5 Reasons You Will Always Be Broke
“Being broke sucks. I’ve had extended periods in my life where I have been living on the edge of financial ruin, so I know how stressful and overwhelming it can be. …
Getting ahead financially is not especially difficult, even in the absence of a high paying job. It all comes down to your spending habits. It seems so simple; spend less than you earn. In reality though is much more difficult than that. Our society has taught us how to be greedy, needy, over spenders. In fact, it’s empowered us to be downright irresponsible. We want what we want and then we go buy it! If we don’t have the money, we buy it anyway.
… here are the top 5 reasons that you will always be broke: …
… Here are 5 ways to avoid being broke:” – Article
“People only see what they are prepared to see.” ~ Ralph Waldo Emerson
How to Help Process Owners Succeed
“Putting executives in charge of improving cross-functional processes in large organizations is akin to asking them to paddle a boat upstream. The natural forces in the organization will tend to frustrate their every attempt to coordinate activities across functional boundaries.
Nevertheless, companies that live and die on operational excellence — such as Amazon.com, FedEx, Southwest Airlines, and Wal-Mart — must continually improve their key processes. And they need process owners (who may variously be called VP of Customer Experience, SVP of Supply Chain, Chief Engineer, or Value Stream Leader, for instance) to lead these initiatives. So what conditions give process owners the best chance of success?” – Article
““The reason why ARM is going to kill the microprocessor is not because Intel will not eventually produce an Atom [Intel's low-power microprocessor] that might be as good as an ARM, but because Intel has the wrong business model,” said Dr. Hauser. “People in the mobile phone architecture do not buy microprocessors. So if you sell microprocessors you have the wrong model. They license them. So it’s not Intel vs. ARM, it is Intel vs. every single semiconductor company in the world.”
… ARM licensees use a different model than Intel. The development of an ARM-based microprocessor is done in a modular way; in contrast to the integrated way that Intel builds their products. ARM supplies a license, and designers build the chip adding various other circuits like Bluetooth or music decoding on the same silicon as the processor creating so-called SOC (system on a chip). …
In contrast, Intel has a proprietary microprocessor architecture that is not available for licensing and they have their own designers and their own fabs to build chips that they sell from a catalog to device builders. … Because of the differences in business models, the markets for SOC and microprocessors are diverging rapidly with subsequent business model priorities becoming completely asymmetric.” – Article
““In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.” I fucking love that quote by Theodore Roosevelt as I’m a firm believer in taking risks, making mistakes and always going for it. So it’s no surprise I’m super pumped to be speaking at NY Creative Interns next event, “The Failure Method: Why Taking Risks Is Important To Being Successful.” – Article
“What makes up a good idea management system? Obviously, coming up with great ideas…or “finding solutions.” But shouldn’t you apply just as much effort into making sure you have the right problem…or “finding problems?” … There are a number of methods and techniques surrounding problem identification including: 5 Why’s, Ishikawa (Fishbone) Diagramming, Mind Mapping, Customer Ethnography, Voice of the Customer, etc.. These are all great tools for getting to the root cause of the problem. You should also have a number of things that you have identified that are holding your business back. Every good leader has a list of issues he or she would love to solve in order to improve things.” - Article
What do you do about the difficult people in your organization, on your team, or in your group?
“there are people out there who simply don’t share the desire to get along with others. They either aren’t aware of what normal social interaction looks like or they don’t care what “normal” is. You can’t always avoid these people and you probably won’t be able to change them. …
You may find that these people…
- operate with a double agenda
- struggle with anger
- have low self-esteem
- try to manipulate
- appear arrogant
- can’t tell the truth
- need to control everything
- focus solely on themselves
… I want to offer the following five techniques for engaging a difficult person while keeping necessary boundaries. These are strategies that help an individual focus on the issue at hand instead of getting wrapped up in the negative emotions or the encounter.” – Article
“Peter Drucker said, “Far too many people – especially people with great expertise in one area-are contemptuous of knowledge in other areas or believe that being bright is a substitute for knowledge.” … Detail oriented people may believe more attention to detail results in organizational success. Visionaries believe dreams drive success and planners think we need more plans. All the while, executors are sick of all this vain babbling. They think, “Just shut-up and do something already!” …
Dealing with expertise induced dumbness” – Article
“Younger people are especially hungry both to learn and to receive affirmation that they are doing a good job. I’ve found the best ones are generally much more motivated by incremental education and acknowledgement than they are by a modest bump in salary. Of course, the same qualities that make younger colleagues so responsive to the education and praise you offer may also make them susceptible to negative feedback loops, so be mindful of the context into which you toss them.
The best managers of younger employees are people who would otherwise love teaching for a living. They prize helping others grow and tend to overexplain their reasoning for decisions. … Really excellent managers of really excellent young people also set up regular teaching sessions for them on different parts of the business.” – Article
“I have concluded that being an entrepreneur is an irrational state of being. If human beings were purely rational, evaluative, value maximizing individuals …, they would not start companies. If they sat down and did the expected value calculation by laying out the probability-weighted outcomes of being an entrepreneur as compared to taking a safe job, it would not pencil out. Yet, entrepreneurship is not simply a rational journey. It is one that is defined by passion and personal satisfaction that transcends purely financial analysis.
… the median age of founders is 39 – right at the midpoint of a typical professional career – and 69% are 35 or older. … So when should you become an entrepreneur. Here are the kinds of questions you should ask yourself: …” – Article
“Contrary to popular belief, being the first to market rarely pays off …. since market forerunners lack predecessors to look to for guidance, the unprecedented decisions they make often end up fatal. …
Several modern examples also illustrate the consequences of being among the first—if not the very first—to penetrate an untapped market. Take Netscape, the now-defunct Web browser that preceded Internet Explorer, Safari, Firefox and Chrome. Or consider the fate of personal-computer manufacturers like Osborne Computer Corp., Kaypro Corp. and Commodore Business Machines. … And while social-networking innovators the Well, Friendster and MySpace still exist today, none match the popularity or financial prowess of their successor, Facebook.
You rarely hear about first movers who failed.” … They don’t exist very long. They don’t leave a lot of records.” – Article
“Innovation isn’t always good. The Bankers created all types of Innovative products that they could buy and sell to each other and ended up almost tipping the system. New isn’t always better. Better is better.” ~ Greg Eisenbach
“If you study the lives of people who have had Eureka moments, you’ll discover that their breakthroughs almost always came after extended periods of intense, conscious effort. They worked. They struggled. They abandoned all hope. They recommitted — and then the breakthrough came. And often at the most unexpected of moments.
They weren’t buying lottery tickets at their local deli, hoping to win a breakthrough fortune. They were digging for treasure in their own back yard.” - Article
“Less than a week after taking office, attorney Scott Gessler, Colorado’s newly elected Secretary of State, announced that he plans to keep working part-time as an attorney for his law firm, the Hackstaff Law Group. In an interview with the Denver Business Journal, Gessler acknowledged that his plan to moonlight as a contract attorney raised ethical issues, but he needed the money.
Well that’s certainly an encouraging ethics orientation! “Yes, I know it’s wrong to take bribes—but I need the money!” “Of course, embezzlement is wrong—but I need the money!”” - Article
“While bank lending is still a critical part of the function of banks as far as the welfare of the nation is concerned, the profits are elsewhere.
It is hardcore speculation, casino capitalism, where the real money is made. This is not wealth creation, it is more similar to the board game, monopoly, you try to make money speculating on property although in the modern sense this is more likely stocks, mutual funds, derivatives, etc. This is not a benefit to the economy. It is a drag and a danger to the larger economy. When the financial sector loses, the taxpayer picks up the losses, while taxpayers share nothing in the winnings. This is because the nation insures deposits and because changes in the law in 1999 allows banks to speculate with these federally insured funds – Corporate welfare on a scale of trillions of dollars.” – Article
“Telling truth somehow has been found to be a real taxing job. This has been one of the strategic battle fields, in my efforts to remain human, that I am attempting for last four years. Well ! nearly all who made me learn and also those around me who still preach other to practice truth by quoting “Truth Shall Triumph”, have been found lacking by miles when its’ their turn to practice what they preach. …
Normally, people pursuing moderate path with unbudgging focus on material and commercial aspect and in a state, which I say as a stage of life long and unending transition, where they are attempting from Third Stage in Maslow’s Need of Hierarchy to Fourth Stage of same hierarchy. …
They will remain happy and content for nearly one third of their life span, i.e., commercially productive life span and may succeed in developing a false feeling of being content too; but you know that still one third of their life, that would be less productive phase remains left” – Article
“Frank Zappa once said: “The most important thing in art is the frame. For paint, literally. For other arts, figuratively—because, without this humble appliance, you can’t know where the art stops and the real world begins.”
What he’s saying is that how we frame something, like an idea or a problem, for example, has everything to do with how well it turns out. He’s saying that there is an art to framing. That framing is an art.” – The Zen of Business: 7 Habits of the Highly Creative
“If we observed first, designed second, we wouldn’t need most of the things we build.” ~ Ben Hamilton-Baillie
“This is the cone of learning by Edgar Dale, which says that we remember 10% of what we read, 20% of what we hear, but 70% of what we say and 90% of what we say and do. … Scientifically: if an event is just you listening to speakers, you aren’t learning, and they are ripping you off.” – Article
“Somewhere in my mid-twenties, I read an article by the legendary Tom Peters. It as about “The Brand Called You” and it was in FastCompany magazine. On that very day, I knew that I wanted to better understand my own personal brand, such as it were. But if I’d left it at that, if I’d only taken away the idea that there was a brand called “Chris Brogan,” then I’d never have gotten where I am today. Escape velocity came to me after I started adopting the Owner’s Mind. …
An owner is someone who cares about where things are going, and who takes the initiative to make it really work. …
Owners seek something more. They want access. They want responsibility. They want the chance to do big things. …
When you’re an owner, you seek the opportunities that lie hidden in other people’s complaints. …
So, what’s your take? Are you ready to be an owner? Are you ready to “own” your life, own your business trajectory, own the fact that you’re not an employee?” – Article
“America has long complained about China’s cheap currency … China has taken to responding in kind. If America is going to gripe about the yuan’s rate, then China will complain about the dollar’s role. What is that role? The dollar is more than just a reserve currency. For many countries, it is a “key” currency. Their exchange rates revolve around the dollar, just as the notes on a scale centre on a musical key. Their governments fear that if their currency falls too far against the dollar, inflation will take hold or the country’s dollar debts will become too heavy to bear. If their currencies rise too far against the greenback, their exporters will lose out wherever customers pay in dollars. … worry that America is printing too much money to try to revive its own economy, regardless of the consequences abroad. To stay in tune with a falling dollar, other central banks will have to print more of their own currency, risking inflation and asset-price bubbles.” – Article