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OCTOBER 2008
“One doesn’t discover new lands without consenting to lose sight of the shore for a very long time.”
-André Gide, French Nobel Prize winning novelist
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| HSM NEWS |
The World Business Forum in New York City Turns 5!
September 23rd and 24th saw a spectacular 5th annual World Business Forum take place in New York City. 4,500 attendees from 1,400 companies and over 50 countries came together, as 20 global leaders appeared on the Radio City Music Hall® stage over the course of two inspiring days.
Click here to see some of the highlights of the event and discover what’s coming next in the 2009 event. |
| TIPS FROM THE TOP |
Stephen Covey is the most valued expert in human performance management worldwide. Author of the bestseller The seven habits of highly effective people, which has sold more than 14 million copies, has been published in 38 languages and available in 75 countries, Covey states the six actions all leaders should take to empower their team:
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Define a purpose. Ensure that everyone in an organization understands his or her roles and responsibilities. Clearly articulate to employees why their work is important and set expectations ahead of time. |
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Promote teamwork. When employees are given a chance to contribute ideas, better solutions emerge. Teamwork is best recognized in a culture where everyone’s voice is heard. |
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Find and inspire trust in others. By recognizing everyone’s contributions to the team, dividing up tasks becomes simple. Understand that every member of a team brings valuable experience. By harnessing that experience, employees begin to feel ownership. |
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Unleash potential. While policies and procedures are important, following the rules too closely can lead to stifled ideas. Some of the best ideas come from new ways of thinking. |
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Understanding your employees’ needs. The growth of a staff is integral to the growth of the business. When a leader understands employees’ dreams and aspirations, they feel that they are being heard. |
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Provide recognition. As a leader, communicate worth and potential so employees can do their best work. Recognize employees for a job well done. |
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| MILLION DOLLAR TALES |
TERRACYCLE
At a Glance |
| 2.5 million bottles of fertilizer sold in its history |
| $3.3 million in sales in 2007 |
| $4.5 million in sales to date in 2008 |
| $8 million in estimated sales in 2008 |
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TERRACYCLE
No Waste Innovation
Get waste, package it in more waste and sell it. This outlandish idea was the project Tom Szaky and Jan Bayer presented in a business plan competition, while they were freshmen at Princeton University in 2001. Today, this idea of turning waste into a profitable business has become Terracyle, a company with more than seven years in the market. Naturally, they won the business plan competition and have since been working on a very ambitious vision: eliminate the concept of waste from people’s minds.
Szaky and Bayer’s production process has three phases: process organic waste with worms, bottle the “worm poop” and commercialize it as organic fertilizers. They get their packaging bottles through recycling campaigns at elementary schools to which they pay 5 cents per bottle collected. The spray tops are waste from other companies which they get at a very low price, and the boxes are usually other companies’ misprints. This is why it is common to find their products in different kinds of packaging in stores. The process is truly innovative and they only use one input for their product: waste.
In its fifth year in the market, Terracycle reached over a million dollars in sales. Today their products can be found in chain stores such as Wal-Mart, Target, Home Depot, and Office Max. In the last year, they have multiplied their available products five times over; seven products available in 2007 have grown to a current total of 50, such as pencils made of newspaper and bags and backpacks made out of juice pouches. Their recent alliances with Kraft and Coca-Cola provide two great suppliers of raw material, with which they are determined to keep establishing the bases for eco-capitalism. Through the success of their company, Szaky and Bayer have demonstrated that when innovation and talent are brought together behind a great idea even waste can be highly profitable.
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| DELVING DEEPER |
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| Former CEO and Chairman of Honeywell International Inc., Larry Bossidy learned the art of execution through his decades as a successful leader. In his 34-year career at General Electric, he rose to vice chairman and brought the company back to double-digit growth. The lessons of his exemplary career have made his book, Execution: The Discipline of Getting Things Done, a business classic. |
 To read more about the art of turning strategy into results,
please Click here to download the PDF |
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| SIXTY SECOND INSIGHT |
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| Clayton Christensen, world-renowned for his work on innovation and disruption, is the Robert and Jane Cizik Professor of Business Administration at Harvard Business School. In this section he explains how certain characteristics of family environment during childhood can promote the development of a creative mind. |
 Click here to watch |
| SPECIAL EVENT |
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| PODCAST |
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| Author of The Five Dysfunctions of a Team, Patrick Lencioni specializes on executive team development and organizational health. Described by Ken Blanchard as “fast defining the next generation of business thinkers”, Lencioni explains the aspects of a healthy organization. |
 Click here to listen |
| RECOMMENDED READING |
THE NEW AGE OF INNOVATION: Driving Cocreated Value Through Global Networks
Authors: C.K. Prahalad y M.S. Krishnan
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“Prahalad and Krishnan argue that to create value in a flattening world, companies must develop highly flexible innovation strategies that 'fold the future in'. To do this, they must partner with truly global networks of partners and customers—and rethink everything from their core capabilities to their corporate culture. Prahalad’s and Krishnan’s book is a compelling roadmap for this next phase of globalization.”
—Craig Mundie, Chief Research and Strategy Officer, Microsoft
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| UPCOMING EVENTS |
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| WORLDWIDE |
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