Sunday, December 28, 2014

The 3 Greatest Attributes of Exceptional Leaders - TIME

http://time.com/3576749/attributes-powerful-great-leader/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

    

You can’t be a powerful leader without these three characteristics


The list of characteristics of great leaders is endless. And while they all make for a good read, none of them fully capture the essence of what makes a great leader in a complete way.

Great leaders may possess a myriad of attributes, not the least of which are intelligence, charisma and natural charm. All of these things matter. However, you can be a great leader and not be naturally charming or very intelligent. In my time at PeoplePerHour I’ve learned a lot about leadership. I have come to the conclusion that there are three key attributes a great leader must have.
  1. Vision: The ability to amass a great team, motivate and inspire them is plain useless if you don’t have a clear vision of where you need to go. Leadership is first about seeing the future and then about being able to figure out a feasiblepath to get there. It’s seeing the iceberg before the Titanic hits it and taking fast and decisive action. It’s doing the one right thing rather than doing many things right. It’s being different, not following the herd, being controversial, and seeing what others don’t see. It’s having a nose for what’s coming and the eyes and ears to react before others do. Without vision, you can empower people all you like but you won’t get anywhere. You’ll have a following but no direction. You may make a great motivational coach, but not a leader. Every difficult situation needs a visionary leader to point the way and make a tough decision.
  2. Influence: Once you have a clear vision (but only then), you need a sting following. That requires the power of influence. Whether you are in an existing leadership situation or the creator of a group, this is very hard thing to do. In either case, you are new to the situation and the odds are against you. Why should people trust someone new? The vast majority of people are resistant to change, no matter the odds. In order to fulfill any grand vision, you need to drive change. Otherwise you are just a puppet master holding the strings waiting for the show to end. Influence people across the board — explain to employees the benefit of leaving secure jobs and come join you; convince investors to give you money at the very beginning, get customers and fans to support you, your bank manager to give you an overdraft, your landlord to give you a lease and rent-free period; and your wife to put up with sleepless nights, cold sweats and no pay. Carry that burden of influence with you. If you go down, you take more people with you than yesterday.
  3. Courage: The third element is the most challenging. You’ve clarified a vision and built a following by charming, coercing, schmoozing…ultimately influencingenough people. After all this work, you realize that it’s only day one. Now you have your boat (more like a raft) and your compass. But you still need to cross the ocean. This is the final and true test of great leadership. It ultimately comes down to courage. Intelligence and knowledge are advantages of course, but without courage they are wasted. Courage alone could and would get you there, albeit slower and with more pain. So the key question is: Do you have the courage to keep going when everyone tells you to turn back; to know you’re right when everyone says you’re wrong; to stick to your instincts when people call you crazy; to carry other people’s weight when they fall; to set the tempo and beat the drum despite how tired you may be? It’s your job to keep people together when they are drifting apart and losing faith, to give them courage but not false hope, to let go of some to save many, and to weather the storm but not bask in the sunlight when it ends — because it never does.

Vision and influence will make you a well equipped captain. But courage is what gets you there. On the other hand, courage alone makes you a fighter without a cause. You may be good at creating lots of noise, but to paraphrase Sun Tzu’s “Art of War”: that’s just “the noise before defeat.”

Saturday, December 27, 2014

Some States See Budgets at Risk as Oil Price Falls - New York Times

http://www.nytimes.com/2014/12/27/us/falling-oil-prices-have-ripple-effect-in-texas-louisiana-oklahoma.html?emc=edit_th_20141227&nl=todaysheadlines&nlid=56381892&_r=0

By MANNY FERNANDEZ and JEREMY ALFORDDEC. 26, 2014
Photo
Gas prices have fallen below $2 a gallon in Houston. The Texas economy is more diversified than in the past, but a gloomy forecast includes a warning about a drop in the state’s home values. CreditMichael Stravato for The New York Times 
HOUSTON — States dependent on oil and gas revenue are bracing for layoffs, slashing agency budgets and growing increasingly anxious about the ripple effect that falling oil prices may have on their local economies.
The concerns are cutting across traditional oil states like Texas, Louisiana, Oklahoma and Alaska as well as those like North Dakota that are benefiting from the nation’s latest energy boom.
“The crunch is coming,” said Gunnar Knapp, a professor of economics and the director of the Institute of Social and Economic Research at the University of Alaska Anchorage.
Experts and elected officials say an extended downturn in oil prices seems unlikely to create the economic disasters that accompanied the 1980s oil bust, because energy-producing states that were left reeling for years have diversified their economies. The effects on the states are nothing like the crises facing big oil-exporting nations like Russia, Iran and Venezuela.

But here in Houston, which proudly bills itself as the energy capital of the world, Hercules Offshore announced it would lay off about 300 employees who work on the company’s rigs in the Gulf of Mexico at the end of the month. Texas already lost 2,300 oil and gas jobs in October and November, according to preliminary data released last week by the federal Bureau of Labor Statistics.
On the same day, Fitch Ratings warned that home prices in Texas “may be unsustainable” as the price of oil continues to plummet. The American benchmark for crude oil, known as West Texas Intermediate, was $54.73 per barrel on Friday, having fallen from more than $100 a barrel in June.
In Louisiana, the drop in oil prices had a hand in increasing the state’s projected 2015-16 budget shortfall to $1.4 billion and prompting cuts that eliminated 162 vacant positions in state government, reduced contracts across the state and froze expenses for items like travel and supplies at all state agencies. Another round of reductions is expected as soon as January.
And in Alaska — where about 90 percent of state government is funded by oil, allowing residents to pay no state sales or income taxes — the drop in oil prices has worsened the budget deficit and could force a 50 percent cut in capital spending for bridges and roads. Moody’s, the credit rating service, recently lowered Alaska’s credit outlook from stable to negative.
States that have become accustomed to the benefits of energy production — budgets fattened by oil and gas taxes, ample jobs and healthy rainy-day funds — are now nervously eyeing the changed landscape and wondering how much they will lose from falling prices that have been an unexpected present to drivers across the country this holiday season. The price of natural gas is falling, too.
“Our approach to the 2016 budget includes a full review of every activity in every agency’s budget and the cost associated with them,” said Kristy Nichols, the chief budget adviser to Gov. Bobby Jindal of Louisiana. “Nothing is off the table at this point.”
A study published in 2013 by the Council on Foreign Relations suggested that job losses from a sharp decline in oil prices would be largest in Wyoming, Oklahoma and North Dakota.
But Louisiana, which has a smaller and less diversified economy than Texas, is already feeling the sting of the price downturn because it relies on more oil and gas money for its operating budget. Louisiana loses $12 million for every $1 in decline in the annual average price of a barrel of oil, according to Greg Albrecht, the state’s chief economist.
“From a strictly budgetary perspective, Louisiana is more sensitive to all of this,” said James A. Richardson, a Louisiana State University economist who serves on the state’s Revenue Estimating Conference, which estimates how much money will be available for the budget. “It shows up in our house much sooner.”
Gifford Briggs, vice president of the Louisiana Oil & Gas Association, said some sections of the industry were beginning to scale back as reality set in and prices dropped. Though production in existing wells is expected to continue apace in the coming months, companies are already shrinking their drilling and exploration activity, he said.
“Landmen say they’re laying off everyone they have right now until things pick up,” he added, referring to the independent firms that provide services to exploration and drilling companies.
In the mid-1980s, as oil prices sank below $12 per barrel, bumper stickers and signs in Louisiana asked those leaving the state for jobs elsewhere to “please turn off the lights.” Houston lost 221,000 jobs from 1982 to 1987, and people in West Texas still talk about Black Friday — Oct. 14, 1983 — when the First National Bank of Midland closed, in what was then the second-largest bank collapse in United States history.
“I remember one of my supporters was driving a Rolls-Royce, and he was flying a jet airplane,” said Mark W. White Jr., the governor of Texas from 1983 to 1987. “Within 90 days, he was renting a Ford, and he went from a Learjet to Southwest Airlines. When that bank went out, he went out.”
Experts say the situation today could have been far worse if oil-producing states had failed to diversify their economies, remaining as dependent on oil and gas tax revenues as they were 30 years ago.

The portion of the state budget in Louisiana linked to oil and gas revenue is about 13 percent, compared with 45 percent in the 1980s. The Houston region’s projected job losses in the energy industry are likely to be offset by the nearly 63,000 jobs that it is expected to add in construction, retail, health care, food services and other industries in 2015.
But in Houston, one energy job has the purchasing power of three non-energy jobs, according to the Greater Houston Partnership, a regional business association.
The scale and duration of the anticipated budget woes in oil-rich states remain uncertain. Economists and industry analysts say it is unclear how low oil prices will drop and for how long.
In North Dakota, which the Bakken shale field has made the second-highest producer among oil states behind Texas, officials said a major blow to the state’s oil and gas revenues could delay onetime expenditures for highway improvement or water projects, but the state’s general operations would be relatively unscathed, since only a small portion of its oil and gas money goes toward operations.
In Texas, oil and gas loom as a defining characteristic, but the role they play in the state economy, while sizable, has diminished in recent years as other industries, such as health care, biotechnology and software, have grown. Oil and gas jobs make up only about 3 percent of nonagricultural jobs in Texas, a far lower share than government (16 percent) and education and health services (13 percent).
“I foresee Texas being the economic magnet that it is, continuing to grow and diversify its economy, so that any drop in the price of oil will be minimized,” said Greg Abbott, who will be sworn in as the governor of Texas next month.

Still, the economic forecast in Texas has become a shade gloomier for the first time in years. The drop in oil prices over the last six months has amounted to a loss of $83 million per day in potential revenue for the industry in Texas, the Greater Houston Partnership said in a recent report.
To some Texans, the volatility and uncertainty are a routine part of life in an oil state.
“We have these cycles,” said Jerry Patterson, the Texas land commissioner and a former state senator who recalled being laid off from a job as a salesman in Houston during the oil bust of the 1980s. “I can remember 30 years ago when $40 oil was a big-time plus. And it went down to, I think, under $10, and you would see bumper stickers that said, ‘Dear Lord, please bring back $40 oil. I promise I won’t screw it up this time.’”
Manny Fernandez reported from Houston, and Jeremy Alford from Baton Rouge, La. Kirk Johnson contributed reporting from Seattle.

Sunday, December 21, 2014

Russia’s Currency Keeps on Crashing - Fortune

http://time.com/3635534/russia-ruble-interest-rates/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

Dec. 16, 2014
    
Russia's President Vladimir Putin (C) chairs a meeting with permanent members of the Security Council at the Kremlin in Moscow, December 12, 2014. Michael Klimentyev—Ria Novosti/Reuters 

Ruble falls another 8% early Tuesday despite emergency 6.5% percent rate hike, while contagion starts to spread

The rout in emerging markets continued Tuesday with Russia again to the fore, as an emergency interest rate hike by the central bank failed to stop panic selling of the local currency, stocks and bonds.
Selling across emerging markets has intensified and spread out this week as fears about tighter U.S. monetary policy, slowing global growth and country-specific problems in Russia and Ukraine have combined to create a storm which, if not perfect, is at least pretty adequate.

The Federal Reserve’s Open Market Committee meets later this week and is expected by many to drop its commitment to keeping interest rates at their current low level “for an extended period of time,” as the U.S. economy gains strength. That will end a period of nearly six years of nearly free money for global capital markets, raising problems for those who have squandered it in the meantime.
By early afternoon in Moscow, the dollar had surged 8.6% to a new all-time high of 71.26 and the dollar-denominated RTS stock index had fallen 15% to its lowest level since March 2009, as investors ignored the central bank’s decision to raise its key refinancing rate to 17% from 10.5% as of midnight. The pace of selling had eased off by mid-morning, but picked up again as the U.S. woke up.
In a television interview, central bank governor Elvira Nabiullina saidthe ruble was now clearly undervalued, but stressed that Russian companies would be able to repay their foreign debts, one of the biggest concerns among market participants right now.

The ruble had risen by more than 9% initially in response to the central bank’s move, but quickly gave up all its gains as world oil prices–on which Russia depends for its budget–fell further in response to weak economic data from China. The benchmark price of crude fell to its lowest level since April 2009, trading as low as $54.34 a barrel, before rebounding later on more encouraging news out of the Eurozone.

Saturday, December 13, 2014

30 Things You Should Never, Ever Say in an Interview - TIME

http://time.com/3626465/never-say-job-interview/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

Dec. 10, 2014
    

In an interview, your primary goal is to get across to the hiring manager why you—above all the other candidates—are the right person for the job. That you have the right set of skills, a great personality, and the drive to really make things happen in your new role.
But as you’re preparing answers to interview questions that’ll let you do all of those things, it’s equally important to know what the hiring manager will consider a red flag. After all, a wrong move or two, and it won’t matter how great your sales numbers at your last job were.
To help you out, steer clear of these 30 messages. You’ll make sure that your awesome abilities and accomplishments—not a totally avoidable faux pas—will be what your interviewer remembers.

1. “So, tell me what you do around here.”

Rule #1 of interviewing: Do your research. You never want to walk into an interview knowing next to nothing about the position or company—you want to show that you’re excited enough that you’ve done some homework and thought about how you’d fit in. To get started, do some online research (here’s your game plan), and try to find a current or past employee you can talk to before the big day.

2. “Ugh, my last company…”

No matter how bad a job was, you never, ever want to badmouth a former employer in an interview. Keep your tone somewhere between neutral and positive, focusing on what you’ve learned from each experience and what you’re hoping to do in the future. This especially applies when you’re talking about why you’re leaving—here are a few tips on how to do it right.

3. “I didn’t get along with my boss.”

Similarly, you don’t want to speak negatively about anyone you’ve worked with in the past. Even if a previous manager could put the characters in Horrible Bossesto shame, your interviewer doesn’t know that—and could wonder whether you’re the difficult one to work with.

4. “I’m really nervous.”

Even if you’re more nervous than you’ve ever been, no company wants to hire someone who lacks confidence. “So, in this case, honesty is not the best policy,” says Amy Hoover, president of the job board TalentZoo. “Fake it ’til you make it!”(Via Business Insider)

5. “I’ll do whatever.”

Most hiring managers are looking for people who are incredibly passionate about the role they’re taking on. So when you say something to the effect of, “I don’t care what jobs you have available—I’ll do anything!” that’s a big red flag. Instead, target your search to a specific role at each company, and be ready to explain why it’s exactly what you’re looking for.

6. “I know I don’t have much experience, but…”

This mistake is easy to make, especially if you’re a recent grad or career changer. Problem is, when you apologize for experience you don’t have, you’re essentially saying that you’re not a great hire, that you’re not quite the right fit for the role, or even that you would be starting from square one. And that’s just not the case! Instead of drawing attention to your weaknesses, stay positive, focus on your strengths, and immediately launch into your transferable skills and infectious enthusiasm for the position. Here are a few better phrasesto try instead.

7. “It’s on my resume.”

“Here’s the thing; I know it’s on your resume, but if I’m asking you about a particular job or experience, I want you to tell me more beyond a written word. I’m actually evaluating your communication and social skills. Are you articulate? Should you be client-facing, or are you someone we need to keep hidden in the basement next to the IT lending library?” says Nando Rodriguez, Head of Employment Branding at Ogilvy & Mather. “If a recruiter is asking you about a certain skill, don’t reference your resume, and instead use it as your moment to shine.”

8. “Yes! I have a great answer for that!”

Practiced your answers to some interview questions? Great. But don’t memorize them word for word. When you’re hyper-prepared and hanging on the edge of your seat waiting for certain questions for which you’ve prepared to be asked, you will likely have a very hard time engaging in genuine conversation with the interviewer. And interviewers don’t tend to hire detached people who can’t seem to have a genuine conversation. Certainly, walk in prepared, but force yourself to not memorize or over-rehearse the practice questions.

9. “Perfectionism is my greatest weakness.”

Here’s the thing: Chances are, telling a hiring manager that perfectionism is your greatest weakness won’t surprise him or her—and it might come off as sounding like an overly rehearsed cliché. It also doesn’t offer much of a true insight into your work style or personality (especially if half the other candidates are giving the same response). Try a more genuine response (here are some ideas)—and if perfectionism really is your greatest weakness? Use these tips to spin it right.

10. “I’m the top salesperson at the company—and I have two semesters worth of Spanish.”

In an article for the Harvard Business Review, Heidi Grant Halvorson gives an excellent example of a case in which less is more: Instead of stopping after describing your degrees from Harvard, your relevant internships, and your technical expertise—you tack on your two semesters of college-level Spanish. Maybe Spanish is relevant to the job, but even so, according to the “Presenter’s Paradox,” rather than seeing that as a bonus, our minds tend to average out the impressiveness of the listed achievements. Try to keep any string of accomplishments you mention within the same range of impressiveness as others, and either leave out the outliers or wait for a better opportunity to talk about them (when they won’t be stacked against your highest achievements).

11. “I think outside the box.”

Resume buzzwords make hiring managers’ eyes glaze over, and similarly, using clichés in an interview won’t get you very far. Skip these overused business phrases, and describe your skills and abilities using stories about things you’ve actually done.

12. “I, like, increased our social following, like, 25%…”

Filler words like “like” and “um” can make you look like you lack confidence—or worse, the ability to communicate clearly on the job. Try these tips to erase “like” from your vocabulary for good.

13. “On my third goose-hunting trip to Canada…”

Stories are a great way to connect with the interviewer—they’re more memorable than facts, help you build rapport, and can help you to quite literally share an experience with your interviewer. But, as highlighted in this SlideShare (see Mistake #4), you need to tie that story back into what the company’s needs are, your interviewer’s experience, or, more specifically, to the position he or she is trying to fill, or you risk being forgotten (or looking a bit strange).
 
 

14. “I built a synergistic network of strategic alliances…”

If your interview answers sound a little too much like Weird Al’s song, “Mission Statement,” you’re probably not going to be the most memorable candidate. Turns out, listening to abstract words (think “strategic alliances” and “cutting-edge technology”) only activates areas of the brain related to language processing. Alternatively, concrete words like “carrot juice,” “smoking car engine,” and “stood in front of 150 people” are easier to picture, activate more areas of the brain, and are therefore more memorable. Pull in the five senses and describe actions taken. You’ll be remembered positively rather than for being a jargon bot.

15. “I pulled together the STF reports.”

Unless they’re absolutely industry-standard terms, don’t use acronyms or jargon when you’re describing your responsibilities. You’ll be much more compelling (not to mention interesting) using language that everyone gets right off the bat.

16. “Um, I don’t know.”

Even if you practice, and practice, and practice, you could still get a question that stumps you. But saying “I don’t know” is rarely the right approach. Two strategies that work well are repeating the question thoughtfully before answering or saying (slowly), “Now, that is a great question. I think I would have to say…” Still stumped? Ask for what you need—whether that’s a pen and paper, a glass of water, or a quick minute to think.

17. “How much vacation time do I get?”

When you bust out with an immediate litany of WIIFM (what’s in it for me?) questions, you look both arrogant and, frankly, unappealing. Guess what interviewers want to know when they meet with you? First and foremost, they want to know what you can do for them. What can you do to make that company money, improve businesses processes, grow the organization and, importantly, make their lives easier? Making you happy will be important if they want you, but you’re not even going to get to that stage if you make your list of demands clear too early.

18. “How soon do you promote employees?”

“An individual asking this question may come off as arrogant and entitled,” says recruiter Josh Tolan of SparkHire.com. A better way to ask this? “I’m really interested in staying at a place for a while. What do career paths within the company typically look like?”

19. “Nope—no questions.”

Not having any questions for the interviewer basically says that you’re not interested enough to learn any more. Have some thoughtful questions prepared (here are more than 50), and your interview will feel more like a conversation than a firing squad.

20. “Then, while I was at happy hour…”

Is your underwear riding up your rear end as you sit in that interview? Did you totally run a red light (and nearly sideswipe a school bus) so that you could be on time? Did your husband lose $15,000 at a craps table in Vegas last weekend? How interesting—yet all completely off-limits conversation topics while you’re in the interview. Even if you’re interviewing for a role within the most free-wheeling, fun-loving organization, the fact remains that you are in an interview. Never, ever get wooed into believing that the casual nature of the environment frees you to enter the TMI zone.

21. “I’ll have the steak and a glass of Cabernet.”

If your meeting takes place over a meal, take the lead from your interviewers. Casually ask if they’ve been to the restaurant before and what they think are good options—hopefully their recommendations will give you a sense of an appropriate price range. If not, try to have your interviewer order first and choose something at that price point (or less). And put down the drink menu—even if your interviewer imbibes, you should stay on your best behavior.

22. “I’d like to start my own business as soon as possible.”

Entrepreneurial ambitions are great—but if you’re applying for a job to work for someone else, you probably want to downplay the fact that you’re trying to get funding for your burgeoning startup. Most employers want to hire people who are going to be around for a while, and if there’s any suspicion that you’re just collecting a paycheck until you can do your own thing, you probably won’t get the job.

23. “What the hell!”

You’d think not swearing is Interviewing 101, but you’d be surprised how often people still do it. Even if your interviewer drops a few S- or F-bombs, you’re better off keeping your language PG.

24. “So, yeah…”

“Even with the most prepared interview candidates, I’ve found that a lot of people still make one critical mistake,” says career counselor Lily Zhang. “They’ll deliver absolutely fantastic and relevant stories, and I’ll be completely hooked—all the way up until they end with, ‘and… yeah’ or just an awkward pause.” Instead, try one of these three approaches to perfectly wrap up your answers.

25. “Do you know when we’ll be finished here?”

You should never give the impression that you’re in a hurry or have somewhere else to be. “What could be a 30-minute interview might turn into a 90-minute interview if all goes well, and if you seem like you have somewhere more important to be, the interviewer will definitely be turned off,” Hoover explains. (ViaBusiness Insider)

26. “I’m going through a tough time right now.”

Yes, most people would be incredibly sympathetic to someone who has been laid off, is going through a divorce, or is dealing with family drama. And even if your interviewer is, he or she may also wonder how your personal life will affect your performance on the job. So, keep your problems under wraps and keep the conversations focused on your professional life.

27. “Sorry I’m so late.”

Just be on time. Enough said.

28. “Sorry I’m so early.”

But don’t be too punctual. When you arrive more than five or 10 minutes before your meeting, you’re putting immediate pressure on the interviewer to drop whatever she may be wrapping up and deal with you. Or, she’s going to start the interview feeling guilty because she knows she just left you sitting in the lobby for 20 minutes.

29. “Would you like to see my references?”

“Interviewing is a lot like dating,” says Jacqui Barrett-Poindexter of CareerTrend.net. “It’s important to entice with your value and attract them to call you for the next ‘date.’” Offering up your references too soon may hint at desperation. Plus, you don’t want to run the risk of overusing your references.(Via LearnVest)

30. “I just wanted to follow up—again.”


As with most relationships, looking interested is good, but looking too interested makes you less desirable. You may think you’re showing your future company that you’re ready to hit the ground running, but if you come on too strong post-interview (think “checking in” to restate your interest less than a week after the interview or double communicating—emailing and then emailing again without a response from the other party), you look less like a candidate they’d be lucky to hire and more like someone who’s anxious to leave your current role.

Wednesday, December 10, 2014

10 Ways Truly Successful People Basically Never Act - TIME

http://time.com/3620937/successful-behavior/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

    
Want to stack the odds of being a successful entrepreneur in your favor? You can start by taking note of the following 10 things that you should never do.

1. Be jealous or envious

Seeing other people around you succeed should motivate you, even if they are your competitors. You should understand that every single person has the ability to become successful, and wasting time focusing on other people’s success or achievements will just sidetrack your own progress.

2. Look back

You are going to face hard times, difficult decisions and possibly even failure at some point. Don’t let small bumps in the road stop your forward progress. Find ways to maneuver around obstacles and continue to push forward, never looking back.

3. Make excuses

If you make a bad decision and screw up, own it. If something doesn’t work out as planned, don’t look for excuses. Search for the cause of the problem and chalk it up to a valuable business lesson. If you identify and own the problem you will not make the same mistake again. If you are constantly making excuses for your mistakes, you will continue to make them because you haven’t properly identified the root of the problem.

4. Stop learning

Your age, years of experience or level of success should never prevent you from learning. There isn’t a single person on this planet who knows everything. We can all continue to learn and be inspired from other entrepreneurs, whether they are billionaire household names or those just starting his or her entrepreneurial journey.

5. Associate with negative individuals

People who constantly make excuses, complain and have a negative outlook should be avoided like the plague. We all know people like this. No matter what you say or what the situation is, they always chime in with negativity. People like this are a cancer and their negative aura can rub off on you. Surround yourself with like-minded individuals that are as focused and determined as you are.

6. Wake up without a plan

Time management is a crucial part of being an entrepreneur. There are only so many hours in a day, so to be efficient you need to know what your goals are and what tasks you need to get done prior to starting your day. If you are scrambling to create a plan of attack every day you are going to be in trouble. End each day by mapping out the following day’s to-do list.

7. Be scared to make changes and adapt

You need to be willing and able to adjust your plan and overall strategy, because there is a very good chance that you will need to adapt to maintain success in the future. Imagine if Apple never adapted and just stuck to making computers? After releasing the iPod it started manufacturing smartphones, tablets and now are releasing its first wearable technology, the Apple Watch. Once just a computer company, it is now a consumer-electronics powerhouse.

8. Let your bark be bigger than your bite

Successful entrepreneurs don’t sit back and talk about what they are going to do. They plan, follow through and conquer. Nothing is going to get accomplished just by talking about it, and nobody is going to be impressed with words alone.

9. Focus solely on dollar signs and decimal points

Instead of chasing the money, focus on creating products and services that make a difference and provide value. If you do this, the money will come. I would be lying if I said the goal of my company wasn’t to make money, but focusing on providing a great service paves the path for the money to follow.

10. Let failure stop you

Most statistics state that eight out of every 10 new businesses fail. Successful entrepreneurs go into everything knowing that there is a chance of failure. If in fact they fail it is viewed as part of their growth and they keep plugging along.

James Dyson is a perfect example, as his first 5,126 prototypes were failures, but the 5,127th one worked and went on to become the top-selling vacuum in the U.S. He is now worth $4.5 billion because he never once let failure stop him.

Monday, December 8, 2014

7 Things You Can Learn From the Greatest Businessman of All Time - TIME

http://time.com/3582082/warren-buffett-lessons/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

Nov. 13, 2014
    
Billionaire investor Warren Buffett speaks at an event on Sept. 18, 2014 in Detroit, Michigan. 

Warren Buffett shares words of wisdom from decades of experience, success, and failure


The “most successful investor of the 20th century” has a thing or two to teach you about being a great leader. Warren Buffett is a famed philanthropist, business magnate, and sharklike investor. As the CEO and biggest shareholder of Berkshire Hathaway and someone who consistently ranks among the richest people in the world, he’s smart, business savvy, and slick, even into his 80s.
However, the “Oracle of Omaha” is also a notoriously frugal spender and reveres value investing. Having pledged to donate 99 percent of his wealth, he’s proof that sometimes old-school techniques work. If you’re an up-and-coming leader (or just want to be), check out what Buffett can teach you about leadership, wise moves, and humility.
1. On Risk
“Risk comes from not knowing what you’re doing,” says Buffett, which means you can do one of two things. Either you can be a big risk taker and gambler, or you can learn what you need to do, play it a little slower, and minimize your risks. Obviously the latter approach is best, but it doesn’t lead to instant gratification. Put those multimillion-dollar fantasies on the back burner long enough to get in control of your risk factor.
2. On Reputations
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” This is especially true in the digital era, when, if something’s in writing or on video, it’s forever. You can even take a screencap of a Snapchat, so be diligent when building your reputation—online and off. Remember Congressman Anthony Weiner tweeting pictures of his genitalia? Yeah, don’t be that guy. His reputation is toast.
3. On Who You Surround Yourself With
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours, and you’ll drift in that direction.” Birds of a feather flock together, and you’re probably not in the position to be anyone’s mentor yet. If you surround yourself with better people, they’ll inspire you to do better yourself.
As I tell my children, “If you want to soar like an eagle in life, you can’t be flocking with the turkeys.”
4. On Hindsight
“In the business world, the rearview mirror is always clearer than the windshield,” quips Buffett. Of course, this is true in every other aspect of your life, too. Stop focusing on that rearview mirror, though, after you’ve gleaned the necessary lessons from it. Move forward, even if that direction isn’t quite as streak-free.
5. On Stupid Mistakes
“I bought a company in the mid-’90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave away about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I’ve made lots of dumb decisions. It’s part of the game.”
No successful person is mistake-free, and that’s a good thing. Each stumble is a chance to learn and a warning when you’re tempted to do something similar in the future.
6. On Knowing When to Quit
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.” In other words, ditch the stubbornness and know when to call it quits. Not every project is worth saving.
7. On Frugality
Buffett is legendarily frugal. He lives in the same house in Omaha, Nebraska, that he purchased in 1958 for $31,500. He is well known for his frugality, which includes enjoying McDonald’s hamburgers and cherry Coke, and his disdain for technology, such as computers and luxury cars. Despite a net worth measured in billions, Buffett earns a base salary of $100,000 a year at Berkshire Hathaway. It’s a salary that has not changed in 25 years.
Today, many top leaders take as much as they can and live as extravagantly as possible. More leaders should take a page from the book of Buffett.
Listen to the Wisdom of the Oracle of Omaha
These words of wisdom come from decades of experience, success, and failure. Why make the same mistakes somebody else has already made all over again if you don’t have to? With the likes of Buffett doling out advice by the shovelful, take advantage of it–then spend that saved time putting his words into practice.

It’s certainly worked for Buffett.

Sunday, December 7, 2014

The 8 Indispensable Elements of Real Wealth - TIME

http://time.com/3544301/elements-of-real-wealth/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

The 8 Indispensable Elements of Real Wealth

Oct. 29, 2014
    
That’s a powerful question that deserves your attention. My answer has drastically changed the past five to 10 years, and will continue to evolve. Success is part of life’s purpose but I know that on the other side of success is the quest for more success, more milestones, more achievements, more people to help and learn from, more money to be made. That’s great. Life becomes mundane and boring without goals and dreams to reach for but I believe there is more to life and real wealth.
Don’t get me wrong. Becoming a millionaire is a valid desire for everyone, but there is no higher success than building and maintaining a world class life with meaning and significance. Awareness precedes choice, and your choices determine the quality of your life. I’ve put some serious thought into what makes a world class life. Here are the eight forms you must adapt and start improving if you want to live an exceptional life with no regret.

1. A world-class inner life.

Your outer world, who you are and the quality of your life, is 100 percent determined by your inner world. Your inner world consists of your peace of mind, the quality of your thinking and living authentically. Are you living your true values or doing things based out of fear and worry? Your inner world determines your self worth and how connected you are to your core.

2. World-class health.

Your health is a very important part of wealth. If you don’t have your health, you have nothing. At the end of your life, the things you now perceive as the big things might be the little things. When we are young, we will compromise our health for wealth, but when we are old we will gladly sacrifice all of our wealth for just a little bit of health.
It’s extremely important to put health first, if you really want a world class life. We take our health for granted until we lose it, then we spend all our waking time trying to get it back. Those who don’t make time for exercise must eventually make time for illness.

3. World-class family life.

Having loved ones around you, and being able to see your family whenever you choose, is a crucial part of success. Gary Vaynerchuktold me his business is extremely important, but a distant second to his family. The greatest support system in the world is good family and friends. You can’t be careless here, you need great relationships and those who make you better. Remember, you can’t change your family, and trying to do so will cause you endless stress and frustration. Love them and appreciate them for who they are.

4. World-class profession/career.

The attitude you bring to your days determine your destiny and it’s extremely hard to carry a great attitude when you don’t enjoy what you do. According to the new Gallup survey “71 percent of employees are activity disengaged at work.”
Be patient and figure out your strengths. Purposefully choosing (or creating) your ideal professional is crucial to a world-class life. When you love what you do, you’ll never work a day in your life. It’s important to get to the end of your career knowing you gave your best. Yes, unexpected circumstances do happen but you are in control of your own future through the choices you make. Life is not easy nor promised, but it’s how you adapt and adjust that determines what happens next. Never settle.

5. World-class financial freedom.

Less than 5 percent of our society will be financially stable by age 65. WTF? Money is extremely important and makes the world go round. It also gives you one of the most important aspects of a world-class life — freedom.
Money allows you the choices to do what you want, when you want, wherever you want, so you can live on your own terms. What’s your game plan to assure a financially free future?

6. World-class circle of genius.

You become who you spend the most time with. Are the people you’re associating with holding you to higher standards and challenging you? If you spend time with people who are playing at a world class level, you drastically increase your chances of doing the same. Their ways of being will rub off on you. You’ll adapt their philosophies and perspectives.
Start surrounding yourself with people whose lives you want to emulate. Keep company with those who are thinking and acting at an extraordinary level.

7. World-class experiences.

Ultimately, life is an adventure. Experiences and memories are what separate the elite lives from the mediocre. I’ve recently started focusing more on producing instead of consuming, and valuing experiences over material things. I like both, and appreciate the finer things in life, but after studying countless world-class people, it’s clear they are constantly creating memorable experiences. What’s the point of doing something if you’re not having fun?

8. World-class impact and legacy.

The worthiest aim of life is service to the world around us. How much difference are you making in the world around you? Are you adding consistent value that improves the lives of others?
Generosity the key that unlocks happiness. There is no greater feeling than when you help or give to others, asking for nothing back. Whether it is a compliment or a small gift, do something nice for somebody every day. Realize every tweet, every blog post and every conversation you have is part of your legacy.

I challenge you not to postpone your life. Most say “when I have more time I will take time for myself” but the reality is life waits for no one. Don’t postpone travel or chasing your dreams. Nobody knows when their time is up, so make the most of it by focusing on these eight forms of real wealth.

Tuesday, December 2, 2014

Study Suggests Banking Industry Breeds Dishonesty - Associated Press

http://time.com/3595882/bank-industry-dishonesty-study/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

Nov. 19, 2014
    

Bank industry culture “seems to make [employees] more dishonest,” a study author says

Bank employees are more likely to exhibit dishonesty when discussing their jobs, a new study found.
Researchers out of Switzerland tested employees from several industries during a coin-toss game that offered money if their coins matched researcher’s. According to Reuters, there was “a considerable incentive to cheat” given the maximum pay-off of $200. One hundred and twenty-eight employees from one bank were tested and were found to be generally as honest as everyone else when asked questions about their personal lives prior to flipping the coin, the Associated Press reports. But when they were asked about work before the toss, they were more inclined toward giving false answers, the study determined.
The author of the study says bankers are not any more dishonest than other people, but that the culture of the industry “seems to make them more dishonest.”
The American Bankers Association rebuffed the study’s findings to the AP.
“While this study looks at one bank, America’s 6,000 banks set a very high bar when it comes to the honesty and integrity of their employees. Banks take the fiduciary responsibility they have for their customers very seriously,” the Association said.
[AP]
    

Wednesday, November 12, 2014

9 Things to Know Before Buying Another Supplement - Health.com

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9 Things to Know Before Buying Another Supplement - Health.com

November 10, 2014 at 12:38pm
http://time.com/3554782/dietary-supplement-safety/

Nov. 8, 2014
    

 A guide to avoiding sketchy ingredients and choosing the most trusted brands


The supplement aisle at the drugstore is lined with products that promise to prevent illness, improve energy, boost metabolism, even brighten your skin. You probably already know these capsules aren’t necessarily silver bullets to perfect health. (Whatever benefits your multivitamin or omega-3 supplements offer, you still have to exercise and eat right, for example.) But you do expect them to be safe to swallow, at the very least.

Sadly, a new study in the Journal of the American Medical Association suggests otherwise. After analyzing supplements that had been recalled by the FDA for containing banned substances—such as steroids or powerful prescription medications like Viagra and Prozac—researchers found that roughly two-thirds of the tainted products were back on store shelves with the same illicit ingredients at least six months later.

Because supplement makers are subject to little regulatory oversight from the U.S. Food & Drug Administration, they aren’t required to prove a product’s safety (or efficacy) before it goes to market. And as this study shows, some fail at accurately providing the most basic safety information.
That said, the supplement industry is vastAmericans are expected to spend $32.4 billion on vitamins and dietary supplements in 2014, according to a Euromonitor International report. And there arereputable, safe supplement-makers out there.
Our buyer’s guide can help you avoid sketchy ingredients and choose the most established, trusted brands.
Be wary of certain types of pills
Namely exercise, weight-loss, and sexual-enhancement supplements. The products analyzed in the JAMA study fell into these three categories. Several of the weight-loss supplements actually contained an amphetamine-like drug called sibutramine, which is banned in the U.S., Asia, and Europe.

Shop selectively
Big-chain drugstores, pharmacies, and supplement stores like GNC or the Vitamin Shoppe may act faster to pull recalled items.

Don’t bargain-hunt
A University of Minnesota analysis found that for six types of herbal products, the more expensive the supplement was, the more likely it was that the recommended dosage would be consistent with established standards.
Steer clear of supplements made in China
Lack of regulation and poor manufacturing practices in China mean their goods may be more likely to be contaminated with substances like lead.

Check for a USP Verified Mark
It means that the nonprofit US Pharmacopeia has verified that a product contains the ingredients on the label in the amounts specified and doesn’t contain unacceptable levels of contaminants.

Do research at reputable sites
You can read supplement fact sheets from National Institutes of Health Office of Dietary Supplements to get all the info you need on everything from the recommended daily amount (RDA) to the latest on the health benefits of a certain supplement. It’s also a good idea to stay on top of warnings or recall alerts from the FDA. When you’re ready to buy, the USP website has a store directory and list of all the participating supplement companies if you want to check before you head to the store.

Consult the experts
Namely, the store pharmacist and your doctor. The former can alert you to any potential adverse events or drug interactions, and your doc can advise you on which supplements are safe and effective.
Skip dubious ingredients
These four have been linked to serious side effects, and aren’t worth the risk.
  1. Kava. It has been reported to cause liver damage.
    2. Bitter orange. It contains the chemical syndephrine, which has been linked to heart attacks and strokes in healthy people when taken alone or combined with caffeine.
    3. Contaminated L-tryptophan. It’s associated with neurotoxic reactions.
    4. Chromium. When overused, it’s been linked to anemia—even kidney failure.
With additional reporting by Hallie Levine