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31 Sep 1399 Sep 21 2020

The Role of Time in Business

The Role of Time in Business

The Role of Time in Business

Abstract:

Businesses focusing on timely delivery of goods and services cannot tolerate delays. In the capital markets, millions of stocks are traded every minute. The 24-hour news network bombards us with information. Blogs and tweets create a ton of instant commentary. A fast-paced trade without automatic interruptions could lead to market failure, such as what happened on May 6, 2010. But one question is, is ignoring the value of people's time is so bad and destructive?

The Role of Time in Business

Experts always warn people not to take a moment to make a decision about buying. Businesses feel the need of more creativity which hesitation can be helpful in this case. Innovation area writer Steven Johnson claims that some of the best new products are those that are being developed gradually. Nestle's idea of selling coffee in small containers was not welcomed for decades, but now it's worth billions of dollars.
These thoughts are inspired by two studies on management theory: One of them is an unpublished article at the Academy of Management magazine by Brian Gonia from Johns Hopkins University and another by Frank Partnoy from the University of San Diego, a famous book, Wait: The Art and Science of Delay. Mr. Gonia and three of his colleagues demonstrated that the slow pace of work would make us more ethical. People, when faced with a clear choice between good and bad, are five times more likely to do the right thing than they would have to make a quick decision, if they have time to think. Organizations that need quick response (such as banks) are more likely to be involved with moral issues. The authors suggest that companies should take more time from the allotted time to calm down and relax, or consider different levels to take important decisions.
Instead of permanently trading shares, Warren Buffett, the world's most successful investor, retains it for a long time.
Instead of permanently trading shares, Warren Buffett, the world's most successful investor, retains it for a long time. "This tranquility close to laziness is the cornerstone of our investment style," he writes. Calm, hurry up!
Procrastination can even be useful in areas where the time element is important. As the Atul Gawanda is described in The Checklist Manifesto, this list reduces the speed of their work and makes people more regular and more systematic. Mr Partnevi says people should learn how to manage delays, as they have learned other issues. Sometimes procrastinating in doing works is very wise. The craziest things that are imposed on us in a short time can sometimes destroy us. However, reasonable time-management rules apply to those who postpone their work, as well as the rest of the population. Problems that get worse when overlooked, should not be delayed, such as credit card bills.
This approach looks pretty clever. But Mr. Partnoy has the right to alert the growing obsession with businesses.
He also has the right to look at pessimism with the popular saying among managers that time can be divided into pieces with equal values.
The secret of the activities of modern minds is that these minds need a combination of speed and slowness. People whose work requires intense intellectual activity may hesitate for a while, but at a moment they are exposed to a spark of insight or creativity explosion. If you forget all the deadlines, you will be left with doubts and doubts. If you are too busy with the deadlines, you will be alone with a fast-paced mind!


 



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