Billionaire investor and Berkshire Hathaway Vice Chairman Charlie Munger got where he is by prioritizing "worldly wisdom," writes Tren Griffin in a new book. That means developing mental models based on multiple disciplines such as physics and philosophy, then using those frameworks to gain a deeper understanding of the world around you. "Munger believes that by going over your decision-making process and carefully using skills, ideas, and models from many disciplines, you can more consistently not be stupid," Griffin writes.
A "micro-hybrid" powertrain will replace the hybrid or electric powertrains used in cars today, according to MaryAnn Wright, vice president of technology and innovation for Johnson Controls Power Solutions. The company will manufacture the lithium ion batteries necessary for such a powertrain in its plant in Michigan. The first micro-hybrid cars should appear in Europe because of higher fuel costs and stricter emissions standards there, Wright said.
There are advantages and disadvantages to working within a matrix organizational model, where a worker is accountable to more than one boss. The downside is that too many managers can become overly bureaucratic and stifling. The plus side is that such structures excel at customer focus. Priscilla Claman, president of Career Strategies, offers several areas to consider when applying for jobs with this type of management.
Risk management and innovation might seem to be opposing goals for a company, writes Steve Culp, managing director for Accenture Risk Management. However, there are benefits to joining the two functions. "When properly fused, the two disciplines can help organizations pursue opportunities that a risk-averse culture might leave on the cutting room floor," Culp writes. He provides three principles to link risk management and innovation in a company.
Virgin Group founder Sir Richard Branson is known for taking on challenges big and small, but the mega-marketer says leaders from firms of all sizes can help solve some of the most striking problems facing society. "Responsible capitalism is trying to think of ways in which you can invest proceeds from your company into ventures that benefit the environment," Branson says. He suggests a divide-and-conquer approach, whereby smaller companies could tackle local problems while slightly bigger companies target national issues and larger corporations battle international challenges.