Challenges and Opportunities: A Qualitative Study on Tax Compliance in Pakistan
FINAL-CF-PPT-LAS-VEGAS.pptx
1.
2. Why do people fail to recognize the obvious?
Professor Dunning at Cornell found that
most “incompetent” people did NOT know
they are incompetent!
Reasons:
◦ The ignorant tend to be blissfully self-assured
◦ The skills required for competency often are the
same Skills necessary to recognize competency.
2
3. The incompetent, therefore, suffer doubly!
◦ Not only do they reach erroneous conclusions and
make unfortunate choices – but their incompetence
robs them of the ability to even realize it.
◦ In fact, this incompetence can also be denial to
accept reality. (Obvious Adams).
Your challenge: Accept a new reality – one
that has many facets
3
4. There are the:
◦ Knowns--- and unknowns
◦ The theoretical and real
◦ The obvious and the over-looked
◦ The transparent and hidden
◦ The multipliers of outcome's and
results––and the diminishers.
4
5. There are implications, correlations,
lessons, observations and universal
principles
Take a moment to think about them
Interpret/adapt/adopt and extrapolate
them through the lens of applicability
that most relates to your business
purpose and scenario
5
6. “
“ I would say - that a business
where you don’t constantly
examine and re-examine and
measure all the areas and impact
points of your business is a
business not worth owning.”
7. “
Either you keep working harder and
HARDER for your business…
OR...
Your business will start working
harder and smarter for YOU!
Mission Critical Point:
8. Everything we do in
business has the
capacity to grow
exponentially.
9. Getting your business to work for you:
Same Time or Less
Same Effort or Less
Same Opportunity or Less
Same Resources or Less
Same Access or Less
Same Relationships or Less
Same Venture Capital or Less
10. Exponential
Geometric Growth
Maximum - Current and Ongoing
(Residual/Yield)
● For Minimum Time
● For Minimum Effort
● For Minimum Risk
● For Minimum Expense
13. Profit vs. Earnings
Sales vs. Revenues
Systems vs. Ad Hoc
Business worth more when you
sell it than it ever earned you as
the operator.
13
14. 95% of all small business owners
never realize their goals.
Why?
14
15. They don’t have highly
integrative, budget-formulated,
highly defined/reverse engineered
goals.
(performance-correlated)
They have abstract macro-
theoretical hopes and dreams.
15
16. Most people don’t even know
what sort of rate of return they’re
getting. There’s a difference
between a typical manager of
business and the wealth manager
of asset portfolios.
T.O.
16
17. The amount of sales generated for
every dollar's worth of assets. So,
it measures a firm's efficiency at
using the assets in generating sales
or revenue – the higher the number
the better.
17
18. If your business was a mutual
fund...would YOU buy it?
Most entrepreneurs typically don’t
think of their business as an
investment.
T.O.
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19. If you had 3 mutual friends (one
producing 5%, one producing
15%, and one producing 20%, year
in and year out), would you
allocate the same capital to all
three?
T.O.
19
20. When you look at things
(in multiple impact elements in a
business), you can categorize
them in 2 ways:
1. Out of your control
2. Within Your Control
.
T.O.
20
21. Industry factors
Stock market
Capital markets
Local economy
Regulatory changes
Interest rates
T.O.
21
22. Growth rate
Balance sheet
Quality of earnings
Predictability of earnings
T.O.
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Editor's Notes
Why people fail to recognize the obvious? Apparently Prof. named Dunning at Cornell found that most “incompetent” people did NOT know they are incompetent! One reason: the ignorant also tent to be blissfully self-assured, (Dunning believes) is that…The Skills Required for Competency Often Are the Same Skills Necessary to Recognize Competency.
The incompetent, therefore, suffer doubly! Not only do they reach erroneous conclusions and make unfortunate choices – but their incompetence robs them of the ability to even realize it. In fact, this incompetence can also be denial to accept reality. (Obvious Adams).
I’m say this as a preference to the rest of my 45 min presentation -- because I want everyone of you to accept a new reality and this new reality has may facets, as you will learn.
