In Praise of Irrationality

We have all grown up in a world that clearly values rationality and rational behavior. Being emotional was frowned upon. Whenever someone displays emotions in public view it makes news (Think of Maradona’s expressions as the team played and lost) and the world turns its cameras to look at the person who just “lost it”. When I studied Science in school, I was told by my teacher that if there was something that cannot be explained by Science it was not worth knowing and that it was obviously irrational. Such was the vehemence with which I was nudged towards being rational. As I grew to develop my own view of the world, I got fascinated by the limitations of rationality. Rational stuff had a logical sequence and clearly activated that part of my brain that I had difficulty accessing. You try this one and you got to do this real quick: A bat and a ball cost $1.10 in total. The bat costs a dollar more than the ball. How much does the ball cost?
Write down your answer. If you said that the ball costs 10c, then you are part of the majority. That is the good news. The bad news is that the correct answer is 5c. Shane Frederick, Prof at MIT Sloan posed this question to more than 3,000 students at eight different universities. Fewer than half gave the correct answer. The trick is to not go by your instinct which gives the wrong answer, but to take a second more and reflect on it. Shane has developed a 3 question test – that question is one of the three – that can be almost as accurate in predicting characteristics that other tests like the SAT, ACT, or the Wonderlic Personnel Test. He also found that those who do well on the cognitive reflection test tend to be more patient in decisions between smaller sooner rewards and larger later rewards.  Before you pat yourself on the back (your own or anybody else’s for that matter) remember, they are also more willing to gamble in financial domains. Read more

Interview with Samit Basu

“Let us imagine that you had bought, in secret, the world’s most precious jewel, the Eye of Empire, a massive ruby known to have left a trail of lives—violently lost—behind it as it journeyed across harsh lands in the care of desperate men.” So begins Samit Basu’s new book Terror on the Titanic – his first Young Adult novel.

Meet Samit, India’s first fantasy novelist and the first well-known Indian author to cross over into comics. He is the author of an extremely popular trilogy of fantasy novels, the GameWorld Trilogy, comprising The Simoqin Prophecies (2004) The Manticore’s Secret (2005) and The Unwaba Revelations (2007). He has written comics for Marvel Comics in India. Outlook featured him as one of the Indians under 25 to watch for along with Shreya Ghoshal – India’s top playback singer and Konkona Sen Sharma the brilliant actress. He got inspired to start a career as an author during a dull class at IIM (Ahmedabad) while pursuing his MBA. Read on what this talented writer is all about. Read more

Mass Market Novels at Two Dollars

Pricing does matter. Especially when it comes to books. It is probably a sign of the times that Harper Collins (Full disclosure: They publish my novel Married But Available) has decided to price Karan Bajaj’s upcoming second book at Rs 99/- almost $2 for a paperback version. That I think is the sweet spot for pricing as Chetan Bhagat has showed us with his novels. The yet-to-be released thriller ‘Johnny Gone Down’ by Karan Bajaj is set to make publishing history with a first print run of 50,000 books, billed as one of the biggest ever in India for a work of fiction. Read more

Learning Agility

How do companies identify high potential employees? Different organizations use different approaches. There are a host of assessments that can provide data on various competencies that makes leaders successful. There are competencies that leaders need to translate their vision of the future into a strategy. They need to have the competencies to communicate and inspire the stakeholders to buy into that vision. They also need to be able to cobble together a team that will execute that plan. To continue to be successful repeatedly requires leaders to be agile learners. To learn from heir own experience of success and failure. they also need to learn from others success and failure. They are risk takers. Leadership success goes to those who are learning agile. I had attended a workshop by Bob Eichinger where he had outlined the four factors that make up Learning Agility.
Read more

The Art of Woo

If you think people need to listen to your ideas just because they are bright, then go away and read this book that I just finished reading. The real world needs to be persuaded. In fact, you need to woo people to succeed in selling your ideas. Having smart ideas is necessary but not sufficient. Wharton Profs Shell and Moussa have tried to turn wooing into a science by giving those step by step instructions that people just LOVE! The picture of the two parakeets should become the mnemonic for you everytime you want to woo someone. Notice there is no club being used by the parakeet while wooing. In fact the one trying to woo is facing the object of attention. Yeah, it is always about understanding the others needs and point of view before you start your spiel.

Read more

Next Page »