Success and Failure

Success is the accomplishment of an aim or purpose.
Failure is lacking success.
While succeeding is important, the road map to success is even more important.
Success as a result of illegal & immoral means is worse than failure.

Ingredients of success

1. Vision & goal definition.
2. Tenacity and perseverance.
3. Research, planning & resource mobilization.
4. Developing sound business model.
5. Due diligence and risk mitigation.
6. Timing and luck.
7. Execution.

Managing success

1. Managing success is harder than handling failure.
2. Neither success nor failure are permanent. 
3. Hard work is the only path to true success.
4. Elation of success or depression of failure are unnecessary.  
5. Identify and acknowledge contributors for success and reward them.
6. Never let ego destroy business. 
7. Take time to celebrate success and pay attention to the lessons it offers.
8. Eliminate wastage and optimize costs.
9. Innovation to stay succeed.

Lessons from failure

1. Failure is never the end of road. It is just a turn.
2. Reshape values and redefine priorities
3. Become more compassionate.
4. Improve perspective on finance.
5. Revisit approach and realize true friends.
6. Realize that success isn’t everything.
7. Re-envision goals.
8. Become more passionate about mission.
9. Develop a deeper sense of community.
10. Learn to never give up.

Resolve to be honest at all events; and if in your own judgment you cannot 

be an honest lawyer, resolve to be honest without being a lawyer. 

Choose some other occupation ... Abraham Lincoln

The progress towards the goal will be in exact 
proportion to the purity of the means. As the means so the end. 

It is not the end that we can work with but only means ... Gandhi 

My View:
Both success and failures are a myth. They are simply results of choices, actions and luck. Results are never in our hands nor predictable. Otherwise, we will not see so many great people fail in the history. What is in our hands is preparation, mitigation of risks and execution. Rest is luck. Ironically, money reflects success. Money is important for comfortable living. But there are many things which money can't buy. Peace & happiness has nothing to do with money. They are mindset. Many poor people live happy and meaningful lives. In this world, no good man has ever made a fortune. The more morals and ethics are compromised they more one can make money. In most cases enrichment is consequence of destruction of ecological assets. People succeed with inside advance information of government policy changes which is a punishable crime in any democracy and reflects its association with crime, corruption and bribery. With all ills of the society there are ample opportunities for good and honest people to do business and earn decent income.

Ethical corporate conduct flows from the top down

• Culture flows top down from macro to meso, and then from meso to micro.
• Similarly culture of a corporate unit will generally represent an adaptation to a particular environment of the institutional domain.
• The spotlight on corporate corruption is more intense than it has ever been. Whether the activity under investigation is bribery, falsifying financial statements, policy breaches or money laundering, the general public is much more vocal in their demands for accountability, and governments continue to tighten laws pertaining to white collar crime.
• The Occupy movement, student demonstrations and pipeline protests are making it clear companies face increased scrutiny on what companies are doing. In response, businesses must make sure they are conducting themselves ethically.
• The bigger risks for many companies are not so much deliberate actions as grey zones. Our society has been complacent towards conduct that may not have been perceived as illegal, but has certainly been pushing the envelope.
• A constant for all businesses is that corporate culture flows from the top down. If you have a culture of tolerance for this type of behaviour, employees, managers and even board members get accustomed to turning a blind eye and bending the rules.
• The growing concern over white collar crime is putting increasing pressure on businesses of all sizes to put stringent compliance programs in place.
• Officers and directors need to think about proactively reducing risks of white collar crime and taking swift and decisive action when issues arise. In that way, they can demonstrate to their employees and the outside world they have a strong culture of ethical conduct. This starts with a thorough review of their organizational policies and procedures.
• Assessment comes down to looking at four basics: detection, prevention, investigation and remediation. In other words, it involves understanding what the problem is, how big it is, how to fix it and, most importantly, how to keep it from happening again.
• A full-scale professional risk assessment is typically a one-time event, internal follow up is essential to ensuring that the organization’s processes are evolving and adapting to new risks that may arise.
• Smaller organizations may not necessarily need a risk-mitigation strategy. There are simple and cost effective things you can do to cut risk, such as developing a clearly communicated code of conduct that outlines ethical business practices all the way from board members to warehouse employees, or providing a whistle blower line for employees to report unethical practices.
• Experienced auditors can assess risk in terms of what kinds of payments are being made, the public officers involved and any history of fraud.
• Whether looking to internal or external activities. Every board of directors or audit committee should be asking themselves: Have we done everything possible to identify any irregularities or illegal transactions an employee may have committed.
• Engaging in an assessment is especially important for companies bidding on public contracts. Companies need to have a spotless reputation to be an official supplier to a government agency, so it pays to do your homework beforehand to identify weaknesses in controls.
• Taking stock of your corporate culture is a matter of competitive survival and credibility. In the past, corporations may have swept situations under the carpet. Now, tolerance has moved to zero because there is much more of a public spotlight on these things. Boards are finally coming around to the idea that they have to be cleaner than clean.