Business thinking between the covers

Saving Capitalism from Short-Termism – How to Build Long-Term Value and Take Back our Financial Future

by Alfred Rappaport

McGraw Hill €24.99

THE PROBLEM with short-termism is that it involves choosing courses of action that may appear best in the immediate future but which are at best suboptimal and at worst downright destructive in the longer run.

That's the central message in this book by Alfred Rappaport, a professor at the Kellogg School of Management, best-known for his earlier work Creating Shareholder Value.

The most recent global financial crisis provides a perfect example of how short-termism can destroy value, and the author examines the role of the various culprits.

One of the major issues here was the erosion of trust.

Trust, he notes, greatly reduces the cost of transacting business, thereby increasing economic efficiency. The converse naturally applies.

The second half of the book provides an agenda for change that includes incentivising senior management and investment managers to take better longer-term decisions.

Rappaport is very concerned about the excessive focus of the financial community, including the business media, on short-term results at the expense of long-term value.

Here he has produced a well-researched and coherently argued work.

Evolve – Look Within Yourself for Business Success

by Paul Davis

Oak Tree Press €12.95

THE IMPORTANCE of finding your authentic self and developing your career and life in a positive manner around your key qualities is the central theme of this book from business consultant Paul Davis. The author places emphasis on the need for values and spirituality in the quest for contentment and success.

Too much conscious thinking clouds our actions, leading to inaction or despair, he notes.

Successful business people, he suggests, follow their intuition and maintain a positive and optimistic attitude. The advice here is to listen to your subconscious mind through the practice of meditating.

Written as a very practical self-help guide, Evolveshould prove useful to those experiencing self-doubt or difficult challenges in their business or personal lives.

Jack – Business Lessons from Life, Life Lessons from Business

by Blaise Brosnan

MRI, Wexford €19.99

PARABLES WITH at times biblical undertones permeate this unusual volume from Wexford-based management consultant Blaise Brosnan. Brosnan has adopted the technique of using a fictional character, Jack, to impart stories about coping with the challenges of life and business. For the most part it works well, and Brosnan reveals himself as a fine storyteller with a keen eye for detail and observation about human nature.

The narrative starts with Jack’s parents struggling to raise a family in rural Ireland in the 1950s and the sacrifice of Jack’s mother to provide an education so he can break out of the narrow confines and limited opportunities that otherwise face him.

Each chapter has a summary at the end, underlining key lessons learnt from the challenges faced by the characters.

There are various twists and turns in Jack’s life as he emigrates foolhardily to a navvy life in Liverpool and London before hatching a plan to save college fees, make peace with his estranged family and qualify as an engineer. He then embarks on a successful career and marriage, always learning something along the journey.

Packed full of life lessons, the book stops short of preaching but concludes that success and happiness come from being true to yourself and having meaningful values.