It is no longer enough to remove all traces of discrimination. There are still places on earth where women and blacks are not equals, but North America is nearly rid of such scourges. It is time to turn genetic and background differences into weapons of competitive advantage. The ongoing presidential campaign has examples in this regard for business management and stock investing.
People who are not from the mainstream tend to try to conform to conventions. Organizations and groups have strong cultural influences of their own. That is why you may have minorities in a management team or an investment club, but few of the attendant advantages. What does business management have to offer to corporations and stock investors in this respect?
1. Provide opportunities for diversity to flower. Deliberately ask women and other minority members of groups to expand on their opinions. Go to extra lengths to make them comfortable in your business and investment surroundings.
2. Earmark resources for exotic sources of information. Travel widely and encourage others to do the same. Listen to people from streams that you do not normally encounter. Consciously build variety into the spheres of influence to which you are subject.
3. Nurture provocative thinking. Edward de Bono has written many books on this subject. Academicians may see business and investment situations in ‘cut-and dried’ terms, but experienced professionals know that lines in the real world are blurred. Out-of-the-box thinking is your best bet for escape from intractable issues.
The demographic profile of the United States continues to change rapidly. There are also significant impacts of global markets on our domestic business houses and stock exchanges. That is why diversity is now a defining difference between business and stock investment winners and losers.
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