Category Archives: Discussions

BLAST – Finance and Accounting Training

Attendance: Chris, Aaron, Bernadeta, Dawn, Justin, Steffini

Summary:

The Dallas Personal MBA group recently began a new series of meetings designed to help its members learn about the core concepts of business. Our first two meetings in this series focused on the BLAST program; an online interactive training program that teaches people the fundamental concepts of Finance and Accounting.

Finding out about the BLAST program was a welcome surprise. After spending a night at a local bookstore sifting through books on Finance for Non-Financial managers, I did not find any that I was very excited about using for the group. Most of the books were very dry, and none that I could find included a thorough case study we could use for the purposes of analysis and discussion. So, when I reached out for advice to Darrel Mullis, author of The Accounting Game, I was happy to learn what he had created with the BLAST Program.

The BLAST program is organized into two modules, and each includes a participant guide. The first module introduces the student to business concepts like innovation and leverage, as well as the fundamental pieces of financial accounting including the balance sheet, income statement and cash flow statements. The second program takes you into a very in-depth analysis of financial statement ratios that show how one can draw insight from each of the key financial statements.

What is really neat about the program is its interactive nature. Instead of just distilling information, it tends to teach through interesting scenarios. For instance, in teaching the user about what goes on in the income statement, a funny character named Billy Buffet (see picture) is introduced to help you walk through a series of transactions to show what should be included. Interactive examples like this are abundant throughout the program.

The participant guides were also very interesting. These are set up to help a student study the concepts of the program and how they relate to his or her own company. Since no two of us in the group actually work for the same company, I asked members to assume they worked for Proctor and Gamble and do their research in that context. I had fun with this activity and learned a lot about how to analyze a company through the process. Proctor and Gamble also made for a great case study because its executives are prominent experts in business philosophy and regularly write articles for Harvard Business Review and other publications. I also had fun working through the analysis of its consolidated financial statements and figuring out things like its gross margin, performance ratios and where its cash flow goes.

Our Meetings:

At the start of the training, we had originally scheduled only one meeting to discuss the program, but after making my way through part of the material I realized there was far too much material for us to thoroughly cover the program in one night. So at the end of the second meeting, a subset of our original group decided to meet again to review the concepts.

For the first meeting, I stuck with our usual book discussion format. I created a list of questions and let everyone take a shot at answering them. For most subjects this format creates a great environment for reviewing and learning the material, but here, I realized that for some reason, it wasn’t working as well.  I think it’s because the material is a little more technical than what we usually cover.

So for the second meeting, I asked our resident financial wizard, Aaron McNiel, to lead the discussion in a more lecture-based format. Aaron put together an excellent presentation, complete with slides and managed to cover many topics in two hours.

Below are the questions we used for discussion:

1)  Why do you think it is important for people at different levels of a company to understand how their company makes money?

2)  Who is Proctor and Gamble?  What businesses is the company in?

3)  What are the 6 major principles that drive strategy in a business? Let’s take turns and briefly summarize each one.

4)  What is Proctor and Gambles niche?  Which areas are facing challenges and what are they?

5)  How does Proctor and Gamble view innovation and how does it manage the process?

6) How does Proctor and Gamble view market research and what are some of the ways it gathers it?

7)  What is the purpose of balance sheet? What goes on it?  How is it organized? How does it relate to the basic accounting equation?

8)  What does the cash flow statement show us? How does it relate to the balance sheet? What are the three types of cash flow and what does each one represent?

9)  What is the accrual accounting method? How does this relate to expenses like rent or office equipment?

10)  How is income different from cash? What are some of the ways companies can get in trouble from poor cash management, and how can they prevent these things from happening?

11)  What are the two general categories of costs, and how are they different?

12) What is the purpose of the income statement?  What is the structure of the income statement? How does it relate to the balance sheet?

13) What are three questions you can ask yourself to determine whether a transaction should appear on a balance sheet? What is the difference between an order and a sale?

14)  What are the bottom lines shown on an income statement?  How is each important?

BLAST Class 2

1)  What are the three bottom lines, how do they relate to each cash statement? Why might you want to analyze these? What do you want to see happening to each bottom line?

2)  What are the three drivers of net income? What are some strengths of this measure, and what are some weaknesses?

3)  Why is it helpful to use a ratio as a KPI rather than just looking at trends of raw numbers? What ratios or KPIs can be used to analyze net income?

4) How is Proctor and Gamble fairing in relation to each of these ratios? What are some off the factors responsible for its performance?

5) What are the drivers of operating cash flow (OCF)?  Why is it the most important overall item on the cash flow statement?

6) What are the three basic tests of OCF performance, and why is each one important?  How is P&G doing in relation to each of these tests?

7) What are the KPIs that can be used to further analyze OCF?  Why are they important? How is P&G doing in relation to each KPI?  Is there anything you can suggest it do to improve OCF?

8) What are the 7 primary ways that a company can utilize its cash flow?  What might the way in which a company allocates its cash suggest?

9)  Where would an analyst spot each of the ways a company is using its cash?

10) Where did P&G choose to spend its cash last year? What do its choices suggest?

11) What is ROA? Why is it a bottom line on the balance sheet? What do you want to look for when analyzing ROA?

12)  What are some of the KPIs that can be used to analyze the health of a balance sheet?  Why are they important, how is Proctor and Gamble doing in relation to each?

13)  What is capital structure?  What does P&Gs capital structure look like?  What are the advantages and disadvantages of this situation?

14)  What is your overall impression of the financial health of P&G?

Crucial Conversations

Attendance:  Chris, Vora, Chaitali, Aaron, Alex

Crucial Conversations was a very interesting read and also a very interesting book to discuss.  The book challenges readers to take on the crucial conversations in their lives with more tact.  The key points of the book are learning to recognize when you are in a crucial conversation, and the skills for handling these conversations once you are in them.

One of the things that really helped with the meeting is that the authors have gone out of their way to post discussion questions and role plays on their website.  You’d be surprised how few authors actually do that.  I simply adapted most of the questions from the authors list and made sure we were hitting the key points of the book.

Our discussion questions:

1)  What is the overall central idea or premise behind Crucial Conversations?  What are some of the problems or issues are raised?

2)  What’s the meaning of the expression “Start with Heart”?  Why is it important to Start with the Heart?

3)  What are some of the ways that you can tell a conversation has turned critical?  How do people typically react when they find themselves in a critical conversation?

4)  Why are Mutual Respect and Mutual Purpose essential to having dialogue?  What are three fundamental techniques you can use to build Mutual Purpose and Mutual Respect into dialogue?

Pause for contrast role play?

5)  What role do stories play in creating emotions?  What are the Victim, Villain, and Helpless stories?  When we’re feeling upset, why is it important to get back to the facts?

6)  In order to make it safe for others to hear our views, why start with the facts?  Why not start with our story?  Why share our story at all?  How should we share our story?

State your path role play?

7)  When others start to attack us verbally, what part of their path to Action do they typically share?

8)  What does it mean to ‘explore others’ paths and why should we do this?  What are the listening tools we can use to build safety?

9)  Once we have gotten another to explore his or her path, the authors suggest we return to our ABC’s.   What exactly are our ABC’s?

Explore others paths role play?

10)  What two principles are most helpful to keep in mind when you’re just beginning to apply the crucial conversations skills to your every-day conversations?

The Path Of Least Resistance

thepathofleastresistance

Attendance: Chris, Justin, Mike, Vora, Ram

At first glance, The Path of Least Resistance looks like a sweet, innocent and easy read. It comes in paperback form and has a small physical imprint. However, it does not take long after beginning to read the book before one realizes that it is actually dense, thought provoking and controversial. It also made for one of the more difficult discussions we have had so far.

Robert Fritz starts his book by explaining how everything tends to follow the path of least resistance. This is true of water in a stream, or walking through a house. Things follow the structures that are setup for them. Upon establishing this basic concept, the rest of the book is a thorough examination of two different structures.

The first structure examined is the one that is commonly used by most people. It is what Fritz calls the reactive-responsive orientation and it is the lens that most people view life through. The reactive-responsive orientation is focused on circumstantial problem resolution. Something broke? Fix it. Have a fight? Win it. Overweight? Go on a diet. People starving? Feed them. He says these structures are not actually resolvable because only the symptoms are being addressed. Diets don’t work because the people on them still like food. Feeding the poor is only good for a day because it leaves them with no way for them to feed themselves going forward. The internal conflict still remains. Efforts in this orientation are ultimately futile, but this is nevertheless how people try to operate.

The second structure examined is the one that Fritz hopes you will begin using. It is called the creative orientation. It is driven by the desire to make something exist, or to create things just because a person wants them to be. Painters, writers, and composers all use this orientation when making things come into being. The revelation here is that this structure can be applied into any area where things are not already in the state you would hope for them to be in.

Create a vision, decide that you want it to be, formally make a commitment to it, and then make it happen. That is the essence of the creative orientation. Don’t like being overweight? Focus on the desired result. What do you really want? Do you want to be on a diet? Not really, that is the process. OK, what is it you really want then? “I want to be healthy.” How healthy? Decide that too. Now you have done the essential thing for bringing something into being. This is focusing on the desired result, rather than focusing on the process. You now have a chance at being successful.

While I have attempted to break down the basic concept of the book into a few short sentences, the book is very dense, and I ended up with 3 full pages of mind map by the end. Usually, I can easily fit a good book into one and half pages. The density of this book made for a difficult read and discussion for the group.

Some of the problems we ran into were:

- A general confusion on some of the basic concepts of the book. Ironically, the thorough detail in the book made it hard for some to digest even the simpler parts.

- A bit of controversy. Can you really switch to the creative orientation for everything? Don’t you still need to address the problems that exist? Does this really make sense through the lens of business?

- What about unexpected circumstances? Is the creative orientation helpful here?

- A general lack of time. There were too many details and opinions in this book to cover them all in two hours. I was unable to achieve the right level of balance between concept and detail to emerge from the discussion with a proper conclusion.

My hope is that upon further reflection, the members will be able to swallow the concepts and use them in making decisions. I know I plan to.

——————Questions used for discussion——————————————————-

1) What is the central idea or premise of The Path Of Least Resistance? What are some of the problems or issues raised?

2) Describe the reactive-response orientation. What are it’s basic characteristics? Do you tend to operate out of this orientation?

3) What are the basic steps of the creative process? How does this process differ from the traditional model of problem solving? Do you really think the creative orientation is that much different from the reactive-responsive orientation?

4) Tension seeks Resolution. How does tension become a serious problem in a structural conflict? Can you solve a structural conflict? What other ways do you deal with structural conflict? Can you give an example of being stuck within a structural conflict from your own life?

5) Structural tension involves having a tension resolution where the tendency is to resolve completely. How is this different from a structural conflict? Can tension actually be useful in the creative process?

6) Fritz says the best place to start the creative process is at the end. Why is it so important to focus on a vision? When you start a project, do you spend enough time focusing on the vision? How does this process work for you? Is there anything that gets in the way of this type of thinking?

7) How does Choice come into play in the creative process? What are some typical ways people in the reactive responsive orientation make choices? How is Robert Fritz suggesting people operating the creative orientation make choices?

8) Fritz suggests there are three different types of choices made in the creative orientation, Primary, secondary and fundamental choice. What is the basic idea behind these decisions? Do you think that this model will help you make better decisions?

9) What do you think it means to become “the predominate creative force in your own life?” Can you see where you might be able to adjust your life or thought process to accomplish this?

10) Assimilation is the second step of the creative process, where you begin assemble your ideas into tangible assets. What makes this stage different from germination? How can you give this stage the best chance of success?

11) What mistakes do people commonly make when assessing reality? How can reality assessment become a distraction in the creative process? Can you be successful without keeping your current situation in mind?

12) Why is completion a hard stage in the creative process for many people? Do you sometimes have a hard time accepting something as completed?

13) What have you learned in this book that you can apply by next Tuesday?

The Creative Habit

thecreativehabit

Attendance: Chris, Mike, Vora, Chris D.

There is a common misconception that creativity is not important in business. In fact, some people believe creativity is frowned upon. That may be true in some cases, but creativity actually plays a huge role in business. Think of any highly successful person or business, and you will undoubtedly find that they somewhere along the way learned to be very creative.

The creative habit was the third book in our group’s five part series on productivity and effectiveness. The book was an enjoyable read, and made for a surprisingly good discussion. This is the first time so far that the group has gone the full two hours, and I think we could have kept going longer if we hadn’t run out of time.

Now allow me to be candid for a moment: My initial reaction to this text was something like this, “well this is great if you want to be a writer or a director, but how on earth does it relate to business?” It’s not that I didn’t think creativity is important, it is that this book is written by a dance choreographer, and is the subject of English and Theatre class curriculums. The majority of her examples discuss things she learned from creating her shows. Is she really writing to business people? What is here for a CEO?

Upon reading the book more thoroughly, I realized that it certainly applies to business. Even though the examples are slanted towards theater, art, and Broadway, much of the book is actually about establishing rituals, finding new ideas, leveraging history and planning projects. It is absolutely relevant to anyone seeking to become more effective.

Now, doing the right stuff is important (Drucker), and so is making sure you are getting stuff done (Allen). But just doing these things alone is not going to make you into anything exceptional. If you really want to excel, you are going to have to learn to be creative. Creativity is a skill that can take effectiveness to the next level. It is one of the few things in this world that really set apart the greats from the worker bees.

–Questions used for Discussion–

1) What is the central idea or premise of the creative habit? What are some of the problems or issues raised?

2) What role does a book by a choreographer about creativity play into a book club about business? How do you think it fits into a book series on productivity and effectiveness?

3) What are some of the ways that the concept of creativity is used in the business world?

4) Most of the chapters in the creative habit have exercises in the back. Has anyone had a chance to complete some of them? What                   was your experience like? What are some of the more interesting exercises you read about?

5) Tharp believes that rituals should be a part of our lives. What types of rituals is she considering? What importance do  you place on rituals? Why are they important in the creative process?

6) What is creative DNA? How do you think this concept of creative DNA can be leveraged in a business setting?

7) Tharp goes into great detail about the many types of memory. What is the importance of memory in business?

8) Scratching is the process of searching for ideas. How can you find the best ideas? How do you know a good idea when you see one?

9) Before you can think outside of the box, you have to start with a box. What do you use for box, what would go into it?

10) Tharp advocates careful planning, but cautions against blindly sticking to a plan. In your own work, do you tend to see people over planning or under planning? What are some of the mistakes commonly made with planning? How do you strike the proper balance?

11) Tharp claims that skill is one of the most important components of the creative process. Why is skill so important? What skills is she referring to? How can you develop your own skills?

12) What have you learned in this book that you can apply by next Tuesday?

Getting Things Done

gettingthingsdone

Attendance: Chris, Justin, Roger, Vora

Having done a few of these meeting now, I’ve realized there is not really a standard format. Sure it is getting easier for me to make questions than at first, but different books call for different approaches. How To Read Faster in 10 Days left very little to discussion, we basically just reviewed the book which helped remember it. Drucker was much more philosophical and we spent most of the time focusing on how the contents relates to our lives rather than spending a whole lot of time in the book. Even though no two meetings are exactly the same, my goal is to walk out with a much better understanding than what I went in with.

Getting things Done was the groups 5th book, and probably the most action oriented and practical out of all of them so far. The book has a system which is so very detailed the approach I decided to take was to spend a lot of time focusing on each of the steps in the system. This would be the only way we could all fully realize the content of the system.

The first part of the discussion we basically spent reviewing the five steps of GTD. Each person picked one of the steps, briefly reviewed the section in the book, and then explained it to the others. Doing this really makes everyone focus on each step separately.

The highlights of the five steps found in GTD are:

1) Collect – This is the phase where you gather all of the stuff in your world into a common place. You are not allowed to think about what you will do with it at this point. The idea is just to throw it all in one place. Gather all your papers, write down all the stuff you know you need to do. After your initial implementation, you need to maintain an up to date inbox by putting items in it as they come in.

2) Process – You now most likely have a huge pile of stuff. You will go through each item in order and ask “What is this?” Assuming the item is actionable and not reference material, you can do three things with it, a) Throw it away 2) delegate it 3) defer it. If you can’t throw it away or delegate it, he suggests if you can do it in less than two minutes then go ahead and do it. If you can’t do it in less than two minutes then you need to put it into your organizational system.

3) Organize – Here you are putting all of your stuff into your system. The suggested system is heavy on lists. When you walk out of this process you will wind up with a set of all of the next actions, projects and contexts that make up your life.

4) Review – A big part of the system is constantly reviewing it. He suggests a weekly review in which you review your projects, next actions, and commitments. During the review you will not be doing any of the actions. You are just making sure your system is in order, because if you fail to keep it up, you will soon quit trusting and using it.

5) Do – Now that you have your whole world organized into a system, how do you know which thing to attack first?

He suggests evaluating the following components in order:

A) Context – Where are you? Most tasks require you to be at a certain place. Filter out your tasks by where you are.

B) Time – If you have a meeting in 30 minutes, why start a task you know is going to take you 3 solid hours? Instead knock of the task that will take you 30 minutes.

C) Energy – Some tasks require more energy than others, assess yours and pick the task most fitting.

D) Priority – Now that you’ve established you are at the right place, have the time and energy, what are the priorities of the remaining tasks?

After fleshing out the details of the system, we were able to move on and evaluate the high level premise of the book. Roger had this one covered and presented a long list of metaphors he had found throughout the book. The metaphors present an overall state desired by becoming more organized. The two that stuck in my head were “Ready for Anything” and a “Mind Like Water.” Ready for anything is like a martial arts practitioner standing in a ready state. He is calm and ready to attack. And a mind like water is having the perfect reaction to any disturbance. Picture a rock being thrown into a calm pond. The water will handle the disturbance and then return to a calm state.

The other metaphor I had been thinking of was David Allen’s use of the term RAM and Open Loops. To much stuff floating around in our head causes stress and loss of productivity. A catch all system of organization allows one to get rid of the typical contents of RAM and instead focus on the specific actions at hand.

We also discussed various other time management philosophies such as Stephen Covey, and how it differs from Getting Things Done. The traditional time management philosophies have always taken an approach of working with an overall purpose, then longer term goals, and then aligning our specific actions with those goals. Allen thinks that this is an unrealistic approach. We can blue sky all we want, but if we don’t have our life in order, how are we ever going to be able to focus on longer term goals? Instead, he suggests focusing on your “runway”, and then working your way up to specific projects, and then moving up from there. The point is not to ignore the higher levels, but instead to have our life organized first, and then work your way up higher.

At the end we finally got to discuss our plans and struggles with the implementation. I thought that how the system would turn a lot of people off by it’s complexity but surprisingly, everyone wanted to try it.

So far this week I have made a lot of progress with mine. I got the cheapest PDA on the planet (pocketmod.com), and dumped my head into an online GTD system (Nozbe).

———————————————————

Review Exercise: Five Step Process

Assign each of the following sections to a person or a group. Have them briefly study the section and then each will present this section to the rest of the group.

Collect pg 25

Process pg 31

Organize pg 35

Review pg 45

Do pg 48

1) Without going into the details of the methodology, what is the overall central idea or premise behind Getting Things Done? What are some of the problems or issues are raised?

2) After Explanation of Collect in the Review Exercise: The first phase of implementing GTD consists of gathering “your world” into a common inbox. Have you ever tried to do this? What can you imagine this experience would be like? Does it cause anxiety just thinking about it?

3) After Explanation of Organize in the Review Exercise: Processing and Organizing seem to have a lot of overlapping concepts, do you see any ways in which the concepts are different?

4) After Explanation of Do in the Review Exercise: Getting Things Done suggests a four criteria model for doing. The specific criteria to be evaluated are Context, Time Available, Energy, and Priority. How do you usually decide what to work on at a given time, and do you see yourself adopting this model instead?

5) People have been writing about time management for years, why do you think Allen felt it necessary to write another book on the subject. What separates this book from the rest?

6) Getting Things Done has been criticized as being overly complex. Do you think this system is realistic is it just another thing to manage? Is the effort involved with organizing worth the results and why?

7) Getting things Done leaves a lot of the specific implementation open to the users of the system. What are some of the more ways you can think of implementing GTD? Has anyone tried any specific methods or software?

8) To what degree are you likely to implement GTD into your life? What changes would be required in order to do so?

The Effective Executive

effectiveexecutive

Book Discussion: 3/15/09

Attendence: Chris, Saad, Roger, Mike

I thoroughly enjoyed the discussion of Peter Drucker’s Effective Executive. The overall theme of the book is to help the reader understand what a person can do to make his or her contribution to the organization more effective.

The content of the book was well suited for discussion, but we also tried a new discussion technique. Instead of reading the questions out-loud myself, we each took turns reading the questions. This really seemed to keep everyone involved in the discussion and contributed to the overall flow.

Here are the questions we used for discussion:

1) Why do you think Drucker felt it was necessary to write a book on the topic of effectiveness?

2) Does the Effective Executive offer a central idea or premise? What are some of the problems or issues are raised?

3) Paraphrasing Drucker, “the realities of an executive’s situation can easily push their efforts into futility.” What realities do you think the modern knowledge worker deals with that pushes efforts away from effectiveness?

4) One reality Drucker discusses is the notion that many activities in an organization are often time wasters getting in the way of effectiveness. What time wasters commonly pull against you, and how could you go about reducing them?

5) An excerpt from the book:

When asked“And what do you do that justifies your being on the payroll?” The great majority, he reports answer: “I run the accounting department,” or “I am in charge of the sales force.” Indeed, not uncommonly the answer is, “I Have 850 people working under me.” Only a few say, “It’s my job to give our managers the information they need to make the right decisions,” or “I am responsible for finding out what products the customer will want tomorrow,” or “I have to think through and prepare the decisions the president will have to face tomorrow.”

What is the difference between looking downward and looking upward? Looking at your own job, do you tend to focus downward; can you think of how you would perform your job differently looking upward?

6) As a crucial step in becoming more effective, it is suggested that an executive ask ones self “what can I contribute?” Can you or the author offer solutions to answering the question?

7) Drucker has noticed that many times an organization tends to deal with “the problem of the day”, spending more time focusing on putting out fires than on developing real strategy. He advises us to instead “feed the opportunities and starve the problems.”

Do you think this is a realistic goal? Who’s responsibility is it to achieve this?

8) In the chapter first thing is first, Drucker says if there is any secret to being effective, it is concentration. What does he mean by using the word concentration, and what are some suggestions for obtaining it?

9) The latter part of the book discusses decision making. How do you think people can make better decisions? Do you think organizations are effective at making decisions?

10) Do the issues raised in this book affect your life? How so—directly, on a daily basis or more generally?

11) What did you learn from this book that you can apply this Tuesday?

Think And Grow Rich!

thinkandgrowrich

Book Discussion: 3/1/2009

Attendance: Chris, Justin, Harry, Saad

The discussion of Napoleon Hill’s Think and Grow Rich was very interesting. While two hours was not enough to cover the book in it’s entirety, we did get to cover a substantial portion of the philosophy. For this blog, I just wanted to go over the questions that were posed to the group and provide a very brief synopsis of the answer.

Many of the discussion questions came from a discussion guide at www.ideamerge.net.

1) What do you think is meant by “thoughts are things?”

No matter how big or small, achievements begin with a basic thought. One of three things can happen with the initial thought:

-it can be dismissed

-it can be kept as a wish or dream

-it can be acted upon

The focus of Hill’s work is on the third action. A large part of success depends upon the thoughts that one has and how they are nurtured and cultivated.

2) Are thoughts alone enough? What else do you need to do to be successful?

Thoughts of course are not enough. There is an essential ingredient list of success. Most of these ingredients are a result of thought. Thought is a huge component because it will determine how one responds to the other essential component of success; action.

3) Why is desire the starting point for all achievement?

Success requires hard work. There are very few actual stories of “overnight success.” You must carefully listen to your desires before you will be able to develop the intense focus needed for achievement.

4) What value do you place on your thoughts?

5) Why is it important to choose a definite goal?

The human mind is very powerful and it is constantly thinking. The problem is, for most people this thinking is unfocused. Lack of focus is a real inhibitor when it comes to achieving things. Listening to your desires and developing a definite goal will help you to develop the focus needed to make your endeavors successful.

6) What separates successful people from unsuccessful people?

Successful people are focused. They generate plans, then act upon them. They do not let Unsuccessful people go from one thing to the next and allow life’s noise to be the main driver of their efforts.

7) What should a person do who has a definite purpose but know plan?

Put your purpose onto paper and repeat it aloud once in the morning, and once at night. Picture yourself as already possessing the definite purpose. This will allow your brain to go to work and figure out the steps needed to accomplish your purpose.

8) How does hill specifically suggest a person develop faith and plans?

Hill has something called the self confidence formula. It is based off the principle of auto suggestion which consists of believing that one can accomplish his goals, reading aloud his goals and imagining himself in possession of his goals.

9) What does it mean to be truly educated?

The example given in the book is the story of Henry Ford in court who exclaims that it is a waste of his time to memorize useless facts because he has an army of staff that can provide him any answer he wants if he should he have a need to know.

An educated person does not need to know everything already, but instead he needs to have the skills and resources needed to obtain information that is required.

10) Why is imagination the “hub” of all of the lessons in the book?

One can have desire, and action and plans, but all of these may be rather meager without imagination. Imagination allows the mind to create things that may be of value which are not in existence.

11) How is marketing yourself similar to marketing merchandise?

People are judged in similar terms to that of merchandise. Think of the qualities that people look for in merchandise and they will most likely apply to your work as well.

12) What is the single most important thing in developing persistence?

A definite chief aim is the most important thing in developing persistence. Without this, one cannot truly be persistent. The problem is, very few people actually have a definite chief aim. Napoleon Hill contends that 98 out of 100 people do not have a definite goal.

10 Days to Faster Reading

10daystofasterreading

10 Days To Faster Reading

Attendance: Chris, Harry, Justin, Nathan.

Overview

This book is designed to help your everyday untrained average reader learn skills that will improve his or her reading ability. It guides you sequentially through different techniques that enhance your reading skills and it has exercises and tests to try a long the way.

Commentary

Everyone seemed to enjoy this book quite a bit. I know that I did. Now I have skills that are going to help me keep up with all of the reading I plan to do without killing myself to do it. As far as discussion goes, it was very straightforward. The whole point of the discussion was not really to help anyone gain any new insight on the material, but just to activate another part of the memory to help remember the contents.

Because the goal of the discussion to commit the material to memory, I simply asked a series of questions that took us through the book. This resulted in lots of flipping through the book and reviewing the different concepts outlined within. I actually used the opportunity to finally take notes on the big post it flip chart paper.

Many people are at first skeptical of this book. But after reading it, I can truthfully say it has been very useful to me. I can now easily keep up with the reading that this group will require.

For me, the most useful techniques were:

1) Previewing — This technique is fantastic. It is basically a method of trying to find the authors outline so you can quickly go through a book or chapter and get the main points. I have really started doing this a lot.

2) Using a notecard as a pacer – This helps assure that you are not wasting eye movements looking back up at what you previously read, or trying to find your place. It also makes you keep up a constant pace.

3) Looking for Keywords – This method basically boils down to “read the big words.” Most smaller words add very little content to a sentence, and the meaning of the sentence can be derived from the bigger words. By training yourself to look for the bigger words you can cut down on about half of the words you are reading.

There are many more techniques in this book, and exercises to go along with them. The exercises were all easy and very helpful to practice the material. My reading skills have definitely improved as a direct result of this book. Unless you are already a really good reader, it is worth your time.

StrengthsFinder 2.0

strengthsfinder2

StrengthsFinder 2.0

Attendance: Chris, Harry, Nathan, Jon.

Overview

The basic premise of StrengthsFinder 2.0, is that successful people spend more time working on their strengths, than on their weaknesses. This theory conflicts with cultural beliefs which often have us spending more time working on our weaknesses. A good example of this belief is demonstrated in the author’s research, where they found 77% of parents believe that their children should be focusing on the classes where grades are poor, versus classes where their grades are already high.

If people were to spend more time investing in their natural talents, then they would find better results. Strengths are made up of two components, Talent and Investment. The authors think that talent is a natural component. It is something that is very inflexible and it is unlikely to change. Investment is something that is controllable. You can choose to invest in something for which you have talent, or invest in something for which you do not. The idea is that you are going to receive a much higher return for your investment if you are focusing on your core talents.

This book is a different kind of book in that it is very interactive. Once you read the first section, you have covered the theory. You then take an online assessment, and at the end of the assessment it tells you your own five main themes. After that, you switch to the second half of the book where you will find detailed explanations and action items for each of your themes.

Commentary

As a whole, the group seemed to agree with the premise of the book. We definitely think it is important to be working heavily on our core strengths. However, some of us also felt that it is very important to have a basic level of competency in certain areas whether they are strengths or not.

Almost the entire group found the results of the assessment to be accurate. Everyone but one person thought that it described their personalities very well. This person was a little unsure about his results, because he felt that the test failed to identify a few of his core talents. Other than that, it was deemed useful in that it can provide a pretty fair assessment of a person in a short amount of time.

The nice thing about this book is that it is not just a theory and a test. It actually gives a person a lot to think about in terms of actionable behavior. It helps toanswer the questions, “What can I actually do to work on my own strengths? What can I do with this knowledge?”

In the section containing the detailed explanations, the book offers 10 suggestions of how you, as a person containing this as a major theme, should position yourself. An example of one of these action items is found in my assessment. The test results showed that ‘Achiever’ was my number one theme. This means that I do not feel satisfied unless I have achieved something during the day. This is regardless of whether it is a work day, or a weekend, or even if I am on vacation. I must be doing something tangible. One great suggestion I picked up is to make sure I factor my personal life into my goals. Achievers are prone to focus on work, and they sometimes neglect other important areas of their lives. This is because it is difficult to see a clear connection between your personal life and your achievements. Setting goals in your personal life will make it seem more tangible. That is just an example of many of the actions a reader can expect receive on completion of the assesment.

In addition to offering advice just on oneself, another group member is considering implementing this test in his organization. This would put him in a position to really understand what drives his employees. Understanding a person’s core strengths will tell you a lot about how to communicate with a person, what motivates them, and how you can expect them to behave in different situations.

It is apparent that this book can be a very valuable tool, both for personal growth, and in understanding the people around you. By better understanding what really makes yourself tick, you can really position yourself for success. The actionable items are useful, as is the overall profile. StrengthsFinder 2.0 is a great way to start the journey of positioning yourself for success.