Showing posts with label business. Show all posts
Showing posts with label business. Show all posts
Monday, November 16, 2020
Don't Make A Choice; Choose "And"
Framing solutions as either/or options ignores the power of "and." What R. Edward Freeman, Kirsten Martin and Bidman L. Parmar prescribe for business in their book, The Power of And provides structure for the expression, "Think outside the box."
Just as executives are invited to imagine ways to satisfy stockholders, customers AND employees, those in other fields also can achieve greater benefits by creative thinking. How can the U.S. cut federal spending on space exploration and reach Mars? How can public education improve teaching methods and deal with student medical and emotional problems?
Women loved Justice Ruth Bader Ginsburg but they never challenged her assertion that they could not be full participants in civic life without the option of abortion to prevent motherhood. Yet, Senator Tammy Duckworth lost both legs serving in the military in Iraq and gave birth while she served in the U.S. Congress.
What can help people in any field learn to think creatively? The authors of The Power of And suggest tuning into the arts. Each objective is like a note in a symphony, one color in a painting or one step in a dance. Integration can produce harmony, a composition or a ballet. Even something out of place can lead to a new solution, the way a different note leads to jazz. By combining journalism and fiction Tom Wolfe created a new literary genre. Improv comedians keep a gag going by simply saying "and" after each other's statements like "I went to the store, and...."
Try converting "I'm going to visit my grandmother on Thanksgiving or stay home?"
Friday, June 12, 2020
Expand Family and Business Income Streams
Economic suffering from jobs lost to automation and the COVID-19 pandemic accelerate the need for multiple income streams from family members and businesses. The earlier post, "Rebirth of Self Worth," suggests ways children even can help generate income by adding lemonade and hot dog stands and entertainment to family yard sales. The following examples show how some businesses find new market segments eager to try their products.
Hard to mow hilly parks overgrown with invasive buckthorn bushes and honeysuckle inspired the formation of the HaakHagen Goat Grazing farm run by a couple of friends in Wisconsin. Their 88 agile goats, rented out to private landowners and government land, also help preserve prairies by nibbling invasive species and shrubs that block the sun needed by shorter native plants. The goats are gentler on the land than heavy mowing machinery, what they leave behind eliminates the need for some fertilizer and adults and children find the goats fun to watch.
Renting out RVs during the pandemic has become a new business catering to both vacationing families and virtual employees looking for office space while sheltering at home. When pleasure and business travelers return to the skies, they are likely to receive airline-branded Honeywell Safety Packs containing single-use gloves, hand wipes and face masks. Trendwatching.com reports Honeywell offers airline crews reusable packs of safety glasses and face masks with interchangeable filters.
What is obvious from these three businesses is the way they each seized opportunities to serve multiple market segments. Clothing manufacturers now have an opportunity to produce double-duty items for home and business wear. Educational suppliers can think in terms of the home and school markets. Online retailers might gain multiple incomes from pop-up holiday shops, and more and more similar ideas will create new jobs and economic growth.
Hard to mow hilly parks overgrown with invasive buckthorn bushes and honeysuckle inspired the formation of the HaakHagen Goat Grazing farm run by a couple of friends in Wisconsin. Their 88 agile goats, rented out to private landowners and government land, also help preserve prairies by nibbling invasive species and shrubs that block the sun needed by shorter native plants. The goats are gentler on the land than heavy mowing machinery, what they leave behind eliminates the need for some fertilizer and adults and children find the goats fun to watch.
Renting out RVs during the pandemic has become a new business catering to both vacationing families and virtual employees looking for office space while sheltering at home. When pleasure and business travelers return to the skies, they are likely to receive airline-branded Honeywell Safety Packs containing single-use gloves, hand wipes and face masks. Trendwatching.com reports Honeywell offers airline crews reusable packs of safety glasses and face masks with interchangeable filters.
What is obvious from these three businesses is the way they each seized opportunities to serve multiple market segments. Clothing manufacturers now have an opportunity to produce double-duty items for home and business wear. Educational suppliers can think in terms of the home and school markets. Online retailers might gain multiple incomes from pop-up holiday shops, and more and more similar ideas will create new jobs and economic growth.
Wednesday, January 10, 2018
Get Real About Forecasting 2018's Happenings
At the start of 2018, there has been no shortage of predictions about what will happen this year. TIME magazine devoted its entire January 15 issue, guest edited by Bill Gates, to a future of positive developments.
I have seen claims that the best places to find a job are in Arizona: Chandler and Scottsdale. Brain power will be enhanced by supplements or meditation. Advertisers will be more interested in how much time we view their commercials, rather than in how many commercials we see. Companies will mine data to personalize the messages they send us. Besides those designing technological developments, more people will be involved in considering the consequences of these developments, such as automated warfare and gene editing.
All of these forecasts remind me of the professor who said the only way to make accurate predictions is to forecast often. His prediction is more accurate than ever in our fast changing world, where today's jobs can be gone tomorrow and where so-called stable governments can disappear in the next election or coup.
No doubt, a variety of resources provide frequent updates. I'm just giving an example of one: TrendWatching.com offers its Premium Service subscribers a 100-page plus "2018 Trend Report," but it also provides a free daily look at innovations from around the world, innovations that often are worth imitating immediately. Businesses are reminded, for example, that they have become Glass Boxes. Consumers and potential employees have multiple ways to find out about their culture, people, processes, and product ingredients, not just their stock's performances. Evolution is not finished.
I have seen claims that the best places to find a job are in Arizona: Chandler and Scottsdale. Brain power will be enhanced by supplements or meditation. Advertisers will be more interested in how much time we view their commercials, rather than in how many commercials we see. Companies will mine data to personalize the messages they send us. Besides those designing technological developments, more people will be involved in considering the consequences of these developments, such as automated warfare and gene editing.
All of these forecasts remind me of the professor who said the only way to make accurate predictions is to forecast often. His prediction is more accurate than ever in our fast changing world, where today's jobs can be gone tomorrow and where so-called stable governments can disappear in the next election or coup.
No doubt, a variety of resources provide frequent updates. I'm just giving an example of one: TrendWatching.com offers its Premium Service subscribers a 100-page plus "2018 Trend Report," but it also provides a free daily look at innovations from around the world, innovations that often are worth imitating immediately. Businesses are reminded, for example, that they have become Glass Boxes. Consumers and potential employees have multiple ways to find out about their culture, people, processes, and product ingredients, not just their stock's performances. Evolution is not finished.
Monday, January 9, 2017
Future Career Opportunities
For youngsters around the world, where they will work or launch a business seems many years away. Yet, thinking about what factors a country needs to offer employees and employers can begin at any age. Forbes magazine (December 21, 2016) helped the process of identifying "Best Countries for Business" by ranking 139 countries on a composite of factors including: taxes, innovation, technology, regulations, corruption, property rights, investor protection, per capita income, and trade balance. Other factors to consider might be: infrastructure; political stability; threat of terrorism; human rights of men, women, and children; and health conditions.
The Forbes ranking placed Sweden first and Chad last. At forbes.com/best-countries-for-business/list/, there is a brief evaluation of the business climate in each of the 139 counties listed. You can find out why a negative trade balance, regulations, government intervention in the housing and health insurance markets, budget deficits, and modest growth in Gross Domestic Product (GDP) positioned the United States 23rd among countries best for business.
Looking for future opportunities, I paid special attention to the 26 countries with economic GDP growth of 5% of more. Admittedly, countries with less developed economies may be able to show the greatest growth compared to countries with more developed economies, such as the US with 2.6% growth. Nonetheless, growth is an important factor to consider.
Best for Business GDP growth
Ranking
4 Ireland 26.3%
130 Ethiopia 10.2%
106 Cote d' Ivoire 8.5%
85 India 7.6%
134 Laos 7.6%
97 Dominican Republic 7.0%
122 Tanzania 7.0%
123 Cambodia 7.0%
78 Rwanda 6.9%
102 China 6.9%
133 Dem. Republic of Congo 6.9%
117 Bangladesh 6.8%
98 Vietnam 6.7%
113 Mozambique 6.6%
81 Senegal 6.5%
30 Malta 6.2%
109 Mali 6.0%
111 Tajikistan 6.0%
89 Philippines 5.9%
59 Panama 5.8%
128 Cameroon 5.8%
105 Kenya 5.6%
63 Namibia 5.3%
94 Bhutan 5.2%
44 Malaysia 5.0%
100 Benin 5.0%
Of these 26 countries, almost half are in Africa. Youngsters might keep their eyes on what these countries do to remedy the problems identified in their Forbes descriptions, since African countries might offer the best opportunities in the future.
The Forbes ranking placed Sweden first and Chad last. At forbes.com/best-countries-for-business/list/, there is a brief evaluation of the business climate in each of the 139 counties listed. You can find out why a negative trade balance, regulations, government intervention in the housing and health insurance markets, budget deficits, and modest growth in Gross Domestic Product (GDP) positioned the United States 23rd among countries best for business.
Looking for future opportunities, I paid special attention to the 26 countries with economic GDP growth of 5% of more. Admittedly, countries with less developed economies may be able to show the greatest growth compared to countries with more developed economies, such as the US with 2.6% growth. Nonetheless, growth is an important factor to consider.
Best for Business GDP growth
Ranking
4 Ireland 26.3%
130 Ethiopia 10.2%
106 Cote d' Ivoire 8.5%
85 India 7.6%
134 Laos 7.6%
97 Dominican Republic 7.0%
122 Tanzania 7.0%
123 Cambodia 7.0%
78 Rwanda 6.9%
102 China 6.9%
133 Dem. Republic of Congo 6.9%
117 Bangladesh 6.8%
98 Vietnam 6.7%
113 Mozambique 6.6%
81 Senegal 6.5%
30 Malta 6.2%
109 Mali 6.0%
111 Tajikistan 6.0%
89 Philippines 5.9%
59 Panama 5.8%
128 Cameroon 5.8%
105 Kenya 5.6%
63 Namibia 5.3%
94 Bhutan 5.2%
44 Malaysia 5.0%
100 Benin 5.0%
Of these 26 countries, almost half are in Africa. Youngsters might keep their eyes on what these countries do to remedy the problems identified in their Forbes descriptions, since African countries might offer the best opportunities in the future.
Thursday, April 14, 2016
Want An Exciting Career?
Students who will begin their careers in the next five to 20 years will be working to about 2060 to 2075 or longer. They can worry about being unemployed by robots or discover Africa.
Of course, Africa already has been discovered as an exotic home of wild animals, gold, diamonds, rubber, slaves, and the origin of mankind. Because of the scramble for colonies, English, French, Italian, German, Spanish, Portuguese, and Dutch are spoken there along with local languages. Currently, with advances in mobile communication; transportation, including by drones; and medicine, Africa is on track to come into its own normalcy. The middle class is growing. And the size of the continent suggests regional divisions into northern, western, southern, northeastern, and southeastern markets. A recent acquisition recognized the opportunity to finance trade in Africa. Helios Investment Partners, the private equity investment firm founded and managed by Africans, Tope Lawani and Babatunde Soyoye, in 2004, acquired the UK's Crown Agents Bank and Crown Agents Investment Management in April, 2016.
What might be most attractive to the world's future tech-savvy, well-educated, independent workforce is the challenge Africa presents. The enticing work environment Sydney Finkelstein describes in his new book, Superbosses, is one where creative energy is purpose-focused on a vision, commitment to a task is satisfying, and talent is recognized and rewarded at an early age.
Some international bankers already are enjoying unique opportunities to figure out how to handle complicated financial deals in Africa. Lending for African projects from Asia's investors, Japan, China, and India, for example, is secured by assets, such as the turbines Japan provided for a coal-fired power plant in Morocco, and repaid from revenue that the projects, such as the power plant, will generate. Similarly, when a loan for buses will be repaid by future bus fares, bankers have to know what questions to ask. Which government agency has authority to make the purchase? Will the buses be able to handle African road and climate conditions? Who will train drivers and maintenance workers? Is payment to be made in local or hard currency? Is there a way to hedge against the devaluation of local currency, and what are the options should emergency measures prevent hard currency from leaving the country?
Gaurav Wahi of India's Jindal Steel and Power Limited, a company with operations in South Africa and Mozambique, called attention to a May 16, 2016 Forbes article that provided excellent practical advice about doing business in Africa. Companies looking for immediate, low-risk African opportunities have limited options in South Africa, Botswana, Namibia, and Swaziland. Half of China's $12 billion investment in Africa between 2005 and 2015, for example, went to South Africa. Few African countries currently have relatively high per capita GDP incomes and reliable infrastructure (ports, roads) and institutions (legal, police, and educational systems).
Elsewhere in Africa, companies that can become "early pan-African powerhouses" need patience and moxie to do the following:
No one doing business in Africa will be stuck implementing a bureaucratic playbook. Marketers will be reading the accounts of explorers and missionaries to identify routes to their target markets along rivers and in desert oases. Freight forwarders will fill their Rolodexes with importers and exporters, if they know which carriers can be counted on to meet delivery schedules and if they know how to fill shipping containers to get the best cargo rates. Manufacturers will prosper when they attract the best employees, because they have a reputation for providing excellent training programs and benefits.
Just considering a normal bell curve distribution of talent, not only business, but African agriculture, sports, education, security, law, fashion, and the arts are all fields ripe for development in the coming years. An exciting career awaits those willing and able to work together with Africans.
(Also see the later post, "There's No Business Like Bug Business.")
Of course, Africa already has been discovered as an exotic home of wild animals, gold, diamonds, rubber, slaves, and the origin of mankind. Because of the scramble for colonies, English, French, Italian, German, Spanish, Portuguese, and Dutch are spoken there along with local languages. Currently, with advances in mobile communication; transportation, including by drones; and medicine, Africa is on track to come into its own normalcy. The middle class is growing. And the size of the continent suggests regional divisions into northern, western, southern, northeastern, and southeastern markets. A recent acquisition recognized the opportunity to finance trade in Africa. Helios Investment Partners, the private equity investment firm founded and managed by Africans, Tope Lawani and Babatunde Soyoye, in 2004, acquired the UK's Crown Agents Bank and Crown Agents Investment Management in April, 2016.
What might be most attractive to the world's future tech-savvy, well-educated, independent workforce is the challenge Africa presents. The enticing work environment Sydney Finkelstein describes in his new book, Superbosses, is one where creative energy is purpose-focused on a vision, commitment to a task is satisfying, and talent is recognized and rewarded at an early age.
Some international bankers already are enjoying unique opportunities to figure out how to handle complicated financial deals in Africa. Lending for African projects from Asia's investors, Japan, China, and India, for example, is secured by assets, such as the turbines Japan provided for a coal-fired power plant in Morocco, and repaid from revenue that the projects, such as the power plant, will generate. Similarly, when a loan for buses will be repaid by future bus fares, bankers have to know what questions to ask. Which government agency has authority to make the purchase? Will the buses be able to handle African road and climate conditions? Who will train drivers and maintenance workers? Is payment to be made in local or hard currency? Is there a way to hedge against the devaluation of local currency, and what are the options should emergency measures prevent hard currency from leaving the country?
Gaurav Wahi of India's Jindal Steel and Power Limited, a company with operations in South Africa and Mozambique, called attention to a May 16, 2016 Forbes article that provided excellent practical advice about doing business in Africa. Companies looking for immediate, low-risk African opportunities have limited options in South Africa, Botswana, Namibia, and Swaziland. Half of China's $12 billion investment in Africa between 2005 and 2015, for example, went to South Africa. Few African countries currently have relatively high per capita GDP incomes and reliable infrastructure (ports, roads) and institutions (legal, police, and educational systems).
Elsewhere in Africa, companies that can become "early pan-African powerhouses" need patience and moxie to do the following:
- Identify home office talent with the ability to live in a foreign environment, to accommodate company policies and processes to local cultures, and to connect with local employees.
- Manage relations with governments (secure agreements and contracts)
- Deal with a lack of government regulations and poor land ownership records
- Develop self-sufficiency that might require vertical integration from raw material sourcing to production and distribution
- Provide low-cost products and services
- Expand uses for mobile phones (prepaid bank accounts, marketing, customer service)
- Train employees and provide benefit retention packages that prevent poaching by competitors
- Establish firm guidelines (ethical reputation requirements, experience working with other foreign companies) for evaluating potential local partnerships
- Provide security
- Form contingency plans for insurrections and political instability
- Anticipate economic volatility from commodity price swings
- Gain guarantees from multilateral organizations, such as the World Bank
No one doing business in Africa will be stuck implementing a bureaucratic playbook. Marketers will be reading the accounts of explorers and missionaries to identify routes to their target markets along rivers and in desert oases. Freight forwarders will fill their Rolodexes with importers and exporters, if they know which carriers can be counted on to meet delivery schedules and if they know how to fill shipping containers to get the best cargo rates. Manufacturers will prosper when they attract the best employees, because they have a reputation for providing excellent training programs and benefits.
Just considering a normal bell curve distribution of talent, not only business, but African agriculture, sports, education, security, law, fashion, and the arts are all fields ripe for development in the coming years. An exciting career awaits those willing and able to work together with Africans.
(Also see the later post, "There's No Business Like Bug Business.")
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