The Romance of Creativity
The Romance of Creativity
by Mitchell Ditkoff, Idea Champions
Excerpts:
Simply put, whenever a person gets a new idea, a kind of romance begins. We become absorbed. Intoxicated. Smitten. Indeed, for many people, just thinking about a new idea is an aphrodisiac. It turns us on, psyches us up, and otherwise makes it very hard to eat, sleep, or obsess about cash flow.
While some people involved in a new relationship are able to sustain the accompanying excitement for months, most of us are less fortunate. It's the rare person, indeed, who knows how to savor and expand upon this feeling for years.
Ditto with the creative process.
You bet there's hope. And something a lot more powerful - awareness. Simply by paying attention to the games you play to protect yourself (from failure or success) will go a long way towards ensuring their extinction.
To begin with, understand that all romances, no matter how inspiring, are temporary. The trivial ones simply end. The good ones mature, often growing into committed relationships - even marriages. If you are really serious about your current hot idea, be willing to get closer to it. Be willing to go from the romance stage to an intimate relationship. Understand what the creative process is - an impossible-to-deny encounter with yourself - your fears, your power, your vision, and what drives you to play the game of life. Be willing to see your new venture as it is - with all its blemishes, quirks, and vagary. Know that you will have your falling out periods and your disagreements. Know that you will sometimes feel like a fraud. Know also that the fuel for many creative breakthroughs has not only been passion, purpose, and power, but also confusion, conflict, and collapse. It's normal. It's human. It's part of the process.
So please, be gentle with yourself. Be patient. Breathe deep. And above all, do whatever you can - day or night, rich or poor, male or female, manager or managee - to put the elation back into your relationship to creativity.
Read full article: http://www.ideachampions.com/article_romance.shtml
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Showing posts with label reinsurance. Show all posts
Showing posts with label reinsurance. Show all posts
Tuesday, March 3, 2009
Monday, March 2, 2009
Harvard Business Review: THE IKEA EFFECT: WHEN LABOR LEADS TO LOVE
THE IKEA EFFECT: WHEN LABOR LEADS TO LOVE
Perspective
Written by Michael I. Norton
Sunday, 01 March 2009 23:23
Excerpts:
Research conducted with my colleagues Daniel Mochon, of Yale University, and Dan Ariely, of Duke University, shows that labor enhances affection for its results. When people construct products themselves, from bookshelves to Build-a-Bears, they come to overvalue their (often poorly made) creations. We call this phenomenon the IKEA effect, in honor of the wildly successful Swedish manufacturer whose products typically arrive with some assembly required.
We also investigated the limits of the IKEA effect, showing that labor leads to higher valuation only when the labor is fruitful: When participants failed to complete an effortful task, the IKEA effect dissipated. Our research suggests that consumers may be willing to pay a premium for do-it-yourself projects, but there’s an important caveat: Companies hoping to persuade their customers to assume labor costs—for example, by nudging them toward self-service through Internet channels—should be careful to create tasks difficult enough to lead to higher valuation but not so difficult that customers can’t complete them.
Finally, the IKEA effect has broader implications for organizational dynamics: It contributes to the sunk cost effect, whereby managers continue to devote resources to (sometimes failing) projects in which they have invested their labor, and to the not-invented-here syndrome, whereby they discount good ideas developed elsewhere in favor of their (sometimes inferior) internally developed ideas. Managers should keep in mind that ideas they have come to love because they invested their own labor in them may not be as highly valued by their coworkers—or their customers.
Michael I. Norton is an assistant professor at Harvard Business School in Boston.
Read full article here: http://hbr.harvardbusiness.org/web/2009/hbr-list/ikea-effect-when-labor-leads-to-love
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Perspective
Written by Michael I. Norton
Sunday, 01 March 2009 23:23
Excerpts:
Research conducted with my colleagues Daniel Mochon, of Yale University, and Dan Ariely, of Duke University, shows that labor enhances affection for its results. When people construct products themselves, from bookshelves to Build-a-Bears, they come to overvalue their (often poorly made) creations. We call this phenomenon the IKEA effect, in honor of the wildly successful Swedish manufacturer whose products typically arrive with some assembly required.
We also investigated the limits of the IKEA effect, showing that labor leads to higher valuation only when the labor is fruitful: When participants failed to complete an effortful task, the IKEA effect dissipated. Our research suggests that consumers may be willing to pay a premium for do-it-yourself projects, but there’s an important caveat: Companies hoping to persuade their customers to assume labor costs—for example, by nudging them toward self-service through Internet channels—should be careful to create tasks difficult enough to lead to higher valuation but not so difficult that customers can’t complete them.
Finally, the IKEA effect has broader implications for organizational dynamics: It contributes to the sunk cost effect, whereby managers continue to devote resources to (sometimes failing) projects in which they have invested their labor, and to the not-invented-here syndrome, whereby they discount good ideas developed elsewhere in favor of their (sometimes inferior) internally developed ideas. Managers should keep in mind that ideas they have come to love because they invested their own labor in them may not be as highly valued by their coworkers—or their customers.
Michael I. Norton is an assistant professor at Harvard Business School in Boston.
Read full article here: http://hbr.harvardbusiness.org/web/2009/hbr-list/ikea-effect-when-labor-leads-to-love
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Saturday, February 28, 2009
"40 Ways To Relax" - Boost your long-term productivity, creativity, and effectiveness
40 ways to relax
Note from Jim: Boost your long-term productivity, creativity, and effectiveness. Read "40 Ways To Relax"
Read article here: http://health.asiaone.com/Health/Wellness+@+Work/Story/A1Story20090227-124965.html
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Note from Jim: Boost your long-term productivity, creativity, and effectiveness. Read "40 Ways To Relax"
Read article here: http://health.asiaone.com/Health/Wellness+@+Work/Story/A1Story20090227-124965.html
***********************************************************************
This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Wednesday, February 25, 2009
Number of Companies Freezing Salaries May Continue to Rise
Number of Companies Freezing Salaries May Continue to Rise
World At Work
Number of Companies Freezing Salaries May Continue to Rise
Feb. 12, 2009 — One-quarter of U.S. companies surveyed has instituted a salary freeze, a number that may rise to one-third by the time 2009 budgets are finalized.
Read Full Article: http://www.worldatwork.org/waw/adimComment?id=31191
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
World At Work
Number of Companies Freezing Salaries May Continue to Rise
Feb. 12, 2009 — One-quarter of U.S. companies surveyed has instituted a salary freeze, a number that may rise to one-third by the time 2009 budgets are finalized.
Read Full Article: http://www.worldatwork.org/waw/adimComment?id=31191
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Tuesday, February 24, 2009
Swiss Re's New Sigma Study Explores Scenario Planning for Insurers
Insurance Broadcasting Home pages
Insurance Broadcasting
Wednesday, 02/25/09
Swiss Re's New Sigma Study Explores Scenario Planning for Insurers
ZURICH, Feb. 24 /PRNewswire-Asia/ --
Excerpts:
Scenario analysis helps insurers make business decisions by considering a number of potential future developments, allowing them to manage a broad range of often interrelated risks. Scenario analysis is used in areas such as strategic planning, risk management and underwriting.
"Events like the financial crisis will accelerate the adoption of these approaches and encourage insurers to use state-of-the-art scenario analysis to evaluate risks," said Swiss Re economist Kurt Karl.
Common uses of scenarios in insurance
Insurers face a number of risks, such as natural catastrophes, mortality risks and investment volatility. These risks often interact in complex ways.
State-of-the-art scenario analysis
A state-of-the-art approach would see insurers excelling in the following types of scenario analysis:
-- A global model of assets and liabilities that can be stress tested with insurance, economic and financial market shocks.
-- A regular programme of internal scenario tests related to shocks such as natural catastrophes and pandemics, as well as economic and financial market shocks.
-- Models that capture how these shocks affect each major asset class and business line.
Read Full Article: http://www.insurancebroadcasting.com/insurance-news-022509-7.htm
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Insurance Broadcasting
Wednesday, 02/25/09
Swiss Re's New Sigma Study Explores Scenario Planning for Insurers
ZURICH, Feb. 24 /PRNewswire-Asia/ --
Excerpts:
Scenario analysis helps insurers make business decisions by considering a number of potential future developments, allowing them to manage a broad range of often interrelated risks. Scenario analysis is used in areas such as strategic planning, risk management and underwriting.
"Events like the financial crisis will accelerate the adoption of these approaches and encourage insurers to use state-of-the-art scenario analysis to evaluate risks," said Swiss Re economist Kurt Karl.
Common uses of scenarios in insurance
Insurers face a number of risks, such as natural catastrophes, mortality risks and investment volatility. These risks often interact in complex ways.
State-of-the-art scenario analysis
A state-of-the-art approach would see insurers excelling in the following types of scenario analysis:
-- A global model of assets and liabilities that can be stress tested with insurance, economic and financial market shocks.
-- A regular programme of internal scenario tests related to shocks such as natural catastrophes and pandemics, as well as economic and financial market shocks.
-- Models that capture how these shocks affect each major asset class and business line.
Read Full Article: http://www.insurancebroadcasting.com/insurance-news-022509-7.htm
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Monday, February 23, 2009
Investment returns top insurers' list of concerns | Business Insurance News, Analysis & Articles
Investment returns top insurers' list of concerns Business Insurance News, Analysis & Articles
Business Insurance
Investment returns top insurers' list of concerns
Posted On: Feb. 23, 2009 6:13 AM CST
Stuart Collins
LONDON—As the financial downturn shows no sign of abating, insurers polled by PricewaterhouseCoopers L.L.P. have identified investment performance as their chief concern.
While investment returns failed to even feature in the top 10 when PwC last surveyed insurers in its “Insurance Banana Skins” survey 18 months ago, investment performance, equity markets and capital availability were the top three risks in the 2009 report.
Read full article: http://www.businessinsurance.com/cgi-bin/news.pl?newsId=15493
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Business Insurance
Investment returns top insurers' list of concerns
Posted On: Feb. 23, 2009 6:13 AM CST
Stuart Collins
LONDON—As the financial downturn shows no sign of abating, insurers polled by PricewaterhouseCoopers L.L.P. have identified investment performance as their chief concern.
While investment returns failed to even feature in the top 10 when PwC last surveyed insurers in its “Insurance Banana Skins” survey 18 months ago, investment performance, equity markets and capital availability were the top three risks in the 2009 report.
Read full article: http://www.businessinsurance.com/cgi-bin/news.pl?newsId=15493
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Sunday, February 22, 2009
How Positive Psychology Can Boost Your Business - BusinessWeek
How Positive Psychology Can Boost Your Business - BusinessWeek
February 12 2009
Business Week
How Positive Psychology Can Boost Your Business
In tough times, entrepreneurs try the so-called science of happiness to build thriving companies
By Jill Hamburg Coplan
Note from Jim: Great article about the science and psychology of happiness, a serious area of academic study launched in 1999 by the President of the American Psychological Association, Martin Seligman. Learn how adoption of these principles can enhance your personal and business performance.
Full article here: http://www.businessweek.com/magazine/content/09_62/s0902044518985.htm
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
February 12 2009
Business Week
How Positive Psychology Can Boost Your Business
In tough times, entrepreneurs try the so-called science of happiness to build thriving companies
By Jill Hamburg Coplan
Note from Jim: Great article about the science and psychology of happiness, a serious area of academic study launched in 1999 by the President of the American Psychological Association, Martin Seligman. Learn how adoption of these principles can enhance your personal and business performance.
Full article here: http://www.businessweek.com/magazine/content/09_62/s0902044518985.htm
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Saturday, February 21, 2009
Economic Stimulus Package Imposes New Executive Pay Restrictions on TARP Recipients- The Law Firm of Faegre & Benson LLP
Economic Stimulus Package Imposes New Executive Pay Restrictions on TARP Recipients- The Law Firm of Faegre & Benson LLP
Note from Jim: An important read for candidates and clients alike.... Details you may not know.
Economic Stimulus Package Imposes New Executive Pay Restrictions on TARP Recipients
18-February-2009
AuthorsBarbara-Ann Gustaferro David B. Miller
Read Full Article: http://www.faegre.com/showarticle.aspx?Show=8965
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Note from Jim: An important read for candidates and clients alike.... Details you may not know.
Economic Stimulus Package Imposes New Executive Pay Restrictions on TARP Recipients
18-February-2009
AuthorsBarbara-Ann Gustaferro David B. Miller
Read Full Article: http://www.faegre.com/showarticle.aspx?Show=8965
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Thursday, February 19, 2009
Is It the End for Big Director Pay Raises? - Careers - CFO.com
Is It the End for Big Director Pay Raises? - Careers - CFO.com
Is It the End for Big Director Pay Raises?
Ever so slightly, shareholders are starting to work up some concern over board compensation, which has risen annually in the double digits in recent years, a new study shows.
David McCann - CFO.com US
February 10, 2009
Excerpts:
With executive compensation being thoroughly vetted — and not just at companies that take federal bailout money — will closer scrutiny of directors' pay be far behind?
Maybe not, though until recently, few shareholders have objected to board compensation, despite the fact that it has risen steadily in recent years. That comfort came mostly out of a desire to attract and retain directors who are motivated and committed to their oversight roles.
Now one corporate governance research firm is seeing a slight shift in that attitude. "Just in this past year, I've started to notice a few people saying, about some companies at least, that the directors are being paid a lot of money, but are they really doing that good of a job?" said Paul Hodgson, senior research associate with The Corporate Library.
Still, Hodgson isn't sold on the idea that a revolution is at hand, at least not yet. "I'll believe it when I see it. I don't think it will be particularly widespread," he added.
According to the report [The Corporate Library's Director Pay 2008 study] , it was the third straight year of double-digit increases for both individual directors and entire boards. Individuals earned a median of almost 12 percent more than the previous year, but because the average board shrunk in size, the median total board pay climbed only 11 percent.
Hodgson attributed the steady climb of director compensation to the tightened regulatory environment spurred by the big corporate scandals earlier in the decade and the resulting passage of the Sarbanes-Oxley Act.
Read Full Article:
http://www.cfo.com/article.cfm/13095180/c_2984338
***********************************************************************
This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Is It the End for Big Director Pay Raises?
Ever so slightly, shareholders are starting to work up some concern over board compensation, which has risen annually in the double digits in recent years, a new study shows.
David McCann - CFO.com US
February 10, 2009
Excerpts:
With executive compensation being thoroughly vetted — and not just at companies that take federal bailout money — will closer scrutiny of directors' pay be far behind?
Maybe not, though until recently, few shareholders have objected to board compensation, despite the fact that it has risen steadily in recent years. That comfort came mostly out of a desire to attract and retain directors who are motivated and committed to their oversight roles.
Now one corporate governance research firm is seeing a slight shift in that attitude. "Just in this past year, I've started to notice a few people saying, about some companies at least, that the directors are being paid a lot of money, but are they really doing that good of a job?" said Paul Hodgson, senior research associate with The Corporate Library.
Still, Hodgson isn't sold on the idea that a revolution is at hand, at least not yet. "I'll believe it when I see it. I don't think it will be particularly widespread," he added.
According to the report [The Corporate Library's Director Pay 2008 study] , it was the third straight year of double-digit increases for both individual directors and entire boards. Individuals earned a median of almost 12 percent more than the previous year, but because the average board shrunk in size, the median total board pay climbed only 11 percent.
Hodgson attributed the steady climb of director compensation to the tightened regulatory environment spurred by the big corporate scandals earlier in the decade and the resulting passage of the Sarbanes-Oxley Act.
Read Full Article:
http://www.cfo.com/article.cfm/13095180/c_2984338
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
To Make Investors Happy, Hire a Woman as CFO? - Careers - CFO.com
To Make Investors Happy, Hire a Woman as CFO? - Careers - CFO.com:
"To Make Investors Happy, Hire a Woman as CFO?
New research suggests that certain actions by companies create more shareholder value when a woman, not a man, is at the finance helm.
David McCann - CFO.com US
February 9, 2009"
Read full Article: http://www.cfo.com/article.cfm/13056001/c_2984411
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
"To Make Investors Happy, Hire a Woman as CFO?
New research suggests that certain actions by companies create more shareholder value when a woman, not a man, is at the finance helm.
David McCann - CFO.com US
February 9, 2009"
Read full Article: http://www.cfo.com/article.cfm/13056001/c_2984411
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Wednesday, February 18, 2009
Approaching success, avoiding the undesired: Does goal type matter? | Psychology Today Blogs
Approaching success, avoiding the undesired: Does goal type matter? Psychology Today Blogs
Approaching success, avoiding the undesired: Does goal type matter?
By Timothy A. Pychyl, Ph.D. on February 08, 2009 in Don't Delay
Approach Goals vs. Avoidance Goals
Approach-oriented goals involve reaching or maintaining desired outcomes. Avoidance goals focus on avoiding or eliminating undesired outcomes. Although both types of goals are common in our lives and both are functional, one goal-type is associated with more happiness than the other. I also think that there's something to learn about procrastination here.
Read Full Article Here: http://blogs.psychologytoday.com/blog/don039t-delay/200902/approaching-success-avoiding-the-undesired-does-goal-type-matter
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Approaching success, avoiding the undesired: Does goal type matter?
By Timothy A. Pychyl, Ph.D. on February 08, 2009 in Don't Delay
Approach Goals vs. Avoidance Goals
Approach-oriented goals involve reaching or maintaining desired outcomes. Avoidance goals focus on avoiding or eliminating undesired outcomes. Although both types of goals are common in our lives and both are functional, one goal-type is associated with more happiness than the other. I also think that there's something to learn about procrastination here.
Read Full Article Here: http://blogs.psychologytoday.com/blog/don039t-delay/200902/approaching-success-avoiding-the-undesired-does-goal-type-matter
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
An interview with the CEO of a leading Italian design firm - The McKinsey Quarterly - interview CEO Italian design firm - Strategy - Innovation
An interview with the CEO of a leading Italian design firm - The McKinsey Quarterly - interview CEO Italian design firm - Strategy - Innovation
Alberto Alessi, head of his family’s iconic design factory, talks about how to sustain innovation over decades—and why companies should take more risk.
FEBRUARY 2009 • Marla M. Capozzi and Josselyn Simpson
Read full article: http://www.mckinseyquarterly.com/Strategy/Innovation/Cultivating_innovation_an_interview_with_the_CEO_of_a_leading_Italian_design_firm_2299
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Alberto Alessi, head of his family’s iconic design factory, talks about how to sustain innovation over decades—and why companies should take more risk.
FEBRUARY 2009 • Marla M. Capozzi and Josselyn Simpson
Read full article: http://www.mckinseyquarterly.com/Strategy/Innovation/Cultivating_innovation_an_interview_with_the_CEO_of_a_leading_Italian_design_firm_2299
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Tuesday, February 17, 2009
Procrastination, The Fear of Failure, And The Factor of Feeling Competent
Fear of Failure Psychology Today Blogs
Psychology Today
Fear of FailureBy Timothy A. Pychyl, Ph.D. on February 13, 2009http://blogs.psychologytoday.com/blog/dont-delay>
What Would You Attempt To Do If You Knew You COuld Not Fail?>
Abstract: Procrastination, The Fear of Failure, And The The Factor of Feeling Competent "(the ability to learn new skills, feeling capable)" >
Excerpts:>
Adam's research, and I'm only touching on our early look at these data, indicates that developing and maintaining our sense of competence plays an essential role in our ability to pursue our goals effectively. In fact, to the extent that we feel competent, our fears of the potential for failure are not related to our procrastination.>
Concluding commentsThe question now is how do we foster that sense of competence in our lives that is so essential to our well-being? Competence, sometimes known as self-efficacy or our confidence in our ability, is built on earlier success. It is an upward spiral of confidence in our ability based on previous experience. It's also partly perception. When we recall the past, what do we recall? Where do we put our focus? Are we feeding our fears by remembering times when we did fail (because we all do at times), or are we optimistically and strategically focusing on our many successes to bolster our sense of competence? The choice is ours (ok, there are personality differences here, and we may discuss those at another time, but it is ultimately up to us).>
As the image of the sign for this blog post said so clearly, "What would you attempt to do if you knew you could not fail?" The attempt is the "courage to be", and our well-being depends on our moving forward with this courage in our lives. >
Read Full Article: http://blogs.psychologytoday.com/blog/don039t-delay/200902/fear-failure
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Psychology Today
Fear of FailureBy Timothy A. Pychyl, Ph.D. on February 13, 2009http://blogs.psychologytoday.com/blog/dont-delay>
What Would You Attempt To Do If You Knew You COuld Not Fail?>
Abstract: Procrastination, The Fear of Failure, And The The Factor of Feeling Competent "(the ability to learn new skills, feeling capable)" >
Excerpts:>
Adam's research, and I'm only touching on our early look at these data, indicates that developing and maintaining our sense of competence plays an essential role in our ability to pursue our goals effectively. In fact, to the extent that we feel competent, our fears of the potential for failure are not related to our procrastination.>
Concluding commentsThe question now is how do we foster that sense of competence in our lives that is so essential to our well-being? Competence, sometimes known as self-efficacy or our confidence in our ability, is built on earlier success. It is an upward spiral of confidence in our ability based on previous experience. It's also partly perception. When we recall the past, what do we recall? Where do we put our focus? Are we feeding our fears by remembering times when we did fail (because we all do at times), or are we optimistically and strategically focusing on our many successes to bolster our sense of competence? The choice is ours (ok, there are personality differences here, and we may discuss those at another time, but it is ultimately up to us).>
As the image of the sign for this blog post said so clearly, "What would you attempt to do if you knew you could not fail?" The attempt is the "courage to be", and our well-being depends on our moving forward with this courage in our lives. >
Read Full Article: http://blogs.psychologytoday.com/blog/don039t-delay/200902/fear-failure
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Monday, February 16, 2009
Self-regulation failure (Part 1): Goal setting and monitoring | Psychology Today Blogs
Self-regulation failure (Part 1): Goal setting and monitoring Psychology Today Blogs
Self-regulation failure (Part 1): Goal setting and monitoring
By Timothy A. Pychyl, Ph.D. on February 16, 2009 in Don't Delay
The simplest way to think about a self-regulating system is how your thermostat functions with your furnace. As simple as this may be, this model does speak to our own ability for self-regulation, and it's a good place to start this discussion about when self-regulation fails.
To understand procrastination, we must understand self-regulation failure. And, of course, to understand self-regulation failure, we must begin with a little about self-regulation.
Read Full Article: http://blogs.psychologytoday.com/blog/don039t-delay/200902/self-regulation-failure-part-1-goal-setting-and-monitoring
***********************************************************************
This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Self-regulation failure (Part 1): Goal setting and monitoring
By Timothy A. Pychyl, Ph.D. on February 16, 2009 in Don't Delay
The simplest way to think about a self-regulating system is how your thermostat functions with your furnace. As simple as this may be, this model does speak to our own ability for self-regulation, and it's a good place to start this discussion about when self-regulation fails.
To understand procrastination, we must understand self-regulation failure. And, of course, to understand self-regulation failure, we must begin with a little about self-regulation.
Read Full Article: http://blogs.psychologytoday.com/blog/don039t-delay/200902/self-regulation-failure-part-1-goal-setting-and-monitoring
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Ed Batista: Awareness Vs. Spontaneity
Ed Batista: Awareness and Spontaneity
http://www.edbatista.com/2009/01/awareness.html
Two (of many) dimensions that describe our actions are 1) our level of awareness (or mindfulness, or consciousness) and 2) our degree of spontaneity at a given moment. Mapping these dimensions across each other results in four distinct ways of being, four "modes," although the boundaries are arbitrary and highly fluid. There's no implied hierarchy—no one mode is "best"—but a given mode may be best suited to our needs at a given moment. What characterizes each mode for you? Are certain modes easy or difficult? Are you able to identify and use the mode that best fits the moment?
This is obviously a highly reductive way of characterizing all our potential "ways of being," and I offer it cautiously. But it occurred to me today as I was wrestling with some strong emotions stirred up by a troubling experience, and it helped me make some sense of what had happened.
I realized that I'd been operating instinctively--reacting very quickly, with a low level of self-awareness--when that mode really wasn't called for, and it gave my actions a driven, robotic quality (which got me into trouble.) I needed to slow down, take a breath, be more reflective--to be deliberate.
See Full Article And Chart, Awarness Vs. Spontaneity, http://www.edbatista.com/2009/01/awareness.html
***********************************************************************
This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
http://www.edbatista.com/2009/01/awareness.html
Two (of many) dimensions that describe our actions are 1) our level of awareness (or mindfulness, or consciousness) and 2) our degree of spontaneity at a given moment. Mapping these dimensions across each other results in four distinct ways of being, four "modes," although the boundaries are arbitrary and highly fluid. There's no implied hierarchy—no one mode is "best"—but a given mode may be best suited to our needs at a given moment. What characterizes each mode for you? Are certain modes easy or difficult? Are you able to identify and use the mode that best fits the moment?
This is obviously a highly reductive way of characterizing all our potential "ways of being," and I offer it cautiously. But it occurred to me today as I was wrestling with some strong emotions stirred up by a troubling experience, and it helped me make some sense of what had happened.
I realized that I'd been operating instinctively--reacting very quickly, with a low level of self-awareness--when that mode really wasn't called for, and it gave my actions a driven, robotic quality (which got me into trouble.) I needed to slow down, take a breath, be more reflective--to be deliberate.
See Full Article And Chart, Awarness Vs. Spontaneity, http://www.edbatista.com/2009/01/awareness.html
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Friday, February 13, 2009
The Cost of Auditor Independence - - CFO.com
The Cost of Auditor Independence - - CFO.com
The Cost of Auditor Independence
The line Sarbanes-Oxley drew between audit firms and their clients may have been a good idea overall, but it increased accounting risk, a new study indicates.
Sarah Johnson - CFO.com US
February 12, 2009
Excerpts:
The knowledge of a company that an external auditor gained from internal auditing lowered the chances of publishing misleading or fraudulent financial results, according to preliminary findings by professors at Brigham Young and Texas A&M universities.
"This evidence supports the prediction associated with the knowledge spillover hypothesis — the idea that external auditors are more effective when performing both internal and external audit services," concluded a paper written by Douglas Prawitt, accounting professor at Brigham Young University, Nathan Sharp, assistant accounting professor at Texas A&M University, and David Wood, a visiting instructor at Brigham Young.
Until now, there's been lots of talk about how much Sarbox — in particular, its internal-control provision — has cost companies, but little analysis of what benefits the law truly achieved, says Prawitt.
"Of all the services external auditors provided before the SOX prohibition, we believe internal audit outsourcing represents the greatest possibility for creating knowledge spillover effects," the academics said in their paper.
Their conclusion doesn't sit well with IIA president Richard Chambers, who cautions that the researchers' scope was very narrow and doesn't delve into the many responsibilities of internal auditors. "They're also looking at operational risks, compliance risks, business and strategic risks," Chambers says.
While external auditors are independent of a company and primarily focused on reviewing financial statements and attesting to internal controls, internal auditors are — in the views of the IIA — ideally working in-house, as part of the business, and their work in helping management test and document internal controls is just one of their many tasks. Internal auditors have the best understanding of any function in a company to know where a company's risks lie, Chambers contends.
Another outcome the researchers are hoping for is that communication between internal and external auditors will improve, which in turn, as their paper implies, could lead to better financial reporting by knowledge sharing. Chambers says the two groups' anxiety over being open with each other in the beginning of Sarbox has waned. "It's important for both parties to be open and receptive to each other," he says. External auditors can gain from internal auditors' knowledge by talking more regularly and informally than some do now, he adds.
Read Full Article: http://www.cfo.com/article.cfm/13111528/c_2984347
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
The Cost of Auditor Independence
The line Sarbanes-Oxley drew between audit firms and their clients may have been a good idea overall, but it increased accounting risk, a new study indicates.
Sarah Johnson - CFO.com US
February 12, 2009
Excerpts:
The knowledge of a company that an external auditor gained from internal auditing lowered the chances of publishing misleading or fraudulent financial results, according to preliminary findings by professors at Brigham Young and Texas A&M universities.
"This evidence supports the prediction associated with the knowledge spillover hypothesis — the idea that external auditors are more effective when performing both internal and external audit services," concluded a paper written by Douglas Prawitt, accounting professor at Brigham Young University, Nathan Sharp, assistant accounting professor at Texas A&M University, and David Wood, a visiting instructor at Brigham Young.
Until now, there's been lots of talk about how much Sarbox — in particular, its internal-control provision — has cost companies, but little analysis of what benefits the law truly achieved, says Prawitt.
"Of all the services external auditors provided before the SOX prohibition, we believe internal audit outsourcing represents the greatest possibility for creating knowledge spillover effects," the academics said in their paper.
Their conclusion doesn't sit well with IIA president Richard Chambers, who cautions that the researchers' scope was very narrow and doesn't delve into the many responsibilities of internal auditors. "They're also looking at operational risks, compliance risks, business and strategic risks," Chambers says.
While external auditors are independent of a company and primarily focused on reviewing financial statements and attesting to internal controls, internal auditors are — in the views of the IIA — ideally working in-house, as part of the business, and their work in helping management test and document internal controls is just one of their many tasks. Internal auditors have the best understanding of any function in a company to know where a company's risks lie, Chambers contends.
Another outcome the researchers are hoping for is that communication between internal and external auditors will improve, which in turn, as their paper implies, could lead to better financial reporting by knowledge sharing. Chambers says the two groups' anxiety over being open with each other in the beginning of Sarbox has waned. "It's important for both parties to be open and receptive to each other," he says. External auditors can gain from internal auditors' knowledge by talking more regularly and informally than some do now, he adds.
Read Full Article: http://www.cfo.com/article.cfm/13111528/c_2984347
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Thursday, February 12, 2009
FORA.tv - Nassim Taleb & Daniel Kahneman: Reflect on Crisis
FORA.tv - Nassim Taleb & Daniel Kahneman: Reflect on Crisis
Note from Jim: If you're an insurance leader, you should find this 59 minute video rather insightful. You might want to prepare yourself for answering far reaching questions from your stakeholders as prompted by the ideas conveyed here.
Two prominent academics discuss the causes for the financial crises and ways of averting future recurrence. These discussions prompt subsequent questions about regulation including regulation of the insurance industry. Topics discussed include:
- The role of rare events.
- The difficulty of modeling rare events. "Rare events are not computable".
- Financial models abet irrational and foolish risk taking.
- Why people (and companies) should not be willing to take "massive risk" around rare events.
- Human irrationality about the improbability of massive risk.
- The blind folds worn by human minds. (Heuristics)
- How and why people are fooled by risk.
- The systemic absence of alignment between the long-term interests of public corporations and the short-terms interests of their "massive risk taking"" decision makers.
- "Domain Conflict" and "Moral Hazards" related to risk taking.
"Author Nassim Taleb and Nobel Laureate Daniel Kahneman discuss the intricacies of the financial crisis and its far-reaching influence. Looking forward, they offer proposals to remedy the situation and prevent it from ever recurring."
Bio On Kahneman: http://en.wikipedia.org/wiki/Daniel_Kahneman
Bio on Taleb: http://en.wikipedia.org/wiki/Nassim_Taleb
Find video here: http://fora.tv/2009/01/27/Nassim_Taleb_and_Daniel_Kahneman_Reflection_on_a_Crisis#chapter_05
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Note from Jim: If you're an insurance leader, you should find this 59 minute video rather insightful. You might want to prepare yourself for answering far reaching questions from your stakeholders as prompted by the ideas conveyed here.
Two prominent academics discuss the causes for the financial crises and ways of averting future recurrence. These discussions prompt subsequent questions about regulation including regulation of the insurance industry. Topics discussed include:
- The role of rare events.
- The difficulty of modeling rare events. "Rare events are not computable".
- Financial models abet irrational and foolish risk taking.
- Why people (and companies) should not be willing to take "massive risk" around rare events.
- Human irrationality about the improbability of massive risk.
- The blind folds worn by human minds. (Heuristics)
- How and why people are fooled by risk.
- The systemic absence of alignment between the long-term interests of public corporations and the short-terms interests of their "massive risk taking"" decision makers.
- "Domain Conflict" and "Moral Hazards" related to risk taking.
"Author Nassim Taleb and Nobel Laureate Daniel Kahneman discuss the intricacies of the financial crisis and its far-reaching influence. Looking forward, they offer proposals to remedy the situation and prevent it from ever recurring."
Bio On Kahneman: http://en.wikipedia.org/wiki/Daniel_Kahneman
Bio on Taleb: http://en.wikipedia.org/wiki/Nassim_Taleb
Find video here: http://fora.tv/2009/01/27/Nassim_Taleb_and_Daniel_Kahneman_Reflection_on_a_Crisis#chapter_05
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Wednesday, February 11, 2009
John Maxwell And Leadership: "The Boomerang Effect", From Slot Machine to Stock Market: Investment Strategies for Relationships
From Slot Machine to Stock Market: Investment Strategies for Relationships GiANT Impact
From Slot Machine to Stock Market: Investment Strategies for Relationships
By Dr. John C. Maxwell
Excerpts:
As I matured, I begin to place a higher value on people. As I made this transition, I noticed a fascinating development: the more I gave to relationships, the more I seemed to gain from relationships. In my book, Winning With People, I named this phenomenon The Boomerang Principle. What you put into relationships has a way of coming back to you.
During my time in leadership, I've noticed that people fall into three broad categories with regards to how they view relationships.
Instead of viewing relationships as a slot machine, picture them like the stock market. To get rich, make regular deposits in people over an extended period of time. At first, you may feel like the value of what you're putting in isn't worth the investment. However, like the stock market, in the long run, you'll reap dividends and earn rewards.
Read full article: http://www.giantimpact.com/articles/read/article_from_slot_machine_to_stock_market_investment_strategies_for_relatio/?utm_source=leadershipwired&utm_medium=email&utm_content=article&utm_campaign=lw-20090210
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
From Slot Machine to Stock Market: Investment Strategies for Relationships
By Dr. John C. Maxwell
Excerpts:
As I matured, I begin to place a higher value on people. As I made this transition, I noticed a fascinating development: the more I gave to relationships, the more I seemed to gain from relationships. In my book, Winning With People, I named this phenomenon The Boomerang Principle. What you put into relationships has a way of coming back to you.
During my time in leadership, I've noticed that people fall into three broad categories with regards to how they view relationships.
Instead of viewing relationships as a slot machine, picture them like the stock market. To get rich, make regular deposits in people over an extended period of time. At first, you may feel like the value of what you're putting in isn't worth the investment. However, like the stock market, in the long run, you'll reap dividends and earn rewards.
Read full article: http://www.giantimpact.com/articles/read/article_from_slot_machine_to_stock_market_investment_strategies_for_relatio/?utm_source=leadershipwired&utm_medium=email&utm_content=article&utm_campaign=lw-20090210
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
A Leader's Job - Bill George (former CEO of Medtronic) at the Stanford Faculty Club
Ed Batista: Bill George on Leadership at the Stanford Faculty Club
A Leader's Job
Note from Jim: Brought to you by Ed Batista, a consultant in executive coaching and change management. A must read.... The vision and experience of Bill George, retired Medtronic CEO, concerning leadership. Bill's presentation was made at the Stanford Faculty Club. Ed Batista's summary of Bill's comments are short, inspiring and powerful! It's so good it's worthy of a permanent link in my Blog under the catagory of leadership (left column).
Read full article: http://www.edbatista.com/2009/02/bill-george.html
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
A Leader's Job
Note from Jim: Brought to you by Ed Batista, a consultant in executive coaching and change management. A must read.... The vision and experience of Bill George, retired Medtronic CEO, concerning leadership. Bill's presentation was made at the Stanford Faculty Club. Ed Batista's summary of Bill's comments are short, inspiring and powerful! It's so good it's worthy of a permanent link in my Blog under the catagory of leadership (left column).
Read full article: http://www.edbatista.com/2009/02/bill-george.html
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Tuesday, February 10, 2009
A.M. Best Report: U.S. Insurers Poised for Turnaround
A.M. Best Report: U.S. P/C Industry's Profits Plunge; Insurers Poised for Turnaround
Excerpts:
Insurers Poised for Turnaround
Declining underwriting results and weak investment markets have brought property/casualty insurers to a critical point where future profitability depends on strict adherence to underwriting and reserving discipline"even at the expense of market share.
Read Full Article: http://www.pr-inside.com/a-m-best-report-u-s-p-c-industry-s-r1049814.htm
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
Excerpts:
Insurers Poised for Turnaround
Declining underwriting results and weak investment markets have brought property/casualty insurers to a critical point where future profitability depends on strict adherence to underwriting and reserving discipline"even at the expense of market share.
Read Full Article: http://www.pr-inside.com/a-m-best-report-u-s-p-c-industry-s-r1049814.htm
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
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