Saturday, January 10, 2015

5 Secrets to Achieving and Maintaining Work-Life Balance - TIME

http://time.com/3656061/5-work-life-balance-secrets/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

    

In a world where more and more people find themselves working in roles that could be considered “always on” jobs, how do people achieve and maintain work-life balance and how do companies and leaders promote this way of life? It is a challenge to say the least.
Every day millions of people wrestle with these questions. At the same time, leaders wrestle with the solutions. It is a hard issue to reconcile because the answers vary.
As a manager and member of the leadership team at home-improvement network Porch.com, helping people find work-life balance is something important to me. It is something I didn’t always possess or believe in.
There were times when I was the poster child for bad-balance behavior. I once had a sign in my office that read “never leave for tomorrow what you can get done today.” I was king of the 3 a.m. emails and I wore my 20 hour days, seven days a week work ethic as a badge of honor. Then a funny thing happened. I realized that I could be a much better leader, employee, manager, husband and friend when I took the time to focus on achieving balance. I found that I was living a happier, healthier, and more productive Life. And my output wasn’t comprised.
To help entrepreneurs, managers, and employees strike the right balance, here are five ways to achieve and maintain life-work balance. There is no one size fits all approach, but hopefully, these tips will lead to productive discussions for managers and employees.
1. Be open about your needs. I believe that the first thing people need to do is identify what truly matters to them and communicate it. Don’t hide it and don’t expect others to guess what makes you feel balanced and fulfilled.
Do you need to leave work at 5 p.m. so you can have dinner with your family? Do you need to step away at 12 p.m. to attend a yoga class? Whatever your sweet spot is you need to find it and be transparent about it. Employees need to have an open dialogue with their managers and managers need to understand what works and what is possible. Different jobs require different approaches, but everyone can benefit from having an open and honest conversation about what balance means.
2. Respect boundaries. You cannot achieve your balance if you don’t respect the boundaries you have put in place. It will be hard in the beginning but you need to stick with it so you develop a routine and drive a culture and lifestyle of predictability. You will find that there is also something else you can do. There is always another email to reply to or a problem to work, but you need to PERSONALLY respect your boundaries. If you don’t then you can’t expect others to respect them.
3. Understand what really matters. Over the years I have seen too many people spend too much time working on things that don’t really matter. Time is the most valuable commodity in life: it is the one thing you cannot buy more of. So, don’t waste time. Focus on what really matters. What really moves the needle for the business? Are you working on priorities that drive the overall goals of the business or are you just making noise? Really scrutinize your day and max it out every hour, minute and second to focus on the most important outputs. For some this may require a high degree of planning and structure.
4. Embrace the off button. Pretty much every piece of technology has an off button, so use it. It is not easy and for many people this is the hardest thing to do. To get started, do it in phases. Don’t bring your cellphone to the dinner table. When you are on vacation, be on vacation. Don’t bring your tablet to the beach. Once you have done it a few times, it is easier to push the boundaries. When you unplug and step back you will start to experience one of life’s greatest treasures — perspective. You will think about problems you are wrestling with greater clarity. You allow yourself the freedom to be more analytical and less emotional when you step away and think vs. just diving in and responding in the moment.

5. Pace yourself. To have a long, healthy, productive, and happy life and career you need to understand the value of pace. There are times when you need to throttle up and there are times when you can throttle down. Self-awareness is crucial. Doing so will help you enjoy the journey as much as the destination.

Friday, January 9, 2015

5 Simple Questions that Pave the Way to Financial Security - TIME

http://time.com/money/3654711/financial-security-questions-to-ask/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

Jan. 6, 2015
    

Analyzing 20 years of data, the St. Louis Fed found that five healthy financial habits are the key to future wealth.

Want to know how your bank account stacks up against that of your neighbors? You’ll get an idea by asking yourself five simple questions, new research shows.
The St. Louis Fed examined data from the Federal Reserve’s Survey of Consumer Finances between 1992 and 2013 and found a high correlation between healthy financial habits and net worth. In the surveys, the Fed asked:
  • Did you save any money last year? Saving is good, of course. Just over half in the survey earned more than they spent (not counting investments and purchases of durable goods).
  • Did you miss any credit card or other payments last year?Missing a payment isn’t just a sign of financial stress; it may trigger late fees and additional interest. An encouraging 84% in the survey made timely payments.
  • After your last credit card payment, did you still owe anything?Carrying a balance costs money. In the survey, 44% said they carried a balance or recently had been denied credit.
  • Looking at all your assets, from real estate to jewelry, is more than 10% in bonds, cash or other easily sold, liquid assets? If you don’t have safe assets to sell in an emergency, you are financially vulnerable. Just over a quarter of those in the surveys have what amounts to an emergency fund.
  • Is your total debt service each month less than 40% of household income? This is a widely accepted threshold. A higher percentage likely means you are having trouble saving for retirement, emergencies, and large expenses.
The average score on the 5 questions was 3, meaning that the typical respondent—perhaps your neighbor—had healthy financial habits 60% of the time. That equated to a median net worth of $100,000. Those who scored higher had a higher net worth, and those who scored lower had a lower net worth.
In general, younger people and minorities scored lowest, while older people and whites scored highest. Education was far less relevant than age. “This may be due to learning better financial habits over time, getting beyond the financial challenges of early and middle adulthood and the benefit of time in building a nest egg,” the authors wrote.

It should come as no surprise that healthy financial habits lead to greater net worth over time. But the survey suggests a staggering advantage for those who ace all five questions. One of the lowest scoring groups averaged 2.63 out of 5, which equated to median net worth of $25,199. One of the highest scoring groups averaged 3.79 out of 5, which equated to a median net worth of $824,348. So these five questions not only give you an idea where your neighbors may stand—they pretty much show you a five-step plan to financial security.

Thursday, January 8, 2015

Euro Falls to a 9-Year Low on Greek Fears - Fortune

  • http://time.com/3653428/euro-greece-ecb/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

  • Geoffrey Smith / Fortune
  •  
Jan. 5, 2015
    
The euro fell to its lowest level against the dollar in nine years Monday, driven by fears of political turmoil in Greece and hopes for more monetary stimulus from the European Central Bank.
By lunchtime in Europe, the single currency had fallen to $1.1914 and has now fallen over 2c against the dollar since the start of the year.
It had already lurched lower on Friday, the first trading session of 2015, on the back of comments by ECB President Mario Draghi in an interview with a German newspaper saying that the risks of it undershooting its inflation target had increased. That added to speculation that the ECB will announce a bigger program of bond-buying, or so-called quantitative easing, at its first policy meeting of the year on Jan. 22.
The ECB is keen to play up that fact that its policy is getting easier even as the Federal Reserve prepares to tighten monetary policy in the U.S.. That outlook will keep the euro cheap on foreign exchange markets, helping the area to boost growth through the export channel.
Hopes for QE, coupled with pessimism over the Eurozone’s growth outlook, have already driven bond yields to unprecedented lows. Yields on German bonds are negative all the way out to 2019, while even Italy’s 10-year bonds yield only 1.79%.
The other factor weighing on the euro is the fear that the radical left-wing Syriza party will win Greece’s parliamentary elections at the end of January, starting a process that may lead to Greece leaving the Eurozone. The German magazine Der Spiegel reported at the weekend that Chancellor Angela Merkel was confident that the Eurozone could cope with a Greek exit.
That confidence is far from being universally shared by financial markets. Marc Ostwald, a strategist with ADM ISI in London, called a Greek exit “the ultimate example bar none of why the Euro project is doomed to failure if no progress on moving to some form of fiscal transfer union is made.”

The euro’s decline is only side of a general rally in the dollar. The dollar index, which measures the greenback’s strength against a basked of major world currencies (although, importantly, not China’s), is also at a nine-year high, after rising over 12% last year.

Korean Air’s ‘Nut Rage’ Executive Is Facing Serious Charges - TIME

Jan. 7, 2015
    
Cho Hyun-ah, center, former vice president of Korean Air Lines, arrives at the Seoul Western District Prosecutors' Office in Seoul on Dec. 30, 2014 Ahn Young-joon—AP

"Nut rage," punishable by up to 15 years in prison, doesn't pay

South Korean prosecutors filed charges against the daughter of the chairman of Korean Air Lines on Wednesday for delaying a flight — and, prosecutors allege, endangering its safety — because she was unhappy about how she was served nuts.
Police have held Heather Cho Hyun-ah, formerly head of in-flight service at her father’s airline, in custody since Dec. 30, after she threw a tantrum when a flight attendant gave her macadamia nuts in a bag, not on a dish. Dubbing the fiasco the nut-rage incident, media have struggled to decide if it should inspire disgust over the entitlement of South Korea’s ultra-rich or a chuckle at their expense.

Yet the charges against Cho, who has resigned from her posts at the South Korean airline, are anything but chuckle-worthy. They include violations of aviation-safety regulations for allegedly disrupting the South Korea–bound plane’s flight plan by forcing it to return to New York City’s John F. Kennedy airport shortly after leaving the gate. The Financial Times reports that Cho, if convicted, could face up to 15 years in prison.

Sunday, January 4, 2015

10 Ways to Write Better Emails (and Just Maybe Change the World) - TIME

http://time.com/3652174/write-better-emails/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

    


Want to make a new year’s resolution that you can actually stick to?
One that will instantly improve your life and career, make your colleagues’ lives easier—and maybe change the world?
Commit to writing better, simpler, clearer emails.
The kinds of emails that people actually look forward to reading.
Chances are, you’re going to spend over a quarter of your workday dealing with emails, so if there’s one thing you choose to upgrade in the new year, you might as well start with your communication skills.
Here are 10 ways to take your emails from mediocre to majorly awesome—while inspiring other people to step it up, too:

1. Announce Your Intentions Upfront—and Get to the Point

“Hey! I know you’re busy getting ready for the conference, so I’ll get right to the point. I am writing today because…”

2. Try to Include One “Big Idea” Per Email

“The main thing to remember is…”
“The key takeaway from our conversation is…”
“The one thing I need from you, right now, is…”

3. Try to Use Statements, Not Open-Ended Questions

This: “I think launching the new campaign on Thursday is the best choice. If you agree, write back to say ‘yes,’ and I’ll proceed. If not, let’s talk.”
Not this: “So, what do you guys think? I’m open to everybody’s ideas!”

4. Be Surprisingly Generous

“Congratulations on your promotion. Very exciting. P.S. I left an inspiring book on your desk. Just a little something to usher in the next chapter. Enjoy…”
“I was thinking about your new project. Here’s a free resource that might help…”
“I’ve got a free guest pass for a local co-working space. I want you to have it. Enjoy…”

5. When Delivering Criticism, Be Respectful and Specific

“Thanks for all of your work. We’re getting closer, but the logo still isn’t feeling quite right. Here are three specific adjustments that I’d love for you to make.”

6. Show Your Humanity

“So sorry to hear that your dog passed away. Mine went to doggy-heaven last year. If you want to talk about it, I’m here. If you want to not talk about it (and go out for a coffee or do something fun), I’m here, too.”

7. Tell Your Reader What You Need—and When You Need It—Upfront

“Hey! Here’s a quick recap of our conversation—plus two questions for you at the end. I’d love to receive your responses by [date] so that we can keep moving forward on schedule.”

8. Occasionally, Send Emails That Include a Compliment, Not a Demand or Request

“Hey. You did a terrific job at the press conference. You were funnier than Ellen DeGeneres and totally nailed the message. Thanks for making our company look great!”

9. Whenever Possible, End With Some of the Most Beautiful Words on Earth

“No rush on this.”
“For your information, only. No action necessary.”
“No response required.”

10. Above All: Astonish People With Your Brevity

It’s not always possible, but try to express yourself in three sentences or less. Or as close as you can get. (Think haiku, not memoir.)
If you’re struggling to keep it brief, you might want to pick up the phone, have a face-to-face conversation, or spend a little more time thinking about what you really want to say. (My free workbook, Feel. Know. Do., can help you to organize your thoughts before you hit “send.”)
When you write better emails, you set a new barometer of excellence—inspiring everyone around you to communicate more clearly and effectively, too.
You might not be destined to be the next Dalai Lama or Mother Teresa, but helping to remove friction, irritation, and time-wasting misunderstandings from your workplace? That’s a big deal.
After all, one well-written email can change someone’s day, shift someone’s attitude, nudge a project into motion, or even change someone’s life. You never know what the ripple effects might be.

So, lead the charge. Be the change. Show your colleagues how awesome emails can be.

Thursday, January 1, 2015

Why 2014 was actually a positive year for women in tech - Daily Dot

http://time.com/3649684/2014-great-year-women-tech/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

By Selena Larson on December 21st, 2014
   
Technology has a sexism problem.
In 2014, revealing investigations and heartfelt admissions ripped the wool off the eyes of the industry and exposed the extent of this very raw and very real truth.
The news about women in technology this year was so dispiriting that you might’ve thought twice before encouraging the women in your life to pursue careers in the field. Countless incidents of sexism from hackathons to boardrooms have demonstrated just how exhausting and insufferable the industry can be for women: harassment lawsuits against companies like Tinder and Zillow; advice to women from the CEO of Microsoft saying they shouldn’t ask for raises, and harassment at GitHub that led to the public departure of a popular female developer—to say nothing of Gamergate.
At first glance, it’s just another year full of a number of very high-profile events highlighting how toxic the tech industry can be towards women.
But look again: 2014 was actually a great year. Not because of the things that happened, but because women are finally talking about their experiences. Perhaps more importantly, people are listening.
This is not a pipeline problem; it’s a retention problem.
Earlier this year, Heidi Roizen, a venture capitalist and technology entrepreneur, wrote a blog post about her experiences with the sexism and harassment she’s experienced as an entrepreneur since the early 1980s.
“It’s Different for Girls” explained the sexually charged interactions and gendered workplace persecution that Roizen and other women in the industry have to deal with. In the essay, she writes:
It pains and somewhat embarrasses me that I am not recommending calling out bad behavior and shaming the individual or individuals responsible. In a perfect world people would have to account for their behavior. But as an entrepreneur who spent years in a daily battle for existence, I did not feel like I could afford the hit I’d take in exposing these incidents.
Roizen, now a venture capitalist in her mid-50s, said she doesn’t experience this type of behavior anymore. But the sexual innuendos, groping hands up skirts and shirts, and uncomfortable jokes are still commonplace in the industry.
“These are hard issues, but I do think the first step to resolving issues is talking about them,” Roizen told the Kernel. “I think it is different today. Why did it take me so long to talk about my issues? When those things happened to me, I didn’t have a forum to put my own voice out.”
Roizen said when she was harassed, the only way to publicize issues was to go to the press, and her experiences didn’t necessarily qualify as news.
After she published the essay on Tumblr, Roizen said, men finally understood her experiences, and some told her they had no idea the kinds of inappropriate behavior she experienced.
“My goal was to be supportive of other women by just exposing what’s happened to me,” she said. “It furthers the dialogue about it, and it surfaces things and makes people more willing to speak up, and hopefully helps to change the behavior.”
This year, a number of tech companies have acknowledged that the tech industry needs to do something about systemic inequality and under representation of diverse groups, including women and minorities. Google set the precedent in May, releasing workplace statistics that illustrated just how diverse the company is—that is to say, not very diverse at all. Globally, the company’s U.S. workforce is 70 percent male and 60 percent white. Even more disheartening is the female representation in technical jobs, a measly 17 percent.
“One of the most radical things you can do is to actually believe women when they tell you about their experiences.” —Anita Sarkeesian
Though Google’s numbers are strikingly diverse, however, when compared to other tech companies like Twitter, where just 10 percent of technical roles are held by women.
These new company diversity statistics, led by Google, might have told a story we already knew, but they provided quantitative data to back up the first-person narratives discussed more frequently. The technology industry is not diverse, and now that we have the data to illustrate the inequality, and the voices willing to speak up. The diversity gap can begin to close, albeit however slowly.
For technology companies whose products and services touch the lives of billions, creating a culture where the people who build the hardware and software look like those who use them will ultimately lead to the creation of better products.

Reaching a tipping point

What happens when you become the female face of sexist tech culture? This year, Julie Ann Horvath found out when she sparked an industry-wide conversation after her high-profile company departure demonstrated just how toxic startup culture can be.
Horvath was a designer and developer at social-coding company GitHub. In March of this year, she left the company, alleging she suffered harassment from company leadership for years. Her exit was perhaps even more poignant because she was the founder of Passion Projects, GitHub’s outreach program that aimed to encourage more women to work in the tech community.
“I had spent a large part of my career at GitHub making their culture seem friendly to women,” Horvath told the Kernel. “I felt like I had lied to everyone. Like I had led women into a trap by letting them believe that meritocracy in tech is a real thing. That if we work hard enough, we’ll earn the respect of our peers.”
Horvath was outspoken about her experience, refusing to be comfortable with the sexism status quo.
GitHub launched its own investigation into Horvath’s allegations, and founder and CEO Tom Preston-Werner left the company. Though GitHub said it found nothing to support some of Horvath’s claims, new CEO Chris Wanstrath said the company did find that “Preston-Werner in his capacity as GitHub’s CEO acted inappropriately.” In a blog post, Wanstrath also addressed the company culture and said that in an industry where inequality is the norm, GitHub needs to do better.
Horvath is living in Bellingham, Wash., where she works as a designer and developer, well away from the Silicon Valley bubble. She continues to be an advocate for other women to talk about their experiences, some of whom found courage after reading Horvath’s story.
“We have to deal with two different forms of stereotypes. We have to deal with being women, and we have to deal with what people think about black people.” —Erica Baker
“Since going public, I’ve had a lot of women email me personally seeking advice on how to deal with similar situations, and some even said they wanted to take their stories public, that my experience gave them strength and courage to leave their toxic workplaces,” she said.
Like other women I’ve spoken with this year, Horvath thinks that while headlines might make it seem like more happened to women in tech in 2014, the reality is that more women are making themselves heard, a spark that signals a shift in thinking.
“Now more than ever we understand that allowing these issues to be swept under the rug perpetuates misogyny—it doesn’t absolve it,” she said.

A significant struggle for women of color

When Google and its tech company compatriots released diversity data this year, two tiny slivers stuck out: For most companies, the number of minority employees in the U.S. averaged around 2 percent black and 3 percent Hispanic.
“We have to deal with two different forms of stereotypes,” Erica Baker, an engineer at Google, told the Kernel. “We have to deal with being women, and we have to deal with what people think about black people.”
As a six-foot-tall black woman, Baker says, some people have thought of her as “scary,” despite being an intelligent and kind-hearted human being. And, she said, her race and gender have affected her career as a computer scientist.
In an essay titled “The Other Side of Diversity,” Baker said she often feels like a “token” employee and struggles to fit into a culture that routinely ostracizes people who are different.
Being in Silicon Valley has been simultaneously great for my career but bad for me as a person. I’ve been able to work on multiple different teams and really interesting projects. Unfortunately, my workplace is homogenous and so are my surroundings. I feel different everywhere. I go to work and I stick out like a sore thumb. I have been mistaken for an administrative assistant more than once. I have been asked if I was physical security (despite security wearing very distinctive uniforms). I’ve gotten passed over for roles I know I could not only perform in, but that I could excel in.
Stereotypes and the culture of computer science prevented Baker from pursuing computer science in college, even though she’d been drawn to engineering since learning QBasic, a simple programming language, and forcing her mother to purchase the first CD-ROM drive as a child.
“I was a computer science major for a year,” Baker said.”I was one of two women in my entire lecture, and I was one of two black people—the only black woman. I would get the looks like, ‘Is she supposed to be here?’”
“Now more than ever we understand that allowing these issues to be swept under the rug perpetuates misogyny—it doesn’t absolve it.” —Julie Ann Horvath
In Silicon Valley this year, she continued to pursue her dream of programming and enrolled in Hackbright Academy, a 10-week programming training course exclusively for women. But her experience left her wanting—it was not what she expected it to be. Toxic tech culture can ooze into even the most women-friendly environments.
At Google, Baker’s colleagues have a better understanding of her experiences, thanks to her viral essay that illuminated the many hardships minority tech workers face, but her peers, and the company, admit there’s still a lot of work to do.
At the Grace Hopper Celebration of Women in Computing this year, a “male allies” panel drummed up significant controversy. The men on the panel provided general lip-service about fixing tech’s sexism problem to the women in the audience who knew from firsthand experiences that their advice did not work.
Instead of cowering to criticism, panelists, led by Google’s Senior Vice President of Search Alan Eustace, hosted a reverse male allies panel the following day, where women shared their experiences while the men sat quietly and listened. Baker was there. She said she was struck by the weight of the women’s words, and she thought about how powerful they would be if tech executives and employees across the industry heard them.
“If all these people just told their story publicly instead of just one small area, it would make people understand these aren’t just isolated cases,” Baker said. “People feel more comfortable believing incidences of harassment and exclusion are isolated incidences, and outliers. But if more people would speak up, it would do a lot for helping change that way of thinking.”

The problem with the pipeline problem

Advocates for fixing the gender imbalance like to focus on encouraging young women to pursue coding careers. Organizations like Black Girls Code and Girls Who Code evangelize computer science to young female students across the country.
The idea is if more women get into the tech pipeline at a young age, more women will be hired at tech companies.
“Why did it take me so long to talk about my issues? When those things happened to me, I didn’t have a forum to put my own voice out.” —Heidi Roizen
But the pipeline isn’t the only problem. What happens when we educate our daughters in a field where sexism is still an issue? Women leave technology much faster and much more often than their male counterparts. According to the Anita Borg Institute, 41 percent of women leave careers in technology after 10 years, as opposed to just 17 percent of men.
This is not a pipeline problem; it’s a retention problem. Leigh Honeywell, an engineer at Heroku, says it best:
That’s not to say that companies and organizations shouldn’t support young girls to pursue their dreams of coding—there are sexism problems and gender disparity at the high school level, too—but by focusing on retaining the women already in the tech workforce, companies could fix the culture, and close the gender gap, much faster.
“There’s not a week that goes by that I think, ‘Maybe I should just give it all up and focus on genealogy or photography or something,’” Baker said. That sentiment is regularly echoed across the industry.

Continuing the conversation

Anita Sarkeesian, founder of Feminist Frequency and the video game documentary series Tropes vs. Women, became a favorite target of Gamergate harassment this fall. At XOXO Fest this year, she said what perhaps could become one of the most important quotes for women in 2014: “One of the most radical things you can do is to actually believe women when they tell you about their experiences.”
People are embracing the radical. Instead of brushing incidents under the rug, companies, people, and the press actually listened, and a conversation began.
That conversation, that commitment to exposing and revitalizing tech culture in a way that not only supports equality but improves the development of products and software by listening to and implementing diverse perspectives, is what made 2014 a promising year for women in technology and the future of the industry itself.
Here’s to 2015.
- See more at: http://kernelmag.dailydot.com/issue-sections/headline-story/11217/why-2014-was-actually-a-positive-year-for-women-in-tech/#sthash.sriAinNs.dpuf

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.