Kuching Trip

I brought my family and friends to Kuching to visit Kuching city last two weeks. Being temporary tour guide, I rented a car from my Kuching friends - Mr James Foo (for whom I work with during ILP project in 2001) to sight-see and shopping sounding the cat city for 3day 2night trip.

After six years for the first time, I come back to Kuching, the first impression, the city has since changed its face with a newly upgraded airport, new flyover bridges along airport roads, coming up more shoplots building. For things that do not change,is the sky already bright at 6:30am, the city is still much cleaner than K.L.(probably better managed) and kuching people are still quite warm and friendly.

Never forget! to bring my tour member to enjoy those fresh and inexpensive sea-foods served at Top-spot and Pending restorants, especially variety of freshy fishes and to try thier famous vegetable (Milin) for its tasty.

Wa lau, look at those crabs

we eat prawn and prawn,

Chinese called "Seven-Star" fish

My favourite "Milin" vegetable

I thanks to my friend- Mr James Foo and his family for thier warm hospitality during our trips in Kuching.

The Winning Management Philosophies

I feel down tonight, as I got poor result for my study... I need some motivation words to pull me throught this downtime and regain my spirit for continuous to struggle. By reading some of these quotes, probably can chase my blue away.

“MANAGEMENT means, in the last analysis, the substitution of thought for brawn and muscle, of knowledge for folkways and superstition, and of cooperation for force. It means the substitution of responsibility for obedience to rank, and of authority of performance for the authority of rank”

-Peter F. DruckerAdapted from The Edge 30 Apr 2007

“Success depends on making connection with people, and then working to keep them alive”
“It’s about making connections and building a community. It doesn’t happen overnight. And a lot of organizations don’t value connectivity as much as they should, so they may not create opportunities to build an emotional network.”

“You really have to bring people together on a variety of levels and allow for genuine dialogue and interaction to make the whole team effective”

-Dana Ardi, human capital partner of JP MorganAdapted from The Edge 30 Apr 2007: @the office - by Charles Moore

“Leadership must secure a clear mandate from their own management”

“Leadership is a privilege bestowed on you, and it can be taken away very quickly”

“You can manage someone or a group of people, but you can’t get to a real level of performance through leadership if it’s not bestowed on you by the people who believe in you.”

“The critical link here is TRUST and you’re not always credible, then you will eventually lose the ability to lead”

“To win this trust, leaders must secure a clear mandate from their own management. A cornerstone of effective leadership is discussing performance with team members and reviewing projects on a regular basis, ensuring that people deliver on their commitment: even the best plan are for naught if execution is lacking”

-Kenneth Lewis, CEO of Bank of AmericaAdapted from The Edge 30 Apr 2007: @the office - by Charles Moore

“Establish a mandate is winning over the informal opinion leaders in your team”

“Staff who have been in a team for a long while will have endless opinions about their roles and the company. To a greater or lesser degree, they will have an impact on the morale and viewpoint of other team members”

-Pat Mitchell, the former President of America’s Public Broadcasting ServiceAdapted from The Edge 30 Apr 2007: @the office - by Charles Moore

“The Finance Market is a dangerous and rewarding place, which demands mastery of techniques and trading discipline if success is to be achieved”

“Strategies apply when you are under attack, or when you wish to defend yourself by taking offensive action.”

“In the market, we are always under attack and we always try to take the offensive to wrest profits from a market that is skilled in withholding them.”

-Daryl Guppy, the 36th Strategies of the Chinese for financial trader Adapted from The Edge 30 Apr 2007

“The best learning at the end of the day is looking around you, seeing your own experience, looking at that experience very fairly and not hiding from it.”

“No, I’m not one for reading any management books at all. I’ve been with the bank for 40 years. That has been enough of a ‘guru’.”

“I’ll put it this way: The kind of people I’ve worked with and the kind of people who’ve been bosses – I’ve always looked to see what were the things that I valued and what were the things I thought that did well. And I tried to do that more. There have been things that I’ve not liked, and you make sure that you don’t go around that far.”

“Indians as a rule are very lateral thinking…. Because of lateral thinking they’ve been able to adapt very quickly to different circumstances”

“Lateral Thinking – is what gets you further quicker because you’re willing to adapt. You just adapt to circumstances Very Fast.”

“When you’ve been in an organization as long as I have, the culture and you are the same… You are the culture. You meant to embody the culture and the values of your organization, and that comes from many years of working in an organization”

“Hopefully, those values get imbued in you.”

“In our 76 countries and territories, whichever organization that we’ve bought, we’ve always done one thing – told them, this is the culture of HSBC. You either like it or you don’t. If you don’t like it, we’re not going to change our culture to suit your work culture. This is a culture we’ve built over 150 years that has grown and sustained us.” Cama, who has been HSBC for 4 decades.

“You’re doing things with the Best Will in the world, you can still make a mistake. That’s O.K, but it shouldn’t be done without knowledge. Knowledge comes from your practical work, from the people you work with, your own experience, observing other people, seeing what they do well and seeing if you can adapt to that.”

“Management gurus actually only distil all that and put It in a book. I prefer to read other books and I prefer to watch other people and see how they’ve done things.”

“As a leader you’ve got to be brave. You’ve got to take decision, accept responsibility and if it goes wrong, accept that and change it.”

“You’ve got to have ability as a leader to say you were Wrong. Leaders who don’t like to say they are wrong when things are going wrong create even more problems.”

“We’re all human beings. And in our group, we don’t believe in punishing people for that.”

“I don’t believe in punishing people for that. If you made a mistake, fine, it’s finished now. We’ll help you with damage control.”

-Datuk Zarir Cama, deputy chairman and CEO of HSBC MalaysiaAdapted from The Edge 30 Apr 2007

“No one will pass on the Experience to you just like that, or supply you with a blueprint of procedures – you have to struggle on your own, and learn from your experience and errors.”

“Our philosophy is that ONE must try one’s best; if one fails, one can learn from one’s mistakes and do better the next time.”

“If you inadvertently make a wrong decision, you can still find a way to avoid failure through good management; but having the wrong management approach inevitably leads to failure.”

-Dato’ Sharif Shamsuddin – Amalgamation of Expericence - Entrepreneurship, Adapted from Management Apr-Jun 2007

“Never be afraid of failure, you aren’t ever going to start. And I think that’s what is wrong with too many people ; they are too scared to try something out because they are afraid of failure.”

“Fernandes explained, he never thought he would fail, neither he was an arrogant person nor someone over confident, because it’s big whole obstacle challenge out there, but rather for enthusiasm of his staff, and the determination to succeed and the support from the public, he just went for it.”


“Never be afraid of failure, you aren’t ever going to start. And I think that’s what is wrong with too many people ; they are too scared to try something out because they are afraid of failure.”

“Being visionary leader, Fernandes say, Never-say-die attitude. It has enbled the common man to fulfill his dreams of flying, making the world notice them (Air Asia).”

-Dato’ Tony Fernandes– Air Asia budget airlines- Entrepreneurship, Adapted from undated article 2007

Some Definitions of Entrepreneur

I would to like share some these useful definitions which I found with my friends, who often strike to realise the dreams of becoming entrepreneurs one day.

Entrepreneur Personality characteristics
John G. Burch (Business Horizons, September 1986) lists traits typical of entrepreneurs:

1. A desire to achieve: The push to conquer problems, and give birth to a successful venture.

2. Hard work: It is often suggested that many entrepreneurs are workaholics.

3. Desire to work for themselves: Entrepreneurs like to work for themselves rather than working for an organization or any other individual. They may work for someone to gain the knowledge of the product or service that they may want to produce.

4. Nurturing quality: Willing to take charge of, and watch over a venture until it can stand alone.

5. Acceptance of responsibility: Are morally, legally, and mentally accountable for their ventures. Some entrepreneurs may be driven more by altruism than by self-interest.

6. Reward orientation: Desire to achieve, work hard, and take responsibility, but also with a commensurate desire to be rewarded handsomely for their efforts; rewards can be in forms other than money, such as recognition and respect.

7. Optimism: Live by the philosophy that this is the best of times, and that anything is possible.

8. Orientation to excellence: Often desire to achieve something outstanding that they can be proud of.

9. Organization: Are good at bringing together the components (including people) of a venture.

Characteristics of entrepreneurship

1. The entrepreneur has an enthusiastic vision, the driving force of an enterprise.

2. The entrepreneur's vision is usually supported by an interlocked collection of specific ideas not available to the marketplace.

3. The overall blueprint to realize the vision is clear; however details may be incomplete, flexible, and evolving.

4. The entrepreneur promotes the vision with enthusiastic passion.

5. With persistence and determination, the entrepreneur develops strategies to change the vision into reality.

6. The entrepreneur takes the initial responsibility to cause a vision to become a success.

7. Entrepreneurs take prudent risks. They assess costs, market/customer needs and persuade others to join and help.

8. An entrepreneur is usually a positive thinker and a decision maker.

LifeStyle for Kits @21st Century

Hi, My name is Ivan Chan @2-year-old. I enjoy my life very much, I have much freedom in life as I can laugh, I can smiled, I can cry and even I can shout in the ways I wanted to. Do things I like, Plays and Eat what I love, Own things what others can't afford. As all can follow my inspirations of life to pursuit my dreams. Thus, to me @2 - Life is definately lovely and exciting.

A bowl of Pan Meei, it would delighted me much, as I like it best.

Hi, my friends, please don't bother me at this time, as I am busy with my blogging, that is so much to write and talk about.

See what car I'm driving now. Is brand-new Mighty Mouse Model- 2.0 series, with auto navigation that even more advance than BMW cars.

And I have a lot of assets in town, for example, I already own KLCC, KL tower and even Genting Highland and I'm not kidding at all. What! you don't believe that. O.K, to proof that, I'll here with all photos for my claims.

Believe now and I've wanted more and more in life. Probably is to have a chance to ride the rocket to visit the moon someday.


Bye, bye

We wil deliver on promises. Not too loooong!

Read out what K Geogre has to say in his article of 'Restore Local council elections' in Aliran:

"Dear PM, Even before you entered Putrajaya as the 5th premier of Malaysia, you had in an inspiring manner undertaken to launch a relentless fight against corruption.

You solemnly pledged to eradicate corruption, promote transparency and accoutability, ensure open tenders, and introduce democratic reforms as part of your MISSION in running this beloved country of ours.

Unlike your predecessors, YOU called upon the OPPOSITION, the NGOs and the the RAKYAT to CRITICES the GOV. so that you will know what is bothering the nation and the people.

This undertaking was admirable. It led the people to believe that YOU were VERY OPEN and that YOU would make a DIFFERENCE.

But, Unfortunately and sadly, Since then, there has been mounting CRITICISM from various sources that all that you PROMISED the PEOPLE has not really taken off. There is this impression that NOTING IS MOVING.

There have been numerous complainst against local authorities. Local authorities represent grass root democracy. It is where people effectively contribute to strenthening democaracy and safeguarding the sinews of the nation which sustain our democratic way of life.

This is something that you must pay heed to and bring back local council elections.

IF YOU do this you stand out as a stastesman in the the annals of our history. IF YOU ignore this plea from so many sources for the return to local democracy, the YOU will not be any
Different from any other politician. That would indeed be a PITY."

and What about The Edge-Frankly Speaking -19Mar2007, "Can it get any Worse?" has to say on the result of Corruption Index compiled by Hong Kong-Based-Political and Economic Risk Consultant (PERC), in which Malaysia in 2007 score higher to 6.25 from 6.13 in 2006.

(The scorecard criteria: at 0 least corrupt and 10 for the most)

"The man in the street only has to commit a traffic offence and read the newspapers to know that corruption is still prevalent, Never mind what the now not-so-new government promised to do during the last general election.
Sure, everyon has a role to play, and We have to be patient because these things take time. But how long do we have to wait to see some improvement? Not too long... we say."

CAUTIOUS: Be Wiser & Prudent in Coming GE! Don't make the same mistake again and again.

JOB MARKET

Wanted: OLK Project Manager - 3 Positions (Based In K.L)

Our people are our most important asset as they are the reason behind our success. In line with our expansion programs, we now seek applicants to join our team of dynamic professional at our project.

OLK-Project manager with personable, well-educated, literate individual with degree in engineering to work for small firm. Long hours, no fringe benefits, no security, little chance for advancement are among the inducement offered. Job requires wide knowledge and experience in building, materials, construction techniques, economics, management and finance. Competence in the use of spoken and written English required. Must be willing to suffer personal indignities from client, professional derision from peers in more conventional jobs and slanderous insults from collegues.

Job involves frequent extended trips to inaccessible locations throughout the world, manual labour and extreme frustration from lack of data on which to base decisions.

Applicant must be willing to risk personal and professional future on decisions based on inadequate information and complete lack of control over acceptance of recommendations by clients. Responsibilities for work are unclear and little or no guidance offered. Authority commensurate responsiblity is not provided by either the firm or its clients.

For those who are interested, please call Mr Hai Sea Lee at tol free 1-800-800800. personals CV should be mailed to Jln 40/32, No.233, Golden Commercial Centre, 52000 K.L. ALL personal informations shall strictly be kept P&C.

(term: OLK = One-Leg-Kick)

Innovation Roadmapping

Just think of HISTORY:

• Dot-Com Roller Coaster Ride
• In 1980: PC Era Is Here
• In 2000: Post-PC Era Is Here
• New Trend in Post-PC Era: Wireless; mCommerce....

Or the PAST:

• Agrarian Age (6000 BC ~ 1776)
• ~1000 AD: China used to contribute 97% of World GNP
• Industrial Age (1776 ~ 1950)
• Adam Smith (1776) and James Watt (1770)
• Harnessing Energy (Muscle)
• Strategic Inflection Points:
• Fire Machine (Steam Engine)
• Electricity (1880)
• Kitty Hawk (1903), Moon Landing (1969)

Rules:

• Increasing Reture to Scale
• Diminishing Return to Scope

Or the CURRENT Age:

• Information Age (1950 ~ 2020)
• Harnessing Knowledge (Brain)
• Strategic inflection Points:
• Transistor (1947), PC (1980) , WWW (1995)
• Machines that Think (200?)

Rules:

• Moore's Law (2x @18 months)
• Metcalfe's Law (N2 of impact)
• Optical Moore's Law (four times per year)
• Increasing Return to Scope
• Diminishing Return to Scale

Or the FUTURE:

• Biotech Age (2000 ~ 2050?)
• Harnessing DNA (Gene)
• Strategic Inflection Points
• Double Helix (1953)
• Dolly (1997); Clone Human (2001)
• Human Genome Project (6/2000)
• Cancer Cure (2020?)

Rules:

• Biotech Version of Moore's Law: Knowledge Doubling (six months)

Controversy

• A crop cannot be recalled (e.g. Super Weed)
• Genetocracy (e.g. Astra)
• Public Property Vs Private Benefits

• Quantum Age (2020 ~ 2100)
• Harnessing Matter
• Strategic Inflection Age:
• Quantum Computer Theory (David Deutsch, 1985)
• Stable Qubits (2010?)
• Universal Quantum computer (2020?)
• Molecular Machine that grow & reproduces: (Humans plays God? Creating a new non-DNA based life form) (2050?)

Rules:

• Quantum Theory

Consider the Auto Industry:

• 1889: Daimler and Benz both invented car
• 1900: US farmer / entrepreneur Henry Ford first saw Automobile in London Crystal Palace World Exposition
• 1920: 200+ automobile companies (booming and consolidation of auto industry)
• 1999: 2.5 automobile companies in US
• 2005: 5-10 automobile companies left worldwide

So what would an enterprise invest in if they could invent a time machine and go back to the 1920s?

• Definitely not horse carriages or buggy whips
• Highway? Parts? Own Brand Car?
• Did anyone say "Oil"

To hold on to the FUTURE we need tools:

• To know the Mega trend: don't be "me-too" or "join the party at the last waltz"
• To control knowledge and hence control the future
• To have technology & market intelligence
• For knowledge management
• To find the "oil" of the next wave.

What we need is a map, a roadmap, of possibilities for INNOVATIONS to guide MANAGEMENT decisions. We need an INNOVATION ROADMAP!

Adopted from University of the Sunshine Coast - Innovation and Entrepreneurship note.

Economists expect January 2007 CPI to ease

Economists expect January CPI to ease, REALLY ???
By Rupa Damodaran
rupabanerji@nstp.com.my
February 20 2007


INFLATION in Malaysia, trending downwards as the effects of last year's fuel price hike wear off, is expected to grow at 3.03 per cent year-on-year for January. A Business Times poll of 14 economists expects the consumer price index (CPI), the barometer of inflation, to trend downwards as global crude oil prices ease.

The Statistics Department is expected to release the data tomorrow. The CPI grew at its slowest pace in 16 months in December on reduced impact from a fuel hike imposed in March last year. The 3.1 per cent growth figure for the CPI in December brought full year 2006's inflation to 3.6 per cent.

Kenanga Investment Bank economist Wan Suhaimi Saidi expects inflationary pressures to taper off further to below 2 per cent come March. This is because of the base effect from the 30-sen-per-litre fuel hike at pump stations in March, which affected the transport basket and the CPI to leap to a six-year high of 4.8 per cent before easing back to 4.6 per cent in April.
Wan Suhaimi said inflationary pressures this year may further ease to below his 2.7 per cent year-on-year forecast for 2007.

The CPI for the whole of 2006 increased by 3.6 per cent to 103.6 from 100 in 2005, while the CPI for December increased to 104.6 from 101.5 in the same period in 2005.

The inflation growth for 2006 was brought about by increases in main groups with high weights namely transport (11 per cent), food and non-alcoholic beverages (3.4 per cent) and housing, water, electricity, gas and other fuels (1.5 per cent). The fuel hike last year, which caught most off guard, has forced many to be cautious in their spending and lock in their profits.


Citigroup economist Sim Moh Siong, in a recent report, described consumer spending Malaysia as stronger with consumer spending slowdown past the danger point. In comparison, six months ago, consumer spending had slowed following the three hikes in interest rates, fuel price hikes and sluggish job growth, he commented.

Gong Xi Fa Cai

I would like to take this opportunity to wish all Malaysian a Very Happay Chinese New Year!

May you & your family a Healthier + Prosperous Year in 2007.

Your presence is worth more than a lifetime of ang pows

Knowledge is the greatest gift we can give our children. Let us also teach the value of learning from each other

Sharing good fortune from generation to generation.

Tradition kept value by passing it down from one generation to another. It is the same with knowledge and skills. It keeps a nation moving toward.

Anna Nicole Smith Deceased

Feb 9, 2007, 12:20 GMT
Oh NO another case Again! I encountered this month. This news is surely sad to global fans of Anna, is another lost of lendary of bombshell, sexiest and vicious woman of the world.

The 39-year-old former Playboy model was pronounced dead in Florida's Memorial Regional Hospital at around 2.45pm yesterday (08.02.07).
Anna Nicole was rushed to hospital after a private nurse found her unconscious in her room at Hollywood's Seminole Hard Rock Hotel and Casino.
Hotel president Michael Brown said Anna Nicole was "not breathing and unresponsive" when paramedics arrived.
US TV show Access Hollywood claim Anna Nicole choked on her own vomit and was found under a sheet by one of her employees. They also allege Anna Nicole had taken a "child's sedative" and kept "passing out" before her death.
Anna Nicole's lawyer Ronald Rale said her lover Howard K Stern had been left shocked by her sudden death.
Rale said: "I can confirm that she is deceased. It's as shocking to me as to you guys. I don't know anything further. Howard obviously is speechless and grieving.
"Anna did have some flu symptoms. I believe the last couple of days she was not feeling well." Police said the cause of death was unknown and have scheduled an autopsy for today (09.02.07).

Anna Nicole's death came during a time of personal grief and a bitter paternity battle.
Her 20-year-old son Daniel, died in the Bahamas five months ago - just three days after Anna Nicole gave birth to her daughter Dannielynn. Toxicology reports determined Daniel had taken a lethal combination of antidepressants and methadone.
Anna Nicole was ordered to have her daughter undergo a paternity test, after former lover photographer Larry Birkheard filed a lawsuit claiming he was Dannielynn's father.

Anna Nicole insisted Stern, who was also her lawyer, was the father of the child.
The actress-and-model was ordered to complete the test before February 21 by a Los Angeles judge on Wednesday (07.02.07).
Dannielynn was not with her mother when she died. She is in the Bahamas - where she was born - in the care of a family friend.
Anna Nicole was born Vickie Lynn Hogan and raised in Texas by her mother and aunt.
After dropping out of high school aged 17, she met her first husband Billy Smith, but later split from him and moved to Houston to become a stripper. It was here that she met elderly oil billionaire J. Howard Marshall.
Anna Nicole, 26, married Marshall, 89, in 1994, before he died the following year. She spent the next decade battling his family for his estate.
In May 2006 the US Supreme Court ruled Anna Nicole could pursue her case in federal court.
The blonde got her big break in 1991 when Playboy boss Hugh Hefner personally chose her to appear on the cover of the magazine.
She was named Playboy magazine's Playmate of the Year in 1993 and appeared in 'The Hudsucker Proxy' and 'Naked Gun 33 1/3: The Final Insult'.
She also had her own outrageous reality TV series 'The Anna Nicole Smith show' from 2002 to 2004.
(C) BANG Media International

Honoring Peter F. Drucker - Management Guru

GOSH!.... I didn't know my most respected management book author "Peter F. Drucker" has departed a year plus, I regret only by knowing it tonight, when searching drucker's writings on google. I felt shock and sad to the news. In memory of the Drucker, I summerise his story from webs.

Drucker's story:

A tip of the hat and a note of thanks to Peter Ferdinand. Drucker, who passed away on Nov 11, 2005 at age 95. Drucker was considered by many to be the father of modern management, and was most certainly among the more persistent voices bringing a human and social perspective to the profit-making world. Beyond that, he was an early and active proponent of the nonprofit sector, as both an essential engine of society and a complex management challenge.

Drucker was born in a suburb of Vienna in a small village named Kaasgraben in November 19, 1909. Drucker was the son of a high level civil servant in the Habsburg empire. Following the defeat of Austria-Hungary in World War I, there were few opportunities for employment in Vienna so he went to Germany after finishing school, first working in banking and then in journalism. He also earned a doctorate in International Law while he was there.

The rise of Nazism forced him to leave Germany in 1933 and after four years in London he moved for good to the United States in 1937, where he became a professor as well as a freelance writer. He taught at New York University as Professor of Management from 1950 to 1971. From 1971 to his death he was the Clarke Professor of Social Science and Management at Claremont Graduate University. He also unwittingly ushered in the knowledge economy and made famous the term knowledge worker, which effectively challenges Karl Marx's world-view of the political-economic landscape.

His career as a business thinker took off in 1945, when his initial writings on politics and society won him access to the internal workings of General Motors, which was one of the largest companies in the world at that time. His experiences in Europe had left him fascinated with the problem of authority. He shared his fascination with Donaldson Brown, the mastermind behind the administrative controls at GM. Brown invited him in to conduct what might be called a political audit. The resulting Concept of the Corporation popularized GM's multidivisional structure and led to numerous articles, consulting engagements, and additional books.

Drucker was interested in the growing importance of people who worked with their minds rather than their hands. He was intrigued by employees who know more about certain subjects than their bosses or colleagues and yet had to cooperate with others in a large organization. Rather than simply glorify the phenomenon as the epitome of human progress, Drucker analyzed it and explained how it challenged the common thinking about how organizations should be run.

His approach worked well in the increasingly mature business world of the second half of the twentieth century. By that time, large corporations had developed the basic manufacturing efficiencies and managerial hierarchies of mass production. Executives thought they knew how to run companies, and Drucker took it upon himself to poke holes in their beliefs, lest organizations become stale. But he did so in a sympathetic way. He assumed that his readers were intelligent, rational, hardworking people of goodwill. If their organizations struggled, he believed it was usually because of outdated ideas, a narrow conception of problem, or internal misunderstandings.

Drucker is the author of thirty-nine books, which have been translated into more than twenty languages. Two of his books are novels, one an autobiography. He is the co-author of a book on Japanese painting, and has made four series of educational films on management topics. His first book was written in 1939, and from 1975 to 1995 was an editorial columnist for The Wall Street Journal, and was a frequent contributor to the Harvard Business Review. He continued to act as a consultant to businesses and non-profit organizations when he was in his nineties. Drucker died November 11, 2005 in Claremont, California of natural causes. He was 95.

Drucker's Philosophy and Teachings

As business schools and management gurus were pushing technical excellence, technology innovation, and ''command and control,'' Drucker focused on the human qualities of leadership and the need for clear and compelling goals. Both elements are evident in this excerpt from his essay on ''Management as Social Function and Liberal Art,'' which defines both for-profit and nonprofit management as essentially human endeavors.

• Management is about human beings. Its task is to make people capable of joint performance, to make their strengths effective and their weaknesses irrelevant. This is what organization is all about, and it is the reason that management is the critical, determining factor....
  
• Because management deals with the integration of people in a common venture, it
  is deeply embedded in culture. What managers do in West Germany, in the United
  Kingdom, in the United States, in Japan, or in Brazil is exactly the same. How
  they do it may be quite different....

• Every enterprise requires commitment to common goals and shared values. Without such commitment there is not enterprise; there is only a mob. The enterprise must have simple, clear, and unifying objectives. The mission of the organization has to be clear enough and big enough to provide common vision. The goals that embody it have to be clear, public, and constantly reaffirmed. Management's first job is to think through, set, and exemplify those objectives, values, and goals.

• Management must also enable the enterprise and each of its members to grow and develop as needs and opportunities change. Every enterprise is a learning and teaching institution. Training and development must be built into it on all levels -- training and development that never stop.
  Every enterprise is composed of people with different skills and knowledge doing many different kinds of work. It must be built on communication and on individual responsibility....

• Neither the quantity of output nor the ''bottom line'' is by itself an adequate measure of the performance of management and enterprise. Market standing, innovation, productivity, development of people, quality, financial results -- all are crucial to an organization's performance and to its survival. ...

Finally, the single most important thing to remember about any enterprise is that results exist only on the outside. The result of a business is a satisfied customer. The result of a hospital is a healed patient. The result of a school is a student who has learned something and puts it to work ten years later. Inside an enterprise, there are only costs.

The L.A. Times article announcing his death also references his fondness for the orchestra as a modern management metaphor:

''Each institution has to do its own work the way each instrument in an orchestra plays only its own part. But there is also the score, the community. And only if each individual instrument contributes to the score, there is music.''
Amen.

-Adopted from theArtfulmanager.com and wikipedia.com

Modern vs Classical Economic Theory

George Soros – Market Disequilibrium thoery


The Speculator extraordinaire-turned-philanthropist – George Soros who is estimated has a fortune of over US$7 billion with his creation of wealth was underpinned by three key concepts of dynamic disequilibrium based on philosophies which he developed from the work of economist – Karl Popper, (his teacher at the London School of Economics).


Soros' writings focus heavily on the concept of reflexivity, where the biases of individuals are seen as entering into market transactions, potentially changing the fundamentals of the economy. He argued that such transitions in the fundamentals of the economy are typically marked by disequilibrium rather than equilibrium in the economy, and that the conventional economic theory of the market (the 'efficient market hypothesis') does not apply in these situations.

Whether Soros is theoretically right or wrong on this issue, Soros certainly has the market credentials and proven track record to effectively maintain that his theory of reflexivity is practically relevant in the marketplace — at least for him. Soros has popularized the concepts of dynamic disequilibrium, static disequilibrium, and near-equilibrium conditions.

Reflexivity, financial markets, and economic theory
1. Fallibility – the idea that one cannot act on the basis of knowledge because events depends on the decisions of participants which are unpredictable. That led to unconventional thought that financial market do not tend tends towards equilibrium, as what economists claimed.
2. Reflexivity – which refers to how you own experience colors the way you perceive things. That he personally saw and experienced oppression under the Nazis and communists in Hungary, his birthplace, must have shaped a lot of his birthplace, must have shaped a lot of his opinions about the world.
3. Open Society – which he thinks the best fosters diversity of thought and systems, and which caused him to eventually move to the US.

Adam Smith – Free market equilibrium theory

In most interpretations, classical economists such as Adam Smith (1723-1790) maintained that the free market would tend towards economic equilibrium through the price mechanism, Smith stated that, “Price is like an invisible hand that allocates resources in the most efficient and effective manners.”


That is, any excess supply (market surplus or glut) will lead to price cuts, which decrease the quantity supplied (by reducing the incentive to produce and sell the product) and increase the quantity demanded (by offering consumers bargains). This automatically abolishes the glut.

Similarly, in an unfettered market, any excess demand (or shortage) will lead to price increases, which lead to cuts in the quantity demanded (as customers are priced out of the market) and increases in the quantity supplied (as the incentive to produce and sell a product rises).

As before, the disequilibrium (here, the shortage) disappears. This automatic abolition of market non-clearing situations distinguishes markets from central planning schemes, which often have a difficult time getting prices right and suffer from persistent shortages of goods and services.


Conclusion

Free market or controlled market is this what makes different between these two theories? Soros preaches that, markets are led by certain groups interests and decisions, as such markets are tends towards unequilibrium. While Smith suggested that, should there be no intervention in the market, equilibrium is likely to achieve.

Is this explains why economists often disagree with each other? …. or maybe, because the world is complex, and so no issues can be settled beyond any doubt, economists are never in unanimous agreement on any issue.

The Sour Pack - Part 1 of 3

Another couples weeks will be our 2007 PIG CNY, and I started my cleaning and tidy chores at home. I picked-up and threw some of my old book collections and the ones I must keep are Ronald Chu’s comics book writing, which entitled “The Sour Pack” series. After long never read, yet much fun of reading them, I still finds his amazing pieces of writing is sharp wit, humour, entertaining yet realistically reflects our cycle of life, i.e. from being single to have partner, from loneliness to happiness, and from happiness to disaster… and which I categorized in several classes for fun reading…. I hope to get some inspirations from reading it and for those who enjoy reading it too.


As Ronald Chu writes:

• GOD
  1. God says: “I created man and woman. What
  about you?” The Devil says: “I suggested that they marry.”
  2. God took a break after creating man and woman, but after that, woman never gave man a break.

• MEN
  3. Men are luxuries of women
  4. All men are born equal. It is marriage that makes them unequal.
  5. Men should sympathise with women who cry and beware of women who smile
  6. No man is safe, except those who have put all their assets in your name.
  7. Stay away from men who can’t afford to pay for your drinks and those who force you to drink.
  8. Men like to fake drunkenness, but beware of women who are better drinkers than you.
  9. Since man lost his rib, he has been paying woman to get it back.
  10. Men are divided into those wanted and those unwanted by women.
  11. A married man has a wife but no money. An unmarried man has no wife or money.
  12. Man cannot forget his first love, just like the hunter who finds his first prey most memorable.
  13. If a man doesn’t know how to lie to a woman, he is not good enough to be someone’s husband.
  

• WOMAN
  14. Women are necessities of men
  15. All women are troublesome, except those you have gotten rid of.
  16. Beautiful women are often surrounded by ordinary men. So stay away from beautiful women
  17. To a woman, her bank is a rich husband
  18. A woman’s “No” is more valuable than her “Yes”
  19. Women like honest men, but the line between honesty and stupidity is a fine one
  20.Most women are not realistic. If they were, they would have dumped you
  21.A quiet woman can often give the most unexpected and sarcastic remark in a quarrel.
  22. When a woman changes her style of dressing, she is tired of you, but if she doesn’t change, you may grow tired of her.
  23. The price of a woman’s clothes can only go up. So, the first dress you buy for her should be her cheapest.
  24. Woman need to live with men because they cannot live alone or with other women.
  25. There is always a woman to prove and point out the stupidity of a man.
  26. A woman wants love but she may not get if from any lover.
  27. Women like to believe their own lies and truth spoken by others.
  There are many women but only few lovers.
  28. A woman’s attractiveness always equals her resistance.
  29. Women spend half the time watching men, the other half looking at themselves.
  

• MEN and WOMEN
  30. Men and women are equal before marriage. After that, man is lower at least by a grade.
  31. The truth about men and women is that they have no differences, yet they still hope to be different.
  32. There’re three kinds of people in this world: Man, woman and lover
  
  


• ROMANCE
  33. Romance is like life’s fertilizers. It stinks when there is too much.
  34. Romance is the past, marriage the present and a third party in the future.
  35. All lovers believe their romance is unique until they are married.
  36. The honeymoon is like the announcement before end of a romance.
  37. The shorter the time you spend with your date, the greater the expenditure.
  

• LOVE
  38. Love all; it is easier than loving only your wife.
  39. Don’t be deceived by love’s promises. If in doubt, don’t marry.
  40. The lover who leaves you is often someone you love too much.
  41. All lovers believe their romance is unique until they are married.
  42. There is no theory in love because those with the theories are busy being in love
  43. Your ex-lover’s telephone call often comes on the first day your new girlfriend steps into your apartment.
  44. Love often blossoms among good friends. If you want a lover, you must give up your friend.
  45. Fear not when you lover appears, but whether her husband will appear also.
  46. Love is simply the condition before a man and woman satisfy themselves physically.
  47. Facts without theory are love. Theory without facts is marriage.
  48. The simplest way to cure your ill-tempered lover is to change your lover.
  49. To be a lover, you must be attractive. To be a wife, you must have a good money.
  50. Love is innocent. It’s those in love who do wrong repeatedly.
  51. Love is like the foreword in a book, often unrealistic and full of self-praise.
  52. Love is something you can’t see or smell but something you can feel. 53. Marriage is something you can see and smell but can’t feel.
  54. True love or marriage begins when silence creeps in between a couple.

• LOVE and MARRIAGE
  55. Those who object violently to marriage are often who are married.
  56. When someone is bored with life, they either get married or seek a divorce
  57. Love depends on one’s feelings. Marriage lives on the pressure from realities of life.
  58. The greatest enemy of love and marriage is not meanness but habits.
  59. In life, you have to choose between marriage and love because you can never have both.
  60. Love depends on one’s feelings. Marriage lives on the pressure from realities of life.
  
  

• MARRIAGE
  61. The bridegroom is the final winner and the first lost.
  62. Marriage is not a destiny, it is a choice.
  63. If Snow White married the seven dwarfs, there will be no fairly tales in this world but true love.
  64. Love is something you can’t see or smell but something you can feel. 65. Marriage is something you can see and smell but can’t feel.
  66. The biggest discovery about marriage is: “You know it’s no big deal only after going into it.”
  67. A married man has a wife but no money. An unmarried man has no wife or money.
  68. Strangely, when everyone starts to believe in marriage again, the love of the century will disappear.
  69. Facts without theory are love. Theory without facts is marriage.
  70. If all your relatives support your marriage you’d better change your mind.
  
  

• GIRLFRIEND
  
  71. Your girlfriend often cancels the date after you have bathed and changed.
  72. Your girlfriend is always a beauty before the both of you met.
  73. Even if you’re right, nobody will be on your side when you quarrel with your girlfriend.
  74. If someone ran away with your girlfriend, don’t despair because he will return her to you within three months.
  75. A good girl is someone whom man cannot find to marry and whom no woman will like to become.
  76. Whenever you have a disagreement with your girlfriend in the car, you’re bound to be in a traffic jam.
  
  


• WIFE
  77. Shocks are the effect of seeing the little tag from your wife’s new dress.
  78. The angel is in all other women except your wife.
  79. Your wife will always have the last word after a quarrel.
  80. An old flame is better than a new wife.
  
  


• HUSBAND
  81. All husbands are the same; the difference is how they’re managed by their wives.
  82. If a man doesn’t know how to lie to a woman, he is not good enough to be someone’s husband.
  
  

CAUTION: Men and women, boyfriends and girlfriend, husband and wife are to take note on Ronald Chu's 82 rules before masculine vs feminine war happen!

REDtone philosophy of Excellent Management

"Management excellence is what we should pursue. Excellence does not come by saying it like a mantra, but excellence requires regular and consistent efforts to build core competencies that allow us to achieve excellence, to be able to benchmarks and move towards being number one…”

Mr Wei Chuan Beng’s profile

Wei is Chairman and Managing Director, REDtone International Bhd. Wei has a Bachelor’s Degree in Electrical Engineering from University Technology Malaysia (1989); Diploma in Management (Gold Medalist Award Winner) from Malaysia Institute of Management (1995).

He established TQC Consultants Sdn Bhd, a software development and system integration company, in 1996. One of the founding members of REDtone International Bhd in 1996, he is responsible for the management of the group’s overall business and financial matters. Wei is also Council Member and Chairperson for Communication Special Interest Group for Persatuan Industri Komputer dan Multimedia Malaysia (PIKOM) and Vice President for the Kuala Lumpur/Selangor Darul Ehsan Telecommunication Association.



Wei’s REDtone Story

Mr Wei Chuan Beng, The founder of REDtone. When he first started his business, Wei had adopted this same philosophy on excellence, Wei feels that being a generalist is not enough as one knows only a little of everything, whereas being specialized crucially differentiates oneself from the being specialized crucially differentiates oneself from the others who find such in-depth knowledge difficult to reach.

Wei's parent were in business, but they encouraged him to go beyond what they did, knowing that with higher education their son could surpass them. Moreover, Wei himself had also wanted to do something which involved more intellectual challenges and greater automation, and to be a pioneer.

Previously, Wei had worked for Hewlett-Packard and he considers the founder of HP a great role model - the latter had graduated from Stanford and with a small capital, grew the company into multibillion dollar business. "Hewlett Packard literally built Silicon Valley as they spawned of the latent might of a company", Wei opines.


“Sometimes we tend to think that honesty and integrity are something we can naturally expect from others. Unfortunately, in the world this is not true,” Wei laments. During the past few years, Wei had come across low standards of business ethics, which included very blatant and corrupt practices in certain parts of community. "So the lesson I learnt is we must not assume that the other party we are dealing with would have the same standard of moral principles that we abide by," he clarifies.




REDtone’s Excellent Management theory

1. Specialised versus Mediocre Knowledge

Being a specialist is an important aspect of excellence. This is because specialization to gives one great in-depth insight from which one can attain excellence, I knew how vital it was to get into the depth of the market and the depth of an issue, for it is only by doing so that one can get the solution. This differentiates you from those who process only mediocre knowledge.


2. No Shortcuts, No boundaries, No end.

There is no substitute to acquiring wisdom and deep insight regularly; there is no shortcuts to excellence. Excellence has no boundary. It is not a destination; it is a stage. And at each stage, further refinement is required - there is no end to our journey for excellence.


3. Continuous sharpening

The level-headed, sharp thinking Wei observes, "There always someone who can overtake you if you stop. So you must continuously interact with people and the environment- be it the political or social environment - and must continuous sharpen yourself from there."


4. Mental Strength

Substantial physical challenges are not merely physical, but require judgment, thinking and prompt decision making, and similarly, leadership in real life involves facing challenges while being on the move. When one is physically taxed, one must process great mental strength to direct an already exhausted body.

5. Mentors

Companies need to have a system in place to ensure that there are continual checks and balances. In addition, companies need to ensure continuity, which is not necessarily by family members; just as one is advised not to mix family life with business life.

6. Lessons and hopes

Management excellence is what we should pursue. Excellence does not come by saying it like a mantra, but excellence requires regular and consistent efforts to build core competencies that allow us to achieve excellence, to be able to benchmarks and move towards being number one. We can achieve the state of excellent to be an example to others. It is my hope that Malaysia will see more companies and entrepreneurs that shine and bring multitude of benefits to the country. We can and must continue to do even better.

- adapted from MANAGEMENT magazine - Vol.41 No.3 Jul-Sep 2006, on leadership development programee - Malaysia Institute of Managemet.

Malaysian Banking On a New Chapter?

Adopted from Malaysian Business (Jan 16th-31th, 2007)- by James S

January 1, signified and historic occasion for the Malaysian financial landsdcape, with the collectively upgrading of Local Mechant Banks (MBs), Universal Brokers (UBs) and Discount Houses (DHs) transformed into Investment Bank (IBs).

To recap, in March,2005 Bank Negara Malaysia (BNM) had announced that framework for the creation of IBs. Under it, an IB can be formed via various merger permutations, ie. via merger of:

• A merchant bank and stockbroking company within the same banking group; or
• Two stand-alone discount houses with one stockbroking company; or
• A universal broker (UB) with the one discount house

On Dec 29 last year, Bank Negara Malaysia (BNM) and Securities Commision (SC) annouced that:

• All bank-backed discount houses now been absorbed by the merchant banks within thier banking groups. With respect to the rationalisation of merchant banks and stockbroking groups., all the entities concerned have obtained the neccessary approvals to transform into IBs.
• KAF Kenaga Bhd, K&K Kenaga Bhd, Hwang-DBS and OSK Securities have obtained a merchant bank licences and necessary approvals to transform into IBs
• The remaining universal brokers are still in the process of meeting the necessary pre-requisites to become IBs.

What really is an IB?

• IBs - actually differ from the commercial bank, which mainly take deposits and make commercial and retail loans.
• IBs - engage mainly in public and private market transactions for corporations, government, and investor.
• IBs - also advise and assist clients with specialised industry expertise (such as technology and real estate.)
• IBs- do securities businesses such as trading, securitisation, financial engineering, merchant banking, funding, investment, management and securities services.IBs earns fees, commisions and gains from the principal transactions.

What are the differences among the other bankings with new IBs introduction locally:

• Merchant banks (MBs) - are allowed to take corporate clients deposit. Apart from investing the firm's own capital as well as funds raised from outside investor, MBs also do syndication loans and project financing for clients.
• Universal broker (UBs) - are involved in corporate advisory business (such as corporate restructuring and M&As) and raising capital via equity and debt markets. They are also involved in equity and debt markets broking and underwriting businesses.
• Discount Houses (DHs) - basically help clients to raise capital via the debt market, apart from being involved in the debt market broking business.
• Niche brokers (NBs) - are involved in the equity market broking business. They are also allowed to undertake corporate advisory business with some restriction.

Type of IBs

To look into the future roles of the local IBs, one could perhaps look at how the IB industry has developed in US. Berfore Gramm-Leach-Bliley (GLB) Act of 1999, there were basically two types of IBs:

• The full-serviced IBs - offer clients a wide range of services including underwriting, M&A advisory, trading, merchant banking, securities services, prime brokerage, asset/investment management and research. (this large IBs such as Godlaman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns. In Malaysia context, AmInvestment Group-AIGB is likely classified under this category.)
• Boutinque IBs - only focus on particular segments. Some specialise in M&As some in financial institutions and some techonology-base businesses. (e.g. Sandler O'Neill works on the financial institutions segment. Lazard specialises in asset management.)

Local IBs Challenges

Local IB industry will be facing intense competition forstered by:

• Regulatory changes (e.g. the existing IBs will face keen competition from UBs-turn-IBs eager to get a shae of the pie)
• Globalisation (local players facing competition from the full-fledged,foreign stockbrokers); and
• Technology advancements

How to Make Malaysia Competitive?

It catches my thoughts when I read the Edge paper published on December 25, 2006 on “How to make Malaysia competitive” articles. I abstracted some of the quotes from the articles.

“Is Malaysia competitive today? Damaging policies remain entrenched. We can only regain our competitive edge if we are willing to abandon failed political ideas. Political leaders must be bold and courageous… must prepare to reject failed ideas and to accept the realities of the modern world. Maybe then Malaysia will regain its competitive edge.”

Abandon failed political idea- by Datuk Zaid Ibrahim (MP for Kota Baru)

“It is sad that the enormous success of NEP has had in eradicating poverty and removing identification of race and economic status as well as maintaining racial harmony is taken for granted. We are obsessed when we know, not least from watching the fallout following the financial crisis, that large equity ownership is often synonymous with unsustainable debt. We seem to ignore other more important measures of economic progress such as employment and net wealth measured on all assets classes.”

Review NEP, Judicial process – by Datuk Nazir Razak (CEO, CIMB Group)


“As it stands today, Malaysia is not moving fast enough to cope with the forces of globalization... the consequences of Malaysia’s sluggish response to a globalizing world are beginning to show. It has slipped down the ladder in terms of competitive edge in almost every aspect of economy. It is no longer a preferren destination of foreign direct investment (FDIs). According to the latest FDI rankings by Unctad, Malaysia is now in 62th place. In 1995, it was ranked sixth!”

Step up the change, Fine tune affirmative policies – by Anna Taing (The Edge)


Here read what our leaders advocate and their ideas to make Malaysia regain Malaysia competitive in global market again:

According to Tan Sri William Cheng (President, Associated Chinese Chamber of Commerce and Industry Malaysia):

1.Discard outdated policies, rules & regulation that discourage foreign and local investors

2.Improve the delivery system in Government department + services; means changing mindset of our official and civil servants.

3.Set up an effective “one-stop approval centre” to approve investment applications from foreign and local investors.

4.Prepare a skilled and well-educated work force to meet the market and industry requirement.

5.Revamp our education system and teaching method from primary to tertiary level, stress creativity and innovation.

6.Unite all the races in our country. We (Malaysian) can be more resilient and competitive in the global market with collective effort as united nation.

7.Place greater emphasis on R&D and application of new ICT (with tax incentive) and move up into capital and technology-intensive manufacturing to become truly developed country.

8.Adopt more open policies in trade and business. Provide incentives and aid our SME enterprises.

While, Tan Sri Ramon Navaratnam (President, Transparency International Malaysia), and his commented that the ways for making Malaysia competitive are:

1.The basic premise should be fair to all Malaysians, especially to the poor of all races and religions…. The NEP has enriched, maybe, 1,000 rich families, and often enough through some abuses in the system.

2.The education system must be revamped to go more for quality… we have to introduce more meritocracies at a faster pace or decide to withdraw from global competition. Perhaps reintroduce a kind of fair quota system for each race for entry into public universities and colleges.

3.The quota system reintroduced into public service. This will improve the efficiency of the public service through greater cross-pollination instead of the present inefficient inbreeding process.

4.Religious freedom and religious understanding should be enhanced considerably as a matter of top priority.

5.The equity ownership target under the NEP should be played down and instead human resource development, stepped up to improve the affirmative balance in our society.

6.Competition and meritocracy should be phased into our Malaysian way of life sooner rather than later and the subsidy syndrome should be steadily reduced.

7.Strong leadership and change mindset at all level of government and the private sector and a genuine change to face globalization.

I hope our policy makers and rulers will ponder all these vital areas! By changing their mindset and attitudes, practically implementing long term strategies to rejuvenate Malaysia’s sliding competitive edges. Not with plenty of rhetoric about what needs to be done to invigorate the domestic economy.