^

Business

The Matthew effect

BUSINESS MATTERS BEYOND THE BOTTOM LINE - Francis J. Kong - The Philippine Star

Remember your high school science and lab moments? My classmates were excited to attend the classes, but I was not one of them. I dreaded lab days. Some funny guy posted this on Twitter, and it resonates well with me: “If it’s green or wriggles, it’s biology. If it stinks, it’s chemistry. If it doesn’t work, it’s physics or engineering. If it’s green and wiggles and stinks and still doesn’t work, it’s psychology. If it’s incomprehensible, it’s mathematics. If it puts you to sleep, it’s statistics.”

I always thought physics was boring and had little connection and application to life, but that was foolish thinking. Some physics enthusiasts would say: “The universe is made of protons, neutrons, electrons, and morons. With my attitude and behavior, I would certainly belong to the last classification.

Today, I use many terms from physics to describe business movements and behavior in my leadership training and engagements. And it’s not just me, but also respected business speakers all over the world do too. They use the term “The Big MO,” which is a shortened expression for “MOMENTUM” in business. Momentum is defined as “mass in motion.” This is what I have learned about momentum from the latest book of Mark Schaefer. He cites the following: Robert Merton and Dr. Zuckerman wrote a paper and studied Nobel Prize laureates. A Nobel Prize is supposed to be the mark of the world’s greatest intellects, yet their report found that this was not necessarily true. Most winners had made only average contributions to their field, while many scientists who had never received the prize had contributed much more to the advancement of scientific discovery.

A Nobel Laureate will be awarded a lifetime of access to the best facilities, the most skilled assistance, and every possible advantage to establish their worth. But, on an even grander scale, the scientific establishment unintentionally creates the class structure by giving the most recognized celebrities more chances to succeed and further enhance their status.

Merton documented his assistance findings in a famous article called The Matthew effect in science. This title refers to a famous verse from the Gospel of Matthew, “to the one who has, more will be given, and he will have an abundance from the one who has not, even what he has will be taken away.”

Put in less stately language. The rich get richer, and the poor get poorer. This is not just an idle moment from an ancient text Zuckerman showed. Over the years, social scientists have proven that the Matthew effect amplifies economic, political, educational, cultural, and social status inequalities.

Since Mertons’s original paper debuted more than 50 years ago, the Matthew effect is also more commonly called cumulative advantage. Which leads to the word: “MOMENTUM.”

Marketing guru and book author Mark Schaefer says: “The most accepted description of this idea is that the advantage of one individual or group over another grows over time. The inequality of disadvantage grows too much of advantage magnifies the minor differences over time, making it difficult for somebody who is behind to catch up.”

Here are a few examples.

Research shows that those who started with an initial advantage attained better career positions or wealth, social status, educational opportunities, and health.

A Matthew effect has been connected to those receiving Oscar nominations.

A research study of 20,000 athletes across four sports leagues concluded that children with the initial advantage of early coaching had longer and more profitable, professional careers.

Consider somebody who deposits P10,000 vs. another one who deposits P100,00. Over time and compounding interest, the gap between the two will widen so much that it is practically impossible to bridge the gap.

I see this principle operating in my life. What puts me in my place today is speaking and doing training results from the cumulative advantage that started way back in the ‘80s when I began reading personal development books and putting the principles into practice.

The advantages accumulate over the years, which propels me to more advantageous positions to accomplish more. We build on the advantages we accumulate over time. To increase our network of connections, knowledge, opportunities, and even wealth are based on momentum’s continuous building and constant motion.

Success is not a finish line. Instead, continuous momentum building provides us with the cumulative advantage to enjoy more opportunities and achieve more or else we enter the state of inertia - then rest, then demise and defeat. (My way of making up for physics).

 

 

(Francis Kong’s highly acclaimed Level Up Leadership Master Class online runs this Aug. 25 to 27. Develop your leadership skills that translate into personal, career, and business growth. For inquiries and reservations, contact April at +63928-559-1798 or and for more information, visit www.levelupleadership.ph)

PHYSICS

Philstar
  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with