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Archive for the 'Columbia Business School Publishing' Category

Thursday, July 20th, 2017

Designed Leadership: A Case Study

Designed Leadership

“C3 presented an opportunity to demonstrate that, in Vancouver, things can be done differently. We can break down the disciplinary isolation in our institutions. We can collaborate more effectively while providing a real-world learning environment for students.” — Moura Quayle

This week, our featured book is Designed Leadership, by Moura Quayle. Today, we are happy to start the feature off with an excerpt from the book’s case studies section, in which Quayle uses her real world experience working with Vancouver’s Campus City Collaborative (C3) to meet the city’s challenging “greenest city” goals.

Don’t forget to enter our book giveaway for a chance to win a free copy of Designed Leadership!

Wednesday, July 19th, 2017

Introduction to the Principles of Designed Leadership

Designed Leadership

“Designed leadership depends on having some sort of problem-solving or opportunity-seeking process to help you when you need to plan or when you are ‘stuck.’ Even when you may not be quite sure of where you are going, having a thinking process is essential. It is a touchstone along the journey.” — Moura Quayle

This week, our featured book is Designed Leadership, by Moura Quayle. Today, Quayle provides an introduction to the principles of designed leadership she discusses at greater length in her book.

Don’t forget to enter our book giveaway for a chance to win a free copy of Designed Leadership!

Introduction to the Principles of Designed Leadership
By Moura Quayle

Looking at familiar places, I realized that the last time I had worked in our capital city was in the private sector, as the principal of a built environment design business – it would now be called a “start-up.” Close to four decades later, looking out my government office window when tasked with reviewing and updating a system of twenty five institutions with assets in around fifty locations and links in a hundred countries, serving over one hundred eighty thousand students, and governed by twenty five boards with combined operating budgets of $1.6 billion, I wondered what in the world prepared me for this task. The products I was dealing with were ideas and people, with no common bricks and mortar, or other tangible form. My task was providing leadership for organizational and institutional transformation.

Yet I felt comfortable and confident in using a strategic design approach. Over the previous quarter century I had studied and applied it, scaled up and out. More importantly, perhaps, I had learned the importance of the old saw that to go far you need to go with others. When applying risk management and fiscal accountability in integrating diverse interests, this meant building common understanding of terms of reference and decision-making values as well as information infrastructure. When the context is complex and dynamic for the long-term, the skills are not intuitive but learned. Designed leadership. (more…)

Tuesday, July 18th, 2017

Strategic Design in Action

Designed Leadership

“This book is about how we can lead better. As we remember the joys and potential of lifelong learning, it is also worth remembering that the leaders among us, from every sector, all once faced the world as fresh-faced, wide-eyed, and innocent preschoolers…. The principles here will connect the surviving naïfs in us all to the disciplined future leaders that we all have the capacity to become.” — Moura Quayle

This week, our featured book is Designed Leadership, by Moura Quayle. Today, we are happy to start the feature off with an excerpt from the book’s introduction, in which Quayle discusses the need for theories of effective leadership, what design principles and practices actually are, and the value of integrating design and leadership.

Don’t forget to enter our book giveaway for a chance to win a free copy of Designed Leadership!

Monday, July 17th, 2017

Book Giveaway! Designed Leadership

Designed Leadership

“This book contributes a very thoughtful set of observations about the principles and practices of successful leaders who rely on a ‘strategic design’ approach. Moura Quayle draws on a diverse and impressive range of personal leadership experiences to illustrate and emphasize her points. Insightful, yet still accessible.” — Jeanne Liedtka, University of Virginia Darden School of Business

This week, our featured book is Designed Leadership, by Moura Quayle. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

Friday, June 23rd, 2017

Mark Kennedy in UND Today

Shapeholders

“Kennedy began teaching courses on business statesmanship and business success in the age of activism. He conducted a research project at the University of Pennsylvania, taught at Johns Hopkins, HEC Paris, New York University, and Notre Dame. Later, he was recruited to George Washington University, where in addition to leading a school, he taught a MOOC (Massive Open Online Course) on Shapeholders and led courses on public affairs around the world.” — Jan Orvik

This week, our featured book is Shapeholders: Business Success in the Age of Activism, by Mark R. Kennedy. For the final post of the week, we are happy to present an excerpt from an article by Jan Orvik that originally appeared in UND Today. You can read the article in its entirety here.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Kennedy’s new book takes on ‘Shapeholders’
By Jan Orvik

Shareholders. Stakeholders. And shapeholders?

The subject of a new book by UND President Mark Kennedy, Shapeholders: Business Success in the Age of Activism, zeroes in on how political, regulatory, media and activists can shape – or shift – business practices.

The “shapeholders” term was coined by Kennedy’s son, Charles.

“The main point of the book, which was released on May 9, is that you have stakeholders, shareholders and shapeholders,” Kennedy said. “Shapeholders are different than stakeholders or shareholders. They are the politicians, media and activists who can shape a firm’s opportunities and risk, even though they have no stake in an organization’s success.”

For example, Kennedy said, employers and suppliers can push companies to change, but there are limits to how far they can go because they have a stake in the success of those organizations. Activists, who often don’t have stake in a company, can cause conflict. As Kennedy observed, “the only stake an environmental activist may want in a coal company is a stake through its corporate heart, yet that activist can still shape the opportunities and risks of a coal company.”

“Companies are often out of their element when talking to shapeholders, resulting in more conflict,” said Kennedy. His book discusses engaging shapeholders in the long term to both advance business and benefit society.

Trip around the world

The book is a result of Kennedy’s global expertise.

After he left Washington, D.C., the former Minnesota Congressman took a trip around the world. Like the protagonist in the classic adventure novel, Around the World in Eighty Days by Jules Verne, he began in London and spoke at the Reform Club, which was founded in 1836. Kennedy’s talk, “Focus to Finish First,” postulated that the world is now so global and competitive that there is no choice but to be No. 1 in what you do.

Read the rest of the article at UND Today.

Thursday, June 22nd, 2017

Introducing “Shapeholders”

Shapeholders

“I saw how elements of society with no stake in a company’s success can foment hysteria, turning their attention to one particular corporation, making it the personification of some hotbutton issue, and giving it little chance to alter the proclaimed judgment imposed by agitated elements of society…. I saw how the fault lay primarily with the businesses involved. These businesses would blame the reaction on politics. Yet doing so is an admission that they do not understand politics.” — Mark R. Kennedy

This week, our featured book is Shapeholders: Business Success in the Age of Activism, by Mark R. Kennedy. Today, we are happy to present Kennedy’s preface, in which he explains how he saw the need for a book that could help businesses proactively deal with social concerns.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Wednesday, June 21st, 2017

Mark Kennedy discusses Shapeholders

Shapeholders

“This book defines the social activists, media outlets, politicians, and regulators who have no stake in a company but a powerful ability to shape its future as shapeholders. It identifies effective strategies for engaging them.” — Mark R. Kennedy

This week, our featured book is Shapeholders: Business Success in the Age of Activism, by Mark R. Kennedy. Kennedy has recently done a couple of excellent podcast interviews, in which he delves into some of the important topics featured in his book.

Don’t forget to enter our book giveaway for a chance to win a free copy!

First, Kennedy was a guest on Money Life with Chuck Jaffe (download an mp3 here). In the show, Kennedy and Jaffe take a deep dive into the ways that shapeholders impact market value.

Second, Kennedy appeared on the Center for Strategic and International Studies podcast “Building the Future: Freedom, Prosperity, and Foreign Policy with Dan Runde” (you can listen below). Runde and Kennedy discuss Kennedy’s political career, international trade and protectionism, and small businesses in the United States.

Tuesday, June 20th, 2017

From the Heart of a Businessman

Shapeholders

“This book defines the social activists, media outlets, politicians, and regulators who have no stake in a company but a powerful ability to shape its future as shapeholders. It identifies effective strategies for engaging them.” — Mark R. Kennedy

This week, our featured book is Shapeholders: Business Success in the Age of Activism, by Mark R. Kennedy. To start the week’s feature, we are happy to present Kennedy’s introduction, in which he explains what a “shapeholder” actually is and begins his discussion of why businesses should care what shapeholders think.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Monday, June 19th, 2017

Book Giveaway! Shapeholders: Business Success in the Age of Activism

Shapeholders

Shapeholders offers personal, practical, and thoughtful counsel for businesspeople of today—and definitely of tomorrow. Kennedy wants business leaders to appreciate the larger societal, political, and regulatory context that may determine the success or failure of their businesses—and then he offers seven steps to guide the development and execution of a “profit-plus” strategy. The book is rare in combining an easy-to-read style, useful takeaways, and wise insights about business in America. Shapeholders is a great read for business students, executives and boards, people interested in business and policy, and the many people who wish to influence businesses. This short book packs in a lot of experience, judgment, and direct advice.” — Robert B. Zoellick, former president, the World Bank

This week, our featured book is Shapeholders: Business Success in the Age of Activism, by Mark R. Kennedy. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

Thursday, February 2nd, 2017

Valuation as a Bridge

Narrative and Numbers

“What comes more naturally to you, story telling or number crunching?” — Aswath Damodaran

This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran. For today’s post, we highlight Professor Damodaran’s YouTube video, below, introducing the book and its project.

Don’t forget to enter our book giveaway for a chance to win a free copy of Narrative and Numbers!

Wednesday, February 1st, 2017

From Data to Stories

Narrative and Numbers

“…this book is about my journey from an unquestioning trust in numbers to an increasing focus on stories in valuation and my stories about the companies that I value in this book. I don’t expect you to buy into my stories. In fact, I hope that you disagree with me and tell your own stories and that this book will help you convert those stories into valuations.” — Aswath Damodaran

This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran.

The following is an excerpt of a post originally published by Professor Damodaran on his blog on Wednesday, January 11th, 2017.

When I taught my first valuation class in 1986 at New York University, I taught it with numbers, with barely a mention of stories. It was only with the passage of time that I realized that my valuations were becoming number-crunching exercises, with little holding them together other than historical data and equations. Worse, I had no faith in my own valuations, recognizing how easily I could move my final value by changing a number here and a number there. It was then that I realized that I needed a story to connect the numbers and that I was not comfortable with story telling, and that realization led me to start working on my narrative skills. While I am still a novice at it, I think that I have become a little better at story telling than I used to be and it is this journey that is at the core of my newest book, Narrative and Numbers: The Value of Stories in Business.

Story versus Numbers

What comes more naturally to you, story telling or number crunching? That is the question that I start every valuation class that I teach and my reasons are simple. In a world where we are encouraged to make choices early and specialize, we unsurprisingly play to our strengths and ignore our weaknesses. I see a world increasingly divided between number crunchers, who have abandoned common sense and intuition in pursuit of data analytics and complex models and story tellers, whose soaring narratives are unbounded by reality. Each side is suspicious of the other, the story tellers convinced that numbers are being used to intimidate them and the number crunchers secure in their belief that they are being told fairy tales. It is a pity, since there is not only much that each can learn from the other, but you need skills in investing and valuation. I think of valuation as a bridge between stories and numbers, where every story becomes a number in the valuation and every number in a valuation has a story behind it.

Narrative and Numbers

When I introduce this picture in my first class, my students are skeptical, as they should be, viewing it as an abstraction, but I try to make it real, the only way I can, which is by applying it on real companies. I start every valuation that I do in class with a story and try to connect my numbers to that story and I try to be open about how much I struggle to come up with stories for some companies and have much my story has to change to reflect new facts or data with others. I push my students to work on their weaker sides when they do valuations, trying asking story tellers to pay more heed to the numbers and beseeching number crunchers to work on their stories. Seeking a larger audience, I have not only posted many times on the process but almost every valuation that I have posted on this blog has been as much about the story that I am telling about the company as it is about the numbers. In fact, having written and talked often about the topic, I thought it made sense to bring it all together in a book, Narrative and Numbers, published by Columbia University Press, and available at bookstores near you now.

From Story to Value: The Sequence

So, how does a story become a valuation? This book is built around a sequence that has worked for me, in five steps, starting with a story, putting the story through a reality check, converting the story into a valuation and then leaving the feedback loop open (where you listen to those who disagree with you the most and try to improve your story).

Narrative and Numbers

There is no rocket science in any of these steps and I am sure that this is not the only pathway to converting narrative to value. These steps have worked for me and I use four companies as my lead players to illustrate the process.

  • Uber, the ride-sharing phenomenon: I start with the story that I told about Uber in June 2014, and the resulting value, and how that story evolved over the next 15 months as I learned more about the company and its market/competition changed.
  • Amazon, the Field of Dreams Company: Amazon is a story stock that seems to defy the numbers laws and I use it to illustrate how the value for Amazon can vary as a function of the story you tell about it.
  • Alibaba, the China story: The China big market story has been used to justify the valuations of many companies, but Alibaba is one case where the use of that story is actually merited. In my story, Alibaba continues to dominate the growing Chinese online retail market and my value reflects that, but I also look at how that value will change if Alibaba can replicate its success globally (Alibaba, the Global Story).
  • Ferrari, the Exclusive Club: I value Ferrari as an exclusive club, leading into its IPO, and explore how that value will change if you assume that it will follow a different business model.
  • In the later chapters, I bring in other familiar names (at least to those who read my blog), to illustrate how macroeconomic factors affect stories and Yahoo! to examine the effect of the corporate life cycle. In the final part of the book, I turn the focus on management and look at how the story telling skills of top managers can make a significant difference in how a young company is perceived and valued by the market and how that skill set has to shift as the company ages…

    Don’t forget to enter our book giveaway for a chance to win a free copy of Narrative and Numbers!

    Tuesday, January 31st, 2017

    A Tale of Two Tribes

    Narrative and Numbers

    “So let’s see where we stand. We relate to and remember stories better than we do numbers, but storytelling can lead us into fantasyland quickly, a problem when investing. Numbers allow us to be disciplined in our assessments, but without stories behind them, they become weapons of intimidation and bias rather than discipline.” — Aswath Damodaran

    This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran. For the first post of the week’s feature, we are happy to present an excerpt from the book’s first chapter, “A Tale of Two Tribes.”

    Don’t forget to enter our book giveaway for a chance to win a free copy of Narrative and Numbers!

    Monday, January 30th, 2017

    Book Giveaway! Narrative and Numbers, by Aswath Damodaran

    Narrative and Numbers

    “No one has contributed more to the craft of valuation than Aswath Damodaran. In Narrative and Numbers, he correctly shows that you can’t understand the stock without the story. After Damodaran’s eye-opening tour, you will forever appreciate the vital contribution of human nature to number-crunching.” — Michael Mauboussin, Head of Global Financial Strategies, Credit Suisse

    This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

    Friday, January 27th, 2017

    Leadership Imperatives to Achieve the Holy Grail of Business: Long-Term Growth

    If You're in a Dogfight, Become a Cat!

    “These harsh realities point to two burning questions of relevance to all senior executives: 1. Why is it so hard for companies to sustain above-market business performance? 2. What can companies do to beat the odds and crack the code to securing the holy grail of business: long-term profitable growth?” — Leonard Sherman

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. For the final post of the week’s feature, we are happy to present an excerpt from a short manifesto by Sherman, posted at 800-CEO-READ’s ChangeThis magazine. You can read the post in full here.

    Don’t forget to enter our book giveaway for a chance to win a copy of If You’re in a Dogfight, Become a Cat!.

    In all human endeavors we tend to revere stars that perform at a superior level over a long and illustrious career. Sports Hall of Famers Aaron, Montana, Jordan, Pelé, and Nicklaus and arts honorees Ozawa, Tharp, and Simon have earned legendary acclaim for performing immeasurably beyond the reach of most mere mortals.

    In business, as well, a few widely recognized companies have been able to deliver consistently superior growth over the long-term, including Amazon, who last year became the fastest company to reach $100 billion in sales, and J&J, 3M, and The Ball Corporation, each of whom has been out-innovating and outgrowing the overall market for more than a century. (more…)

    Thursday, January 26th, 2017

    How Much Do You Know About Corporate Strategy?

    If You're in a Dogfight, Become a Cat!

    “Cats are a different breed of animal—clever, solitary hunters who are more inclined to explore new territory and to redefine the game on their own terms than to engage with the pack in a no-win dogfight. Cats are agile and innovative, and seek their prey (customers) with tactics that dogs cannot easily replicate.” — Leonard Sherman

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. Today, we are happy to present a quiz on corporate strategy, with information pulled from the many case studies in If You’re in a Dogfight, Become a Cat!.

    Don’t forget to enter our book giveaway for a chance to win a copy of If You’re in a Dogfight, Become a Cat!.

    Wednesday, January 25th, 2017

    A Conversation with Leonard Sherman

    If You're in a Dogfight, Become a Cat!

    “In dogfights, as in business, strong players may gain a temporary advantage, but fighting for dominance with traditional weapons usually takes a heavy toll on all combatants, and the prospect for renewed battles remains a constant threat.” — Leonard Sherman

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. Today, we are happy to present an interview with Sherman, in which he explains the title of his book, details how companies can drive long-term growth, and lists companies that have successfully broken away from the pack by becoming a cat in a dogfight.

    Don’t forget to enter our book giveaway for a chance to win a copy of If You’re in a Dogfight, Become a Cat!.

    What inspired the unusual title of your book?

    My motivation for writing this book grew out of thirty years as a management consultant and venture capitalist, working with a lot of companies struggling to restore profitability and growth. I observed a number of common causes of these business challenges, so when I joined the faculty at Columbia Business School, I made growth strategy the focus of my research.

    The curious title of my book metaphorically captures the competitive challenge all businesses eventually face, as well as the management mindset required to sustain profitable growth. In dogfights, as in business, strong players may gain a temporary advantage, but fighting for dominance with traditional weapons usually takes a heavy toll on all combatants, and the prospect for renewed battles remains a constant threat. As examples, the ongoing dogfights between Walmart and Target, HP and Dell, and United and American Airlines have taken a heavy toll on all players. Cats are a different breed of animal—clever, solitary hunters who are more inclined to explore new territory and to redefine the game on their own terms than to engage with the pack in a no-win dogfight. Cats are agile and innovative, and seek their prey (or in business terms: customers) with tactics that dogs cannot easily replicate. In the business dogfights cited above, Amazon, Apple, and Southwest Airlines have clearly exhibited catlike behavior.

    You point out that most companies fail to sustain long-term profitable growth. Why do they fall short?

    The critical starting point for an effective business strategy is a genuine, customer-centric business purpose—by which I mean a corporate ideology that inspires an organization and provides strategic clarity on the purpose and priorities of the enterprise. I want to emphasize this point because it often gets short shrift. Skeptics might scoff at this notion, noting that every company says the right things about their vision but often acts differently. After all, Wells Fargo was founded on being “a trusted provider that builds lifelong relationships one customer at a time,” and VW was committed to “offer attractive, safe and environmentally sound vehicles.” But these aberrations serve to reinforce the imperative of a customer-centric vision that really guides corporate behavior. Companies that have the best track record in sustaining long-term growth have remained true to their founding corporate vision, including Johnson & Johnson, 3M, IKEA, FedEx, Starbucks, Apple, Costco, JetBlue, and of course Amazon. Commenting on the importance of Amazon’s customer-centric business purpose, CEO Jeff Bezos said: “We’re stubborn on vision but flexible on details,” and “whenever we get into an infinite loop and can’t decide what to do, we try to convert it into a straightforward problem by saying, ‘well, what’s better for the consumer?’” An abiding genuine commitment to delivering superior customer value serves all stakeholders well. (more…)

    Tuesday, January 24th, 2017

    Introducing “If You’re in a Dogfight, Become a Cat!”

    If You're in a Dogfight, Become a Cat!

    “Cats are a different breed of animal—clever, solitary hunters who are more inclined to explore new territory and to redefine the game on their own terms than to engage with the pack in a no-win dogfight. Cats are agile and innovative, and seek their prey (customers) with tactics that dogs cannot easily replicate.” — Leonard Sherman

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. To start the week’s feature, we are happy to present an excerpt from the preface to If You’re in a Dogfight, Become a Cat!.

    Don’t forget to enter our book giveaway for a chance to win a copy of If You’re in a Dogfight, Become a Cat!.

    Monday, January 23rd, 2017

    Book Giveaway! If You’re in a Dogfight, Become a Cat!, by Leonard Sherman

    If You're in a Dogfight, Become a Cat!

    “A wonderfully comprehensive view of competition and competitive strategy and illustrating it well with contemporary examples and citing of the scholarly literature and linking that to action oriented techniques.” — John Czepiel, New York University Stern School of Business

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

    Friday, December 23rd, 2016

    Introducing Class Clowns

    Class Clowns

    “At the end of the day, the underlying motivations of the various actors matter less than knowing how to avoid the mistakes detailed here. The trick is to retain the passion for education but lose the emotional or ideological commitments to particular solutions.” — Jonathan A. Knee

    This week, our featured book is Class Clowns: How the Smartest Investors Lost Billions in Education, by Jonathan A. Knee. Today, for the final day of the feature, we are happy to present an excerpt from Knee’s introduction.

    Don’t forget to enter our book giveaway for your chance to win a free copy of Class Clowns!

    Monday, December 19th, 2016

    Book Giveaway! Class Clowns: How the Smartest Investors Lost Billions in Education

    Class Clowns

    Class Clowns is more than a business book, or a book on the education industry. Filled with colorful characters and gripping narratives, it poses deep questions that should engage a broad audience. By bringing the keen insights of a veteran investment banker, Knee demonstrates that no matter the goals, any business is subject to the basic laws of economies of scale, geographic advantage, and barriers to entry. This is an important lesson that many in the education sector seem to have ignored” — James B. Stewart, Pulitzer Prize–winning author of Den of Thieves

    This week, our featured book is Class Clowns: How the Smartest Investors Lost Billions in Education, by Jonathan A. Knee. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.