Right Man For The Right Job

Never allow personal prejudices and preferences to influence the selection of personnel.

Assigning the right job to the right person should follow selection of right persons and giving them the right type of training.

An ideal manager attaches highest priority in placing the right person for the right job because without this the earlier two exercises of selection of personnel and imparting training to them would only go waste.

All are not alike. In fact, all cannot be alike. Accept people as they are and make the best use of them. 

Delegated task must consist of following parameters

1. Task should be a Specific one
2. Task should Measurable 
3. Task should Agreed by second person, unwilling tasks does not extract fruitful results.
4. Task should be Realistic
5. Task should a Timebound to measure.

Go for best use of available resources; assign the relevant tasks to your team-members based on their expertise and willingness. 

It is manager’s responsibility to assure best use of his/her team member with his/her full strength. 

Judgement

Never make judgements based on hasty analysis.

Management prejudice is the worst disease.

It is quite unfortunate that there are many managers who allow many things to cloud their judgement and make prejudicial decisions about people.

Give a person a fair hearing to ensure that the decisions that you make about him are not prejudiced.
An ideal manager will not judge based on half-truth, blind assumption, hearsay, etc.

Manager’s decision should not be one sided. He should consider all available facts before making any decision. As his decision may lead to adverse effects to his team member’s performance.

A Manager should consider following traits before making any decision:

1. Available Resources to find actual facts.
2. Time Consciousness- future implications 
3. Cost Effective (within budget)
4. Good Listening Habit.  Allow manager to get the feedback of other party before taking one sided decisions
5. Positive Attitude. He should not take decision with any prejudice.
6. Organization/Team’s Goal 
7. Confidence.

Freedom to Work

Let your subordinates enjoy freedom in their work; they will contribute their maximum.

People can contribute more when they are given freedom to work. People may need your guidance and advice, but they would never prefer to work under your watchful eyes.

Freedom at work increase creativity. The very confidence in your people that they won’t be blamed for occasional mistakes, if any, will encourage creativity.

As a manager you should share the expectation from your team member, let them choose the way they want to accomplish the task.  But make sure that you try this option with experienced manpower rather than a fresher. 

Business Acumen

Only by earning money does one know its value.

If you want your people to realize the imperativeness of running the organization on profitable lines, you must at the first instance make them aware of the value of money.

Empower your team member with business acumen so they also know the value of savings and earnings for your organization. 

Business acumen is an almost intuitive and applicable understanding of how your company makes money. It includes a thorough understanding of what drives profitability and cash flow, a market focused approach to the business, and an overall big picture understanding of the business and its interrelationships.

Some important Terms of Finance Management:

Profit & Loss Account : A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time - usually a fiscal quarter or year.

Balance Sheet : A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders

Cash Flow Statement : A financial statement that shows the amount of cash generated and used by a company in a given period, calculated by adding non-cash charges (such as depreciation) to net income after taxes.

Gross Profit Ratio: The proportion of money left over from revenues after accounting for the cost of goods sold.
Formula: (Sales – Cost of Sales) / Sales

Net Profit Ratio: A ratio of profitability calculated as net profits divided by sales. It measures how much out of every Rupee of sales a company actually keeps in earnings.
Formula: Profit After Tax/ Sales

Operating Profit: The amount of profit earned from a firm's normal core business operations.
Formula: Operating Revenue – Operating Expenses
Operating Profit Ratio: Operating Profit / Sales 

EBITDA: An indicator of a company's financial performance which is calculated as follows:
Revenue – Expenses (excluding tax, interest, depreciation & amortization)

EPS: The portion of a company's profit allocated to each outstanding Share.
Formula: Profit After Tax/ No. of Shares

Trends and Peer Group Analysis: Year on Year Growth Trends and comparison with peer group companies in same industry, helps in understanding the profitability trend & financial health.

Working Capital Management
Working capital management ensures a company has sufficient cash flow in order to meet its short-term debt obligations and operating expenses.

Ratio analysis will lead management to identify areas of focus such as inventory management, accounts receivable, payable management and cash management.

Converting Failure into Success!

Take failures as challenges and convert them into successes.

Managers fail only when they give up; those who persevere will finally succeed.

You should always try to learn a lesson or two from each failure and try to correct it in your next attempt. This is the only way to handle failures.

Failure doesn’t mean end of life, keep trying the things after learning from last failure.

It is unfortunate that in societies obsessed with success and achievement, failure can be made to feel like the worst thing that could ever happen to a person. 

Steps to avoid failure:

1. Expect mistakes: No one in world is perfect, you should always ready to expect mistake in achieve goals. 
2. Be motivated: Remind yourself that you are good enough to achieve the target goals.
3. Don’t bother other’s negative views: Don't obsess about what others are thinking; their criticism reflects their own inadequacies.
4. Review what your failure has taught you.
5. Focus on trying again: Keep trying; persistence does pay off.

People who found success despite failures:

Colonel Sanders : The founder of KFC. He started his dream at 65 years old! He got a social security check for only $105 and was mad. Instead of complaining he did something about it.

He thought restaurant owners would love his fried chicken recipe, use it, sales would increase, and he’d get a percentage of it. He drove around the country knocking on doors, sleeping in his car, wearing his white suit.

Do you know how many times people said no till he got one yes? 1009 times!

Walt Disney: The man who gave us Disney World and Mickey Mouse. His first animation company went bankrupt  He was fired by a news editor cause he lacked imagination. Legend has it he was turned down 302 times before he got financing for creating Disney World.

Albert Eistein: He didn’t speak till he was four and didn’t read till seven. His parents and teachers thought he was mentally handicapped. He only turned out to win a Nobel prize and be the face of modern physics.

Thomas Edison: No list of success from failures would be complete without the man who gave us many inventions including the light bulb. He knew failure wouldn’t stop him.

If I find 10,000 ways something won’t work, I haven’t failed. I am not discouraged, because every wrong attempt discarded is another step forward.

Determination and Perseverance

Determination and perseverance will yield result.

Once you are determined to reach your goals, you will discover opportunities available and use them to the best of your advantages.

If you lack determination, you may not be able to spot the opportunities, even if they are right your nose.

Having spotted the opportunities, next requirement is perseverance, to make the best use of the available opportunities. Perseverance may not always guarantee success, but lack of perseverance guarantees failure.

Steps to be determinate to your goals:

1. Believe in yourself! Believe you can do what you want to because with effort and determination you can do whatever you put your mind to. You definitely achieve the assign goal if you believe in yourself. 
2. Set a goal and stick to it. Don’t change your goal statement frequently, be focus on single goal only. The goal will be achieved only if aimed at without getting distracted.
3. Understand that there will be good and bad times.

A manager cannot lead his team if he has not fixed his aim it will only be like one blind man leading the others. Be determinate to your goal. Because “a quitter never wins; a winner never quits”.

"A man can be as great as he wants to be. If you believe in yourself and have the courage, the determination, the dedication, the competitive drive and if you are willing to sacrifice the little things in life and pay the price for the things that are worthwhile, it can be done." -Vince Lombardi

Why we need PLANNING?

Plans that lack practicality are seldom useful.

Come down to the field level, have a feel of the work, as is being done and then do your planning. After all, plans are meant to be implemented.

Too much of paper work and bureaucracy will only result in devising impractical plans.

An effective plan can let the organization to achieve its goals. But planning does not mean fulfilling the paper work only. Our planning should be based on strong input parameters with proven scientific method of analysis the given parameter to get proper planning in place to achieve the target goal.

We need to make sure our planning should fulfil following purposes:

1. Minimize risk and uncertainty
2. Gives direction in the line with preset goals and objectives
3. Help team to coordinate effectively
4. Reduces overlapping and wastage of efforts
5. Focuses on organizational goals and its functioning

We can do successful planning by following steps:

1. Establishing verifiable goals or set of goals to be achieved. It should be realistic, achievable, measurable, and it should be lined to defined timelines. 
2. Finding alternative courses of action. It should always content PLAN-B to safeguard be your defined planning from uncertain circumstances.
3. Evaluating and selecting a course of action.
4. Measuring and controlling the progress

I will discuss more of different planning verticals in PMP, Prince and 6 Sigma methodologies. 

Negative Rumour-Mongers!

Don’t believe rumours without checking them; herd instinct is no good.

Beware of rumour-mongers. Double check any statement of your peers or subordinates that defies your logic. Keep you people informed about the happening in your organization. If they are not kept fully informed, they resort to grapevine, which is a potential source for rumour. 

Successful rumour management may prevent this negative word of mouth propaganda (Liao, 2007). More disturbing for managers is that rumours will always be a part of a business environment and contrary to beliefs that rumours are only spread by word of mouth (as if that isn't difficult enough to handle), recent technological developments have expanded dramatically our ability to disseminate information. This is made obvious with the rise in frequency of rumours being spread by media outlets (Kimmel, 2004).

Unexpected and unexplained events can spark rumours among employees. If ignored by Human resources and the management team, rumours can take on a life of their own hurting productivity and morale (Mishra, 1990).

It's natural for employees to assume the worst. But there's an art to dealing with rumours and it involves timing: You must know when to act and when not to.

Four tips have been identified by The HR Specialist (2007) for managing rumours.

1. Take note of subtle changes in the atmosphere. When a usually bustling workplace becomes quiet and conversations halt when one walks into a room, beware. Dispel the mystery by asking employees directly "What's going on?" Listen and respond.

2. Announce upcoming changes, whenever possible. Unexplained surprises breed rumours. Whenever possible, keep employees informed of changes that could affect them. If employees cannot be told ahead of time, expect rumours to spread and preparations should be made to manage them.

Stay particularly alert in situations that breed uncertainty, but be equally candid about the type of information you can (and will) share. Refuse to indulge in the rumour.

3. Head off rumours at the pass. Establish a reputation for having an open and above-board style. If employees believe management will be straight with them, they will be more likely to come and ask for answers and less likely to indulge in speculation. Couple that with an open door that is truly open and 99 percent of the problems will be avoided.

If a big rumour brings work to a standstill, consider a meeting or a memo to bring everyone up to speed or to quash the rumour.

If there is a rumour about sale of the organization, bring employees together (maybe during an already-planned training event), so they all hear the same thing at the same time.

4. Tap into the grapevine. Managers should make sure they are never the last to know. They should fine tune their "radar" and question employees if they suspect that rumours might be developing. Rumours grow when information is scarce. If employees know they can trust you to keep them informed, they will have no need to invent answers themselves. This can be done by creating an internal company blog site where issues with the company are posted anonymously and other employees share their opinions.

Read more: http://www.ukessays.co.uk/essays/marketing/rumour-mongers.php

Setting Priorities!

Dwelling on finer points will make you miss the main thing.

Never waste your time on petty matters. Spend your time judiciously only on those areas that affect the organization as a whole, particularly those that affect profits. 

Whatever may be your style of management, it will be a failure if you fail to produce the desired result. Results speaks louder than techniques and you spend your time on trifles you won’t get the desired results if your dwell on trivial issues. 

Work by assigning priorities. Ignore trivial issues and concentrate on core issues. If you spend your time on trifles, you are sure to miss vitalities.

“Things which matter most must never be at the mercy of things which matter least.” – Johann Goethe

“The nicest thing about not planning time is that failure comes as a complete surprise rather than being preceded by a period of worry and depression.”- Sir John Harvey Jones

Ineffective way : “I put urgent things first.”

Effective way: “I put important things first. Otherwise they will turn-to urgent and critical.”

The Time Matrix

A really good video for setting your priorities "Big Rocks” Scheduling, Timeless Truth from Stephen Covey: Put Your Big Rocks in First...

http://www.youtube.com/watch?v=8705cHTKEgQ

Crisis Management-Plan B!

Presence of mind will be great use when there is no time for preparing great plans.

Respond to a CRISIS  quickly. There is no point in studying the problem in detail, analyzing the various options available to solve the problem, choosing the appropriate option, planning to solve the problem, etc. at the time of crisis. 

Crisis management is a good test to see how a manager reacts. In times of emergency, act fast. Emergency situations need quick decisions. Many great opportunities have been lost because of procrastination.  It requires more of non-programmed decision making. Be bold enough, act rationally and quickly at the same time. Opportunities missed once rarely reappear. 

Crisis Management is the process of responding to an event that might threaten the operations, staff, customers, reputation or the legal and financial status of an organisation. The aim is to minimise the damage. 

A good PLAN-B can safeguard the organization from bigger loss.

Be ready for contingency plan (Plan B) to respond the known risk/crisis.

Organisations prepare contingency plans in recognition of the fact that things do go wrong from time to time.

Contingency planning involves:

• Preparing for predictable and quantifiable crises
• Preparing for unexpected and unwelcome events

The aim is to minimise the impact of a foreseeable event and to plan for how the organisation will resume normal operations after the crisis.

Contingency plans:

1. Identifies alternative courses of action that can be taken if circumstances change with time
2. Details standby procedures to enable the continuation of essential activities and services during the period of the emergency
3. Includes programmes for improving the business in the longer term once the immediate situation has been resolved
4. Steps in drawing up a contingency plan
5. Recognise the need for contingency planning
6. Identify possible contingencies - all the possible adverse and crisis scenarios
7. Specify the likely consequences
8. Assess of the degree of risk to each eventuality
9. Determine risk strategy to prevent a crisis & to deal with a crisis should one occur
10. Draft the plan and identify responsibilities
11. Simulate crises and the operate of each plan

Useful links for Crisis Management

http://en.wikipedia.org/wiki/Crisis_management

http://archive.adl.org/security/crisis%20management.pdf

Decision-making under uncertainty!

Take decisions diligently, calmly and without any haste.

Hasty decisions and belated decisions are both ruinous. Decision-making under uncertainty calls for more qualitative judgement than quantitative analysis. Decision-making  under uncertainty depends much upon the behavioural aspects of the manager. If the manager has the courage not to panic about the uncertainty of the situation and has acumen not to postpone or ignore or take an indifferent attitude to decision making, he is more likely to make rational decisions. 

Only a calm mind will help one make wise decisions that will leave little room for regret later.

A manager should choose his strategy accordingly to his wisdom about uncertainty of given environment and he may reach to these beliefs through a combination of reasoning and the knowledge of past behaviour. 

Please refer following link for some scientific ways to make wise decisions.

http://ocw.mit.edu/courses/economics/14-123-microeconomic-theory-iii-spring-2010/lecture-notes/MIT14_123S10_notes03.pdf

Beware from Flattery!

Never succumb to flattery as most men do.

Be watchful and guard against flattery. It is so subtle that you will get carried away unless you are alert, after all every human being like being flattered. 

You must be able to distinguish between appreciation and flattery. While appreciation comes out of sincerity, flattery will have ulterior motives. 

Being a manager you should keep yourself away from the trap of flattery, because it may lead to unfavorable environment for truly hardworking team-members by favoring the one person based on his/her flattery behavior. At end of the day it spoils your image in team.  So beware from such team members.

You can accept the soothing words of praise from your subordinates with a ‘Thank you’. But, take extra care to ensure that you don’t allow any prejudices in your dealing with that person.  

Solution of a Problem?

Don’t rush to find solutions before knowing what the real problem is.

The first step in the decision-making process is to identify the real problem.

Inadequate, incomplete, incorrect understanding of problems will only lead to improper decisions. Quality decisions can be made only if the real problem is identified and its root cause studies.

Scientific Ways to find out real cause of a problem: 

Root cause analysis (RCA) is a method of problem solving that tries to identify the root causes of faults or problems that cause operating events.

RCA practice tries to solve problems by attempting to identify and correct the root causes of events, as opposed to simply addressing their symptoms. By focusing correction on root causes, problem recurrence can be prevented. RCFA (Root Cause Failure Analysis) recognizes that complete prevention of recurrence by one corrective action is not always possible.

RCA is typically used as a reactive method of identifying event(s) causes, revealing problems and solving them. Analysis is done after an event has occurred. Insights in RCA may make it useful as a preemptive method. In that event, RCA can be used to forecast or predict probable events even before they occur. While one follows the other, RCA is a completely separate process to Incident Management.

Ishikawa diagrams (also called fishbone diagrams, herringbone diagrams, cause-and-effect diagrams, or Fishikawa) are causal diagrams created by Kaoru Ishikawa (1968) that show the causes of a specific event. Common uses of the Ishikawa diagram are product design and quality defect prevention, to identify potential factors causing an overall effect. Each cause or reason for imperfection is a source of variation. Causes are usually grouped into major categories to identify these sources of variation. The categories typically include:

1. People: Anyone involved with the process
2. Methods: How the process is performed and the specific requirements for doing it, such as policies, procedures, rules, regulations and laws
3. Machines: Any equipment, computers, tools, etc. required to accomplish the job
4. Materials: Raw materials, parts, pens, paper, etc. used to produce the final product
5. Measurements: Data generated from the process that are used to evaluate its quality
6. Environment: The conditions, such as location, time, temperature, and culture in which the process operates

On the basis of listed causes, we can easily identify the majority of causes which causing to End Problem.

After that we can do PARETO Analysis to find key problematic area causing maximum problem.

Pareto analysis is a statistical technique in decision making that is used for selection of a limited number of tasks that produce significant overall effect. It uses the Pareto principle – the idea that by doing 20% of work, 80% of the advantage of doing the entire job can be generated. Or in terms of quality improvement, a large majority of problems (80%) are produced by a few key causes (20%).

Pareto analysis is a formal technique useful where many possible courses of action are competing for attention. In essence, the problem-solver estimates the benefit delivered by each action, then selects a number of the most effective actions that deliver a total benefit reasonably close to the maximal possible one.

Steps to identify the important causes using simple rote (20/80) Pareto analysis[2]

Step 1: Form an explicit table listing the causes and their frequency as a percentage.

Step 2: Arrange the rows in the decreasing order of importance of the causes (i.e., the most important cause first)

Step 3: Add a cumulative percentage column to the table

Step 4: Plot with causes on x- and cumulative percentage on y-axis

Step 5: Join the above points to form a curve

Step 6: Plot (on the same graph) a bar graph with causes on x- and percent frequency on y-axis

Step 7: Draw line at 80% on y-axis parallel to x-axis. Then drop the line at the point of intersection with the curve on x-axis. This point on the x-axis separates the important causes (on the left) and trivial causes (on the right)

Step 8: Explicitly review the chart to ensure that at least 80% of the causes are captured

Important References:

http://en.wikipedia.org/wiki/Root_cause_analysis

http://en.wikipedia.org/wiki/Pareto_analysis

http://www.au.af.mil/au/awc/awcgate/nasa/root_cause_analysis.pdf

Core competency!

Make full use of your core competence and inner strength.

Diversification, no doubt, is a business strategy worth considering by any organization. But, diversification into unknown area at the cost of ignoring the area of core competence will only prove disastrous.

Make best use of your core competence, if your want smooth sailing. Every individual is having his/her core competency; its manager’s responsibility to utilize his/her team members accordingly rather than expecting everything from everybody.

Often, in our quest for more, we believe we need to abandon our current position and go out looking for success. We fail to recognize the diamonds lying right under our feet.

People who feel good about themselves produce good results.

Training-An Investment!

"The Best Minute I spend Is The One I Invest In My People"

It is the one the most important team building activity. Help the team member to enhance their productivity of given task.

In an organization all individuals have some inborn qualities and talents which can be enhanced and sharpened by imparting training and development required to effectively perform a job.

An effective training program can change the attitude of person towards his/her working style. Training does not mean a classroom sessions only; it can be part of coaching by a team lead/manager to his/her team member to train them in a specific task. 

It is the responsibility of a manager/leader to train his/her team member before assigning new responsibilities; otherwise we should not expect any quality output in initial days. Team members will take good amount of time in learning optimum ways of doing the given tasks.

Steps in Team Member Training Programme

Training programme involves the following steps:

1. Identifying the training needs- The training needs of each employee should be identified. Programmes should be developed that are best suited to their needs.
2. Prepare the trainer- The trainer must do his home work well. He should know both what to teach and how to teach. Time management is required by the trainer. Training should be delivered in such a manner that the trainee should not loose the interest in the job.
3. Prepare the trainee- The trainee should remain active during training. He should know that why is he being trained. He should put across the trainer questions and doubts. The trainee should be put at ease during the training programme.
4. Explain and demonstrate the operations- The trainer should explain the logical sequence of the job. The trainee should perform the job systematically and explain the complete job he is performing. His mistakes should be rectified and the complex step should be done for him once. When the trainee demonstrates that he can do the job in right manner, he is left to himself. Through repetitive practices, the trainee acquires more skill.
5. Follow up and feedback- The trainee should be given feedback on how well he performed the job. He should be asked to give a feedback on the effectiveness of training programme.

Honesty?

Honesty is still the best policy.

It is not just the philosophical term, it is mandatory now days where we are having throat cut competition in market. Individual organization is struggling to stay in market.  Honesty in serving end-customer is an assurance of the sustainability of business in long term.

Honesty in business is a long-term investment. Even if it does not pay you immediately, your organization will benefit in the long run.

An ideal manager will not be dishonest in any way, if a manner tells his boss that everything is going on well when there are innumerable problems, he is being dishonest to his boss; if a manager closes his eyes to an advertisement about his company’s product which makes tall and false claims he is dishonest to his customers. Remember, dishonesty, in any form, will only bring discredit.

Leading by Example!

Set good examples for your subordinates to emulate.

Leadership is not just about what you do but what you can inspire, encourage and empower others to do.

Actions speak louder than words. If you are sincere, hard-working and loyal to your organization, you need not send instructions and memos to your subordinates to be so. Your actions will convey a very strong message to your subordinates.

If you instruct your subordinates to do something that you yourself never do, your subordinates will not pay any heed to your instructions.

Leader’s attitude and behaviour reflect in his/her team members.

Teamwork!

Teamwork leads to success. First of all a manager/leader must have firm conviction that teamwork will make wonders.

The toughest jobs can be completed with great ease if each individual in a team works to the best of one’s capability in coordination with the other team members. The focus should be on the progress of the whole team and not just individual growth.

Help people reach their full potential. Catch them doing something right, and encourage them for their efforts. The more consistently successful your people are, the higher you rise in the organization.

People who feel good about themselves produce GOOD RESULTS. So appreciate your team member's efforts to get GOOD RESULTS. 

Empower them with confidence and trust. 

A leader should nurture the skills of his/her team member to their full potential, which not only help in getting the quality result but also help team members to step-up the career growth path.

Impulsive Decisions

An impulsive decision in implementing any business plan without an in-depth study of the environment will lead to disaster only. No one should make a business plan on excel sheet only, manager should collect the required data from field by getting actual market requirement/condition to start new venture.  Actual data help manager to study the external/internal environment to identify any threats before venturing into a new business. 

We need to learn from failures of others!

Delegation!

Delegate to the right person. Effective delegation presupposes effective communication.

Delegating a task or function does not absolve you from responsibility for the outcome. You don't give your responsibility away, but you do have to share your power to enable the delegatee to operate effectively. You must exercise sound judgement as to what each person can achieve and how much training, preparation and supervision are needed in each delegation.

Proactive!

"The proactive approach to a mistake is to acknowledge it instantly, correct and learn from it. This literally turns a failure into a success." - IBM Founder T.J. Watson

Be proactive to identify the mistakes and correct them instantly, it helps us to minimize the lose which can occur because of that mistake.

A good Manager/Leader having strong intuitions against the failure of tasks can stop/safeguard the major failure of any project/transactions. Whereas reactive Manager/Leader can do postmortem of failure only, which indirectly  decrease the trust of level of management in him/her.

Proactive Response includes following:

1.       Self Awareness

2.       Imagination

3.       Conscience

4.       Independent  Will

Proactive Language of a Manager/Leader

1.       Let’s look at our alternatives

2.       I can choose a different approach

3.       I control my own feelings

4.       I will choose an appropriate response.

Generosity!

Generosity is a great quality; it will help achieve great results; but there are some who take it for weakness, beware of them. An ideal project manager knows when to mix amicably with his people and when to keep his distance.

A Manager/Leader should know when to mix amicably with his team, at end of day organization goal should be on top priority. People First Policy need to use wisely with team members, Manager/Leader should take care that team member should not take his/her generosity as granted to make an excuse for not doing with his/her work.

A good Manager/Leader will be friendly with people and allow them to take full liberty with him. But, when it comes to work, he will be wholly objective and will maintain the appropriate distance. He/She always keep his/her work priority set while dealing with team members.

Managing Failure!

It is easier to find scapegoats, but gentlemen never do that; be a gentleman. When you realize that you have made a mistake, accept it with courage instead of finding a scapegoat. Your confession will only improve your image in the minds of your subordinates.

Putting blame on other person/team member doesn’t solve any problem, this only break the trust between the team members and make situation more terrible.

As a leader/manager you should take the responsibility of your team’s failure, but internally you should coach your team member to avoid repetition of this failure. This leads to strong bonding with-in team, and team will produce amazing results. 

I would like to share interview piece of Former President APJ Abdul Kalam 

“Let me tell you about my experience. In 1973 I became the project director of India's satellite launch vehicle program, commonly called the SLV-3. Our goal was to put India's "Rohini" satellite into orbit by 1980. I was given funds and human resources -- but was told clearly that by 1980 we had to launch the satellite into space. Thousands of people worked together in scientific and technical teams towards that goal.

By 1979 -- I think the month was August -- we thought we were ready. As the project director, I went to the control center for the launch. At four minutes before the satellite launch, the computer began to go through the checklist of items that needed to be checked. One minute later, the computer program put the launch on hold; the display showed that some control components were not in order. My experts -- I had four or five of them with me -- told me not to worry; they had done their calculations and there was enough reserve fuel. So I bypassed the computer, switched to manual mode, and launched the rocket. In the first stage, everything worked fine. In the second stage, a problem developed. Instead of the satellite going into orbit, the whole rocket system plunged into the Bay of Bengal. It was a big failure. 

That day, the chairman of the Indian Space Research Organization, Prof. Satish Dhawan, had called a press conference. The launch was at 7:00 am, and the press conference -- where journalists from around the world were present -- was at 7:45 am at ISRO's satellite launch range in Sriharikota [in Andhra Pradesh in southern India]. Prof. Dhawan, the leader of the organization, conducted the press conference himself. He took responsibility for the failure -- he said that the team had worked very hard, but that it needed more technological support. He assured the media that in another year, the team would definitely succeed. Now, I was the project director, and it was my failure, but instead, he took responsibility for the failure as chairman of the organization.

The next year, in July 1980, we tried again to launch the satellite -- and this time we succeeded. The whole nation was jubilant. Again, there was a press conference. Prof. Dhawan called me aside and told me, "You conduct the press conference today.

I learned a very important lesson that day. When failure occurred, the leader of the organization owned that failure. When success came, he gave it to his team. The best management lesson I have learned did not come to me from reading a book; it came from that experience.”

Failure!

Take failures as challenges and convert them into successes. You should always try to learn a lesson from each failure and try to correct it in your next attempt. This is the only way to handle failures. Each time when you fail, you are increasing the chance of success in next attempt. 

Limitations!

Every one has limitations, but a pragmatic people accepts them. After all, that is the way of life. All are not alike. In fact, all cannot be alike. Accept people as they are and make the best use of them. We need to identify the our core expertise to write a success story of life!