Charlie Munger Quotes

I wait and take on projects that I think can work.

I am good at conceptualizing and building institutions.

Strategic quitting is the secret of successful organizations

Founders go wrong when they start to believe their business plan will materialize as written. I advise entrepreneurs to burn their business plan - it's simply too dangerous to the health of your business.

The difference between management and administration (which is what bureaucrats used to do exclusively) is the difference between choice and rigidity.

Everyone designs who devises courses of action aimed at changing existing situations into preferred ones.

Organizations can get in the way of innovation, because if people are all bound up, and if they don't know if they get to make the decision or somebody else, and if they do, what happens to them, and so on and so forth.

One thing I've learned about his business is this whole 'plan thing' - it doesn't work.

Nobody has a crystal ball, and part of evolving a business plan is to say, 'I might have said we're going left, but I see the opportunity and we're going right.'

Business ends up being very dynamic and situational.

Management, at every level, is about the effort to frame challenges, define end states, and allocate resources to navigate between them.

Tactics mean doing what you can with what you have.

We can reorient our products and business strategy because we are an agile organisation.

The key things I learned as a hospital administrator are to be organized, communicate, and be flexible.

One of the tests of leadership is the ability to recognize a problem before it becomes an emergency.

You cannot keep doing the same things. According to the situation, your role changes in one-day cricket, especially in a phase like the Powerplay. If I bowl four spells, four times I will be playing a different role.

When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps.

Management is all about managing in the short term, while developing the plans for the long term.

The way deals are done, every idea is looked at 50 different ways. Now, the market continues to change all the time. And we are always looking at everything in evaluating how it fits with our strategy.

Strategy is, at some level, the ability to predict what's going to happen, but it's also about understanding the context in which it is being formulated. And then you have to be open-minded to the fact that you're not going to get it right at the very beginning.

For organisations, flexibility is a must to cope with fluctuations in demand and remain competitive, and people must be able to develop adaptable attitudes to quickly embrace evolving business conditions, new business opportunities, and shifting strategies.

Managing through ambiguity can be difficult for even the most experienced leaders. Defining a clear set of goals for your team demonstrates that there is an end in sight. However, it's crucial during this time to move through the transition in phases.

If we're going to change leadership, we need to do it in a very systematic and organized way.

A finisher doesn't always mean you have to take the game deep and then bash to finish. It is all about understanding situations and then adjusting your game with the aim that you have to get the job done.

I understand now the different games and the different approaches that you need to take at different times, with different styles of play.