There is something about successful achievement in any aspect of life, whether sport or business or even religion, that encourages dangerous arrogance and an over-rated sense of our own importance.
Sure, an attitude of positivity and self-belief is a good thing. Indeed it is essential in order to succeed to any degree in any dimension of today's competitive world.
But there can be a fine line between its uplifting benign aspect and a destructive arrogance that precedes the fall of hubristic tigers, bishops or developers.
We all had a good run in the heady days of the Celtic tiger yet none of us are world-class golfers or zillionaire bankers or princes of the Church. But beware!
The reality is that the blinding effects of selfish arrogance can also apply to ordinary folks like you and me. With consequences that are never good.
My wife Swmbo - that's not her real name, it's just short for "she who must be obeyed" - looks after my own frequent trips to the naughty corner. For example, when I fail the dishwasher test.
There's a rule in our house (guess who made it up) that if you innocently open the dishwasher to put a cup or plate in - doing your bit to help in the house even though you are a pioneering hunter gatherer, Phg for short (she pronounces it pig) and it has just finished its cycle, you have to immediately empty it and put everything away neatly!
Another useful assist to my humility came to mind earlier this week when I was about to give a speech on selling to a group of business owners and I was being introduced to the audience in glowing terms.
As the hyperbole continued and my head was swelling with pride, it just flashed into my mind how my sweet Swmbo would interpret the introduction. Her comments are in brackets.
"Will McKee is one of Ireland's leading entrepreneurs (he can't even boil an egg) with a distinguished persona (if I didn't watch what he wears, he'd look like Forrest Gump) and lifetime reputation of support to all his colleagues (what about the dishwasher?). His easy unhurried approach (you must be joking!) comes from ......etc......etc....... (more home truths) ......etc.......etc." You get the picture.
Despite any short-term advantage that accrues through our own flights into selfish arrogance, its inevitable longer-term effect has serious consequences for our personal lives through damage to our careers, businesses and relationships.
Sometimes it goes to the extreme of a crack on the head with a golf club. He had a wife to remind him that worldwide fame is not a licence for infidelity.
Or a summons to the Vatican to be fired. He had no wife to remind him that a "mental reservation" is just a lie.
Find out more about Will at http://www.willmckee.ie/
Find the list of all Will's blog posts at the bottom of this page.
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Find the list of all Will's blog posts at the bottom of this page.
Subscribe to the RSS feedWednesday, 9 December 2009
Monday, 7 December 2009
Copenhagen summit, Mega-rich Bankers, Steel Magnates and Quota-traders - the law of unintended consequences
Following the massive injection of funds into the world financial system, we now hear that investment bankers will be paid huge bonuses, not for any particular skill they have shown, but purely as an unintended consequence of the unique circumstances.
That well-known disciple of Mother Teresa, John "Two-Jag" Prescott, is apoplectic!
But enough about bankers and bonkers already.
The Sunday Times reports that ArcelorMittal, the steel giant headed by Britain's richest man Lakshmi Mittal, will profit by between £1 billion and £3 billion from the carbon emissions trading scheme aimed at reducing global warming.
Now, very few individuals can make that kind of dosh.
A man who lives in a £70 million house with a personal fortune of £11 billion making a few billion more over 2 years! - and to rub salt in the wound of the green lobby, as he trousers these unearned billions his world-wide steel plants are spewing vast quantities of carbon into the atmosphere day and night.
Acccording to emissions trading scheme specialist Anna Pearson, “Between 2008 and 2012 ArcelorMittal stands to gain assets worth 1 billion pounds at today’s prices for scant effort. For them, the ETS has been turned into a system for generating free subsidies. The cap on emissions was set too high and too many permits were issued.”
Shades of the EU Common Agricultural Policy, or what? When will we ever learn?
The ETS scheme grants companies ‘permits' to emit carbon dioxide up to a specified limit and they are also allowed to buy and sell unused permits on the open market.
Sounds OK, but the spectre of inevitable unintended consequences poses the question; is this really the way that climate change campaigners want things to turn out?
This week the Copenhagen climate change summit will hammer away at trying to get agreement on extending emissions controls and if "success" is achieved then President Obama and the world leaders will congratulate themselves on a great step forward.
But the well-intentioned impact, whatever emerges, is unlikely to lead to any significant reduction in global warming. It will however, result in unintended consequences such as those currently enriching the investment bankers. The effects may also be even more economically, environmentally and socially destructive than those of Europe's Common Agricultural Policy.
For a saner climate change perspective, look at the writings of Copenhagen-based Bjorn Lomborg - Google him.
Despite the fact that he lives in the city of the summit he won't get much of a hearing there, but in my view his perspectives and suggested priorities are altogether more convincing and practical for the good of mankind - and are unlikely to enrich bankers, steel magnates or quota-traders in their implementation.
Saturday, 5 December 2009
Arlene Foster's Barnett IREP report - "It's the mindset, stupid"
In 1992 Bill Clinton became President by focussing on a sign on his desk, "It's the economy, stupid". Not a bad general approach for us today but can I suggest a sign for Minister Arlene Foster's desk?
"It's the mindset, stupid" - She might even get to be First Minister!
Professor Richard Barnett's independent review of economic policy demonstrates thorough research, careful analysis, firm conclusions and clear recommendations as to how a "step-change" in policy effectiveness might be achieved towards providing a better life for people in Northern Ireland.
Initial reaction to its launch in September varied from the Belfast Telegraph's hysterical banner headline, worthy of any gutter press red-top, that Invest NI had "wasted" £1 billion of public funds, to a more muted but perhaps more worrying, "welcome" from the Irish Congress of Trade Unions.
I openly admire the efforts of Professor Barnett's team and I do agree that if their recommendations on structural changes were immediately implemented - a mighty big ask, by the way - there is a good chance we would see the hoped for step-change in policy effectiveness.
Unfortunately however, the world of international competitiveness and opportunity has changed significantly, even in the brief time since the report was commissioned.
Frankly, step-change based on structural alteration within DETI just ain't enough anymore. (as Richard Ramsey chief economist of Ulster Bank put it, rearranging the seating plan in the orchestra now that we have the sheet music)
What is needed and needed urgently is not a step-change, but a sea-change in mindset. We have the sheet music and the seating plan - now we need quality entrepreneurial players; highly motivated and with strong positive attitudes towards business establishment and business growth.
This key dimension was only alluded to tangentially in the Barnett report which concentrated on top-down policy change. Bottom-up interventional support is arguably even more important.
Arlene Foster should ask the Professor to follow up his excellent work so far and address the greater problem of how all our people can be brought, through a policy-driven process of sea-change, to a collective mindset of ambition and proud achievement.
Back to the latent ethic of pride, in hard hard work towards economic growth, that in previous generations was an acknowledged character trait of our people.
"It's the mindset, stupid" - She might even get to be First Minister!
Professor Richard Barnett's independent review of economic policy demonstrates thorough research, careful analysis, firm conclusions and clear recommendations as to how a "step-change" in policy effectiveness might be achieved towards providing a better life for people in Northern Ireland.
Initial reaction to its launch in September varied from the Belfast Telegraph's hysterical banner headline, worthy of any gutter press red-top, that Invest NI had "wasted" £1 billion of public funds, to a more muted but perhaps more worrying, "welcome" from the Irish Congress of Trade Unions.
I openly admire the efforts of Professor Barnett's team and I do agree that if their recommendations on structural changes were immediately implemented - a mighty big ask, by the way - there is a good chance we would see the hoped for step-change in policy effectiveness.
Unfortunately however, the world of international competitiveness and opportunity has changed significantly, even in the brief time since the report was commissioned.
Frankly, step-change based on structural alteration within DETI just ain't enough anymore. (as Richard Ramsey chief economist of Ulster Bank put it, rearranging the seating plan in the orchestra now that we have the sheet music)
What is needed and needed urgently is not a step-change, but a sea-change in mindset. We have the sheet music and the seating plan - now we need quality entrepreneurial players; highly motivated and with strong positive attitudes towards business establishment and business growth.
This key dimension was only alluded to tangentially in the Barnett report which concentrated on top-down policy change. Bottom-up interventional support is arguably even more important.
Arlene Foster should ask the Professor to follow up his excellent work so far and address the greater problem of how all our people can be brought, through a policy-driven process of sea-change, to a collective mindset of ambition and proud achievement.
Back to the latent ethic of pride, in hard hard work towards economic growth, that in previous generations was an acknowledged character trait of our people.
Wednesday, 2 December 2009
Where is the Northern Ireland economic "Vision"? - Go on, inspire me!
In 2008 the Irish government decided to position Ireland as an "innovation economy".
Great, but is anything similar happening in the North?
Subsequent difficulties with financial turbulence may have dulled Ireland's focus somewhat, but here are three exciting action signs that this visionary Irish initiative is gaining momentum.
Three actions that should cover the NI government with guilt due to their lack of initiative in providing a clear vision for the economy.
First action; the clear indicator of intent evident in the Spring 09 announcement that the government has signed an agreement with ESB and carmaker Renault-Nissan to radically increase the usage of electric vehicles in Ireland.
Not only does this align Ireland with Israel and Denmark at the forefront of the commercial application of green technology, it also provides a platform for future development of businesses in related areas. There is the additional enormous benefit of branding - Ireland being seen as a leading innovator and thus attracting other innovative initiatives.
The specific business model being used for the roll-out over the next few years was featured in last weekend's Sunday Times magazine - and it looks like a winner. Check out www.betterplace.com/
Second action; the high profile Global Irish Economic Forum held at Farmleigh attracted the interest and continuing attention of powerful, innovative, entrepreneurial world business leaders from the Irish diaspora. There is a Northern (but ignored!) diaspora too.
Third action; Ireland has now secured the hugely important EU research and innovation portfolio, "which resonates very strongly with our own Smart Economy agenda” to quote Brian Cowen. He also said that the Research and Innovation Commissioner, Maire Geoghegan-Quinn, will play a key role in the drive to maintain and create jobs, and stimulate economic growth in Europe.
These three notable actions, together with the overarching vision, inspire me.
In spite of all the obstacles, diversions and difficulties, the people in the Republic have a real vision and economic strategy, led by their much-maligned politicians and being demonstrably implemented. It is actually under way.
In the North, so far as I can see, while small photo-opportunity wins may be achieved, our Ministers and MLAs have no obvious compelling vision or strategy for the economy.
Nothing to excite our imagination. No economic leadership, no vision, no strategy, no action. No inspiration. Just a vacuum. And a mindset of reactivity.
The complete opposite of innovation and entrepreneurship.
Go on, persuade me I'm wrong. I want to be inspired!
Great, but is anything similar happening in the North?
Subsequent difficulties with financial turbulence may have dulled Ireland's focus somewhat, but here are three exciting action signs that this visionary Irish initiative is gaining momentum.
Three actions that should cover the NI government with guilt due to their lack of initiative in providing a clear vision for the economy.
First action; the clear indicator of intent evident in the Spring 09 announcement that the government has signed an agreement with ESB and carmaker Renault-Nissan to radically increase the usage of electric vehicles in Ireland.
Not only does this align Ireland with Israel and Denmark at the forefront of the commercial application of green technology, it also provides a platform for future development of businesses in related areas. There is the additional enormous benefit of branding - Ireland being seen as a leading innovator and thus attracting other innovative initiatives.
The specific business model being used for the roll-out over the next few years was featured in last weekend's Sunday Times magazine - and it looks like a winner. Check out www.betterplace.com/
Second action; the high profile Global Irish Economic Forum held at Farmleigh attracted the interest and continuing attention of powerful, innovative, entrepreneurial world business leaders from the Irish diaspora. There is a Northern (but ignored!) diaspora too.
Third action; Ireland has now secured the hugely important EU research and innovation portfolio, "which resonates very strongly with our own Smart Economy agenda” to quote Brian Cowen. He also said that the Research and Innovation Commissioner, Maire Geoghegan-Quinn, will play a key role in the drive to maintain and create jobs, and stimulate economic growth in Europe.
These three notable actions, together with the overarching vision, inspire me.
In spite of all the obstacles, diversions and difficulties, the people in the Republic have a real vision and economic strategy, led by their much-maligned politicians and being demonstrably implemented. It is actually under way.
In the North, so far as I can see, while small photo-opportunity wins may be achieved, our Ministers and MLAs have no obvious compelling vision or strategy for the economy.
Nothing to excite our imagination. No economic leadership, no vision, no strategy, no action. No inspiration. Just a vacuum. And a mindset of reactivity.
The complete opposite of innovation and entrepreneurship.
Go on, persuade me I'm wrong. I want to be inspired!
Tuesday, 1 December 2009
Courage and personal resilience - Failure is an incident, not an identity
My son John and I are directly involved in helping entrepreneurial enterprises cope with the current turmoil, but difficulties for individuals are not confined to the private sector. I am aware of many public sector employees who are also under serious financial stress due to their involvement in speculation.
On top of all the European property investment it is estimated that up to 10,000 Irish people are exposed, badly exposed, to the Dubai debacle and not all of these are "rash entrepreneurs".
Whatever our occupation, the core underpinning of effective response to current problems must be courage and personal resilience. Do not let an incident or incidents of failure swamp you.
This true story of an incident from some years ago when John and I were struggling to raise capital to save a business illustrates the point.
We were on the 16th floor of some of the most expensive real-estate in London, sitting in an oak-paneled boardroom at a massive table under crystal chandeliers.
The public school, Harvard-educated venture capitalist, whom I will call Henry, pried and probed in a very condescending intimidating way, but still John answered courteously and
capably to every question – except what proved to be the last.
“I recognise that your company has a strong IP position and the financial prospects look good. So good that we feel comfortable in considering an investment. But you failed to complete your last deal, so I have to ask myself ‘Why I should invest in failures like you people?’.”
John jumped to his feet, threw the pencil he was holding at Henry and, with passion, told him that, yes, we had failed with that deal, yes, we had failed at many things and yes, we would fail at many things in the future, but he was not going to sit there and let us be called failures.
We didn’t get the investment.
On the way down in the mirrored elevator, I assured John that I agreed with every word he had uttered and that he should never allow anyone to call him a failure, but: “Son, you shouldn’t have thrown the pencil at Henry”.
John looked me in the eye and spat out: “Will, I wish it had been a brick!”.
We failed to get Henry’s money, but we roared with laughter – and we were certainly not failures.
Failure is an incident, not an identity. Whatever your current personal stresses; remember that - and press on.
On top of all the European property investment it is estimated that up to 10,000 Irish people are exposed, badly exposed, to the Dubai debacle and not all of these are "rash entrepreneurs".
Whatever our occupation, the core underpinning of effective response to current problems must be courage and personal resilience. Do not let an incident or incidents of failure swamp you.
This true story of an incident from some years ago when John and I were struggling to raise capital to save a business illustrates the point.
We were on the 16th floor of some of the most expensive real-estate in London, sitting in an oak-paneled boardroom at a massive table under crystal chandeliers.
The public school, Harvard-educated venture capitalist, whom I will call Henry, pried and probed in a very condescending intimidating way, but still John answered courteously and
capably to every question – except what proved to be the last.
“I recognise that your company has a strong IP position and the financial prospects look good. So good that we feel comfortable in considering an investment. But you failed to complete your last deal, so I have to ask myself ‘Why I should invest in failures like you people?’.”
John jumped to his feet, threw the pencil he was holding at Henry and, with passion, told him that, yes, we had failed with that deal, yes, we had failed at many things and yes, we would fail at many things in the future, but he was not going to sit there and let us be called failures.
We didn’t get the investment.
On the way down in the mirrored elevator, I assured John that I agreed with every word he had uttered and that he should never allow anyone to call him a failure, but: “Son, you shouldn’t have thrown the pencil at Henry”.
John looked me in the eye and spat out: “Will, I wish it had been a brick!”.
We failed to get Henry’s money, but we roared with laughter – and we were certainly not failures.
Failure is an incident, not an identity. Whatever your current personal stresses; remember that - and press on.
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