A little knowledge is a very dangerous thing for all

Illustration: TBS

Unlike perceptions that are conjured up as a result of movies, being a Professor is actually a much more international and broader-based job than just being an eccentric person, blinkered in their own subject or institution. 

It is even more interesting if, like me, you are called upon to help a number of different sectors, as you may have worn several different hats. You're a medical doctor, director, academic, bioengineer, policy advisor, CEO, and chairman. But how do you know so much about life sciences, biotech med tech and economic policy? It is a common question I get. Often, the biggest help to many is to be that critical friend. The one who can have the 35,000 feet view, one who has been there and worn the T-shirt. 

The operational process changes, which are often the first thing that multinational consulting firms bellow on about are actually not the most helpful in the short or medium term. You need practical and specific help, not the wishy-washy colourful PowerPoint presentations, as you are charged by the hour, including lunch! Instead, most people are keen to see not change, but the evolution of their operational processes, explained in a language of support, rather than condescending lectures that one would expect from a colonial invasion.  

Hence, regional appreciation and having a  more realistic assessment without the hot air of exuberance and superlatives, typical of a cricket commentator, often go down well. That involves aspects of personal development, retraining, opportunities for all to enhance their skills and improving their knowledge base. Yes, that is why your mother always told you quite rightly, knowledge is power and so do your homework!

Advising many sectors, from governments to private companies, it never fails to amaze me how often the same issues crop up time and time again. Fundamentally, the key issue is having sufficient information and knowledge of the topic and more. Having a sharp, inquisitive mind, coupled with a problem-solving lateral thinking intuition is a lethal combination. Our modern society now considers this an essential rather than a desirable skill.

One has to do their homework and keep on developing, come rain or shine. Unfortunately, this is difficult for the majority. It is particularly hard for those who may have amassed much experience using a particular set of skills, so why change now?

Well, because tomorrow is very different. Simple, you say, but often no matter how educated one is and has collected more letters than your average scrabble game,  including the treasured and framed management and business letters,  this does not preclude them from some good dose of common sense and wisdom. 

As a society, we expect our elders to be that wise owl, but often they fail,  as most do, having fallible human character flaws. The insidious old issues of ego, stupidity, mistrust and simply not making an effort to humbly keep on developing one's knowledge base rear their ugly head repeatedly. 

This is compounded by the limited skills sets in a small pond. But as the world tries to manage the stagnation of inflationary pressures, the opportunity that many diverse economies hold - especially those with a ripe internal market of consumers - is something most investors do not miss.

One only needs to see how many small African natural asset-rich countries have been doing, to see that trend. It means money will come, so one must have the necessary skill sets and regulatory frameworks to efficiently and effectively manage such a potential golden egg. 

This will test many civil servants as the need for a fine balance between enticing offers for foreign investment, propping up foreign currency as an open market, and being street savvy enough to be aware of the more nefarious international and sometimes shady business dealings of a few foreign businesses, becomes more pertinent. 

However, it is worth stating that the most gregarious of personalities have a common trait: those who appreciate their flaws, and know what they do not know and are never too proud to seek help. In the end, such attributes are the difference between informed and ill-informed decisions. One of which can be a very costly mistake. Doing nothing is not an option, however.

Strategic advisors are key in many sectors in the financial, health, technology, governmental and educational sectors. Previously this was considered the job of a trusted friend and confidant. Still, the web of information requires a much deeper understanding and a more lateral problem-solving mindset in a more complicated and intermingled global financial and nuanced geopolitical system. Often one cannot find the answer in one's MBA written paper. 

This is particularly important for the long-term sustainability and adequate growth of many institutions, but also businesses, so as to not fall foul of an increasingly hostile and, at times, renegade VC and corporate investor group whose agendas often do not align with the national interests of many governments. 

This was always the issue with such a broad portfolio of many international visitors landing on the shores of many countries, whose opportunity as an economic silo often leaves a sour taste on the naive middle man or woman's tongue, who often are left to do the dirty work. 

The new year will bring financial pressures for many, especially governments, so now is the time to take stock of simple home truths. As our grandparents used to say,  be prepared with the best teams and skills for the hardest tests today, for an easier tomorrow. Work hard today, rest tomorrow but never stop learning.

Sketch: TBS

Professor Rameen Shakur MD PhD(Cantab) FRSA FIBMS FRSPH FRSB is a Professor of Genomics and cardiovascular medicine and Director of the precision health and translational medicine centre, University of Brighton, UK

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.