Textbooks are ridiculously expensive, and publishers love to pull tricks to force the purchase of new editions whenever possible. This school year, save loads of cash using these textbook-buying methods.

Photo by quirkyartist

In a nutshell, you’ve got four ways of obtaining textbooks; from most expensive to least expensive, you can: buy new, buy used, rent, or copy. Chances are you’ll need to combine a couple of methods based on availability and other issues you’ll encounter. Regardless of which method you’re employing, you’ve got plenty of ways to save money.

Buying New

Photo by GoCollege

The best strategy if you want to pay the most money when buying a new textbook: Go to your campus bookstore. Avoid this at all cost. There is rarely a situation where you can’t find a better deal through an online retailer like Amazon or even a local bookstore (although they may have to put in a special order). Whether you’re ordering online or in person, keep an eye out for coupons and deals to save a little extra.

If you do end up buying a brand new textbook and you want to make some of that money back, there are several places that will purchase your used textbooks. Your college bookstore is likely one option, but online textbook sellers like Amazon, Chegg, Barnes & Noble, BookByte, Cash4Books, and Alibris (which is Chegg-powered) are just some of your many options.

Buying Used

If you’re still set on owning your textbooks but don’t need a book that’s never been touched, buying used is a good way to save but comes with its own set of issues. With so many options online, you’ll want to pay attention to sites that have quality ratings or let you inquire about the quality of the textbook. While a mildly beat up book will serve you as well as a shiny new one, you want to be sure you don’t end up with a torn-up book spine or pages filled with cartoon penises. Also be sure to check the store’s return policy for those special occasions where you do, indeed, end up with a spineless, genital-ridden textbook and need a replacement. On the plus side, virtually every used textbook retailer is pretty careful about the used books they buy for resale, but once and awhile something will slip through the cracks. Additionally, in some cases you’ll find the best deals directly from another person and there won’t be an intermediary. It never hurts to double-check.

While a Google search will turn up a nearly endless supply of used textbook retailers, sorting through them all is a bit of a chore. Here is a semi-short list of your options:

• Amazon
• Valore
• Half.com
• AbeBooks
• eCampus
• Alibris
• Biblio
• Bookbyte
• Textbooks.com

Regardless of how you’re buying you’re going to want to find the cheapest price. Searching a bunch of sites individually can be a pain. CampusBooks and BigWords let you search several textbook stores at the same time for a real-time price comparison. BigWords also has an iPhone app for comparison shopping when you’re in, for example, your overpriced campus bookstore, though it’s missing a handy barcode scanning feature. CampusBooks has apps for both Android and iPhone with that feature. SnapTell (iPhone and Android), can also handle barcodes but will work from a photograph as well.

Renting

Textbook renting is becoming a more popular option these days, with Chegg sitting pretty as the (self-proclaimed) top textbook renting site at your disposal. Chegg lets you rent and return them, plus they’ll plant a tree for every rental. Chegg isn’t the only rental option you have, though. Valore, Textbook Rentals, BookRenter, Campus Book Rentals, andTextbooks.com are other possible options. Some colleges have even started renting textbooks directly. In some cases, they’ll even buy the book if they don’t have it available for rent. Check with your school to find out if that’s an option and plan ahead so they can order the book for you if necessary. If you’re going digital and want a rental option as well, check out CourseSmart. It’ll let you read online or via a copy-protected PDF. While they have iPhone and iPad apps available, support for other mobile platforms and eReaders is currently unavailable.

If you plan to sell your books once you’re finished with them anyway, you may as well rent. The important thing to remember is to avoid marking up the books or degrading their quality to much. If you do, you could end up paying a fee. Renting will save you money if you can take good care of the books, but since they’ll inevitably find a new home once you’ve finished you will need to keep them in the best shape possible.

Copying

Things get tricky when you want to copy. While you can potentially get a free textbook by photocopying or scanning the pages you need from your school library (or a friend), it takes a lot of work. If you have a day to get the job done (and you have free access to a photocopier or scanner), this may be a worthwhile option. Photo by DHagen

Photocopying is simple and sometimes serves as the best option. If you invest in a large three-ring binder, you can potentially store all your textbook pages in one place. You’ll want to contact your professors before classes begin to find out what chapters you’ll be covering so you can avoid copying more pages than you need (and wasting paper in the process). This can help you consolidate your reading material into a simple, smaller, and lighter solution. If you really want to be svelte and keep the weight out of your backpack, you can always leave textbook pages at home and swap them in as needed.

If you’d like to avoid the paper altogether and go digital, scanning textbooks is another option. This is an easy way to create PDF files that you can put on your laptop, ebook reader, or iPad, or sync with your Evernote account for free optical character recognition (OCR) of your textbook scans. For more information on digitizing books, check out our guide on digitizing your life and stay tuned for a guide to digitizing textbooks coming up later this week.

Getting the Right Book

Photo by r-land

If you’re not careful, you might end up spending good money on the wrong textbook. New editions generally reconfigure the chapters even if little new content has been added. While the book might still be usable it can be a pain to find what you’re looking for when the rest of the class has their book in a different order. Ensuring you order the correct volume(s) is also important, as each volume contains different chapters, and you can easily end up missing the material you need if you don’t check carefully. If you have the ability to contact your professors before classes begin, ask them for the book’s ISBN number to ensure you’ll find the right copy. If you can’t reach your professors, often the campus bookstore will have this information. If you’re really pressed, don’t feel you need to take the risk of buying the wrong book. Often you’ll find a copy of the book in the school library and can use that until you can get your hands on the right copy

[Via - Lifehacker]

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Though it is large — more than 30,000 students and nearly 3,000 faculty — the Chronicle of Higher Education reports that employees at the Virginia university maintain a high rate of job satisfaction.

Full list at Huffington Post

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So, you are a financial “professional” on Wall Street. You think the world owes you bazillion dollars because you are: a) very smart, and b) you have an MBA in finance, may be from Wharton, or Harvard or Columbia and therefore what you do must be good. You claim that your financial “innovations” help the economy and the society more than they hurt. Really?

This is an excerpt from a WSJ discussion forum at which Mr. Volker participated in Dec 2009.

Do Innovations Do Much Good?

MR. VOLCKER: A few years ago I happened to be at a conference of business people, not financial people, and I was making a presentation. The conference was being addressed by a very vigorous young investment banker from London who was explaining to all these older executives how their companies would be dust if they did not realize the joys of financial innovation and financial engineering, and that they had better get with it.

I was listening to this, and I found myself sitting next to one of the inventors of financial engineering. I didn’t know him, but I knew who he was and that he had won a Nobel Prize, and I nudged him and asked what all the financial engineering does for the economy and what it does for productivity.

Much to my surprise, he leaned over and whispered in my ear that it does nothing—and this was from a leader in the world of financial engineering. I asked him what it did do, and he said that it moves around the rents in the financial system—and besides, it’s a lot of intellectual fun.

Now, I have no doubts that it moves around the rents in the financial system, but not only this, as it seems to have vastly increased them.

How do I respond to a congressman who asks if the financial sector in the United States is so important that it generates 40% of all the profits in the country, 40%, after all of the bonuses and pay? Is it really a true reflection of the financial sector that it rose from 2½% of value added according to GNP numbers to 6½% in the last decade all of a sudden? Is that a reflection of all your financial innovation, or is it just a reflection of how much you pay? What about the effect of incentives on all our best young talent, particularly of a numerical kind, in the United States?

In Britain, I was just talking to a high-tech company about the immense attraction to go into finance when both Britain and the United States are suffering from a basic inability to produce things competitively, to keep up with the new economy. Is this a result of financial innovation that we should be really worried about?

Let us think about what structural changes are necessary to produce what is the heart of the problem, about too big to fail, moral hazard and the rest. As I say, I agree with many of your individual suggestions, but there were no suggestions in the area of moral hazard. It was suggested to improve regulation, and that may help, but having gone that far, it is better that you talk about some more serious structural changes.

I made a wiseacre remark that the most important financial innovation that I have seen the past 20 years is the automatic teller machine. That really helps people and prevents visits to the bank and is a real convenience.

How many other innovations can you tell me that have been as important to the individual as the automatic teller machine, which is in fact more of a mechanical innovation than a financial one?

My thoughts, exactly! When a majority of smart kids shun product-oriented engineering career paths and aspire to be financial engineers on Wall Street, it is not just sad – it is downright troublesome. A bankster dude responded:

MR. MURRAY: The financial-innovation point is the one that you are making most strongly, and there was a statement that financial innovation is tied to economic growth, which Mr. Volcker is disputing. Eraj Shirvani [who is managing director of Credit Suisse in the investment-banking division], do you want to take that on?

ERAJ SHIRVANI: It is never fun to take on Paul Volcker, but maybe I can ask a question for clarification.

So, is your hypothesis that corporate bonds, the securitization market—none of these financial innovations have done anything to help the economy? What shocks me about today is the number of people in this room who have all been architects of the economy as we have it today who have now decided that all of a sudden everything they have worked on over the past 30 years is all bad and the pendulum has swung too far.

I worry when we say that nothing good can come from innovation. Have there been excesses? Absolutely. Have there been inappropriate products? Absolutely. Are there investors who should be held accountable for buying things they didn’t understand? Absolutely. However, that does not make it right to say that innovation in itself is a bad thing. [Read the whole thing here]

Nobody is saying that nothing good came out of the so called “innovation.” The good that came out of is at best marginal. However, when you pit risks against rewards, it ain’t worth it. After all, this country saw the best economic expansion in the 1960s and early 70s – despite a crippling war and barely any stock market boom, much less any financial “innovation.”

My humble request to those who compare Fraud Street banksters to pigs. Please don’t insult the pigs. When pigs are slain, you get bacon. But if you slay a bankster, you get nothing.

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One of premise in Transportation Systems Planning is that transportation is a derived demand. Meaning transportation is a means but an end in itself. In typical urban constellation people make millions of to-and-fro trips in day from their place of living to their destinations. Without much impact to accuracy, the work and education trips constitute a greater percentage of the total trips.

In early 1980s or late 1970s Alvin Toffler had envisioned these shifts and wrote an excellent futuristic book, a number one best seller those days, ‘The Third Wave.’

So coming back to our discussion, ‘Work From Home’ or WFM in short, has caught up to maturity in major corporations across the globe. While this is not applicable for all types of roles (especially front desk or customer facing roles), a great many service oriented opportunities can be de-linked from the traditional 4-walled office buildings.

In a First Wave Society, man is more like a prosumer, and his workplace is nothing but his own home or his own field. With the advent of industralisation in the Second Wave, man is forced to relocate to the factory or massive work compound from his place of residence. This has given rise to the birth of ‘work trip’ and brought to the fore the crux of moving people in large scale from their respective places of residence to respective places of work.

In the Third Wave dominated by ICT, created a newer vast pool of services industry, in turn office complexes to house these soft skilled people. On another front, ICT also enabled remote connectivity to enterprise computing virtually from anywhere, and the only requirement is that the person needs to have a desktop, laptop or any other mobile device, connectivity to the internet!

Leveraging on these possibilities major corporations de-linked their staff from cubicles. Here everyone is a winner: the corporations reduced drastically on workstation costs, utility charges, consumbles (coffee, tea…), and even storage space. Where the employee had the flexibility to work at ease from his home environment, avoiding or minimsing the need to travel. Even if a trip is required he could probably plan during off peak periods. Society has the advantage that it receives lesser traffic loads, improved infrastruture maintenance costs, less fuels, lesser carbon foot print…

Infact, this is primary enabler that shifted whole lot of work packages to off shore, ie., how India is enojoying todday the boom of ICT opportunities.

In essence, in the 2nd Wave people moved where there is work. The ICT Revolution facilitated to distribute back the work closer to the employee’s home. Implying work moved where the employee is!

This is a very interesting shift in work delivery, and I am sure many are enjoying WFH culture. Of course, the employee needs to be more disciplined, at times, faces boredom; and the managers face difficulty to enforce compliance; and there is lesser opportunity for inter personal relations. Despite of all these short comings WFH is still an inevitable move for the society, and for good.

In early 1990s I was working on Collaborative Models for a large scale project of Singapore Government. Of course, the technologies are more wide spread now than then, but those models I envisaged haven’t yet became common place yet. There must be a revolution in Communications or Internet, Security has to be strengthened. Once that happens Anywhere Workplace to a great majority becomes a norm rather than exception. I believe that may not be too far…

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Come to think of it. This is almost 100% true. Read below & find out the answer.

Early this year, Arun, an old friend who is a senior software designer, got an offer from a prestigious international firm to work in its India operations developing specialized software. He was thrilled by the offer.

He had heard a lot about the CEO of this company, a charismatic man often quoted in the business press for his visionary attitude. The salary was great. The company had all the right systems in place employee-friendly human resources (HR) policies, a spanking new office, the very best technology, even a canteen that served superb food.

Twice Arun was sent abroad for training. “My learning curve is the sharpest it’s ever been,” he said soon after he joined. “It’s a real high working with such cutting edge technology.”

Last week, less than eight months after he joined, Arun walked out of the job. He has no other offer in hand but he said he couldn’t take it anymore. Nor, apparently, could several other people in his department who have also quit recently.

The CEO is distressed about the high employee turnover. He’s distressed about the money he’s spent in training them. He’s distressed because he can’t figure out what happened. Why did this talented employee leave despite a top salary? Arun quit for the same reason that drives many good people away. The answer lies in one of the largest studies undertaken by the Gallup Organization.

The study surveyed over a million employees and 80,000 managers and was published in a book called First Break All the Rules.

It came up with this surprising finding: If you’re losing good people, look to their immediate supervisor. More than any other single reason, he is the reason people stay and thrive in an organization. And he’s the reason why they quit, taking their knowledge, experience and contacts with them. Often, straight to the competition.

“People leave managers not companies,” write the authors Marcus Buckingham and Curt Coffman. “So much money has been thrown at the challenge of keeping good people – in the form of better pay, better  perks and better training – when, in the end, turnover is mostly a manager issue.” If you have a turnover problem, look first to your managers. Are they driving people away?

Beyond a point, an employee’s primary need has less to do with money, and more to do with how he’s treated and how valued he feels. Much of this depends directly on the immediate manager. And yet, bad bosses seem to happen to good people everywhere. A Fortune magazine survey some years ago found that nearly 75 per cent of employees have suffered at the hands of difficult superiors. You can leave one job to find – you guessed it, another wolf in a pin-stripe suit in the next one.

Of all the workplace stressors, a bad boss is possibly the worst, directly impacting the emotional health and productivity of employees.

Here are some all-too common tales from the battlefield:

Dev, an engineer, still shudders as he recalls the almost daily firings his boss subjected him to, usually in front of his subordinates. His boss emasculated him with personal, insulting remarks. In the face of such rage, Dev completely lost the courage to speak up. But when he reached home depressed, he poured himself a few drinks, and magically, became as abusive! as the boss himself. Only, it would come out on his wife and children. Not only was his work life in the doldrums, his marriage begun cracking up too.

Another employee Rajat recalls the Chinese torture his boss put him through after a minor disagreement. He cut him off completely. He bypassed him in any decision that needed to be taken. “He stopped sending me any papers or files,” says Rajat. “It was humiliating sitting at an empty table. I knew nothing and no one told me anything.” Unable to bear this corporate Siberia , he finally quit.

HR experts say that of all the abuses, employees find public humiliation the most intolerable. The first time, an employee may not leave, but a thought has been planted. The second time that thought gets strengthened. The third time, he starts looking for another job.

When people cannot retort openly in anger, they do so by passive aggression. By digging their heels in and slowing down. By doing only what they are told to do and no more. By omitting to give the boss crucial information. Dev says: “If you work for a jerk, you basically want to get him into trouble. You don’t have your heart and soul in the job.”

Different managers can stress out employees in different ways – by being too controlling, too suspicious, too pushy, too critical, too nit-picky. But they forget that workers are not fixed assets, they are free agents.

When this goes on too long, an employee will quit -often over seemingly trivial issue. It isn’t the 100th blow that knocks a good man down. It’s the 99 that went before. And while it’s true that people leave jobs for all kinds of reasons – for better opportunities or for circumstantial  reasons, many who leave would have stayed – had it not been for one man constantly telling them, as Arun’s boss did: “You are dispensable. I can find dozens like you.

While it seems like there are plenty of other fish especially in today’s waters, consider for a moment the cost of losing a talented employee.

• There’s the cost of finding a replacement.
• The cost of training the replacement.
• The cost of not having someone to do the job in the meantime.
• The loss of clients and contacts the person had with the industry.
• The loss of morale in co-workers.
• The loss of trade secrets this person may now share with others.

Plus, of course, the loss of the company’s reputation.

Every person who leaves a corporation then becomes its ambassador, for better or for worse.  We all know of large IT companies that people would love to join and large television companies few want to go near. In both cases, former employees have left to tell their tales.

“Any company trying to compete must figure out a way to engage the mind of every employee,” Jack Welch of GE once said. Much of a company’s value lies “between the ears of its employees”. If it’s bleeding talent, it’s bleeding value.

Unfortunately, many senior executives busy travelling the world, signing new deals and developing a vision for the company, have little idea of what may be going on at home.

That deep within an organization that otherwise does all the right things, one man could be driving its best people away.

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Greenspan, the crackpot and a great disciple of Rand has experimented in implementing what he believed to be Rand’s/Friedman’s ideology. Greenspan was either naive and/or utterly stupid to assume that ‘corporations do not do anything to hurt their own self interests.’ Do they? Greenspan didn’t even recognize fraud until it was too late – not once, not twice – but multiple times.

Well, ever since Chakravarthy and I started going at each other on this subject of ‘free markets,’ we are both bringing evidence to prove our points of view. He says that ‘profit motive’ among us is the economic utopia for the world. I say it is an impractical ideology that can and will never be fully implemented or tested. For, altruism and greed are essential elements of human nature. You cannot suppress one and let the other rule. In other words, human nature is inherently complicated and the choices we make are infinitesimally complex. The choices are governed by prevailing conditions/rules.

Here is another exhibit.

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Following is the speech by Chetan Bhagat given at the orientation programme for the new batch of MBA students at Symbiosis, Pune.

Good Morning everyone and thank you for giving me this chance to speak to you. This day is about you. You, who have come to this college, leaving the comfort of your homes (or in some cases discomfort), to become something in your life. I am sure you are excited. There are few days in human life when one is truly elated.  The first day in college is one of them.  When you were getting ready today, you felt a tingling in your stomach. What would the auditorium be like, what would the teachers be like, who are my new classmates – there is so much to be curious about. I call this excitement, the spark within you that makes you feel truly alive today. Today I am going to talk about keeping the spark shining. Or to put it another way, how to be happy most, if not all the time.

Where do these sparks start? I think we are born with them. My 3-year old twin boys have a million sparks. A little Spiderman toy can make them jump on the bed. They get thrills from creaky swings in the park. A story from daddy gets them excited. They do a daily countdown for birthday party – several months in advance – just for the day they will cut their own birthday cake.

I see students like you, and I still see some sparks. But when I see older people, the spark is difficult to find. That means as we age, the spark fades. People whose spark has faded too much are dull, dejected, aimless and bitter. Remember Kareena in the first half of Jab We Met vs the second half? That is what happens when the spark is lost.   So how to save the spark?

Imagine the spark to be a lamp’s flame. The first aspect is nurturing – to give your spark the fuel, continuously. The second is to guard against storms.

To nurture, always have goals. It is human nature to strive, improve and achieve full potential. In fact, that is success. It is what is possible for you. It isn’t any external measure – a certain cost to company pay package, a particular car or house.

Most of us are from middle class families. To us, having material landmarks is success and rightly so. When you have grown up where money constraints force everyday choices, financial freedom is a big achievement. But it isn’t the purpose of life. If that was the case, Mr. Ambani would not show up for work. Shah Rukh Khan would stay at home and not dance anymore. Steve Jobs won’t be working hard to make a better iPhone, as he sold Pixar for billions of dollars already. Why do they do it? What makes them come to work everyday? They do it because it makes them happy. They do it because it makes them feel alive Just getting better from current levels feels good. If you study hard, you can improve your rank. If you make an effort to interact with people, you will do better in interviews. If you practice, your cricket will get better. You may also know that you cannot become Tendulkar, yet. But you can get to the next level. Striving for that next level is important.

Nature designed with a random set of genes and circumstances in which we were born. To be happy, we have to accept it and make the most of nature’s design. Are you? Goals will help you do that. I must add, don’t just have career or academic goals. Set goals to give you a balanced, successful life. I use the word balanced before successful. Balanced means ensuring your health, relationships, mental peace are all in good order.

There is no point of getting a promotion on the day of your breakup. There is no fun in driving a car if your back hurts. Shopping is not enjoyable if your mind is full of tensions.

You must have read some quotes – Life is a tough race, it is a marathon or whatever. No, from what I have seen so far, life is one of those races in nursery school, where you have to run with a marble in a spoon kept in your mouth. If the marble falls, there is no point coming first. Same with life, where health and relationships are the marble. Your striving is only worth it if there is harmony in your life. Else, you may achieve the success, but this spark, this feeling of being excited and alive, will start to die.

One last thing about nurturing the spark – don’t take life seriously. One of my yoga teachers used to make students laugh during classes. One student asked him if these jokes would take away something from the yoga practice. The teacher said – don’t be serious, be sincere. This quote has defined my work ever since. Whether its my writing, my job, my relationships or any of my goals. I get thousands of opinions on my writing everyday. There is heaps of praise, there is intense criticism. If I take it all seriously, how will I write? Or rather, how will I live? Life is not to be taken seriously, as we are really temporary here. We are like a pre-paid card with limited validity. If we are lucky, we may last another 50 years. And 50 years is just 2,500 weekends. Do we really need to get so worked up? It’s ok, bunk a few classes, goof up a few interviews, fall in love. We are people, not programmed devices.

I’ve told you three things – reasonable goals, balance and not taking it too seriously that will nurture the spark. However, there are four storms in life that will threaten to completely put out the flame. These must be guarded against. These are disappointment, frustration, unfairness and loneliness of purpose.

Disappointment will come when your effort does not give you the expected return. If things don’t go as planned or if you face failure. Failure is extremely difficult to handle, but those that do come out stronger. What did this failure teach me? is the question you will need to ask. You will feel miserable. You will want to quit, like I wanted to when nine publishers rejected my first book. Some IITians kill themselves over low grades – how silly is that? But that is how much failure can hurt you. But it’s life. If challenges could always be overcome, they would cease to be a challenge. And remember – if you are failing at something, that means you are at your limit or potential. And that’s where you want to be.

Disappointment’s cousin is Frustration, the second storm.  Have you ever been frustrated? It happens when things are stuck. This is especially relevant in India. From traffic jams to getting that job you deserve, sometimes things take so long that you don’t know if you chose the right goal. After books, I set the goal of writing for Bollywood, as I thought they needed writers. I am called extremely lucky, but it took me five years to get close to a release. Frustration saps excitement, and turns your initial energy into something negative, making you a bitter person. How did I deal with it? A realistic assessment of the time involved – movies take a long time to make even though they are watched quickly, seeking a certain enjoyment in the process rather than the end result – at least I was learning how to write scripts, having a side plan – I had my third book to write and even something as simple as pleasurable distractions in your life – friends, food, travel can help you overcome it. Remember, nothing is to be taken seriously. Frustration is a sign somewhere, you took it too seriously.

Unfairness – this is hardest to deal with, but unfortunately that is how our country works. People with connections, rich dads, beautiful faces, pedigree find it easier to make it – not just in Bollywood, but everywhere. And sometimes it is just plain luck. There are so few opportunities in India, so many stars need to be aligned for you to make it happen. Merit and hard work is not always linked to achievement in the short term, but the long term correlation is high, and ultimately things do work out. But realize, there will be some people luckier than you. In fact, to have an opportunity to go to college and understand this speech in English means you are pretty damm lucky by Indian standards. Let’s be grateful for what we have and get the strength to accept what we don’t. I have so much love from my readers that other writers cannot even imagine it. However, I don’t get literary praise. It’s ok. I don’t look like Aishwarya Rai, but I have two boys who I think are more beautiful than her. It’s ok. Don’t let unfairness kill your spark.

Finally, the last point that can kill your spark is Isolation. As you grow older you will realize you are unique. When you are little, all kids want Ice cream and Spiderman. As you grow older to college, you still are a lot like your friends. But ten years later and you realize you are unique. What you want, what you believe in, what makes you feel, may be different from even the people closest to you. This can create conflict as your goals may not match with others. And you may drop some of them. Basketball captains in college invariably stop playing basketball by the time they have their second child. They give up something that meant so much to them. They do it for their family. But in doing that, the spark dies. Never, ever make that compromise. Love yourself first, and then others.

There you go. I’ve told you the four thunderstorms – disappointment, frustration, unfairness and isolation. You cannot avoid them, as like the monsoon they will come into your life at regular intervals. You just need to keep the raincoat handy to not let the spark die.

I welcome you again to the most wonderful  years of your life. If someone gave me the choice to go back in time, I will surely choose college. But I also hope that ten years later as well, your eyes will shine the same way as they do today. That you will Keep the Spark alive, not only through college, but through the next 2,500 weekends. And I hope not just you, but my whole country will keep that spark alive, as we really need it now more than any moment in history. And there is something cool about saying – I come from the land of a billion sparks.

Thank You.

Chetan Bhagat

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On The Job | Sanjeev Bikhchandani

The author is co-founder and chief executive officer, InfoEdge (India) Ltd, which runs the Naukri.com website. He writes a monthly column on careers and enterprise.

The question I am most frequently asked by business school and engineering college students, who are aspiring to be entrepreneurs, is: “When is it the right time to become an entrepreneur? Should I do it straight after college or should I work for a few years first?”

The truth is that there are success stories of all sorts. There are those who have done it after working for a few years as managers in companies—the Infosys founders are an example. Then there are people who have done it straight out of college—my good friend Kunwar Sachdev of Su-Kam inverters is one such. And there are those who have dropped out of college to become entrepreneurs— Bill Gates is the most famous name that comes to mind. There are people who do college and entrepreneurship side by side—Michael Dell’s story of how he founded and ran Dell from his college room is famous. Finally, there are those who became entrepreneurs without even going to college or completing their school education—the best-known story in India is of Dhirubhai Ambani.

There is no one right answer to these questions. However, you can always find an example to support whatever point of view you support. Time it right: Bill Gates dropped out of college to set up Microsoft.

The argument in favour of becoming an entrepreneur straight out of college is that once you are in a job and you get comfortable with the idea of a regular salary, you will find it extremely difficult to quit to do a start-up. This is especially true if you are from a premier institute and earning a high salary in a well-known company. It becomes worse if some years have elapsed since you finished college and you have now bought a car and a house and have EMIs to service. And later on, when you get married and start a family, it becomes nearly impossible to quit—you crave security.

The single largest reason why people give up on their entrepreneurial aspirations and continue in a job is delay in breaking out after college.

The argument in favour of working for some years in a job before becoming an entrepreneur is that you improve your reality check. It is well known that the Indian education system does not provide a great reality check to students. It takes several years of working after college for graduating students to figure out how the real world actually functions. You learn to work as a subordinate before you become a boss and that experience is important when your company scales up and you are managing a larger team. You acquire skills on the job that you would otherwise not have. You meet customers, get an insight into their needs and an understanding of the market. You get to know about business opportunities. You learn about processes and good practices that are useful years later. You build your network and credentials.

In a nutshell, working for a few years increases your chances of success once you do become an entrepreneur. The flip side is that if you get into a good job and work there for a few years, you may never actually quit to become an entrepreneur.

My view on this is that you should become an entrepreneur only when you are ready. I had worked for five years before I quit and became an entrepreneur. And, in hindsight, I would not do it any other way. I needed those five years to learn and mature and become a better people’s person. And you will know when you are ready. Your inner voice will compel you to do it.

The other time to become an entrepreneur is when you have such a compelling idea that you are totally convinced that it is now or never. Gates often cites this when he talks about his decision to quit college and set up Microsoft. He could see the PC age coming and he just had to be a part of it, but felt it would pass him by if he spent another three years in college. He just had to do it then.

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Online education by the ‘for-profit universities’ is the next biggest fraud to be exposed.

These schools are businesses. They sell “degrees.”  Nothing appears wrong with that until you dig down on their sleazy business practices. Buying a ‘degree’ is not like buying a finished product. Rather, you have to finish the product and take it with you. Few people finish these products.

New York Times has a great article on this recently (emphasis mine).

At institutions that train students for careers in areas like health care, computers and food service, enrollments are soaring as people anxious about weak job prospects borrow aggressively to pay tuition that can exceed $30,000 a year.

But the profits have come at substantial taxpayer expense while often delivering dubious benefits to students, according to academics and advocates for greater oversight of financial aid. Critics say many schools exaggerate the value of their degree programs, selling young people on dreams of middle-class wages while setting them up for default on untenable debts, low-wage work and a struggle to avoid poverty. And the schools are harvesting growing federal student aid dollars, including Pell grants awarded to low-income students.

“If these programs keep growing, you’re going to wind up with more and more students who are graduating and can’t find meaningful employment,” said Rafael I. Pardo, a professor at Seattle University School of Law and an expert on educational finance. “They can’t generate income needed to pay back their loans, and they’re going to end up in financial distress.”

…..

The Apollo Group — which owns the for-profit University of Phoenix — derived 86 percent of its revenue from federal student aid last fiscal year, according to BMO. Two years earlier, it was 69 percent.

For-profit schools have proved adept at capturing Pell grants, which are a centerpiece of the Obama administration’s efforts to make higher education more affordable. The administration increased financing for Pell grants by $17 billion for 2009 and 2010 as part of its $787 billion stimulus package.

Two years ago, students at for-profit trade schools received $3.2 billion in Pell grants, according to the Department of Education, less than went to students at two-year public institutions. By the 2011-12 school year, the administration now estimates, students at for-profit schools should receive more than $10 billion in Pell grants, more than their public counterparts. (Those anticipated increases may shrink, depending on the outcome of wrangling in Congress over health care and student lending.)

Enrollment at for-profit trade schools expanded about 20 percent a year the last two years, more than double the pace from 2001-7, according to the Career College Association.

Mr. Miller, the association’s president, said for-profit schools were securing large numbers of Pell grants because their financial aid offices were diligent and because the schools served many low-income students.

Before you dig deep into debt and enroll into one of these outfits for the lure of a ‘degree,’ which is essentially worthless:

Pet-rocks can be used as paper weights. But, your degree from some of these sleazy colleges will not have any weight even with pet-rocks sitting on top of it.

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మీరు చూసి నేర్చుకుంటారా, చేసి నేర్చుకుంటారా, లేక చేసినా, చూసినా నేర్చుకోరా?

Whether you are a trader or not, investor or not – this is a presentation to keep for the rest of your life. The author is Sanjay Bakshi who appears to be a trader in Indian financial markets. Subject? Business, Life, Stocks and More

This is 327 pages (slides) of good stuff. Not just good, great stuff! Really great stuff. (I give 10 stars out of 5)

ఇది అద్భుతమైన, కాదు కాదు, పరమాద్భుతమైన presentation. తప్పక చూడండి. ఈ ఒక్కసారికి, ఇది చూసి నేర్చుకోండి!

Spread this around…

Confessions of a Value Investor- A Few Lessons in Behavioral Finance

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I have a huge experience with frustration. I experienced it in so many ways, at so many times in my life, that I feel like I’m some kind of a specialist. If you wonder why I have this huge expertise, here’s the answer: growth never happens without it. The more frustration you are able to harvest, resolve and overcome, the more growth you’re experiencing. Avoiding it, hiding from it, deluding the game, none of these strategies will make you a better human being. On the contrary.

What follows is a list of tools and approaches I used to solve my own frustration and limitation episodes.

1. Accept Reality

Yes, something bad happened. Don’t spend your day imagining how beautiful life could be if it wasn’t for that stupid incident or mistake. This is it. It is frustrating, no doubt about it, but rejecting this reality will not lower the frustration, on the contrary, will make it stronger and stronger. Accept reality.

2. Shift Your Focus

It’s so easy to get caught in a spiral of anger and despair when you’re frustrated, and I know that first hand. Shift your focus by engaging in small but demanding activities. Get involved. Do take the necessary steps to get over the frustrating situation, but do not ignore everything else around you.

3. Talk About It With A Friend

Find somebody you trust and talk about it. Let it out. Don’t let it grow inside yourself until you explode. Most of the time, when you reach this point, it’s too late to make a meaningful change that will restore your reality. Let your worries and your tension fly. After all, this is what friends are for, right?

4. Journal It

If you don’t keep a journal, start now. Write down all your fears, all your sensations and describe them in great detail. Do it until you feel you can’t do it no more. You’re going to feel incredibly better. Writing has this side effect of lowering what you write about, making it more manageable. Just try it.

5. Write A Letter About It

Imagine you’re on a desert island. Sit down and write a letter to somebody who could potentially rescue you. Be verbose. Imagine how your life will be after you leave that desert island. Because if you can’t describe that, you will never leave the island. Then destroy the letter.

6. Write A Worse Case Scenario

What is the worst thing that may happen to you right now? List everything from physical loss to emotional imbalances. Try to foresee every little detail of a worst case scenario. What life will you live if everything will turn out as bad as possible? Then read it. It won’t look as bad as you thought.

7. Identify A List Of Possible Actions

What exactly will make the situation acceptable again? What are the things that you could actually do to improve your current status? Make a list. Try to identify every possible action, as improbable as it may seem, and put it on the list. At the end of this, you’ll feel much better: you have work to do.

8. Sleep Over It

Most of your unconscious life happens while you’re asleep. Try to go to bed with a clear thought of resolution. Don’t try to find a solution, just prepare yourself for getting out of that frustrating circle. During the night your unconscious mind will find resources to make you stronger.

9. Be Your Own Avatar

Try to look at yourself from “the outside”. Write on a piece of paper what an observer would see at you. How do you behave? How do you talk, how do you act? The more you’ll do this exercise, the more you’ll differentiate yourself from the frustrating persona and take control over it at the same time.

10. Read Something Funny

This will not solve your problem, most of the time it will only switch your focus to something else, giving you a temporary break. Do not mistake this technique with avoidance, just use it as a chillout session, then get back on track and solve whatever you have to solve.

[Read more ]

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I was driving to town the other day, when, at some point on the highway, I found myself near a huge truck. I don’t know if you know the type: ugly, noisy and… toxic! The exhaustion pipe was left oriented, and since the truck was rolling on my right, even if my windows were closed, I was inhaling huge amounts of gas. Toxic gas.

After a few hundreds meters I went ahead of it and looked to the rear mirror: the driver didn’t seem to have any problem with all that toxic gas he was literally exhaling on the highway. He looked calm and somehow on top of the situation. I could see he had no idea he was a really toxic person to other people.

The day went on as usual but on my way home, around the same place I met the truck, something hit me: we can all be toxic persons to other people, only we don’t realize it. We’re going on and on, relaxed and somehow on top of the situation without even noticing how infectious we can be at times, just like the driver of the morning truck. We can all spread gas on other people cars, so to speak, and the worst thing is we don’t even realize how toxic we are.

Once home, I started to think about what makes us toxic persons. Even more, I tried to identify some simple ways to avoid becoming such a person. What follows is only a short list of what I found. Generally speaking, I was searching for things which can lower your toxic “gas emissions”, making it easier to become an “ecological” citizen. The list is not even near to be complete, so feel free to add your own tips in the comments.

1. Say Thank You

Sometimes you simply forgot to say “thank you’, sometimes you’re in a hurry, or sometimes you just don’t want to say it out loud. But fact is, every time you’re not saying ”thank you“ you leave room for a toxic thought or approach. The simple act of saying ”thank you“ closes an interaction in a completely healthy way, no room left for any potential harmful follow up.

2. Say Only What You Mean

It’s not only about plain lying, although it encompasses this too. It’s about keeping what you’re saying in sync with your mind, goals and attitude. The moment you’re starting saying things you don’t really mean, your communication process becomes heavily ineffective, hence you’re going to emit huge amounts of toxic gas, just like that ugly, noisy truck.

3. Clearly State What You Want

A lot of toxicity exhales from misunderstanding. Small confusions, false impressions or misinterpretations are like glitches in a car engine. Every time you get such a glitch, it’s like having water in your gasoline: the conversation engine will start to cough and before you know it, you’ll get an increased level of toxicity. Just say what you want.

4. Say Something Nice To An Unknown Person

Like it or not, we do live in an emotionally polluted world. Doesn’t matter if this emotional pollution comes, most of the time, from people who don’t even realize they’re toxic, like the driver of that truck. What really counts in this dusty environment is to try lowering this pollution index as much as we can. And saying something nice to a completely unknown person will have exactly this effect: it will act like an air freshener, making the smog disappear at least for a few moments.

5. Don’t Gossip

Talking behind other people’s back is like putting your exhaustion pipe to somebody else door, while pretending you’re looking in a different direction. Even if you’re not talking directly to those people, you’re directing your toxic emissions to their houses. Sooner or later they’ll realize something is wrong and they’ll also identify the source.

Read Full Story
Photo from stock.xchng

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Students Protesting Tuition Hike, Fall 2009 (AP Photo)

The two largest items US consumers spend on are 1) Health Care and 2) Education

Since the days of 2008 presidential campaign, so much attention has been focused on rising health care costs. The Great Recession (this is how they are referring to the current economic climate) has left many state budgets in such a disarray that the states are doing everything they could to cut their budgets. Well, the axe is falling on school and college funding.

Except may be in Alaska, the story is the same for schools and colleges in Arizona, Texas North Carolina Virginia, New Jersey, new York or Massachusetts, – not to mention the state that could bring down the next leg of worldwide panic – California.

To compensate for state budget cuts, colleges across the country are planning for tuition hikes: about 5% in Texas to over 30% in California. Tuition is almost certain to go up at George Mason University, which is where I teach. The following excerpt is from Huffington Post:

“We’re one of the largest economies in the world, and we can’t fund the basics,” said Mike Scullin, 29, a graduate student in education who plans to become a high school teacher. “We’re throwing away a generation of students by defunding education.”

The steep economic downturn has forced states to slash funding to K-12 schools, community colleges and universities to cope with plummeting tax revenue.

Experts said schools and colleges could face more severe financial trouble over the next few years as they drain federal stimulus money that temporarily prevented widespread layoffs and classroom cuts.

Protest actions were held at most of the 10 University of California campuses, 23 California State University campuses and many of the state’s 110 community colleges.

Come Fall, you can expect even more widespread protests or even riots across many college campuses in US. Much like the October 2009 protest at UCLA.

On the other hand, the second e-mail I got from my ultimate boss, the (new) Governor of my state (Commonwealth of Virginia) has no mention of tuition hikes. But, I was told to expect furloughs, pay cuts and/or cuts to pension and retirement account contributions.

Pay cut or pension cut, I am thankful that I at least have a job. However, what pains me the most about this is to see an unemployed parent being squeezed even more to pay for the tuition of his/her kid.

Looking at the brighter side, I am so glad that I did my part to let the bankers have their bonuses for last year. Imagine a world where those hard working smart guys of the world being denied their rightful earnings.:)

I would love to talk about this subject on my March 5 Mohana Muralee GaanaLahari show? Any takers?

[Update: March 8, 2010]

I missed this news. More riots happened at UCLA last week. (Video)

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Unfortunately, we, humans, seem to have a rather hard time with them. Why? Because we’re on a constant battle to take over the world. Sometimes we win, sometimes the viruses win. But if you take a closer look you’re going to discover some wonderful things about viruses, that even we, humans, can’t say we have at this moment. For instance, the ability to identify and inhabit an appropriate host or to modify some inner key characteristics in order to adapt to new conditions.

Yes, viruses are a very interesting topic but today I’m not going to talk about viruses as living creatures. Not even about computer viruses. Today I’m going to talk about mind viruses, or, more precisely, how to keep your mind clean from them.

This is the third follow-up to this article: How To Run The Best Version Of Yourself, in which I’m using a computer-human metaphor for personal development. You can find the first two articles here:

How To Defrag Your Mind In 5 Easy Steps
How To Maintain And Upgrade Your Life Device Drivers

What Is A Mind Virus?

The simplest way to describe a mind virus is an addiction. A repeated action, with a consistent harming potential, most of the time performed without our will. Smoking, over drinking, or fighting are good examples of a mind virus. Mind viruses are learned behaviors which are self-propagating and slowly consuming the host. But addictions are only the most visible, and not the most dangerous mind virus.

The most dangerous viruses are those who are spreading without our knowledge and, even more, without easy to spot symptoms. I mean, smoking and over drinking are so easy to spot, they have a very clear pathology. You can’t miss them. But how can you identify a mind virus which constantly prevents you from being happy? Or a mind virus which creates limiting beliefs about money? Or a virus which constantly makes you feel powerless and defeated?

How To Identify A Mind Virus

First of all, a mind virus is something you “caught” from somebody else. Viruses are spreading from host to host. You aren’t born with them. So, the first step in identifying a repetitive behavior as a mind virus would be to identify its origin. Did we have this behavior since we were born? Or we learned it in school, or at work? Most of the time we get mind viruses from social interaction.

Second, a mind virus is able to adjust to various changes of the host. I think in technical terms this is called polymorphism, but we’re just call it adaptability. If you tried various approaches towards a specific toxic behavior, to no success, that could be a pretty good sign we’re dealing with a mind virus and not with an isolated deviation.

And third, a very common characteristic of a mind virus would be its ability to replicate itself. It will actually try to propagate itself onto other people around us. And, to some extent, we will help it big time, without knowing, of course. There will be a certain vibe of “I’m right and you’re wrong” every time we’ll be in that mind virus sequence. For instance, if our mind virus is creating limiting beliefs about money, we will reinforce these beliefs constantly while talking with others : “don’t you know money is so difficult to make?”.

[Read More - Dragos Roua]

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