Gm gm gm Where do we start from? The fact that the block completion time is 400ms Or that I find Solana beautiful 😎 Or that, Solana exhibits some yin yang kinda financial lifestyle Or that she challenges to take over the queen's place? Or that her stylist is a Software-code Booglehead, who contributed immensely in Qualcomm? Solana! Solana! Solana! Even the name speaks volumes of her beauty, fame and feline grace.

Solana Hype

Wait a minute 😎 I have a big sister, her best color is Purple. She's not a Blockchain Researcher like me, but I know one thing, If she stumbles into Blockchains, cryptocurrency specifically, she'd love this Princess —solana. She's adorned in her best colours. Purple like speedy, purple like lavender, purple like the ancient Egyptian's royal linen, purple like Xerxe's apparel. Let's talk Solana, The Princess of the Palace. She's still indecisive of her prince-to- be, so she appears in purple with hues and contrast. Till then, Red may 👌🏼

... Beautiful Crypto

<a href="https://youtu.be/RtzZsJHUL9o?si=6gg2WGPPF9sf2XNX">...of Anatoly Yakovenko.</a> Anatoly YakovenkoCEO at Solana Labs The brain behind the innovation.The Man! The Myth! The Legend! An internet personality, widely know for his contributions in the creation of early operating systems at Qualcomm. Also worked as an engineer at Dropbox and Mesosphere. Once he planned starting a cryptocurrency mining booth, but was made to wait 6-months later than he expected. Had a wavering curiousity for cryptocurrency until the BTC mining incident, that waver beame voracious 🔥 <a href="https://x.com/aeyakovenko">X</a> <a href="http://bit.ly/3xGzNAv">LinkedIn</a> <a href="https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.instagram.com/aeyakovenko/&ved=2ahUKEwjHkrPUn_-GAxU28QIHHeWJNB4Q9zB6BAgxEAc&usg=AOvVaw1Pjnao1UWeIqYjnYVH06Cq">Instagram</a>

The Story

So Why Solana? It was 2017, when Solana was born. I will not bore you... 1. To increase the rapidity of Blockchain transactions 2. To increase adoption by smart contract developers. 3. Cutting cost off 4. To ensure a greener environment

Bullet, Why Solana ?

Solana statistics You may be perturbed to know that $Sol was launched at March 2020 at about $0.95 and it's highest attained ATH is about $260. The price sits at $141 as of the time of this documentation Market cap. $65,412,631,478 Max supply infinity Fully diluted market cap $81,942,324,355 Total Supply 579,070,743 Sol From <a href="https://coinmarketcap.com/currencies/solana/">CoinMarketCap</a> What about the maximum supply? Your mind should wonder why Sol is high despite the fact that it has no upper limits dor its maximum supply?

Stats

There's a novel technique used by the Solana team to combat inflation rate of Sol, with this technique as documented by <a href="https://cointelegraph.com/learn/solana-sol-ecosystem-overview">CoinTelegraph () </a>Sol inflationary rate sits at 8% currently with prospects of decreasing by 15% every year till year 2031 when it comes to 1.5 %, a stable long term inflationary rate.

Inflate Or Deflate

Consensus Solana uses the PoS Consensus mechanism dubbed with PoH. PoH in itself is not a Consensus mechanism but an invention by Anatoly Yakovenko to help ensure faster block confirmation time , thus, ensuring transactions are done as fast as possible. Solana boasts of TPS reaching 65,000 transactions per second.However, I believe this is <a href="https://www.tradingview.com/news/u_today:f229dd160094b:0-solana-sol-ranked-fastest-blockchain-details/">theoretical</a> Currently, the TPS of Solana stands at about over 1000 transactions per second

PoS, Proof of Stake Solana, Ton amongst others are notable Blockchains we've looked at that make use of this Consensus mechanism. PoS is a Consensus that demands staking of some tokens (native to that particular crypto Blockchain) in other to be able to run a validator node and validate transactions in the Blockchain. Now this is where PoH comes in. It may interest you to know that when new blocks are created, they include a timestamp to show the particular time that very Blockchain was created.Believe you me when I tell you that PoH is not as simple as it may look.

Consensus Proper 1

The technicalities is one of its kind. However, basically, PoH allows for faster block confirmation time.Most times there'd be a great workload on the Blockchain and different validators will be validating different transactions.Transactions cannot be added anyhow to the chain of blocks, it has to be added in the order in which it was confirmed. When a particular validator confirms a transaction he'll need to add it to the the transaction list which all validator will confirm to be following in the order that they were confirmed, when this order is confirmed....next slide

...., this list will be added as a block to the chain of blocks.The question is : "How will I know that I completed confirmation for this transactions before this particular validator's confirmed transaction?" Or "how will I know this transaction was completed before this other one?"This is what PoH helps Solana do. For each transaction, a timestamp in the form of a hash is given. This hash is created by the hash function SHA256 which is notable to be a one-way hash function ie an input gives a 64 stringed output, if you input the same output it gives another different 64 stringed output.

SHA256

With this method, a validator does not need to gossip with other validators to find out the expected order of the transaction. I kinda asked myself, what's the point of all these cryptic things? Why not record the exact time in yr:mm:dd:hr:mn:ss (year, month, day, hour, minute, second)? But then, validators are in different countries and different time zones so that will be practically impossible and if possible, way cumbersome. My brain 😂😂😂In fact, just understand that PoH helps to ensure faster transactions in Solana Blockchain.

Summary😂

Keep Broadening Your Horizon

Vote Of Thanks

crypto

Cryptocurrency

moneyandinvestments

Money & Investments

technologyandthefuture

Technology & The Future

timemanagement

Time Management

softwareengineering

Software Engineering

Sol (5)

File this book under:'No Excuses'

We think that just having a business degree is enough to survive this world. Unfortunately, life is not a bed of roses. So to summarize it,we'll talking about our two characters :Josh and Bill

MBA Knowledge

JOSH-THE DEGREE GUY

Fresh out of College, josh joins office with the enthusiasm that he will be the richest guy just working under someone else.

DREAM JOB

When josh was laid off, it seemed to him that as if his world had broken down. He was expecting second child, he also huge debts to repay. He feels like lost. Colleagues who used to swarm around him, now don't answer his phone call.

The Shock

Looking no other way, he decided to call his friend Bill. Josh used to bully him for being ignorant and rebellious. After telling his situation, Bill told him to meet at a hotel. When Josh arrived, he was shocked to see the fancy hotel and wondered why Bill had called him here. But what surprised him more was Bill's appea

Last Resor

WHY BILL HAD CHANGED

Happiness is an attitude. Whether you make yourself miserable or happy, it requires the same amount of effort.

Who says we need a degree to be a business-man? Read this book properly and you'll have most of the topics covered.

An MBA at a top school is an enormous investment in time, effort and cold, hard cash. And if you don't want to work for a consulting firm or an investment bank, the chances are it simply isn't worth it. Josh Kaufman is the rogue professor of modern business education. Feted by everyone from the business media to influential business writers including Seth Godin and David Allen, he's torn up the rulebook and given thousands of people worldwide the tools to teach themselves everything they need to know about business. The Personal MBA teaches simple mental models that help students understand every subject that's key to commercial success. From the basics of products, sales & marketing and finance to the nuances of human psychology, teamwork and creating systems, this bestselling title distils everytyhing you need to know to take on the MBA graduates and win. This book gives you everything you need to transform your business, your career or your working life forever.

Understand yourself and those around you.

psychology

Psychology

Discover the world of business and economics.

economics

Economics

education

Learning & Education

books

Books

Josh Kaufman is an independent business teacher, education activist, and author of The Personal MBA: Master the Art of Business.Josh's unique, multidisciplinary approach to business education has helped hundreds of thousands of readers around the world master foundational business concepts on their own terms, and his work has been featured in BusinessWeek, Fortune, and Fast Company, as well as by influential websites like Lifehacker, HarvardBusiness.org, Cool Tools, and Seth Godin's Blog.

Josh Kaufman

The Personal MBA

In order for you to win the lottery, you have to keep buying tickets and keep losing.

Make a plan and stick to it. Do not listen to your brain and just start working. You will reach your destination. Do not compromise

motivationandinspiration

Motivation & Inspiration

habits

Habits

Success Comes from Taking Risks

Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands.

Unsuccessful investors are dominated by emotion. Rather than responding coolly and rationally to market fluctuations, they respond emotionally with greed and fear.We all know people who act responsibly and deliberately most of the time but go berserk when investing money. It may take them many months, even years, of hard work and disciplined saving to accumulate the money but only a few minutes to invest it.

#1. Emotions Play Havoc in Investing

Many unsuccessful investors regard the stock market as a way to make money without working rather than as a way to invest capital in order to earn a decent return.Anyone would enjoy a quick and easy profit, and the prospect of an effortless gain incites greed in investors. Greed leads many investors to seek shortcuts to investment success.

#2. Stock Market ≠ Quick Money

All market fads come to an end. Security prices eventually become too high, supply catches up with and then exceeds demand, the top is reached, and the downward slide ensues.There will always be cycles of investment fashion and just as surely investors who are susceptible to them.

#3. Stock Market Cycles

Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule."I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.

#4. First, Avoid Losses

Investors’ intent on avoiding loss must position themselves to survive and even prosper under any circumstances. Bad luck can befall you; mistakes happen.The prudent, farsighted investor manages his or her portfolio with the knowledge that financial catastrophes can and do occur. Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands.

#5. Prepare for the Worst

Don't Forget This Tip

I will be sharing 5 key secrets from Seth A. Klarman's 'Margin of Safety'. Do comment & follow me for more!

The disciplined pursuit of bargains makes value investing very much a risk-averse approach. The greatest challenge for value investors is maintaining the required discipline. Being a value investor usually means standing apart from the crowd, challenging conventional wisdom, and opposing the prevailing investment winds. It can be a very lonely undertaking. A value investor may experience poor, even horrendous, performance compared with that of other investors or the market as a whole during prolonged periods of market overvaluation. Yet over the long run the value approach works so successfully that few, if any, advocates of the philosophy ever abandon it. - Author.

startup

Startups

Seth A. Klarman

Margin of Safety

The big money is not in the buying or selling but in the waiting.

Charlie Munger emphasizes the value of mental models—frameworks for thinking that help us understand the world. By using a variety of models from different disciplines, we can make better decisions. Munger advocates for building a “latticework” of these models in our minds, enabling us to approach problems with a multifaceted perspective and avoid narrow thinking.

The Importance Of Mental Models

Munger stresses the importance of a multidisciplinary approach to problem-solving. He believes that wisdom comes from integrating knowledge across various fields, including psychology, economics, physics, and biology. This broad understanding allows us to see connections and patterns that others might miss, leading to more innovative and effective solutions.

The Multi-disciplinary Approach

Understanding human biases and cognitive errors is a key theme in Munger’s teachings. He outlines numerous psychological tendencies that can lead to poor decision-making, such as confirmation bias, overconfidence, and the tendency to avoid pain and seek pleasure. By recognizing these biases, we can take steps to mitigate their impact and make more rational choices.

The Psychology Of Human Mis

Munger frequently uses the principle of inversion in his thinking. Instead of asking how to achieve success, he asks how to avoid failure. By considering the opposite of what we want, we can identify potential pitfalls and make plans to avoid them. This counterintuitive approach often reveals insights that straightforward thinking might overlook.

The Power Of Inversion

Munger emphasizes the virtues of patience and discipline, especially in investing. He advises against the temptation of quick gains and stresses the importance of long-term thinking. By being patient and disciplined, investors can avoid the pitfalls of market speculation and benefit from the power of compounding over time.

The Role Of Patience And Discipline

Munger believes in the value of learning from mistakes, both our own and those of others. He encourages a mindset of continuous improvement, where failures are seen as opportunities to gain wisdom. By studying past errors and understanding their causes, we can avoid repeating them and improve our decision-making skills.

Learning From Mistakes

Rationality is a central theme in Munger’s philosophy. He argues that we should strive to be rational in all aspects of life, from investing to personal decisions. This means basing our choices on logic and evidence, rather than emotions or intuition. Rationality helps us navigate complex situations and make decisions that are in our best long-term interest.

The Value Of Rationality

Munger is an avid reader and believes that continuous learning is essential for success. He advocates for reading widely and deeply across different subjects. This habit not only expands our knowledge but also helps us develop the mental models and multidisciplinary approach that Munger champions. Reading is a lifelong endeavor that keeps our minds sharp and adaptable.

The Importance Of Reading

Munger highlights the usefulness of checklists in decision-making processes. Checklists help ensure that we consider all relevant factors and avoid overlooking important details. By systematically addressing each point on a checklist, we can reduce the risk of errors and improve the quality of our decisions, particularly in high-stakes situations.

The Role Of Checklists

Munger underscores the significance of ethics and integrity in both personal and professional life. He believes that a reputation for honesty and reliability is invaluable and that cutting corners or engaging in unethical behavior ultimately leads to failure. Upholding high ethical standards builds trust and respect, which are crucial for long-term success and fulfillment.

The Importance Of Ethics

And lastly, Charlie Munger shows us that success in any area not just comes from learning the git of your business but also from relearning from your mistakes, having discipline, understanding emotions, thinking out of the box and practising organization.

From the legendary vice-chairman of Berkshire Hathaway, lessons in investment strategy, philanthropy, and living a rational and ethical life.“Spend each day trying to be a little wiser than you were when you woke up,” Charles T. Munger advises in Poor Charlie’s Almanack. Originally published in 2005, this compendium of eleven talks delivered by the legendary Berkshire Hathaway vice-chairman between 1986 and 2007 has become a touchstone for a generation of investors and entrepreneurs seeking to absorb the enduring wit and wisdom of one of the great minds of the 20th and 21st centuries. Edited by Peter D. Kaufman, chairman and CEO of Glenair and longtime friend of Charlie Munger—whom he calls “this generation’s answer to Benjamin Franklin”—this abridged Stripe Press edition of Poor Charlie’s Almanack features a brand-new foreword by Stripe cofounder John Collison. Poor Charlie’s Almanack draws on Munger’s encyclopedic knowledge of business, finance, history, philosophy, physics, and ethics—and more besides—to introduce the latticework of mental models that underpin his rational and rigorous approach to life, learning, and decision-making. Delivered with Munger’s characteristic sharp wit and rhetorical flair, it is an essential volume for any reader seeking to go to bed a little wiser than when they woke up.

philosophy

Philosophy

leadershipandmanagement

Leadership & Management

Charles T. Munger

Poor Charlie’s Almanack

Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy.

Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you

Ignore people playing status games. They gain status by attacking people playing wealth creation games.

You’re not going to get rich renting out your time. You must own equity - a piece of a business - to gain your financial freedom.

You will get rich by giving society what it wants but does not yet know how to get. At scale.

Pick an industry where you can play long term games with long term people.

The Internet has massively broadened the possible space of careers. Most people haven't figured this out yet.

Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.

Pick business partners with high intelligence, energy, and, above all, integrity.

Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.

Learn to sell. Learn to build. If you can do both, you will be unstoppable.

Arm yourself with specific knowledge, accountability, and leverage.

Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.

Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.

Building specific knowledge will feel like play to you but will look like work to others.

When specific knowledge is taught, it’s through apprenticeships, not schools.

Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.

Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.

The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon.

“Give me a lever long enough, and a place to stand, and I will move the earth.”- Archimedes

Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).

Capital means money. To raise money, apply your specific knowledge, with accountability, and show resulting good judgment.

Labor means people working for you. It's the oldest and most fought-over form of leverage. Labor leverage will impress your parents, but don’t waste your life chasing it.

Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you.

Code and media are permissionless leverage. They're the leverage behind the newly rich. You can create software and media that works for you while you sleep.

An army of robots is freely available - it's just packed in data centers for heat and space efficiency. Use it.

If you can't code, write books and blogs, record videos and podcasts.

Leverage is a force multiplier for your judgement.

Judgement requires experience, but can be built faster by learning foundational skills.

Study microeconomics, game theory, psychology, persuasion, ethics, mathematics, and computers.

Reading is faster than listening. Doing is faster than watching.

You should be too busy to “do coffee," while still keeping an uncluttered calendar.

Set and enforce an aspirational personal hourly rate. If fixing a problem will save less than your hourly rate, ignore it. If outsourcing a task will cost less than your hourly rate, outsource it.

Work as hard as you can. Even though who you work with and what you work on are more important than how hard you work.

Become the best in the world at what you do. Keep redefining what you do until this is true.

There are no get rich quick schemes. That's just someone else getting rich off you.

Apply specific knowledge, with leverage, and eventually you will get what you deserve.

When you're finally wealthy, you'll realize that it wasn't what you were seeking in the first place. But that's for another day. 📚 I talk about more of such life-changing ideas in <a href="https://binsletter.beehiiv.com/subscribe">my free weekly newsletter here</a>. In the next week's letter, we will talk more about this thread, combine perspectives of many others and talk about how to earn while doing what you love.

This is not a summary, nor anything of my own. This is a life-changing thread from Naval's twitter account. Follow him on X, @naval

personaldevelopment

Personal Development

How to get rich without getting lucky - by Naval 

Our gain in net worth during the year was $613.6 million, or 48.2%. It is fitting that the visit of Halley’s Comet coincided with this percentage gain: neither will be seen again in my lifetime.

Some investors weight book value heavily in their stock-buying decisions. And some economists and academicians believe replacement values are of considerable importance in calculating an appropriate price level for the stock market as a whole. Both persuasions would have received an education at the auction we held in early 1986 to dispose of our textile machinery.The equipment sold took up about 750,000 square feet of factory space. It originally cost us about $13 million, including $2 million spent in 1980-84, and had a current book value of $866,000 (after accelerated depreciation).

(1/2)

Gross proceeds from our sale of this equipment came to $163,122. Allowing for sale costs, our net was less than zero. Relatively modern looms that we bought for $5,000 apiece in 1981 found no takers at $50. We finally sold them for scrap at $26 each, a sum less than removal costs.Ponder this: the economic goodwill attributable to two paper routes in Buffalo - or a single See’s candy store - considerably exceeds the proceeds we received from this massive collection of tangible assets that not too many years ago, under different competitive conditions, was able to employ over 1,000 people.

(2/2)

While an increase in earnings from $8 million to $72 million sounds terrific - and usually is - you should not automatically assume that to be the case. You must first make sure that earnings were not severely depressed in the base year. If they were instead substantial in relation to capital employed, an even more important point must be examined: how much additional capital was required to produce the additional earnings?

My conclusion from my own experiences and from much observation of other businesses is that a good managerial record (measured by economic returns) is far more a function of what business boat you get into than it is of how effectively you row (though intelligence and effort help considerably, of course, in any business, good or bad).

institutions were then under the spell of academics at prestigious business schools who were preaching a newly-fashioned theory: the stock market was totally efficient, and therefore calculations of business value - and even thought, itself - were of no importance in investment activities. (We are enormously indebted to those academics: what could be more advantageous in an intellectual contest - whether it be bridge, chess, or stock selection than to have opponents who have been taught that thinking is a waste of energy?)

Chairman's Letter - 1985

We regard any annual figure for realized capital gains or losses as meaningless, but we regard the aggregate realized and unrealized capital gains over a period of years as very important.

When companies with outstanding businesses and comfortable financial positions find their shares selling far below intrinsic value in the marketplace, no alternative action can benefit shareholders as surely as repurchases (buybacks).

In GEICO’s case, as in all of our investments, we look to business performance, not market performance. If we are correct in expectations regarding the business, the market eventually will follow along.

Most managers have very little incentive to make the intelligent-but-with-some-chance-of-looking-like-an-idiot decision. Their personal gain/loss ratio is all too obvious: if an unconventional decision works out well, they get a pat on the back and, if it works out poorly, they get a pink slip. (Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press.)

With 47% of Berkshire’s stock, Charlie and I don’t worry about being fired, and we receive our rewards as owners, not managers. Thus we behave with Berkshire’s money as we would with our own.

Billy Rose described the problem of over-diversification: “If you have a harem of forty women, you never get to know any of them very well.”

...over time distributable earnings that have been withheld by managers should earn their keep. If earnings have been unwisely retained, it is likely that managers, too, have been unwisely retained.

Chairman's Letter - 1984

A good business is not always a good purchase – although it’s a good place to look for one.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.

In aggregate and over time, we expect the unreported earnings to be fully reflected in our intrinsic business value through capital gains.

We rarely use much debt and, when we do, we attempt to structure it on a long-term fixed rate basis. We will reject interesting opportunities rather than over-leverage our balance sheet. This conservatism has penalized our results but it is the only behavior that leaves us comfortable, considering our fiduciary obligations to policyholders, depositors, lenders and the many equity holders who have committed unusually large portions of their net worth to our care.

We will not diversify by purchasing entire businesses at control prices that ignore long-term economic consequences to our shareholders. We will only do with your money what we would do with our own, weighing fully the values you can obtain by diversifying your own portfolios through direct purchases in the stock market.

We feel noble intentions should be checked periodically against results. We test the wisdom of retaining earnings by assessing whether retention, over time, delivers shareholders at least $1 of market value for each $1 retained.

...we react with great caution to suggestions that our poor businesses can be restored to satisfactory profitability by major capital expenditures. (The projections will be dazzling - the advocates will be sincere - but, in the end, major additional investment in a terrible industry usually is about as rewarding as struggling in quicksand.)

We will be candid in our reporting to you, emphasizing the pluses and minuses important in appraising business value. Our guideline is to tell you the business facts that we would want to know if our positions were reversed. We owe you no less.

Despite our policy of candor, we will discuss our activities in marketable securities only to the extent legally required. Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are.

During 1983 our book value increased from $737.43 per share to $975.83 per share, or by 32%. We never take the one-year figure very seriously. After all, why should the time required for a planet to circle the sun synchronize precisely with the time required for business actions to pay off?

Instead, we recommend not less than a five-year test as a rough yardstick of economic performance. Red lights should start flashing if the five-year average annual gain falls much below the return on equity earned over the period by American industry in aggregate.

Book value is an accounting concept, recording the accumulated financial input from both contributed capital and retained earnings. Intrinsic business value is an economic concept, estimating future cash output discounted to present value. Book value tells you what has been put in; intrinsic business value estimates what can be taken out.

One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as “marketability” and “liquidity”, sing the praises of companies with high share turnover (those who cannot fill your pocket will confidently fill your ear). But investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pickpocket of enterprise.

Chairman's Letter - 1983

Toyota's success is rooted in its unique management philosophy, which combines a focus on long-term goals, continuous improvement (Kaizen), respect for people, and an unwavering commitment to quality.

The Secret of Toyota's Success:

Toyota strikes a balance between short-term and long-term goals, efficiency and flexibility, and automation and human labor. This balance ensures sustained growth and adaptability to changing market conditions.

Striking a Balance:

People are at the heart of Toyota's operations. The company invests heavily in employee training, development, and empowerment. By fostering a culture of respect and teamwork, Toyota harnesses the full potential of its workforce.

Keep People Management in Focus:

Strategic decisions at Toyota are guided by long-term thinking. The company prioritizes long-term sustainability over short-term gains, ensuring decisions align with enduring principles and objectives.

Base Important Decisions on Long-Term Policies:

Toyota adopts technology thoughtfully, ensuring it enhances processes without undermining human skills and judgment. Technology is seen as a tool to support and augment human capabilities, not replace them.

Be Mindful When Adopting Technology:

Known as "Genchi Genbutsu" (go and see), Toyota encourages managers and employees to observe processes firsthand to gain a deep understanding of the situation. This hands-on approach leads to more informed and effective problem-solving.

Always Observe a Situation Yourself:

Transparency and open communication are critical at Toyota. Sharing information openly fosters trust, facilitates problem-solving, and ensures everyone is aligned with the company's goals and values.

Transparency is a Key to Success:

Curious what catapulted Toyota to global leadership? With core principles that drive unparalleled success, discover the secrets behind the company's dominance in the automotive industry!

The Toyota Way Fieldbook is a companion to the international bestseller The Toyota Way. The Toyota Way Fieldbook builds on the philosophical aspects of Toyota's operating systems by detailing the concepts and providing practical examples for application that leaders need to bring Toyota's success-proven practices to life in any organization. The Toyota Way Fieldbook will help other companies learn from Toyota and develop systems that fit their unique cultures. The book begins with a review of the principles of the Toyota Way through the 4Ps model-Philosophy, Processes, People and Partners, and Problem Solving. Readers looking to learn from Toyota's lean systems will be provided with the inside knowledge they need to <ul><li>Define the companies purpose and develop a long-term philosophy</li> <li>Create value streams with connected flow, standardized work, and level production</li> <li>Build a culture to stop and fix problems</li> <li>Develop leaders who promote and support the system</li> <li>Find and develop exceptional people and partners</li> <li>Learn the meaning of true root cause problem solving</li> <li>Lead the change process and transform the total enterprise</li> </ul> The depth of detail provided draws on the authors combined experience of coaching and supporting companies in lean transformation. Toyota experts at the Georgetown, Kentucky plant, formally trained David Meier in TPS. Combined with Jeff Liker's extensive study of Toyota and his insightful knowledge the authors have developed unique models and ideas to explain the true philosophies and principles of the Toyota Production System.

The Toyota Way Fieldbook

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