The importance of humility

"For it is impossible for anyone to begin to learn what he thinks he already knows."  -Epictetus

The carousel

Le jeu de la bague on the carousel in the Jardin de Luxembourg in Paris.  The ride often ends in tears, as kids who captured many rings have to part with them at the end of the ride, or as children don't get any.  And the whole time, they're not enjoying the ride, because they are so focused on capturing a ring at every turn.

To learn or review....

-Revisit revenue recognition, and learn accounting fundamentals
-DuPont analysis (profitability)
-Breakeven analysis
-CAGR calculation
-Discounting (without using NPV function)
-Basics of corporate governance
-NWC definition

Game theory:
-Prisoner's dilemma

Economics:
-Sterilization

Technical:
-How to mail merge
-Collect PPT templates

I have enough.

Those words are incredibly powerful.  I have enough.

Rajat Gupta never knew when he had enough.  A quote from a NYTimes Magazine article on his tragic fall:

Speaking at Columbia University around this time, Gupta reflected on his new ambition.  "When I look at myself, yeah, I am driven by money," he said.  "And when I live in this society, you know, you do get fairly materialistic, so I look at that.  I am disappointed.  I am probably more materialistic today that I was before, and I think money is very seductive."  He continued: "You have to watch out for it, because the more you have it, you get used to comforts, and you get used to, you know, big houses and vacation homes and going and doing whatever you want, and so it is very seductive.  However much you say that you will not fall into the trap of it, you do fall into the trap of it."

Importance of a goal

I've been slacking on physical fitness this year.  I go through cycles where I prioritize other things before physical fitness, and the first year of the MBA has definitely been one of those downward troughs of the cycle.  I think a lot of it has had to do with the lack of a goal.

About two weeks ago I decided to run the intramural 5k.  Historically, I have never taken 5k races very seriously, but I've slacked off on running so much lately that the race is a little intimidating to me, especially since I know other students are in much better shape, having made different choices when it comes to prioritizing physical fitness in their schedules.  I've returned to running and my runs are much faster than before I had the race on the horizon.

It's taught me that I need physical fitness goals to keep fitness as a priority in my life.  I'm going to schedule a marathon for the fall, so that I have something to work up to over the summer and in the beginning of my second year at school.

Decisiveness versus Analytical Thinking

There's a tension between decisiveness and analytical thinking.  The Army emphasizes decisiveness, making decisions quickly, sometimes without perfect information, and without seeking consensus.  In fact, I worked for years to become more decisive, knowing that this was a valuable skill for Army leaders.

HBS, and perhaps the larger business community, (especially a consulting case team) values analytical rigor and the team decision making process.  A Bain partner who was himself in the military told me, "Consultants get scared when you just tell them 'I got this' and come back later with a solution without having asked for any assistance or posing any questions."  That independence and capability to push a product through to the finish without seeking help is valued in the military.  Consultants however, rightly see value in the wisdom that is creating through a team analysis.

I struggle to let a slow, team process take place.  This has been a challenge for me in teams at HBS and will certainly be a challenge for me going forward.  I need to relax a little bit, pull back on sharing my opinion, which I feel strongly is right, and join the team analysis process.  It can be slow, but these aren't emergency situations that call for immediate decisions that leave the consequences to be dealt with later.

It's a little scary to say that I'm bad at a team process, given that this is what I will do as a consultant. But I think it is right to acknowledge this up front and take steps to deal with it, enabling me to function well in the group.

Part of the solution is that my answer, without consulting others, cannot possibly be the best answer, and is certainly not the single right answer.  Sheryl Sandberg said in Lean In "Rarely is there one absolute truth, so people who believe that they speak the truth are very silencing of others."  Keeping this quote in mind helps remind me of the value of the team analysis and decision process.