It has been ten months that I have studied management. While pondering over the time spent here, it struck me that management frameworks learned here are not only guiding principles to make companies profitable, but these can be well applied to our lives to make them more fruitful. We do business in a way that we make the most of each penny invested and so goes with life – we (should ideally) live to make the most of every breath we take.
All through our lives, our founders (parents) invest their time in us selflessly and resultantly enjoy maximum gains (priceless happiness) on our success or sometimes suffer extreme losses if we don’t do well.
As per management lessons, one should have a corporate strategy and individual business strategies are formulated in alignment with the corporate one – similarly our ‘larger purpose in life’ should drive the thoughts behind the small initiatives or decisions we take in the course of the journey. It’s a well-known saying that ‘Strategy without implementation is just a plan’. In life too, having a purpose doesn’t really suffice unless we live up to it.
Unlike business, in life, we are the ultimate consumer of what we produce. Therefore, as a good marketing professional, there is a need to assess and create value for the consumer (your self!). Our existence is the Product, our actions – Promotion, our environment – Place and outcome of the actions – Price (The 4 Ps). As we introspect and understand ourselves better, we generate value for ourselves (product). With our positive deeds (promotion) in the professional and personal (place), we realize great revenues with high prices (positive outcomes). As product cycle, the life cycle also has four phases – Introduction, Growth, Maturity, and Decline (needless to explain how we go through these phases).
Moving from marketing to operations, it is arguably said that value is generated in operations. No doubt humans are twenty-four seven operated plants with a plethora of processes running inside. Quoting the concept of duality, every process has a bottleneck. Well then, what are our bottlenecks? Laziness, procrastination, arrogance, ego (the list goes on!). They disrupt in generating the best output from our lives – one should be mindful of them.
In the Balance Sheet of Life, the impact of our good deeds is capitalized as ‘Asset’ which never depreciates and what we owe is humbleness and gratitude (Liabilities) to our Founders and all others who have contributed in making us a person who we are today. We are a Profit Center as we control the revenues (goodies) and costs (tough times) of our life. There are market factors and an invisible hand (of God) that play a major role in all the aspects of life. But, we must try to anticipate and create options to avoid getting into losses.
Lastly, we are the leaders of our own lives. We should take the lead, stay motivated and keep moving forward to make a successful life!