Business Archives

Safi Bahcall: How to Encourage Innovation

A leader showing the company's vision to employees on a laptop

How can companies encourage innovative thinking? What can you, as a leader, do to inspire creative ideation that translates into a useful innovation? According to Safi Bahcall, the author of Loonshots, companies focused on innovation should separate innovators from implementers. This is because innovation tends to occur in a climate that’s highly unstructured. Successful implementation, however, needs order and structure. Here’s how to encourage innovation in your organization.

The 5S Implementation Plan: A Step-by-Step Approach

Where does Toyota’s cleanup process begin? What is the 5S implementation plan? In The Toyota Way, Jeffrey Liker says that the heart of Toyota’s approach to efficiency is the concept of kaizen, or continuous improvement. To begin kaizen, you have to start with the 5S implementation plan to reduce waste. Let’s go through the steps of the 5S implementation plan in detail.

Should You Invest in Index Funds? Yes, Here’s Why

Should you invest in index funds? Are they better than mutual funds? In The Wealthy Barber, David Chilton argues that the best thing you can do to reach financial success is to invest 10% of your income in mutual or index funds. Then, sit back and take advantage of the compound interest. He explains what index funds are and why he believes they are a better investment than mutual funds. Keep reading for index fund advice from Chilton and others.

How to Assess Culture: Lessons From Shaka Senghor

How often do you take the pulse of your company’s culture? Do you have a system to diagnose and solve problems? CEO and venture capitalist Ben Horowitz says you must keep assessing and improving your organization’s culture to ensure that it continues to serve your vision. He draws insights from Shaka Senghor’s story to pinpoint ways to keep a critical eye on your culture, root out the problems, and ultimately improve your organization. Here’s Shaka Senghor’s story and how to assess the culture in your company.

Workplace Rules: 3 Tips to Make Them Stick

Have you set clear rules for your employees? How well do people understand and follow the rules? CEO and venture capitalist Ben Horowitz draws on historical examples to show how you can provide cultural leadership in your organization. For lessons on workplace rules, Horowitz looks to Haitian revolutionary Toussaint Louverture and offers three tips for making rules that stick. Keep reading to learn how to set effective workplace rules.

Loonshots: Meaning and Key Characteristics

What is the meaning of “loonshots”? What are some examples of loonshot ideas? Loonshots are ideas that are so original and ambitious that they and their creators are initially dismissed as crazy (e.g. radar, insulin, computer animation). Loonshots begin as flawed, incredibly fragile ideas that almost don’t make it, which is why they require special care. Here’s why loonshots are so fragile as well as why organizations tend to leave loonshots behind as they grow.

Benefits of Scrum: How Scrum Leads to Happy Teams

What are the main benefits of Scrum? Can the Scrum method really lead to happier teams? Scrum is a framework created by Jeff Sutherland made to help people and organizations efficiently solve complex problems with creative solutions. The Scrum method is also designed to create happy, productive, and creative teams. Here’s a look at the benefits of the Scrum method.

Competitive Marketing Strategies for Success

What are competitive marketing strategies? How can you assure your product will outmatch your competitors’ products? A competitive marketing strategy is a long-term plan that businesses develop to gain a competitive advantage in the market. William M. Luther provides a few strategies he swears by in The Marketing Plan. Keep reading to learn how to be the best in your market.

Reluctant Entrepreneurs: Poverty and Entrepreneurship

How does poverty affect entrepreneurship? How does running a business—paradoxically enough—keep people in the poverty trap? It’s not uncommon for the poor to run their own businesses. However, running a business seldom helps them escape the poverty trap. This is because the poor choose not to invest in their businesses because they have little means to do so. Furthermore, the poor generally don’t want to run their own businesses—they often do so because they don’t have any other options to make a living. Here’s a look at poverty and entrepreneurship.

The Toyota Way: Book Overview and Takeaways

What is The Toyota Way about? What are the main takeaways from the book? In his book The Toyota Way, Jeffrey Liker describes how workers at Toyota problem-solve on the spot and ruthlessly eliminate waste. He also explains how the company supports them by offering job security and constant on-the-job challenges. Keep reading for a brief overview of Liker’s book The Toyota Way.