The Hindu Business Line : Stir out of comfort zone

Individualism, isolation and inactivity. Break out of this ‘I’ problem and adopt the ‘S’ solution, advises Jennifer Openshaw in ‘The Millionaire Zone: Seven Winning Steps to a Seven-Figure Fortune’ ( www.landmarkonthenet.com ). ‘Supported, surrounded, and sure of yourself’ are the words in her S-framework to help you with a safety net. ‘LifeNet,’ as she calls it, has your life’s network of familiar people, places and resources, to assist you in building your net worth.

Let people know your business, urges Openshaw. As you open up with those closest to you, you will get more support and insight than you ever imagined, the kind that will make you feel better and more confident about what you’re venturing into, she assures.

“Rather than being laughed at or misunderstood, you may find that people are not only encouraging but may share with you their own passions and dreams.”

The next step, the author guides you through, is to redefine your comfort zone. “Many people are just too afraid to step beyond the realm of what they know, even if what they know it doesn’t make them very happy,” she laments.

The longer you stay in your current comfort zone, the more likely it is you’ll see change as a threat, Openshaw cautions.

Quality read for those who’d like to take the leap.

Balance your exchanges

Your wealth and fulfilment in life are expressions of your heart, mind, and soul, says John F. Demartini in ‘How to Make one Hell of a Profit and still get to Heaven’ ( www.hayhouse.co.in ). “The more the latter are awakened, the more the former may be elevated,” he adds. “In other words, incorporate your heart, mind, and soul into your business. Put your spirit into your work. Pour on your inspiration.”

One of the first lessons in the book is that of the fair exchange principle. Payment is due when service is rendered, the author reminds. “At the very moment a service is rendered, payment must be made. That’s one of the secrets of being present, and it’s an ancient secret that helps build a powerful and wealthy consciousness.”

Keeping your exchanges consciously balanced is a simple and powerful technique to increase both your material and mental value, advises Demartini. “You can sabotage hours, days, months, even years of your life by accumulating imbalanced exchanges,” he warns.

When you do something for nothing, or for less than it’s truly worth, you lower your self-worth and also rob the recipients of dignity and responsibility by making them feel consciously or unconsciously indebted to you, Demartini explains. “Likewise, you’ll feel devalued if someone asks for less than they really deserve from you.”

Insights of tremendous value.
Privatisation problems

State-owned enterprises (SOEs) are generally adversely compared to the private sector. However, the root causes of their inefficiency – viz. the principal-agent problem, the free-rider problem, and the soft budget constraint – are not unique to SOEs, argues Ha-Joon Chang in ‘Bad Samaritans’ ( www.randomhouse.co.uk ). Large private-sector firms with dispersed ownership can also display these foibles, he adds, while discussing the pitfalls of privatisation.

“The first challenge is selling the right enterprises,” says the author. “It would be a bad idea to sell public enterprises with natural monopolies or those providing essential services, especially if the regulatory capability of the state is weak.”

Another problem is of the right price. Selling at the right price is the duty of the government, as the trustee of the citizen’s assets, observes Chang. “If it sells them too cheaply, it is transferring public wealth to the buyer… If the wealth transferred is taken outside the country, there will be a loss in national wealth.”

To get the right price, the privatisation programme must be done at the right scale and with the right timing, he advises.

For instance, a ‘fire sale’, which sees the disposal of too many enterprises within a short time affects prices and weakens the government’s bargaining power.

“This is what took place in a number of Asian countries after the 1997 financial crisis. What is more, given the fluctuations in the stock market, it is important to privatise only when the stock market conditions are good.”

Recommended addition to the professional’s shelf.
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