Innholdsfortegnelse for November 22, 2015 i Business Today

A couple of years ago, on a flight to Mumbai, I found myself sitting next to the senior professor of one of India’s premier management schools. During the course of the conversation, he remarked that management schools across the country were being forced to re-examine what they taught and the way they taught it because of the demands of the market. His school, he said, was examining how to start a specialisation in family business management and succession planning because of the increasing number of scions of mid-sized family businesses, who wanted to get formal management education. While they all knew that they would join the family business after passing out, many of them were keen to know how to handle older employees who had been with their fathers for…

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What attracts you to visit a particular social media page (e.g. Facebook)? Attractive deals/promotions/sales 45 % Opportunity to participate in competitions through social media 19 % Interested in new product offerings 33 % Advertising (e.g. TV, newspaper, website) 17 % To research products on social media before I buy them 24 % Because I shop with them 16 % Friend’s or expert’s recommendation 24 % Flyer or recommendation in-store 13 % Received a promotion via e-mail/SMS 21 % The brand provides customer service through social media 13 % Which social media do you regularly use as part of your shopping experience?…

Statement of Cash Flow – Bank Overdrafts EXISTING PRACTICE: Bank overdrafts are considered as financing activity. IND-AS: Included as cash and cash equivalents if they form an integral part of cash management. Statement of Cash Flow – Cash Flow From Extraordinary Items EXISTING PRACTICE: Cash flows from Extraordinary Items are classified as operating, investing or financing, and disclosed separately. IND-AS: Presentation of items as Extraordinary is not permitted. So, the cash flow statement will not list any item as Extraordinary. l Property, Plant and Equipment – Depreciation EXISTING PRACTICE: There is no need for assets to be depreciated separately, although it is stated that such an approach may improve accounting. IND-AS: Property, plant and equipment are depreciated separately. l Government Grants – Government Assistance EXISTING PRACTICE: Rules do not deal…

NTPC's Regional Executive Director (Hydro) Mr. K.K. Singh, whose company is one of Toshiba's biggest customers in India, strongly believes that hydroelectric power will keep taking a bigger and bigger slice from India's energy basket. "India is today seeing one of the highest rates of economic growth in the world, which will lead to a corollary increase in electricity demand over the next few decades" Elaborates Mr. Singh. "One of our top national priorities today is to provide every Indian citizen reliable access to electricity and it is the duty of all those involved in this industry to go on an all-out mission to work towards that" Mr. Singh points out that, "The situation is further complicated because of the need of hour and because hydroelectric power has no negative…

B-schools in Delhi-NCR charge the most fees… … But the highest salaries are garnered by Mumbai’s B-schools Not surprisingly, students of the Top 25 B-schools get highest salaries The top schools have far more students compared to others… … And private schools accommodate more students than government institutions The Top 50 B-schools have more experienced permanent faculty than the next 50... … But the next 50 have greater number of visiting faculty from industry Tuition fees of private schools are higher than government B-schools… … But government B-schools offer better placements Top colleges have greater share of engineering students The ratio of permanent to visiting faculty has largely remained stable Better schools have conducted far more management development programmes Private schools have more faculty members from company boards…

It is the best of times for B-school students. And if they happen to be at the top four schools after IIM-Ahmedabad — IIM Calcutta, XLRI, S.P. Jain Institute of Management & Research (SPJIMR) and Management Development Institute (MDI) — it is certainly time to celebrate. The pace of hiring for the batch of 2013-15 at various schools shows why. At IIM-C, the final placements were completed in an “all-time record time” (an expression used by its placement office) of just 2.5 days as against the usual time of one week. Or take MDI. “All our students were placed in about three days, which was unprecedented, and we had a situation where over 60 companies were not able to find students,” says Prof Kanwal Kapil, Chairperson, Placement, MDI. Usually, the…

Up until India became independent in 1947, a decent education was a privilege accorded to very few citizens. A strongly enforced caste system came in the way of unrestricted access to this resource. Options for higher learning were scant, and only the well heeled could afford it. Fast forward to 2015. In a recent report, UNESCO declared that the country has achieved “universal” primary education. However, enrolments in secondary schooling as well as colleges continue to pose stiff challenges to successive governments, which have made suboptimal budget allocations to these areas. The private sector has been sluggish in building capacity for higher education. In this set-up, a new caste system has been established. A select 10 per cent enrol into top institutions like IITs and IIMs and are showered with…

WHY E-COMMERCE? HIGHER GROWTH OPPORTUNITIES ENTREPRENEURIAL MINDSET THRILL OF SHAPING A NEW-AGE INDUSTRY WEALTH CREATION OPPORTUNITIES When 27-year-old Ankit Kherwal passed out of the Indian Institute of Management Bangalore in 2011, his dream was to work in a financial services company. He was on top of the world when Royal Bank of Scotland (RBS) offered him a job on campus. However, a year later, Kherwal was fascinated with the job profiles some of the e-commerce companies were offering. “Many of my batch-mates from IIM had joined market places such as Amazon and Flipkart and the kind of empowerment they enjoyed. The roles they got to do early in their careers made me realise that it would take me ages to get to that level at RBS,” says Kherwal, who is…

Overall ranking is based on a combination of Objective data, Perceptual survey and Experiential survey. Only those B-Schools which submitted their objective data have been ranked. Institutes like IIM-B, IIM-L, etc., which did not submit their objective data on time or refused to participate have not been ranked. Only those colleges which fulfilled the below criteria were considered eligible for participation in ranking: (i) Minimum three batches passed out, (ii) Offering two years full time Postgraduate Programme in Management. All scores have been rounded off to one decimal place, this may result in rounding off errors while adding the parameter-wise score. *Formerly Acharya Institute of Management & Sciences; ** Bharati Vidyapeeth Deemed University; *** Formerly known as National Institute of Cooperative Management. See Methodology, page 186. Source: BT-MDRA Best B-schools…

Becoming the Best By Harry M. Jansen Kraemer Jr PAGES: 224 PRICE: 1,368 Jossey-Bass What distinguishes a people manager from a truly great leader has been a subject of much debate, research and analysis. Multiple theories have been proposed and then debunked. The original leadership theory, the Great Man theory, essentially proposed that leaders were born, not made. At some point, this theory was found wanting, and alternate theories were proposed. These included theories that leaders had specific traits, or that leaders were made because they faced specific situations, or even that good leaders where those who learnt how to deal in a certain manner with their followers. None, however, can satisfactorily explain why some people excel in some situations and go on to greatness while others do not. Is…

Ten years is not a long time in the history of a nation. But the changes the Indian financial sector has witnessed over the past decade, would normally happen over a lifetime. The landscape has dramatically altered. The rules of the game have changed at a blistering pace. And the future is bright. Indian citizens who have for long stayed away from investing in financial assets are beginning to wet their feet. More importantly, they are today more keen than ever to understand money. And invest their money in a manner that can help them beat inflation, the biggest slayer of savings. Market regulator SEBI, was the first off-the-blocks when it struck a deadly blow by putting an end to embedded commissions under the garb of entry loads. The era…

Girish Aggarwal, 45, has been trying to sell his house since February. He had bought the property five years ago thinking real estate prices would continue to rise at a fast pace. After struggling to find a buyer, he recently reduced the asking price. Still, there are no takers. “Brokers say the sale may take some time as the market is going through a slowdown,” he says. This is not the only issue he is grappling with. He is still to get the possession letter from the builder as the project has not got environmental clearances yet. The scenario was not so bleak when Girish had bought the property in 2010. Prices then were rising at a fast clip, making real estate one of the most sought-after investments. Things would…

Neutron irradiation inside a Nuclear Power plant can put even the strongest of metals to test. Thankfully, unlike a lot of other metals, Stainless Steel has the strength to provide greater safety and superior performance expected from the structural components of Pressurised Water Reactors and Fast Breeder Reactors due to its superior strength-to-weight ratio, corrosion resistance, high ductility and durability. But that's not all, Stainless Steel is also the material of choice for reprocessing spent fuel discharged from reactors. At Jindal Stainless, we are proud to strengthen India's journey towards clean and green energy by supplying 304L(NAG)/304/304L/304LN/316/316L/316LN/321/ 310S and EN 1.4550 stainless steel to the Nuclear Sector. To know more about stainless steel and its applications log on to www.jindalstainless.com…

BT’s Philharmonic Orchestra This refers to your special issue on India’s Most Valuable Companies (The Great Churn, November 8, 2015). It was literally the BT Philharmonic Orchestra setting the right tone for progressive Indian organisations on the irrefutable notes of facts and figures. It was a wonderful study of multifarious industrial segments, churning out the most valuable companies focusing primarily on market capitalisation and examining relatively the diverse metrics of assets, income, net profit and debt. It has imparted fresh insights to readers, entrepreneurs, policymakers, governing bodies, and industry watchers. The methodical analysis has highlighted pressing issues, persistent gaps, cascading trends, ground realities and scope for betterment of the Indian industrial scenario. Kudos to the Business Today Team for its arduous sifting of enormous numbers and innumerable facts through methodology…

THE HINDU RATE OF INTERNET ACCESS Even while Reliance Jio, Airtel, Vodafone and other telecoms are talking about the virtues of 4G and blazing fast speeds, Mark Zuckerberg, Founder, Chairman and CEO of Facebook says that the Menlo Park headquartered social network has started something called 2G Tuesdays internally – to give his employees an idea of the slow internet speeds that users in India and some other developing nations have to deal with. “It is easy... they don’t have to wear make up” Donald Trump, the Republican presidential candidate, ruffled even more feathers when he said that women like wearing Burqas because it allows them not to wear make up... HUM DO, HAMARE DO China is ending its one-child policy that came into effect in 1979, reports Xinhua. The…

Agriculture OBJECTIVE Reduce distortions in agricultural trade caused by high tariffs and other trade barriers. Rationalising export subsidies and domestic support WHY IT MATTERS India must ensure that rationalisation of domestic support does not hamper its existing public procurement policy for foodgrain to ensure food security, or come in the way of farmers' sustenance Non-Agricultural Market Access (NAMA) OBJECTIVE To cut tariffs, give flexible options to developing countries and special treatment for poor nations on 90 per cent of the world's merchandise exports WHY IT MATTERS Unless discussed, NAMA proposals may severely limit domestic industrialisation and job creation prospects in India Intellectual Property and Biodiversity OBJECTIVE Reconcile Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement with convention on biodiversity WHY IT MATTERS It will prevent bio-piracy…

Facebook has improved its search Amplified Search feature by introducing ‘Search FYI’. Earlier, search was limited to people and brands. Now, when you type in a topic or a name in the search box, Facebook will show all the public posts and conversations on the subject, along with related people. “When something happens in the world, people often turn to Face-book to see how their friends and family are reacting. We’re updating search so that, in addition to friends and family, you can find out what the world is saying about topics that matter to you,” said the Menlo Park-based online social networking service in a recent blog post. So, don’t forget to change your profile’s privacy setting, unless you want your posts to be searchable. Mini Video Loops Instagram…

One of the sectors worst affected by the economic slump of the last few years has been infrastructure. Star companies of the 2000s – the GMR Group, the GVK Group, or Lanco Infratech – have been reeling under debt and struggling with delayed projects. This, however, is not the whole story. Many lesser-known infrastructure companies have prospered despite the adverse circumstances. A common feature of most of these resilient companies has been their business model. Different from the asset-owning developer model of the likes of GMR, GVK and Lanco, these are construction companies. They have largely stuck to the traditional EPC (engineering, procurement and construction) format, in which the client is billed and pays for the costs incurred for the project, rather than the BOT (build, operate and transfer) one,…

During Navratri it dons the festive colours as the rest of its surroundings, gyrating to the garba beats on the lawns of the famed Louis Kahn Plaza. Similarly, the enthusiasm around Bundesliga or an ice hockey matches reaches its climax when the favourite team nets a goal. The IIM- Ahmedabad campus always comes alive with equal zeal to diverse activities. The institute Director Ashish Nanda, an engineer, is no different. He discusses garba and ice hockey with equal ease, but hardly ever loses his sharp focus on management education. “I skate to where the puck is going, not where it has been.” Taking a leaf out of one of his role models, the ace Canadian ice hockey player Wayne Gretzky, Nanda says: “It’s true even in real life and we…

While selecting a B-school, students look for attributes such as placement, pedagogy, faculty quality, infrastructure, fees and industry interface. However, alumni look at their alma mater in terms of how it has helped them in career progression. We talked to several successful B-school alumni to understand what differentiates top-ranked schools from others. The responses of these alumni, who feel their career is progressing well, were analysed based on the rank of their alma mater. We then segregated schools’ contributions as outcome or process/input. The matrix developed on the basis of this analysis gives some food for thought as to what differentiates “great” B-schools from “good” and “average” B-schools. The alumni see their alma mater according to the way it has shaped their career and, for many, life as well. The…

Overall ranking is based on a combination of Objective data, Perceptual survey and Experiential survey. Only those B-Schools which submitted their objective data have been ranked. Institutes like IIM-B, IIM-L, etc., which did not submit their objective data on time or refused to participate have not been ranked. Only those colleges which fulfilled the below criteria were considered eligible for participation in ranking: (i) Minimum three batches passed out, (ii) Offering two years full time Postgraduate Programme in Management. All scores have been rounded off to one decimal place, this may result in rounding off errors while adding the parameter-wise score. *Formerly Acharya Institute of Management & Sciences; ** Bharati Vidyapeeth Deemed University; *** Formerly known as National Institute of Cooperative Management. See Methodology, page 186. Source: BT-MDRA Best B-schools…

It’s truly getting exciting this festive season with Apple's new iPhones topping the charts, closely followed by Samsung’s curved ultraHD TV and the convertible laptops from Lenovo, among a host of other new launches and great deals across categories. But, there’s more to the fun and frolic as it is raining discounts from e-commerce giants such as Flipkart, Snapdeal and Amazon. Besides, promises of quick and hassle-free delivery, easy payment options and no-questions-asked refund and return policies are only making the festivities a lot more rewarding. However, don’t get blinded by the excitement. Read the fine print carefully and compare the prices across portals to sweeten your deal further. Use Incognito Browser Online shopping involves your bank account details for making payments. In the process, there’s a possibility that you…

Back at the Helm After being charged for insider trading by the market regulator, SEBI, A. VELLAYAN is now back as Chairman of the Chennaibased Murugappa Group. The company said that “after an assessment of the status of the ongoing proceedings…and after considering expert legal advice of senior counsel…the group corporate board believes that this action is consistent with the group’s values of putting stakeholders’ interests first”. In May, SEBI had ordered Vellayan to return `2.15 crore that he, along with three other individuals, had made from the alleged transaction. The Murugappa group has interests in sectors such as sugar, auto components, fertilisers and plantations. Vellayan’s comeback, says the company, will provide the requisite strategic direction and leadership to the group. Reviving Fortunes Soon after assuming charge as CEO at…

Kailash Kulkarni istheChief Executive Officer (CEO) of L&T Investment Management. Mr. Kulkarni brings with him 25 years of rich experience in Sales, Business Development and Operations, of which 20 years has been in Banking, Asset Management and Insurance Industry. Mr. Kulkarni is on the board of the Association of Mutual Funds of India (AMFI) and the Chairman of the Financial Literacy committee. We have come a long way from realising the need for a savings oriented institution like the Unit Trust of India in early 1960s, to establishing an industry full of strong players who are driving a whole new era of financial planning, with authority. Having grown to such an extent, the Mutual Fund industry now, with the advent of revolutionary technology, acts as a strong tool for even…

Buying life insurance is one of the most important financial decisions, but believe it or not, only 10 per cent of the Indian population is insured. But why is it so important? Well, regardless of how much you earn, no one knows what the future holds. Lots of people die a premature death every year from illness or accident and, if you happen to be the sole breadwinner in the family and you were to pass away, it could have devastating consequences on your loved ones – their ability to pay household expenses, pay off debts and maintain their standard of living. The least you can do, therefore, is to secure your family’s financial future by buying life insurance policy. Besides, do not overlook the benefits of a life insurance…

India announces $10 billion credit for Africa. At what rate of interest and security... Any period of repayment? – Ken_Masters, @Michael_EPorter There is no scholarship for students, but sufficient funds to lend other nations! You are such a hypocrite, Mr Prime Minister. – Rohan's Vue, @Rishchal Government approves 16 FDI proposals worth `4,722 crore. Does the Prime Minister think that foreigners will bail him out of this mess? – Mayur Panghaal, @mayurpanghaal US central bank Federal Reserve keeps rates unchanged, puts December rate hike firmly on the agenda. Let all PSU banks double the paid-up capital to provide bank loans to all families to double the GDP by 2020. – Movva Krishnarao, @vkraomovva JustDial is the top loser among F&O stocks; cracks 11% after Q2 earnings trail estimates. That’s not…

02 COLLABORATIVE EFFORT WHAT: Second Interregional Meeting of National Commissions WHEN: November 2, UNESCO Headquarters, Paris, France WHAT TO LOOK FOR: A platform for representative nations to exchange information and experiences towards furthering UNESCO’s objectives. The United Nations Educational, Scientific and Cultural Organization promotes collaboration among nations through education, science, culture and communication to further universal respect for justice, for rule of law and for human rights and fundamental freedoms as per the Charter of the United Nations. 07 LEG UP FOR DEFENCE WHAT: Industry – Defence Linkage WHEN: November 7, Raipur WHAT TO LOOK FOR: Taking off from the government’s Make in India initiative, it aims to promote investment in defence production units by bringing together defence procurement officials and the corporate sector. The event will be attended by…

Ever thought of paying taxes with your credit card? Well, once the proposed Goods and Services Tax (GST) comes into effect all possible payment options, including the use of credit cards, will be available to facilitate indirect tax compliance. In spite of the uncertainties regarding the enactment of a constitutional amendment bill to facilitate the rollout of GST, the Centre has started shedding some light on the manner in which it would be implemented on ground, where the anytime-anywhere mode of tax payment will be the underlining principle. The payment process will happen electronically and will include online payments, e-challans and electronic reconciliation of receipts. The finance ministry has put up the draft business process report for GST detailing the registration, tax payment and return filing procedures for companies and…

From mom-and-pop stores to malls and online shopping, retailers have never fallen short of ways to sell. Now, social networking sites like Facebook and Twitter are planning to take shopping experience to another level with a ‘shop while you socialise’ concept, though it is at a very nascent stage. Both the social media sites are still testing it among limited users with the help of some businesses in the US. The concept has already garnered a lot of attention and other social networking sites have started rolling it out too. Photo and video sharing app Instagram, which was bought by Facebook in 2012, has introduced a ‘Shop Now’ button on its advertisements, while photo sharing website Pinterest has launched ‘Buyable Pins’ in the US. Facebook, in October, announced that it…

Seiko Epson Corporation’s Global President MINORU USUI, a highly regarded technologist, is credited with bringing sharper focus to the Japanese conglomerate’s operations by selling off parts of the empire where it was uncompetitive – like in semiconductors – even if it meant shrinking the top line. In India recently to celebrate his company’s 25th year of operations in the country, he spoke to BT’s VENKATESHA BABU on how Epson is differentiating itself in its core market from competitors and the road ahead. Excerpts: In printers, most players have followed a model of giving away the hardware at a low cost and charging heavily for the replacement ink. You decided to upend that model by making the initial hardware a little bit costlier, but the lifetime cost…

April 2014: three young graduates from the Indian School of Business ventured out to life after B-school. Ankur Majumder joined Yes Bank, Satish Gupta opted for Baker Hughes, a leading oilfield services company, and Siddharth Arora took charge as product manager at Rummycircle, an online gaming portal. Sixteen months later, the three quit their jobs to co-found Turant Delivery. Its USP: an on-demand logistics aggregator – a product they feel has the potential to be the backbone of the e-commerce industry. “We did not want to miss out on the exponential growth (of e-commerce),” says Arora. “The fear of losing out” not only made them start out on their own, but also made leaving stable jobs “a risk worth-taking”. The actions of the trio are really a reflection of the…

The Ministry of Human Resource Development (MHRD) has recently placed a draft bill in public domain for comments from stakeholders. The proposed bill envisages a nationally important institutional status, and degree-granting powers to the Indian Institutes of Management (IIMs). The opinions of most IIMs have, predictably, been adverse. In fact, the debate has been pushed to a point of being acrimonious and sharply focused on the possible negative implications of the bill. The need for a comprehensive bill to enable the IIMs to grant degrees is real. In the context of 19 IIMs as of 2015, it is not realistic to make management education operational (by a set of nationally important institutions by perception and funded by public investments) through a legal structure of societies. These institutions have been seriously…

For a country whose population is less than half the size of a major metropolitan city of India, Singapore has made major strides in higher education in general, and management education in particular. The country boasts of top-notch business schools in its three universities: National University of Singapore (NUS), Singapore Management University (SMU) and Nanyang Technology University (NTU). The EMBA programmes offered by all three of these business schools are now ranked in the top 50 in the world. Two of the MBA programmes that are eligible for ranking are now part of the top 50 global courses listed by Financial Times. The UT Dallas Research Rankings list the business school faculty at NUS at 43, SMU at 58 and NTU at 64 in the world. Underlying these impressive statistics…

Overall ranking is based on a combination of Objective data, Perceptual survey and Experiential survey. Only those B-Schools which submitted their objective data have been ranked. Institutes like IIM-B, IIM-L, etc., which did not submit their objective data on time or refused to participate have not been ranked. Only those colleges which fulfilled the below criteria were considered eligible for participation in ranking: (i) Minimum three batches passed out, (ii) Offering two years full time Postgraduate Programme in Management. All scores have been rounded off to one decimal place, this may result in rounding off errors while adding the parameter-wise score. *Formerly Acharya Institute of Management & Sciences; ** Bharati Vidyapeeth Deemed University; *** Formerly known as National Institute of Cooperative Management. See Methodology, page 186. Source: BT-MDRA Best B-schools…

Without doubt, the Business Today-MDRA Best B-schools ranking is the most exhaustive and robust ranking of its kind in the country. The fact that it is also the largest – we have had 267 B-schools ranked this year – is just incidental. This strength is derived from the unique and powerful methodology devised by BT with its knowledge partner MDRA, a methodology that we have not tinkered with much in the past two years except for polishing it here and there to give it more relevance and power. The methodology tries to cover all key stakeholders, who know B-schools based on their experience: The Institutes: Through participation in objective data submission The Market: Recruiters from verticals such as HR, Marketing, Finance, IT, etc. Academia: Deans/Directors Students: Final year students of…

Your Strategy Needs a Strategy: How to Choose and Execute the Right Approach By Martin Reeves, Knut Haanaes, Janmejaya Sinha PAGES: 272 PRICE: 745 Harvard Business Your Strategy Needs a Strategy is a very well-researched book written by Martin Reeves, Knut Haanaes and Janmejaya Sinha. It helps you analyse the business environment, opens your mind to perspectives on scenarios and showcases case studies from well-known brands that attempt to succeed in challenging environments. The journey of these brands imparts management lessons on how to deftly steer through situations that arise due to disruptions caused by technological change and evolving consumer preferences. After a thorough research (including research within BCG) across different industries and inputs from business leaders, the authors have introduced a framework called ‘the strategy palette’. The complex business…

Vinod Dham, a Founding MD at IndoUS Venture Partners, has invested in Snapdeal and Myntra – two of India’s largest e-commerce companies. In a conversation with Goutam Das, he talks about sound advice for both entrepreneurs and venture capitalists. What is your best advice to an entrepreneur? Focus and execute. The second is having flexibility and choosing the right time to pivot. As we say in Silicon Valley, ‘fail often, fail fast’. Is there a company you led that had to pivot? Silicon Spice. The original idea was to utilise an IP that came out of MIT, called re-configurable computing, which was way ahead of its time. The idea was dead-on-arrival. Cisco was an investor. The person on the board asked if we would build a chip that the company…

Urban co-operative banks play a pivotal role in the "real last mile socio-financial inclusion". They bridge the gap of the staggering geographical disparity and socio-economic categories. Co-operative banks are better equipped to address this scenario, given their widespread reach, lower operating costs, flexibility, and deep-rooted connections with the local communities, which, in turn, inspire trust. The Greater Bombay Co-operative Bank is a leading Scheduled Urban Co-operative Bank active in the banking space since 1952. Based in Mumbai with 22 branches at convenient locations, it is the first co-operative bank to get ISO 9001:2008 certifications for all its branches and departments. For more than 63 years, Greater Bank has extended quality banking service to its customers and lead in customer centric services. The Bank extends rich, personalized banking services to its…

How many times have you been told to ‘spend wisely’ or ‘save more’? Most of the advice we get from people are almost always vague and don’t delve into the how, where and how much. Planning your finances is important and it doesn’t end at having a heavy bank balance – investing your money in the market is equally essential. While it may not give immediate results, patient and disciplined investment, experts say, definitely yields fruitful returns. Here’s a list of advice from financial experts around the world on how to invest, spend and save better. 1 Keep things simple, don’t fall for quick profits - According to legendary investor Warren Buffett, one must invest in places one knows best. He was quoted as saying, “If you don’t invest in…