To friends who subscribe to my blog and check back regularly, know that I appreciate you and I apologize for the lack of activity here- it seems all my updates now occur in 140-characters or less. However, I’m currently working on a fun research project and thought this would be the perfect way to gather data. I’d like to chat with you about artwork and Indonesia.
Indonesia is a country I would definitely love to visit – I hope to visit Bali, Indonesia in early 2012. I’m a fan of the beautiful and colourful culture. And I would say, the art found in Indonesia is a direct byproduct of it’s rich culture. Each piece is unique. Each piece holds a unique story.
Why not bring some of this rich, Indonesian culture and ancient stories in our own lives and homes? Would you have a look at the pieces of Indonesian artwork in the gallery below (click to for larger view) and answer the questions at the end of this blog, please?
For additional feedback, please comment below or email me.
During my visit to Chapters last weekend, as I was strolling the aisles, I stopped for a minute , picked up the book in front of me, and started reading the back cover. I picked up some of the other books from that same row of books. I realized I was in the Biographies section.
This particular row of books was dedicated to stories of people who were unhappy with their lives and what they did to ameliorate their situations. In the pursuit of happiness, they decided to make changes in their lives whether that be by: traveling to places they’d never been, ending a marriage, changing careers, trying new foods, etc…
There was a high supply of books on “pursuing happiness” or “finding your passion”, which speaks volumes for the demand for this kind of stuff.
This leads me to my question, is the world becoming a less happy place? Here are my thoughts:
I don’t know if we have become unhappier, but I do think the world has become more competitive. Globalization has made the world a smaller place and cool, new innovations have opened up doors to great new opportunities that were never available before (i.e. Facebook, smartphones, etc). More people are pursuing higher education to equip themselves with the knowledge they feel they need to compete and be “successful”. I believe the issue starts here. Let me try to explain.
A highly educated and ambitious population is a good thing, isn’t it?
True. But, there is a but. In short, I don’t think people are pursuing higher education for the right reasons. Knowledge can be gained from books and compiled within a matter of minutes using Google, but obviously there are advantages in pursuing a higher education that only Google and books cannot provide.
Here’s a very short list of a few of the things I gained from my years as a student:
-Stronger work ethic: provided greater discipline, allowed me to realize the strong correlation between high-quality work/effort and success.
-Further developed interpersonal skills/networking opportunities through working with other competitive students, professors, and industry experts
-Helped me learn more about myself: Through being told what to read, study, and write, I learned very quickly what I enjoyed doing and things I didn’t enjoy. This also helped me realize my strengths and weaknesses.
Now, this list looks simple and not very shocking – have a look at items that have appeared on the lists of others I have talked to:
Things they said they gained from their education:
-An iron ring
-College diploma/University degree (Bachelors, Masters, PhD)
-Can recite pie backwards up to the 10th decimal
-Have secured a job that pays the average salary, based on their education and years of experience
How does the latter list differ to the above?
Most importantly, the first list acknowledges personal development, whereas the second fails to acknowledge the skills developed. Rather than pursuing a higher education for a diploma, a degree, or an iron ring, the focus should be on the skills desired and why acquire them. Rather than chasing goals to acheive what you are passionate about, the goal becomes to merely receive a piece of paper.
Unfortunately, degrees, diplomas, iron rings, knowledge of random facts and figures do not have any effect without action. Action on knowledge or achievements can change the world. To act upon the things we know, passion is needed. Examples of people who have acted upon their passions and knowledge include: Michael Jackson (music and dance), Donald Trump (leadership, real estate, hair), Walt Disney (story-telling, psychology), Terry Matthews (entrepreneurship, telecommunications), Steve Jobs (marketing), Jack Welch (psychology, management), etc…
The reason these people have seen extraordinary levels of success is partly due to the fact that they know their strengths and where their passion lies. Their passion for what they do/did shows.
Often, I see many pursuing things that make them miserable. Or people who try to be the jack of all trades. My question is, why? Why not focus on one thing you enjoy and are passionate about instead? Having a single-minded attitude towards what you do best and what you enjoy, in my opinion, can result in extraordinary level of success – whether that be financial success, personal satisfaction, etc…
How do you know what your passion is?
One of my favourite things to do, would definitely be meeting other motivated, hard-working, young entrepreneurs or aspiring entrepreneurs. Recently, at GenYOTT, a social networking event in Ottawa, I had the opportunity to meet Nimit Malavia, a talented, illustrator. His passion for what he does is very evident. As we chatted, I asked him what his key driver was, what keeps him motivated. He said, “I feel sick when I don’t draw”. Enough said.
Another example, a non-profit organization that I feel very fortunate to have done some work with, Human Mobility International (HMI) is made of pure passion, wherein the founder, Briton Amos “provides high-end wheelchairs to improve the quality of life of people suffering from the after-math of living in conflict zones and areas of natural disasters. These clients will primarily be found in third-world countries where they cannot afford these wheelchairs in order for them to re-integrate into their society.”
Ultimately, to avoid the need for books on “how to be happy” later in life, I think we need to do the following:
1) Understand the reasons for our decisions and how we choose to spend our time. These decisions should follow with goals. It’s important to understand that to achieve goals, you must have set goals.
Remember:
a) Goals should be ambitious, but realistic
b) There should be a reason for wanting to achieve these goals
2) Also, keep track of how you spend most of your time. Is the work you do mostly busy-work? Measuring your productivity should not be based on how much time you spend in front of your computer, answering e-mails, or in meetings. My favorite time management tip is, ask yourself: “Am I being productive or just active?” – @tferriss, The 4-Hour Workweek.
3) Unfortunately you may have to do things you don’t enjoy. Getting things that need to get done efficiently and effectively to focus on what you are passionate about should be the underlying objective. (For example, completing linear algebra class to get to exciting calculus. To get to calculus, you must put in the effort by completing algebra.)
I would like to keep this blog short, which is a bit challenging because there’s much to say. To sum up, passion and knowledge can change the world. Everyone has the potential to make an impact. Unfortunately, many do not take the opportunity when given the chance – I hate seeing smart, talented people that are lazy. As the folks at Nike would say, just do it.
To end, I’m a huge fan of this Steve Jobs presentation – I think it fits with the theme of this entry, check it out
For those who weren’t on Twitter today, I regret to inform you that you missed the buzz, snap, crackle, and pop Old Spice created with a very impressive campaign. In my opinion, they completely reinvented themselves by going after a completely different market, the younger, “hipper”, social media-savvy market.
This has been one of the most creative Twitter campaigns yet – it was certainly very successful. It was an excellent example of the guerrilla marketing opportunities social media Websites, like Twitter offer.
In short, what they did:
1) “Promoted” ‘Old Spice’ as a “trending topic” (“x” = Twitter lingo)
2) Throughout the day, they replied to tweets using personalized videos. (observation: they targeted many social media heavyweights, who would further spread the word, ie Kevin Rose, founder of Digg.com)
3) Their Twitter campaign was an extension of their current marketing campaign (TV ads). In their reply videos, they use the same concept and actor (aka “Old Spice man”) from their TV ads
4) Their content was entertaining, relevant, fresh, and out-of-the-box, which made it viral. Most importantly, they got the attention of their target market (as well as celebrities, including “top influencers” on Twitter, like Ellen Degeneres, Ashton Kutcher, and Isaac “Biz” Stone (co-founder of Twitter), who helped them further spread the word by joining the conversations).
They did this through simply listening to their target market and responding to them using SM tools readily available.
Have a look at some of the content from this campaign:
Kevin Rose tweeted: “Day 6 of the fever/pneumonia, first day I’ve felt semi normal, fever @ 99F, now back to bed, enjoy your saturday all, make the most of it!”
Scenario You are preparing a business trip to Italy for your Human Resource Managers. Prepare a five minute briefing about cultural differences and how important it is for them to take the cultural differences into account if they want to succeed on their business trip.
Cultural differences and cultural sensitivity will hold strong importance on business trips across cultures. Recognizing the difference through the following concepts will allow the team to effectively communicate information and build strong relationships:
1) Understanding the difference between high-context cultures and low context cultures;
2) Applying Hofstede’s power distance theory when comparing cultures;
3) Complying with the proper business etiquette in the new target market
Eighty-five percent of communication is non-verbal. Haptics, posture, and kinesics all contribute to the manner in which a message is conveyed and how an audience may perceive the message. Non-verbal communication can be intentional or unintentional. Different communication styles require consideration when communicating across cultures. Through building solid foundations on different cultural differences, one can become more successful in social interactions when in a new cultural environment. As you prepare for a business trip in a foreign country, it is essential the team acknowledges the cultural differences in order to fully take advantage of this market. Failing to recognize and adapt to differences may result in miscommunication, leading to incorrect assumptions. Miscommunication may also lead to your party unintentionally disrespecting your counterparts, or your party appearing overly aggressive or uninterested. Such interpretations may occur through the use of the use of slang, excessive use of gestures, poor dress sense, and indirect language. Exploring the targret market’s high-context culture or low-context culture will shed light on the major differences between the two countries’ communication styles. Understanding Hofstede’s main cultural dimensions, focusing on power distance will make certain differences more prevalent. The knowledge of common business etiquette will ensure operations flow smoothly during the business trip, allowing our team to build a strong relationship with your counterparts.
It is important to understand how the target market’s culture differs from that of the Canadian culture in terms of how ideas and thoughts are most effectively shared. Canada possesses a low-context culture. Low-context cultures tend to communicate in a manner which is concise and direct. Generally, the presentation of information will include well-researched facts to support a position, it will be clear, and will include limited use of gestures, long-winded explanations or examples, and indirect or implied messages. Evidence and support will include technical information and be based on logic and mathematical theories. Low-context cultures are associated with the western world. In comparison, high-context cultures will appear to look at situations through the perspective of a relativist. High-context cultures tend to communicate in a manner which may involve more indirect messages and implied messages. When the presenter is sharing information they may tend to share information with no clear implication. Positions will be supported on evidence which is based on emotions and feeling that are non-rational. The high-context culture is associated with the east. Seeing that there are major differences in the delivery of information, the Management Team will require to understand the perspectives their counterparts will have. As technical evidence involving mathematics and logic may not be as appreciated, therefore; less valuable, when presenting ideas, two perspectives require consideration: the emotional/intuition and rational side.
Hofstede created concepts in relation to relationships within organizations to better understand the self as well as others. Though the compilation of the data collected was from a corporate population, the finding very well relate to society at every level. The dimensions he studied included: Power Distance, Masculinity, Uncertainty Avoidance, and Individualism. For now, let us focus on the power distance dimension. Power distance measures the equality distributed amongst people carrying different roles in society on a hierarchical basis. For example, a boss and a subordinate. The data Hofstede complied shows that Italy possesses a value of 50, while Canada only, 39, illustrates Italy has greater power distance. In cases of high power distance, power tends to be greater at the top of the pyramid. Subordinates may feel uncomfortable addressing their boss by their first name and may feel uncomfortable having a informal conversation with the boss due to the inequality of status and power. In contrast, areas where power distance is less, power tends to be distributed more and groups members tend to have flat hierarchies wherein members hold equal power. As power distance is greater in Italy, when dealing with those with notable positions in an organization, addressing them with proper respect and formalities would allow you to assimilate. Not only would you require to address your Italian counterparts accordingly, it would be as important to regard co-workers with equal respect in the presence of your Italian client and colleagues.
Blending into Italy’s business environment requires knowledge of the business etiquette followed. Dress sense, conversation, how you address your Italian counterparts, negotiating styles, and gift-giving will all contribute to your success. Professionalism is greatly valued in the Italian culture, this is also displayed through the dress sense. Formal, business clothing is crucial during business interactions as it insinuates your, “social standing and relative success, as well as your competence as a businessperson.” Style and elegance should be studied should you be out-of-touch in the fashion world. (Endnote 1) Engaging in general conversation is very welcome. Conversation regarding the weather, Italian landscape, sports are examples of welcome topics. (Endnote 2) Using titles and surnames is a business norm in Italy. Unless one is invited to do so otherwise, addressing your Italian counterpart by their title or surname would be strong business etiquette. Gift-giving is welcome; however, more appropriate upon receiving one first. Good gift ideas include: quality, vintage wine, a fine pen, calculator. Gifts to avoid: chrysanthemums as they are used at funerals, red flowers as they indicate secrecy, yellow flowers as they indicate jealousy. Also, please note: do not wrap gifts in black or purple, as black is traditionally a mourning colour, while purple is a symbol of bad luck. (Endnote 3)
Acknowledging and respecting the cultural differences in Italy will allow one, new to the culture, to better relate to their Italian counterparts and ultimately display a higher degree of cultural sensitivity. Failing to see a difference and behaving without monitoring the audience may result in the formation of incorrect interpretations by your counterparts, giving them the wrong impression. Appraising the environment to recognize the cultural differences and similarities between Italy and Canada will allow you to realize the appropriate etiquette. Adapting to the high-context culture through the addition of emotional evidence, along with technical data, while presenting information will allow for stronger relationship building through more effective communication. In addition, status and power must be respected. Effectively utilizing this knowledge the Italy culture will ensure strong relationships with your Italian clients and colleagues and a overall successful business trip.
Scenario You are preparing a business trip to Italy for your Human Resource Managers. Prepare a five minute briefing about cultural differences and how important it is for them to take the cultural differences into account if they want to succeed on their business trip.
Cultural differences and cultural sensitivity will hold strong importance on business trips across cultures. Recognizing the difference through the following concepts will allow the team to effectively communicate information and build strong relationships:
1) Understanding the difference between high-context cultures and low context cultures;
2) Applying Hofstede’s power distance theory when comparing cultures;
3) Complying with the proper business etiquette in the new target market
Eighty-five percent of communication is non-verbal. Haptics, posture, and kinesics all contribute to the manner in which a message is conveyed and how an audience may perceive the message. Non-verbal communication can be intentional or unintentional. Different communication styles require consideration when communicating across cultures. Through building solid foundations on different cultural differences, one can become more successful in social interactions when in a new cultural environment. As you prepare for a business trip in a foreign country, it is essential the team acknowledges the cultural differences in order to fully take advantage of this market. Failing to recognize and adapt to differences may result in miscommunication, leading to incorrect assumptions. Miscommunication may also lead to your party unintentionally disrespecting your counterparts, or your party appearing overly aggressive or uninterested. Such interpretations may occur through the use of the use of slang, excessive use of gestures, poor dress sense, and indirect language. Exploring the targret market’s high-context culture or low-context culture will shed light on the major differences between the two countries’ communication styles. Understanding Hofstede’s main cultural dimensions, focusing on power distance will make certain differences more prevalent. The knowledge of common business etiquette will ensure operations flow smoothly during the business trip, allowing our team to build a strong relationship with your counterparts.
It is important to understand how the target market’s culture differs from that of the Canadian culture in terms of how ideas and thoughts are most effectively shared. Canada possesses a low-context culture. Low-context cultures tend to communicate in a manner which is concise and direct. Generally, the presentation of information will include well-researched facts to support a position, it will be clear, and will include limited use of gestures, long-winded explanations or examples, and indirect or implied messages. Evidence and support will include technical information and be based on logic and mathematical theories. Low-context cultures are associated with the western world. In comparison, high-context cultures will appear to look at situations through the perspective of a relativist. High-context cultures tend to communicate in a manner which may involve more indirect messages and implied messages. When the presenter is sharing information they may tend to share information with no clear implication. Positions will be supported on evidence which is based on emotions and feeling that are non-rational. The high-context culture is associated with the east. Seeing that there are major differences in the delivery of information, the Management Team will require to understand the perspectives their counterparts will have. As technical evidence involving mathematics and logic may not be as appreciated, therefore; less valuable, when presenting ideas, two perspectives require consideration: the emotional/intuition and rational side.
Hofstede created concepts in relation to relationships within organizations to better understand the self as well as others. Though the compilation of the data collected was from a corporate population, the finding very well relate to society at every level. The dimensions he studied included: Power Distance, Masculinity, Uncertainty Avoidance, and Individualism. For now, let us focus on the power distance dimension. Power distance measures the equality distributed amongst people carrying different roles in society on a hierarchical basis. For example, a boss and a subordinate. The data Hofstede complied shows that Italy possesses a value of 50, while Canada only, 39, illustrates Italy has greater power distance. In cases of high power distance, power tends to be greater at the top of the pyramid. Subordinates may feel uncomfortable addressing their boss by their first name and may feel uncomfortable having a informal conversation with the boss due to the inequality of status and power. In contrast, areas where power distance is less, power tends to be distributed more and groups members tend to have flat hierarchies wherein members hold equal power. As power distance is greater in Italy, when dealing with those with notable positions in an organization, addressing them with proper respect and formalities would allow you to assimilate. Not only would you require to address your Italian counterparts accordingly, it would be as important to regard co-workers with equal respect in the presence of your Italian client and colleagues.
Blending into Italy’s business environment requires knowledge of the business etiquette followed. Dress sense, conversation, how you address your Italian counterparts, negotiating styles, and gift-giving will all contribute to your success. Professionalism is greatly valued in the Italian culture, this is also displayed through the dress sense. Formal, business clothing is crucial during business interactions as it insinuates your, “social standing and relative success, as well as your competence as a businessperson.” Style and elegance should be studied should you be out-of-touch in the fashion world. (Endnote 1) Engaging in general conversation is very welcome. Conversation regarding the weather, Italian landscape, sports are examples of welcome topics. (Endnote 2) Using titles and surnames is a business norm in Italy. Unless one is invited to do so otherwise, addressing your Italian counterpart by their title or surname would be strong business etiquette. Gift-giving is welcome; however, more appropriate upon receiving one first. Good gift ideas include: quality, vintage wine, a fine pen, calculator. Gifts to avoid: chrysanthemums as they are used at funerals, red flowers as they indicate secrecy, yellow flowers as they indicate jealousy. Also, please note: do not wrap gifts in black or purple, as black is traditionally a mourning colour, while purple is a symbol of bad luck. (Endnote 3)
Acknowledging and respecting the cultural differences in Italy will allow one, new to the culture, to better relate to their Italian counterparts and ultimately display a higher degree of cultural sensitivity. Failing to see a difference and behaving without monitoring the audience may result in the formation of incorrect interpretations by your counterparts, giving them the wrong impression. Appraising the environment to recognize the cultural differences and similarities between Italy and Canada will allow you to realize the appropriate etiquette. Adapting to the high-context culture through the addition of emotional evidence, along with technical data, while presenting information will allow for stronger relationship building through more effective communication. In addition, status and power must be respected. Effectively utilizing this knowledge the Italy culture will ensure strong relationships with your Italian clients and colleagues and a overall successful business trip.
Will a well-written international marketing plan increase your business’s odds of success in a foreign market?
My Answer: Definitely not.
Then why waste the time and effort in developing such lengthy documents?
An international business plan will force you to answer specific questions – it will provide you with the opportunity to go and gather high quality research (including primary research) to back-up your answers. Jotting down a plan on paper… or on your hard-drive… will allow you to share ideas with colleagues and create an organized implementation plan (based on research). (Remember, the goal is to mitigate risks that come with international business. Research will help, but always have contingency plans)
So, what’s the difference between a marketing plan and an international marketing plan.
My Answer: Your market choice rationale along with strong research on the target market. I have heard many global SME’s mention that they wished they had done more research before they had entered certain foreign market.
For example, we hear a lot about opportunities in emerging markets. Sure the BRICM countries are lucrative economies, but are they right markets for your particular product/service? Is your product/service appealing to the cultures? Will it require modification or re-positioning to become more appealing? (The common example being, McDonalds in India where veggie burgers replace their famous hamburgers in order to better connect with the largely vegetarian population), Is there a demand for your product/service? Is the market already saturated? What are your competitive advantages?, etc…
I will be providing excerpts from an international marketing plan I developed and provided consulting on for an existing marketing/advertising firm. Below you will find parts of the Market Rationale section.
Now let’s call the company [X Company] for now.
A bit about the domestic firm: [X Company] is a marketing/advertising firm. They provide a range of marketing/advertising tools; from print media, web development (site maintenance, HTML programming, Macromedia Dreamweaver, Macromedia Flash MX ), corporate identity (product design), and advertising campaigns.
Market of Interest: California, United States of America
Excerpt
Market Entry Rationale
Since [X Company] is a relatively new firm there is still room for more experience and it lacks a large network of potential clients. Considering the timing and the age of the firm, [X Company] should expand to the United States of America. However, the U.S., on a whole, is a significantly segmented market. The population of the country is 291 million and it is broken-down into many environmental differences and different customer profiles, therefore, creating a separate international marketing plan for each region would be most practical. To start, [X Company] will first expand to California. Exporting [X Company]’s marketing/advertising services to the U.S., from Ontario, Canada, will not require much product/service modification due to many similarities between the markets, such as language and culture. Fewer modifications and close proximity to the market will help keep costs low.
Also, expanding to the United States will help develop international business skills for the future when expanding to other countries which will require more skills, costs, and time. Exporting to California, from Canada, will be a comparatively less complex endeavor as the U.S. highly values foreign investment, possess’ a stable currency, has a solid political structure, is Canada’s neighboring country, and there are many similarities in culture; therefore, [X Company] should use this as a learning experience while working to achieve the highest market share.
The U.S. has the highest expenditures in the world in adverting while Canada takes eighth position according to Zenith Media. Advertising plays an important role in the U.S. culture. California is also well-known for its many larger companies such as Walt Disney Co (spend 1260.4 million $ for worldwide advertising in 2001), and Hewlett-Packard (spent 618.4 million $ for worldwide advertising in 2001). California contains a massive clientele base which ultimately leads to more potential for increased revenue.
Important grounds in which California selected as the first international market is due to the relatively low risks associated with doing business in the state. Since going international can be costly endeavor taking appropriate precautions and avoid risks at all times is the ideal way [X Company] should carry out their business. California’s stable political structure and currency help alleviate risks involved.
The world is becoming a smaller place. Not only are large corporations exporting, but also SME’s. A lot of them. These businesses are involved in many aspects of international trade, including: outsourcing, global supply chains, international subsidiaries, etc.
If you’re a domestic business: How do you know when it’s time to expand to a foreign market? What expertise are required? What types of risk mitigation tools are available?
The Certified International Trade Professional (CITP) Designation through The Forum for International Trade Training (FITT) provides the ins and outs of international trade. The program allows individuals and businesses to fully comprehend all aspects of trade.
Learning topics include:
International Marketing, International Trade Logistics (Supply Chain), International Finance, International Law, International Distribution, International Research, Cultures, Geo-politics
I received my international trade training at Algonquin College (through the Business Administration, International Business major). I would highly recommend the program to all considering global expansion or joining a global business.
I will be posting excerpts from projects I worked on, covering various areas of international trade including an International Marketing Plan, a SWOT Analysis, and more. Stay tuned, please.
Check out the FITT website for additional info: www.fitt.ca
The chief distinguishing feature offered by social media over traditional forms of media is its idea-sharing capabilities. For example, communication with the masses can be imparted via a 140-character précis on a recently popularized, micro-blogging tool, Twitter. More and more people are now leveraging this new tool. So, why do you use it?
“Persistence is the single most important word in success.” – Terry Matthews
He’s started 80 companies. He’s been directly involved in all of them. Terry Matthews was one of the keynote speakers at the Eastern Ontario Economic Showcase, along with W. Brett Wilson and Donald Trump.
Matthews started his talk with a quote from Darwin,
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” – Darwin
Matthews allocates his success to change and his ability to adapt. He says, “Act in times of change, or be acted upon.”
As Asia continues to prosper, global competition continues to intensify. India and China have been able create a strong presence in the technology industry, further increasing competition. Many have realized the strong resources available across the globe at a fraction of the cost -– the amount of organizations outsourcing, have clearly reflected this.
Matthews points out, in Shanghai, the highest paying jobs pay $18,000/year. How do you compete with that?! His key competitive advice: the first-mover advantage.
How does the first-advantage work?
Being the first to kick-off a new strategy to create a presence and build a reputation in an area no business ever has, creates an image the consumers’ mind. Successful strategies will be copied – naturally, everyone will want their piece of the pie. It’s important to remember pioneers will benefit from repeat business as customers loyalty remains to be a major advantage in the first-mover concept.
I had the opportunity to attend a talk with The Donald himself while he was in Ottawa yesterday. At the event, other keynote speakers included: W. Brett Wilson (Dragon on CBC’s Dragon’s Den, co-founder of FirstEnergy Capital Corp.), and Terry Matthews (Chairman of Mitel Networks, has started 80 companies).
Brett Wilson’s talk: Brett shared his definition of success. His talk was personal. All ears were in tune with every word his said. He spoke about work, money, family, and his personal battle with prostate cancer. In the end, he discovered the core sources of his happiness were entrenched in: his health, kids, and community. The standing ovation he received by 4000 + audience members reflected the quality and passion of the content he shared. Powerful speaker.
Donald Trump and Ottawa Mayor, Larry O'Brien
Near the tail end of the event, Trump graced us with his presence. Trump talked a bit about himself, real estate, his thoughts on luck, and more – with that “you’re fired!” kind of attitude. Funny guy. Here’s a bit of what he spoke about:
Real Estate Advice:
As real estate price tags have dropped dramatically during the economic downturn, investing in real estate has become more attractive. Trump imparted some wisdom on the subject, as he, as well, has been taking advantage of low prices. He only does deals based on seller financing. If no such option is offered — no deal for Trump. There are many advantages to seller financing, including:
1) No points
2) Low interest
3) No down-payment (or a reduced down-payment)
Success – The secret sauce:
“If you’re successful in one area, you can be successful in another because it takes certain ingredients to be successful.” – Trump
His recipe for success: lots of passion, ability to handle pressure, a dash of luck, and persistence.
Luck:
He started off the topic talking about a sadly accident-prone friend. The story made us believe in ‘unlucky’.
He then recalled a golf friend mention: “the harder you work, the luckier you get”. He shared an example from his own life. He talked about his struggles with repaying debt in the early 90’s, with bankers constantly calling:
One night during this time, he ended up attending a black-collar event where bankers would be present. He didn’t want to go, but did. He snuck in as he didn’t want the bankers to witness him arriving in a limousine, while they arrived in yellow cabs. Not to mention, he owed them millions. There was some bitterness inside. As he continued to network, he met a banker to whom he owed money to. They didn’t quite hit it off immediately. By the end of the night, they developed a friendship with one another and were able to negotiate terms in which the loan could be paid back.
He assigned the strength to get up and attend the party to work and persistent attitude, while meeting that banker and winning him over, to luck. He said that night saved himself from drowning in debt and he wouldn’t be where he is if it weren’t for that party.
Pressure and how to cope with pressure:
A friend had approached him for advice. She had an upcoming speech, where influencial people would be in attendance. She was extremely nervous and had even enrolled herself in a course to help develop her public speaking skills. He told her to forget about it – that it means nothing. He referred to recent natural disasters wherein thousands lost lives. In comparison, her speech meant nothing –- “nobody cares what you say”, he told her. Now, I wasn’t expecting that, but the intention of his way of thinking = to reduce pressure as much as possible and your mind will be able to focus on the ultimate goal. Find ways to take off the pressure.
“Many of the people I know, the smartest people, are not the most successful. You have to have the ability to handle pressure.” – Trump
I’m going guess that the most popular answers would include: sales, profit, and cashflow.
But what about personal gain? Experience, contacts, character development, and knowledge gained.
Why is Silicon Valley, California a region of such commendable innovation? Is the region populated with only ambitious entrepreneurs that never make mistakes? That would be great. Silicon Valley is made up of many intelligent, ambitious people, but – of course, everyone makes mistakes. Many projects fail, businesses fail. So how does Silicon Valley do it?
Not only is the culture of Silicon Valley promote innovation and the implementation of off-the-wall, risky ideas – they are also open to sharing mistakes made and lessons learned in business. During the process of creating something from scratch, omissions can occur, and do occur. Upon unfavorable implementations, entering a state of hibernation to avoid comments like, “I told you so” from cynical friends is not an option. Rather than hiding or fearing competitors moving ahead with knowledge of what ‘not-to-do’, the idea of the industry moving forward has been adopted. As competitors learn of ineffective strategies, leapfrogging becomes a great benefit for the industry as a whole and the consumers. Change and improvement is embraced with a sense of pride for start-ups that flop. I suppose you can say these flops are digested with a healthy dose of salt. The lessons learned hold a high importance, ultimately… making flops respectable…
A couple of years ago, during a conference with Mr. Michael Dell, the words that stood out most for me were: “Learn from your mistakes”. We’ve heard this before, realizing the importance of these words is major.
Personal gain, in terms of lessons learnt is something that can not be taught or fully understood through the exchange of words. Compensation in the form of experience as an entrepreneur and character development is often underrated with entrepreneurs that do not succeed with one specific project. Many may not realize that it is not unusual if it takes more than one try to finally create the winning product/service. All entrepreneurs I’ve had the opportunity to meet, persistence, passion, and discipline have been three common attributes – in my opinion, the three most important attributes.
A part of Silicon Valley’s success comes from the strong network of like-minded people and experiences shared. The skills that entrepreneurs bring to the table are valued and respected. Creating an open network, allowing entrepreneurs to embrace ideas and concepts that work and concepts that don’t, is essential to the success and development of a region.
The importance of learning from a mistake is not easy. I think it’s important we remember that, moving forward and using the knowledge, experience, and network gained to re-strategize is an opportunity to be capitalized on.
International trade provides countries with mutual benefits. It promotes globalization and allows businesses all over the world to achieve economies of scale by purchasing goods and services, which may be more cost effective, from other countries and capitalize on selling goods which involve low (labour) costs. Trade measures are required to enforce laws and obligations so all countries can benefit and grow. The Geneva based organization, otherwise known as The World Trade Organization (WTO), helps international trade flow smoothly by imposing rules and regulations pertaining to tariffs and trade between member nations. The system attempts to: remove trade barriers worldwide, promote world peace, stimulate economic growth, encourages good government, and the help regulate the basic principles to make life easier for all.(1) The organization includes agreements such as: GATT, GAT, TRIPs, Anti-Dumping Agreement, Subsidies & Countervailing Measures Agreement, SPS Agreement, and an Agreement on Safeguards. These agreements allow all WTO member countries to have a fair shake when playing on the big field. Focusing on two agreements of the WTO, The Anti-Dumping Agreement and the Agreement on Safeguards are used as protective measures which promote fair trade while protecting the domestic market against imports. Although they have the same purpose, there are many differences between the two measures. A safeguard may be imposed when trade is working too well, wherein anti-dumping measures are taken when trade is not working.
Safeguards are considered “emergency actions”(2), “here, the injury has to be serious”(3) This measure applies to all WTO members wherein the restriction against certain goods applies to all WTO members importing this good to, for example Canada. Safeguard actions are used in situations where trade is fair; however, can be requested by the Canadian government to restrict certain imports because despite being fair, the imports are injuring the Canadian industry. Although the goods are not being dumped nor are they being subsidized, a safeguard can be put into place when a good is being flooded into the domestic market and jeopardizing it. A safeguard would be considered in this type of situation in hopes to buy time so the domestic company can still exist. The restriction of the particular good is temporary and only for a short time with the option to file another safeguard after 24-months (upon approval). However, if a safeguard remains for more than 6 years, compensation must be provided to the importing countries (unlike with anti-dumping measures). The prime objective for a government to take on such an action would be to give domestic companies time to adjust and catch up to the imported “technology” and become more competitive.
To commence a safeguard case, it must be requested by either the domestic company or the government. In regards to the CITT’s role, only recommendations can be made in a safeguard case wherein it is not binding until government approval whereas automatic measures are taken in an anti-dumping/countervailing case. For a safeguard to apply there must be an increase in imports which are unforeseen and harm should be caused by the sudden surge. The domestic company should be able to provide evidence proving the harm with information such as: lose of market share, dropping sales, etc.
Dumping is an illegal act wherein a country fails to abide by the WTO agreement. It occurs when a product is flooded into a market, causing injury to the domestic industry due to unfair trade practices. Dumping can cause damage and be identified in one of three forms, which include causing: injury, threat of injury, or retardation. To file a complaint against this form of unfair trade and commence an anti-dumping case, firstly, the Canadian company (assuming the Canadian company is the complainant) must be able to present evidence of material injury as reduced sales, market loss, lower inventory turnover, etc. Once it is clear that material injury has been caused due to the imports from the developing country which is offering their goods at extremely low prices, the complaint is taken to the Canada Customs and Revenue Agency. At this point, investigation is done and if unfair is suspected, a preliminary duty is levied. The CCRA is responsible for conducting a questionnaire and collect information regarding both parties involved: the importer and the exporter. If dumping is occurring, SIMA determines the margin of dumping in order to increase the duty levied accordingly. At this point, all information gathered is sent to the CITT for the final verdict, which is determined by the tribunal. If in fact, dumping was evident, duty would be, most likely, increased which ultimately will cause the importing company to higher prices to make up for this additional cost. This promotes fair trade and if dumping was actually the case, the Canadian company should be able to get back up. In an anti-dumping case only one other source is inquired. The two parties involved are the respondent and the complainant.
An example of anti-dumping is demonstrated in the relatively, recent case involving Canada and the U.S. Although the dispute has now been settled, in 2002, Canada was accused for flooding the U.S. market with softwood lumber. Investigators found that Canadian softwood lumber was being unfairly subsidized by the government and then being dumped in the U.S. at prices which were below normal value. The selling of lumber below normal value created issues, in which it was claimed that the effects of Canada’s lower priced lumber was causing material injury to the United States’ industry. Once this was discovered, the U.S. government imposed import tariffs in order help eliminate/lessen the effects of Canadian competition by creating a barrier as it, “raises the price in the importing country relative to the price in the exporting country and it reduces the volume of trade.”(4) This protection measure was put into place to defend the American lumber industry by significantly marking-up the Canadian softwood lumber prices through import tariffs. Ultimately eliminating Canada’s lower price advantage.
In conclusion, the key differences between anti-dumping and safeguards are that anti-dumping is enforced to eliminate illegal trade which causes injury to the domestic industry whereas safeguard measures are imposed to protect the domestic industry against an unforeseen increase in imports which does not involve any illegal acts. Another difference is the number of sources involved, an anti-dumping case involves only one source, for example, Canada (complainant) and the dumping country whereas safeguards require inquiries of many different countries and all sources of imports must be studied to truly understand the nature of the global industry.
Traffic + Crowds + Numerous yellow cabs = The Big Apple. OK, I suppose a less cynical person would notice there is a lot more to New York City than just the traffic.
My short trip to Manhattan included a visit to: the Financial District, Federal Reserve, United Nations, Wall Street, Times Square, Rockefeller Center, amongst other tourist destinations. I am a little embarrassed to admit, but yes, I also had the opportunity to pose with notable celebrity… wax figures at The Madame Tussauds Wax Musuem, located in Times Square. It was fun.
My fav was the United Nations Headquarters. Our group received a tour, wherein we had the chance to see artwork, which has been gifted from countries around the world. We also had the opportunity to view some of the ornate Chamber rooms, where discussions on global issues were underway. It was amazing to see how a truly international organization, with such great influence, operates.
All in all, the lights, the pace, and the aesthetics of the City inspired me. For those pursuing a career in photography or filmmaking, your portfolio is simply incomplete without a hint of NYC primarily due to the aesthetics of the location…
Wall StreetRockefeller CenterUnited Nations FlagTimes SquareFirst photo of Wall Street (Blurry) View from "The Top of the Rock"
I recently attended a conference wherein I observed six influential speakers share their views on a topic. The topic was rather new to me. It was interesting to see how each speaker shared their wisdom. Each speaker delivered information through distinctive communication styles. The cultural and speaking style differences were evidentanddistinct. Some speakers made more of an impact over others.
The most effective speaker:
The speaker that stood out had a good sense of humour, he was audible, he spoke with passion, which gave him a certain level of genuineness, he exuded confidence, it was clear that he had a very deep comprehension of the topic and that he was prepared to speak, he provided hand-outs, he interacted with observers, he told stories – he had the gift of the gab. Also, when others spoke, he took notes and showed interest. And he asked for feedback at the end.
The poor characteristics observed were: too self-absorbed wherein they did not interact with the audience, some were inaudible when they shared crucial information, and questions were answered with hesitation, poor posture.
I think strong communication skills come from practice and respecting feedback and constructively improving your presentations based on audiences’ comments and response. I think observing good speakers speak can also help. Taking the good points and emulating them will provide you with a basis for how you want to present yourself.
The Kyoto Protocol/Convention could definitely have a positive impact on Canadian businesses. Canadian companies recognizing climate change and responsibly acting upon this issue can create a strong reputation and strengthen the company name, worldwide. Since Kyoto has become an increasingly popular subject amongst countries on a global basis, embracing the framework of the Kyoto Protocol/Convention may help strengthen the Canadian business’s national identity, provide the company with a global vision, and allow them to contribute to society as responsible corporate citizens, not only in Canada, but WORLDWIDE!
Pursuing goals and operations as per the policies and practices required by the Kyoto Protocol can also provide Canadian businesses with a competitive advantage as climate change and environmental concerns are becoming an important issue. Not all businesses around the world follow the policies and procedures required by Kyoto or act in a manner which shows concern for recent environmental changes. On the flip side, there are Canadian businesses that act ethically and responsibly wherein they do realize the impacts environmental change and have modified business operations accordingly. Such businesses will most likely be acknowledged for promoting such corporate social responsibility and be rewarded for it through: a stronger reputation, longevity, international success, and ultimately, higher sales.
Universities across Canada and the United States have provided students the opportunity to boast their comprehension of business functions learned in the classroom through transferring their skills into management consulting for local businesses. These management-consulting clinics have been successful for years.
The value brought to the table with such initiatives are quite evident, in the sense that, small businesses are given a more affordable option and students are given the chance to put their minds towards challenging work.
For example, the TMC Consulting Clinic (www.consultingclinic.ca), in association with the Telfer School of Management at the University of Ottawa, is a new initiative, which will be run by undergraduate students (they work with a Head Mentor, Dr. Bruce Firestone). An Advisory Board made up of professors and volunteer professionals is also available to support the students and provide assistance as required. Not only does student consulting allow students to network and gain valuable work experience, local organizations that cannot afford to pay an arm and a leg for management consulting work now have an alternative wherein they receive quality work at a fraction of the cost.
One of the most valuable skills for an entrepreneur to posses would have to be the ability to sell. A brilliant idea and a well-written and well-researched business plan are important; however, would render useless without that certain flair it takes to get your product/service out the door. I had a chance to ask an experienced entrepreneur, Dr. Bruce Firestone, about his opinion on how we can all improve our selling skills, here’s what he had to say:
Question:
I’ve learned that selling is a big part in the success of a business. Why, in your opinion, is selling a challenge among people? And how can one successfully conquer this “fear”?
Answer:
“Selling is telling”. It is about telling an honest story and providing timely information to the right people.
Know there are only 3 possibilities to each selling scenario: Yes, No, or
Maybe.
Wherein, Yes > No > Maybe
Maybes can hurt a business, more than a “No”. Maybes can lead to assumptions which can ultimately hold up a business. The best way to get a definite answer from a “maybe” is to give people a deadline to reply. For example, “If you don’t reply by X day, it will be considered a NO”. Don’t take a “no” personally; take it as an opportunity to do something else.
So, what initiated me to sign up for… one of these?
Recently, in my Entrepreneurial Culture Class, we had a guest speaker, Ryan Anderson of Fuel Industries Inc., come in and speak about Social Media. He spoke about the changes in marketing strategies used and the intended outcome of marketing over the years. The major changes have been a result of increased media. Back in the day, brands had little or no significance; rather there was a one-to-one connection between suppliers and customers and there was hardly any selection in brands to choose from. This has changed over time. Now, brands are a way to differentiate a product/service. Competition to become the best selling brand is one fierce contest. Example: The fact the there are now 40-50 specialty television programs (from original 3), acquiring the attention of potential customers has posed a challenge and resulted in change. Now, there is constant competition for our attention.
Social media is a “happening” and effective form of marketing. I think it is a cool approach that all businesses should to get into. Strategies include the use of blogs, and wikis, social networking Web Sites, etc, which allow for easy idea-sharing. They allow for strategies which try to simulate the one-on-one relationship consumers once had with suppliers. The influence of this form of marketing has been significant. Businesses are able to utilize such tools to keep customers up-to-date with various topics concerning the business which would be of interest. However, most importantly, it’s a two-way street! Communication from customers or potential customers holds great significance – the best part, it’s cheap and quick to acquire. Customers are able to connect and share experiences with others and the business in an intimate environment, providing businesses the opportunity to recognize the relationship between themselves and PEOPLE (consumers) – the power people possess towards the future of their business.
The authenticity involved in social media outlets creates an environment which makes engaging with others more effective, by earning attention rather than demanding it. The manner in which you choose to engage in communication is important. Hugh Mcloud says, “If you talked to people the way advertising talked to people, they’d punch you in the face.” It’s amazing how simple and relatively cost effective the tool of social media is, yet it is underutilized.
I think web logs (or blogs) are an ideal form of sharing experiences and knowledge. Value is formed through the authentic the ability to share authentic pieces of writing that allow us to reflect upon current events or personal experiences with others efficiently and with minimal effort. Mr. Anderson gave us a briefing on a recent trip to Singapore, where blogs were big. The majority of students, in Singapore, had personal blogs, where they are able to keep of log of thoughts/ideas. In contrast, Mr. Anderson asked, by the show of hands, how many of us had personal blogs. Only 3 hands went up. These statistics seem to be alike throughout Canada. Through observation, it seems these numbers are gradually growing as the popularity of personal web blogs and the idea of being able to voice an opinion and being heard cultivates. Upon this thought, I think the question going through our minds is: how does a simple online presence (static websites) compare to social networking channels such as Facebook, MSN, YouTube, etc? Is it time your business get more involved in Web 2.0 innovations? I think it is a question we need to ask ourselves and reflect on how we use our time and what is winning our attention. As entrepreneurs, we must recognize styles of social media that work and that are well-earned in order to effectively talk to people (consumers) and listen to what they are saying.
Esha Abrol's Blog 