The schooloflife.com site makes the point that if you don't decide what to do with your life someone else will decide for you. I was reminded of my niece's experience. She was a college graduate with an accounting major who went to an employment agency, where she was told she should be an administrative assistant. She didn't agree and is now a corporate comptroller.
In a Ted Talk, a School of Life spokesperson did admit that deciding on a career is confusing, because there are at least 500,000 different choices.
As we are often told, we need to know ourselves. What are your tastes and inclinations. What type of movies, TV shows, magazines, books, etc. do you prefer? Do you enjoy working with a team or are you a creative individualist? Do you follow sports, fashion, or politics. What kind of music do you like? Would you rather live in a city, suburb, or on a farm? Do you like to work on things with your hands? Would you like to work in the U.S. or Nigeria? Would you like to work out-of-doors? Knowing yourself takes a lot of thought and there is no need to sort out your options in a rush.
In fact it's good to look for ways to try out career options in the real world. Collect data. Volunteer. Find an internship. Ask to shadow someone in a field you think you might like. In any job, you can study suppliers, what good and bad managers do, if you like or dislike working with customers. The internet provides ways to try out jobs. If you want to be a writer, see how long you like writing a blog. If you think being a stock or commodity trader is your thing, watch MSNBC and devise your own system for picking stocks, bonds, or sugar futures. See how much money you can make or lose over a year.
If you're interested in becoming your own boss, reflecting on the things that make people unhappy can provide an idea for a business opportunity. Consider all the opportunities that exist because people don't want to be fat. Diet pills, low-cal foods, gyms, trainers, video workout sessions, companies that send food to those who want to lose weight, fashions to make large women look better at Lane Bryant and online, the "Big Loser" TV show.
Knowing what you want to do gives you confidence and courage to ask for the position you want, not to be timid, to train for that position no matter what your age, to take the risk and to go for it. I once was sitting next to a court reporter on a plane headed to Florida in January. She knew her profession was in demand everywhere so why not follow the sun. A friend who is a nurse knows she has her choice of locations too. The object is not to settle until you get the life you want.
Showing posts with label entrepreneurs. Show all posts
Showing posts with label entrepreneurs. Show all posts
Friday, May 19, 2017
Saturday, March 4, 2017
How to Become an International Entrepreneur
In Shoe Dog, Phil Knight, the creator/founder of NIKE, quotes the maxim, "When goods don't pass international borders, soldiers will." He adds, "Trade is the path of coexistence, cooperation. Peace feeds on prosperity."
Knight's book encourages those who would work for world peace and their own happiness. He frankly presents the ways he handled and mishandled the challenges every international entrepreneur faces and tells them they have a big bull's eye on their backs. He observes trolls everywhere trying to block, thwart, and say no to the entrepreneurial spirit. Elsewhere, I've read entrepreneurs can best avoid discouragement by telling no one, when they first decide to start a business.
Knight's business began modestly. He sold shoes out of the trunk of his car at sporting events and opened his first office next to a pulsating bar.
He embraced a management style of telling people what to do (not how to do things) and letting them surprise him with the results. What did one of his early employees do? He set up a data base keeping information about his retail customers, not only what they bought but also their birthdays so he could send cards. And he furnished a store with comfortable chairs bought at yard sales, shelved books about running along with shoes, hung posters of runners, and gave his best customers T-shirts with the company logo on them.
Knight outlines sources of funding: family and friends; local, regional, national, and international banks; venture capitalists; trading companies; public A and B stock offerings. Each funding option has pluses and minuses. Trading companies, for example, lend money with the aim of buying out/taking over the business unless, at the offset, a business stipulates its unwillingness to sell.
Besides the never-ending need to find funding, Knight ran into other problems. Steve Prefontaine, the famous distance runner who was NIKE's first celebrity endorser, died in an automobile accident. Packing too many innovations into a new shoe led to a recall. Despite a contract, the first overseas manufacturer Knight relied on to provide the shoes he sold decided to dump him and get a new distributor. NIKE would have better luck when it was first to find a shoe supplier in China. In the US, competitors tried to put NIKE out of business by using an American Selling Price customs provision. After making a high priced shoe similar to NIKE's, US manufacturers asked the government to impose a $25 million duty on NIKE imports that totaled 20% of their American selling prices. Even after negotiations, NIKE paid a custom's duty of $9 million.
Setbacks can turn into learning experiences and worldwide benefits. After the media blasted conditions in its overseas factories, NIKE responded by becoming a leader in the factory reform movement. To eliminate the toxic process of bonding shoe uppers to soles in a rubber room, NIKE invented a fume-less water-based bonding agent that the company shared with its competitors.
And, finally, Shoe Dog teaches the cure for burnout is more work, and the Japanese word, kensho, means the aha experience of enlightenment, when you suddenly understand.
Knight's book encourages those who would work for world peace and their own happiness. He frankly presents the ways he handled and mishandled the challenges every international entrepreneur faces and tells them they have a big bull's eye on their backs. He observes trolls everywhere trying to block, thwart, and say no to the entrepreneurial spirit. Elsewhere, I've read entrepreneurs can best avoid discouragement by telling no one, when they first decide to start a business.
Knight's business began modestly. He sold shoes out of the trunk of his car at sporting events and opened his first office next to a pulsating bar.
He embraced a management style of telling people what to do (not how to do things) and letting them surprise him with the results. What did one of his early employees do? He set up a data base keeping information about his retail customers, not only what they bought but also their birthdays so he could send cards. And he furnished a store with comfortable chairs bought at yard sales, shelved books about running along with shoes, hung posters of runners, and gave his best customers T-shirts with the company logo on them.
Knight outlines sources of funding: family and friends; local, regional, national, and international banks; venture capitalists; trading companies; public A and B stock offerings. Each funding option has pluses and minuses. Trading companies, for example, lend money with the aim of buying out/taking over the business unless, at the offset, a business stipulates its unwillingness to sell.
Besides the never-ending need to find funding, Knight ran into other problems. Steve Prefontaine, the famous distance runner who was NIKE's first celebrity endorser, died in an automobile accident. Packing too many innovations into a new shoe led to a recall. Despite a contract, the first overseas manufacturer Knight relied on to provide the shoes he sold decided to dump him and get a new distributor. NIKE would have better luck when it was first to find a shoe supplier in China. In the US, competitors tried to put NIKE out of business by using an American Selling Price customs provision. After making a high priced shoe similar to NIKE's, US manufacturers asked the government to impose a $25 million duty on NIKE imports that totaled 20% of their American selling prices. Even after negotiations, NIKE paid a custom's duty of $9 million.
Setbacks can turn into learning experiences and worldwide benefits. After the media blasted conditions in its overseas factories, NIKE responded by becoming a leader in the factory reform movement. To eliminate the toxic process of bonding shoe uppers to soles in a rubber room, NIKE invented a fume-less water-based bonding agent that the company shared with its competitors.
And, finally, Shoe Dog teaches the cure for burnout is more work, and the Japanese word, kensho, means the aha experience of enlightenment, when you suddenly understand.
Tuesday, August 23, 2016
There's No Business Like Bug Business
Chickens, pigs, and some other animals don't share the same distaste for bugs that people did in the thriller novel and film, Snowpiercer. (Although in parts of the world, people do eat caterpillars, locusts, and termites.)
Some kids keep ant farms and net containers, where caterpillar larvae turn into butterflies. Sean Warner and Patrick Pittaluga kept the larvae of black soldier flies in a laundry room of their apartment building to start their company, Grubby Farms, in Georgia. Other firms, such as Enviro Flight in Ohio, Enterra Feed in Canada, J.M.Green in China, and Agri Protein in South Africa, also are attempting to make a profit by producing animal feed from black soldier fly larvae.
What is the dual objective motivating this effort? Protein from black soldier fly larvae could replace the fish meal animals now eat. About 75% of the fish in fish meal comes from anchovies, herring, sardines, and the other disappearing small fish eaten by commercial seafood catches, whales, sea lions, and other large mammals. Moreover, since black soldier fly larvae live on food and human waste, they could reduce what ends up in landfills.
At present, the industrial scale production technology needed to make this waste mass into biomass process profitable is still developing. The operation requires heavy machinery to move waste tonnage to a processing plant where heavy buckets of waste are carried to the shallow bins where larvae feed. After oil and protein powder are produced, markets need to be found. Government approvals present other obstacles. A blog developed by dipterra.com does an excellent job of presenting the many challenges confronting this business.
Since the technology involved in the bug business is still in its infancy, African investors and entrepreneurs have a good opportunity to become players in the field. Africans might find insects other than black soldier flies that could become a new protein source, and Africa, with its growing under-35 years of age population, also has the right innovators to take advantage of new opportunities. As Bill Gates noted in his speech at the University of Pretoria on July 18, 2016, he and Mark Zuckerberg were college-aged, when they made their innovative contributions to society.
(Also see the earlier posts, "Why Will Africa Overcome Poverty?" "Invest in Africa's Agricultural Future," "Want An Exciting Career?" and "Look Beyond Africa's Current Woes.")
Some kids keep ant farms and net containers, where caterpillar larvae turn into butterflies. Sean Warner and Patrick Pittaluga kept the larvae of black soldier flies in a laundry room of their apartment building to start their company, Grubby Farms, in Georgia. Other firms, such as Enviro Flight in Ohio, Enterra Feed in Canada, J.M.Green in China, and Agri Protein in South Africa, also are attempting to make a profit by producing animal feed from black soldier fly larvae.
What is the dual objective motivating this effort? Protein from black soldier fly larvae could replace the fish meal animals now eat. About 75% of the fish in fish meal comes from anchovies, herring, sardines, and the other disappearing small fish eaten by commercial seafood catches, whales, sea lions, and other large mammals. Moreover, since black soldier fly larvae live on food and human waste, they could reduce what ends up in landfills.
At present, the industrial scale production technology needed to make this waste mass into biomass process profitable is still developing. The operation requires heavy machinery to move waste tonnage to a processing plant where heavy buckets of waste are carried to the shallow bins where larvae feed. After oil and protein powder are produced, markets need to be found. Government approvals present other obstacles. A blog developed by dipterra.com does an excellent job of presenting the many challenges confronting this business.
Since the technology involved in the bug business is still in its infancy, African investors and entrepreneurs have a good opportunity to become players in the field. Africans might find insects other than black soldier flies that could become a new protein source, and Africa, with its growing under-35 years of age population, also has the right innovators to take advantage of new opportunities. As Bill Gates noted in his speech at the University of Pretoria on July 18, 2016, he and Mark Zuckerberg were college-aged, when they made their innovative contributions to society.
(Also see the earlier posts, "Why Will Africa Overcome Poverty?" "Invest in Africa's Agricultural Future," "Want An Exciting Career?" and "Look Beyond Africa's Current Woes.")
Wednesday, November 4, 2015
Can't Find a Job or Career; Create One
Throughout the world, younger and younger entrepreneurs and performers are making use of websites, YouTube, and Kickstarter-like platforms to, yes, kickstart their own ventures. Based on Time magazine's report (Nov. 9, 2015) that only 26% of the global workforce has a good job that provides at least 30 hours of work for a weekly paycheck, young people need to look to themselves to create their futures. Even in the USA, according to Time's data, only 44% of the workforce has a good job. In China, the percentage is 28, and in Burkina Faso, it is 5%.
Under these conditions, starting a business, not-for-profit organization, or any other type of career by yourself or with friends is an attractive alternative. A how-to book is here to help. Crazy is a Compliment: the Power of Zigging When Everyone Else Zags is written by Linda Rottenberg, co-founder and chief executive officer of Endeavor, an international organization dedicated to helping the new, fast-growing businesses of entrepreneurs. She provides real life experiences from emerging countries in Latin America, Asia, the Middle East, and Africa, as well as from developed markets in the United States and Europe. For example, Rottenberg tells the story of Wences Casares, who was born on a sheep farm in Argentina. While he was in high school, he started painting and selling T-shirts. Then, he downloaded all the unedited telephone numbers from his village, corrected them, and published and sold a directory that also carried paid advertising.
Here are a few of Rottenberg's helpful conclusions:
Under these conditions, starting a business, not-for-profit organization, or any other type of career by yourself or with friends is an attractive alternative. A how-to book is here to help. Crazy is a Compliment: the Power of Zigging When Everyone Else Zags is written by Linda Rottenberg, co-founder and chief executive officer of Endeavor, an international organization dedicated to helping the new, fast-growing businesses of entrepreneurs. She provides real life experiences from emerging countries in Latin America, Asia, the Middle East, and Africa, as well as from developed markets in the United States and Europe. For example, Rottenberg tells the story of Wences Casares, who was born on a sheep farm in Argentina. While he was in high school, he started painting and selling T-shirts. Then, he downloaded all the unedited telephone numbers from his village, corrected them, and published and sold a directory that also carried paid advertising.
Here are a few of Rottenberg's helpful conclusions:
- Consider stability the friend of the status quo and chaos the friend of the entrepreneur who sees opportunities where others see obstacles.
- It's a common misperception that an entrepreneur has to start with personal wealth, an ivy league degree, and a Rolodex full of contacts. In reality, Rottenberg has found the opposite is true; they most often lack connections, an elite old school network, and a trust fund.
- When you first get an idea for a new venture, don't tell anyone about it. Family and friends will either say it sounds great because they love/like you, or they will discourage you. One way to get objective feedback is to ask for it on a crowdfunding site.
- Although some risk is necessary, just invest enough to create a minimum viable product or a relatively small adaptation, not a mind-blowing prototype or a multitude of different products. As Henry Ford said, "Nothing is particularly hard if you divide it into small jobs." Take incremental steps, get feedback, and adjust. You don't necessarily need a business plan which probably will change as soon as you start doing something.
Rottenberg also has a section that alerts would-be entrepreneurs to the strengths and weaknesses their personalities bring to their new enterprises. She terms visionaries like Mark Zuckerbert, Dreamers; charismatic personalities like Oprah, Stars; those who can reenergize traditional businesses like Ikea founder, Ingvar Kamprad, Transformers; and strategic, analytical thinkers like Bill Gates, Rocketships. Which personality type of entrepreneur are you?
Tuesday, August 6, 2013
Discover Africa
The African continent is three times the size of the United States and nearly three million square miles bigger than Europe, including the Asian portion of Russia. By 2100, the U.N. estimates Africa will have 3 billion more people than it has now. Future opportunities in this vast and growing continent need not be overlooked because of the world's somewhat warped historical viewpoint. A new guide, Emerging Africa, by Kingsley Chiedu Moghalu dispels some of the assumptions about lack of development on the continent. And in 2015, one of the discussions in the Foreign Policy Association's Great Decisions program will feature "U.S. Policy Toward Africa."Headlines do not tell the whole story of what is happening in Africa. News reports rightly warned that the Ebola virus was out of control in West Africa. In April and May of 2014, the world heard that over 200 teenage girls were kidnapped by Boko Haram, an Islamist terrorist group in northern Nigeria. Since then, the group has taken additional girls and women as wives, cooks, and suicide bombers; young men and boys have been abducted to serve as soldiers. On January 15, 2019, al-Shabab terrorists with ties to al-Qaeda would kill at least 21 in an attack on a hotel/office complex in Nairobi, Kenya. In April, 2015, jihadis from al-Shabab killed 147 in a raid on a Kenyan university. Earlier, terrorists attacked at a Kenyan mall.
Europe's scramble to colonize the continent between 1876 and 1912 left independent African countries in the 1960s with an uneducated population, some leaders who exploited their people in imitation of former colonial administrators, disease, and transportation ties to Europe rather than each other. To this day, Fastjet is still having trouble launching its plan to provide affordable African flights.
But just like Pablo Picasso in 1907, when he first saw the African artifacts that caused him to create a new form of art, young people are in a position to look at Africa in a new way. Beginning with the book Ashanti to Zulu, kids can learn the alphabet and 26 African traditions at the same time. With the help of ePals.com, classrooms can connect with African students in several languages by email, Skype, and project collaborations.
Students need not see Africans only as impoverished children who can live on 50 cents per day donations. According to trendwatching.com, 65% of Africa's 8- to 18-year-olds have access to a mobile phone. In Gambia and Ghana, trendwatching.com reports entrepreneurs run solar-charging kiosks where the public can charge their mobile devices for a fee. In addition to social contacts, mobile devices are facilitating education and job-hunting in Africa. By 2060, trendwatching.com expects there will be 1.1 billion middle class Africans. Already, the SABMiller bottler and Coca-Cola have joined forces to profit from Africa's growing middle class.
Africa's growth is attracting $24 billion in foreign investment this year. In fact, the Financial Times (April 4, 2014) reported that return from private equity investments in Africa is comparable to the return on investments in China and Latin America. No wonder the Rothschild Fund is looking to invest $530 million in African projects that have a long term social development aspect to them. And the Swedish risk capital firm, Swedfund, is investing in a partnership between the H&M retailer and Ethiopian textile firms that manufacture according to high social and environmental standards. (Also see the later blog post, "Never Too Young to Invest in the Future.")
Forbes magazine listed 27 billionaires in Africa. Today's richest African is Aliko Dangote of Nigeria, who makes his money from the cement used for construction throughout Africa. Recognizing the potential for African construction, Dubai has invested $300 million in Dangote Cement. Other riches have been made in areas, such as oil, sugar, flour, banking, media, telecommunications, luxury goods, diamonds, supermarkets, and pharmaceuticals. Looking past the current drop in oil prices, Dangote increased his oil refinery investment from $9 billion to $11 billion in December, 2014. (Nonetheless, his estimated $21 billion fortune has taken a $5.4 billion hit due to sagging oil prices.) Stephen Saad of South Africa, founder of Aspen Pharmacare, is making his fortune by manufacturing generic drugs. Isabel dos Santos, Africa's first female billionaire, a former head of Angola's state oil group, and the daughter of Angola's president, is a major player in the banking industry. She seeks to block Spain's CaixaBank's attempt to assume full control of the Portuguese bank, BPI, where she is the second largest investor. As an alternative, she has proposed a merger of BPI and Portugal's Millennium BCP bank to reinforce their presence in Africa's Portuguese-speaking Angola and Mozambique. (As of President Joao Lourenco's election as President of Angola, Ms. dos Santos no longer heads Angola's national oil company and the former president's son has been charged with fraud for transferring $500 million out of the country.) Bob Diamond's Atlas Mara, founded to invest in Sub-Saharan African financial institutions, continues to expand with its latest interest in a 45% stake in Banque Populaire du Rwanda.
African startups also are winning outside support. IBM's "Project Lucy" coordinates the work of local universities, development agencies, startups, and others who want to create ventures that solve key African issues. BiztechAfrica reports that, as part of its 4Afika Initiative, Microsoft has made five innovation grants to the following startups: Uganda's access.mobile, which facilitates information sharing in the fields of agriculture and healthcare, Kenya's Africa 118, a mobile directory service, and Kytabu, which rents textbooks on tablets (A US entrepreneur just found funding for a similar project on the TV show, "Shark Tank"), and Nigeria's Gamsole, which creates games for Windows, and Save & Buy, which facilitates e-commerce purchases.
In a long entry in March, 2014, " trendwatching.com's African" described how African governments and developers are facilitating areas, like Ghana's Hope City, Nigeria's Eko Atlantic, and Kenya's Konga Techno, that invite entrepreneurs to set up shop. Better than being unemployed, business-minded young adults are responding by using crowdfunding platforms, such as Globevestor; developing tech applications, such as Nigeria's bus travel website (bus.com.ng); entering competitions (South Africa's First National Bank holds an "Ideas Can Help" competition for inventors, Yola sponsors a build-your-own website contest, there's a Anzisha Prize and a TechCabal Battlefield prize); and formalizing Africa's informal economy of outdoor markets, street hawkers, and resellers. Kenya's e-commerce Soko platform, for example, now connects global shoppers with local jewelry artisans who use natural and upcycled materials. FirstBank Nigeria is one of the firms that facilitates secure online payments.
Projects involving the rich history of Egypt are already a staple of school curricula. Tracing Mansa Musa's religious pilgrimage from Timbuktu, the West African city in Mali, to Mecca in 1324 introduces an African mogul who distributed gold on his journey and returned with an architect to build a great mosque and scholars who created the Sankore University. A video about Shaka Zulu can introduce students to a military genius.
Looking back through previous blog posts, Africa is mentioned in a variety of contexts.
- There are T-shirt designs from Swaziland and a U.S. artist who studied at the University of Cape Town in South Africa ("Global Drawing Power")
- Somali children were featured in Asad, the live action short nominated for a 2012 Academy Award ("See the World at the Movies")
- Paul Simon's "Graceland" recording incorporated the township rhythms of South Africa ("Music of the Sphere")
- Ghana's kente cloth was mentioned in "The World of Fashion" and Ghana's chocolates tempted taste buds in "Pizza, Plantains, and Moo Goo Guy Pan."
- In 2004 Wangari Maathai of Kenya won a Noble Prize for mobilizing a campaign to fight global warming by planting trees and launched the U.N. project to plant a billion trees around the world ("Hope for the Future" and "A Healthy Environment")The website, About.com African History, has a list and description of Africa's 25 Nobel Prize winners.
- Students located the African countries that produced the products they found in their scavenger hunt bags ("Games Children Play")
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