Strategic Management For Intrapreneurs

STRATEGIC MANAGEMENT FOR
INTRAPRENEURS
by :
DR. T.K. JAIN
AFTERSCHO☺OL
centre for social entrepreneurship
sivakamu veterinary hospital road
bikaner 334001 rajasthan, india
FOR – CSE & PGPSE STUDENTS
(CSE & PGPSE are free online programmes
open for all, free for all)
mobile : 91+9414430763
5 DECEMBER 09 www.afterschool.tk 1
My word.....
My purpose here is to give a few ideas about strategic

management for intrapraneurs. Read a lot. Be an
intrepreneur, change the society, change the world. Go
with positive spirit. Please pass this presentation to all
those who might need it. Let us spread knowledge as
widely as possible. I welcome your suggestions. I also
request you to help me in spreading social
entrepreneurship across the globe – for which I need
support of you people – not of any VIP. With your help, I
can spread the ideas – for which we stand....
What is strategic management?
How do you decide the future of your

company?
How do you decide the activities that your
company will do in next 5 /10 /15 /20 years ?
How to formulate strategy?
Before you formulate strategy – know about

your enviroment,
prepare your mission, vision
then prepare your objetives
then choose the strategy out of a wide variety
of options available to you.
Who undertakes strategic
management?
Top management
board of directors
consultants
Advisors
Strategy consultants
How to have a good team to
formulate strategy?
Have people from diversified backgrounds
have those persons who have wide experience
and better understanding of economic,
political, social and technological trends
Take up views of industry leaders / experts
about what is going to be the direction of the
world.
How to frame strategy ?
Undertake SWOT analysis
prepare detailed projections about future
Undertake trend analysis
Collect data about industry, firms, competitors,
customers, suppliers and important
stakeholders
Prepare long term vision of the company (what
you want your company to be after 10/20/30
years)
Is strategy rigid or flexible ?
Strategy is for long term – so it has to be stable

one.
For short term, we have tactics – which keep
changing with the changing environment.
Strategy is based on overall policy of the
company, which has to be a stable one (of
course, with change in environment, you may
have to change it also).
What is environmental analysis ?
Before formulating strategy, study the

environment thoroughly. Strategy cant be
formulated in vacuum. There are 2 components
of environment : 1. macro (overall economy,
world) 2. micro (each unit individually)
we can also call it – 1. external 2. internal
environment analysis
What is environment?
environ=what surrounds you
The forces surrounding you – for example, if
you are a company in finance, the overall
financial policies of the government, RBI,
SEBI, other bodies – is all that we call as
environment
similarly, if you are working in insurance
sector, then the environment consists of the
rules regulations of government, IRDA, etc.
What is the best way to analyse
environment ?
Go systematic – write down all the forces – with their
positive or negative impact
the forces are :
PESTLE
p= political forces (government etc)
e=economic (RBI policy, Budget, etc.)
s=society (social trends)
t=technology (change in technology)
le=(legal forces, law, etc.)
Example : Environment analysis
of Anant Raj Industries Ltd.
P = stable government, so real estate prices likely to go up
E = high inflation rate cause of worry, but liberal economic
policies & VI pay and other benefits will create demand for
housing
S=nucleas family system, changing social values will give
philip to housing
T=low cost housing technologies are developing – which will
reduce cost of construction
L=legal system is being change in favour of property
developers – thus it is good
Environmental analysis ....
The previous slide give only a small number of

cases of environmental analysis. In reality, the
environmental analysis will go into many
pages – as it is very complex and detailed
analysis is required before formulating a
strategy
WHAT IS STRATEGY ?
Strategy is a unified comprehensive course of

action which you plan for achieving your
objectives considering the business
environment, your resources and your
capabilities.
Strategy is for long term and enables you to
achieve your goals.
What are the types of strategies?
There are 3 levels of strategy :

1 corporate level
2. business level
3. functional level
Corporate level strategies
It is framed at corporate level.

If you are working in a group, there are many
units in that group, you have to formulate
strategy for the group as a whole.
Business level strategy
It is formulated at each unit level (SBU level)
SBU = strategic business unit
there may be different strategy in corporate
level and business level.
For example : you may go for expansion in
corporate strategy, but may go for
retrenchment of an individual unit (which
might not be growing).
What is SBU?
A strategic business unit is one unit of the

company, which has the power to take strategic
decisions. These decisions are about the
products the company can offer, the market the
company can serve and the technology the
company can use. These decide the future of
the business definition of the company
Exmaple of SBU?
Birla group is a diversified corporate group. It

has many SBUs. For example, Hindalco is one
SBU of Birla group. It can formulate its own
strategies within the corporate strategies
formulated by the group as a whole.
What is business definition?
What needs are you fulfilling (through your

products / services)?
What market are you serving ? (or who are
your customers)
What technology are you using (or how are
you delivering delight to the customers?)?
Functional level strategy ?
It is formulated at functional level.
Here we are looking at the functions of the
organisation and define each functional
objectives and strategies :
for example : for marketing deparment, the
strategy may be to get highest market share
for finance department : the strategy may be to
have highest ROI.
What are different functions ?
There are different functions that are performed by the
company :
1. marketing
2. finance
3. production / operations
4. accounting 5. human resource management
6. information technology
strategy at each of these level is called functional strategy.
A company can have different functions than those listed
here.
What are the grand strategies ?
There are 4 types of generic strategies :

1. expand
2. diversify
3. stability
4. mix of above three strategies
Porter's classification of strategies
There are three types of strategies :

1. focus
2. differentiation
3. cost leadership
What is FOCUS ?
Focus on niche market / small segment of

market
put all your efforts to develop the services of
this small market segment
example : Mercedes / BMW focus on
premium segment
What is differentiation ?
Differentiate your products from your

competitors
example : Dettol is better germ killer than other
soaps in the market
What is mission of the
organisation?
The ultimate goal is the mission of the
organisation. Mission is defined in terms of the
ultimate services the company wants to fulfill.
It is similar to purpose.
Example : Apollo hospital has the mission of
providing good quality health care facilities to
people
What is vision ?
Where do you want to see your organisation

after 5 / 10 / 15 years.
Vision means what you visualise for your
organisation in the long term.
Vision is defined in terms of the future status
of the organisation.
What is the objective of the
organisation?
The end state that the organisation wants to

achieve in the long term is called objective of
the organisation.
Example : After 10 years, Tata Motors want to
be the number one commercial vehicle maker
in the world.
What is strategic Intent?
Intent = desire / aspiration / dreams
no progress without DREAMS
here we want concrete, well defined, written
and realistic dreams.
These dreams are spelled out in terms of
objectives, goals, mission, vision and purpose.
Thus Strategic Intent includes all the terms that
we have discussed so far.
What are steps in strategy
formulation ?
Formulate your mission / purpose
undertake environmental analysis
undertake analysis of competitors, industry scenario
and identify your competencies
look into different strategic choices for you
select the best strategy
decide about strategy, objectives
formulate implementation plan
review your strategies and your progress.
How to undertake environmental
analysis ?
There are two environments :

external and internal
you have to undertake thorough PEST Analysis
for external environment.
What is PEST ?
Political
Economical
social
Technological environment
study the trends, processes, and directions so
that you may formulate appropriate strategy
What is SWOT?
S= strengths
W= Weakness
O = Opportunity
T=Threat
It is also called TOWS matrix
prepare this so that you know about your
external environment
What is SAP?
Her SAP =Strategic Advantage Profile

Here we prepare a profile about how our
company is superior in comparison to other
companies. Here we are looking at the
environmental aspects and preparing the
strategy which can relate our strengths to our
opportunities. It enables us to focus on our
competencies (strenghts) and how to use them.
What is crucial in behavioural
implementation of strategy?
People must understand, imbibe and follow the

strategy.
For this, change the leadership style, culture,
and overall environment in the company.
What are the most popular options
?
INTEGRATION AND DIFFERENTIATION
(these are not mathematics terms here).
Integrate = connect yourself well with your suppliers,
customers and entire value chain
Differentiate = identify how you are different from
your competitors and how you can be superior in
delivering products / services in comparison to your
competitors. Try to see that this differentiation is clear
to your customers also (not just to you alone in this
world).
How to set objectives?
Involve people in strategy objective
formulation
ensure that people set their own objectives and
become responsible for achieving them.
The objectives should be concrete, verifiable,
reviewable, practical, and achievable.
The objectives should be written down in
BOLD.
objectives...
We follow multiple objectives

we follow a hierarchy of objectives (with clear
priorities)
the objectives give us direction that we need.
Objectives should be understandable, time
bound, clear, and expressed in terms of
achievable deadlines.
What is turnaround ?
Converting sick unit into a profitable unit is

called turnaround.
Turnaround strategy focuses on cost reduction,
process improvement, better networking etc.
How do you undertake strategic
analysis ?
Undertake PESTLE analysis
undertake PORTER'S 5 forces analysis
undertake MCKINSEY 7 S analysis
undertake SWOT (or TOWS) analysis
generate strategic ALTERNATIVES
other tools
PORTER'S 5 FORCES
1. Suppliers
2. customers
3. substitute products
4. potential entrants
5. competitors
A CLOSE STUDY OF ALL THESE FORCES
WILL HELP YOU IN FORMULATING
YOUR STRATEGIES
BARGAINING
Suppliers, customers, have bargaining power. Porter's

model presents us an analytical perspective. If you
working in large scale, you have advantage. If you
have good network with suppliers, you have
advantage. It is also important to study the switching
cost of these parties – if they want to switch over to
new parties. Before formulating your strategy, you
have to understand your 5 forces, so that later you
dont face any problem.
How to undertake internal
resource analysis ?
List down all internal resources

identify your unique capabilities, competencies
and your superior delivery methods.
Identify your CSF (critical success factors)
undertake VALUE CHAIN ANALYSIS
use BALANCED SCORECARD ANALYSIS
What is CSF?
Every business requires some key capabilities

for its success. Identify the capabilities that you
have and which can enable you to succeed in
the business.
Example : heritage hotels in Bikaner are
successful due to their unique looks,folk art,
cultural symbols, art and craft.
Some examples of CSF ?
Better organisational culture

Lower employee turnover
Lower production cost
Better quality
Locational factors (like Bhujia of Bikaner)
Better training of employees
Younger staff
What is Value Chain Analysis ?
Identify the value chain in each product.

Identify the contribution of each element in the
value chain. Value chain = the complete chain
of intermediaries from origin to consumption.
Example : for carpets – the value chain starts
from sheep rearers, wool traders, and includes
thread makers, carpet weavers, marketers and
ends at the last retail store that sells the carpet.
Example of value chain analysis
Look at Bikaji = leader in Bhujia and Sweet
industry from Bikaner
look at their inbound logistics (wherefrom they
procure raw material)
how do they process the raw material
look at their outbound logistics (whom they
supply)
how do their marketing / distribution
department work ?
What is balanced score card?
There are 4 factors in balanced scorecard :
1. Financial component = contribution in
terms of profitability
2. Organisational component : = leadership,
innovation, change management
3. Customers = new customers added, and
services to existing customers
4. operations = product development /
improvement etc.
Benchmarking
It is also a good tool for study of the
organisational processes. Compare your
processes with an icon. You can set your
performance standards and try to achieve those
standards.
Example : an MNC benchmarked itself with
SEWA in terms of commitment of employees
and dedication. It was very successful in its
efforts.
How to undertake benchmarking?
It requires top management support

there must be agreement between the two
companies
benchmarking involves sharing, ideas and
opinoions
employees must be willing to learn and change.
Other methods....
There are many other methods like :
qualitative assessment – find overall feel of
employees, capture their subjective assessments
try to identify the sentiments of employees and frame
objectives and strategies, which can involve
employees
undertake surveys, identify the gaps.
Use tools like OD interventions, identify the areas
where you can develop the organisations.
How to undertake SWOT ?
Identify your strengths – note it down – relate
it to the opportunities
identify your weaknesses – try to develop your
capabilities in these sectors
opportunities – undertake brainstorming, look
for untapped potential, identify hidden
opportunities
threats – explore them and prepare for them.
McKensey's 7 S framework
There are 7 interrelated elements :
1. System
2. Structure
3. Strategy
4. Style
5. Shared values
6. Staff
7. Skills
Hard v/s soft elements in
Mckinsey framework
Hard elements : Structure, System, Strategy

Soft elements : shared values, staff, skills, style
Interrelation of 7 S
Each of the element influences other elements.

Thus if you change staff, skills will also
change similarly, if you change strategy,
structure will also change (so change in one
will create change in remaining 6)
What is experience curve ?
When a company gains expertise, over a period
of time, it is able to bring better production,
better quality and is able to reduce cost of
production. Thus there is experience curve.
Experience curve relates experience to
performance,. However, in turbulant times,
there is only a little advantage of experience,
when the industry is experiencing radical shift
in technology, processes and work systems.
How should you differentiate ?
The most useful competitive strategy is

differentiation. But how do you achieve it :
1. need based (identify unmet need of
customers and differentiate for those needs) :
example : close up – introduced mouth
freshner tooth pastes
2. ULIP based insurance plans – introduced by
Birla Sunlife (profit + insurance)
What is ansoff's matrix?
A company can have 4 possibilities for growth

– these 4 possibilities are explained in Ansoff's
matrix as under :
1. Market Penetration
2. Production development
3. Market development
4. diversification
Market penetration?
Market penetration means to expand in the

existing market by lowering the prices and by
increasing the volume. Thus penetration here
involves same product and same market. Thus
market penetration means – more products to
be sold in the same market by lowering prices.
Example : Reliance
Product development ?
When you introduce new product in the

existing market, it is called product
development
Market development
When you introduce new market with existing

product,
What should be the ultimate
success strategy of a company?
There are two dimensions : 1. focus 3. differentiation. A

company has to decide whether to go for focus (which
means the market share is less) or differentiation (which
means mass marketing, so market share is larger). Thus
these two dimensions are the deciding factors. Every
company should go for low cost strategy – it is always
successful – as the customer can easily relate the value
addtion and compare it to price paid.
Why do strategies fail?
Some times differentiation is not clear and so
the customers are not able to understand the
differentiating element and relate it to their
needs and requirements.
Sometimes the product / service is not clear
and many people think that it is not for them.
What is required that the customers should
believe that the product / service is for every
one (in case of differentiation).
Advantages of differentiation?
Customer is prepaid to pay premium price

Sustainable competitive advantage (so long as
competitors dont copy it).
Increasing brand loyalty
Better image
Increased sales – due to superior positioning in
the minds of the customers.
Intangible v/s Tangible
differentiating factors
It is easier to convince the customer with tangible aspects of

differentiation. For example, design, looks, style, Packaging
etc. Are easity to demonstrate Example: Sleek Kitchen
Intangible aspects can be useful for high value premium
products which are targetted towards intellectual class, and
customers spend a lot of time in comparing products.
Example : Hallmark
What is the difference between
forward and backward
integration?
Integration means toconsolidate
forward integration = make those things which your customers
are doing.
Example : if you are making textile thread – now make textile
cloth, if you are making cloth, now make garments
backward integration: go for doing those things which your
supplier is doing – example : reliance went from cloth to
polyester, to petrochem, to refinery to exploration.
Why do companies go for
mergers?
There are 4 grand strategies :
1. expand
2 diversify
3. retrench
(4: stability - do what you are doing – jut
improve it).
First two are the most preferred strategies for
the companies – for them there are two
options.
How to grow?
There are 2 options :

1. organic growth – expand your existing
products, markets and services - naturally –
will require long patience
2. inorganic growth – acquire running
companies – go for mergers and acquisitions –
faster and easier road to growth
Inorganic growth....
Mergers and acquisions are the fastest routes to

grow. Companies go for mergers / takeovers /
acquisitions because they realise that this is the
best route to grow.
Inorganic growth has many challenges also –
Challenges in mergers / takeovers
etc.
1. culture clash – when you takeover a
company, there is a possibility that the culture
of the two companies dont match
2. when you takeover a company, there is a
possibility that the new company is not able to
absorb the culture / practices / work systems of
the existing company
Why mergers / acquisitions fail ?
Most companies fail to pedict the challenges in

mergers and acquisitions.
How to go global?
There are 4 routes to go global :

1. export
2. licensing arrangement
3. joint venture
4. direct investment
(the easiest option is the first and the most
risky one is the 4th one).
What is diversification?
When you enter into new market, and use new

technology and introduce new products, it is
called diversification.
It can also be of various types :
1. concentric diversification
2. conglomerate diversification
What is concentric
diversification?
When you take up either related product or

enter into related market, or use related
technology, it is called concentric
diversification.
It is comparatively less risky in comparison to
conglomerate diversification.
What is conglomerate
diversification?
When a company enters into absolutely new

business – thereby completely changes its
business definition, it is conglomerate
diversification.
Example : when Reliance group entered into
software development, it was one such moment
When & How much to diversify ?
Diversification doesnt give you any synergy. It doesnt

give you any strong brand value or any advantage.
Diversification is advisable when there is tremendous
growth opportunity in a new emerging sector and it is
therefore advisable to enter into that business segment.
Sometimes, a company may be able to benefit from
diversification. Wipro diversified from vegetable oil into
IT and today it is a leading name in this segment.
How to diversify ?
If it is really advisable to diversify, diversify into those
business segments which are new / emerging / growing / not
yet dominated by any player. Before diversifying, identify the
risk involved. When you diversify, use any of the following
routes :
1. have strategic alliance / partnership with a firm in that
industry
2. have a specialised cell / department to look after that
business
3. go for merger / takeover / acquisition of a firm in that
industry.
Advantages of diversification
- entry into new sectors

- minimising the risk (if your existing business
fails, you have a new option to enter)
- access to skills / resources in new industry
Why mergers fail?
There are many reasons :

1. if you diversify too much – there is a
possibility of failure of merger
2. lack of congruence / lack of proper harmony
between the two companies
3. excess debt to finance mergers
4. faulty assumptions and lack of transparancy
How to undertake successful
mergers?
Have proper valuation of the target company
sent your proposal to the target comapny / its
stakeholders
have a realistic assessment of the scenario
look for synergy
negotiate and close deal
use poison pills to stop any possibility of
takevoer by another company later.
What are strategic alliances ?
When a company enters into a type of

partnership with another company for a
specific purpose, it is strategic alliance.
Both companies benefit from it – othewise it
will fail.
Alliances are based on some time bound
programmes or some specific objectives.
Why alliances fail?
Godrej and P & G had an alliance, but it

eventually failed, because both the parties
focussed on their individual objectives and
ultimately they had to break the alliance.
Types of collaborations / alliances
It could be just to share a technology or as

much as complete partnership.
In some cases companies only share design,
technology etc.
In some cases, there is joint marketing, selling
and joint promotions
SICK UNITS &
TURNAROUND STRATEGY
WHEN A COMPANY IS IN LOSSES, IT
MAY BECOME A SICK UNIT.
THERE ARE 4 OPTIONS :
1. turn it around – use turnaround strategy
2. sell it out – if it is difficult to revive
3. close it down - if there are no takers
4. retrenchment strategy – reduce its operations
slowly and improve the working
How to face an aftermath of
sickness ?
There is a stima attached to sickness
Once a company is declared sick, it looses its
goodwill, its reputation and its ability to win
the confidence of investors and employees
good employees are forced to quit – as they are
able to get better options elsewhere
there is a psychological failure – as every
worker feels as if that person is working is a
loosing company.
Why companies fail and become
sick?
- poor leadership
- lack of planning and implementation
- over debt and lack of financial planning
- improper use of cash flow
- poor credit policy
- unrealistic expectations from market
- improper product designing & marketing
What are retrenchment
strategies ?
During recession many companies were forced
to go for retrenchment strategy. There are
many variants in this strategy :
1. reduce employees
2. outsourcing
3. selective retrenchment
Can we predict downfall?
Some scholars have tried to build models for

predicting sickness (for example : Altman
1983), if a careful analysis is done on working
of company, sickness can be avoided.
How to turnaround ?
There are many approaches :
1. motivate employees
2. use rational measures
3. go for cost cutting
4. spin off (set up a separate business unit – as
independent business unit )
5. divest and raise funds (divesting a small unit gives you
financial cushion and you can improve the working of the
rest of the unit).
How to turnaround ? ....
Business restructuring – it is the best strategy

for turnaround – in restructuring, you have to
change the capital structure or organisational
structure or organisational systems etc.
Thus there are many options that companies
use to turnaround.
Use your slack?
Every organisation has some slack – (slack =

underutilised resources), during turnaround,
use your slack and get the best possible use of
organisational assets and resources
What is liquidation ?
Liquidation = convert assets into liquid (cash)

when nothing works – go for liquidation – sell
out assets and raise funds.
The most important thing is that you must have
enough working capital – raise working capital
to let your business continue. If there is
operating cycle, there is no need to worry.
Stages model of organisation
Organisation passes through 4 stages :
1. single business – one person managed
buisness – it is truly entrepreneurial
organisation – the one person frames the
growth strategy for the organisation
2. having functional organisation strcuture = in
this stage the organisation becomes a
professional organisation and there are now
clear departmentation and responsibilities
stages.....
3. stage 3 : there is geographic spread o fth

eorganisation – the organisation now become
multi division – multi geographic company
having offices in different parts of country
4. stage 4 : now the organisation becomes
multi product, multi unit, multi business
conglomerate (for example Tata group)
after 4 what – let us wait ...
Structure v/s strategy ?
Different occasions demand different strategy.
Small size organisations can have functional structure at
the most
large organisations often go for divisional structures
if you have multiple products, you can go for multi
product divisional structure
for multiple business units – you can go for SBU structure
or holding – subsidiary company structure – so it
depends ..
Peters and Waterman's
perspective
Peters and Waterman carried out detailed study

of excellence in organisations
http://www.businessballs.com/tompetersinsear
chofexcellence.htm
http://www.jstor.org/pss/4164732
Based on their study they found 8
characteristics of excellent organisations
What is excellence in
organisations ?
1. A bias for action.
2. Close to the customer
3. Autonomy and entrepreneurship .
4. Productivity through people
5. Hands-on, value-driven - management
6. Stick to the knitting
7. Simple form, lean staff
8. Simultaneous loose-tight properties
Excellent organisations...
In the study it was found that the excellent

organisations had some unique characteristics.
They were stable, had focus on their business,
were always learning from customers and were
truly pro-customers. They gave autonomy to
their employees and were able to use the talent
of their employees in converting themselves
into very innovative organisations.
3 fundamental rules ...
Peters and Waterman gave 3 basic rules for the growth of

the organisations :
1. break old habits (experiment, reorganise, and change)
2. promote entrepreneurship (small is beautiful - so
maintain small units where people can be creative and
innovative and break the systems & create new products
and ideas )
3. maintain stability (in values, in basic policies and
simplify working)

What are functions of leadership ?
There are 3 basic needs :
1 fulfill group needs (give people the focus on
objectives, give them direction, and enable
them to work in a group in a cohesive work
unit )
2. task needs – achieve the goals of the
organisation
3. individual needs – focus on individual needs
within the context of organisational needs.
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Strategic Management For Intrapreneurs

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STRATEGIC MANAGEMENT FOR

My purpose here is to give a few ideas about strategic

How do you decide the future of your

Before you formulate strategy – know about

Strategy is for long term – so it has to be stable

Before formulating strategy, study the

The previous slide give only a small number of

Strategy is a unified comprehensive course of

There are 3 levels of strategy :

It is framed at corporate level.

A strategic business unit is one unit of the

Birla group is a diversified corporate group. It

What needs are you fulfilling (through your

There are 4 types of generic strategies :

There are three types of strategies :

Focus on niche market / small segment of

Differentiate your products from your

Where do you want to see your organisation

The end state that the organisation wants to

There are two environments :

Her SAP =Strategic Advantage Profile

People must understand, imbibe and follow the

We follow multiple objectives

Converting sick unit into a profitable unit is

Suppliers, customers, have bargaining power. Porter's

List down all internal resources

Every business requires some key capabilities

Better organisational culture

Identify the value chain in each product.

It requires top management support

Hard elements : Structure, System, Strategy

Each of the element influences other elements.

The most useful competitive strategy is

A company can have 4 possibilities for growth

Market penetration means to expand in the

When you introduce new product in the

When you introduce new market with existing

There are two dimensions : 1. focus 3. differentiation. A

Customer is prepaid to pay premium price

It is easier to convince the customer with tangible aspects of

There are 2 options :

Mergers and acquisions are the fastest routes to

Most companies fail to pedict the challenges in

There are 4 routes to go global :

When you enter into new market, and use new

When you take up either related product or

When a company enters into absolutely new

Diversification doesnt give you any synergy. It doesnt

- entry into new sectors

There are many reasons :

When a company enters into a type of

Godrej and P & G had an alliance, but it

It could be just to share a technology or as

Some scholars have tried to build models for

Business restructuring – it is the best strategy

Every organisation has some slack – (slack =

Liquidation = convert assets into liquid (cash)

3. stage 3 : there is geographic spread o fth

Peters and Waterman carried out detailed study

In the study it was found that the excellent

Peters and Waterman gave 3 basic rules for the growth of

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