Tag: International Finance Mumbai University BMS Notes

Leadership is a practical skill that involves the guidance and coaching of others, such as teammates or employees. They set directions, build or cultivate visions and create new ideas altogether. Examples of leaders include Politicians, Executives, Managers and Business owners.

Leadership revolves around the planning and strategizing of ways in which you, your team and your company exceed expectations. Being a leader is a dynamic position filled with decisions that determine the type of person you are. Being a great leader involves adhering to a set of values you believe in.

Value defines the level of importance placed on an item or action when determining the best choice. Values are fundamental beliefs that guide or motivate actions by determining what is most important.

Values specify the relationship between people and their goals. What one person chooses as an important value in their leadership, others choose something more specific to themselves. The values they choose have a significant impact on their leadership. For example, a leader who values honesty might report wrongdoing by one of their team members. Another leader who prefers loyalty might prefer to remain silent in this same situation.

If, as a manager, you are in touch with your own values about what is important and why, you can make more informed choices about what you do in the workplace and how you do it and also what you won’t or can’t do.

This will give you more sense of personal control and will directly impact the way you are perceived by others. Your behaviour will be contributing to the style and culture of the organisation and how others in turn behave.

Articulating what is important to you and why, combined with knowing what is important to your team members, will give you more options about how to keep yourself and those who work with you engaged and motivated.

Your reputation as a manager, and that of your organisation, will depend on the way people your Board, executive leaders, employees and customers alike see you. If your management style motivates groups of people to do their jobs consistently well, then your pivotal role in the success of the team and the organisation will be seen.

Components:

Respect

Respect or esteem is a positive feeling or action shown toward a person or item of importance. Leaders demonstrate respect through both self-respect and the respect of others, regardless of differences or experiences. Respecting an individual involves treating them with compassion and the ability to earn others’ respect.

Authenticity

The concept of authenticity relates to your presence, living with conviction and staying true to yourself. Leaders demonstrate authenticity through consistency and congruency within their beliefs and actions. They integrate principles within the workplace that create purpose and contribute to others’ growth.

Service

The concept of service relates to the intent of supporting others beyond one’s self. Leaders demonstrate service through a steady commitment that stretches beyond their self-interest. Service-oriented leaders have a degree of personal humility that helps them work for a greater cause.

Wisdom

Wisdom is a quality that comes with experience, knowledge and good judgment. Individuals acquire wisdom over time throughout their life. Leaders demonstrate wisdom through a broad understanding of interpersonal dynamics and how individuals work together. It’s the ability to balance the interest of multiple individuals when making decisions. Wise leaders consider long-term perspectives when deciding between courses of action.

Transparency

Transparency is the ability to communicate information to all affected individuals and being honest in every situation. Leaders demonstrate transparency by discussing imminent changes with their employees or team members and ensuring their opinions find value within the organization.

Innovation

Innovation is the act of consistently introducing new ideas and methodologies. Leaders demonstrate innovation through both imagination and communication. Not only do they come up with new and unique ideas that benefit the business, but they also listen to and account for the ideas of other team members.

Integrity

Integrity is the practice of honesty and consistency in strong moral principles. Leaders demonstrate integrity through ethical strength and overall trustworthiness. Showing integrity involves keeping promises and fulfilling expectations.

Courage

Courage is either the choice or willingness to confront something perceived greater than the self. Leaders demonstrate courage by having and showing the strength required to act on behalf of a common good. They take a stand when necessary and act boldly in the service of justice.

Humility

Humility is a modest view of one’s self-importance. Leaders demonstrate humility through dignity and an awareness of their limitations. They’re open to other team member’s perspectives on certain situations that arise within the workplace.

Confidence

Confidence is the feeling or belief that an individual has when they have faith in an individual or idea. Leaders demonstrate confidence through a high degree of emotional intelligence, being open to others’ ideas and speaking clearly and effectively.

Empathy

Empathy is the ability to identify and understand how another individual feels. Leaders demonstrate empathy through listening to the needs of their employees or team members. They’re open to different perspectives and do their best to accommodate everyone as best as possible.

Trust

Trust is the firm belief in the reliability of an individual, object or idea. Leaders demonstrate trust by showing support for their employees or team members. They let them complete tasks on their own without direct supervision or oversight. Trustworthy leaders also show respect to each team member’s ideas and opinions.

Work Ethos is at the heart of why we work, what drives us and gives us purpose and meaning in the workplace. It is a state of mental being that leads to what Gallup describes as employee engagement (or Disengagement).

Work ethic is a belief that work and diligence have a moral benefit and an inherent ability, virtue or value to strengthen character and individual abilities. It is a set of values centered on importance of work and manifested by determination or desire to work hard. Social ingrainment of this value is considered to enhance character through hard work that is respective to an individual’s field of work.

An individual that possesses a positive work ethics will consider the moral implications of everything he does and will establish clear boundaries between what he considers appropriate and what he doesn’t, according to his own values and principles. Companies should establish and promote a set of organizational values that can be observed to perform adequate assessments and goals for each individual that connects somehow with the organization.

Since each person has different backgrounds, beliefs and attitudes towards different subjects, the guidelines must be provided by the company or institution in order to maintain a desirable work environment. In most cases, a company’s values are a reflection of its founder’s beliefs and principles.

Traditionally, work ethic has been understood as a value based on hard work and diligence. Capitalists, for example, believe in the necessity of working hard and in consequential ability of enhancing one’s character. Socialists suggest that a concept of “hard work” is deluding the working class into being loyal workers of the elite; and working hard, in itself, is not necessarily an honorable thing, but simply a way to create greater wealth for those at the summit of the economic pyramid.

These values have been challenged and characterized as submissive to social convention and authority, and not meaningful in and of itself, but only if a positive result accrues. An alternative perception suggests that the work ethic is now subverted in a broader, and readily marketed-to society. This perspective has given us the phrase “work smart”.

Levels

Stakeholder Level

At the stakeholder level, ethical work practices extend to customers, vendors, stockholders and the communities in which the company operates. What the stakeholders see, the public sees and companies seen by the general public as being unethical can lose customers and market share. Brand name integrity builds brand name value. Employees within the company can build positive relationships with people outside the company by interacting with them and transacting business ethically and responsibly. When stakeholders gain a sense of trust in the company, customers keep company back.

Compliance Level

At the compliance level, ethical work practices help the company to stay within the law. Working against compliance laws can cost you your job, and can cost your company money if fines are incurred. Company leaders must make sure employees adhere to the principles defined by its ethics program. Employees found to work against these principles must be held accountable. Taking action to stop unethical business practices shows the rest of the workforce that ethics do matter. Compliance not only keeps the business legal it is also promotes sustainable business by proving value to stakeholders.

Employee Level

At the employee level, ethical work practices build a positive environment founded on trust. Distrust in the workplace causes stress. Energy that should be applied to work is applied to coping with anxiety, instead. You work better when you can trust that your colleagues will work with you ethically. Your company also works better when ethical values drive all of its work. Employees, not brick and mortar, establish a company’s brand image.

Ethics Policies

Ethics policies guide employees to do the right thing at each level. Not every employee has the same expectations about how work gets done. Written policies clarify the company’s expectations and get everyone moving in the same direction. Ideally, procedures or guidelines are also available to help answer specific questions. If you’re in purchasing, for example, guidelines and rules should be available to help you understand what transactions are OK between you and vendors such as whether you should accept gifts.

Dimensions

They are:

• Meta-Ethics (Ethics about Ethics)
• Prescriptive Ethics (Normative Ethics); Which is again divided into Deontological Ethics, Teleological Ethics, and Virtue Ethics.
• Descriptive Ethics (Comparative Ethics)
• Applied Ethics; Again, divided into Bio-ethics, Cyber Ethics, Environmental Ethics, Personal Ethics, Professional Ethics, Public Ethics, International Ethics and so on.

Steps

1. Practice punctuality

Develop the habit of being on time or early for all appointments. Getting to class ahead of schedule gives you the opportunity to talk with your professor or get mentally prepared by reviewing notes. If you’re taking classes online, stick with your study schedule, hitting the books at the time you planned.

2. Develop professionalism

Professionalism goes beyond a crisp white shirt and tie. It includes your attitude, values, and demeanor. Practice being positive and cordial. Refrain from gossip. Be respectful of others. Develop a reputation of integrity, which means being honest, just, and consistent in what you say and do.

3. Cultivate self-discipline

Anything worthwhile achieving takes discipline staying focused on the long-term goal and not being side-tracked by short-term gratification. Train yourself to be persistent and to follow through on projects. Strive for excellence in your assignments.

4. Use time wisely

You might have heard it from your grandmother, but Benjamin Franklin was actually the first to say, “Never leave that ‘till tomorrow which you can do today.” It’s age-old advice, but far from outdated. Complete assignments on time. Ban procrastination from your life, keeping in mind something else Franklin, said: “Time is Money”

5. Stay balanced

Having a good work ethic does not mean keeping your eyes glued to your computer monitor. It includes knowing how to take care of yourself. Getting proper sleep. Eating right. Taking time to relax and recharge. Keeping your priorities in life clear helps you maintain the proper perspective at work.

Ethos is a set of beliefs, ideas, etc., about social behaviour and relationship of a person or group. Indian Ethos is all about what can be termed as “National ethos”. Indian ethos refers to the principles of self-management and governance of society, entity or a system by wisdom as revealed and brought-forth by great scriptures like Veda, Upanishads, Gita, Mahabharata, Bible and Quran. This wisdom evolved through the old practices of Indian mystics, philosophers and religious ‘Gurus’, and is now found to have profound implications for self-management and good governance of a stormy society and business environment, or even a politically divided world.

According to Oxford Advanced Learner’s Dictionary, “Ethos are the moral ideas and attitudes that belong to a particular group or society”.

Features

1. Balance or Equilibrium: Balance or equilibrium is a stable state of Indian thought, i.e., balance between desire and desire lessness, spiritual and secular values, subjective and materialistic world.
2. Divinity of Human Being: Indian ethos focuses on the existence of human being as truth. There is nothing more perfect than the supreme soul.
3. Balance of Personal and Work Life: Indian ethos focuses on the concept that if you are good then the world is also good for you. So, every individual should have an effective management and balance of personal and work life in the organisation.
4. Importance to Character: The Indian ethos gives much importance to character not to the knowledge. It is the character, which is the real power and wealth.
5. Cosmic or Pure Consciousness: The divine element, which is an inner part of an individual, is a part of cosmic or pure consciousness. It gives a base for mutual trust, cooperative, teamwork and common good.
6. Whole-Man Approach: Indian ethos is based on Indian scripture like-Shruties of Gita and Upanishad and Smruties of Puranas. Indian thought provides the whole-man approach through knowledge of creation, cosmos and internal relation between spiritual and materialistic life.
7. Duty and Responsibility: Indian ethos rarely talks of rights and prevails ages. It always emphasises only on the duties and responsibilities of human beings.
8. Work in Worship: Indian ethos works with the fact that all work is worthy and honourable. ‘Work is worship’ is the guiding principle for all effort as advocated in the Indian ethos.
9. Excellence at Work: According to Indian ethos, total quality management can be assured through excellence at work, through self-motivation and self-development.
10. Knowledge: Indian ethos deals with two types of knowledge:

• Knowledge of creation
• Knowledge of creator

Need and Relevance of Indian Ethos

• Elucidate Motivation: Concept of motivation can be explained holistically by Indian ethos. Considering motivations as internal, every human being has the same divine atman with immense potentialities within. Vedanta brings infinite expansions of the mind, breaks down all the barriers and brings out the God in man. Motivation is to be internal and not external. Such motivation involves the inner beauty and does not promote any greed in an individual to have more and more in return for his work.
• Maintain Holistic Universe: Modern science has accepted that in this holistic universe, all minds and matters are interconnected at a deeper level. The basic unity of life cannot be broken. Love, sacrifice therefore emerges as the only means for a meaningful living. On the basis of this holistic vision, Indians have developed work ethos of life. This helps in living life to the fullest.
• Welfare: Indian ethos teaches welfare of all (yagna spirit). “Atmano Mokharth Jagat Hitay Cha” (serve your personal interest but do not forget others). This philosophy is needed in modern times.
• Evenness of Mind: Indian ethos helps in evenness of mind. Means are equally important as the ends. Thus, society acceptable values are to be followed in determining the objectives as well as in the process of achieving these objectives.
• Unique Work Culture: Indian ethos helps in development of unique work culture. Work is considered as duty or Sadhana and there is no difference between Karma(work) and Dharma(religion). The term Dharma does not indicate any particular religion. Dharma is a duty to be performed in a given situation. Thus, Dharma is possible through Karma only.
• Provides Concentration: Vedanta provides the ways and means of controlling the mind. It helps to concentrate, increase efficiency, productivity and prosperity. It is not religion of resignation and retirement. One cannot renounce their action. As the Gita says “You have to be a man of action, do not run away from your action or Karma but the same should be according to your Dharma”. The second aspect, is while doing the Karma; do not be tempted by worldly pleasures, materialism and the results. One has to be man of action, working in a spirit of renunciation. Renunciation does not mean living a life of isolation or living in a forest. One has to face the world and should not run away from your action. Do not get attached to anything.
• Self-Development: Integrated human personality of self-developed manager can assure best and competent management of any enterprise, involving collective works and efforts. The refined or higher consciousness will adopt holistic attitude. It will bring out the divine in man. It will achieve perfection or excellence in whatsoever sector of work. One shall achieve peace, harmony and prosperity within and without, i.e., in the internal world and in the external world simultaneously.
• Establishes Value System: Many of the present ills are the results of decline in our value system and loss of character. Forces of intense competition in the technology driven era of globalisation have taken a heavy toll of traditional values. People need to re-imbibe the sanatan values of honesty, integrity, compassion, care and cooperation.

There is again a need to establish conduct, based on truth and non-violence, peace, and harmony. One needs to promote a secular ethos that entails ‘sarva dharm-sambhav’. That alone will promote enshrined in our ancient maxim of ‘Vasudhaiv Kutumbakam’. That will be India’s unique contribution towards enrichment of content of globalisation which today has its focus only on trade and commerce.

History

Formally, the body knowledge which derives its solution from the rich and huge Indian system of ethos is known as Indian Ethos in Management (IEM). Indian ethos is more vital to modern management than any other management theory for simple reason that it takes into account a ‘whole’ man approach (mentioned earlier) rather than approaching “man” in a partial fashion. Each and every situation can be met effectively if one takes time to reflect over it. Reflection with a tranquil mind helps in drawing out solutions from within. Such guidance from within helps a manager look at the perceived problem situation in a creative manner. It leads to a more coherent and complete understanding.

The silent ideas and thoughts of Indian Ethos in Management revealed by Indian’s ancient scriptures are:

• Archet Dana Manabhyam: Worship people not only with material things but also by showing respect to their enterprising divinity within.
• Atmano Mokshartham Jagat Hitaya Cha: All work is an opportunity for doing well to the world and thus gaining materially and spiritually in our lives.
• Atmana Vindyate Viryam: Strength and inspiration for excelling in work comes from the Divine, God within, through prayer, spiritual reading and unselfish work.
• Yadishi Bhavana Yasya Siddhi Bhavati Tadrishi: As we think, so we succeed, so we become. Attention to means, ensure the end.
• Yogah Karmashu Kaushalam, Samatvam Yoga Uchyate: He who works with calm and even mind achieves the most.
• Parasparam Bhavatantah Shreyah Param Bhavapsyathah: By mutual cooperation, respect and fellow felling, all of us enjoy the highest good both material and spiritual.
• Paraspar Devo Bhava: Regard the other person as a divine being. All of us have the same consciousness though our packages and containers are different.
• Tesham Sukhm Tesham Shanti Shaswati: Infinite happiness and infinite peace come to them who see the Divine in all beings.

Principles Practiced by Indian Companies

• Subtle, intangible subject and gross tangible objects are equally important. One must develop one’s third eye, Jnana Chakshu, the eye of wisdom, visions, insight and foresight.
• Holistic approach indicating unity between the Divine (the Divine means perfection in knowledge, wisdom and power), individual self and the universe.
• Inner resources are much more powerful than outer resources. Divine virtues are inner resources. Capital, materials and plant and machinery are outer resources.
• Immense potential, energy and talents for perfection, as a human being has the spirit within his heart.
• Yogah karmasu kaushalam, which means excellence at work through self-motivation and self-development with devotion and without attachment.
• Karma yoga (selfless work) offers double benefits, private benefit in the form of self-purification and public benefit.
• Cooperation is a powerful instrument for team work and success in any enterprise involving collective work.

Requisites

• Humanising the Organisation: Looking at the three aspects of humane organisations, i.e., inter personal relations, man-machine equation where man is the prime concern and inner management through mental and spiritual growth of individuals.
• Management Attitude: Top management having firm belief in value-oriented holistic management. Profit is earned through service and satisfaction of all stakeholders employees, customers, shareholders and citizens. Fulfillment of social responsibility must be ensured.
• Interiorising Management: Self-management or management by consciousness. When the soul manages the other four members of the human being, namely, the body, mind, intellect and the heart, the conflict these four have amongst themselves can be resolved. This is called management by consciousness. The objective of self management is to first know and manage oneself and then manage others.
• Brain-Stilling: For rational and enduring decisions, silent mind is a necessity. A perfect Mounum(calm mind enjoying tranquillity) is necessary. Brain-stilling or meditative silence is the most reliable method to discover solutions to problems which seem to be difficult to tackle by reason and intellect, because through this, one can come into contact with the inner mind or higher consciousness, called Chetana.
• Self-Introspection: Embark upon self-study, self analysis and selfcriticism to locate areas of friction and disharmony, a self examination of one’s own feelings, thoughts, emotions, sensations and passions and a desire to reduce and subdue the ego.
• Stepping-back (For a While): Never decide anything, never speak a word and never throw yourself into action without stepping-back. The stepping-back from a situation for a while enables one to control and master a situation.
• Role of Intuition: Intuition is the act of coming to direct knowledge or certainty without reasoning or inferring. It is immediate cognition by the inner mind and when fully developed, is efficient and effective for taking prompt and sound decisions. Intuition skills enable one to cope with confidence the fluctuating environment and rapid changes. Faith is a prerequisite to develop and realise the power of intuition.
• Self-Dynamising Meditation: A dynamic meditation helps in transformation of lower consciousness into higher consciousness and hence is called transforming meditation. Through meditation, one reaches a higher level of consciousness with a silent and calm mind, which offers guidance in the form of intuitions to tackle a multitude of problems. This is called consciousness approach to management.

Elements

1. Focus on the permanent: In real life fashions change, concepts change, situations change, environments change, however, certain things do not change. These are the values of the good, truth and beautiful. The recent experience in the 90s and the early part of this century shows, that the world is re-discovering the principle of ‘honesty is the best policy’. After all, honesty is linked to truth and that is the first principle which perhaps underlines human existence.
2. Quest for Perfection: It has been immortalised in the shloka:

“Om poornamada poornamidam poornathpurana mudachyate poornasya poornamadaya poornameva vashistate”

Out of perfection comes perfection. This quest for perfection ultimately, is the quest for quality. When it comes to quality, the concepts like total quality management, etc., have only once again underlined this principle of the fact that quality products and services cannot come out of an organisation unless the principle of quality pervades every function of that organisation.

3. Joy in Performing One’s Function: It was Deming who said that ’quality’ is the pride, which an artisan takes in his craft. It is the pride which an artist takes in his art. If one is enjoying what one is doing, automatically, he is bound to do extremely well; and while excellence becomes a by-product or a spin of the benefit of happiness, it also leads to success. After all, every excellent organisation has excellent morale.

Excellence, in terms of enjoyment through doing is the third aspect of Indian ethos. It is found that this aspect is not only restricted to India, but is universally applicable.

Role

Indian Ethos in Management refers to the values and practices that the culture of India (Bharatheeya Sanskriti) can contribute to service, leadership and management. These values and practices are rooted in Sanathana Dharma (the eternal essence), and have been influenced by various strands of Indian philosophy.

Indian ethos for management means the application of principles of management as revealed in our ancient wisdom brought forth in our sacred books like our Gita, Upanishads, Bible and Kuran.

The ancient Indian Education was basically aimed at personal growth of individual. Our education system is the oldest in the world and is having some qualities which are not there anywhere else in the world and we are proud of this. The aim of ancient Indian Education System was not only to give theoretical knowledge but to make an individual humble so that he can get ‘Mukti’. The ultimate aim of human society of that age was the achievement of absolute i.e. ‘Brahma’ it was prevailing in the entire visible world. A man should engage himself in ‘Karmopasna’ i.e. work is worship and thus purity his inner senses and gain the absolute. The main aim of all the education during ancient period was to make the student useful and pious member of society. This was the second aim of education. This was achieved by proper development of moral feelings. It was believed that mere intellectual knowledge was not enough to become a learned fellow; in addition, the student must be pure in his life, thoughts and habits. This was the third main characteristic of Hindu Educational System. This was realized by encouraging self- confidence, fostering self-respect and self-restraint. Graduate students were highly inspired during convocation address to be useful member of the society. A graduate student was not to lead a self-centered life rather he was constantly remained of his obligations to the society. Social life in villages was very stable and well-ordered as education transformed people and made them conscious of their social duties and civic responsibilities. During the ancient period, Aryans evolved a peculiar system for promoting the progress of different art forms and professions. In the society, a particular caste was restricted to a particular occupation. Eventually, this system has resulted in general progress and happiness of society. In the ancient system of education this was one of the most important aims. People were very much conscious of their culture.

• Inward considerations: Indian ethos focuses on ‘if a person is good then the whole world is good’. Any organization which follows the above ethical thought automatically get converted into an ethical organization with less conflicts and hindrances.
• Creates strong relation: Organizations following Indian ethos consider humanity as supreme. This provides a strong bond with internal as well as external customers, resulting in an improved performance.
• Avoids unethical aspects: As Indian ethos is a principle derived from Upanishads, Bhagwat Gita and Puranas, where the performance is always ethical
• Improves performance: Indian ethos impacts the performance of business by emphasising on the concept like sacrificing individual desires in favour of social benefits, preferring long-term benefits.
• Balanced values: Indian ethos promotes a person to live a life of materialism and spirituality by maintaining a balance between spiritual values and secular values.
• Improves quality: Self-motivation and self-development helps a lot in development of business and its quality
• Develops self-reliability
• Helps in problem solving

Basic Principles of Indian Ethos for Management (IEM):

1. Immense potential, energy and talents for perfection as human being has the spirit within his heart.
2. Holistic approach indicating unity between the Divine (the Divine means perfection in knowledge, wisdom and power), individual self and the universe.
3. Subtle, intangible subject and gross tangible objects are equally important. One must develop one’s Third Eye, Jnana Chaksu, the Eye of Wisdom, Vision, Insight and Foresight. Inner resources are much more powerful than outer resources. Divine virtues are inner resources. Capital, materials and plant & machinery are outer resources.
4. Karma Yoga (selfless work) offers double benefits, private benefit in the form of self Purification and public benefit.
5. Yogah Karmasu Kaushalam: Excellence at work through self-motivation and

Self development with devotion and without attachment. Co-operation is a powerful instrument for team work and success in any enterprise involving collective work. Principles of IEM are universally applicable. IEM can help develop an effective and holistic management pattern which will assure all round growth in productivity, marketing and profitability. This will help in synchronizing private and public benefits and encourage individuals to lead an enriched quality of life together with worldly achievements. The best form of management has to be holistic and value driven which is the objective of IEM.

• Abraham: Leaders embrace the unknown

God approaches Abraham in Genesis 12 and tells him to “Go forth from your country, and from your relatives and from your father’s house, to the land which I will show you.” In other words, Abraham is instructed to leave his comfort zone and march onward into uncertainty. As business leaders, that’s a hot topic: managing risk and uncertainty. Great leaders embrace that uncertainty, because they know the truth: the promised land awaits them on the other side.

• Noah: Leaders do what’s right even if they are alone

In Genesis 6, God is despairing over the wickedness that has overtaken humanity. Reluctantly, he decides to wipe out the human race and start from scratch. Noah, however, is the only one who has not been corrupted. You know the story. God tells him to build an ark that will save him, his family, and a whole host of animal life. As he is boarding the ark, God says to him, “for you alone I have seen to be righteous before Me in this time.” Literally the whole world was doing what was wrong. But did that deter Noah from doing what was right? Not a chance.

• Joseph: Leaders endure in spite of circumstances

The story of Joseph beginning in Genesis 37 is powerful. The guy had a pretty tough life. He was sold into slavery by his jealous brothers. His father was told that he was killed by a wild animal. He was framed by his boss’s wife because he refused to sleep with her and was thrown into prison. He interpreted the dream of a prisoner who was released and restored to his position, but the guy forgot about him. In the end, though, Joseph became the leader of all Egypt–second only to the Pharaoh himself. When there is a famine, he is then able to save his family from starvation. He tells his brothers when he sees them again that, though they meant harm, God orchestrated the events to put Joseph in a position to save them. Leaders have a vision that sustains them through difficult times.

• Joshua: Leaders rule by example rather than command

In Joshua 24, after leading his people into a new land, Joshua offers the Israelites the option to either A) serve the God who they had always served, the one who had brought them into the land or B) serve the gods of the surrounding lands. “But as for me and my house,” he says, “we will service the Lord.” The people answer in unison that they will pledge their allegiance to God. Because they believe in Joshua’s leadership, they follow Joshua’s example. He doesn’t have to threaten them; he merely inspires them by his example.

4. Moses: Leaders stick up for their people

Yes, it’s true. God has to be very convincing in order to get Moses to take action in Exodus 3. He at first gives excuse after excuse as to why he isn’t the right guy for the job. When he finally does answer his calling, though, Charlton Heston–err, I mean Moses, approaches Pharaoh and boldly passes on the iconic message: “Let my people go.” The Israelites, Moses’ native people, had been enslaved by Egypt and Moses was the one enlisted to lead them to freedom. When the time came, Moses was willing to step up and lead.

• David: Leaders are not afraid of giants

Everybody knows this story. In 1 Samuel 17, the Israelites are being defeated by the Philistines and their 9-foot tall giant Goliath. Goliath taunts the Israelites and challenges them to send him one man and, if that man should defeat him, the Philistines would become their servants. David, a small shepherd boy who will not even fit into the armor he is provided, volunteers. When Goliath mocks him, David says, “You come to me with a sword, a spear, and a javelin, but I come to you in the name of the Lord of hosts, whom you have taunted.” With that, he takes a stone, slings it at Goliaths forehead, and knocks the giant to the ground–dead. In other words, you can face any challenge as long as you have conviction and strength of resolve on your side.

• Daniel: Leaders maintain their resolve without regard for consequences

Many of us know the story of Daniel in the lion’s den. Daniel, in Daniel 6, is a highly esteemed government official whose colleagues become jealous. Seeking to get rid of him and knowing that he is a religious man, his colleagues convince the king to enact a decree saying that prayer can be made to no god except for the king. Once the decree is made, Daniel continues on praying and giving thanks to his God just like he always did. When he is caught, his colleagues tell their king and he is forced to throw Daniel into the den of lions. The next morning, the king finds Daniel alive. The lions had not harmed him. The point? Daniel’s faith in his God is what made him great in first place. Knowing this, he would not recant regardless of what happened to him. Great leaders follow this example and maintain steadfast in their convictions regardless of what happens.

• Isaiah: Leaders rise to the occasion

In a vision Isaiah has in Isaiah 6, God asks who he should send as a prophet to His people. Isaiah responds, “Here am I. Send me!” Leaders don’t wait to see if anyone else is going to step up when something needs done. They take initiative. They are first to raise their hands. First to stand. First to speak up. First to make decisions. Leaders shun inaction and are always ready to take the plunge at a moment’s notice.

• John the Baptist: Leaders aren’t afraid to call out the phonies

John the Baptist, in Matthew 3, is baptizing people and preaching about the coming of Jesus. When a pretentious, self-righteous group of religious officials comes for baptism, he calls them out for what they are: “a brood of vipers.” Leaders aren’t afraid to call it like it is. Whether they are suppliers, employees, or even customers, leaders have what it takes to be brutally honest with the people they come in contact with.

• Peter: Leaders recover from failure

Peter, the most well-known disciple of Jesus, denies even knowing Him three times while Jesus is being crucified. Jesus had predicted he would do it, though Peter insisted he would never deny Jesus even to the death. When the rooster crows (what Jesus said would happen), Peter realizes what he had done and weeps bitterly. In Acts 2, we see Peter giving the first sermon after Jesus’s ascension into heaven to a crowd of thousands of people when he had previously denied Jesus in front of just a few days earlier. Leaders don’t become discouraged when they fail. They don’t wallow in self-pity and give up due to the mishap. They pick themselves back up and continue on. Leaders do better next time.

• Jesus: Leaders are servants

One of the most powerful images in the life of Jesus is when he washes his disciples’ feet in John 13. When he is finished, he says to them, “You call me teacher and Lord, and you are right, for so I am. If I then, the Lord and teacher, washed your feet, you also ought to wash one another’s feet.” Jesus, of course, isn’t talking about feet. He’s talking about servant-leadership. Great leaders focus on serving those who follow them. Great leaders wash their people’s feet.

• Paul: Leaders are passionate for what they believe in

Paul, throughout his life recorded in Acts, is a very zealous individual. As a Pharisee, he violently opposes the spread of Christianity, going out of his way to see Christians killed and imprisoned. When Jesus appears to him in Acts 9 and changes his mind, he becomes equally adamant about the truth of Christianity. Paul travels across all of the known world, spreading the message about Jesus and establishing churches everywhere he went. Leaders are driven by a sense of purpose. Leaders have a fire lit under them and feel compelled to accomplish their objectives. There is no place for apathy in the life of a leader. Leaders always care…and care deeply.

The primary reason a Muslim must manage his time is because he wants success in the Hereafter. One who truly believes knows that what’s at stake isn’t just career or money.

The purpose of time management is to effectively channel time into doing things that take us closer to our goals.

For a believer, the ultimate goal is to become the inheritors of Jannatul Firdaus, the highest level of Paradise. All subsequent goals are means that take us closer to that ultimate goal.

Principles of Islamic Management:

• Honesty
• Efficiency
• Patriotism
• Right man in the right place
• Discipline
• Division of labour
• Unity of command and unity of direction
• Centralization and decentralization
• Preference to the organizational interest
• Remuneration
• Economy
• Justice for all
• United efforts
• Dignity of labour
• Exemption
• Accountability
• Tawakkul: The act of relying upon something or someone to place faith or confidence in Allah (usually).

Characteristics of Islamic Management

• Basic foundation of Islamic Management is the Quran and Sunnah.
• Original model of IM is Prophet Muhammad (SAW) and his companions.
• Only economic development is not the final target of IM.
• Activities aimed at welfare in the life hereafter.
• Employees should maintain cordial relationship and team spirit.
• Accountability is twofold: i) to immediate boss and ii) Almighty Allah
• Manager considers himself as a vicegerent of Allah.
• Property is thought to be trusted by Allah to the users and the managers.
• Decisions are made through consultation ( Mashwara).
• The manager does not have any greed to misuse the power of the post.
• There must be prevailing peace, development and other benefits.
• IM is applicable to personal, familial and social, economic and political organizations.
• Here hypocrisy, forgery, activities adverse to religion and morality are not tolerated.
• Management is thought to be a universal concept.
• There is freedom of thinking and expression.
• Competition is a common strategy in good deeds.

Goal Setting:

Success and failure are measured by the scale that will weigh our deeds on the Day of Judgment. That measurement will decide whether we reach Paradise or not.

Time Management

Chapter Al-Mu’minun begins by listing the qualities of a true believer. Interestingly, the list begins and ends with salah, with the remaining qualities sandwiched in between. Verse 2 mentions the quality of having khushu’ (humility and submissiveness) in prayer. Verse 9 talks about being “hafidh” of your prayers, which means performing the prayers within their set time limits.

A true believer prays five times every day, no matter where he is or in what condition. Even if he is lying semi-paralyzed in the ICU or is being chased by a bloodthirsty hyena, if he is sane and able to move his head, he has to perform all five prayers within their fixed time limits. They are like pillars around which he should arrange the rest of his life.

Sense of Urgency

We only have a limited amount of time in this world, and, compared to the grand scale of things, this time is really very short.

Allah gives us examples in this chapter of people and even entire nations that were destroyed for their disbelief, arrogance and denial of resurrection.

Avoiding Time-Wasters

Continuing from point 3 above, the believers’ sense of urgency compels them to avoid things that waste time. They are portrayed in this chapter as spending time in things that matter, such as praying and giving charity.

They are also described as staying away from things that take them farther away from their goals, such as committing fornication and engaging in laghw. Laghw refers to acts of shirk, sins, and any action or speech that doesn’t bring any benefit. (Ibn Kathir)

Management Lessons from Mahabharata

If you want to be the best leader, Mahabharata should be your guide. You may think that the Indian epic is obsolete and archaic, but you’d be surprised to know how much relevance it holds in today’s world, especially when it comes to your work life. Here are 7 management lessons you must learn from Mahabharata.

1. Seize Every Opportunity

Look out for opportunities outside your scope of work. Never hassle yourself too much with the motive of defeating your competitor. Rather, invest all energies on a bigger goal – to add strength and power to your business.

2. Win Allies

Five brothers won against a hundred. How do you think Pandavas did that? The relationships they established over the years paid off. You may be busy focussing on your own growth at the present, but you must start reaching out to more people and making allies. They will push you forward when the time comes.

3. Distribute Work

The more people you have, working towards different goals, the more efficient the output is going to be. One man leadership strategy didn’t work for Kauravas and there is no way it’s going to work for you.

4. Know How to Build Team Spirit

Kauravas were plenty in number but null in strength. Make your team work towards a single goal instead of personal ones. Take contributions from everyone. Hear everyone out; make them learn how to work with each other.

5. Give Your Team Individual Goals

Allot individual goals to each team. This will help build up enthusiasm and in turn, help you in the longer run. Even though Pandavas were working towards the same ultimate goal, they had individual roles in the battle too.

6. Commitment; Keep It Strong

Once you’re up for a challenge, do not back out. Had Pandavas fretted about being negligible in number in comparison to the Kauravas, they would’ve never even tried. Determination and commitment will surely take you a long way.

7. Know Every Member’s Potential

If you’re going to manage a team, you better know what role they suit the best. Pandavas knew how to harnesses energies from each man in their army. You should be smart enough to use your team’s ability and potential to the maximum.

According to Chanakya there are 6 basic principle Management lesson from vedas

1. Vasudha-Eva-Kutumbakam (Accepting the whole world as one and one’s family)

Yes, he did support the idea of nation-states, yet he strongly upheld the Vedic belief that the nation-state exists “not just for the welfare of its citizen” but also for “the whole world.” This is evident from the very first stanza of Arthashastra “I, therefore, write this book for the greater good and uplifting of the world…”.

2. Samarpan Bhaav (Dedication)

When he saw the sad state of his nation Chanakya was depressed and sought revocation; but then realized, contemplating on Vedic literature, that vengeance is a dangerous and that it can harm even the one who is holding on to it. He then decided to work to establish a single empire for the greater good. He certainly dedicated many years of his life to it. Legend has it that he found Chandragupta when was a teenager, then educated, nurtured and mentored him to be King. It was at least over a span of two decades. This is a testimony of Samarpan Bhaav (Dedication),

3. Lokasangraha (Welfare of all beings)

According to Chanakya, this was the supreme duty of everyone, including the King. This is evident in Book I of the Arthashastra which reads “… King… shall maintain his subjects in the observance of their respective duties by exercising authority; keep up his personal discipline by receiving lessons in wisdom, and endear himself to the people by bringing them wealth and doing good to them.” Also, “… The King shall keep away from hurting the innocent and their property; avoid not only lust, even in a dream, but also falsehood, haughtiness, and evil proclivities; and keep away from unrighteousness and uneconomical transactions.”

4. Shubh Laabh (Ethical Profits)

This was the key economic objective which the King had to observe not just among his subjects but also for himself. In Chapter 7 of Arthashastra he notes “Not violating righteousness and economy, he shall enjoy his desires. Then he shall never be devoid of happiness. He may enjoy in an equal degree the three pursuits of life, charity, wealth and desire, which are interdependent on each other. Anyone of these three, when enjoyed in excess, hurts not only the other two but also itself.” Chanakya held that wealth is as important as desire and charity; but that this is possible only by “wealth of their knowledge”.

5. Nishkaama Karma (Deeds without greed)

Apart from other altruist attitudes, Chanakya upheld the idea of deeds without greed. While mentioning the “Duties of the King” he writes, “A King by overthrowing the aggregate of the six internal enemies, namely lust, anger, greed, vanity, haughtiness and overjoy, shall restrain the sense organs…” Also, in the same chapter, “The King may enjoy his desires but only by ensuring non-violation of righteousness and no harm to the economy. “

6. Ati-Hyaastha-Varjayet (Shunning extremes)

Balance is a key ingredient according to teachings of Kautilya in Arthashastra. While he clearly shunned negative qualities, he also mentioned that people should shun extreme and senseless goodness for the sake of unworthy people. “In the woods”, he says “that tree is chopped first which is straight.” The essence of life, according to him was ” finding the balance between good and bad actions, happiness, and unhappiness, pain and pleasure, cries and laughter.”

The main difference between ethics and ethos is that ethics refer to a set of moral principles while ethos refers to the character or customs or a set of attitudes and values. Ethics is derived from the word ethos.

The two words ethos and ethics are linguistically linked as they share the same etymology. However, in the present world, these two words are used distinctly.

Ethics

The word “ethics” comes from the Greek word “ethos” which means “character” or “custom.” Therefore, ethics combines the meaning of the word ethos with the wider meaning of the word ethics. Ethics refers to the set of moral principles or a system of moral values for a particular society or an institution. Merriam Webster defines ethics as “the discipline dealing with what is good and bad and with moral duty and obligation.”

Hence, ethics differ according to the individual, his social background, etc. However, ethics defines what are morally good and acceptable from a majority of society.

For instance, the ethics in a certain society is originated with an alliance to their customs, traditions and religious beliefs as well. Hence, in this instance, ethos directly influences the formation of ethics. However, ethics in a general sense are those that are accepted universally; moral ethics, etc.

Ethos

Ethos is a Greek word that has meaning such as “Character” or “Custom”. Originally, this word was used by Aristotle to describe a man’s character or personality; a combination of passion and caution. However, at present, ethos refers to the guiding beliefs and values that distinguish a person, society or institution from others. According to Merriam Webster, ethos refers to the ‘the distinguishing character, sentiment, moral nature, or guiding beliefs of a person, group, or institution’.

Thus, ethos mainly refers to the core set of attitudes, beliefs, and values that gives an identity to a person, community, institution, etc. For instance, the character identity of a certain individual in a society is a manifestation of that person’s outlook in life developed through his social traditions, customs, and religious beliefs as well.

Another situation is when the business values of a certain institution can be distinguished from another; here, it is their attitudes and aspirations that contribute to formulating their business ethos. Hence, ethos can be explained as the characteristic spirit of a culture, era, or community as manifested by the attitudes and aspirations of its members.

Ethics and ethos are etymologically linked words. Moreover, ethics can be identified as being derived from the Greek word ethos. Nevertheless, the difference between ethics and ethos is that ethics refer to a set of moral principles while ethos refers to the character or customs or a set of attitudes and values.

There are also some similarities in the way that managers perceived the importance of connections, like in business relationships and personal friendships but also some marked differences, with local Asian managers and expatriate Western managers regarding government connections, family connections, gifts and favors, and bribes as much more important that Western managers did.

Against the background of differences in management style, the achievement of a consistent corporate culture throughout the MNE is considered in general. It must reflect the differences in the local country and business culture but also maintain the firm’s standards and values.

A number of writers have considered the differences between the International and domestic planning and explained that the very nature of international markets, which are geographically dispersed and culturally difference means that whilst there may be greater opportunities for the company there are also greater risks and uncertainties.

It is worth emphasizing at this point, however, that because domestic markets are becoming more segmented and more culturally fragmented the differences between International marketers and domestic marketers are becoming less clear especially as few domestic markets are not unaffected by international competition.

Most companies, as they grow, move gradually into international markets and the major evolutionary stages of planning; the unplanned stage, the budgeting stage, the annual business planning and the strategic planning stage, which equate closely to the evolution of the business.

Individual managers adopt different attitudes to International business planning, ranging from enthusiasm to reluctance. The three most common reasons for resistance to the planning process are,

1. Planning is time consuming when the time could be better spent on managing the business,
2. Setting goals and objectives in a volatile environment remote from the HQ is irrelevant, divisive and applies unnecessary constraints and
3. Planning is purely a process by which senior managers at the domestic HQ can inform themselves and control the international business and is of no benefit for other managers.

The three most common reasons for supporting the International business planning process given by managers are that it

1. Encourages everyone wherever they might be in the organization to pull in the same direction,
2. Avoids waste of time and resources through duplication of work and
3. Ensures that the company is better prepared for coping with unexpected events and international competition.