Think of them as "predictable surprises"; they're disasters such as the explosion of the Challenger space shuttle and the implosion of the sub-prime mortgage sector. These situations offered many signals that catastrophe was a distinct possibility, but the signals went unheeded. The problem wasn't a lack of evidence, but instead an unwillingness to confront it.
"Ideas that are seen as taboo, such as the data regarding O-ring failure in the space shuttle, don't get the attention they merit," notes Paul Schoemaker, Learning Director for Wharton Executive Education's Critical Thinking: Real-World, Real-Time Decisions. "These taboo scenarios pose a great risk as our environment becomes more uncertain and complex. Keeping quiet might serve to maintain harmony, but it can also blind leaders to impending disasters."
In their forthcoming article, "Taboo Scenarios: How to Think about the Unthinkable" (California Management Review, Winter 2012), Schoemaker and fellow Wharton Professor Philip Tetlock argue that while considering worst-case scenarios is uncomfortable, and in some organizations even dangerous, ignoring or repressing the truth isn't the answer. "Leaders need to foster organizational cultures that reward intellectual curiosity. When alternative points of view can be shared in a constructive spirit, leaders are less likely to be blindsided by scenarios that were rendered invisible by taboos against speaking the truth. This can be done through example by leaders sharing alternative points of view, or by rewarding all those who speak frankly against the prevailing norm." Read More
Nano Tools for Leaders® are fast, effective leadership tools that you can learn and start using in less than 15 minutes — with the potential to significantly impact your success as a leader and the engagement and productivity of the people you lead.
Nano Tools for Leaders® are fast, effective leadership tools that you can learn and start using in less than 15 minutes — with the potential to significantly impact your success as a leader and the engagement and productivity of the people you lead.
Nano Tools for Leaders® are fast, effective leadership tools that you can learn and start using in less than 15 minutes — with the potential to significantly impact your success as a leader and the engagement and productivity of the people you lead. Read More
And that courage is currently being rewarded. Lauder's MAC brand has 2.4 million Facebook fans — more than any other cosmetic company. Some of the how-to videos on the firm's YouTube channel have been viewed over half a million times. Group president John Demsey notes that the acquisition of Smashbox Cosmetics earlier this year was made in part to leverage "Smashbox's expertise in digital and social media to advance its current capabilities, an important and growing competency for the company."
Wessels, who teaches in Wharton Executive Education's Integrating Finance and Strategy for Value Creation, says Estée Lauder's social media strategy makes the case for building a corporate portfolio. "When you're considering a new business, you want to stay consistent with your core competencies. You may have many potential opportunities, but just because they're good businesses doesn't mean you should be in them. This is especially true if that business fights against what you're trying to accomplish. In a tough economy, the tension between doing what you're good at — what you've always done — and trying something new is especially acute."
Contributor: Joseph Ryan, Senior Fellow, Wharton Executive Education; Founder and President of True North Advisory Group.The Goal:
Drive sustainable and repeatable success in managing strategic initiatives. Identify capability gaps that need to be addressed and accelerators that you can leverage for better results.Nano Tool:
Strategy execution at all levels — corporate, business unit, key initiatives — requires clarity, discipline, honesty, and agility. While balanced scorecards are useful for providing discipline and clarity, they're not sufficient because execution rarely goes exactly as planned. Leaders need real-time diagnostics (as opposed to slow and costly studies) to honestly assess what's working and what's not. Next, they need to identify solution levers, what we call accelerators, that let them manage the execution process more explicitly. Read More
JPMorgan Chase & Co. posted a fourth-quarter earnings drop of 23 percent, though it was in line with Wall Street expectations.
The bank's earnings were hurt by lessened trading and deals made by the ongoing European debt crisis.
JPMorgan (NYSE: JPM) shares dropped more than 3.5 percent in pre-market trading on the New York Stock Exchange on the news, down $1.33 a share to $35.52. Read More
However, there are some comedies that are just timeless, and will never get dated.
The main criteria for these films is laugh value, but some films are ranked higher for being edgy or being the best at their hybrid. (An example would be "When Harry Met Sally" as perhaps more of a romantic film than a comedy, or "Spinal Tap" for being perhaps the most ground-breaking mockumentary.) Read More
Reuters / Phil McCarten 
