Experience Doesn’t Predict a New Hire’s Success


via Experience Doesn’t Predict a New Hire’s Success

Did you know…


Did you know…

… that today is the anniversary of the $75,000 Baseball Man? In 1961, outfielder Mickey Mantle of the New York Yankees became the first Major League baseball player to be paid $75,000 per year when he signed a $75,000 contract for 1961.

~~~

Today’s Inspirational Quote:

“I think knowing what you cannot do is more important than knowing what you can.”

— Lucille Ball

WORD OF THE DAY


WORD OF THE DAY
Funambulist
fyoo-NAM-byoo-list
Part of speech: noun
Origin: Latin, 19th century
1

A tightrope walker

2

One who demonstrates mental agility

Examples of Funambulist in a sentence

“The star of the circus was the funambulist dancing high above the crowd on a tightrope.”

“He earned his reputation as a funambulist by winning the trivia competition 10 weeks in a row.”

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SEASONED NUTS: QUOTABLE
“Most successful people are people you’ve never heard of. They want it that way. It keeps them sober. It helps them do their jobs.”

“The only guarantee, ever, is that things will go wrong. The only thing we can use to mitigate this is anticipation. Because the only variable we control completely is ourselves.”

– Ryan Holiday

IN A NUTSHELL: MUST READ
Don And The Giant Impeach

This week the House took final steps in the impeachment of President Trump, voting along party lines to deliver two articles of impeachment to the Senate for trial, and to approve managers who will prosecute the case. The seven diverse managers chosen by Speaker Nancy Pelosi are all experienced attorneys; fellow Californian, former prosecutor, and current Intelligence Committee Chair Adam Schiff will take the lead.

Senators announced new rules on behavior and movement in the Capitol during the trial, which include restrictions affecting journalists, and even conversations on the Senate floor. Majority Leader Mitch McConnell has worked closely with the White House to keep witnesses and documents from Congress and the public. Some key GOP senators said they would like to hear from witnesses, but won’t decide until after opening arguments.

On Tuesday House Democrats unveiled new evidence they plan to send to the Senate floor as part of their case. The trove of documents includes text messages and hand-written notes from Lev Parnas, an indicted associate of Rudy Giuliani, that show how Parnas sought to set up a meeting between Giuliani and Ukrainian President Volodymyr Zelensky and connect with members of his government. The records also add more details about Giuliani’s push to oust then US ambassador to Ukraine, Marie Yovanovitch, including text messages between Parnas and a new actor, Connecticut GOP congressional candidate Robert Hyde, implicating Hyde in surveillance of Yovanovitch.

Hours after the new evidence release Pelosi criticized Republican tactics, tweeting: “There can be no full & fair trial in the Senate if Leader McConnell blocks the Senate from hearing witnesses and obtaining documents President Trump is covering up,” adding: #DefendOurDemocracy. The trial will likely start Tuesday, January 21.

MIXED NUTS: QUICK TAKES ON WORLD NEWS
India Tries To Hack Themselves

  • Americans have almost no control over all their financial information that is used by banks and companies, and shared with third parties. But around the globe there has been a handful of initiatives to return control of data to consumers, notably with the “open banking” movement in Europe and Australia.
  • In India, top banks are preparing to roll out a system that gives consumers access to a wide swath of their financial data and allows them to share it instantly. Backed by the Reserve Bank of India, it’s an ambitious approach that combines privacy protection with credit reporting: if it works, it could unlock the credit market for millions of Indians while offering new levels of data security and consumer control.
  • The approach is unique — it relies on third parties to mediate the often complicated process of information sharing — and so is its target population, which is predominantly poor and currently excluded from the formal banking system. (Bloomberg)

A Big Red Scare In The Big Blue

  • For the second time in seven months a Russian warship has ignored warnings and come dangerously close to an American ship. The US Navy said that last week a Russian navy ship “aggressively approached” the USS Farragut while it was conducting routine operations in the North Arabian Sea.
  • The Farragut gave five warning blasts on its horn before the Russian warship changed course and avoided a collision.
  • Russia’s Defense Ministry denied any wrongdoing, saying the crew of its warship acted professionally to avoid a collision with “the intruder ship,” and that the US Navy was “grossly in violation of international rules. ”
  • In June 2019 a Navy spokesman told of a near collision in the Pacific: “A Russian destroyer …. made an unsafe maneuver against USS Chancellorsville, closing to 50-100 feet, putting the safety of her crew and ship at risk,” and forcing Chancellorsville to “execute all engines back full and to maneuver to avoid collision.” (CNN)

Additional World News

SPONSORED NUTS
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  • UTIs are super common—they’re the second most common infection in the US. Despite the magnitude, the focus has always been on treatment instead of prevention. Uqora is changing that.

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NUTS IN AMERICA
The Big Boomer Theory

  • A big part of the American Dream was always that each generation will do better than the one preceding it. But for Millennials — born between 1981 and 1996 — that’s only true half the time. Studies show their generation is on track to be the first one not to exceed their parents in terms of job status or income, despite 76 percent of Americans believing the economy is doing better than it has in decades.
  • Millennials came of age at the worst possible moment — when the economy collapsed in the Great Recession. According to a sociology professor at NYU, the US economy is not supporting a continuing increase in occupational status to the extent it once did.
  • Among Americans born in the late 1980s, only 44 percent were in jobs with higher socioeconomic status than their parents when both were age 30, while 49 percent had positions of lower status.
  • A 2017 study found that only half of those born in 1984 earned more than their parents at about age 30, a big factor in why homeownership among Millennials is lower than previous generations.
  • Democratic presidential candidates have seized on that reality of stalled upward mobility. They’ve announced plans for erasing crippling student loan debt, guaranteeing health care, even a guaranteed monthly income, all designed in large part to appeal to a generation that feels it can’t get ahead. (CNN)
  • Chief Justice Roberts: Is ‘OK, Boomer’ Evidence Of Age Discrimination? (NPR)

Wisdom Quotes


All it takes to change your world is to change the way you think.

Change your thoughts and you change your world. (Norman Vincent Peale)

It’s not how many years you’ve lived in your life, but how much life you’ve lived in your years.
In the end, it’s not the years in your life that count. It’s the life in your years. (Abraham Lincoln)

The Tiny Stranger At High St – A Narrative Poem by jay


One day at a dress shop,
I met a man selling bears,
For money he wanted to swap,
But I really wanted some snares.

“Got any snares?” asked I.
“For that’s how I’ll spend my money.”
“No snares here!” said the guy.
He seemed to find it quite funny.

“We’ve got some lovely crisps,
I’ll give you a very fine price.”
“I’d rather have some cusps.”
The man blinked rapidly thrice.

The man seemed exceptionally special,
And his manner was strangely amused.
He wasn’t what I would call aecial,
Great disdain he noticeably oozed.

Like others, he thought I was odd,
Some say I’m a bit tiny.
Still he gave me a courteous nod,
As if he thought I was plenty winey.

So in search of my goal I departed,
But before the dress shop could I leave,
The man came running full-hearted,
“I can help you I believe.”

“Bears, snares, you shall find.
Crisps, cusps, you can get.
You must now open your mind,
And get down to High St Market.

So to High St Market I decided to go,
In search of the snares I craved.
The winds it did eerily blow.
But I felt that the day could be saved.

There were stalls selling cakes,
Frames in many shades.
There were even stalls selling jakes
People were scattered from many trades

I was greeted by a peculiar lady,
She seemed to be rather tiny
I couldn’t help thinking she might be quite shady.
I wondered if she was at all winey.

Before I could open my mouth,
She shouted, “For you, I have some snares!”
I headed towards her, to the south,
Past some crisps and bears.

“But how did you know?” I asked,
“Do you want them or not?” she did say.
Silently, the snares she passed.
Then vanished before I could pay.

As I walked away I hard a crackle
Or was it, perhaps, a hushed cackle?

Random Acts of Kindness


1. Buy a house warming gift for a new neighbor
2. Hold a door open for someone.
3. Invite your nieces and nephews over for a fun movie + popcorn night
4. Keep bottled water in your car and hand it out on a hot day.
5. Let go of the stress in your life by having an at-home spa day.

Business Risks: A Guide to Apply Risk Management in 2020


via Business Risks: A Guide to Apply Risk Management in 2020

Business Risks: A Guide to Apply Risk Management in 2020

Risks are part of building a business. Without the right way to limit the effects of these risks, which will no matter what you do strike you in some way, your business can join the 90% of startups that fail. That’s why in 2020 it’s essential to apply a business risk management plan!

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20% of businesses close shop in the first year, while another 50% run out of gas within the first five years.

Thanks to the explosion of the digital economy, business founders have plenty of opportunities that they can tap into to build a winning business.

Unfortunately, there is a myriad of challenges your new business has to navigate through. These risks are inevitable, and they are a part of life in the business world.

However, without the right plan, strategy, and instruments, your business might be drowned by these challenges.

Therefore, we have created this guide to show you how can your business utilize risk management to succeed in 2020.

Definitions

What is Business Risk?

The term “business risk” refers to the exposure businesses have to factors that can prevent them from achieving their set financial goals.

This exposure can come from a variety of situations, but they can be classified into two:

  • Internal factors: The risk comes from sources within the company, and they tend to be related to human, technological, physical or operational factors, among others.
  • External factors: The risk comes from regulations/changes affecting the whole country/economy.

Any of these factors led to the business being unable to return investors and stakeholders the adequate amounts.

What Is Risk Management?

Risk management is a practice where an entrepreneur looks for potential risks that their business may face, analyzes them, and takes action to counter them.

The steps you take can eliminate the threat, control it, or limit the effects.

A risk is any scenario that harms your business. Risks can emanate from a wide variety of sources such as financial problems, management errors, lawsuits, data loss, cyber-attacks, natural calamities, and theft.

The risk landscape changes constantly, therefore you need to know the latest threats.

By setting up a risk management plan, your business can save money and time, which in some cases can be the determinant to keep your startup in business.

Not to mention, on the side, that risk management plans tend to make managers feel more confident to carry out business decisions, especially the risky ones, which can put their startups in a huge competitive advantage.

Types Of Business Risks

There are many types of startup and business risks that entrepreneurs can expect to encounter in 2020. Most of these threats are prevalent in the infancy stages of a business.

To know what you’ll be up against, here is a breakdown of the 12 most common threats.

1) Economic Risks

Failure to acquire adequate funding for your business can damage the chances of your business succeeding.

Before a new business starts making profits, it needs to be kept afloat with money. Bills will pile up, suppliers will need payments, and your employees will be expecting their salaries.

To avoid running into financial problems sooner or later, you need to acquire enough funds to shore up your business until it can support itself.

On the side, world and business country’s economic situation can change either positively or negatively, leading to a boom in purchases and opportunities or to a reduction in sales and growth.

If your business is up and running, a great way to limit the effect of negative economic changes is to maintain steady cash flow and operate under the lean business method.

Here’s an article from a founder explaining how he set up a lean budget on his $400k/year online business.

 

2) Market Risks

Misjudging market demand is one of the primary reasons businesses fail.

To avoid falling into this trap, conduct detailed research to understand whether you will find a ready market for what you want to sell at the price you have set.

Ensure your business has a unique selling point, and make sure what you offer brings value to the buyers.

To know whether your product will suit the market, do a survey, or get opinions from friends and potential customers.

Building a Minimum Viable Product of that business idea you’ve had is the recommendations made by most entrepreneurs.

This site, for example, was built in just 3 weeks and launched into the market to see if there was any interest in the type of content we offered.

The site was ugly, had little content and lacked many features. Yet, +7,700 users visited it within the first week, which made us realize we should keep working on this.

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3) Competitive Risks

Competition is a major business killer that you should be wary of.

Before you even start planning, ask yourself whether you are venturing into an oversaturated market.

Are there gaps in the market that you can exploit and make good money?

If you have an idea that can give you an edge, register it. This will prevent others from copying your product, re-innovating it, and locking you out of what you started.

Competitive risks are also those actions made by competitors that prevent a business from earning more revenue or having higher margins.

4) Execution Risks

Having an idea, a business plan, and an eager market isn’t enough to make your startup business successful.

Most new companies put a lot of effort into the initial preparation and forget that the execution phase is equally important.

First, test whether you can develop your products within budget and on time. Also, check whether your product will function as intended and whether it’s possible to distribute it without taking losses.

5) Strategic Risks

Business strategies can lead to the growth or decline of a company.

Every strategy involves some risk, as time & resources are generally involved to put them into practice.

Strategic risk in the chance that an implemented strategy, therefore, results in losses.

If, for example, the Marketing Department of a company implements a content marketing strategy and a lot of months, time & money later the business doesn’t see any ROI, this becomes a strategic risk.

6) Compliance Risks

Compliance risks are those losses and penalties that a business suffers for not complying with countries’ and states’ regulations & laws.

There are some industries that are highly-regulated so the compliance risks of businesses within them are super high.

For example, in May 2018, the EU Commission implemented the General Data Protection Regulation (GDPR), a law in privacy and data protection in the EU, which affected millions of websites.

Those websites that weren’t adapted to comply with this new rule, were fined.

7) Operational Risks

Operational risks arise when the day-to-day running of a company fail to perform.

When processes fail or are insufficient, businesses lose customers and revenue and their reputation gets ruined.

One example can be customer service processes. Customers are becoming every day less willing to wait for support (not to mention, receive bad quality one).

If a business customer service team fails or delays to solve customer’s issues, these might find their solution in the business competitors.

8) Reputational Risks

Reputational risks arise when a business acts in an immoral and discourteous way.

This led to customer complaints and distrust towards the business, which means for the company a big loss of sales and revenue.

With the rise of social networks, reputational risks have become one of the main concerns for businesses.

Virality is super easy among Twitter so a simple unhappy customer can lead to a huge bad press movement for the company.

A recent example is the Away issue with their toxic work environment, as a former employee reported in The Verge.

The issue brought lots of critics within social networks which eventually led the CEO, Steph Korey, to step aside from the startup (she seems to be back, anyway 🤷‍♂️!).

9) Country Risks

When a business invests in a new country, there is a high probability it won’t work.

A product that is successful in one market won’t necessarily be in another one, especially when people within them are so different in cultures, climates, tastes backgrounds, etc.

Country risk is the existing failure probability businesses investing in new countries have to deal with.

Changes in exchange rates, unstable economic situations and moving politics are three factors that make these country risks be even more delicate.

10) Quality Risks

When a business develops a product or service that fails to meet customers’ needs and quality expectations, the chance these customers will ever buy again is low.

In this way, the business loses future sales and revenue. Not to mention that some customers will ask for refunds, increasing business costs, as well as publicly criticize the company’s products, leading to bad reputation (and a viral cycle that means even less $$ for the business).

Markus Mutz: How supply chain transparency can help the planet | TED Talk


via Markus Mutz: How supply chain transparency can help the planet | TED Talk

Given the option, few would choose to buy products that harm the earth — yet it’s nearly impossible to know how most consumer goods are made or where they’re sourced from. That’s about to change, says supply chain innovator Markus Mutz. He shares how he used blockchain technology to track Patagonian toothfish on their journey from ocean to dinner plate — and proved it’s possible to offer consumers a product they can trust.

This talk was presented at a TED Institute event given in partnership with BCG. TED editors featured it among our selections on the home page. Read more about the TED Institute.

ABOUT THE SPEAKER