In most professions, one or more firms can be identified that have clearly chosen a high target rate of turnover. Partners (or shareholders) can routinely earn a surplus value from the juniors without having to “repay” them in the form of promotion. This high turnover rate also allows a significant degree of screening so that … Read more
A professional service firm’s leverage is also central to its economics. The “rewards of partnership” (the high levels of compensation attained by senior partners) come only in part from the high hourly (or daily) rates that the top professionals can charge for their own time. Profits also come, in large part, from the firm’s ability, … Read more
The professional service firm may be viewed as the modern embodiment of the medieval craftsman’s shop, with its apprentices, journey men, and master craftsmen. The early years of an individual’s association with a professional service firm are, indeed, usually viewed as an apprenticeship, and the relation between juniors and seniors the same: The senior craftsmen … Read more
Number of words: 346 Jamsetji took up a job immediately after graduating, but Nusserwanji, wanting his son to gain international exposure, sent him to the British colony of Hong Kong, where he launched a company called Jamsetji and Ardeshir with three partners—Nusserwanji and two merchants, Kaliandas and Premchand Raichand. The Tatas, through this partnership, decided … Read more
Number of words: 250 The day Cyrus was removed, Ratan Tata took charge on a temporary basis till the new chairman was selected. The question which bothered everyone was why the differences between the two had reached such a stage. One of the reasons stated was the way Cyrus handled some of the businesses.The Tata … Read more
Number of words: 498 Each chairman of the Tata group has left his mark on the group, based on personal likes and dislikes. JRD’s contribution was Air India, while Ratan’s were notably the Indica, Nano and getting the Jaguar Land Rover deal. He gave the group a truly global standing. Getting a steel company like … Read more
Number of words: 539 Amidst such turbulent times, Jamsetji passed away in 1904 and the burden of completing all the projects fell on his two sons, Dorabji and Ratanji. They set out to work in earnest, and one more Tata stood with them to share the responsibility. That was Jamsetji’s partner and cousin, R.D. Tata. … Read more
Number of words: 179 Moolgaokar convinced everyone that if TELCO were to make everything from engines to spare parts, it needed to get out of the shadow of TISCO and set up a separate plant elsewhere. He chose Akurdi near Poona. A lot of land was available at low cost. He planted a few thousand … Read more
Number of words: 282 A major reason for her to be able to do so was her adoption of the Parsi religion. It had never happened before. Not only was she from a different religion but a foreigner to boot. It was a shock to all other Parsis. But it was RD’s idea. He was … Read more
Number of words: 302 Jamsetji Tata was lucky as far as his sons were concerned; Dorabji and Ratanji were both illustrious in their own ways. Dorabji spent his life completing the projects his father had either dreamt of or started, be it the steel factory, hydroelectric project or the IISc. Jamsetji had dreamt these three … Read more
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