Character is very important for managerial excellence, though it is being ignored in today’s society. In one Asian country, one bank went into bankruptcy because of someone who was characterless, who resorted to speculation and endangered the bank’s very survival. The people at the helm of affairs in the bank, who were supposed to have kept an eye on deviations, could not sense the impending catastrophe because they did not recognise the importance of character in business. Though the importance of character is declining all over the world, in India, its significance is being realised by people owing to the confrontation of unfavourable consequences in business and other spheres of societal activity. If character of the people working in an organisation is good, even an organisation faring poorly can be transformed into a successful one.
Reviving a chronically loss-making organisation through Reengineering is possible if actual causes and pertinent reasons for its poor performance are ascertained in a systematic manner. Even when a small-scale industry is started, all the funds at one’s disposal need not and should not be put in the business in the early stages itself. Instead, part of the funds should be earmarked to meet exigencies in times of unforeseen contingencies. Students of management should not rely on bookish knowledge alone, but should use practical knowledge to deal with such organisational problems and issues.
Source: In Search of Excellence in Man Management: An Indian Perspective, Chapter 15, Man Management: A Values-Based Management Perspective