Apples CEO Steve Jobs’ 12 Rules Of Succes

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12  Rule of Success

  1. Always do What you Love to do and that makes great work
  2. Do something Different from others that makes change the world
  3. Always do you best weather you are at work place or any other place you should be excellent in your work
  4. Make a SWOT analysis .whenever you join any firm make a list of strnth and weakness  of yourself and the company . Don’t hesitate in throwing bad apples out of the company.
  5. Be a Entrepreneurial. Aplways look for the big thing and find the ideas that need to be quickly acted upon and and jump through that window. Sometimes the first step is the hardest one. Just take it. Have the courage to follow your heart and intuition.
  6. Start small, think big. Don’t worry about too many things at once. Take a handful of simple things to begin with, and then progress to more complex ones. Think about not just tomorrow, but the future. Put a ding in the universe.
  7. Strive to become a market Leader. Own and control the primary technology in everything you do. If there’s a better technology available, use it regardless of whether or not anyone else is using it. Be the first, and make it an industry standard.
  8. Focus On outcome People judge you by your performance, so focus on the outcome. Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected. If they don’t know about it, they won’t buy your product. Pay attention to design. We made the buttons on the screen look so good you’ll want to lick them. Design is not just what it looks like and feels like. Design is how it works.
  9. Ask for feedback from people with diverse backgrounds. Each one will tell you one useful thing. If you’re at the top of the chain, sometimes people won’t give you honest feedback because they’re afraid. In this case, disguise yourself, or get feedback from other sources. Focus on those who will use your product – listen to your customers first.
  10. Innovate. Innovation distinguishes a leader from a follower. Delegate. Let other top executives do 50% of your routine work to be able to spend 50% your time on the new stuff. Say no to 1,000 things to make sure you don’t get on the wrong track or try to do too much. Concentrate on really important creations and radical innovation. Hire people who want to make the best things in the world. You need a very product-oriented culture, even in a technology company. Lots of companies have tons of great engineers and smart people. But ultimately, there needs to be some gravitational force that pulls it all together.
  11. Learn from failures. Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.
  12. Learn continually. There’s always “one more thing” to learn.
    Cross-pollinate ideas with others both within and outside your company. Learn from customers, competitors and partners. If you partner with someone whom you don’t like, learn to like them – praise them and benefit from them. Learn to criticize your enemies openly, but honestly.

 

 

 

 

 

 

 

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Time value of Money

-Time Value  of money is  concept that  money available at the present time is worth more than the same amount in the future due to its potential earning capacity.

-Money the bank will earn interest. Because of this universal fact, we would prefer to receive money today rather than the same amount in the future.

Theory:

The time value of money received today is more than the value of same amount of money received after a certain period.

Time preference for money:

Options of time period for receivables.

(i)Immediate

(ii)Later

Reasons for time preference for money

(i)Uncertainty and loss

(ii)To satisfy present needs

(iii)Investment opportunities.

RATIONALE OF TIME PREFERENCE FOR MONEY

UNCERTAINTY– FUTURE IS UNCERTAIN AND IT INVOLES RISK. HENCE HE/SHE WOULD LIKE TO PREFER TO RECEIVE CASH TODAY INSTEAD IN THE FUTURE.

EXAMPLE- MACHINE X $ 1,000,000 WITH 10YEAR LIFEAND MACHINE  Y IS $ 1,100,000 WITH 14 YEAR LIFE

WHICH ONE DO YOUR PREFER?

MOST OF THE PEOPLE GENERALLY PREFER TO USE THE PRESENT MONEY FOR SATISFYING THE PRESENT NEEDS.

POSSIBILITY OF INVESTMENT OPPORTUNITY

ANOTHER REASON WHY INDIVIDUALS PREFER PRESENT MONEY IS DUE TO THE POSSIBILITY OF INVESTMENT OPPORTUNITY THROUGH WHICH THEY CAN EARN ADDITIONAL CASH

Technique of time value of money

The interest earned on the principal amount becomes a part of principal at the end of the compounding period.

To determine the future value of money.

Formula Method   Future Value (FV)= P(1+i)n

Lumpsum Method

P=Principal,  i = interest,  n = number of years

Table Value – used when period of maturity is long.

Multiple compounding periods – interest calculated half-yearly, quarterly or every month.  FV=P(1 + i/m)mxn

 

Discounting or present value technique

Money to be received in future date will be less because we have lost the opportunity cost in the form of interest.

Computation of present value:

ØLump sum

PV = Fv/ (1+i)n

ØDiscount factor Tables

ØSeries of payment

PV= F1 / (1+i) + F2 / (1+i)2 + ….. Fn / (1+i)n

ØAnnuity

At the end

PV= A / (1+i) + A / (1+i)2 + ….. A / (1+i)n

At the beginning

PV= A+ A / (1+i) + A / (1+i)2 + ….. A/ (1+i)n

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