Yummy for the money
In Cash for Chocolate, WSJ outlines several creative ways to raise funds for those of you looking for an innovative solution. I like the idea of "chocolate bonds" where you receive a…
In Cash for Chocolate, WSJ outlines several creative ways to raise funds for those of you looking for an innovative solution. I like the idea of "chocolate bonds" where you receive a…
The flood of public embarrassments and public floggings never seems to end. Two of my most recent columns, Get it Right the First Time and The Keys to an Apology,…
“Pride is concerned with who is right. Humility is concerned with what is right.” — Ezra Taft Benson
I was ready to return to our series on strategic finance after my last column about the integrity of umpire Jim Joyce and the accountability of BP… until I read a comment in the Washington Post by Jeffrey Pfeffer, a professor of organizational behavior at Stanford University.
Citing Henry Ford’s infamous quote, “Never complain, never explain,” as the preferred way for business leaders to deal with disasters like the Gulf oil spill took me by surprise.
BP is the poster child for a failed apology
In appearing to criticize BP’s CEO Tony Hayward for apologizing for BP’s actions, Mr. Pfeffer extols the value of being on the “winning side,” that people respect strength and diffidence does not convey winning or power. Research in social psychology, he continues, “shows that acting embarrassed or remorseful conveys less power and results in less favorable impressions than acting angry.”
In the context of BP’s PR debacle, those comments seem wildly misplaced. Does Mr. Pfeffer think BP would have won our hearts and minds by taking no responsibility, “never explaining,” and that he should have acted like he was angry that people blamed BP for this unexpected accident? I can’t imagine worse advice than if I recommended that you chase down every meal with a quart of engine oil.
Everyone knows WHAT they're doing ... no exceptions ... and most know HOW they're doing it ... but few know WHY they're doing it! Simon Sinek argues that people make…
You wouldn’t think it would be too hard to sort out whether this is no small business lending because there is no capital … or because small businesses aren’t asking. There’s a lot here so keep reading if you want to gain a better understanding of what’s REALLY going on.
The Wall Street Journal recently carried an article, Big Bank’s Lending Programs Yielding Few Results So Far, which summarizes efforts by big banks like Goldman Sachs Group, Citigroup and Bank of America, under pressure from the Obama Administration, to launch programs to increase lending to entrepreneurs. Most of these programs are Community Development Financial Institutions (CDFI’s) – oh, great, another financial algorithm – which primarily lend to small businesses in low income areas – a worthy program but hardly a program targeted at the broad small business community.
Three days earlier in, A Credit Crunch That Lingers, the WSJ pointed out that only half of small businesses that tried to borrow last year got what they needed according to (more…)