It’s clear to me why some people are successful and others aren’t: focus, delegation and engagement. People need to be focused to be able to see the path, or least the way to the path, to success. They also need to be able to delegate responsibility and to know how to relate to colleagues and keep them engaged.
I believe that most companies aren’t able to keep employees, partners and colleagues focused and have a very difficult time delegating. It’s especially a problem for many in the hedge fund business – especially those running new funds and those in the break-out stage. New funds don’t want to—or think they can’t afford to — spend to build the infrastructure they need to grow and as for those that are on the verge of breaking out? Management likes to stay in control.
Over the last 15 years or so, I’ve had the luxury of spending significant amounts of time with managers of all shapes, sizes and strategies and it’s clear that focusing on just one aspect of the business rather than every aspect is what separates winners from losers.
At Operations for Alternatives last week, we spent a lot of time talking about engagement and focus. The program and many individual sessions were built around how organizations define roles, delegate tasks and accept responsibility. Some get it and others don’t. It’s my opinion that those that do will survive and those that don’t will die. Sure, it’s hard to delegate, to focus and to keep people engaged, but they’re the three most important things to attend to.
THINGS THAT DRIVE ME CRAZY
Nobody likes to talk face to face anymore. I was out to dinner with my family the other night and noticed that the tables on both sides – one a family of four, the other a family of five — spent the entire time on their iPads, iPhones, or some device or other. I’m not sure whether they were texting, reading or just playing games, but it was an awful sight. And, alas, it’s becoming the norm. It‘s clear that the device genie is out of the bottle and we need to put her back. Using devices at the table has got to stop. There’s always something to talk about, especially with your family. Parents need to put an end to this. They need to remember that being a mom or dad means more than just sitting with the kids; it means both talking with them and, what may be more important, listening to them.