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jerryking : frugality   19

Silicon Valley would be wise to follow China’s lead
January 17, 2018 | FT | Michael Moritz.

*The work ethic in Chinese tech companies far outpaces their US rivals
*it is quite usual for managers to have working dinners followed by two or three meetings
*Fewer complaints about the scheduling of tasks for the weekend, missing a child's game or skipping a basketball outing with friends.
*There is a deep-rooted sense of frugality.
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In a recent Financial Times op-ed, Mr. Moritz argued that Silicon Valley had become slow and spoiled by its success, and that “soul-sapping discussions” about politics and social injustice had distracted tech companies from the work of innovation.
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As an investor and now the CRO in a recently failed startup, I think this article has many merits so long as these tireless first employees are rewarded with equity and a great compensation plan once the enterprise is profitable.  I, along with my other investors are working tirelessly to put this project back on track. Unfortunately for many small businesses to survive this type of effort is essential at least until the enterprise is profitable.
workplaces  work_life_balance  vc  Michael_Moritz  China  soul-sapping  Chinese  start_ups  hard_work  Silicon_Valley  frugality  organizational_culture  work_ethic 
january 2018 by jerryking
Want to kickstart the Canadian economy? Try "indovation", says U of T prof | U of T News
January 26, 2015 | U of T News | Terry Lavender.

Professor Dilip Soman heads up U of T's India Innovation Institute. He explains how necessity can be the mother of innovation. Indovation is a portmanteau of the words “Indian” and “innovation” and it means taking existing constraints – such as a shortage of funds or raw materials – into account when developing a response to actual problems.... “Frugality is at the essence of it,” Soman says. “In India, unless you can drive down costs, your idea is a non-starter.

“For example, mobile banking. That’s a classic ‘indovation’. It came about as a response to a particular problem, and it was developed in India and adopted in the west,” says Soman.

we’re working on developing a dataset on reverse innovation; the idea that innovations that have developed in the global south can be scaled back to the western world,” Soman says. “We have white papers on several topics: crowd-funding, agriculture, and retail and investment opportunities. The goal is to build up a database of information that both researchers as well as practitioners can use.”
constraints  innovation  India  Rotman  uToronto  trickle-up  frugality  necessity  reverse_innovation  jugaad  Bottom_of_the_Pyramid  datasets  Indians 
february 2015 by jerryking
The End of the Impulse Shopper - WSJ
Nov. 25, 2014 | WSJ |By SHELLY BANJO and SARA GERMANO.

An endangered species in the retail landscape is the ''impulse buy''...grocery shoppers are becoming more intentional and this is paving the way for more innovation in physical and digital merchandising.....Many Americans have the money and the will to spend. But they are time-pressed and deal savvy, visiting stores only when they run out of items like cereal or toilet paper and after doing extensive research on purchases online and with friends. They buy what they came for—and then leave. Those habits threaten more than just gum sales at checkout. Impulse is why stores offer deep discounts on loss leaders, why they put the milk in the back corner and why marketers spend heavily to pile up products in displays at the ends of the aisles. If shoppers just target the deals and don’t let their eyes wander, long cherished models for boosting sales fall apart...the symptoms of the industry’s malaise are clear enough: extended declines in shopper traffic, weak sales growth, and a discount-driven race to the bottom that is sapping pricing power.
impulse_purchasing  bricks-and-mortar  retailers  grocery  supermarkets  habits  discounting  shopping  shopping_experience  Turnstyle  intentionality  discretionary_spending  loss_leaders  foot_traffic  merchandising  frugality  decline  symptoms  endangered  time-strapped 
january 2015 by jerryking
Video - Five Things Rich People Know That You Don't, General Strict Financial Discipline - WSJ.com
(1) Start early. RRSP Save, save, save.
(2) Automate set up automatic payroll contributions to feed retirement funds
(3) Maximize those contributions. Save like you mean it.
(4) Never carry credit credit card balances. Pay off credit bill every month.
(5) Live like your poor. Rein in spending habits. Stay away from the mall. Unsubscribe from retail e-mails.
web_video  high_net_worth  wealth_creation  personal_finance  frugality  habits  self-discipline  savings 
july 2014 by jerryking
Michael Hyatt lays out your plan for success - Western Alumni
May 6, 2014 | Alumni Gazette|by Jason Winders, MES'10.

Shut Up and Listen

No Guarantees
Just because you have a great product, doesn’t mean you are going to make any money.

Play in a Big Sandbox
Go into a big and growing market. When you go into a big and growing market, you can probably get a slice of it – even if you are incompetent. You need a big and growing market, great people and a great product – in that order. Having a great product in a small and shrinking market with OK people, you will always make no money.

Embrace Discomfort
Discomfort, pain and sacrifice actually make the entrepreneurs. Being uncomfortable, being lonely, being misunderstood, everybody looks at the great entrepreneurs and don’t realize the struggle.

Trust No One
Your friends and family, everybody, they will tell you what you have is amazing and you’re so great and, when you bring that product out next year, they are going to buy it. It’s not true. People are trained to give niceties. Go ask all your friends and family for $10,000 to invest in your start-up, then you will find out right away what their problems are.

The Hard Truth
The ride doesn’t necessarily have any good payout....You are not always going to get what you want.

Personal Plan
Live below your means, not at your means. Invest the difference to become wealthy.

Don't Ignore the Basics
(diet, sleep and exercise).
UWO  entrepreneur  alumni  rules_of_the_game  high-growth  frugality  Michael_Hyatt  large_markets  discomforts  personal_cost  personal_sacrifice  hard_truths  personal_enrichment 
may 2014 by jerryking
African-Guyanese need to invest time and resources in agriculture
May 19, 2011 | Stabroek News | by Richard Drake.

I believe that what black communities lack the most is money and wealth. A causal observation of any black community will reveal that the stranglehold of poverty is affecting their growth and development. The high number of dilapidated buildings, poor roads, water and sanitation are manifest expressions of that poverty. There are a number of reasons for this I shall discuss two.

First, our attitude towards money is bad. Look at the way we spend our hard-earned money in entertainment. Almost every show at the Providence Stadium is filled to capacity with young and not so young African-Guyanese. Every show young Blacks spend thousands of dollars they can hardly afford. We entertain ourselves at the expense of everything else, even our development.[JCK: consumer_mindset]

Second, a large percentage of African-Guyanese work in the public sector; they are public servants. The government controls the public purse. Therefore, it decides how much these servants will be paid and how much they should be taxed. In this way, they do exert a great deal of power over the development of Blacks and influence the quality of their lives and communities.

One can argue that there are trade unions which negotiate with government, wages and salaries for workers. However, given the behaviour of the unions demonstrated at the last May Day rally, the divisions among them, and the fact that some of their leaders appear to have been bought out by the government one can hardly expect a decent challenge by these organizations to the unfairness in the national pay system.

As a result, the average public servant lives from pay cheque to pay cheque. It is a vicious cycle.

What is clear is that African-Guyanese desperately need a paradigm shift. African-Guyanese must get out of the public sector now. We need to begin to ‘re-image’ ourselves not as servants (public or otherwise) but as entrepreneurs. This is absolutely necessary for wealth creation and development.

One area that is immediately available to us is agriculture. There is a lot of history in the black community in this industry and much aversion to it, particularly by our young people but, there is enormous potential in this industry. Export markets are available for all kinds of non-traditional produce. However, we are too busy sitting behind desks burdened with loads of paperwork that we cannot see and exploit the potential in this sector. We love the sound of the names and status of certain positions in the public sector. Some of those very positions retard our growth and progress. We have to change that.

As a people, we need to invest time and resources in the agriculture industry; we need to go back to the land en masse. Black families and communities must become efficient economic units, generating wealth for real development through large-scale crop and animal husbandry. [JCK: producer_mindset]This will make us self employed, reduce the amount we spend in purchasing food, decrease our dependence on others to supply us with food and free up money for other investment activities. It will help in wealth generation in black communities.
African_Guyanese_villages  Afro-Guyanese  agriculture  consumer_mindset  downward_spirals  economic_development  entrepreneurship  ethnic_communities  farming  fresh_produce  frugality  generational_wealth  Guyana  letters_to_the_editor  mindsets  non-traditional  overrepresentation  paradigm_shifts  poverty  producer_mindset  psyche_of_dependency  public_sector  public_servants  self-employment  wealth_creation  young_people 
august 2013 by jerryking
Nine Ideas To Help You Live Beneath Your Means And Get Started On The Road To Riches
December 29, 1998| The Wall Street Journal |By Jonathan Clements.

Here’s how:

Maximize your income
Live beneath your means
Religiously save the difference

Bear in mind, this is no small feat. (As Errol Flynn once said, “My problem is reconciling my net income with my gross habits.”) For most folks in our upwardly mobile society, living beneath their means provides a major challenge. But, trust me, a comfortable retirement without sufficient income is a bigger one.
personal_finance  ideas  wealth_management  self-control  self-discipline  economizing  Jonathan_Clements  savings  frugality  retirement  income 
december 2012 by jerryking
Shall We Overcome? - WSJ.com
October 14, 2005 | WSJ |By CHARLES JOHNSON.

As Louis Farrakhan, Jesse Jackson and Al Sharpton prepare for yet another symbolic and substanceless "Million Man March" in Washington, all three have managed to dodge the joke about the first such rally a decade ago (the one in which Mr. Farrakhan dazzled the world with his knowledge of numerology): namely, that black men in America are the only group ever to march in protest of themselves. I'm guessing that the rationale for this weekend's gathering is identical to that of the initial march. It is a lament we have heard in one guise or another for 3½ decades: Our family is in crisis; black men are an endangered species....On the one hand, we are CEOs at AOL Time Warner, American Express and Merrill Lynch; we have served as secretary of state and White House national security adviser; we are mayors, police chiefs, best-selling novelists, MacArthur fellows, Nobel laureates, professors, billionaires, scientists, stockbrokers, engineers,etc...But there is a second, disturbing profile that reveals too high a percentage of black men being AWOL as fathers and husbands; as disappearing from our colleges (UC Berkeley's 2004-05 freshman class had only 108 African-Americans out of 3,600 students, with less than 40 males, and not one black among the 800 entering students in engineering); as graduating from high school with an eighth-grade level of proficiency in math and reading; in prison, on probation or on parole (a third of black men in their 20s). With the HIV infection rate doubling for blacks in the past decade, as well as urban violence, hypertension, social stress and heart disease, the number of black men now trails black women by two million....we are finally willing to acknowledge a national "boy problem" in general, one with devastating consequences for black males in particular...We have already allowed the talent, resources and genius of two generations of young black men who might have enriched this republic to be squandered by gang violence, by poor academic preparation, by the lack of good parenting and by the celebration of an irresponsible "thug life" that is ethically infantile and, predictably, embraced by a notoriously values-challenged entertainment industry....Two things could not be more clear in 2005: First, without strong, self-sacrificing, frugal and industrious fathers as role models, our boys go astray, never learn how to be parents (or men), and perpetuate the dismal situation of single-parent homes run by tired and overworked black women. The black family as a survival unit fails, which leads to the ever-fragile community collapsing along with it. Second, our black predecessors (particularly Booker T. Washington with his corny but unfailingly correct "gospel of the toothbrush") understood from the era of Reconstruction until the late 1960s how indispensable was the black family for sustaining a fight against racism that by its very nature can only be measured in centuries, and for ensuring that our progress toward liberation, personal and political, would not be lost in but a single generation as it now threatens to be.
African-Americans  Al_Sharpton  Booker_T._Washington  crisis  dysfunction  endangered  family_breakdown  fatherhood  frugality  industriousness  Jesse_Jackson  leadership  Louis_Farrakhan  Reconstruction  self-sacrifice  single_parents  thug_code 
august 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
How Entrepreneurs Craft Strategies That Work
March-April 1994| HBR | Amar Bhidé.

However popular it may be in the corporate world, a comprehensive analytical approach to planning doesn’t suit most start-ups. Entrepreneurs typically lack the time and money to interview a representative cross section of potential customers, let alone analyze substitutes, reconstruct competitors’ cost structures, or project alternative technology scenarios. In fact, too much analysis can be harmful; by the time an opportunity is investigated fully, it may no longer exist. A city map and restaurant guide on a CD may be a winner in January but worthless if delayed until December...What are the critical elements of winning entrepreneurial approaches? Our evidence suggests three general guidelines for aspiring founders:

1. Screen opportunities quickly to weed out unpromising ventures.

2. Analyze ideas parsimoniously. Focus on a few important issues.

3. Integrate action and analysis. Don’t wait for all the answers, and be ready to change course.
entrepreneur  strategies  HBR  founders  Amar_Bhidé  hustle  capital_efficiency  pivots  analysis_paralysis  action-oriented  pragmatism  Michael_McDerment  frugality  parsimony  good_enough 
june 2012 by jerryking
Who gets the money: 'aggressive, hungry and paranoid' - The Globe and Mail
MARK EVANS | Columnist profile
Special to Globe and Mail Update
Published Friday, Mar. 02, 2012

there is financing available for “aggressive, hungry and paranoid” entrepreneurs who want to change the world. The problem is that there aren’t enough of those kinds of entrepreneurs in Canada....“Venture capital is made for people who are very ambitious, people who want to make a dent in the world, eat someone’s lunch, and want to disrupt someone’s business. That attitude, we don’t have enough of in Canada.”
iNovia  venture_capital  vc  entrepreneur  change_agents  disruption  mindsets  paranoia  ambitions  Mark_Evans  aggressive  frugality  pitches  thinking_big  champions  competitiveness  self-confidence  overambitious  staying_hungry  torchbearers 
march 2012 by jerryking
Our fascination with the well-to-do: The money myth;
Feb 12, 2002 | National Post. . pg. SR.1.FR| Deirdre McMurdy

Inherited wealth continues to be relatively rare. About 80% of the country's millionaires represent first-generation wealth.

It's worth noting that it isn't the option-soaked corporate fat cats or the sharp-shooting lawyers who earn the biggest bucks: small business owners and entrepreneurs are four times more likely to be millionaires than those who work for others. They usually do it, furthermore, by retaining a narrow focus on their objective and working extremely hard in low-glamour Old Economy industries like packaging, auto parts or waste disposal.

For the most part, these are frugal folks who live modestly among us and quietly manage their holdings. And that's not just the case in Canada. American sociologists Thomas Stanley and William Danko -- who wrote the 1999 bestseller, The Millionaire Next Door -- found that most millionaires live in homes worth less than $300,000, drive three-year-old U.S.-made cars and never pay more than US$400 for a suit....Within the genus of millionaires, the Bay Street and Wall Street crowds are a distinct species. Those who have coined it in capital markets are a breed apart -- and certainly not representative of most millionaires...But our admiration for wealth is not without its caveats. Some forms and display of money are more inspiring than others. We may aspire to the toys and the lifestyle, but stock-market fortunes are subtly less respected than those garnered through manufacturing or more traditional methods. Accurately or not, the view tends to prevail that market millionaires have been lucky in a game of chance.
ProQuest  high_net_worth  myths  small_business  entrepreneur  owners  capital_markets  unglamorous  modesty  frugality  hard_work  focus  obsessions  industrial_economy  fascination  inheritors  first-generation  founders 
october 2011 by jerryking
Op-Ed Columnist - Superbroke, Superfrugal, Superpower? - NYTimes.com
September 4, 2010 ! NYT ! By Tom FRIEDMAN. Builds on the
message contained in “The Frugal Superpower: America’s Global Leadership
in a Cash-Strapped Era” a very timely book by Michael Mandelbaum. How
to mitigate this trend? Mandelbaum argues for 3 things: (1) we need to
get ourselves back on a sustainable path to economic growth and
reindustrialization, with whatever sacrifices, hard work and political
consensus that requires. (2), we need to set priorities. We have enjoyed
a century in which we could have, in foreign policy terms, both what is
vital and what is desirable. e.g. with infinite men & money we can
succeed in Afghanistan. But is it vital? it may be desirable, but
vital? (3), we need to shore up our balance sheet and weaken that of our
enemies, and the best way to do that in one move is with a much higher
gasoline tax. ..There was a time when thinking seriously about U.S.
foreign policy did not require thinking seriously about economic policy.
That time is also over.
Tom_Friedman  U.S.foreign_policy  imperial_overstretch  cash-strapped  geopolitics  austerity  economic_policy  priorities  sacrifice  reindustrialization  frugality  superpowers  hard_work 
september 2010 by jerryking
The Importance of Frugal Engineering
May 25, 2010 | Strategy + Business | by Vikas Sehgal, Kevin
Dehoff, and Ganesh Panneer. Providing new goods and services to “bottom
of the pyramid” customers requires a radical rethinking of product
development. Frugal engineering is not simply low-cost engineering. It
is not a scheme to boost profit margins by squeezing the marrow out of
suppliers’ bones. It is not simply the latest take on the decades-long
focus on cost cutting.Cost discipline is an intrinsic part of the
process, but rather than simply cutting existing costs, frugal
engineering seeks to avoid needless costs in the first place. Frugal
engineering, addresses the billions of consumers at the bottom of the
pyramid who are quickly moving out of poverty in China, India, Brazil,
and other emerging nations.
innovation  C.K._Prahalad  Bottom_of_the_Pyramid  product_development  Tata  BRIC  low-cost  emerging_markets  trickle-up  reverse_innovation  jugaad  frugality  cost-cutting  supply_chain_squeeze 
august 2010 by jerryking
Four Lessons from Y-Combinator's Fresh Approach to Innovation
June 12, 2009 | HarvardBusiness.org | by Scott Anthony.
1. You can do a lot for a little.
2. Tight windows enable "good enough" design.
3. Business plans are nice, not necessary.
4. Failure is an option.
Also: Their main motto is (that startups should) "make something people
want". Another prominent theme in their approach is its
hacker-centricity.
Scott_Anthony  innovation  decision_making  lessons_learned  Paul_Graham  Y_Combinator  frugality  demand-driven  constraints  failure  design  customer-driven  insights  market_windows  good_enough 
october 2009 by jerryking
Deep in Debt, and Now Deep in Worry
January 24, 2009 |New York Times| By BEN STEIN
Advice about money: do not act like typical Americans. Do not fail to
save. Do not get yourself in debt up to your eyeballs. Work and take
pride and honor from your work. Learn a useful skill that Americans
really need, like law or plumbing or medicine or nursing. Do not expect
your old Ma and Pa to always be there to take care of you. Learn to be
self-sufficient through your own contributions. “Be prudent.”
Ben_Stein  financial_literacy  personal_finance  self-sufficiency  prudence  personal_economy  savings  frugality  debt 
march 2009 by jerryking

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