2/24/2023 0 Comments Personal reflectionThey forecast and plan obsessively in order to do one thing-minimize surprise. Members of the United States military are excellent role models for self-reflection in leadership, Kraemer says. He also checks continuously with family, friends, and close colleagues to ensure he is holding himself accountable and “not living in some fantasy land.” Minimize Surprise To prevent a gulf between word and deed, Kraemer writes out his self-reflection each night, creating a record of what he has done and what he says he will do. Of course, after priorities have been defined, it is important for action to follow. But until taking time to research and reflect on the matter, “we didn’t realize we needed a larger team of people who could fully dedicate themselves to this issue,” he says. Baxter at the time had a much smaller department. “So we stepped back,” says Kraemer, “and asked, if we want to grow externally, what are other companies doing that we aren’t?” It turned out that the companies that were growing successfully had diverted resources from their core operations to establish large business-development departments. Other firms were making acquisitions right and left, while Baxter was not. Kraemer described an experience at Baxter where the company was focused on increasing its growth rate. Self-reflection allows leaders to understand what is important, and focus on what might be done differently. “But how can you possibly prioritize or allocate if you haven’t figured out what really matters?” Kraemer asks. ![]() Know Your Priorities-and Where You Fall ShortĪnybody in a managerial position has two basic responsibilities: prioritize what must be done, and allocate resources to get those things done efficiently. Kraemer offers three ways that periodic self-reflection can strengthen leadership, as well as some of his favorite prompts. It’s all about self-improvement, being self-aware, knowing myself, and getting better.” “No! It’s: What are my values, and what am I going to do about it? This is not some intellectual exercise. “Self-reflection is not spending hours contemplating your navel,” Kraemer says. Leaders must regularly turn off the noise and ask themselves what they stand for and what kind of an example they want to set. Instead of constant acceleration, Kraemer says, leadership demands periods of restraint and consideration, even-perhaps especially-during a crisis. Stepping back from the fray is how Kraemer, once the manager of 52,000 employees, avoided “running around like a chicken with his head cut off.” For thirty-seven years-ever since he was unexpectedly duped into attending a spiritual retreat with his future father-in-law-he has made a nightly ritual of self-reflection. ![]() And productivity demands self-reflection. But that’s mistaking activity for productivity. “The usual reaction is, ‘Well, I’ll just go faster,’” says Harry Kraemer, clinical professor of strategy at the Kellogg School and former CEO of multibillion-dollar healthcare company Baxter International. If you need more help understanding finance, watch Dave Ramsey and read his book, The Total Money Makeover.As you frantically consider where to throw your attention, are you in the mood to reflect on what’s driving your behavior? To analyze your larger goals? To consider what got you into this situation and how you might avoid it in the future? Pay off all your debt and you will be able to live a nice happy wealthy life. As long as you understand the basic principles of economics you should do well in your life. Another way it will help you is by showing and teaching you how to make and manage your money will still living the life you want to live. If you understand economics, it will make your life a little bit easier. ![]() Economics is the knowledge concerned with production, consumption, and transfer of wealth throughout a nation. When there is a high flow of oil into the United States, gas prices are going to be a lot cheaper because there is more than enough oil. For example, gas prices, when the United States as a slow flow of oil into the country gas is going to be more expensive because it isn’t as available. Scarcity plays a big role in the things you need, generally, the things you need are going to be more expensive, when scarcity is high, your prices for important things are going to be a lot higher as well. Opportunity cost plays a role in your wants, generally when you buy jewelry or something that you don’t need, it isn’t benefiting you in any way other than your satisfaction and that means that it will cost you your money. Needs are things like a roof above your head, transportation like a car, and food etc. ![]() Wants are the things that you can live without on a daily basis like a tattoo for example or jewelry. When creating a budget to save for something or to pay of debt, you need to put together a list of your wants and your needs.
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