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Showing posts with label Entrepreneurship. Show all posts
Showing posts with label Entrepreneurship. Show all posts

Sunday, December 10, 2023

The meaning of longevity and purposeful living

 

Munger is just as highly regarded as Buffett because the values they espouse have become a long-standing guide to value investors, including myself. — Reuters

It's imperative to make a conscientious effort to do good


JUST last week, we witnessed the passing of two towering figures – investing legend Charlie Munger and iconic US Secretary of State Henry Kissinger.

Both are centenarians, with Munger living to 99 years and Kissinger at 100 years.

Apart from their longevity, what’s remarkable about both the gentlemen was their sharp mental acumen during their ripe old age and continuous influence on society right up to their last days.

As obituaries poured in across the media, we could see their overwhelming contribution in charting the course of world history in their respective sphere of influence.

Not many people are blessed with good health that can last a century.

Incidentally, Munger and Kissinger were able to lead both long and meaningful lives.

Time is precious because life is fleeting, but from their lives, I learnt what’s most important is not solely about longevity but also a life of purpose.

Knowledge for the next generation

Most would know Warren Buffett instead of Munger. Some say their relationship is akin to Batman and Robin. However, it is important to know that Berkshire Hathaway would not be where it is today without Munger’s existence and the role he played. In the world of investment, Munger is just as highly regarded as Buffett because the values they espouse have become a long-standing guide to value investors, including myself.

Just as Benjamin Graham who came before Buffett, his book helped mould the idea of value investing for the subsequent generations. Of course, there is no example of a better student that lived out his entire lifetime based on the knowledge imparted by Graham.

The imprint left by Munger on the investing world is no less significant than Buffett. He had the hand in convincing Buffett in looking beyond the United States towards China and taking an early stake in BYD worth Us$230mil in 2008 which has since grown in value to Us$2.4bil as of October 2023.

This was among the most successful investments that Berkshire Hathaway made in recent decades delivering 10 times in returns over 15 years.

This investment is significant because BYD is not only the leading battery manufacturer in the world today, but also the largest electric vehicle (EV) manufacturer in terms of volume sold in China, championing the EV supply chain and green agenda in the world’s most populous economy. Globally, BYD’S EV sales is just behind Tesla.

In Munger’s own words, “I have never helped do anything at Berkshire Hathaway that was as good as BYD and I only did it once.”

Furthermore, I respect Munger for often being willing to speak the truth even if it is contrarian to the sentiment of the day

Unlike most Americans, Munger often gave credit to China’s communist government in its effort of growing the economy, executing national policies and plans while lifting the people from hardcore poverty. Another classic example was Munger’s open criticism of cryptocurrency during its speculative rally to dizzying heights attracting much irk from the youths.

‘Tang Ping’ phenomenon

We are increasingly seeing the youth of today embark on a series of passive aggressive resistance movement which is unheard of prior to this decade.

“Tang Ping” is a Chinese slang that means lie down flat and get over the beatings, which is a direct rejection of societal pressure to achieve certain definition of success as per the norm.

Due to an entrenched culture of overworking yet not being able to achieve the desired level of achievements, youths in China opted for the “Tang Ping” way of life rather than to continue to strive.

It started getting popular during the pandemic years and was further exacerbated across social media as many struggled to achieve upward mobility in society for which they had long hoped.

In the United States, a similar counter-culture approach was observed, as those in workforce pivoted towards “quiet-quitting”.

In this case, employees of companies choose to do just enough to get by without getting fired and avoid working towards achieving their personal and companies’ goals.

While it is said this phenomenon is prevalent in developed economies and highly competitive society, in my observation, certain youth in Malaysia are welcoming such approach which can be seen in across social media feeds.

This is highly disconcerting. I do not deny the importance of enjoying life beyond pursuits of material possessions.

I also agree about valuing family time especially because life is short.

However, while time is precious, and tragedies of life are unfortunate, these premises cannot be used as the excuse to not work hard in life or to try to make living a lifetime a meaningful one.

This is especially when many good people with extraordinary talent are left undiscovered because they choose to lie low or refuse to make the effort to compete.

This will give room to foster a more elitist society, which comprises those who come from a powerful or privileged background.

Some of these people may lack virtues such as integrity or morality but they will end up ruling the world if those who come from the less fortunate background choose not to challenge the status quo and opt for “Tang Ping”. It ends up being a vicious cycle.

Finding purpose in life

The focus of today’s column is not to preach the right way of life but to offer a perspective on the ongoing phenomenon that is fast becoming popular among the youth. This affects the economic development of a nation and the progress of a dynamic society.

Everyone is entitled to live in the manner he or she chooses. It is hard to judge or pass a comment without knowing what others have been through.

Yet, finding meaning or purpose in life is more important than anything else because it will set the path of which one chooses to live for the rest of their life.

If one does not have any interest in the pursuit of monetary rewards, a career in giving back may be more fulfilling. That is why we see professions such as teachers, nurses and journalists exist.

Regardless of the path that one takes, it is imperative to make the conscientious effort to do good in whatever capacity we are.

Even as a businessman, entrepreneur or fund manager, corporate social responsibility or environmental, social and governance efforts should not be a branding initiative to win the public’s recognition.

Branding and showmanship should not be the factors that go into the thought process when choosing to do good. For an individual and a business alike, many hope to last beyond three generations.

However, it is important to remember that longevity should always come with a purpose.

Only then will it be meaningful.

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Washington reacts with ‘sour grapes’ mentality to Kissinger’s China tour, urged to be rational and refrain from confrontation



Thursday, September 30, 2021

Mission to turn China into talent hub

 Shanghai seeks to attract overseas talents

 An opening ceremony of the Global Talent Innovation and Entrepreneurship Summit is held in Shanghai, Sept 29, 2021. - Xinhua


https://youtu.be/Gyc1OHJq_Lg

Technology and Innovation in China's Path to 2035

Xi wants country to rank among world’s best as strategic force in science

BEIJING: President Xi Jinping has set out a vision to develop China into a global hub for talented people and innovation, with steps to train and bring in more top-flight professionals to enable them to fulfil their potential.

Speaking at a central work conference on human resources – held in Beijing on Monday and Tuesday – Xi called for greater emphasis to be given to training talent and quicker steps to establish a competitive edge in human resources.

As China edges closer to the grand goal of realising its great rejuvenation, the nation is more eager for talented people than at any period in history, said Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission.

The country’s competitive strength and national development and rejuvenation hinge on the fostering of more talented people, he said.

Xi summed up key experiences of the nation’s work related to talent in eight areas, including adhering to the Party’s across-the-board leadership, following the strategy of talent-led growth and focusing on the forefront of global science and technology, the economy, the major demands of the country and people’s health.

He unveiled the nation’s goals in this area over the next 15 years..

By 2025, China will see a sharp increase in spending on research and development, secure important progress in developing a leading force in scientific and technological innovation, bring together more top scientists and have a large number of talented people in core technologies..

China will establish a talent system in keeping with high-quality growth and have stronger appeal to high-calibre talent globally by 2030..

By 2035, China aims to rank among the world’s top nations in terms of being a strategic force in science and technology and have high-calibre talent, he said..

The president proposed building a leading area for high-calibre talent in Beijing, Shanghai and the Guangdong-hong Kong-macau Greater Bay Area, saying that the nation’s high-quality resources should prioritise support for a group of national laboratories and new research institutions..

In deepening the institutional reform for talent development, Xi highlighted the need to give play to the role of employers in training and bringing in talented people and enabling them to fulfil their potential..

Scientists must be given greater say in deciding what technological routes to take, allocation of funds and resources, he said, adding that it is equally important to ensure that scientific and research programmes can yield outcomes..

Xi urged stronger efforts to train scientists and enable them to play a more important role, adding that it is important to find more scientific workers with broad horizons, strong foresight and judgment..

The role of national laboratories, research institutions, high-level universities and leading tech companies must be amplified to develop a large number of leading scholars and innovation teams, he said..

The nation must focus the strength of its talent policies on young specialists while enabling them to take major responsibility, he added..

China, with the world’s biggest higher-education system, is capable of training a large number of high-calibre talented people, giving rise to leading scholars, he said..

Higher-education institutions, especially top universities, must play a major role in training talented people in the areas of fundamental research, with measures to develop a host of training bases in fundamental science, he said..

Xi also underlined the need to give rise to more philosophers, social scientists and artists, saying that stronger measures must be taken to enhance international exchanges of talent. — China Daily/ ANN.

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 Related news:

 

Shanghai seeks to attract overseas talents

 

Xi unveils plan to turn China into talent hub

 

China to launch rocket in 2028 capable of sending crewed probe to moon - NBC News

China in top spot for research amid US struggling to ‘contain’ China rise

 

 Botched Afghan retreat reveals an America struggling to contain China


` Unable to better China in positive competition and with military options unfeasible, the US can only fall back on the ‘moral high ground’. But in its hasty Afghan withdrawal, to focus on China, the US risks losing even this -

Thursday, March 31, 2016

China start-up 'Little Red Book', Xiaohongshu valued at US$1bil

 
Colour of success: A Chinese actress dressed as a Red Guard and holding a ‘Little Red Book’ performs in front of a portrait of the late Chairman Mao Zedong at a restaurant in Beijing Xiaohongshu says its name has nothing to do with Mao’s famous tome. — Reuters

HONG KONG: The “Little Red Book” has become a symbol of capitalist success in Communist China.

E-commerce start-up Xiaohongshu, which means “Little Red Book” in Chinese, has raised US$100mil from Tencent Holdings Ltd and other investors at a valuation of about US$1bil, two people familiar with the matter said.

The online shopping site co-founded in 2013 by Charlwin Mao, which connects overseas merchants with local buyers, becomes China’s newest billion-dollar startup. It also attracted investment from Genesis Capital and Tiantu Capital in its latest round, the people said, asking not to be identified because the matter is private.

The funds will help bankroll the Shanghai-based startup’s expansion. Xiaohongshu -- which calls itself RED and stresses its name bears no relation to Mao Zedong’s book of quotations - works by letting its mostly younger female users post pictures of favorite products. It then connects them with sellers abroad of everything from Body Shop anti-dandruff shampoo to Lotte peach liquor.

Its fundraising comes as venture capital firms grow more cautious about valuations in China, an economy forecast to grow this year at its slowest pace in a quarter-century.

Genesis Capital is a late-stage investment firm founded by Richard Peng Zhijian, who oversaw Tencent’s investment unit. Genesis and Tencent didn’t respond to e-mailed queries. Calls to Shenzhen-based Tiantu’s general line went unanswered. Xiaohongshu co-founder Mao said he couldn’t immediately comment.

Three-year-old Xiaohongshu claims 17 million registered users on its LinkedIn page and had attracted investment previously from GGV Capital and Zhen Fund.

It specialises in cross-border e-commerce, marketing foreign brands to increasingly wealthy local shoppers.

That’s a market forecast to reach 6.5 trillion yuan (US$1 trillion) by 2016, the state-run Xinhua News Agency cited the Ministry of Commerce as saying in March.

It didn’t elaborate on that figure.

The company says its name has nothing to do with Mao’s famous tome, considered one of the most-printed works in history and known to English-speakers as the “Little Red Book.” The late Communist leader’s book is called “Hong Bao Shu” or “red treasure book” in Chinese. “Why isn’t your website called ‘Little Black Book,’ ‘Little Blue Book,’ ‘Little Purple Book’ or ‘Big Red Book’?” reads a question posted by Xiaohongshu in a section of its website sketching out its origins. “We don’t know. But anyway, our name isn’t because of Hong Bao Shu.” — Bloomberg

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IT WORKS! The Famous Little Red Book That Makes Your Dreams Come True! Law Of Attraction






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Entrepreneurship is not a job but providing a solution...

Monday, March 28, 2016

Entrepreneurship is not a job but providing a solution

Coming up with a winning idea


Entrepreneurship is not a job. It’s about providing a solution, and pulling people and resources together to make that change. Workable business ideas are all about solving problems.

Q: I’m an engineering student in Portugal, but I feel I really was born to be an entrepreneur. I started creating logos for companies when I was about 15. I’m passionate about entrepreneurship and I’m always trying to think of new ways to start businesses. I want to follow my passion — but it’s tough when you have a great business idea, and no support. How do I find the right path? — João Bandeira, PortugalJoão, it’s always heartening to hear a young would-be entrepreneur talk about passion being a key driver in his life. The most successful entrepreneurs share that indescribable desire to change the world and make a positive difference in people’s lives.

And while it can be a struggle in the early days to find one project to pour all your enthusiasm into, just remember that successful entrepreneurs always manage to come up with an idea that’s right for them, and they make it work.

Your question reminds me of the origins of Ring — a wildly successful business that I have invested in.

For years, founder Jamie Siminoff had attempted to come up with a winning business idea — he even turned his garage in California into a lab for prototypes. As he worked there, though, Jamie was annoyed that he couldn’t hear the front doorbell.

One day he decided to fix this problem — he created a program to link the doorbell to his smartphone so that he could answer the door remotely with a video call. It was a great solution.

Jamie’s wife loved the idea as well: When Jamie was away, she could always see who was at the front door, and she felt safer.

Later, Jamie invited friends around to check out his other inventions, but the only thing anybody cared about was the doorbell!

He soon realised that this was the best business idea he ever had, and Ring was born. Just like that, the hours of searching for a winning idea were over.

João, the fact that you are constantly thinking of new businesses to start is a hugely valuable asset. Being proactive is a good thing, but I would strike a note of caution about the idea search.

I recently joined a host of fellow entrepreneurs in Los Angeles for Virgin Atlantic’s inaugural “Business Is an Adventure” event, and the topic of generating business ideas came up in a panel. Sean Rad, the CEO and founder of the dating app Tinder, made a great point.

“Entrepreneurship is not a job — it is a reaction to you wanting to solve a problem,” he said. “You have to wake up and say: ‘I am passionate about making a change, and I am passionate about pulling together people and resources... Not wake up and say: ‘I want to be an entrepreneur’ because I think you’ll kind of be lost... you’ll be looking for a problem instead of finding a problem looking for a solution.”

It’s a shrewd observation, and one that underlies the success of many companies, including Tinder.

In our daily lives, we all come across problems, annoyances or frustrations that we would love to see solved. Luckily, entrepreneurs are perfectly placed to solve those problems.

Interestingly enough, that’s how Virgin Atlantic began. After one particularly terrible experience as a passenger with an unscrupulous airline, I decided there must be a better way to fly. The next day, our team was on the phone with Boeing asking if they had any second-hand 747s that they were willing to sell.

Thankfully, they didn’t laugh and hang up — and the first Virgin airline was born.

So keep in mind that generating ideas is a great strength, but make sure that you’re spending your time and energy searching for solutions, not problems. That’s the best way to approach workable business ideas. Become a passionate problem-solver, and you’re half-way to being a successful entrepreneur.

Also keep in mind that once a great idea has been sparked, getting it off the ground can feel like a daunting task for anyone — especially if you have nobody there to support you, as you point out. I would advise you to take advantage of the connectivity offered by the Internet. Plenty of resources, networks and fellow entrepreneurs are just a click away.

Additionally, getting a mentor who can point you in the right direction and share his experiences is one of the best things you could ever do. You’d be surprised how many people are willing to help if you just ask. — Distributed by The New York Times Syndicate

By Richard Branson

Questions from readers will be answered in future columns. Please send them to Richard.Branson@nytimes.com. Please include your name, country, email address and the name of the website or publication where you read the column.

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