided the possibility for truly "dynamic" pages in which the flow of the text and images of the page could be altered after the page was loaded. Installing Internet Explorer 4.0 was considered as a system upgrade that would provide more capabilities such as MP3 playback.
During these times it was common for web designers to display 'best viewed in Netscape' or 'best viewed in Internet Explorer' logos. These images often identified a specific browser version and were commonly linked to a source from which the "preferred" browser could be downloaded. To some extent, these logos were indicative of the divergence between the "standards" supported by the browsers and signified which browser was used for testing the pages. Supporters of the notion that web sites should be interoperable with any browser started the "Viewable With Any Browser" campaign.
A lot was at stake for these two companies involved in the browser wars. A popular web browser could earn a great deal of money: search engine companies would bid to be the default tool used in the web browser, and other companies with a web presence would bid to be listed in the default set of bookmarks which was preinstalled with the browser. Since a web browser is a powerful gateway to a great deal of information, the company which controlled this gateway could conceivably have a great deal of influence over its users.
Boeing
The Boeing Company (NYSE: BA, TYO: 7661 ) is an aerospace and defense corporation headquartered in Chicago, Illinois. Boeing is the largest global aircraft manufacturer by revenue[2] and the second-largest defense contractor in the world.[3]
In 2006, Boeing was the world’s largest civil aircraft company in terms of orders (with 55% of orders and 54% of deliveries in its market segment), overtaking Airbus for the first time since 2000. The largest exporter in the United States, Boeing’s stock is a component of the Dow Jones Industrial Average.
Before 1950s
Model of Boeing's first plane, the B&W at Future of Flight Museum shop
Boeing was incorporated in Seattle, Washington by William E. Boeing, on July 15, 1916, as “Pacific Aero Products Co.” following the June 15 maiden flight of one of the two “B&W” seaplanes built with the assistance of George Conrad Westervelt, a U.S. Navy engineer. On May 9, 1917, the company became the “Boeing Airplane Company”. William E. Boeing had studied at Yale University and worked initially in the timber industry, where he became wealthy and acquired knowledge about wooden structures. This knowledge would prove invaluable in his subsequent design and assembly of airplanes.
In 1927, Boeing created an airline, named Boeing Air Transport (BAT). A year later, BAT, as well as Pacific Air Transport and Boeing Airplane Company merged into a single corporation. The company changed its name to United Aircraft And Transport Corporation in 1929 and acquired Pratt & Whitney, Hamilton Standard Propeller Company, and Chance Vought. United Aircraft then purchased National Air Transport in 1930. The Air Mail Act of 1934 prohibited airlines and manufacturers from being under the same corporate umbrella, so the company split into three smaller companies - Boeing Airplane Company, United Airlines, and United Aircraft Corporation, the precursor to United Technologies. As a result, William Boeing sold off his shares.
The Boeing 314 Clipper.
Shortly after, an agreement with Pan American World Airways (Pan Am) was reached, to develop and build a commercial flying boat able to carry passengers on transoceanic routes. The first flight of the Boeing 314 Clipper was in June 1938. It was the largest civil aircraft of its time, with a capacity of 90 passengers on day flights, and of 40 passengers on night flights. One year later, the first regular passenger service from the US to the UK was inaugurated. Subsequently other routes were opened, so that soon Pan Am flew with the Boeing 314 to destinations all over the world.
In 1938, Boeing completed work on the Model 307 Stratoliner. This was the world’s first pressurized-cabin transport aircraft, and it was capable of cruising at an altitude of 20,000 feet. — above most weather disturbances.
During World War II, Boeing built a huge number of bombers. Many of the workers were women whose spouses had gone to war. In the beginning of March 1944, production had been scaled up in such a manner that over 350 planes were built each month. To prevent an attack from the air, the manufacturing plants had been covered with greenery and farmland items. During these years of war the leading aircraft companies of the US cooperated. The Boeing-designed B-17 bomber was assembled also by Lockheed Aircraft Corp. and Douglas Aircraft Co., while the B-29 was assembled also by Bell Aircraft Co. and by Glenn L. Martin Company.
In 2006, Boeing was the world’s largest civil aircraft company in terms of orders (with 55% of orders and 54% of deliveries in its market segment), overtaking Airbus for the first time since 2000. The largest exporter in the United States, Boeing’s stock is a component of the Dow Jones Industrial Average.
Before 1950s
Model of Boeing's first plane, the B&W at Future of Flight Museum shop
Boeing was incorporated in Seattle, Washington by William E. Boeing, on July 15, 1916, as “Pacific Aero Products Co.” following the June 15 maiden flight of one of the two “B&W” seaplanes built with the assistance of George Conrad Westervelt, a U.S. Navy engineer. On May 9, 1917, the company became the “Boeing Airplane Company”. William E. Boeing had studied at Yale University and worked initially in the timber industry, where he became wealthy and acquired knowledge about wooden structures. This knowledge would prove invaluable in his subsequent design and assembly of airplanes.
In 1927, Boeing created an airline, named Boeing Air Transport (BAT). A year later, BAT, as well as Pacific Air Transport and Boeing Airplane Company merged into a single corporation. The company changed its name to United Aircraft And Transport Corporation in 1929 and acquired Pratt & Whitney, Hamilton Standard Propeller Company, and Chance Vought. United Aircraft then purchased National Air Transport in 1930. The Air Mail Act of 1934 prohibited airlines and manufacturers from being under the same corporate umbrella, so the company split into three smaller companies - Boeing Airplane Company, United Airlines, and United Aircraft Corporation, the precursor to United Technologies. As a result, William Boeing sold off his shares.
The Boeing 314 Clipper.
Shortly after, an agreement with Pan American World Airways (Pan Am) was reached, to develop and build a commercial flying boat able to carry passengers on transoceanic routes. The first flight of the Boeing 314 Clipper was in June 1938. It was the largest civil aircraft of its time, with a capacity of 90 passengers on day flights, and of 40 passengers on night flights. One year later, the first regular passenger service from the US to the UK was inaugurated. Subsequently other routes were opened, so that soon Pan Am flew with the Boeing 314 to destinations all over the world.
In 1938, Boeing completed work on the Model 307 Stratoliner. This was the world’s first pressurized-cabin transport aircraft, and it was capable of cruising at an altitude of 20,000 feet. — above most weather disturbances.
During World War II, Boeing built a huge number of bombers. Many of the workers were women whose spouses had gone to war. In the beginning of March 1944, production had been scaled up in such a manner that over 350 planes were built each month. To prevent an attack from the air, the manufacturing plants had been covered with greenery and farmland items. During these years of war the leading aircraft companies of the US cooperated. The Boeing-designed B-17 bomber was assembled also by Lockheed Aircraft Corp. and Douglas Aircraft Co., while the B-29 was assembled also by Bell Aircraft Co. and by Glenn L. Martin Company.
Barclays Global Investors
Barclays Global Investors is a subsidiary of British-based Barclays Bank which is in the investment management industry. It is the largest corporate money manager in the world, with over £936 billion (US$1.77 trillion) under management as of March 2006[1]. The division is headquartered in San Francisco[1], and also has research and portfolio management teams in London, Sydney, Tokyo, Toronto and other cities, as well as client service offices in several additional major financial centres in Europe, North America and Asia[2].The firm's chief executive is Blake Grossman
Barclays Global Investors began as units of Wells Fargo and Barclays Bank which merged in 1996. It invented the first passive index investing strategy for major institutional investors. Later, it went on to help pioneer the exchange-traded fund business (through its iShares brand), which is a security that can be traded at any time, and whose value is based on the value of a basket of stocks, bonds or commodities. ETFs can give tax advantages and intraday trading mechanic benefits that other products such as mutual funds do not. Since the economics of this activity are heavily influenced by economies of scale, Barclays grew to be the largest asset managing company in the world.
Since 2000, Barclays Global Investors' active fund management business has grown significantly, to the point where it accounted for approximately 50% of the firm's revenue in 2005.
Because the company is the largest asset manager, it is also the largest privately-held beneficial owner of companies in the world.
Barclays Global Investors began as units of Wells Fargo and Barclays Bank which merged in 1996. It invented the first passive index investing strategy for major institutional investors. Later, it went on to help pioneer the exchange-traded fund business (through its iShares brand), which is a security that can be traded at any time, and whose value is based on the value of a basket of stocks, bonds or commodities. ETFs can give tax advantages and intraday trading mechanic benefits that other products such as mutual funds do not. Since the economics of this activity are heavily influenced by economies of scale, Barclays grew to be the largest asset managing company in the world.
Since 2000, Barclays Global Investors' active fund management business has grown significantly, to the point where it accounted for approximately 50% of the firm's revenue in 2005.
Because the company is the largest asset manager, it is also the largest privately-held beneficial owner of companies in the world.
Bill Clinton
William Jefferson "Bill" Clinton (born William Jefferson Blythe III, August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. Clinton served five terms as the Governor of Arkansas. His wife, Hillary Rodham Clinton, is currently the junior U.S. Senator from New York.
A member of the New Democrat wing of the Democratic Party, he headed the Democratic Leadership Council in 1990 and 1991. During his tenure as president, his domestic priorities included a failed effort to create a universal healthcare system (led by his wife), restrict handgun sales, strengthen environmental regulations, and protect the jobs of workers during pregnancy or medical emergency. His domestic agenda also included other themes such as reforming welfare programs, signing NAFTA, expanding the War on Drugs, signing the Defense of Marriage Act (defining marriage as only between a man and a woman), law enforcement funding. Internationally, his priorities included reducing trade barriers, preventing nuclear proliferation, and mediating the Northern Ireland peace process and Israeli-Palestinian conflicts.
Clinton was the third-youngest president, behind Theodore Roosevelt (the youngest) and John F. Kennedy (the youngest elected). He was the first baby boomer president. Clinton was one of only two Presidents in American history to be impeached, and was acquitted by a vote of the United States Senate on February 12, 1999. In both runs for Presidency, Clinton never received a majority of the popular vote, though he ended his Presidential career with a 65% approval rating, the highest end-of-term approval rating of any President in the post-Eisenhower era. [1].
Clinton was born William Jefferson Blythe III; in Hope, Arkansas and raised in Hot Springs, Arkansas. He was named after his father, William Jefferson Blythe, Jr., a traveling salesman who had been killed in an auto accident three months before his son was born. His mother, born Virginia Dell Cassidy (1923–1994), remarried in 1950 to Roger Clinton. Billy, as he was called, was raised by his mother and stepfather, assuming his last name "Clinton" throughout elementary school, but not formally changing it until he was 14. Clinton grew up in a traditional, albeit blended, family; however, according to Clinton, his stepfather was a gambler and an alcoholic who regularly abused Clinton's mother, and sometimes Clinton's half-brother Roger, Jr..
Clinton was a member of the Masonic Youth Order of DeMolay, but never became a Freemason.
Clinton was an excellent student and a talented saxophonist. He considered dedicating his life to music, but a visit to the White House of President John F. Kennedy, following his election as a Boys Nation Senator, led him to pursue a career in politics.
A member of the New Democrat wing of the Democratic Party, he headed the Democratic Leadership Council in 1990 and 1991. During his tenure as president, his domestic priorities included a failed effort to create a universal healthcare system (led by his wife), restrict handgun sales, strengthen environmental regulations, and protect the jobs of workers during pregnancy or medical emergency. His domestic agenda also included other themes such as reforming welfare programs, signing NAFTA, expanding the War on Drugs, signing the Defense of Marriage Act (defining marriage as only between a man and a woman), law enforcement funding. Internationally, his priorities included reducing trade barriers, preventing nuclear proliferation, and mediating the Northern Ireland peace process and Israeli-Palestinian conflicts.
Clinton was the third-youngest president, behind Theodore Roosevelt (the youngest) and John F. Kennedy (the youngest elected). He was the first baby boomer president. Clinton was one of only two Presidents in American history to be impeached, and was acquitted by a vote of the United States Senate on February 12, 1999. In both runs for Presidency, Clinton never received a majority of the popular vote, though he ended his Presidential career with a 65% approval rating, the highest end-of-term approval rating of any President in the post-Eisenhower era. [1].
Clinton was born William Jefferson Blythe III; in Hope, Arkansas and raised in Hot Springs, Arkansas. He was named after his father, William Jefferson Blythe, Jr., a traveling salesman who had been killed in an auto accident three months before his son was born. His mother, born Virginia Dell Cassidy (1923–1994), remarried in 1950 to Roger Clinton. Billy, as he was called, was raised by his mother and stepfather, assuming his last name "Clinton" throughout elementary school, but not formally changing it until he was 14. Clinton grew up in a traditional, albeit blended, family; however, according to Clinton, his stepfather was a gambler and an alcoholic who regularly abused Clinton's mother, and sometimes Clinton's half-brother Roger, Jr..
Clinton was a member of the Masonic Youth Order of DeMolay, but never became a Freemason.
Clinton was an excellent student and a talented saxophonist. He considered dedicating his life to music, but a visit to the White House of President John F. Kennedy, following his election as a Boys Nation Senator, led him to pursue a career in politics.
Benson P. Shapiro
Benson P. Shapiro is a well-know n authority on marketing strategy and sales management with particular interests in pricing, product line planning, and marketing organization. He is also the Malcolm P. McNair Professor of Marketing Emeritus at the Harvard Business School where he taught full-time from 1970 to 1997. Since 1997, Professor Shapiro has concentrated his professional time on consulting, speeches, boards of directors, and writing. He continues to teach at Harvard, and in the recent past has taught in several executive programs including the CEO Program, Young Presidents' Program, and Business Marketing Strategy, and has chaired the Sustainable Marketing Leadership for Mid-Sized Firms Program.
He has served as a consultant to over 300 companies including startups, medium-size firms, and large international corporations. And, he has participated in well over 160 executive education programs outside of Harvard for corporations and associations. During his 27 years on the full-time Harvard faculty, he taught a wide variety of MBA courses including Industrial Marketing, Sales Management, Creative Marketing Strategy, Integrated Product Line Management, and participated in many executive programs. Professor Shapiro has also held many adminstrative positions including Senior Associate Dean for Publications, Research Director, Head of the Required MBA Marketing Course, and Faculty Chair for Strategic Marketing Management, a two-week program for senior marketing executives. He is the author or editor of 14 books, and 19 Harvard Business Review articles including "Leveraging to Beat the Odds: The New Marketing Mind-Set," "What the Hell is Market Oriented?", "Manage Customers for Profits, Not Just Sales" and "Staple Yourself to an Order". Two of his most recent books, both co-edited, are Seeking Customers and Keeping Customers from the HBS Press. Professor Shapiro holds a BSE (Chemical Engineering) from the University of Michigan as well as MBA and DBA degrees from Harvard.
He has served as a consultant to over 300 companies including startups, medium-size firms, and large international corporations. And, he has participated in well over 160 executive education programs outside of Harvard for corporations and associations. During his 27 years on the full-time Harvard faculty, he taught a wide variety of MBA courses including Industrial Marketing, Sales Management, Creative Marketing Strategy, Integrated Product Line Management, and participated in many executive programs. Professor Shapiro has also held many adminstrative positions including Senior Associate Dean for Publications, Research Director, Head of the Required MBA Marketing Course, and Faculty Chair for Strategic Marketing Management, a two-week program for senior marketing executives. He is the author or editor of 14 books, and 19 Harvard Business Review articles including "Leveraging to Beat the Odds: The New Marketing Mind-Set," "What the Hell is Market Oriented?", "Manage Customers for Profits, Not Just Sales" and "Staple Yourself to an Order". Two of his most recent books, both co-edited, are Seeking Customers and Keeping Customers from the HBS Press. Professor Shapiro holds a BSE (Chemical Engineering) from the University of Michigan as well as MBA and DBA degrees from Harvard.
Benjamin Franklin
Benjamin Franklin (January 17 [O.S. January 6] 1706 – April 17, 1790) was one of the most prominent of the Founders and early political figures and statesmen of the United States.
One of the earliest Founders, Franklin was noted for his curiosity, writings, ingenuity and diversity of interests. His wise and scintillating writings are proverbial to this day. He shaped the American Revolution, despite never holding national elective office; a leader of the Enlightenment, he gained the recognition of scientists and intellectuals across Europe and the United States. As an agent in London before the Revolution, and Minister to France during, he more than anyone defined the new nation in the minds of Europe. His success in securing French military and financial aid was the turning point for American victory over Britain. He invented the lightning rod; he was an early proponent of colonial unity; historians hail him as the "First American". The city of Philadelphia, Pennsylvania marked Franklin's 300th birthday in January 2006 with a wide array of exhibitions, and events citing Franklin's extraordinary accomplishments throughout his illustrious career.
Born in Boston, Massachusetts to a tallow-maker, Franklin learned printing from his older brother and became a newspaper editor, printer, and merchant in Philadelphia, becoming very wealthy. He spent many years in England and published the famous Poor Richard's Almanack and the Pennsylvania Gazette. He formed both the first public lending library and fire department in America as well as the Junto, a political discussion club.
He became a national hero in America when he convinced Parliament to repeal the unpopular Stamp Act. A diplomatic genius, Franklin was almost universally admired among the French as American minister to Paris, and was a major figure in the development of positive Franco-American relations. From 1775 to 1776, Franklin was Postmaster General under the Continental Congress and from 1785 to his death in 1790 was President of the Supreme Executive Council of Pennsylvania.
Franklin was interested in science and technology, carrying out his famous electricity experiments and invented the Franklin stove, medical catheter, lightning rod, swimfins, glass harmonica, and bifocals. He also played a major role in establishing the higher education institutions that would become the Ivy League's University of Pennsylvania and the Franklin and Marshall College. In addition, Franklin was a noted linguist, fluent in five languages. He also practiced and published on astrology (see Poor Richard's Almanac).
Franklin was also noted for his philanthropy and several liaisons, including that which produced his illegitimate Loyalist son William Franklin, later the colonial governor of New Jersey. Towards the end of his life, he became one of the most prominent early American abolitionists. Today Franklin is pictured on the U.S. $100 bill.
One of the earliest Founders, Franklin was noted for his curiosity, writings, ingenuity and diversity of interests. His wise and scintillating writings are proverbial to this day. He shaped the American Revolution, despite never holding national elective office; a leader of the Enlightenment, he gained the recognition of scientists and intellectuals across Europe and the United States. As an agent in London before the Revolution, and Minister to France during, he more than anyone defined the new nation in the minds of Europe. His success in securing French military and financial aid was the turning point for American victory over Britain. He invented the lightning rod; he was an early proponent of colonial unity; historians hail him as the "First American". The city of Philadelphia, Pennsylvania marked Franklin's 300th birthday in January 2006 with a wide array of exhibitions, and events citing Franklin's extraordinary accomplishments throughout his illustrious career.
Born in Boston, Massachusetts to a tallow-maker, Franklin learned printing from his older brother and became a newspaper editor, printer, and merchant in Philadelphia, becoming very wealthy. He spent many years in England and published the famous Poor Richard's Almanack and the Pennsylvania Gazette. He formed both the first public lending library and fire department in America as well as the Junto, a political discussion club.
He became a national hero in America when he convinced Parliament to repeal the unpopular Stamp Act. A diplomatic genius, Franklin was almost universally admired among the French as American minister to Paris, and was a major figure in the development of positive Franco-American relations. From 1775 to 1776, Franklin was Postmaster General under the Continental Congress and from 1785 to his death in 1790 was President of the Supreme Executive Council of Pennsylvania.
Franklin was interested in science and technology, carrying out his famous electricity experiments and invented the Franklin stove, medical catheter, lightning rod, swimfins, glass harmonica, and bifocals. He also played a major role in establishing the higher education institutions that would become the Ivy League's University of Pennsylvania and the Franklin and Marshall College. In addition, Franklin was a noted linguist, fluent in five languages. He also practiced and published on astrology (see Poor Richard's Almanac).
Franklin was also noted for his philanthropy and several liaisons, including that which produced his illegitimate Loyalist son William Franklin, later the colonial governor of New Jersey. Towards the end of his life, he became one of the most prominent early American abolitionists. Today Franklin is pictured on the U.S. $100 bill.
Barack Obama
Barack Hussein Obama (born August 4, 1961; IPA pronunciation: [bəˈɹɑːk oʊˈbɑː.mə]) is the junior United States Senator from Illinois. According to the U.S. Senate Historical Office, he is the fifth African American Senator in U.S. history and the only African American currently serving in the U.S. Senate.[1]
Obama was elected to the Illinois state senate in 1996. Four years later, he made an unsuccessful run for the U.S. House of Representatives. After rededicating his efforts to the state senate and winning reelection unopposed in 2002, Obama ran for an open seat in the U.S. Senate two years later. Midway through the campaign, Obama delivered the keynote address at the 2004 Democratic National Convention, raising his national stature. He was elected to the U.S. Senate in November 2004 with a landslide 70% of the vote.[2]
On January 16, 2007, Obama announced that he had taken the first step toward becoming a candidate for the 2008 presidential election by forming an exploratory committee.[3] Recent opinion polls rank him as the second most popular choice among Democratic voters for their party's nomination, after Sen. Hillary Clinton (D-NY).[4]
Barack Obama was born in Honolulu, Hawaii to Barack Hussein Obama, Sr. (born in Alego, a village in Nyanza Province, Kenya) and Ann Dunham (born in Wichita, Kansas). His parents met while both were attending the East-West Center of the University of Hawaii at Manoa, where his father was enrolled as a foreign student.[5]
When Obama was two years old, his parents separated and later divorced; his father went to Harvard to pursue Ph.D. studies, eventually returning to Kenya.[6] His mother married an Indonesian foreign student, Lolo Soetoro, with whom she had one daughter. The family moved to Jakarta where Obama attended Catholic school and public school from ages 6 to 10. [7] He then returned to Hawaii to live with his maternal grandparents.[8] He was enrolled in the fifth grade at Punahou School, a large, private college preparatory school in Honolulu, which he attended through 12th grade, graduating in 1979.[9][10] His father died in a car accident in Kenya when Obama was 21 years old.[11] Obama's mother died of cancer a few months after the publication of his 1995 memoir, Dreams from My Father.[12]
In Dreams from My Father, Obama describes his experiences growing up in his mother's white, middle class family. His knowledge about his absent black Kenyan father came mainly through family stories and photographs. Of his early childhood, Obama wrote: "That my father looked nothing like the people around me — that he was black as pitch, my mother white as milk — barely registered in my mind."[13] As a young adult, he struggled to reconcile social perceptions of his multiracial heritage. Obama writes about using marijuana and cocaine during his teenage years to "push questions of who I was out of my mind."[14]
Obama was elected to the Illinois state senate in 1996. Four years later, he made an unsuccessful run for the U.S. House of Representatives. After rededicating his efforts to the state senate and winning reelection unopposed in 2002, Obama ran for an open seat in the U.S. Senate two years later. Midway through the campaign, Obama delivered the keynote address at the 2004 Democratic National Convention, raising his national stature. He was elected to the U.S. Senate in November 2004 with a landslide 70% of the vote.[2]
On January 16, 2007, Obama announced that he had taken the first step toward becoming a candidate for the 2008 presidential election by forming an exploratory committee.[3] Recent opinion polls rank him as the second most popular choice among Democratic voters for their party's nomination, after Sen. Hillary Clinton (D-NY).[4]
Barack Obama was born in Honolulu, Hawaii to Barack Hussein Obama, Sr. (born in Alego, a village in Nyanza Province, Kenya) and Ann Dunham (born in Wichita, Kansas). His parents met while both were attending the East-West Center of the University of Hawaii at Manoa, where his father was enrolled as a foreign student.[5]
When Obama was two years old, his parents separated and later divorced; his father went to Harvard to pursue Ph.D. studies, eventually returning to Kenya.[6] His mother married an Indonesian foreign student, Lolo Soetoro, with whom she had one daughter. The family moved to Jakarta where Obama attended Catholic school and public school from ages 6 to 10. [7] He then returned to Hawaii to live with his maternal grandparents.[8] He was enrolled in the fifth grade at Punahou School, a large, private college preparatory school in Honolulu, which he attended through 12th grade, graduating in 1979.[9][10] His father died in a car accident in Kenya when Obama was 21 years old.[11] Obama's mother died of cancer a few months after the publication of his 1995 memoir, Dreams from My Father.[12]
In Dreams from My Father, Obama describes his experiences growing up in his mother's white, middle class family. His knowledge about his absent black Kenyan father came mainly through family stories and photographs. Of his early childhood, Obama wrote: "That my father looked nothing like the people around me — that he was black as pitch, my mother white as milk — barely registered in my mind."[13] As a young adult, he struggled to reconcile social perceptions of his multiracial heritage. Obama writes about using marijuana and cocaine during his teenage years to "push questions of who I was out of my mind."[14]
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