My interest in business or commercial activity first started when a work friend of my Mum visited our family. She brought a book on commerce which is what business studies would have been called decades earlier. I read the book and that piqued my interest.
At the end of your third year in secondary school you are allowed to pick optional classes that you will take exams in. this is supposed to be something that you’re free to chose.
I was interested in business studies (partly because my friend Joe was doing it). But the school decided that they wanted me to do physics and chemistry instead and they did the same for my advanced level exams because I had done well in the normal level ones. School had a lot to answer for, but fortunately I managed to get back on track with college.
Eventually I finally managed to do pass a foundational course at night school whilst working in industry. I used that to then help me go and study for a degree in marketing.
I work in advertising now. And had previously worked in petrochemicals, plastics and optical fibre manfacture. All of which revolve around business. That’s why you find a business section here on my blog.
Business tends to cover a wide range of sectors that catch my eye over time. Business usually covers sectors that I don’t write about that much, but that have an outside impact on wider economics. So real estate would have been on my radar during the 2008 recession.
Diwali 2022 adverts celebrate the Hindu festival of light. I’ve previously covered Chinese New Year ads & thought I could cover Diwali this year as well.
Ferrero Roche
The advert features Hrithik Roshan. Mr Roshan is an Indian actor who appears in Hindi films. He has 41 credits as an actor. It very much fits into the theme of Diwali and comes from a very authentic place.
Cadbury
By comparison Cadbury has celebrated Diwali 2022 by focusing much more on social purpose and doing good.
Khazanah Deepavali
Khazanah Deepavali is the national investment fund of Malaysia and this advert takes the kind of family story approach that one also sees in a lot of lunar new year ads in Malaysia. Given that its a multicultural environment taking this line the Diwali 2022 advert ensures that it will reach beyond the Indian community. The togetherness of multiple generations of family is a common bond, even if the rituals are different. And there is a nice twist in the telling of the tale.
RHB
RHB is a Malaysian banking brand who define a hero as someone who does good for others with no expectation for a favour in return in order to celebrate Diwali.
Maxis
Maxis is a Malaysian cellphone provider, its an emotional gut punch of ad that South East Asian adverts seem to be so good at doing. It doesn’t so much tug on your heart strings, instead it turns you and your heart strings into a double bass which it plays with considerable skill. Probably the best ad I have seen for Diwali 2022.
This ad is in sharp contrast to the high energy ad that Maxis did last year celebrating the ‘Most Influential Influencer’.
Shopee
Deepavali 2022 – Deepava-LIT catches the energy of their Chinese New Year adverts and keeps things relevant for Diwali.
Mid afternoon Sunday saw an incident outside and inside the Manchester Chinese consulate. The Manchester Chinese consulate caters for the second largest Chinese community in the UK. Manchester airport before COVID had direct flights to China and Hong Kong. Given the large British Chinese population in the area, it also has a community of Hong Kongers who desire democracy.
My understanding of what happened:
Chinese diplomats didn’t want a protest right outside the Manchester Chinese consulate
On the first day of the party congress at home in Beijing, some staff emerged from the consulate wearing anti-stab vests and riot police helmets to smash protestor banners and drive them away. Police were slow to intervene
Protesters defended themselves
The Manchester Chinese consulate staff retreated to their grounds including the Consul General who has been out walking.
A protestor was dragged through their gates and given a beating, he was eventually extracted by police belatedly reacting to the fight
The Consul General was seen pulling the hair of the protestor as well and later admitted it
johnlsl Extradition law Protest at Admiralty, Hong Kong 反送中大遊行(金鐘段)
Business
Pfizer Executive: in-Person Work Is ‘Critical’ to Workplace Culture – Nearly 2 years after the company helped to develop the Covid vaccine, Pfizer’s Angela Hwang said it’s time to get back to the office. Though many worked from home during the vaccine’s development, Pfizer’s culture was “banked” from years of in-person work, she said. Some companies have recently faced backlash for requiring in-person work. – Not so sure how well this will go for them.
We want food, not PCR tests. We want freedom, not lockdowns. We want respect, not lies. We want reform, not a Cultural Revolution. We want a vote, not a leader. We want to be citizens, not slaves
I know that the Elvis memorabilia dropped massively in price as his fans went into care homes or died off. Antiques and art go through cycles of ‘what’s in’ and out for that matter. Doug DeMuro asks a similar question about car collecting baby boomers. A lot of this is down to cultural relevance for collectors. DeMuro notes that ‘brass era’ cars from the 1910s onwards have already seen declines in price and demands.
The Covid-19 Baby Bump: The Unexpected Increase in U.S. Fertility Rates in Response to the Pandemic | NBER – Childbearing in the U.S. among foreign-born mothers declined immediately after lockdowns began—nine months too soon to reflect the pandemic’s effects on conceptions. We also find that the COVID pandemic resulted in a small “baby bump” among U.S.-born mothers. The 2021 baby bump is the first major reversal in declining U.S. fertility rates since 2007 and was most pronounced for first births and women under age 25, which suggests the pandemic led some women to start their families earlier. Above age 25, the baby bump was also pronounced for women ages 30-34 and women with a college education, who were more likely to benefit from working from home. The data for California track the U.S. data closely and suggest that U.S. births remained elevated through the third quarter of 2022
Letter from Hong Kong Advocacy Groups: U.S. Financial Institutions’ Planned Hong Kong Summit Will Undermine U.S. Foreign Policy – executives will meet with sanctioned government officials including Chief Executive John Lee as they help Hong Kong convince the world that it’s business as usual in the city—that despite the authoritarian crackdown of the past three years, investors should return. This financial summit is more than just a conference: it represents a watershed moment in our fight to hold Hong Kong officials accountable and deter others across the world who might seek to snuff out democratic rights and commit human rights abuses. If the U.S. Government takes no action to prevent even its own banks from undermining U.S. policy with respect to Hong Kong, then it will send a message to the world that the U.S. does not intend to defend the principles it espouses. Investment will return to the city, and the Hong Kong government, the CCP, and other authoritarian regimes will learn that human rights abuses are easily forgotten by the West—especially when lots of money is involved
Global cities are fragile by nature. Here are some on their way down | Financial Times – China’s Communist party distrusts global cities. It’s crushing Hong Kong, and people are fleeing. When a marquee 800-flat project opened last month, zero apartments sold. Hong Kong, fifth on Kearney’s global-city ranking in 2019, is regressing into what some call “just another Chinese city”. Beijing and Shanghai, among Kearney’s top 10 last year, have also lost access to the world, supposedly because of quarantine restrictions. Last month, China averaged about 100 international flights a day, down 96 per cent since 2020, says Variflight. After this week’s party congress, these cities may become global again, or perhaps those days are over
Clarifying Responsible Cyber Power: Developing Views in the U.K. Regarding Non-intervention and Peacetime Cyber Operations – Lawfare – the U.K. government’s strategic communication about cyber has included prominent speeches by successive foreign secretaries and attorneys general, as well as by senior securocrats such as the GCHQ director. This division of effort in the public communication about U.K. strategy makes sense, incorporating senior political leaders with responsibility for foreign policy and the law as well as leading securocrats who, as career officials rather than politicians, speak with a different kind of authority and independence from partisan politics. Cumulatively, this helps to advance the U.K.’s emerging narrative about the responsible, democratic use of cyber power by nation-states. Fleming’s remarks also emphasized that the U.K.’s cyber operations were “ethical, proportionate and legal.” As a proponent of responsible state behavior in cyberspace, it is not surprising that the U.K. twice (in 2018 and 2022) has used a major speech by its attorney general to develop the legal aspects of the case for responsible cyber power
Former WSJ reporter says law firm used Indian hackers to sabotage his career – Solomon’s suit is the latest in a series of legal actions that follows Reuters’ reporting about hired hackers operating out of India. In June, Reuters reported on the activities of several hack-for-hire shops, including Delhi area-companies BellTroX and CyberRoot, that were involved in a decade-long series of espionage campaigns targeting thousands of people, including more than 1,000 lawyers at 108 different law firms. At the time, Reuters reported that people who had become hacking targets while involved in at least seven different lawsuits had each launched their own inquiries into the cyberespionage campaign. That number has since grown. Azima, Solomon’s former source, is among those who have gone to court over the alleged hacking. His lawyers, like Solomon’s, allege that Dechert worked with BellTroX, CyberRoot and a slew of private investigators to steal his emails and publish them to the web. BellTroX and CyberRoot are not parties to the suit and could not immediately be reached. Executives at both firms have previously denied wrongdoing. Solomon and Azima allege that Dechert undertook the hack-and-leak operation in the interest of its client, Sheikh Saud bin Saqr al-Qasimi, ruler of the Middle Eastern emirate of Ras Al Khaimah. Reuters has reported that lawyers for Ras Al Khaimah’s investment agency – RAKIA – used the emails to help win a fraud lawsuit filed against Azima in London in 2016
American technology boosts China’s hypersonic missile program – The Washington Post – “In this case the American technology is superior — we can’t do certain things without foreign technology,” said one Chinese scientist who works in a university lab that conducts testing for hypersonic vehicles. “There isn’t the same technical foundation.” Some of the U.S. firms whose products are reaching Chinese military research groups have been the beneficiaries of Defense Department grants to spur cutting-edge innovation, according to a federal program database, creating the specter of the Pentagon subsidizing Chinese military advances. “It’s very disturbing, because the bottom line is that technology that can be used for military hypersonics was funded by U.S. taxpayers, through the U.S. government, and ended up in China,” – war by other means….
Interesting take on how Singapore will evolve with a transition of power happening in Singapore away from the Lee family who have dominated the city state since independence.
Taiwan
Really good presentation on the international importance of Taiwan. Its not just about TSMC but also about the global supply lines that run through Taiwanese waters
I miss Tomorrows World as a show. It came from a few points that seem to have changed in UK society
Lord Reith’s original agenda for the BBC to entertain and educate. It made cutting edge research simple and highlighted its potential benefits
A futurism vision in the great and good of society at least, rather than the current viewpoint that we’re all doomed
Now as a society, we no longer know what innovation is. There is no ‘true north’.
Predicting the smart home of 2020
This Tomorrows World programme from 1989 predicts smart home type controls such as Philips Hue bulbs, wireless charging with ‘plug-in pads’, reducing energy consumption and big screen TVs. But there is as much as it gets wrong as well, LCD windows tend to be only use in the swankest offices or high security areas. Our home windows aren’t display screens. Unfortunately we don’t have aerogel as loft insulation due to the inability to make it cheaply via mass production.
One final point that was important was how they talked about consumers having a choice of how smart their home could be. Which showed a real consideration about technological impact that is at odds with smartphones vs. feature phones; or smart TVs vs. ‘dumb’ TVs.
Business
Why Facebook’s Metaverse Is Dead on Arrival | New York magazine – In actuality, Facebook is basically spending $10 billion on a prayer that, in the short run, it might change the conversation. It gives them an opportunity to talk about the meta verse instead of insurrection and teen depression – or that Meta has moved from being a growth company to a value company…
Hallyu The Korean Wave is exhibition at the Victoria and Albert Museum. Hallyu is actually a contraction of Han ryu which literally means The Korean Wave. Han meaning Korean (so the Korean written language is called Hangul) and ryu meaning wave.
Forgotten War
The exhibition was interesting from a London audience perspective. You have to be a real history buff to know that the Korean war even happened. The olympics put Korea temporarily in western consciousness and then it submerged again. It was only since I started writing this blog that The Korean Wave started to become part of the London zeitgeist, let alone the rest of the country.
Hallyu now
K-pop group Black Pink is now number one in the UK album charts with their sophomore release and there will be at least one Korean option when you open Uber Eats. Korean films and series (usually the most transgressive ones) are popular on Netflix and in arthouse cinemas.
Korean reality
The reality of The Korean Wave is more complex. It was something that was over 50 years in the making, going back at least to the compact that Park Chung-hee made with Korean business leaders at the expense of economic inequality, human rights and labour rights. The Korean Wave was birthed by a traumatic history of authoritarian rule. The Korean Wave wouldn’t have been possible without the economic growth driven by rapid economic growth and industrialisation. This in turn created the flywheel effect as Jim Collins would put it, that helped Korea become a cultural powerhouse as well as an economic one.
The exhibition skims the surface of this complexity, but is stylish and entertaining in nature.
The exhibition is running until February next year.
Expats Shun China Over Covid Policies, Forcing Foreign Firms to Scale Back – WSJ – “companies are even questioning whether it is responsible for them to deploy foreign staff to China when the numerous restrictions mean they are unable to guarantee a basic duty of care for them and their families,” the European business lobby in China said Wednesday in its annual report on the state of business in the country. Many of the chamber’s member companies, multinationals with a longstanding presence in the country, are downsizing, localizing and hiving off their operations in China as the number of Europeans and Britons living there roughly halved from prepandemic levels to around 60,000 in recent months, according to the chamber’s estimate. – the expat infrastructure of schools, services and food built up over decades is withering as foreigners leave. And that is probably seen as a good thing by Xi Jingping, who is looking to de-westernise China
Design
So much in this video about quality, design, sustainability, carbon footprint and the fallacies supporting electric vehicles.
Japan’s biggest K-pop fans might just be senior citizens, survey shows | SoraNews24 -Japan News – Online marketplace service Mercari studied the purchasing habits of its users between September 1 2021 and August 31 2022 to find out what products are most popular for each generation. They discovered that users who reported to be over 50 years old more frequently bought K-pop merchandise than even Gen Z.Despite competing with other popular products like character merchandise, domestic idol goods, and video games, K-pop items were a big seller among every age group. It was the third-most-purchased category for teens and the second for people in their 30s, but as it turns out, it was the most purchased category for people in their fifties and seventies! – this probably tells you a lot about how ageing is changing, not only in Japan, but elsewhere
Tinder just opened a convenience store in Japan, aimed at adults only | SoraNews24 -Japan News – Japanese convenience stores are a much-loved part of everyday life in Japan, where you can get pretty much everything your heart desires at any time of the day or night. Last weekend, however, a new convenience store popped up in Tokyo’s Shibuya district offering something that others don’t usually have in-store: love and romance. Called SwipeMart, the convenience store was run by dating app Tinder, and though it was only open from 16-19 September, it was such a resounding success there are hopes the pop-up will pop up at more locations in the future. Aimed at the over-18 crowd, the convenience store had some great freebies on offer for Tinder members, ranging from a choice of either jocks, socks, or a long-sleeve T-shirt
Sensitivities Rise As Geopolitics Takes Toll On Global Communicators – Richard Edelman penned a blogpost that questioned whether “truth will win out”, amid considerable state-sponsored disinformation activity. Edelman was referring specifically to the Russia/Ukraine conflict, but his column included reference to China’s efforts to influence public opinion. Edelman China blogpost 2022 By the end of the week, that paragraph — which was sourced directly from this WSJ article — had been excised from the post.
EU to consult on making Big Tech contribute to telco network costs | Euronews – The European Union’s executive body will launch a consultation early next year on whether tech giants should bear some of the costs of Europe’s telecoms network, EU industry chief Thierry Breton said on Friday. Europe’s telecoms operators have long lobbied for a financial contribution from U.S. tech firm’s such as Alphabet’s Google, Meta’s Facebook and Netflix, saying that they use a huge part of the internet traffic
Vetoing Victory – Israel Is Blocking (Military) Aid To Ukraine – Oryx – Israel’s refusal to provide military aid to Ukraine or even permission for other countries to do so sharply contradicts historical aid to Israel, when much of the Western world rallied behind the country when it faced invasions of its own, launching air bridges to keep it supplied, and engaging in blood donation campaigns for Israeli soldiers. Of course, the time that Israel could count on such strong support and sympathy from the Western public is long gone, and the world is unlikely to forget Israel’s inaction and deliberate obstruction of support to Ukraine
Jim Collins, the author of Good To Great has been researching and writing about what makes companies successful since 1988, though there are points made about this and the similarity of the work done by Tom Peters at McKinsey. Peters eventually turned the outputs of that research into the book In Search of Excellence.
From this research Collins has written a series of books:
Good to Great was Collins’ sophomore book published in 2001. I was curious to see how it stands up in the 20 years since publication.
What’s the book like?
Collins has written a surprisingly accessible book that at the same time demonstrates an academic rigour to the underlying research. A good chunk of the book is an epilogue, frequently asked questions and referenceable materials at the back.
Each chapter is comes with a summary page and Collins makes good use of visuals to convey his ideas.
Synopsis
Collins bases Good to Great around seven ideas.
‘Level 5’ leadership. Collins had a management maturity capability model, the top level on ‘level 5’ was a leader who left their ego at the door with personal humility but professional will. They tend to be work horse rather than race horses. I found this particularly interesting as research that my first agency used to tout showed how a CEO’s visibility or fame had a positive correlation with rising share price, indicating that investors are probably buying on the wrong signals
Getting the right people on the bus. The right people comes before vision, strategy, tactics, structure. ‘Who’ before ‘what’. Rigor but not ruthlessness drives people decisions. All of this was based around three principles: 1/ If in doubt, don’t hire. Instead keep searching. 2/ Act when a people change is needed. 3/ Put the best people on the best opportunities. The right people thrive in a culture of vigorous debate in search of the best answers and then stand united behind the collective decisions, regardless of political or personal interests. The right people are your most important asset. You need self motivating people rather than having to work to motivate them
The Stockdale Paradox. Retain faith that you will succeed in the end. Regardless of the difficulties. And at the same time confront the most brutal facts of your current reality. Whatever they might be. An honest determined effort is required to find the truth of a situation. 1/ Leading with questions, not answers. 2/ Engage in a dialogue and debate, not coercion. 3/ Conduct autopsies, not blame. 4/ Build ‘red flag’ mechanisms that turn information into something that cannot be ignored. Dealing with problems head on. Leadership doesn’t begin with vision, it starts with confronting facts head on and dealing with their implications
The ‘hedgehog concept’. Focus at the interception point between: 1/ What you are deeply passionate about. 2/ What you can be the best in the world at. 3/ What drives your economic engine. It is an iterative process. This becomes the one big thing that you focus on.
A culture of self-discipline. Great results over the long term depends on a disciplined culture. It requires people who adhere to a consistent system, but also gives freedom and responsibility within the framework of the system. Discipline means focus, ignoring once in a lifetime opportunities that dont fit within the business focus. Stop doing lists are as important than to do lists. This reminds me of why Apple never put an FM radio in an iPod or iPhone.
Technology as accelerator. Technology isn’t a fad that they follow, but apply carefully selected technologies that meat their focus. A classic example of getting this wrong is the way Micro Focus pivoted to cryptocurrency and ended up being bought by rival Open Text. Instead the attitude to technology is down to thoughtfulness and creativity. Contrary to every marketing campaign I did during my first decade in agency life, technology by itself is never a primary cause of greatness (or decline).
Good practices are cumulative and compounded in nature. Collins talks about the flywheel effect, the momentum energy required to get it moving requires consistent pressure, but once it gets moving subsequent pressure means that it moves the flywheel at a much faster rate
Where Good To Great didn’t age well
The example of Wells Fargo standing out as an exemplar jarred with me. Wells Fargo is cited as a prime example of a great company, but there are examples of a number of cracks in its culture over years
Allegations of higher costs charged to African-American and Hispanic borrowers on sub-prime loans which resulted in fines and damages paid totalling 175 million dollars
Good to Great focuses on American companies, there doesn’t seem to be a consideration of how national culture may have an impact on the firm. Where does China’s wolf culture or Samsung’s punishing culture fit in the kind of model that Collin’s proposes in his book? I don’t know the answer but its a topic worth exploring in a more global business environment. I think that its particularly interesting because Collins’ work has been widely read by Chinese business people, yet their ‘great companies’ look very different to the corporates that Collins cites as good to great in nature.
In conclusion
Collins has created useful management book for departments as well as large corporates, which explains why it has been published in so many languages including Spanish and Chinese. What is less apparent in Chinese corporate culture is how influential the book has really been.
You can find my updated list of professional reading materials here and further book reviews here. Lastly, more on Good to Greathere.
