Work & Wealth November 2013

WorkFINANCE BUSINESS CAREER

Wealth&ISSUE #02

EMERGINGCAREERS

RECOVERING FROM FAILURE

PLUGGED INTO Green TRANSPORT

N O V E M B E R 2 0 1 3

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FINANCE BUSINESS CAREER

NOVEMBER

For many professionals, it is instinctive during recessionary periods to focus on the negatives and err on the side of caution. Most people naturally lament financial losses and the chain reaction that follows as a result

of economic fluctuations, often failing to acknowledge the opportunities that economic downturns often present.

In the past, countries throughout the world shared common themes that stimulated their revival from financial crashes. New industries emerged which sparked increases in industrialization that consequently decreased imports, increased exports and created jobs.

In this edition of Work & Wealth, we will be addressing the need for innovation in the face of adversity, how failure is inevitable and how to recover from it and the need to think beyond the present. For entrepreneurs, rebuilding is part of the script. Failure may occur, but it’s never the end of the story. How we rebuild from these moments is what determines our character and integrity.

We will also begin our Emerging Markets & Careers series that will use in-depth analysis and research to identify the markets most viable for investment – another much-needed piece of the economic expansion puzzle.

This issue will inspire you to rethink business innovation and find new ways to improve strategizing, enterprise, quality and productivity. One of the great and transformative things about being an entrepreneur is that you define a moment and, in some cases, an era.

Here in Barbados, there is a long list of entrepreneurs who launched ideas that changed the way we approach everything from politics to economics to business strategy.

The country’s financial crisis has presented another opportunity for a new era to be defined and with this magazine you will be empowered with the necessary ideas to play a role in the revival.

I sincerely hope that you are inspired by this issue. Enjoy.

EDITOR’S NOTE

CONTENTS6 21st Century Business

8 Emerging Markets & Careers: SOLAR ENERGY

10 The Importance Of Marketing

12 Innovating The Future Of Transport In Barbados

14 Harnessing Power

16 Going Green At Work

18 The Benefits Of Thinking Long Term

20 My First Job

22 Recovering From Failure

Publisher: Vivian-Anne GittensEditor: Tyson WeekesAdvertising Manager: Paulette JonesWriters: Tyson Weekes, Nick NunesPhotography: Basil Griffith, Jabari Clarke Design/Layout: Brian O’Neale – Imageworx

Advertising Executives:Kelly Johnally – Tel: (246)430-5519Email: [email protected] Berry – Tel: (246) 430-5521Email: [email protected]

Printers:Printweb Caribbean Ltd (246) 434-6719

Tyson Weekes

Work & Wealth is produced by The Nation Publishing Co. Limited; a subsidiary of The Nation Corporation, which is a member of the One Caribbean Media Limited (OCM) group of companies.

For general info email: work&[email protected]. Every effort has been made to ensure that the information contained within this magazine is accurate, however, The Nation Publishing Co. Limited cannot be held responsible for any consequences that may arise from any errors or omissions. This publication cannot be copied in whole or part without the explicit permission of the publisher. Editor

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NOVEMBER

As a society, we are now in a time of great innovation and extraordinary invention. The progress made over the last few decades has

served as a monumental testament to the creativity of human ingenuity. In the ever evolving market, it is prudent practice to embrace the burgeoning technological advances with open arms and minds charged with the desire to expand uses and mould a smarter market geared towards the future.

Internet of all

Since the advent of the standardization of the Internet Protocol Suite in the 1980s, the Internet has expanded as a mass communication internetwork beyond the potential foreseen by its own inception. For the past decade, it has been theorized that the

Internet could be growing into a global consciousness enveloping humanity. Regardless of such philosophies and their potential, the physical and digital worlds continue to fuse. As the uplink of the material to the intangible spreads, real-time information is transferred in droves from traffic signals, news networks, personal searches, satellite signals and the like into a conglomerated wealth of informative and interactive systems.

Cloud computing – personal and public

In 1956, the IBM 350 disk storage unit was released, a mammoth unit containing 50 24-inch disks and larger than a modern washer/dryer combo unit, with the grand memory storage capability of a whopping five megabytes. Today, we have mini SD cards, smaller than a fingernail, with 13 000 times the capability.

The coming age of storage does

21st Century Business by Nick Nunes

FOR THE PAST DECADE, IT HAS BEEN THEORIZED THAT THE INTERNET COULD BE GROWING INTO A GLOBAL CONSCIOUSNESS ENVELOPING HUMANITY.

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away with the physical, for the user, almost entirely. Personal cloud storage offers the ability to uplink to stored data from virtually anywhere, with a privacy that will only evolve to new heights. Information is stored in servers by hosting parties and space is bought or leased. Large data centres offer interconnectivity of public or private information depending on purpose. The genesis of the cloud era calls for interoperability and a demand for services rather than devices.

Complete communication continuityThe smarter societies, mobile

phones and tablets become, the more advanced their data sharing grows. Target advertising, much like google.com remembering your searches and advertising to suit, is only a part of the continuity in communication that is evolving daily. The connectivity of mobile phones to tablets to home computers becomes more pervasive with the upgrading of everyday devices to expand and tailor themselves to personal needs.

From smart cars that remember driving styles to Internet radio that remembers individual music tastes, the devices, programmes and services of the future are becoming more and more aware of users. And developers are seeking to make them all adapt more readily to changes than may even be perceived. Video communication and visual data communication are already on the market, we can only expect expansion on the horizon.

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Work & Wealth

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Niche networking – the digital social market

The provenance of social networking websites found its footing in 1994 with the birth of geocities.com and through the evolutionary process one in four people on the planet are users of social media, that’s nearly two billion people in 20 years.

The realm of social media has marked its grand stride with Facebook. Now, we are seeing the era of social media channel into niche-oriented market groupings, demographics and making target advertising all the more specified. From Twitter, Tumblr, Pinterest and Reddit, the social marketplace is becoming a shared virtual populous expected to envelope half the population of the Earth by 2025.

Device diversityOn July 20, 1969, the Apollo 11

craft landed on the lunar surface. The historical craft that ferried man to an extraterrestrial surface 44 years ago, today is less advanced than the majority of mobile devices resting in the pockets of millions worldwide.

Systems integration is a section of interest for developers due to the ability to interconnect and operate innumerable systems from a common source. Today, mobile devices function as a news source, still picture and video camera, music player, video entertainment cradle, banking access point, external device control, data centre and, of course, telecommunication portal (now with video). The future is looking towards device interoperability, data sharing and control.

Data liberation and securityWith many of the current issues in the

world surrounding piracy and copyright infringement, leakage of sensitive information and the need to enhance learning with information acumen, the sharing and protection of data has become paramount to the world at large.

The Data Liberation Initiative is a partnership between post-secondary institutions and Statistics Canada for improving access to Canadian data resources. The sharing of information is necessary for the progress needed to facilitate expansion of knowledge in regard to many aspects of life. On the other end of the spectrum is the need to safeguard personal information and uphold the creator rights in the business world. For some not-so-light reading, research the progress in quantum encryption.

3D printingThe giant leaps made by the 3D

printing technology cannot go unnoticed. Surprisingly, the first working 3D printer was created in 1984. Now, in the 21st century we have the 3Doodler, a pen with the capability of rendering freehand 3D creations. Beyond its entertaining appeal, a 3D pen can serve as a quick and easy illustrative tool for engineers, artists and other concept creators.

Though the initial units, as well as the current high-performance models, cost a couple thousand dollars, an innovative Canadian start-up has developed a unit for a retail price under

CAD$120 (BDS$223). The process of 3D manufacturing still has strides to make but with available materials of different strength – plastic, metal and even biomaterial – there is no limit to the innovative uses of this outstanding tech.

Smart machinesA system that knows when you are

present and lights the room accordingly or resets the climate control to suit personal preference. Interactive home control systems already exist and are on the market. Thankfully, these systems are not at the terrifying level of HAL 9000 from 2001: A Space Odyssey but many tech companies are persisting with the advancement of artificial intelligence.

One can only guess what type of future lay ahead, some dystopian Blade Runner/The Matrix hybrid or some idyllic landscape; fiction seems to favour the former. Software is now arising that will overlay relevant information, digitally, to the world we see. Google Glass and Oculus Rift technologies are only some of the devices jumping to the forefront of augmented reality.

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NOVEMBER

Earlier this month, Jamaica reported some of its University of the West Indies graduates bemoaning the lack of career

counselling, stating that as a result many of them were blindly venturing into saturated fields rather than emerging ones.

Here in Barbados, young university graduates are not the only ones being hurt by the apparent stagnation of the country’s job sector, with the recession forcing companies to downsize and discharge professionals from varied age groups.

The steady exodus from the workforce suggests a dearth of career options and vacancies, which is true but not wholly accurate. An analysis of current worldwide and local trends reveals careers and markets that are either in the embryonic stage or on the cusp of maturation and ready for investment.

As solar energy becomes more cost-effective, it has the potential to make up a larger share of our island’s growing energy needs. As it expands in usage and demand, there will be a growing need for more workers to increase supply.

Initially steep when compared to traditional energy sources, the cost of solar power has been trending downward as its technology has improved and manufacturers have learned how to improve production efficiency. In addition, the Government incentives and tax

Emerging Markets & Careers: SOLAR ENERGY

deductions for the cost of installing solar generation technology makes it more sustainable and viable than any other form of electricity on the island.

By now, we have all heard about this alternative and renewable form of energy but do not mistake its rising popularity or its regularity in the media for saturation. There are multiple facets of the burgeoning sector that are either yet to be tapped into or are still green (pardon the pun).

Sunlight is the most abundant source of potential energy on the planet.

by Tyson Weekes

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AS SOLAR ENERGY BECOMES MORE COST-EFFECTIVE, IT HAS THE POTENTIAL TO MAKE UP A LARGER SHARE OF OUR ISLAND’S GROWING ENERGY NEEDS.

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If harnessed properly, sunlight could easily exceed current and future electricity demand and for an oil import dependent country like Barbados, the savings by themselves will make the field a profitable investment.

Although solar power will require special skills unique to the industry, most of these skills are transferable from other industries that are already existent and in some cases saturated or stagnated in Barbados.

CAREERS IN SOLAR ENERGY

• Electrical engineers Design, develop, test and

supervise the manufacture of electrical components.

• Industrial engineers Determine the most effective

ways to use the basic factors of production – people, machines, materials, information and energy – to make a product or provide a service.

• Mechanical engineers Research, design, develop,

manufacture and test tools, engines, machines and other mechanical devices that are used in concentrating solar power plants.

• Software developers Update, repair, expand and

modify existing programmes.

• Engineering technicians Assist engineers with solving

technical problems in research, development, manufacturing, construction, inspection and maintenance with computer-aided design and drafting equipment .

• Construction managers Oversee the construction of

solar power plants and ensure a safe work environment where workers adhere to strict site safety policies.

THE BEAUTY OF THE SOLAR POWER INDUSTRY IS THAT IT CAN EMPLOY A WIDE RANGE OF PRE-EXISTENT OCCUPATIONS AT EVERY LEVEL OF ITS PRODUCTION.

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• Civil engineers Design and supervise the construction of power

plants and necessary infrastructure, including roadways, support structures, foundations and plumbing systems.

• Construction labourers Perform a wide range of construction-related

tasks such as site preparation, metalworking, concrete pouring and setting, assembly or demolition.

• Construction equipment operators Use machinery to move construction

materials, earth, and other heavy materials at a construction site.

• Welders Join structural beams together when

constructing buildings and build the solar panel mounting systems.

• Structural iron and steelworkers Use blueprints to place and install iron or steel

girders, columns and other structures to form the support structures for power plants.

• Electricians Install and maintain the electrical equipment and

wiring that connects the plant to the electrical grid.

• Plumbers, pipefitters and steamfitters Install, maintain and repair pipe systems as well

as monitor, regulate and control flow through the pipes using automatic controls.

• Solar photovoltaic installers Install residential and commercial solar projects

by safely attaching the panels to the roofs and ensuring that the systems work.

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NOVEMBER

The Importance Of Marketing

Because marketing encapsulates advertising, public relations, promotions and sales, a business’ success is consequently heavily dependent on the way

it is marketed.Marketing is a process by which a product

or service is introduced and promoted to potential customers. Without it, a business may offer the best products or services in the industry but because very few potential customers know about it, sales may crash and it may have to close.

Why is it then that marketing departments are usually the first to feel the squeeze when businesses are trying to cope with economic hardship? The answer from bosses is always the same: it is expensive.

Although marketing is hugely important for a business to succeed, the truth is that it can also be exorbitant. In its first year, a company might spend as much as half of its sales on marketing programmes. After the first year, a marketing budget can reach as much as 30 per cent – sometimes more – of the annual sales, but company heads in search of lowering overhead costs need not rush to downsize their marketing departments.

Instead, they should collaborate with their marketing team to thoroughly outline and research target demographics and devise a marketing strategy that gives the company its best chance for attaining success. Being

by Tyson Weekes

great to be talked about, make sure to stay abreast of what is being said about your company.

In the same way that your business’ sales can steadily increase as the word spreads, it can also be affected if the message being spread is less than complimentary. Marketing is more than bombarding prospective customers with a promotional message; it can help you with customer retention, lower your administrative costs and manage your reputation. Let’s take a look at how you can do this.

The old adage is true, it is cheaper to keep a customer than to find a new one. Just think about it. If you lost a paying customer, replacing them would require advertising and marketing, people answering phones or making outbound calls and possibly distributing free samples to attract interest.

To surmise, all of this effort and expense will only break-even because you need two new customers to grow.

meticulous, rather than parsimonious, will go a long way to attaining success by way of finding the right mix of the various forms of marketing such as website development, public relations, print and broadcast advertising and production of marketing materials.

The companies at greatest risk of not growing are those that fail to carefully monitor their customers and competitors. Successful companies continuously improve their value offerings either quantitatively (price, speed of service) or qualitatively (design, customer experience). Long-term success depends on a business’ ability to continually evolve, adapt with its consumers and communicate the unique value, products and services it provides to the market which differentiate it from its competitors.

For a business to succeed, the product or service it provides must be known to potential buyers. Unless your business is known in the community or communicates readily with customers, you have to use marketing strategies to create product or service awareness.

Once your product, service or company gets on the radar screen of your prospects, it increases the chances that consumers will make a purchase. As awareness becomes a reality, it is also the point where new customers, via word of mouth, start to spread the word, telling friends and family about this new product they have discovered. While it is

MARKETING IS A PROCESS BY WHICH A PRODUCT OR SERVICE IS INTRODUCED AND PROMOTED TO POTENTIAL CUSTOMERS. “ “

Discover what’s possible

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NOVEMBER

When you analyse the history of successful entrepreneurial exploits and products, did they originate in the minds of inventors or were they revamped, innovated versions of pre-existing ideas?

In its purest sense, invention can be defined as the creation of a product or introduction of a process for the first time. Innovation, on the other hand, occurs when someone improves on or

makes a significant contribution to an existing product, process or service.Meet Simon Richards, the man who is well poised to catalyse the country’s shift

to electric cars. Richards’ unassuming demeanour and relaxed attire contrast with the passion

and shrewdness that have led him to a stage where he is now on the cusp of tasting major success with his company Megapower (not to say that he was not extremely successful before).

Judging from the early signs (the company opened in February this year), the effects of this venture are poised to revolutionize the Bajan lifestyle by instigating a sustainable and environmentally friendly change in our energy production and consumption habits.

Together with his wife and company co-founder Joanna Edghill, Richards attended the Caribbean Renewable Energy Forum held here in October 2011 and was immediately inspired to pioneer the introduction of solar energy carports to the country. When faced with the stark reality that the success of this venture would require a significant paradigm shift in the island’s fuel-powered automobile culture, Richards quickly adapted to suit.

In Barbados, 30 per cent of fuel imports currently go into the transportation sector and 40 per cent go into the power generation sector – a staggering statistic that Richards is aiming to change in favour of more environmentally friendly alternatives.

Faced with the daunting prospect of having carports with no electric cars on the island to utilize them, the duo approached some of the country’s leading car dealerships in an unsuccessful bid to have them import electric vehicles. Edghill revealed it was at this point that they then applied for and were granted the licence to be importers and dealers for new, used and reconditioned vehicles.

Enter the Nissan LEAF – the first electric car in its weight class and driving range to be imported on the island and the best-selling electric vehicle in the world. The LEAF (commonly “backronymed” as Leading, Environmentally friendly, Affordable, Family car) is a sleek, compact five-door hatchback characterized by a sharp V-shape design with large, upslanting LED headlights with a distinctive design similar to the more familiar Nissan Tiida/Versa model.

by Tyson Weekes

InnovatingThe Future Of Transport In Barbados

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With 13 on the island so far and more to come, Richards has covered all the bases for the in-demand vehicles, from purchasing, maintenance and charging. Utilizing his background in construction management, the former Digicel PNG Roll-out manager designed the carports situated in the Wildey Business Park (the same complex as the United States Embassy).

The existing solar carport features 102 solar photovoltaic, 265-watt monocrystalline panels from Germany capable of generating 27 kilowatt-peak, sufficient to fully charge seven electric vehicles per day (equivalent to 1 100 kilometres per day).

It was completed with funding from the Caribbean Export Development Agency, which covered 40 per cent of the structure, under the Tenth European Development Fund Regional Private Sector

Development Programme’s Direct Assistance Grant Scheme.

With a second carport nearing completion, adjacent to the existing port, the nine-month-old start-up has set itself the task of offering sustainable energy and mobility on the island, and as the dealers of the trendy Nissan LEAF, they have also facilitated the highest level of training and certification for select mechanics and auto repair shops in the country.

While he may not be the first to attempt the introduction of green technology to the island, Richards’ meticulous, all-encompassing planning and execution of his bid to change Barbados for the better sets him apart from previous proponents. With growing interest from private and Government institutions and an ever-growing network of carports to cope with the increase in vehicle owners, 2014 is poised to be a rewarding one.

TOGETHER WITH HIS WIFE AND COMPANY CO-FOUNDER JOANNA EDGHILL, RICHARDS ATTENDED THE CARIBBEAN RENEWABLE ENERGY FORUM HELD HERE IN OCTOBER 2011 AND WAS IMMEDIATELY INSPIRED TO PIONEER THE INTRODUCTION OF SOLAR ENERGY CARPORTS TO THE COUNTRY.

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“Charting the Future: Introducing Solar Powered

Charging Ports and Electric Vehicles to the Island.Inset, Simon Richards and Joanna Edghill.

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NOVEMBER

mankind has been plagued by curiosity. As early as 1901, Nikola Tesla had filed a patent for an apparatus for the utilization of radiant energy, with the intention of harnessing and providing free wireless electricity to the world. Today, the aptly named Tesla Motors Inc. is one of the forerunners of clean energy focused on transportation.

Today, Barbados has Megapower, a company pioneering the advance of energy options to open markets and bringing the full power of the sun to the island through innovating and active attention to progress in the field. With the installation of solar charging stations and the introduction of electric vehicles, like the Nissan LEAF, Megapower is driving the expedition into the realm of the photovoltaic frontier.

Barbados is currently dependent on fossil fuels, which drive more than 90 per cent of the market for power needs.

For the progress of industry and creative innovation, a sustainable and clean fuel must be created with the greatest levels of efficiency of output and cost.

The market for solar energy is about to make a boom as every advance in the technology is a step in making solar energy more competitive with fossil fuels.

Two of the most promising electricity generating options, other than solar farming, would be the development of hydrogen generation and use of nuclear reactors. Nuclear power, though heralded as having truly devastating potential, is still being refined and improved. However, nuclear fission reactors

using thorium have recently been tested in Norway with successful and safer results.

Beyond the power of splitting atoms in nuclear fission, a research facility in California has been making strides in recreating nuclear fusion, the process that fuels the sun. With high-powered lasers, the National Ignition Facility is reaching closer to harnessing the immense power of the stars by fusing atoms to produce energy.

The English poet Robert Browning once said that “Man’s reach should exceed his grasp, or what’s a heaven for?” As the future unfolds, we are seeing the inventiveness of mankind reach to the stars in a search for alternate fuels to accelerate dreams and excite creativity for the future.

Now is the cusp of a new era of intelligence, with emphasis on the rejuvenation of the power markets worldwide. For more than a century, the vast majority of power needs have depended on fossil fuels and the gruelling excavation of natural,

but non-renewable, sources of energy.

Mankind has always strived to increase its ability to harness and output mass amounts of power. From the development of hydroelectric power over a century ago to the fission of atoms for nuclear power in the late 1930s, man’s inventiveness to mould the world to suit the needs of industry has proven an endeavour capable of reaching the stars.

In search of more elegant solutions to the demand of energy, giant leaps have been made to satiate the thirst for power. Nuclear fusion is the process that takes place in main sequence stars like our sun and solar power has been a dream of physicists for well over 100 years.

In September of 2013, a German-French research team achieved the world record of 44.7 per cent efficiency in their nitrogen-boron based solar cells, at a cost of less than $1 per watt. The previous record, set in May 2013, was set by the same team. The rapidity of advancement in photovoltaic technology is beyond ignoring. The power of the stars is finding a way to fuel our industry and exploration.

Alternate and more efficient forms of harvesting energy have been researched and experimented on for as long as

Harnessing Powerby Nick Nunes

“ “THE MARKET FOR SOLAR ENERGY IS ABOUT TO MAKE A BOOM AS EVERY ADVANCE IN THE TECHNOLOGY IS A STEP IN MAKING SOLAR ENERGY MORE COMPETITIVE WITH FOSSIL FUELS.

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NOVEMBER

OFFICE LIGHTING CAN ACCOUNT FOR UP TO 44 PER CENT OF POWER USE.

Whether you believe in climate change or not, the depleting of natural resources

and the evolving economy are calling for shifts in many paradigms. The 21st century is here and ushering in a wave of intelligent practices that are constantly evolving to benefit the planet as well as our pockets.

Going green may sound like a new age hippy suggestion but no one can argue with the facts that the eco-way is paved with savings of many kinds. Conservation of energy, reducing unnecessary uses and recycling not only serve to promote a healthy planet but also help contribute to a healthy profit margin.

• Solar Roof space is usually underutilized,

installing some high-density solar panels and converting power usage means spending less on external costs.

• Compact fluorescent bulbs or LEDs

Office lighting can account for up to 44 per cent of power use. Swapping out old office lighting with energy star-rated bulbs can reduce unnecessary overheads.

• Natural light when possible Large windows not only allow

for natural light to flow through but they also add appeal to architecture and improve the work atmosphere for employees.

• Invest in energy star-rated computers, printers, copiers, and so on

It doesn’t take much time to research products before a purchase. When restocking or reshaping the office, look into the energy efficiency of all electronic devices.

• Use energy star-rated power bars

Surge protectors and power strips can help control and reduce the energy output of office outlets.

• Off when out of use Lights, computers, power strips

and other peripherals should be off if out of use for more than ten minutes.

by Nick Nunes

Going Green At Work “ “

• Use power management or energy saving schemes for equipment

Computers and printing modules usually have power saving settings. Enabling these settings adds up in the long run.

• Energy star-rated climat control Central cooling units are not

among the cheapest entities to maintain. When investing in climate control, look for the most ecologically sensible option.

• Living plants can act as filters and freshen up the workspace

Bringing a little flora into the office not only serves as an attractive decoration but plants take in and filter carbon dioxide and help in freshening the air thus contributing to workflow.

• Commute, carpool – travel green When applicable, travelling

with co-workers to reduce costs and emissions is a good way to participate in saving on carbon footprints and money. Bicycles and public transit are also viable options.It is also wise to look into an investment of a lifetime such as a hybrid vehicle or going all-electric alltogether.

• Go digital Paperless is the way of the future.

Why waste exorbitant amounts of paper and ink when digital documents arrive faster, cost much less and create no waste?

17NOVEMBER

• Print smart Use both sides of paper and black

and white ink, unless absolutely necessary.

• Printer ink is black gold At around $44 per quarter ounce,

printer ink costs more than a 1985 vintage Krug champagne. Reusable cartridges for toner and ink can be refilled rather than replaced.

• Buy eco-friendly Research where office supplies come

from before their purchase and where they will go when out of use. Buy recycled or recyclable paper and other organic office supplies.

• Research the parties before you

donate When looking into recycling or giving

away anything, research where it would be best sent. Look into what

certain facilities practice and find out which outlet would best suit an environmentally friendly option.

• Boxes and office supplies can be repurposed – get creative

Reuse items until they have passed all options of usefulness, shred old paper for packing material.

• Purchase non-chlorine, organic paper and eco-friendly office supplies

There are many facilities worldwide that provide all types of paper from organic materials like bamboo, cotton or hemp that pose no harm to the environment and are easily recycled.

• Almost everything can be recycled, just search for the right place

From paper to electronics, most products can be broken down to

basic parts and reincarnated in another useful form.

• Raise awareness – ignorance isn’t bliss if there’s a price

Talk, research and encourage the practices associated with a greener lifestyle, other than saving on expenses, it is also a step in the right direction concerning the environment.

Work & Wealth

““ TRAVELLING WITH CO-WORKERS TO REDUCE COSTS AND EMISSIONS IS A GOOD WAY TO PARTICIPATE IN SAVING ON CARBON FOOTPRINTS AND MONEY.

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Everything Safety Work and Wealth Magazine.pdf 1 11/21/13 4:47 PM

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NOVEMBER

Too often, long-term thinking is something that people know in the back of their minds they should adhere to, but they rarely ever get around to it. Why?

In business especially, there is a fear that perhaps thinking long term may take away from the present,

which is understandable. It is common for us to invest in what we can experience – the present – and spend less attention (if any at all) on the long-term future.

While this approach has its benefits (thinking on one’s feet and seizing the moment are valuable skills to have), let us assess the benefits of cultivating a strategic system that breeds long-term thinking in an environment where companies typically face quarterly pressure from their investors to deliver short-term performance.

When thinking short term, there isn’t an allowance of a year or two to let the business grow naturally and be the living, breathing thing that it is. By thinking only in the present, too many business leaders are instead guilty of forcing it in a certain direction with an aim for growth,

by Tyson Weekes

The Benefits Of Thinking Long Term

typically in an unrealistic time frame.Creating long-term value does not mean that short-

term needs should be ignored. However, managers need to recognize short-term pressures that do not contribute to the long-term vision. These include poorly defined performance targets and the pressure to follow the joneses.

Companies should focus on the following aspects of their business model to ensure that their short-term actions support a long-term future: attracting and retaining customers, a motivated and skilled workforce, durability of the supply chain, innovation and cost leadership. At the heart of these considerations is the core business model which asks the basic question: How do we make money?

The challenge is finding the right way to think about making money. The only real option is multidirectional thinking. That is, thinking ahead from where you are today and backwards from your vision of the future – at the same time – to identify your strategic priorities.

When the Maersk group, a leading global shipping, oil and gas company, suffered years of decline, its leadership team identified that the company had to improve its immediate profitability in the short term while making long-term changes that would stop the cycle of volatility.

Their response was a three-stage agenda with overlapping phases:

1. Restoring profitability within a year. 2. Clarifying what the company needed to be successful in

the future.3. Considering the fundamental nature of the company and

its place in the world.

Having this perspective is critical to avoiding short-term traps, by vanquishing the tendency to discount all long-term planning on the basis that the future is too uncertain to predict. While it may not guarantee success (and to be honest, nothing can), cultivating and practising this outlook will go a long way to improving the lasting affluence of the local business sector by inspiring leaders to minimize making impulse-driven decisions that are bereft of sustainable strategies.

THE CHALLENGE IS FINDING THE RIGHT WAY TO THINK ABOUT MAKING MONEY. THE ONLY REAL OPTION IS MULTIDIRECTIONAL THINKING. THAT IS, THINKING AHEAD FROM WHERE YOU ARE TODAY AND BACKWARDS FROM YOUR VISION OF THE FUTURE

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NOVEMBER

Since the 2008 financial crisis, the economies of the world have taken large hits. In the past five years, though some countries have made impressive strides to recover from the

21st century recession, the majority of the world is still limping on towards reclamation of stability. The millennials, or Generation Y (categorized by those born between the 1980s and the early 2000s), have been born into an era where

by Nick Nunes

job security and career longevity are far from the norm.

In many countries, youth unemployment has increased more than 20 per cent since the 2008 crisis. Job hopping has become the basis for many young lives and even the progenitors of the millennials have come to face the flipping of the economic coin.

The United States Bureau of Labour Statistics, in a survey, has found that the average job expectancy of millennials is less than four years. With that in mind, one could extrapolate that the average individual may power through seven to 15 jobs per lifetime. Regardless of how many jobs or careers an individual phases through, first jobs are almost always an experience that is carried for a lifetime.

A first job may not be a career path but it certainly provides a novel learning experience that can impart information regarding the wide world of the workforce.

Many individuals spend a lifetime of career changes and become jacks of all trades, but what seems to be the key to finding career satisfaction is the drive to focus upon a niche that can be developed into a worthwhile professional endeavour.

Anya Schnoor, a powerhouse of a business woman, has impressed and

My First Jobforwarded the innovation and efficiency of her own niche path and has now shared the beginnings of the route that led her to becoming the managing director of Scotiabank Trinidad and Tobago Ltd.

Q: What was your first job? A: My first job was a management trainee at Eagle Unit Trust Management Company in Jamaica.

Q: How did you get your first job? A: When I graduated from university I sent out my résumé to various financial institutions in Jamaica and at the time Eagle had an interesting trainee programme which I was lucky enough to get hired into.

Q: What did you love (or hate) about it? A: My first job was a very rewarding one. The unit trust market in Jamaica at that time (1992) was just at the verge of growth so I was able to be involved in launching new funds and growing what was then a small company into the largest unit trust management company on the island. I eventually became the general manager of the company.

Q: How long did it last (why)?A: I worked there till 1998. It was a great overall experience but I left the company to join a larger financial institution where I felt I could expand my experience and general banking knowledge.

Q: What did you learn from the experience?A: Your first job is something you will always remember. I was fortunate to have grown quickly in the company and had to learn relatively young how to lead people and grow a company in a difficult economic environment.

IN MANY COUNTRIES, YOUTH UNEMPLOYMENT HAS INCREASED MORE THAN 20 PER CENT SINCE THE 2008 CRISIS.

““Anya Schnoor, Managing Director of Scotiabank Trinidad & Tobago Ltd.

22


NOVEMBER

ignore or deny the disappointment, embrace the grief.

• Take time to reflect Feeling low after a let-down can

be transformed into a positive experience, as it will give you time to reflect on what happened and how you might act differently next time.

• Reconsider your goals A setback provides the perfect

opportunity to make sure you were striving to achieve goals truly important to you and, if not, set new ones accordingly.

Remember the successesRecall the instances where you overcame challenges and take note of the factors from these past achievements that helped you get over the line. From here, try to apply these steps to your current challenge.

Play to your strengths Understanding your strengths can help get you back on top, remind yourself of the personal resources available to you, and draw on those assets to get you back on track.

In a country in desperate need of invention and

innovation, disregard any lingering feelings that may be inhibiting your enthusiasm and try to see failure for

In his 2005 commencement address to Stanford University graduates, the late Steve Jobs, Apple founder and chief executive officer at the time, said: “I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me.... It freed me to enter

one of the most creative periods of my life.”The inherent value of failure is a lesson that

should not be lost on entrepreneurs. It not only teaches what one is doing wrong but also how to do it right the next time and serves as a transformational force for better business practices. Regardless of your profession, it is best not to sweep the topic of non-fulfilment under the rug because at some point in your career, failure is inevitable.

Ford Motor Company founder Henry Ford once aphorized that “failure is only the opportunity to begin again more intelligently”. Since Ford (both the man and his business) overcame initial failures to be successful, his adage is reassuring, it does not assuage the way we feel in the immediate aftermath of losing a job or watching an investment flop.

DEALING WITH FAILURE

• Recognize and embrace sadness

When you launch a company or a new product, or start a new job, there is often an unrealistic expectation that hard work equates to success. But then reality sets in and your plan doesn’t work. Rather than

Recovering From Failure

by Tyson Weekes

what it is – an opportunity to learn that where there is uncertainty, there is bound to be failure. With this, it should not be a surprise that many new ventures fail.

Failure is a test of fortitude, so be wary of allowing your vigour to be smothered by the burden of shame. Remember that failing does not limit dreaming and innovation – shame does. Once you pull disappointment out of the equation, you will eliminate the hindrance that limits innovating and consequently feel invigorated to be daring once again.

I WAS A VERY PUBLIC FAILURE, AND I EVEN THOUGHT ABOUT RUNNING AWAY FROM THE VALLEY. BUT SOMETHING SLOWLY BEGAN TO DAWN ON ME – I STILL LOVED

WHAT I DID.

“

“

Steve Jobs

Work & Wealth November 2013

Documents

Transcript of Work & Wealth November 2013