Business Archives

Erin Meyer: Monochronic and Polychronic Cultures

How does time perception differ across cultures? What are the two types of cultural time perception? Time isn’t a fixed item—it is a concept, and each culture conceptualizes time differently. In her book The Culture Map, cultural expert Erin Meyer divides the methods of perceiving time into two overarching types: linear-time (aka monochronic) and flexible-time (aka polychronic). In this article, we’ll explain the difference between monochronic and polychronic cultures and present some strategies you can use when working with people who perceive time differently than you do.

How to Join a Group Conversation Without Intrusion

How do you join in a group conversation without being rude? Is there a polite way to interrupt an ongoing conversation? Whether you’re at a work party, a family get-together, or a business meeting, it’s important to connect with others. But that’s not always easy when they already know each other or are already engaged in a conversation. So, here are some tips on how to insert yourself into a group conversation.

The 3 Common Characteristics of a Good Business

What are the major characteristics of a good business? Why is Toyota an excellent example of a good business? A decisive competitive advantage, well-designed incentive systems for employees, and a reputable brand backed by product quality are all key characteristics of a good business. Toyota is an excellent example of a good business because its efficient manufacturing processes give it a competitive advantage in the market, its well-designed incentive systems reward employees that contribute to improvements in the company’s processes, and it has established and preserved a brand reputation for reliability and quality. Read on to understand more about the

Deductive vs. Inductive Thinking: What’s the Difference?

What is the difference between deductive vs. inductive thinking? Which cultures tend to adopt either style of thinking? Deductive thinking moves from broad, overarching principles to specific observations. In contrast, inductive thinking moves from specific data points to overarching hypotheses or theories. According to cultural communication expert Erin Meyer, Latin Americans tend to be deductive thinkers, whereas North Americans and people from Anglo-Saxon countries tend towards inductive thinking. In this article, we’ll consider the difference between deductive and inductive reasoning in a cultural context.

How to End a Conversation Without Burning Bridges

Do you ever get stuck in a conversation and don’t know how to end it? Is there a way to politely escape a conversation? Whether you’re at a business party, an event, or a family reunion, odds are that at some point you’ve been stuck in an awkward conversation. Luckily, you don’t have to fake a phone call to get out of it—just try one of these tips. In this article, we’ll explore how to gracefully end a conversation without burning any bridges.

The Link Between Team Diversity and Innovation

How are team diversity and innovation connected? How can working abroad increase one’s chances of making an impactful discovery? In his book Range, David Epstein discusses the link between team diversity and innovation. Epstein says that the more diverse the backgrounds of the team members, the greater the chance they will make a discovery or innovation Here’s David Epstein’s argument.

The 3 Core Principles of Objective Decision-Making

Why is objective decision-making important? How do you make objective decisions? Objective decision-making is important because it helps you focus on verifiable facts and embrace contrary thinking that may be more correct than the prevailing wisdom. You can always stay objective by recognizing that it’s easy to delude yourself, readily entertaining other opinions, and being willing to destroy your favorite ideas. Read on to discover the 3 steps to objective decision-making.

The Key Components of a Successful Conversation

Do you know how to engage in small talk? What are the mechanics of a successful conversation? Should you prepare in advance? In her book The Fine Art of Small Talk, Debra Fine breaks down all of the components of a successful conversation. She gives you advice for questions and answers you should prepare in advance, how to actively listen, cues to give your partner, and how to speak assertively. Here are Debra Fine’s tips on how to hold a successful conversation.

The 10-Point Charlie Munger Checklist for Investing

What is the rationale behind Charlie Munger’s checklist? What are the core principles in the investment checklist? Charlie Munger’s checklist for investing is based on his latticework of mental models that help him identify and avoid cognitive biases that could lead to bad investment decisions. The checklist emphasizes thinking independently, analyzing vigorously, measuring risks, and allocating assets wisely. Read on to discover more about Charlie Munger’s Checklist for investing.

The 4 Common Investment Mistakes to Avoid

What are the four common investment mistakes? Why do investors fall prey to investment pitfalls? Common investment mistakes you must avoid include adopting overly complex investment models, listening to false oracles, combining companies with flawed synergies, and buying into companies that don’t expense stock options. The mistakes happen because of the competitive and profit-seeking nature of investors. The desire to get ahead and not lose out leads to avoidable and costly mistakes. Read on to discover more about the four common investment mistakes you must avoid.