April 21-27, 2010
THE MICHIGAN CHRONICLE
In business and athletics, ‘Cinderella’ success stories are products of long-term commitment to a shared goal
By Lee E. Meadows
Few would argue that, in
recent years, the world of busi- ness and sports have operated less like Mars and Venus, sepa- rate but equal, and more like “Twin Peaks,” separate, but connected by a common base. The most recent NCAA men’s basketball tournament was a bizarre display of predictions gone wild. Yet, it was interest- ing to listen to the surrounding dialogue pertaining to building blocks, teamwork, consistency and the ultimate prize. In doing so, the NCAA basketball tourna- ment provided some unique in- sights that have a direct bearing on how a business can achieve consistent success.
Most coaches would agree
that it is difficult to build long- term success without having the commitment of individuals who take a long-term view of success. As several of the top seeds fell short of their tourna- ment goals, the focus shifted to discussions as to whether or not certain team members would be around to help their team make another run. Sports reporters asked several of the recognized “stars” if they would be back or if they planned to make them- selves eligible for the NBA draft. All the remorse about “not play- ing with my team members ever again” or I hoped to have won a championship before moving
knowing that long-term success could be compromised?
The tournament also pro-
Lee E. Meadows
on” becomes a little hard to hear since at the root of the issue was the intentional short-term path to achieve a long-term goal.
Now, no one would begrudge
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a person trying to maximize the full use of his or her talent in order to secure a bright future. However, it does present prob- lems for coaches, or managers, who have a long-term vision for their program. Do you re- cruit the exceptionally talented and, obvious, short-term player who can provide instant suc- cess? There is no denying that short-term players can provide a quick turn around, but it can wreak havoc on the founda- tion. At a time when there is an abundance of talent available, is it in the best interest of the business organization to go with the talented short-term player
duced more than its share of “Cinderella” teams. When looking at some of the fac- tors these teams shared, the one that stands out the most is the willingness to commit to a long-term goal. Several of the “Cinderellas” were composed of team members who have played together across the four years of their eligibility and who have been able to measure their success in incremental steps on a long path to recognition. Rather than lose a “star” to the NBA, they maintained commit- ment to each other and over- came the challenge of more talented opponents.
The “Cinderellas” make the
case for recruiting for commit- ment and developing talent as opposed to the short-term lure of the “star” who is just passing through your galaxy. Indeed it was fun to watch the two com- peting philosophies work their way through the NCAA tourna- ment. As CEOs and other lead- ers cheered and cajoled their bracket choices, the successful “Cinderella” teams taught us real-life lessons of how to main- tain a competitive edge.
Lee E. Meadows is a profes-
sor of management at Walsh College and the author of two books. He can be reached at
lmeadows@walshcollege.edu.
YOUR MONEY MATTERS
Know the facts about advance-fee loans
If you’re looking for a loan
or credit card but don’t think you’ll qualify, you may be tempted by ads and websites that guarantee loans or credit cards, regardless of your credit history. However, should you apply, you will likely find out that you have to pay a fee just for the promise of the loan.
If you have to pay a fee for
the promise of a loan or credit card, more than likely you’ll get just an application for a credit card, a stored value or debit card, or a card that has so many strings attached, it’s practically worthless.
Consumers should be aware
of the following: • A lender who isn’t interested
in your credit history is cause for concern. Ads that say “Bad credit? No problem,” “We don’t care about your past. You deserve a loan,” “Get money fast,” or even “No hassle – guaranteed” often in- dicate a scam.
• If disclosures about fees aren’t clear and prominent, take your business elsewhere. Scam lenders may say you’ve been approved for a loan, then call or send an e-mail demanding a fee before you can get access to any money.
• If the offer of the loan is made by phone but you have to pay before you get access to any money, it’s illegal. It’s illegal for companies doing business in the U.S. by phone to promise
ing & Conference of the CRA (Community Reinvestment Act) Association of Michigan will be held May 20-21 in Ypsilanti.
The theme of the conference
is “Community Development: Challenges and Opportunities in a Changing Economic Envi- ronment.”
“We are targeting nonprof-
its, small business owners, and individuals interested in learning what’s going on in the hous- ing and mortgage industry, as
well as economic development projects across the state,” said Loretta Gary Smith, Comerica Bank vice president of Public Affairs and Community Rein- vestment Act manager.
“Also, anyone who is inter-
ested in being trained to be a financial literacy instructor, in order to teach financial litera- cy through their organization, we are offering this training to participants during the confer- ence.”
In addition to Comerica
you a loan and ask you to pay for it before they make good on their promise.
• A lender who asks you to wire money or pay an individual is questionable at best. Don’t pay a person for a loan or credit card directly; legitimate lenders don’t ask you to do that. In ad- dition, don’t use a wire transfer service or send money orders for the promise of a loan. You have little recourse if there’s a problem with a wire transac- tion, and legitimate lenders don’t pressure their customers to wire funds or send them by courier.
Source: Federal Trade
Commission. For additional information, please visit www.ftc.gov.
CRA Associations of Michigan hosts annual conference May 20 & 21
The ninth annual Joint Meet-
Bank, other sponsors of the conference include Chase, Bank of America, Federal Home Loan Bank of Indianapolis, Huntington Bank, Nehemiah Community Reinvestment Fund Inc., TCF Bank, Michigan State Housing Development Author- ity (MSHDA), and Fifth Third Bank.
The conference will be held
at the Marriott East Conference Center & Resort in Ypsilanti. For additional information, please contact Loretta Smith at
lgsmith@cramich.org.
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