Boston Consulting Group Quotes

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Research published in 2018 by Boston Consulting Group found that although on average female business owners receive less than half the level of investment their male counterparts get, they produce more than twice the revenue.9 For every dollar of funding, female-owned start-ups generate seventy-eight cents, compared to male-owned start-ups which generate thirty-one cents.
Invisible Women: Data Bias in a World Designed for Men
According to a study by Boston Consulting Group, when asked about their bosses, the number one complaint of employees at multinational corporations is that they don’t “communicate the team’s mission clearly,” and that, as a result, the employees don’t know what their objectives are.
Héctor García (Ikigai: The Japanese secret to a long and happy life)
You hire the best people you can possibly find. Then it's up to you to create an environment where great people decide to stay and invest their time.
Rich Lesser
The Boston Consulting Group recently released a study showing that there were 5.2 million households in America that could be classified as millionaires.1 I would love to see a candidate for national office, especially president, come out and announce that his platform was squarely oriented toward creating wealth, that in 8 to 10 years we would have 50 million millionaires in America.
Ziad K. Abdelnour
Cultivating loyalty is a tricky business. It requires maintaining a rigorous level of consistency while constantly adding newness and a little surprise—freshening the guest experience without changing its core identity.” Lifetime Network Value Concerns about brand fickleness in the new generation of customers can be troubling partly because the idea of lifetime customer value has been such a cornerstone of business for so long. But while you’re fretting over the occasional straying of a customer due to how easy it is to switch brands today, don’t overlook a more important positive change in today’s landscape: the extent to which social media and Internet reviews have amplified the reach of customers’ word-of-mouth. Never before have customers enjoyed such powerful platforms to share and broadcast their opinions of products and services. This is true today of every generation—even some Silent Generation customers share on Facebook and post reviews on TripAdvisor and Amazon. But millennials, thanks to their lifetime of technology use and their growing buying power, perhaps make the best, most active spokespeople a company can have. Boston Consulting Group, with grand understatement, says that “the vast majority” of millennials report socially sharing and promoting their brand preferences. Millennials are talking about your business when they’re considering making a purchase, awaiting assistance, trying something on, paying for it and when they get home. If, for example, you own a restaurant, the value of a single guest today goes further than the amount of the check. The added value comes from a process that Chef O’Connell calls competitive dining, the phenomenon of guests “comparing and rating dishes, photographing everything they eat, and tweeting and emailing the details of all their dining adventures.” It’s easy to underestimate the commercial power that today’s younger customers have, particularly when the network value of these buyers doesn’t immediately translate into sales. Be careful not to sell their potential short and let that assumption drive you headlong into a self-fulfilling prophecy. Remember that younger customers are experimenting right now as they begin to form preferences they may keep for a lifetime. And whether their proverbial Winstons will taste good to them in the future depends on what they taste like presently.
Micah Solomon (Your Customer Is The Star: How To Make Millennials, Boomers And Everyone Else Love Your Business)
Karim Lakhani and Boston Consulting Group consultant Bob Wolf surveyed 684 open-source developers, mostly in North America and Europe, about why they participated in these projects. Lakhani and Wolf uncovered a range of motives, but they found “that enjoyment-based intrinsic motivation, namely how creative a person feels when working on the project, is the strongest and most pervasive driver.”2 A large majority of programmers, the researchers discovered, reported that they frequently reached the state of optimal challenge called “flow.” Likewise, three German economists who studied open-source projects around the world found that what drives participants is “a set of predominantly intrinsic motives”—in particular, “the fun . . . of mastering the challenge of a given software problem” and the “desire to give a gift to the programmer community.”3 Motivation 2.0 has little room for these sorts of impulses.
Daniel H. Pink (Drive: The Surprising Truth About What Motivates Us)
Rich Lesser, the CEO of The Boston Consulting Group, calls this building an “opt-in” culture. “The reality of being an employer is not that you make people feel an obligation to stay,” Lesser told us. “You hire the best people you can possibly find. Then it’s up to you to create an environment where great people decide to stay and invest their time. Since we made this an emphasis, our employee satisfaction scores have been better than ever, and our retention of top talent is substantially higher than a decade ago.
Reid Hoffman (The Alliance: Managing Talent in the Networked Age)
According to the Boston Consulting Group, 7 percent of Chinese netizens drive 40 percent of online sales. These social enthusiasts and key opinion leaders (i.e., those who spend the most time on social-media websites) can significantly influence a company's image.
Jeffrey Towson (The One Hour China Book (2017 Edition): Two Peking University Professors Explain All of China Business in Six Short Stories)
Manage Your Team’s Collective Time Time management is a group endeavor. The payoff goes far beyond morale and retention. ILLUSTRATION: JAMES JOYCE by Leslie Perlow | 1461 words Most professionals approach time management the wrong way. People who fall behind at work are seen to be personally failing—just as people who give up on diet or exercise plans are seen to be lacking self-control or discipline. In response, countless time management experts focus on individual habits, much as self-help coaches do. They offer advice about such things as keeping better to-do lists, not checking e-mail incessantly, and not procrastinating. Of course, we could all do a better job managing our time. But in the modern workplace, with its emphasis on connectivity and collaboration, the real problem is not how individuals manage their own time. It’s how we manage our collective time—how we work together to get the job done. Here is where the true opportunity for productivity gains lies. Nearly a decade ago I began working with a team at the Boston Consulting Group to implement what may sound like a modest innovation: persuading each member to designate and spend one weeknight out of the office and completely unplugged from work. The intervention was aimed at improving quality of life in an industry that’s notorious for long hours and a 24/7 culture. The early returns were positive; the initiative was expanded to four teams of consultants, and then to 10. The results, which I described in a 2009 HBR article, “Making Time Off Predictable—and Required,” and in a 2012 book, Sleeping with Your Smartphone , were profound. Consultants on teams with mandatory time off had higher job satisfaction and a better work/life balance, and they felt they were learning more on the job. It’s no surprise, then, that BCG has continued to expand the program: As of this spring, it has been implemented on thousands of teams in 77 offices in 40 countries. During the five years since I first reported on this work, I have introduced similar time-based interventions at a range of companies—and I have come to appreciate the true power of those interventions. They put the ownership of how a team works into the hands of team members, who are empowered and incentivized to optimize their collective time. As a result, teams collaborate better. They streamline their work. They meet deadlines. They are more productive and efficient. Teams that set a goal of structured time off—and, crucially, meet regularly to discuss how they’ll work together to ensure that every member takes it—have more open dialogue, engage in more experimentation and innovation, and ultimately function better. CREATING “ENHANCED PRODUCTIVITY” DAYS One of the insights driving this work is the realization that many teams stick to tried-and-true processes that, although familiar, are often inefficient. Even companies that create innovative products rarely innovate when it comes to process. This realization came to the fore when I studied three teams of software engineers working for the same company in different cultural contexts. The teams had the same assignments and produced the same amount of work, but they used very different methods. One, in Shenzen, had a hub-and-spokes org chart—a project manager maintained control and assigned the work. Another, in Bangalore, was self-managed and specialized, and it assigned work according to technical expertise. The third, in Budapest, had the strongest sense of being a team; its members were the most versatile and interchangeable. Although, as noted, the end products were the same, the teams’ varying approaches yielded different results. For example, the hub-and-spokes team worked fewer hours than the others, while the most versatile team had much greater flexibility and control over its schedule. The teams were completely unaware that their counterparts elsewhere in the world were managing their work differently. My research provide
Anonymous
I had several friends from law school who were very enterprising guys, much more so than the average law student. They each started businesses after practicing law at large firms for multiple years. What kind of businesses did they start? They started boutique law firms. This is completely unsurprising if you think about it. They’d spent years becoming good at delivering legal services. It was a field that they understood and could compete in. Their credentials translated too. People learn from what they’re doing and do it again on their own. It’s not just lawyers; the consulting firm Bain and Company was started by seven former partners and managers from the Boston Consulting Group. Myriad boutique investment banks and hedge funds have spun out of large financial organizations. You can see the same pattern in the startup world. After PayPal was acquired by eBay in 2002, its founders and employees went on to found or cofound LinkedIn (Reid Hoffman), YouTube (Steve Chen, Jawed Karim, and Chad Hurley), Yelp (Russel Simmons and Jeremy Stoppelman), Tesla Motors (Elon Musk), SpaceX (Musk again), Yammer (David Sacks), 500 Startups (Dave McClure), and many other companies. PayPal’s CEO, Peter Thiel, famously made a $500,000 investment in Facebook that grew to over $1 billion. In this sense, PayPal is one of the most prolific companies of recent times. But if you look at any successful growth company you’ll start to see their alumni show up doing parallel things. Former Apple employees founded or cofounded Android, Palm, Nest, and Handspring, companies that revolve around devices. Former Yahoo! employees founded Ycombinator, Cloudera, Hunch.com, AppNexus, Polyvore, and many other web-oriented companies. Organizations give rise to other organizations like themselves.
Andrew Yang (Smart People Should Build Things: How to Restore Our Culture of Achievement, Build a Path for Entrepreneurs, and Create New Jobs in America)
In the midst of this soul-searching, I had also started lining up real job offers in the event that my search for utopia didn’t bear fruit. One was with the Boston Consulting Group in its Midwest headquarters in Chicago.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
Consulting companies, such as McKinsey, Boston Consulting Group (BCG) and Bain & Company (often referred to as the “Big Three” strategy firms) and PwC, Deloitte, KPMG and EY (the “Big Four” accountancies), are hired by governments, businesses and other organizations to perform different types of tasks on their behalf.
Mariana Mazzucato (The Big Con: How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments, and Warps Our Economies)
Research published in 2018 by Boston Consulting Group found that although on average female business owners receive less than half the level of investment their male counterparts get, they produce more than twice the revenue. For every dollar of funding, female-owned start-ups generate seventy-eight cents, compared to male-owned start-ups which generate thirty-one cents. They also perform better over time, ‘generating 10% more in cumulative revenue over a five-year period’.
Caroline Criado Pérez (Invisible Women: Data Bias in a World Designed for Men)
Take a night off: Scheduling leisure time throughout the workweek is just as important as taking vacation—and often easier to swing. When the Boston Consulting Group instituted a predictable time off (PTO) policy that gave each member of a six-person team one weeknight off a week, employees became happier, more relaxed, and less likely to quit. Team members also learned to be more mindful of one another’s well-being. “Even if we were working hard,” noted one consultant, “we were still looking out for each other to make sure that people were not getting burned out.
Liz Fosslien (No Hard Feelings: The Secret Power of Embracing Emotions at Work)
was in the middle of his sixth year as a management consultant for Boston Consulting Group (BCG), already earning $250,000 per year (that’s more than $600K in 2020 dollars) before his thirty-fifth birthday.
Guy Raz (How I Built This: The Unexpected Paths to Success from the World's Most Inspiring Entrepreneurs)
In 1984, the creator of Sam Adams beer, Jim Koch, was staring long and hard across the chasm. It was spring. It was the beginning of the baseball season in Boston, and it was about to be “morning in America.” Ronald Reagan was preparing for what would be a landslide reelection to the presidency, the economy had finally turned around after years in recession, the US Olympic team was about to run away from the competition at the Summer Games in Los Angeles, and Jim was in the middle of his sixth year as a management consultant for Boston Consulting Group (BCG), already earning $250,000 per year (that’s more than $600K in 2020 dollars) before his thirty-fifth birthday. By all accounts, Jim Koch had it made. His feet were planted securely on the terra firma of the business consulting world. “We flew first-class. You consulted with CEOs. Everyone treated you really well,” Jim recalled. These were interesting, heady times at BCG. The company had just become fully employee owned, complete with an employee stock ownership plan (ESOP) that forged a real path to truly significant wealth for consultants like Jim. At the same time, he had already worked alongside a quartet of future luminaries:
Guy Raz (How I Built This: The Unexpected Paths to Success from the World's Most Inspiring Entrepreneurs)