The GMAT Club Blog

Business People Win when they apologise for their Mistakes, A new study says

From OSU's website.

COLUMBUS, Ohio – Supposedly, love means never having to say you’re sorry – but a new study suggests that attitude won’t fly in the business world.

Researchers found that people who are wronged in a business transaction may be more likely to say they would reconcile if the offender offers a sincere apology – particularly if the offender takes personal blame for the misdeed.

While it seems common sense that apologies would help smooth a bruised business relationship, such messages of regret are not common enough, said Roy Lewicki, co-author of the study and professor of management and human resources at Ohio State University’s Fisher College of Business.

Rules of Success. #1: Sweat Equity is the best equity!

From Mark Cuban's Weblog. Mostly an opinion column, but i find some of his advice very useful.

The Rules of Success

As MicroSolutions became more and more successful, and as I paid attention to the common traits of businesses that I saw succeed and those I saw fail, I came to realize that there are “Rules of Success” that I saw in companies that excelled. Where companies failed to follow those rules, inevitably, they failed. I found myself checking with “My Rules” before I made decisions. When I traded stocks or considered investments in companies, I applied The Rules to their business before I made a decision.

The Rules are not infallible. They have their limits. I’m an entrepreneur. My businesses have had hundreds and now more than a thousand employees. My world has been limited to starting, building, growing and running businesses that are never going to make the Fortune 500. My dreams were never to build the biggest corporation in the world. So, if you are a middle level manager in a Fortune 500 company, these rules may not help you manage your department. If you are the CEO of a Fortune 500 company with tens of thousands of employees, some rules will apply, some won’t, but where they will help you is to know how little guys coming out of nowhere are going to disrupt your business.