Business

Professional Advice to Succeed in Business

Many people want to make it big in business, but few people do. Why is that? There are some basic tips that differentiate the exceptional business people from the crowd. This article lists five.

1. Hard Work – Mom was right. You do need to do your chores. Successful businesses have a lot of hard work put into them. It usually takes 5 years for a new business to become profitable. Choosing to take the easy way out is the recipe for failure. Entrepreneurs who dared to suffer ridicule and criticism from peers and mentors are usually the ones who end up on top.

2. Non-conformism – Warren Buffett, the billionaire who built Nebraska giant Berkshire Hathaway, put it this way, “Be fearful when others are greedy and greedy when others are fearful.” What are the things that your peers and competitors are afraid of? Some fear items might be math, pain, public speaking, science, veggies, writing, risk, foreigners, poverty, generosity, bear markets, religion, unpopularity, or ridicule. Greedily pursue situations where you or your business do these unpopular things, and watch what happens. On the other shoe, what are the things your peers are greedily seeking after? Some possibilities might be credit cards, mortgages, loans, pleasure, meat, popularity, US, Hollywood, “experts,” lobbyists, liberal arts, or bull markets. Fearfully avoid those items.

3. Innovation – Going with the flow is not going to differentiate you and your company from the rest. The largest companies in the world succeeded because they originally had a hair brained mad scientist gang that came up with a product or service that those around them thought was crazy. Today, that product is the ubiquitous airplane or iPhone. If you are not someone who has a knack for new ideas, make sure that your company has someone on the team who is a dreamer or artistic brain. Left brained profits often come from right brained ideas.

4. Organizational Psychology – Many US companies promote based on experience or the popularity an employee has with management. This is unhealthy, and usually leads to Peter’s principle coming true. Peter’s principle states that every individual is promoted to their basic level of incompetency. After reaching that point they are no longer promoted. The result is that high ranking leaders in a company are often incompetent in the roles they were promoted to. Place people in your company based on their cognitive brain type, not their social acumen. Do not attach extra prestige or wages to certain positions. The idea is to level the playing field and value all contributors, whether they are janitors or managers.

5. Just Show Up – Whether or not you like it, 90% of life is just showing up, as David Leuschen said in a talk he gave at Dartmouth.

The Most Successful Power Couples in Miami

  • Edgardo and Ana Cristina Defortuna This husband and wife real estate team that has a high-end luxury real estate firm that has interests in Latin America, The United States, and Europe. They are one of the most experienced companies and both parts of this power couple are hands on with the growth of the company. Ana serves as the Executive Vice President of the company and is a key component in the companies endeavors across the world.
  • Craig Robins and Jackie Soffer
    Miami is one of the poshest cities in the United States. It is home to many successful businesses and business people. In some cases, there are couples that are considered power couples because each person has their own successful endeavors in the business world. For example, Jackie Soffer (https://www.linkedin.com/in/jackiesoffer) and Craig Robins. These two real estate giants were married last year after a rather interesting start. Now the two are happily married. Jackie Soffer  is the owner of Aventura Mall and co-CEO Turnberry Associates, a real estate development company. Craig Robins is a successful real estate developer in the Miami Design District.
  • Michael and Nicole Simkins
    Both Michael and Nicole Simkins are from influential families that owned businesses in the area. Michael is the head of Lion associates, a company that sees profits around one hundred million dollars annually. Part of the Lion associates conglomerate is Simkin Industries. Simkins Industries specialized in the creation of folding cartons.Charles Kaufman Enterprises is the business owned by Nicole’s family. Charles Kaufman Enterprises has provided the very best jewelry to the elite for decades. Nicole was a key part of the revitalization in the interest of colored diamonds stemming from the sale of Jennifer Lopez’s blue diamond (http://oceandrive.com/miamis-most-influential-and-intriguing-couples). Both parts of this power couple are philanthropists, and make considerable efforts to help charitable organizations across the nation.

PayPal, MasterCard Reach Deal for Store Payments

MasterCard Inc said on Tuesday it had expanded its deal with payment processor PayPal Holdings Inc, which would allow customers to use PayPal’s payment services in stores.

PayPal’s partnership follows a similar deal with MasterCard’s larger rival Visa Inc in July as the company looks to expand its payments network.

PayPal will allow users to select a credit or debit card as the default payment method and share data on transactions made through MasterCard’s tap-and-pay feature, which allows the shopper to wave a card or mobile phone over a reader to pay, the companies said in a statement.

As part of the deal, MasterCard will allow PayPal users to withdraw cash from their accounts using a debit card and also waive the digital wallet fee it currently charges PayPal.

The two companies have an existing partnership for co-branded consumer credit cards in the United States and Puerto Rico.

Read more here.

Source: Reuters.com

Women Leadership on the Rise in Commercial Real Estate

The work environment was for a long time skewed against women. Since the 1970s, women could only work in certain departments. Accounting and clerical work were left for them as men filled all the commercial brokerage positions.

Their journey has been long and arduous. There have been pioneers such as Jackie Soffer of Turnberry. Having cemented her role as a renowned entrepreneur in a real estate company. Jackie Soffer serves as a light at the end of the tunnel. Women have used her as an example of what is possible.

The trend has caught on. There are now more women in leadership than there were twenty years ago. Rebecca Maccardini, Joan Woodard, and Beverly Rachel have served at the helm of successful real estate companies.

It`s not that men are being pushed out. Note the contrary, this trend is drawn from a growing realization women bring a unique package. There are innate talents that create a female advantage. These qualities are women’s attention to detail, their perseverance, and exceptional presentation skills.

Women are less threatening to investors. Investors are wary of men who tell them how to spend their money. While men tend to tackle problems head on, women use their discernment. They are more likely to understand. During an interview, they pick up subtle details.

Jackie Soffer has a top management job at Turnberry Associates as co-CEO. She is in charge of the hospitality, retail, and office management. Her counterpart Rebecca Maccardini just stepped down as president the National Association of Industrial and Office Parks (NAIOP). Joan Woodard is the acting chair of the Institute of Real Estate Management (IREM). Beverly Rachel is the first president at Commercial Investment Real Estate Institute (read more about women in real estate leadership positions).

A woman’s place in society is no longer behind the scenes. The forces of education, technology, globalization, and the Internet have changed aptitudes and attitudes. The office conversation has matured. Women are treated with utmost respect and are regarded at the same level as their male counterparts in the workplace.

The classroom is another reason women have risen to leadership positions so quickly. Mathematics and the sciences were reserved for the men. For long it was believed, there was no way women would choose maths over the arts. The changing situation in the classroom means women are surpassing men in these subjects.

CEO’s Who Donate To Charity

Leuschen

The David M. Leuschen Charity Foundation was established in 1998 and created to support and extend assistance to the Montana and Wyoming ranch neighborhoods, and is committed to afford for and support individuals who consider Wyoming and Montana their home.

Since the inception of this noble foundation financial contributions have been advantageous to the local fire departments, churches, schools, youth organizations, nature conservancies, museums and television station KVSM in Bozeman Montana, and also provides financial aid to Dartmouth College which is David M. Leuschen’s Alma Mater.

The foundation commenced as a flowing channel to aid Wyoming and Montana high school students to have the advantage to attend Dartmouth College.

He is the creator and senior administrator of Riverstone Holdings in New York and the proprietor of Switchback Ranch which is abutting the boundaries of Montana, and Wyoming in the Northern Rockies.

Weiner

Weiner CEO of LinkedIn contributed his $14million stock incentive to his employees as an incentive to elevate the team spirit following the company’s stock assets skyrocketing in February of this year. He requested the Compensation Committee to forfeit his yearly equity grant and alternatively deposit those shares back in the “equity bucket” for LinkedIn employees.

Gates

Bill and Melinda Gates Foundation was created in 2000 to pandemically embellish healthcare and curtail poverty, and in the United States to inflate favorable educational possibilities.

This is the largest charity non-profit organization on the planet, they propose grants solely to organizations that are tax exempt because, they want to be assured that their substantial contributions flow only into the deserving and beneficial causes.

The proportion of this foundation and their avenues to pursue and implement contributions makes it recognized as one of the forerunners in venture philanthropy.

The foundation is regulated and managed by three trustees, Bill and Melinda Gates who are rated as the second most benevolent philanthropists in the United States and Warren Buffett as the first.

Ana Dutra is CEO and Executive VP of Korn and Ferry Leadership and Talent Consulting. She stated that there is a network between appreciation and accomplishment, because when you get the sense of sincere gratification for your donations, the effective outcome of acknowledged is pulsating through your veins and the recipient becomes energized.

Recognition is thankfulness on a greater plane. Actually, it matters who they are and the part they play in the charity organization the jolt of gratitude on the face of the receiver and on those surrounding him or her have a profound effect that is remarkable and incomparable.

Become a Successful Businessman in No Time

You, Too, Can Succeed in Business!

What most people don’t realize is the people they idolize in business or any other career they pursue, are not really that far away from them. With some practice dedication and discipline, anyone is capable of molding their lives into the career of their dreams.

David Leuschen is the founder and CEO of Riverstone Holdings a private equity firm focused on leveraging investments in the gas and power sectors. Being no stranger to success, David enlightens us on some insight into achieving a successful career.

“Living on the Edge”

I think Aerosmith was alluding to some useful wisdom through these precise words in their hit single “Livin’ on the Edge”. David believes too many people these days play it too safe between the lines of risk. Part of being successful is taking the plunge in to risky situations with enough faith that you know someone or something will be there to catch you when needed. This is exemplified in successful companies through their unwavering ability to invest into innovative strategies that keep them above their competitors. It’s also a great way to get the heart beating again.

“90% of life is just showing up”

Success is the day in day out continued push towards what it is you want. Just by showing a little consistency in something, eventually things will start to work out. David believes that in order to achieve true success, its best to stick to one industry. When he first started Riverstone, he believed he had made the mistake of his life but he stuck with it and eventually opportunity came a knocking on his door.

“Build ups, not buy outs”

It’s much easier to adapt to the flow of life by slowly building. You’re able to ebb and flow in the details that eventually justify the form your company takes. When buying out other companies, it requires a much more macro perspective which David fails to find the understanding of. With a micro perspective in building things you are able to allow for strategy changes as you build an understanding for the business.

“Don’t try to beat the monkey”

In this case, the monkey is the market. Riverstone believes in playing smart which translates into a comprehensive hedging strategy for commodity risks in the majority of its deals.

“Skin in the game”

It’s important to have a motto of going down with the ship if you are the captain. In other words, Riverstone has over $900 million of their own money in their own investments. Because of that, much of their effort is in getting their money back in the first 24 months of any investment. This strongly aligns the GP’s with the LP’s or the firm with the investors.