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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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Success in the workplace depends on your ability to build a team, as well as to interact with others on that team. Together, people are able to accomplish what one person alone can not. This is known as synergy.

Following are the characteristics of a Good/Effective team:

  • A clear, elevating goal: This is a goal which has been communicated to all.

  • A results-driven structure: The goal has been jointly decided by all the team members. They are fully committed towards achieving it.

  • Competent members: Each team member has the required skill set in order to achieve the team objectives.

  • Unified commitment: There is nothing happening in silos. With the total commitment from team members, achieving organizational goals becomes easier.

  • A collaborative climate: Commitment from team members and a good leadership leads to a collaborative team with a productive work environment.

  • Standards of excellence: Quality orientation is vital to the success of any organization.

  • External support and recognition: Appreciation as well as appraisal is required to keep the morale of the team high.

  • Principled leadership: Leadership defines a team. A good leader can chart the team’s path to success.

  • Each team member participates actively and positively in meetings as well as projects. This shows a person’s commitment as well as understanding towards a project.

  • Team goals are clearly understood by all: Communication is vital for achieving successful completion of any project.

  • Individual members have thought about creative solutions to the team’s problem. Thinking out of the box is vital in today’s economic scenario.

  • Members are listened to carefully as well as given a thoughtful feedback. Listening is an important skill for any team. Each team member is important. The thoughts and ideas of each team member have to be listened to, with respect, no matter how silly they may sound at first.

  • Everyone takes the initiative in order to get things done. There is no concept of passing the buck. This is an indication of clear communication leading to understanding of individual responsibilities.

  • Each team member trusts the judgment of others: Mutual trust and respect is highly important for the team. This is the only way to achieve the organization goals.

  • The team has to be willing to take risks: Risk taking is an attitude which comes with confidence. Confidence on yourself as well as on the team, besides the ability to face all consequences.

  • Everyone has to be supportive of the project as well as of others. A team is one unit. Unless these cohesive forces are there, the team will never be able to work efficiently enough.

  • There is ample communication between the team members.

  • Team decisions are made by using organized as well as logical methods.

  • Dissenting opinions are never ignored: In fact, they are always recorded in order to be revisited in case the future situations dictate so.

  • Teams are given realistic deadlines: External support as well as aid is vital to the success of any team.

An efficient team needs support from both inside and outside. It needs to meet the individual needs of its members in order to achieve the organization’s goals.

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