jerryking + plan_b   14

How to prepare yourself for redundancy
SEPTEMBER 11, 2019 | | Financial Times | by Adrian Warner.

Don’t think that doing your job well is a guarantee you will keep it. Continuously prepare for losing your job.....always make sure you are ready to be shown the door — practically, psychologically and financially...Seeking advice and networking is a positive way of establishing a safety net. Even if you are happy in your job and have complete faith in your employer, always have a Plan B. You do not need to say you are looking for a move straight away. But keeping your options open and researching your next career move will make you more comfortable in your current job.

At the same time, accumulate enough savings to pay your bills for six months, should you lose your job....Also think about how you might employ your skills and contacts to change career. You might need to do some extra training to change direction completely....There are three stages to planning for redundancy: the first is talking to people about their experiences in other fields and thinking about what else you might want to do. The second is improving your position through extra studying and developing new skills. The third stage is asking people about openings.... if you take these precautions, you should be ready for any turmoil in your career......
I would recommend everybody to work hard on the first stage. You may never move to stage two or three but knowing you have options will make you feel more comfortable.

Five tips for dealing with redundancy
Anger — I was angry at being shown the door but I learnt to control it. Companies don’t hire people with emotional baggage.

Former colleagues — Many colleagues may struggle with what to say and keep their distance at first. Don’t take this personally and give them time.

Fresh start — A career change needs planning. Analyse your skills and think strategically about how you can use them for another role.

Networking — It’s estimated that 70 per cent of jobs are not advertised, so it’s crucial to regularly talk to contacts about openings.

Job hunting in 2019 — You need to get used to rejection. Computers may assess your CV, so beat the “bots” by including keywords in the job specification.
BBC  beforemath  emergency_funds  emotional_mastery  job_search  layoffs  loyalty  Managing_Your_Career  networking  personal_branding  Plan_B  preparation  rejections  safety_nets  the_big_picture  tips 
4 weeks ago by jerryking
If you want to get ahead, don’t be afraid to get dirty
January 29, 2019 | The Globe and Mail | ROY OSING - SPECIAL TO THE GLOBE AND MAIL
PUBLISHED 6 HOURS.

* ACT FAST. When you are confronted with a formidable challenge, make a decision quickly; overanalyzing doesn’t usually lead to success because it squanders your most precious asset – time.Success demands that you act fast and not waste valuable resources by over-complicating the route to a decision.
* HAVE A ‘WHAT IF’ PLAN
Have a contingency plan for when your chosen course of action doesn’t work out the way you intended.
* DON’T CHASE PERFECTION
Embrace imperfection; there is no such thing as a perfect anything.
* FIND DOERS. Find people who have a proven track record of doing things fast.
* PLAY IT UNSAFE. Work outside your comfort zone.
* SHUN THE RULES. Rules exist to make us compliant and fall in with what others do; they are a set of standards imposed by others....Bottom line: Broken rules are the cost of doing messy business.
* FORGET YOUR JOB DESCRIPTION. Job descriptions compartmentalize the activity of an organization; they specify the role we must play and the results we are expected to deliver.
* STAY FOCUSED. Try many things in rapid succession but avoid multitasking. ....Success doesn’t come from juggling several balls. It comes when we are focused on a single outcome and dedicate our heart and soul to seeing it through.
* SCREW UP. Don’t be afraid to make mistakes.
contingency_planning  focus  good_enough  messiness  mistakes  monotasking  risk-taking  speed  Roy_Osing  personal_accomplishments  Plan_B  doers 
january 2019 by jerryking
NAFTA is dead and Canada should move on
June 2, 2018 | The Globe and Mail | by PETER DONOLO.

So what is our Plan B?

It obviously means seriously and aggressively pursuing markets and investment beyond the U.S. For example, new markets for Canadian resources are now more important than ever. That’s why the government’s decision this week to effectively nationalize the Trans Mountain Pipeline in order to finally get it built and deliver oil to Asia-bound tankers was such an important step. This decision in itself was a significant response to an unreliable American partner, and a signal that we must look farther abroad for greater economic opportunity.

The same goes for the myriad of trade agreements on which our country has embarked – most prominently the Canada-EU trade agreement and the Trans-Pacific Partnership. The GATT and WTO breakthroughs of the 1990s also work in Canada’s favour, providing us with tariffs much lower than existed before NAFTA and the original Canada-U.S. free-trade agreement. If NAFTA were to cease tomorrow, our trade with the U.S. would still operate under the WTO’s rules.

Finally, we need to redouble efforts to attract direct foreign investment into Canada. The government recently launched a new agency, Invest in Canada, to do just that. But there are obstacles. The Business Council of Canada cites the regulatory burden as the biggest challenge. In a globalized economy, tax competitiveness is always an issue. And governments need to walk the walk when it comes to opening up to investors from countries such as China, even when there is domestic political blowback.

The only negotiating stance that works against Donald Trump is the ability and willingness to walk away. Mr. Trump sniffs out weakness or desperation – in a friend or a foe – and he pounces without mercy. A defensive crouch is the wrong position. “Sauve qui peut” is the wrong rallying cry. Negotiating with strength, from strength, is the only approach.
beyondtheU.S.  automotive_industry  crossborder  Donald_Trump  FDI  Nafta  negotiations  Plan_B  oil_industry  protectionism  tariffs  TPP  Trans_Mountain_Pipeline  pipelines  global_economy 
june 2018 by jerryking
My top 5 investing lessons after 30 years as an economist
September 25th | The Globe and Mail | DAVID ROSENBERG.

After 30 years of experience as a Street economist, you pick up a lot of learning lessons – especially from the mistakes made along the way. Here are my top five below:

* Don’t put all your eggs in one basket (concentrated portfolios but diversified geographically and across the asset classes);
* There is no such thing as a sure thing (the forecast is just a base case across a continuum of possibilities across a distribution curve);
* Marry your partner, not your forecast – it may not love you back (what gets economists into trouble is lack of humility; admitting you’re wrong is never easy);
* If you don’t have a Plan B, you don’t have a plan. If you are wrong, it is imperative to know in what direction – and delineate the new course of action;
* Anything that can’t last forever, won’t last forever.
concentration_risk  economists  investing  lessons_learned  Plan_B  diversification  Bay_Street  Wall_Street  market_corrections  bear_markets  mistakes  forecasting  economic_cycles  beyondtheU.S.  Gluskin_Sheff  David_Rosenberg  probabilities  humility  contingency_planning  never_forever  asset_classes 
september 2017 by jerryking
Don Mal on the Relentless Pursuit of Making Your Numbers
JULY 7, 2017 | The New York Times | By ADAM BRYANT.

How have your parents influenced your leadership style?

I’ve learned a lot from my father, probably more about what not to do. I respect him and learned a lot about work ethic.

But my father was a bit more of an old-school entrepreneur, with less planning. I learned I needed to be much more organized. In anything I do now, I’m continuously planning, because you have to manage risk. You have to have a Plan B.

So what are your best questions?

To understand their work ethic, I do ask this question: Would you be willing to leave your family at Disneyland to do something that was really important for the company?

Some people have said no, and I haven’t hired them.....To me, it’s not so much a loyalty question. It’s more of just trying to understand their work ethic.....And it’s my sales thing. It’s the relentless pursuit of the number. And at some point it does matter. You have to make your numbers. Whether you’re a public or a private company, you’ve got to make your numbers. So you do whatever it takes, without doing anything wrong or unethical.....What career and life advice do you give to new college grads?

I think it’s important to remind people, especially in this millennial culture we have now, that life is not going to be handed to you. Whatever you want out of life, you’ve got to earn it.
salespeople  commitment  CEOs  software  no_excuses  Plan_B  risk-management  work_ethic  work_life_balance 
july 2017 by jerryking
Making the Change From Middle Manager To a Seat at the Top - WSJ.com
July 7, 1998 | WSJ | By HAL LANCASTER

Less surprising, delivering results matters. Thinking strategically, being persuasive, being politically adroit and having a "significantly broader organizational awareness" also tend to make up a successful manager, ...Earn respect for being exceptionally good at what you do and show that you can run a business independently. Translation: Deliver results without a lot of hand-holding....a seldom-mentioned trait: consistency. "They must show consistency in the decisions they make and in their behavior," ..."A lot of people fail to make the next move because they really don't understand" how to assess risk," she says. "Or they don't have a Plan B."
Hal_Lancaster  ksfs  Managing_Your_Career  movingonup  executive_management  risk-assessment  risk-management  contingency_planning  JCK  transitions  companywide  middle_management  consistency  decision_making  Plan_B  off-plan  hand-holding  strategic_thinking  personal_accomplishments 
december 2012 by jerryking
The Young & Restless of Technology Finance
November 1993| The Red Herring | Anthony B. Perkins.

We think that marketing is everything. We try to help our companies figure out what is going to set them apart. We encourage companies to define their biggest risks-up front, work hard to put the risks behind them, and then move forward with very innovative marketing...During the interview process, you see whether entrepreneurs have passion and tenacity. The hardest thing to determine is their ability to stick-to-it. Entrepreneurs need to be very dynamic, wi11ing to adjust. And that's why an important part of our process is checking references, we have to be convinced the entrepreneur has never give up, even when things get tough. In other words, when Plan A work, because Plan A never works, we like to hear entrepreneurs say "That's O.K.,Plan B is on its way. I've twisted this valve and turned this knob and I really think we've figured it out." What we don't like to hear is "Well,it didn't work out...sorry." We also like to see entrepreneurs who are singularly focused on building -great products that fill distinct market needs. We are less interested in people who like nice digs, hype,and PR.

Moritz: ‘We have a very tight on making sure there is a sizable market opportunity in front. of us before we make an investment. We are much more focused on market growth potential and the ability for a company to reach a market successfully and profitably. We have also demonstrated as a firm and individually the ability to get companies off the ground with a small amount of fuel. We like to start wicked infernos with a single match rather than two million gallons of kerosene. This is clearly a differentiated way of getting a company put together. This approach has terrific benefits for the people who start the companies and for all our limited partners. You might say that we have a morbid fascination with our ROI, as opposed no the amount of dollars we put to work. And this is a very different message than you get from a lot of other venture firms.
The: HERRING: How often does a Sequoia partner actually go in and help operate a company?

Moritz: Pierre is the great unsung hero of Cisco Systems. He spent a tremendous amount of time at the company. working behind the scenes helping to make sure the engineering department was designing and getting new products to market. People don't realize the significant contribution Pierre made to Cisco because Don's name is on the hubcaps as the chairman of the company. The ability we have to help operate companies is a useful tool in our arsenal.

The HERRING: Sequoia's image on the streets of Silicon Valley is that you are the Los Angeles Raiders of venture capital--the tough guys who are quicker than the other firms to boot the CEO or pull the financial plug.
Moritz: We are congenitally incapable of pouring good money after bad. Some people. for their own will thrust us into a position to be harbingers of bad new to management, which is all right. But we do not want to continue propping up a company if we think its chances for success have evaporated. We would be wasting our money as individuals and wasting the money of our limited partners. There have been very few instances where we decided to stop funding a company and have regretted it.
The HERRING: What ’s the hardest part of your job?
Moritz: We usually don't make mistakes when it comes to assessing market opportunity. And we are reasonably accurate in predicting how long it will take to bring a product to market. The great imponderable is to judge accurately and predict how well a president is going to be able to run the business. It is easy to mistake the facade for reality
The HERRING: ‘What characteristics does Sequoia look for in a company president?
Moritz: Frugality, competitiveness. confidence, and paranoia.
venture_capital  vc  howto  Kleiner_Perkins  Sequoia  career_paths  Michael_Moritz  no_regrets  endurance  frugality  competitiveness  paranoia  self-confidence  market_sizing  market_windows  team_risk  market_opportunities  ambitions  large_markets  sticktoitiveness  entrepreneur  perseverance  indispensable  Plan_B  off-plan  champions  reference-checking  unknowns  assessments_&_evaluations  opportunities  unsentimental  wishful_thinking  illusions  overambitious 
july 2012 by jerryking
Why Panic Passes Him By - WSJ.com
October 15, 2008 | WSJ | By PAUL B. CARROLL who reviews
The Snowball
By Alice Schroeder
(Bantam, 960 pages, $35)

Why Panic Passes Him By
All you wanted to know about Warren Buffett – and more.

While much of Mr. Buffett's methods can't be duplicated -- genius is genius, after all -- "The Snowball" usefully emphasizes a few core Buffett imperatives: taking a close look at an investment's intrinsic value, making a brutal evaluation of its risks, and calculating a margin of safety. The book also underscores the importance of learning from failures. The Buffett-Munger approach is to "invert, always invert. Turn a situation or problem upside down. Look at it backward. What's in it for the other guy? What happens if all our plans go wrong? Where don't we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead."
Berkshire_Hathaway  book_reviews  books  Charlie_Munger  failure  genius  intrinsic_value  investing  investors  lessons_learned  margin_of_safety  off-plan  panics  Plan_B  post-mortems  risk-assessment  thinking_backwards  thinking_tragically  Warren_Buffett  worst-case 
june 2012 by jerryking
Why Are Harvard Graduates in the Mailroom?
By ADAM DAVIDSON
February 22, 2012
There are a number of professions in which workers are paid, in part, with a figurative lottery ticket. The worker accepts a lower-paying job in exchange for a slim but real chance of a large, future payday (e.g Hollywood, consulting, law,etc. )..this is termed meritocratic capitalism...an economic system that compels lots of young people to work extremely hard for little pay...as opposed to the expense (as Google pays), putting promising young applicants through a series of tests and then hiring only the small number who pass....the "occupational centrifuge" allows workers to effectively sort themselves out based on skill and drive. Over time, some will lose their commitment; others will realize that they don’t have the right talent set; others will find that they’re better at something else...When it’s time to choose who gets the top job or becomes partner, managers subsequently have a lot more information to work with....This system is unfair and arbitrary and often takes advantage of many people who don’t really have a shot at the big prize. But it is far preferable to the parts of our economy where there are no big prizes waiting....many economists fear that the comfortable Plan B jobs are disappearing....It’s not clear what today’s eager 23-year-old will do in 5 or 10 years when she decides that acting (or that accounting partnership) isn’t going to work out after all.
movingonup  career_paths  Managing_Your_Career  hard_work  Hollywood  meritocratic  sorting  Plan_B  apprenticeships  talent  skills  drive  payoffs  young_people  arbitrariness 
february 2012 by jerryking
Lean Start-Ups Reach Beyond Silicon Valley’s Turf - NYTimes.com
By STEVE LOHR
December 5, 2011

The newer model for starting businesses relies on hypothesis, experiment and testing in the marketplace, from the day a company is founded. That is a sharp break with the traditional approach of drawing up a business plan, setting financial targets, building a finished product and then rolling out the business and hoping to succeed. It was time-consuming and costly.

The preferred formula today is often called the “lean start-up.” Its foremost proponents include Eric Ries, an engineer, entrepreneur and author who coined the term and is now an entrepreneur in residence at the Harvard Business School, and Steven Blank, a serial entrepreneur, author and lecturer at Stanford.

The approach emphasizes quickly developing “minimum viable products,” low-cost versions that are shown to customers for reaction, and then improved. Flexibility is the other hallmark. Test business models and ideas, and ruthlessly cull failures and move on to Plan B, Plan C, Plan D and so on — “pivoting,” as the process is known.
Steve_Lohr  entrepreneurship  start_ups  lean  experimentation  speed  business_models  pivots  minimum_viable_products  testing  Plan_B  culling  flexibility 
december 2011 by jerryking
"The bruises of the bandwagon: ENTREPRENEURSHIP: Reality television is revealing how desperately some people want to break into business. But many fail to analyse their ideas,
Apr. 25, 2005 | Financial Times pg 16.| by Paul Tyrrell

Everyone wants to run their own business. But many fail to prepare thoroughly before scrambling on to the bandwagon. Among the television hopefuls, the most widespread and humiliating trait is a failure to appreciate that an entrepreneur's personal qualities are just as important as their ideas.

It is a salutary warning. Venture capitalists and business angels have always been more inclined to back a great team with a mediocre idea than a mediocre team with a great idea. They attach a lot of importance to what they term "scar tissue" - evidence that the person has learned from experience.

"People who are enamoured of their own idea can be great, but only if they listen really hard,"... "Nothing goes to plan, so you're looking for people you can trust off-plan." ...Entrepreneurs are more likely to succeed if they can come up with an idea that exploits their experience. This is particularly clear in product development situations - for example, where an engineer takes the knowledge he gains at a large company and uses it to set up a rival.

Research suggests that "spin-outs have a survival edge in the market over other entrants as the result of a combination of entrepreneurial flexibility and inherited knowledge"....what distinguishes successful entrepreneurs is their ability to spot commercially exploitable patterns where others cannot. Herbert Simon, winner of the 1978 Nobel Prize in economic sciences, suggests this process is intuitive: a good business idea stems from the creative linking, or cross-association of two or more in-depth "chunks" of experience - know-how and contacts.
Infotrac_Newsstand  entrepreneurship  entrepreneur  pattern_recognition  personality_types/traits  television  spin-offs  entertainment  venture_capital  angels  cross-pollination  tacit_data  knowledge_intensive  scar_tissue  teams  team_risk  off-plan  Plan_B  tacit_knowledge  nimbleness  combinations 
november 2011 by jerryking
Corner Office - The Onion’s C.E.O. - If Plan B Fails, Try C, D or E - Interview - NYTimes.com
May 14, 2010 New York Times | ..This interview with Steve
Hannah, chief executive of The Onion, was conducted and condensed by
Adam Bryant. "Never, ever do anything to deprive a human being of their
dignity in work, in life. Always praise in public and criticize in
private. You might be tempted, for example, when you’re letting someone
go, to say something that would diminish the value of their work. Don’t
ever do that.

And he taught me that when you’re faced with something that’s really
difficult and you think you’re at the end of your tether, there’s always
one more thing you can do to influence the outcome of this situation.
And then after that there’s one more thing. The number or possible
options is only limited by your imagination. “Imagination is enormously
important, enormously important.”
CEOs  interviews  imagination  dignity  next_play  optionality  Plan_B  praise  biographies  deprivations  resourcefulness  arduous 
may 2010 by jerryking

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