ReportWire

Tag: Entrepreneurship

  • Judge kept FTX execs’ plea deals secret to get founder to US

    Judge kept FTX execs’ plea deals secret to get founder to US

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    NEW YORK — A judge kept secret that two of Sam Bankman-Fried’s closest associates had turned against him so the cryptocurrency entrepreneur wouldn’t get spooked and fight extradition from the Bahamas, according to court transcripts made public Friday.

    U.S. prosecutors in New York waited until Bankman-Fried, the founder of the collapsed crypto exchange FTX, was in FBI custody before revealing that his business partners, Carolyn Ellison and Gary Wang, had secretly pleaded guilty to fraud charges and were cooperating in the investigation, which can earn them leniency at sentencing.

    U.S. Attorney Damian Williams announced the guilty pleas when Bankman-Fried was in the air late Wednesday.

    Prosecutors had been concerned that if Bankman-Fried found out his friends were cooperating, he might try to fight extradition from the Bahamas, where he had been arrested at the request of U.S. authorities.

    Ellison, 28, and Wang, 29, entered their guilty pleas in Manhattan federal court Monday to charges that carry a potential penalty of decades in prison.

    At that hearing, Assistant U.S. Attorney Danielle Sassoon told the judge prosecutors had expected Bankman-Fried to consent to extradition Monday before there were “some hiccups in the Bahamian courtroom.”

    “We’re still expecting extradition soon, but given that he has not yet entered his consent, we think it could potentially thwart our law enforcement objectives to extradite him if Ms. Ellison’s cooperation were disclosed at this time,” Sassoon told U.S. District Judge Ronnie Abrams.

    The judge got assurance from Ellison’s lawyer that there was no objection to the request before granting it.

    “Exposure of cooperation could hinder law enforcement officials’ ability to continue the ongoing investigation and, in addition, may affect Mr. Bankman-Fried’s decision to waive extradition in this case,” Abrams said.

    Bankman-Fried, 30, appeared in court in New York on Thursday. He was released on the condition that he live under house arrest with his parents in Palo Alto, California, while awaiting trial.

    The home where he was staying was protected Friday by heightened security, including a Stanford University security guard posted about 50 yards (46 meters) from the home to keep passersby away. The school’s president lives nearby.

    Ellison is the former chief executive of Bankman-Fried’s cryptocurrency hedge fund trading firm, Alameda Research. Wang co-founded FTX, the crypto exchange. Both agreed to testify at Bankman-Fried’s trial.

    They and Bankman-Fried are accused of defrauding customers and investors by illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda.

    In court Monday, Ellison said since FTX and Alameda collapsed in November, she has “worked hard to assist with the recovery of assets for the benefit of customers and to cooperate with the government’s investigation.”

    “I am truly sorry for what I did. I knew that it was wrong. And I want to apologize for my actions to the affected customers of FTX, lenders to Alameda and investors in FTX,” she said, according to a transcript.

    Ellison said she was aware from 2019 through 2022 that Alameda was given access to a borrowing facility at FTX.com that allowed Alameda to maintain negative balances in various currencies.

    She said the practical effect of the arrangement was that Alameda had access to an unlimited line of credit without being required to post collateral and without owing interest on negative balances or being subject to margin calls or liquidation protocols.

    Ellison said she knew that if Alameda’s FTX accounts had significant negative balances in any currency, it meant that Alameda was borrowing funds that FTX’s customers had deposited into the exchange.

    “While I was co-CEO and then CEO, I understood that Alameda had made numerous large illiquid venture investments and had lent money to Mr. Bankman-Fried and other FTX executives,” she said.

    Ellison said she understood that Alameda had financed the investments with short-term and open-term loans worth several billion dollars from external lenders in the cryptocurrency industry.

    When many of those loans were recalled by lenders in June, she agreed with others to borrow several billion dollars from FTX to repay them.

    “I understood that FTX would need to use customer funds to finance its loans to Alameda,” she said. “I also understood that many FTX customers invested in crypto derivatives and that most FTX customers did not expect that FTX would lend out their digital asset holdings and … deposits to Alameda in this fashion.”

    From July to October, Ellison said, she agreed with Bankman-Fried and others to provide misleading financial statements to Alameda’s lenders, including quarterly balance sheets that concealed the extent of the company’s borrowing and the billions of dollars in loans it had made to FTX executives and others.

    “I agreed with Mr. Bankman-Fried and others not to publicly disclose the true nature of the relationship between Alameda and FTX, including Alameda’s credit arrangement,” Ellison said.

    During his plea earlier Monday, Wang said that he made changes to computer code to enable the transactions with Alameda.

    “I knew what I was doing was wrong,” he said.

    ———

    Associated Press Writer Michael Liedtke in Palo Alto contributed to this report.

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  • Judge kept FTX execs’ plea deals secret to get founder to US

    Judge kept FTX execs’ plea deals secret to get founder to US

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    NEW YORK — A judge agreed to a request by prosecutors to keep it secret that two of Sam Bankman-Fried’s executive associates had turned against him so that the cryptocurrency entrepreneur would agree not to fight extradition from the Bahamas to the United States, according to transcripts of plea deals made public Friday.

    U.S. District Judge Ronnie Abrams said during plea proceedings Monday in Manhattan that transcripts of the pleas could remain sealed until Bankman-Fried reached New York.

    U.S. Attorney Damian Williams announced the guilty pleas and cooperation deals by Carolyn Ellison, 28, and Gary Wang, 29, while Bankman-Fried flew to a Westchester County airport late Wednesday in the custody of FBI agents.

    Bankman-Fried, 30, appeared in Manhattan federal court on Thursday, when he was released on $250 million bail after an electronic monitoring bracelet was attached to him and he agreed to live with his parents in Palo Alto, California, while awaiting trial.

    Ellison, the former chief executive of Bankman-Fried’s cryptocurrency hedge fund trading firm, Alameda Research, and Wang, a founder of FTX, the crypto exchange, agreed to testify against Bankman-Fried in connection with their pleas.

    Assistant U.S. Attorney Danielle Sassoon told Abrams during Ellison’s plea Monday afternoon that prosecutors had expected Bankman-Fried to consent to extradition on Monday before there were “some hiccups in the Bahamian courtroom.”

    “We’re still expecting extradition soon, but given that he has not yet entered his consent, we think it could potentially thwart our law enforcement objectives to extradite him if Ms. Ellison’s cooperation were disclosed at this time,” Sassoon told Abrams.

    The judge got assurance from Ellison’s defense lawyer that there was no objection to the request before granting it.

    “Exposure of cooperation could hinder law enforcement officials’ ability to continue the ongoing investigation and, in addition, may affect Mr. Bankman-Fried’s decision to waive extradition in this case,” Abrams said.

    Criminal charges lodged against Bankman-Fried were revealed on Dec. 13, when prosecutors said the entrepreneur began defrauding customers and investors after FTX’s 2019 founding by illegally diverting money to cover expenses, debts and risky trades at Alameda, which was created in 2017.

    At a news conference, Williams called the crimes that enabled Bankman-Fried to make lavish real estate purchases and large political donations “one of the biggest frauds in American history.”

    At her plea, Ellison said since FTX and Alameda collapsed in November, she has “worked hard to assist with the recovery of assets for the benefit of customers and to cooperate with the government’s investigation.”

    “I am truly sorry for what I did. I knew that it was wrong. And I want to apologize for my actions to the affected customers of FTX, lenders to Alameda and investors in FTX,” she said.

    Ellison said she was aware from 2019 through 2022 that Alameda was given access to a borrowing facility at FTX.com that allowed Alameda to maintain negative balances in various currencies.

    She said the practical effects of the arrangement was that Alameda had access to an unlimited line of credit without being required to post collateral and without owing interest on negative balances or being subject to margin calls or liquidation protocols.

    Ellison said she knew that if Alameda’s FTX accounts had significant negative balances in any currency, it meant that Alameda was borrowing funds that FTX’s customers had deposited into the exchange.

    “While I was co-CEO and then CEO, I understood that Alameda had made numerous large illiquid venture investments and had lent money to Mr. Bankman-Fried and other FTX executives,” she said.

    Ellison said she understood that Alameda had financed the investments with short-term and open-term loans worth several billion dollars from external lenders in the cryptocurrency industry.

    She said that when many of those loans were recalled by lenders in June, she agreed with others to borrow several billion dollars from FTX to repay them.

    “I understood that FTX would need to use customer funds to finance its loans to Alameda,” she said. “I also understood that many FTX customers invested in crypto derivatives and that most FTX customers did not expect that FTX would lend out their digital asset holdings and … deposits to Alameda in this fashion.”

    From July to October, Ellison said, she agreed with Bankman-Fried and others to provide misleading financial statements to Alameda’s lenders, including quarterly balance sheets that concealed the extent of Alameda’s borrowing and the billions of dollars in loans that Alameda had made to FTX executives and related parties.

    She said she knew that FTX had not disclosed to its investors that Alameda could borrow unlimited amounts from FTX, putting their assets at risk.

    “I agreed with Mr. Bankman-Fried and others not to publicly disclose the true nature of the relationship between Alameda and FTX, including Alameda’s credit arrangement,” Ellison said.

    During his plea earlier Monday, Wang said that between 2019 and 2022 while working at FTX, he was “directed to and agreed to make certain changes to the platform’s code” to give Alameda special privileges.

    “I did so knowing that others were representing to investors and customers that Alameda had no such special privileges and people were likely investing in and using FTX based in part on those misrepresentations,” he said. “I knew what I was doing was wrong.”

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  • 7 Ways to Write A Killer Bio

    7 Ways to Write A Killer Bio

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    Opinions expressed by Entrepreneur contributors are their own.

    Do you ever feel like your personal brand story is missing something?

    Maybe you’ve noticed every other brand story presenting an immense challenge, but without a struggle to share of your own, you wonder if you need to amplify your life events to make your story more powerful.

    If you’ve already tried that, chances are it felt ungenuine. You’re not alone. When we see these stories of struggle everywhere, it can feel like our story should be like this, too. But that’s not the case at all.

    With a strong story, you can seamlessly resonate with your audience and get recognized as a thought leader. But the secret to making it more powerful lies in your authentic story… not a model that amplifies the challenges just to connect with your audience.

    Keep reading to discover the best way to adopt the favored hero’s journey model and write a killer bio that earns your audience’s love and trust — even if you don’t have a dramatic event or immense challenge to construct it around.

    Related: How to Create an Epic Brand Story Like Elon Musk’s and Henry Ford’s

    The hero’s journey trap

    You’ve seen the classic hero’s journey: the hero is called to adventure, discovers a guide, faces a challenge, experiences a profound transformation and returns to the world with newly discovered gifts or insights.

    While a great model, initially curated by author and professor Joseph Campbell, it does, however, present a trap. Over time, it has led people to believe that a story is not powerful or engaging unless it entails a grand challenge or adversity; such as a traumatic car accident, chronic illness, problematic divorce, falling into poverty; the list goes on.

    We see it all the time: those inspirational stories of overcoming hardship — and when true, can make a huge impact! But, the challenge lies within those who don’t carry a story of trauma or monumental challenge.

    They end up trying to make their story ‘more exciting’ by overdramatizing their life events, which can do more harm than good.

    The truth about creating a powerful brand story

    When planning a novel back in 2014, I found myself seeking to force an element of evil into my story. It just didn’t come naturally, yet I deemed it essential!

    I blindly reached out to one of my favorite fiction writers of all time: Richard Bach. To my surprise, he wrote back! I was beyond excited! Here was his advice:

    “Your stories can tell simply that your characters want to live a simple, gentle life. What stood between them and that life, and what did they do to find their way through the cliffs? How is your heroine different from others? What does she think and dream? What kind of wind blows her toward her dream, and what currents take her off course? How does she change, from Chapter 1 to Chapter 20?

    The evil forces, the bad guys, are for writers who write for what they think their readers want… You do not need evil to tell a lovely story.”

    Reflecting upon this, I recognized how it applies perfectly to personal brand stories. You see, you are the character, and the dramatized challenges are the evil forces we feel are necessary.

    So, despite the familiar storylines, your story does not need to entail this to be of influence.

    Want proof? Many thought leaders have significantly impacted with their unique gifts and message without focusing on their challenges. Such as:

    • Marie Forleo; who followed her desire to go against the conventional grain and chase more pleasure after recognizing she was unfulfilled;
    • Jay Shetty; who followed his inspiration after meeting a Monk and not resonating with the route his student friends were taking;
    • Preston Smiles; who followed his innate desire to share love and happiness, care for others, and do “big things.”

    Everyone faces challenges, but not all stories of transformation are filled with heavy, extraordinary events — and despite popular opinion, they don’t need to be. You can simply run with a different story; driven by desires, dreams, insights and realizations.

    Related: 30 Tips to Grow Your Audience and Stand Out on Instagram

    How to write a killer bio (without amplifying your life events)

    You can now unfold your most genuine personal brand story — without falling into the trap of feeling the need to dramatize everything. Follow the prompts below and infuse them into your story of transformation.

    1. What was your chapter 1?

    Reflect upon where it all began, who you were and what life looked like. This is the part that will resonate the most with your audience who knows this world well.

    2. What stood in between you and your dreams?

    Everyone faces problems and obstacles, big or small. What stopped you from creating your dream life at the beginning?

    3. What “wind” blew you toward your dream?

    Before seeking a new path, you were called to action, to adventure. What was the final straw that made you make a change? This could be a moment, a realization or simply your yearning desires.

    4. What helped you find your “way through the cliffs”?

    Who and what aided you get across the line? Identify mentors, guides, books or practices that helped you to give your audience insight — and connect the dots to you and your offer.

    5. What “currents” took you off course?”

    What challenges arose that could have stood in your way of success? For some, this is rock bottom; for others, it’s simply a more profound insight or realization that makes turning back no longer an option.

    6. How did you change due to your success “from chapter 1 to chapter 20”?

    Reflect on your transformation and highlight what changed for you, internally or externally. This transformation can happen over some time or in one precise moment.

    7. What gifts do you now have to share with the world?

    Look at where you are today and what you have ‘returned’ with: new insights, wisdom, gifts, experience or purpose. What are you here to do, who are you here to serve, and how?

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    Natasha Zo

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  • Education boosts entrepreneurship in high growth industries

    Education boosts entrepreneurship in high growth industries

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    Newswise — AMES, IA – A new study from Iowa State indicates more education increases entrepreneurship in the U.S., especially for women.

    Economics Professor John Winters and graduate student Kunwon Ahn co-authored the recently published paper in Small Business Economics.

    “The benefits of education are often debated. Some worry it’s mostly about signaling rather than skill development, but our study provides a piece of evidence that additional years of education after high school can boost self-employment in high growth industries,” said Winters.

    To build their economic model, the researchers relied on the U.S. Census Bureau’s American Community Survey. Ahn and Winters examined employment and education data on nearly 8.2 million people born in the U.S. between 1963 and 1990. They then spliced their samples by state and birth year to link changes in education levels to changes in self-employment rates. 

    The researchers categorized industries as “high growth,” “low-to-middle growth” and “shrinking” based on industry employment growth data between 2006 and 2019 from the U.S. Bureau of Labor Statistics’ Quarterly Census of Employment and Wages.

    “Some of the high growth industries are what we’d expect: e-commerce and computer and data processing services. But they also included child care, veterinary services, and newer sub-industries in health, education and social services that emerged with smartphones and the explosion of apps,” said Winters.

    Food processing, trucking and grocery stores were among the low-to-middle growth industries. Automobiles, electronics and other sectors of manufacturing dominated the shrinking industries category, along with some retailers that sold clothing, movies and music.

    After crunching the numbers, the researchers found:

    • Additional schooling led to more self-employment in high growth industries for men and women.
    • Additional schooling led to more self-employment in low-to-medium growth industries for women but not for men.
    • Additional schooling led to less self-employment in shrinking industries for men. The researchers could not make any definitive conclusions about shrinking-industry self-employment for women because the results were not statistically significant.

    “Essentially, more education shifted the overall number of self-employed men from shrinking and low-to-medium-growth industries to high growth industries. For women, more education increased self-employment overall,” said Winters.

    Han Solo’s confidence

    As for possible explanations for the different effects education has on men and women, Winters said it may have something to do with confidence.

    “The percentage of businesses that fail early on is very high. So, nascent entrepreneurs need to be confident in order to take the leap into self-employment,” said Winters. “Think of Han Solo in Star Wars who said, ‘Never tell me the odds.’ He’s a textbook case of an overconfident entrepreneur.”

    Winters pointed to previous research showing men historically tend to be more confident and even overconfident compared to women. Along with increasing skills, education can help open doors and aspirations.

    “Education is empowering. For men who are overconfident, additional schooling may not affect their confidence much, but it can provide skills to help them in more productive and higher growth industries. For women, education may have an even greater impact on encouraging them to jump into entrepreneurship by increasing their confidence in addition to their skills,” Winters said.

    Data limitations and future research

    One of the challenges with the research project was measuring entrepreneurship. The American Community Survey asks people if they are self-employed, which Winters said is not necessarily the same as being an entrepreneur.

    “We tend to think of an entrepreneur as someone who wants to grow their business and have employees. Self-employment is broader,” said Winters.

    To shed further light on this, the researchers looked at whether the survey respondents who were self-employed had a business that was incorporated or unincorporated. Incorporating a business limits the owner’s personal liability for business debts. It provides legal protection but comes with additional paperwork and fees.

    Since businesses with more employees or aspirations to grow are more likely to be incorporated, the researchers used the legal status as a proxy for entrepreneurship. They found education increased incorporated self-employment for both women and men.

    In order to have large enough sample sizes for every state between 1963 and 1990, the researchers used employment and education data from white, non-Hispanic adults.

    “Our empirical method only allows us to look at people born in the United States, and we need large comparable groups for our approach to give accurate results,” explained Winters. 

    Winters said he’d like to see more research that explores how education can enhance entrepreneurship as a whole and for different demographic groups.

    “Education and entrepreneurship are both massively important topics, and better understanding how they work together is critical for a prosperous future,” notes Winters. “Our paper is only scratching the surface, but we hope future research sheds light on things like the influence of college major, student debt, and where entrepreneurs start their businesses.”

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    Iowa State University

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  • 2022 Year in Review

    2022 Year in Review

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    Newswise — The University of Northern Colorado has had a lot to celebrate throughout 2022. Listed below are some of the achievements and progress UNC students, faculty, staff and community members have made in 2022: 

    Student Honors and Achievements 

    • UNC students reflected on their experiences during the COVID-19 pandemic, showcasing their resiliency through artwork for University Libraries’ Reflecting Back, Looking Forward student art exhibition. 
       
    • Michael Nolting, a 19-year-old business major at UNC, self-published his first novel, The Thorn. A huge accomplishment considering Nolting was diagnosed in the third grade with Dyslexia, a learning disorder that makes reading and writing difficult. The story is a young adult science fiction fantasy about a hostile alien invasion taking over the planet, with a plot that forces the lead character into making challenging decisions. 
       
    • Kennedy Dechanta sophomore Environmental and Sustainability Studies, never imagined that she would one day be running her own businessNow the owner of the online thrift store, Eclecticism, Dechant participated and was a finalist in UNC’s 2022 Entrepreneurial Challenge, earning $2,000 that she put back into her business. 
       
    • Graduate students Ashley Coburn and Breanna King were awarded a $5,000 grant from the National Council for Mental Wellbeing to support a research project intended to improve mental health first aid training and outcomes in rural mountain west towns. The third-year doctoral students are both in UNC’s School of Psychology program. 
       
    • Students Nikaya Lawson and Ann Adele Blassingame created the collective art movement Black is Punk that opens dialogues about blackness, queerness and other minority issues through art. This initiative not only provides space for students to be represented, but also helps to raise awareness on important diversity matters. 
       
    • UNC GIS students and faculty at UNC put their skills to work spearheading a humanitarian effort that could impact communities across the globe. Sarah Karr, senior Psychology major with a double minor in Environmental Studies and GIS and Andrade-Schuch, a senior Environmental and Sustainability Studies major, co-led this year’s annual Mapathon — an event where a group of people come together on a particular day to voluntarily work on a collective mapping project. The event was in support of Missing Maps, an open, collaborative project co-founded by the American Red Cross that empowers volunteers to map areas where humanitarian organizations are working. 
       
    • UNC undergraduate honors student Madison Gremillion received national recognition for her research exploring the quality of conversations healthcare professionals have with patients receiving end-of-life care. Her project, titled “Comfort of Healthcare Professionals with End-of-Life Patient Communication: Exploring Comfort, Communication, and Education of Healthcare Professionals for End-of-Life Care,” placed first in the Biological Sciences category poster presentation and won the Sloane Prize for Undergraduate Research at the 57th annual National Collegiate Honors Conference (NCHC) in early November. Shukuru Rushanika, also an undergraduate honors student, was selected to present in the Natural Sciences poster category with a project titled “Utilizing Nurr77 as a Surrogate Biomarker for CD8+ T-Cell Activation to Assess the Immunological Effects of Berberine and Exercise.” His research will provide insights into ways that the medical community can better combat many auto-immune disorders. 
       
    • UNC’s Graduate School hosted two Three Minute Thesis (3MT®) competitions this year, providing graduate students with the opportunity to hone skills critical to the communication of their scholarship with a broad audience. Anne Boris was the winner of UNC’s spring 2022 3MT. Her dissertation project, “Stealth Dyslexia: Cognitive and Achievement Profiles of Gifted Students with Dyslexia,” was one of seven presentations delivered by UNC graduate students. Lea Haverbeck Simon was the winner of UNC’s fall 2022 3MT. Her dissertation project, “Effect of Exercise Training on Circulating Cancer-Associated Immune Cells in. Breast Cancer Patients,” was one of five presentations delivered by UNC graduate students. 
    • Over 2,300 UNC Bears graduated in the spring and fall 2022 commencement ceremonies; their ages, interests, backgrounds and paths forward all unique. Take a deeper look at some of ourspring graduatesincluding 78-year-old Kent Trompeter who started his first year of teaching secondary history, as read the stories some of our fall graduates were willing to share with us.

    • As of Nov. 18, 927 students were slated to graduate this fall with 526 earning bachelor’s degrees and 401 earning either a master’s, doctoral or specialist degree. The fall 2022 degrees will be conferred in January 2023.

    • There were approximately 1,445 spring and summer graduates in 2022, with around 1,065 earning bachelor’s degrees and 380 earning either a master’s, doctoral or specialist degree.

    • Altogether, UNC celebrated a total of over 2,372 graduates in the combined 2022 ceremonies (1,591 undergraduates and 781 graduates).

    Faculty and Staff Research, Scholarship and Honors 

    • As of Dec. 9, the university has received over $5 million in external grants and contracts through the Office of Research and Special Projects.
    • UNC Professor Deanna Meinke, Ph.D. received the 2022 Jerger Career Award for research in audiology. The Jerger award recognizes individuals whose innovative research contributions in the field of audiology/hearing and balance sciences has had groundbreaking impacts on the field and/or practice of audiology. 
       
    • Meteorology Professor Cindy Shellito, Ph.D.received her second Fulbright scholarship, that took her across the Pacific Ocean to Vietnam for five months to develop climate change driven curricula through international collaboration with University of Dalat’s Department of Chemistry and the Environment.  
       
    • Lyndsey Crum, ‘05, assistant vice president for UNC’s Alumni Relations, received a Fulbright U.S. Scholar Program award to participate in an International Education Administrators Seminar in Germany. In October, Crum traveled to Berlin, Germany for a two-week group seminar where she explored Germany’s higher education system, society and culture. The Fulbright Program chose recipients based on their significant involvement in international educational exchange services, career services, alumni affairs or fundraising. 
       
    • School of Teacher Education Professor Suzette Youngs, Ph.D., has been selected as the recipient of the 2022 Sears Helgoth Distinguished Teaching Award. This award is administered by UNC’s College of Education and Behavioral Sciences and recognizes UNC’s commitment to high-quality and innovative teaching along with the historical importance of the teaching mission at UNC by rewarding faculty members (tenured, tenure-track, contract renewable) who have made outstanding contributions to teaching and learning that result in the enhancement of the intellectual development and lives of students. 
       
    • UNC’s School of Art and Design (SOAD) Director Donna Goodwin, Ph.D., was awarded Art Educator of the Year by the Colorado Art Education Association’s fall conference. The award recognizes excellence in contributions, dedicated service and professional achievements in the field of visual arts education. Award recipients “exemplify highly qualified art educators that are leaders, teachers, students, scholars and advocates who give their best to their students and the profession.” 
       
    • Karen BartonPh.D., a professor of Geography and GIS in UNC’s College of Humanities and Social Sciences was awarded her eighth and ninth Fulbright awards in 2022 that will have her traveling to separate continents to continue her research in community resilience and adaptation and global environmental change. For four weeks over winter break, Barton is headed to Bangladesh on a Fulbright Specialist award. In collaboration with the Independent University of Bangladesh (IUB) in Dhaka and the Center for Bay of Bengal Studies, she’ll spend her time working to help reduce plastics pollution in the Bay of Bengal, specifically focusing on mitigation and education efforts targeting single-use plastics.

    Strategic Planning 

    • In alignment with UNC’s Empower Inclusivity vision element, the university was recognized with the “Best of the Best” award for being a LGBTQ-friendly campus based on the Campus Pride index. Campus Pride is an organization that works with university communities nationwide “to help support and improve the quality of campus life for LGBTQ people,” as explained on their website. 
       
    • UNC in June concluded the first two-year phase of the Rowing, Not Drifting 2030 strategic plan. Many of the accomplishments achieved during Phase I laid the groundwork that put the right people, processes, technologies and tools in place. A summary of achievements from Phase I can be found on UNC’s strategic planning website. 
       
    • Based on feedback from the UNC community collected in the spring of 2022, five new key actions were identified to guide the second two-year phase of the strategic plan: Develop and implement a Strategic Enrollment Management plan; build on Phase I foundational work to ensure UNC is a Students First university; continue development and implementation of faculty and staff recruitment, engagement and retention plans; create plans, structures and programs that foster an inclusive environment at UNC where individuals feel welcomed and supported; and create and implement an academic portfolio management plan. 
       
    • Continuing work started during the previous year, Provost and Executive Vice President Kirsty Fleming undertook efforts to align UNC’s academic portfolio with the needs of students and the marketplace. This necessary work to secure UNC’s future success was done in partnership with deans, faculty, and other campus leaders. 
       
    • To help UNC achieve and maintain optimum recruitment, retention and graduation ratesefforts were started todevelop a strategic enrollment management plan. This work is being led by Cedric Howard, vice president of the Division of Student Affairs and Enrollment Services. The new division was formed in June when Enrollment Management was realigned under Student Affairs to better provide a transformative student experience that positively impacts student access, academic success, persistence, and graduation. 
       
    • With enrollment of Hispanic and Latinx undergraduate students above 25% for the first time in fall 2022, UNC was able to take the next steps to apply for federal Hispanic Serving Institution (HSI) designation on a timeline consistent with the university’s goals. A HSI steering committee, chaired by Tobias Guzmán, vice president of the Division of Diversity, Equity and Inclusion and Fleming, was appointed to help guide UNC’s efforts. 
       
    • In support of the vision element “Innovate and Create,” UNC continued to make progress in establishing a College of Osteopathic Medicine. Thanks to the leadership of founding dean Dr. Beth Longenecker, who joined UNC in June, and the work of many partners, UNC this year started the process of creating a program plan for a facility to house the college; developed a hiring plan and operational budget; and established a college advisory board with representatives from the university, clinical partners, the city and the county. This transformative effort will not only expand UNC’s offerings in the health sciences, but also meet a critical need for physicians in our community and beyond.  
       
    • Over the past year, UNC continued to develop and implement faculty and staff recruitment, engagement and retention plans. This included implementing a multi-year equitable and competitive compensation plan for faculty and staff that builds on efforts from the previous two years. Additionally, after pilots during previous years, UNC again implemented in 2022 half-day Fridays over the summer and an extended winter break at the end of 2022.  

    Academic Programming and Planning 

    • Kirsten Fleming, Ph.D. was selected in February as the new executive vice president and provost. Fleming has over 30 years of higher education experience, including over three years at California State University, Long Beach (CSULB) where she served as the associate vice president (AVP) of Faculty Affairs, and six years at California State University, San Bernardino (CSUSB) where she was dean of the College of Natural Sciences and professor of Mathematics. 
       
    • In March, UNC made key progress in its ongoing exploration of creating a not-for-profit college of osteopathic medicine within the university when Governor Jared Polis signed Senate Bill 56 on Thursday, March 17. The legislation, introduced to the Senate on Jan. 18, allows the university to offer specialized degree programs in osteopathic medicine. The bill was passed unanimously through the House and Senate, receiving bipartisan support.   
       
    • The Accounting and Computer Information Systems Department at UNC’s Monfort College of Business was ranked as the number one program in the world for experimental research in Accounting Information Systems. The top recognition, from among more than 630 universities measured, comes from the annual Brigham Young University Accounting rankings. 
       
    • The School of Sport and Exercise Science and the Department of Nutrition and Dietetics combined this year to form the Department of Kinesiology,Nutrition and Dietetics (KiND) under the College of Natural and Health Sciences. Professor and KiND Chair David Hydock, Ph.D., said the merger will facilitate more collaboration and opportunities for students.   
       
    • UNC welcomed 24 new faculty in fall 2022, representing every college across the university. Some of those new faculty members include Vivian Guetler who joined the Criminology and Criminal Justice program; Bonnie Buss who joined the Chemistry and Biochemistry department; Daniel Farr who joined UNC’s School of Music as the new associate director of Bands; and Hye Jeong Park who joined UNC’s School of Art and Design as an assistant professor for Graphic Design and Digital Art. 

    Community, Alumni and Donor Engagement

    • To date in 2022, more than 3,000 donors have made more than 5,500 individual gifts to UNC, contributing more than $16 million in philanthropic support. 
       
    • Alumni and friends made contributions to more than 250 scholarship funds in 2022, directly enabling students to attend UNC and persist in their studies. 
       
    • UNC posted a record fundraising year in fiscal year 2022, thanks to the ongoing generous support of the UNC community, as 3,784 donors commit $22,325,280 and continue to impact lives through higher education.  
       
    • In January, UNC convened a panel of state legislators and local leaders to preview the spring 2022 legislative session. The pressing topics of interest this year included the Joint Budget Committees’ consideration of higher education and preschool through grade 12 funding, prepping students for success, and generating a safer Colorado. 
       
    • UNC alumna Annette Martinez’s appointment to UNC’s Board of Trustees by Governor Jared Polis was confirmed in February. Martinez is a senior vice president with State Farm Insurance Companies where she has worked since 1988. During her career, she served in several leadership roles in both human resources and business operations, gaining considerable experience in leadership development, diversity and inclusion, organizational design and crisis management. 
       
    • Neyla Pekarek ‘09 Grammy-nominated vocalist, cellist, and pianist former member of The Lumineers premiered her musicalRattlesnake Kate at the Denver Center for the Performing Arts (DCPA) on Feb. 4  
       
    • Kenneth W. Monfort College of Business named two new chairs thanks to donor support. Additionally, the Monfort Family Foundation renewed its support and naming of the Kenneth W. Monfort College of Business, supporting scholarships, faculty excellence and the college’s greatest needs. 
       
    • The Empower Center – a training facility for UNC’s student athletes — opened its doors after donor support made the university’s first fully donor-funded facility possible.  
       
    • Funding from several corporate donors to support UNC’s diversity, equity, and inclusion initiatives, including our first-ever Juneteenth celebration and campus-wide UNITE trainings.  
       
    • More than 300 people attended UNC’s inaugural Juneteenth celebration, which hosted over 25 community and campus vendors and partners, helping to contribute material goods and money directly to Black makers, doers and creators through the event.   
       
    • Nearly 300 students and alumni participated in 10 virtual career panels to build their network and gain industry insight. Topics included exploring careers in K-12 education, alumni of color working in business, alumni working in sustainability and other industry and identity-focused areas.   
       
    • UNC presented its Honored Alumni Award to Robby Aguilar ’03; Natalie Lindeberg ’06; John ’84 and Angela ’89 Schmidt; Tom Severtson ’70, ’71; and Armando Silva, ‘10 in celebration of their service, commitment and dedication to the university. 
       
    • UNC received a $2 million award through the Colorado Opportunity Scholarship Initiative’s (COSI) “Finish What You Started” program, which provides UNC students with $1.5 million 
      in scholarships for eligible students who started college but did not graduate before leaving. 
       
    • More than 300 participants in UNC’s annual Women’s Walk raised over $36,000 in support of UNC’s female student-athletes. 
       
    • Alumni Jennifer (McHugh) Taylor ’87 and Dan Taylor ’86 established the Daniel and Jennifer Taylor Family Scholarship Endowment through an estate gift currently valued at $375,000, in hopes that others will be able to experience UNC and Bear life.  
       
    • SCHEELS extended its generous support of outdoor recreation, not only providing UNC students, faculty and staff with more than 3,500 pieces of equipment they can borrow free of charge, but also providing resources for intramural and club sports as well as other campus recreation opportunities.  
       
    • Alumni Mark Berven ‘94 and Tammy Berven ’94 established the Berven Athletic Leadership Scholarship, which supports one football student-athlete and one female student-athlete who are in their third or fourth seasons and who are active leaders on the Student-Athlete Advisory Council.  
       
    • During UNC’s Bearnanza event Nov. 29 to Dec. 6, generous alumni, friends, parents, faculty, staff and community members raised more than twice the funds as the prior year’s campaign, and gave nearly $8,000 to UNC’s feature fund, the Student Emergency Support Fund. This fund provides financial awards to students facing unforeseen crises and had been depleted prior to this year’s campaign. Thanks to donor support, UNC will be able to begin awarding these funds to students again immediately.

    Athletics 

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    University of Northern Colorado

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  • 9 Ways To Grow Your Small Business Through Social Media Marketing

    9 Ways To Grow Your Small Business Through Social Media Marketing

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    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses have increasingly relied on social media marketing to reach customers, create brand awareness and drive sales over the past decade. Whether you’re just starting or have been in business for years, social media marketing can help your small business reach its full potential. You don’t need to invest thousands of dollars in marketing to grow your customer base and succeed with social media marketing — you need to use it strategically and effectively. To help you grow your small business through social media marketing, we’ve put together this list of nine tips you can use in your next campaign.

    Related: 5 Components Your Content Marketing Strategy Needs

    1. Decide which platform is best for your business

    Social media is a great place to start if you’re thinking about branching out and exploring new marketing avenues. Instagram is an excellent way for businesses with visual products (like clothing or jewelry) to showcase their work. Twitter can be a powerful tool for building relationships and customer service. Facebook is the most popular platform on the web, so it’s worth experimenting with. Not only can you create a Facebook page for your company and post updates, but you can also build a community around it by liking pages related to your work. This will bring in new followers who are interested in your industry.

    2. Develop a social media calendar

    Start by researching your competition on all the major social media platforms. Look for what they’re doing, how often they post and what their posts look like. By reviewing their work, you’ll be able to determine if you want to emulate them or branch out on your own. Once you’ve found a strategy that works for you, create an editorial calendar with specific day-to-day tasks and goals outlined. You should be updating your social channels throughout the week rather than just once per week. Posting more often keeps people interested and leads them back to your site.

    3. Recognize when it’s time to pivot

    You might have successfully used a certain method or strategy in the past, but there may come a time when it no longer works or becomes ineffective. If this happens, don’t be afraid to switch gears and try something new that might work better for your company today.

    Related: When to Pivot Your Business — and When You Should Just Quit

    4. Stay up-to-date on trends

    One of the best things you can do for your business is to stay in tune with what’s happening in the digital world. Read blogs, magazines, books and publications about new technologies and innovations that will be relevant to your industry. Join groups, attend events and network with others working in the field so that you can stay current on which consumers are using new channels.

    5. Take advantage of live video

    Live video is a great way to engage with customers, respond quickly and provide a behind-the-scenes look at what goes on in your office. It’s also a great way to offer quick tutorials, or an inside peek at the day-to-day workings of your company. If you’re struggling with content ideas, try using live video as a time filler while you think of something else to say.

    Related: Why More Brands Are Going Live With Their Videos (and Why You Should, Too)

    6. Host a contest or giveaway

    Create a contest or giveaway that is centered around your product or service. Make it simple and easy for people to enter by using a form on your website. You can run this contest or giveaway on Facebook, Instagram, Twitter, etc. If you are giving away a physical prize like a t-shirt or mug, ensure the shipping is included in the item’s price. Consider setting up a timeline with milestones so customers can see how they’re progressing through the different levels of the competition. Let them know how many more entries they need to get before they reach their next milestone. For example, when a customer has five entries, tell them they need ten more to win a shirt!

    7. Collaborate with other businesses or influencers

    Collaborating with other companies or influencers can be a great way to leverage one another’s following and increase exposure for both parties. The key is finding a pairing that makes sense and is relevant to the industry. For example, if you have a beauty salon, partnering with a hairstylist would make more sense than partnering with an accountant. Not only are they in different industries, but they also don’t target the exact demographics of people. Other companies that may pair well with yours include those in similar fields, such as trade show vendors, suppliers and manufacturers.

    Related: 5 Steps to Creating a Content Marketing Strategy That Actually Works

    8. Take advantage of paid advertising

    Social media advertising is a cost-effective way to drive traffic and increase conversions on your website. Facebook ads, Twitter ads and Instagram ads are all great ways of reaching an audience that might not otherwise come across your content. Targeting based on location, interests, demographics and more allows you to reach the people most likely interested in your offer! If you’re using Facebook or Twitter ads, make sure you set up conversion tracking to see which campaigns are working best for your goals. You can use tools like Google Analytics or Universal Analytics if you’re using Instagram ads to track how many users visit your site after clicking on an ad.

    9. Make sure you include strong calls-to-action

    One of the best things about social media marketing is that it allows us to create one call-to-action per post, as opposed to one call-to-action per page (like we would do on our site). It’s essential that you put yourself in the shoes of someone scrolling through their feed — how does this post look from their perspective?

    In conclusion, the most important thing to remember about any business is that it’s a living, breathing entity. One of the best ways to keep your company alive is by using social media as a tool for marketing. Posting on Facebook and Twitter can help you stay visible and fresh in the minds of potential clients. You should also use other platforms such as YouTube, LinkedIn or Google+ if they fit your company’s needs.

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    Murali Nethi

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  • Entrepreneurship Education Enters the Metaverse

    Entrepreneurship Education Enters the Metaverse

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    Press Release


    Dec 9, 2022 14:00 EST

    Success Through Technology Education (STTE) Foundation, New Mexico State University’s Hunt Center for Entrepreneurship at Arrowhead, and WebXR technology provider, Geenee AR, have announced the launch of Unicorn Academy, the first-ever augmented reality (AR) education program focused on advancing youth entrepreneurship. 

    Unicorn Academy is geared toward students grades 8-12 who are curious about entrepreneurship and want to develop the fundamental skills needed to launch their own businesses. Accessible from any connected device, the course is led by a virtual teacher who guides students on the impact of starting a business utilizing augmented reality. 

    View or download Unicorn Academy textbook HERE

    Launched from a physical workbook, Unicorn Academy includes supplemental AR coursework that immerses students in design thinking and business model canvases from leading brands such as Tesla, Nike, Instagram, and TikTok. Throughout the program, students will learn to create human-centered solutions in AR through a variety of assignments, and ultimately have the opportunity to develop their own AR-based businesses and accompanying marketing content. 

    “We are excited about offering cutting-edge technology by Geenee AR to help us push innovation when building future educational experiences. With the commercial release of smart glasses on the horizon, how we consume information and learn will dramatically change. A phygital textbook is one clear way to impact the future,” says Joseph Sapien, STTE Executive Director.

    “Preparing the next generation of innovators to launch startups begins with shifting mindsets. NMSU is excited about the opportunity to support the development of a super scalable platform that aims to increase the pipeline of students pursuing entrepreneurship,” says Kathy Hansen, Director, and CEO of NMSU Arrowhead Center.

    There are several key advantages to Unicorn Academy’s book experience. First, personal information protection is essential in the K12 education sector. Therefore, readers need not provide any information to access the education experience. Additionally, the book has no walled gardens and is a fully “web-based interface,” which provides a frictionless user experience, eliminating the barrier to downloading an app to experience learning. Lastly, statistics confirm students remember 90% of the material if it is learned through experience. Thus, readers are introduced to a hologram teacher with the option to select English and Spanish.

    Geenee AR CEO Cory Grenier states, “The 3D Internet is at a multi-generational inflection point, a paradigm shift to immersive 3D digital identity and self-expression. The most valuable technology firms in existence are all developing AR-enabled eyewear, a form factor that will transform how we interact and transact online. AR software is fundamentally based on a foundation of artificial intelligence, machine learning and 3D graphics. These cutting-edge fields, distilled into a powerful AR creator tool, logically align with the STTE’s mission to apply STEAM education to advance and accelerate the next generation to build the enterprises of the future.”

    For more information, please visit https://sttefoundation.org/Unicorn-Academy/.

    Source: STTE Foundation

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  • 3 Critical Lessons When Changing Your Business and Journey

    3 Critical Lessons When Changing Your Business and Journey

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    Opinions expressed by Entrepreneur contributors are their own.

    Leadership isn’t easy, nor is entrepreneurship. Bringing a new idea or concept to market is a dream for many, but it can often feel daunting. When reflecting on my journey to CEO, I recently asked myself, what are the three important lessons I would tell my younger self?

    I came up with the following: Always listen to your customers, choose progress over perfection and get your employees involved. Keeping these lessons in mind will help your quest for entrepreneurial excellence and change in your business. Here’s why I think so.

    Related: Entrepreneurship is Risky. Follow This Less Risky Path For Entrepreneurial Success

    1. Listen to your customers

    When changing your business or product, customers will usually react in one of two ways. On the one hand, they may be receptive and open to change. Often, this occurs when the change doesn’t require a significant shift in customer behavior. Customers don’t want to be pushed too far outside their comfort zone (or their existing process), so if the change requires a substantial shift in attitude or perhaps a change in how they interact with your business, they might be more resistant.

    Knowing this, it is essential to listen to — and acknowledge — their concerns. As a leader, you probably won’t be able to solve all their problems, but by listening and acknowledging, you can move people down the path toward accepting changes. In addition, you’re supporting the notion that they are on the same team as you, which helps bolster change.

    Another effective way to reinforce a new belief is to focus on “peak moments” — i.e., specific parts of the consumer decision journey that have a disproportionate impact and that consumers tend to remember most.

    Peak moments often include first-time experiences with a product or service, touchpoints at critical milestones in the customer journey (such as the first renewal cycle), and other moments of intense consumer interaction (and reaction).

    Related: How to Quickly Adapt to Change and Future-Proof Your Business

    2. Progress over perfection

    In today’s competitive start-up landscape, it is tempting to strive for perfection when launching a new product, idea or solution — especially those of us with an engineering bent. No one wants to go to market with something that feels “less than.” However, grasping for the goal of perfection can be a barrier to real growth. Like the well-worn aphorism says, “don’t let perfect be the enemy of good.”

    Without making mistakes and allowing the chance to improve, we’d never know what success looks like — that’s the danger of letting perfection be the enemy of good. And honestly, it’s those ups and downs that make entrepreneurship life interesting.

    Related: Seek Progress, Not Perfection: Why Your Business Should Embrace the “Toothpick Rule”

    During my career, I have witnessed the transition in both thinking and execution from so-called waterfall to agile — essentially moving from sequential to iterative. It is a huge difference maker in quickly demonstrating (or not) progress. While it might sound scary to release something small and seemingly incomplete, realize that as consumers, we have grown accustomed to that approach of consuming new products and processes — think about the last mobile app you downloaded.

    Don’t be afraid to challenge yourself and your teams to take high-risk and high-reward opportunities. Taking the time to experiment, learn from problems and discover new solutions is all part of the process. It not only allows you and your business to grow but encourages your team’s development as well.

    3. Get employees involved

    While the C-suite garners a lot of attention and credit when a company performs well, each employee is part of the beating heart of the organization and plays a vital role in enacting change. So, think holistically about change from the bottom to the top.

    To make this happen, as a leader, you should strive to cultivate an environment of trust, curiosity and learning. Leaders must build trust rather than undermine it to spark a sense of commitment and create a culture of motivation and professional development in their business. This helps encourage more discussions and synthesis about what is and isn’t working.

    Also, companies that make innovation, transparency and trust a core value of their culture often attract similar qualities in the employees they hire. There is no doubt that the next generation of talent is making waves in the workforce landscape. From the pandemic to the Great Resignation and Quiet Quitting, there’s a shift in what employees look for in their employers.

    The needs of each employee and organization differ, but generally speaking, it’s not surprising that employees want to be valued and take responsibility for high-value initiatives. To be clear, success here starts with attracting talent that embodies your company’s values.

    Related: Entrepreneurs Are Struggling With Mental Illness. Here are 5 Ways to Manage Your Mental Health As An Entrepreneur

    Moving forward

    All in all, change in your business, your products and the market can and should take time. Accomplishment doesn’t happen overnight. Be open and wise to this. Also, be prepared to learn as you go. There is a difference between reading about and experiencing these lessons firsthand.

    And perhaps most importantly, don’t underestimate what your team can accomplish when given a clear vision and the resources to execute — empowerment is the secret sauce of top-performing organizations.

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    Jim Contardi

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  • When Mark Cuban bought the Dallas Mavericks, he refused an office or big desk—here’s why

    When Mark Cuban bought the Dallas Mavericks, he refused an office or big desk—here’s why

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    Most newly appointed bosses get the big corner office when they take over companies.

    But when Mark Cuban bought the Dallas Mavericks for $285 million in January 2000, he didn’t get his own floor-to-ceiling windows or a mahogany desk. Instead, he sat with nine other salesmen in an open plan office.

    In a recent interview with GQ, Cuban explained he “didn’t give a s— about an office” because he was more focused on working alongside the sales team and earning their respect.

    “I wanted everybody that worked with me to see that if I asked them to do it, I’ll do it,” Cuban told GQ. “If you’re running a company and if you can align your interest with those of the people you work with, things are gonna work for you.”

    Cuban said he decided to buy the team after its home opener in 1999. At that point, he was just a season ticket holder, but he couldn’t believe the game wasn’t sold out. He bought the team because he thought he could make it better and sell more tickets, he said.

    When he bought the team that January, Cuban said he put his desk in the center of the bullpen. In those days, he’d pull out phone books and old client lists and start cold calling.

    Wanting to lead by example, he came up with compelling pitches to get old fans to come back to games. He’d say: “Do you realize now that it’s less expensive to come to a Mavericks game than to take your family to McDonald’s?” or “The first game’s free on me.”

    Cuban’s method appears to have worked, as the Dallas Mavericks’ team value has steadily increased over the years. In 2014, the team was worth $765 million. Now, the 2011 NBA Champions are valued at $3.3 billion — $440,000 million more than the average NBA team — and is the eighth most valuable team in the NBA, according to Forbes.

    This isn’t the first time Cuban has emphasized the importance of team cohesiveness. On a recent episode of the “Re:Thinking with Adam Grant” podcast, Cuban said he has fired business partners and traded basketball players because of their personalities — especially when the team has multiple self-centered or combative members.

    “Culture and chemistry are critical to success,” Cuban said. “A team can have one knucklehead, you can’t have two. One knucklehead adapts, two hang out together.”

    Want to earn more and work less? Register for the free CNBC Make It: Your Money virtual event on Dec. 13 at 12 p.m. ET to learn from money masters how you can increase your earning power.

    Sign up now: Get smarter about your money and career with our weekly newsletter

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  • Black Friday 2022 outlook: Cloudy with a chance of solid sales

    Black Friday 2022 outlook: Cloudy with a chance of solid sales

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    Analysts are split on projections for this year’s Black Friday. Markdowns could bring a solid haul for consumers and a stronger-than-expected economy may lead to a successful day for retailers. But the consensus seems to be that the biggest shopping day of the season could go either way. For example, there are concerns that price slashes will be on the stockpile of leftovers that didn’t sell earlier this year. And what about that whole supply chain bottleneck thing?

    The University of Delaware’s Alfred Lerner College of Business and Economics boasts several experts who can help make sense of it all:

    Andong Cheng: Can provide tips on what to prepare for during this unique holiday shopping season. Her research focuses on defining and identifying the picky consumer segment, and explores how pickiness impacts other judgments and decisions. She advises consumers to consider the phenomenon of double mental discounting, where shoppers experience a “mental accounting phenomenon” when offered promotional credit.

    Jackie Silverman: Research examines several facets of judgment and decision making and consumer psychology. According to Silverman, there are many potential benefits of online shopping for consumers, including some unconventional approaches to gift giving this season.

    Matthew McGranaghan: Studies the economics of consumer attention and the indirect effects of marketing interventions. He explains that there is a difference in how businesses are innovating and utilizing online retail methods to connect with consumers this holiday season.

    Bintong Chen: Can discuss the systematic nature of supply chain issues. He recommends shoppers use major retailers like Amazon and Walmart, whose companies use their own shipping fleets to minimize disruptions.

    Caroline Swift: Examines supply chain transparency and the interactions between regulation and business performance.

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    University of Delaware

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  • Understanding The Rise And Fall Of FTX, FTT And Alameda Research

    Understanding The Rise And Fall Of FTX, FTT And Alameda Research

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    The rise and fall of FTX and Sam Bankman-Fried revealed holes in the crypto space that industry peers, the media, and government officials either chose to overlook or refused to question further.

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  • 7 Misconceptions About Starting Your Own Business

    7 Misconceptions About Starting Your Own Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business can be one of the most exciting and rewarding things you’ll ever do. The process has its challenges, but it’s important not to let misconceptions about them stop you from trying. In this article, we’ll go over seven common misconceptions about starting a business.

    Misconception 1: You don’t need a business plan.

    There are a lot of misconceptions about starting a business. One of the most common is that you don’t need to write a formal business plan. It’s easy to understand why this would be so — after all, who has time for more paperwork when you’re trying to keep things going as efficiently as possible? The problem with skipping the planning stage is that it can lead to wasted time, money and a poorer product or service than what you could have created.

    An example of this is advertising: many start-ups spend thousands on ads without thinking through their audience, budgeting, or messaging strategy. Writing out a marketing plan before investing in any ad buys would help prevent these issues from arising and save you some cash along the way.

    The reality is that there are several different kinds of plans — business plans (which detail your company’s overarching goals) and financial plans (which provide projections for revenues and costs) are examples — but they all have one thing in common: they help you visualize where your company is headed over time.

    Related: 7 Common Misconceptions Young People Have About Entrepreneurship

    Misconception 2: You can entirely rely on your financing.

    Learning the basics of running a business before seeking financing is essential. While it might sound great to have all that money at your disposal, you could end up in debt before you even start.

    There are two common financial mistakes made by people who don’t have a lot of experience running a company. The first is relying too much on financing and not having enough personal money invested in the business. This leads to an over-reliance on loans, which can be difficult if the company goes under or runs into trouble. The second mistake is spending too much money on things that aren’t helping your business succeed — like a fancy office space or expensive furniture.

    Misconception 3: You’ll have to choose between work and having a personal life.

    You will not have time to handle every single detail. After all, you are now the head of your own company. That means you’ll have to balance running your business with everything else. You will not be able to handle everything by yourself. It’s okay if you need help from someone else. It’s expected.

    You can delegate tasks that don’t require special knowledge or training, such as answering phone calls or taking out the trash at the reception. Still, there are some things only you can do because they involve special skills and experience that only come from doing them before.

    For example, setting up marketing campaigns requires understanding how different channels work together for maximum effectiveness; updating website content requires knowing what keywords people search for when looking for information on a particular topic; creating invoices requires basic knowledge about accounting software programs like QuickBooks Pro.

    Related: Having A Work-Life Balance is Nonsense. To Reach Your Goals, Follow Another Approach

    Misconception 4: Everyone on your team will work as you do.

    When you are starting a business, there will be times when things get complicated. The longer you have been in business, the more complex the challenges can become. This is just part of the journey; everyone has their own way of dealing with these feelings.

    In my experience, though, I have found that rarely anyone will tell me when it’s time to stop and go home. And chances are you’ll keep working if you haven’t set boundaries. No one else should be expected to work as you do. After all, this is your company. You should temper your expectations of yourself with what you expect from an employee — and then act accordingly. If you fail to do this, your expectations will be unrealistic, and ultimately, nobody will want to work with you.

    Related: Good Leaders Treat Their Employees Like CEOs. Here’s 4 Ways They Do It.

    Misconception 5: You must compare yourself to other companies.

    You’re new in your space. It’s important to capitalize on what makes you unique and slowly carve a market share for your product or service. At this stage, comparisons are unproductive and could lead to jealousy or negativity. Instead of comparing yourself to other companies, focus on your goals and how you can achieve them in the most effective way possible. You can learn from others, but don’t try copying their success — it’s not likely that someone else’s approach will work exactly as well for you as it did for them in their industry.

    Misconception 6: There’s no room for error.

    As a founder, it’s easy to mount a full load of responsibility on your shoulders. So much more becomes personal when you’re an entrepreneur. But remember, everyone makes mistakes. The important thing is to learn from them. If you’re not making any mistakes, you’re either not trying hard enough or have lost your ability to think creatively and independently — and that’s a problem.

    Mistakes are part of the process. They tell you what works and what doesn’t. They teach valuable lessons about yourself, your product, service, customers and competition — all invaluable information for any entrepreneur building their business.

    Misconception 7: Taking a risk is too risky when first starting.

    Not making decisions based on risk can mean missing out on significant opportunities. Fear is why many people don’t try to start their own business in the first place — or even leave their current job for a new chance. When you can overcome your fears and take calculated risks that match up with your values and goals as an individual or company, you can do more than survive; you might thrive.

    When fear enters your mind, remind yourself that it is often a sign that there’s something more prominent on the horizon if you choose to overcome it — and if there isn’t something bigger on the horizon for you right now, then find it. There are many opportunities out there waiting for those ready to take them on.

    Related: Here’s What Science Says You Should Do to Achieve Greater Success

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    Christopher Massimine

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  • Made by women: Why women buy from women and men buy from women and men

    Made by women: Why women buy from women and men buy from women and men

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    Newswise — Researchers from Technical University of Munich and Copenhagen Business School published a new paper in the Journal of Consumer Psychology that provides fresh insights into how individual purchase decisions are influenced by the gender of the person producing the goods. The research has implications for online platforms marketing handmade products and policymakers seeking to promote socially responsible behavior.

    The article, recently published in the Journal of Consumer Psychology, “Made by her vs. him: Gender influences in product preferences and the role of individual action efficacy in restoring social equalities” is authored by Benedikt Schnurr and Georgios Halkias.

    Nearly 100 million consumers bought handmade products on Etsy in 2021, reflecting consumers’ preference for more personal and unique purchase experiences, according to the authors.  

    The researchers found that female consumers show a strong preference for goods made by women, while male consumers are neutral about the producer’s gender. Through a series of 13 studies, they also discovered that female consumers more strongly believe that their purchase decisions can contribute to restoring gender equality in business compared to their male counterparts.  The authors call this tendency “action efficacy beliefs.”

    Further, their studies suggest that the more female consumers believe that women face gender discrimination in business and the more they want to act against it, the greater their preference for products made by women. In fact, buying from a female producer matters more to women consumers than buying goods from a group of combined male and female producers whose revenues support a gender equality fund.

    In addition, the team found female consumers’ higher action efficacy beliefs drive their choice of women-made products more than their beliefs that those products reflect their own identity – a common motivator of purchasing behavior.

    The desire to reduce social inequalities isn’t enough to change behavior. “Consumers need to believe that their seemingly trivial individual actions can contribute to the cause,” the authors write. “In this sense, consumers need to believe that their action counts.”

    The article offers potentially sales-boosting insights to women producers and online platform managers marketing handmade goods. Additionally, policymakers can leverage the findings to advance gender equity in business.

    Full article and author contact information available at:  https://myscp.onlinelibrary.wiley.com/doi/abs/10.1002/jcpy.1327

    About the Journal of Consumer Psychology

    The Journal of Consumer Psychology publishes top-quality research articles that contribute both theoretically and empirically to our understanding of the psychology of consumer behavior. The Journal is intended for researchers in consumer psychology, social and cognitive psychology, judgment and decision making, and related disciplines. It is also relevant to professionals in advertising and public relations, marketing and branding, consumer and market research, and public policy. Published by the Society for Consumer Psychology since its founding in 1992, JCP has played a significant role in shaping the content and boundaries of the consumer psychology discipline. Dr. Lauren Block (Lippert Professor of Marketing at the Zicklin School of Business, Baruch College) serves as the current Editor-in-Chief.

    About the Society for Consumer Psychology (SCP)

    The Society for Consumer Psychology is the premier voice to further the advancement of the discipline of consumer psychology in a global society. Building upon the Society’s excellence in mentoring young behavioral scientists, the SCP facilitates the generation and dissemination of intellectual contributions and promotes professional development and research opportunities for its members around the globe. Dr. Gita V. Johar (Meyer Feldberg Professor of Business at the Columbia Business School, Columbia University) serves as the current President.

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    Society for Consumer Psychology

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  • How a Positive Mindset Will Transform Your Life

    How a Positive Mindset Will Transform Your Life

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    Opinions expressed by Entrepreneur contributors are their own.

    Do you ever think to yourself, “My situation has always been the same — I’m stuck, and I just need to play the cards I’m dealt with”? If you have done this, you are dragging yourself down with a fixed mindset. Alternatively, a growth mindset means that you prosper despite challenges and obstacles because you see them as catalysts for change and don’t see failure as a way to describe yourself.

    Events or actions that don’t work out as intended or desired are learning experiences, ways to grow in every facet of your life and a way to further develop your abilities. Your intelligence, talents and, most importantly, wisdom require setbacks to stimulate fundamental transformation and growth.

    We’re all familiar with the saying, “No pain, no gain.” However, Arnold Schwarzenegger took that comparison to a new level when he likened the pain of training with the feelings that arise from sex. What if we look at life’s pain and difficulties as training to help us improve, with all outcomes as positive? We’d embrace the pain as today’s challenge and remember the feeling we have when they are surmounted. We wouldn’t be discouraged or give up when faced with problems; we would expect obstacles and challenges as normal.

    Why not give up? Because anything is possible with the right mindset, determination and action. Earlier in his career, Arnold struggled with getting work because of his thick accent. His voice was replaced with a voiceover in one of his first movies, “Hercules in “! He could have been discouraged and given up on his acting career. Instead, he took voice coaching lessons and got better, became famous and successful and extended that success to almost every aspect of his life.

    Related: Want To Succeed? Turn Your Fixed Mindset into a Growth Mindset

    Sometimes when people are unhappy with their situation in life, they believe changing their location will improve things. Perhaps they say, “If I lived here and not there, everything would be ok.” However, they often find that their original problems, difficulties and challenges have moved with them after relocating. If they have a fixed mindset before relocating and have one after, they may be happy for a short while, but soon the reality of the struggles in their mind will return. Regardless of circumstance, a growth mindset trumps all.

    Have you ever been stuck alone in an isolated location for a long time? I know someone who grew significant skill sets, lost 70 pounds, reclaimed and built two startups while dealing with a location challenge; they were alone for almost a year during the Covid-19 pandemic. For them, the “pain” of solitude was ultimately a gift, and they used it wisely.

    The key to real change is commonly elusive: changing your mindset, being happy with everything you already have and being grateful to wake up to another day. Sound simple? Often it is not. When several challenges arise, it is human nature to feel overwhelmed. After a while, we can feel like boxers in a match, taking one blow after another, especially if we get caught up in the negativity and sensationalism that is often pervasive in the news. It can have us thinking the next blow is around the corner.

    Related: 5 Ways To Maintain A Positive Mindset (No Matter What Challenge You’re Facing)

    Instead, we need to fight these thoughts and emotions daily and assume and wish that the next thing that will happen to us will be positive. Being surprised and delighted when something nice happens, and treating it like something undeserved, will completely change our life. When internalized, chased daily and pursued during critical periods of meditation and reflection, such positive thinking will change outcomes for us. It is essential to make time for ourselves for this kind of reset.

    For example, if we change our minds to be in a growth mindset before the day starts, as needed during the day, and at night before bed, we’ll live a far better life. This takes energy and focus but is more than worth it. Living, talking and breathing positivity “out” will draw positivity into your life, attracting beneficial opportunities and outcomes often dismissed as impossible. Our thoughts become actions, our actions become impacts, and others will notice and be positively impacted. A kind word or thought that is genuine and can naturally emerge from this energy will also open new doors for us. The constant process of fighting to be positive can make radical differences in “what happens” to us. Instead, we are driving change instead of it driving us, and for the better.

    Very often, people think that money will solve all their problems. However, having a lot of money will only last so long if they have the wrong mindset. For example, many professional athletes — often highly paid — are bankrupt five years after retiring.

    Without the right mindset — for example, to focus on being an investor and not a consumer — you will always have problems with money. A growth mindset will direct your thoughts and actions to “how can I grow my money, invest, learn from mistakes, and get better at it?” Conversely, a fixed mindset may lead to an unwillingness to exercise deferred gratification, that “while we have it, we’ll spend it.”

    Related: 4 Ways to Maintain a Positive Attitude Even When You’re Stressed

    A growth mindset will allow the purchase of luxuries later, with profits from investment rather than salary. Given that a growth mindset and an investor mindset are tightly coupled, it further demonstrates Mark Cuban’s advice, “live like a college student.” Such an approach can lead to lasting success.

    Great thoughts lead to real action, and positive action will eventually lead to positive results. Staying positive relentlessly and remaining in a growth mindset is the key to lasting success. Such a perspective will help us clear out thoughts of feeling like a victim, and instead, we will see all the obstacles we overcome as another chance at victory, and thus we will become the victor.

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    Armand Peri

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  • The Red Flags On FTX We All Seemed To Miss

    The Red Flags On FTX We All Seemed To Miss

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    As the autopsy of Sam Bankman-Fried’s crypto empire begins, it’s worth saying that there were red flags all over the place. We missed them.

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  • 5 Lessons I Learned From Starting a Company at 19 Years Old

    5 Lessons I Learned From Starting a Company at 19 Years Old

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    Opinions expressed by Entrepreneur contributors are their own.

    I had no intention of creating my own software company. I was kind of forced into it. You see, a few years ago, I was a full-time YouTuber. All was well until my channel got demonetized. This means that I was making $0 from the ads being placed on my videos.

    There was a point where I was getting 2-3 million views a month on my channel and didn’t receive a penny. As a way to bounce back from this low, I decided to put my life savings ($5,000) into starting a creator economy software startup at 19 years old. I dropped out of college to work on my SaaS startup full-time, and I have learned valuable lessons along the way. Here are five of the most important lessons I have learned so far:

    Related: How to Start and Grow a Business: A Digital Guide for Young Entrepreneurs

    1. Done is better than perfect

    I had no experience in coding — let alone creating and growing a startup. Despite these challenges, I 100% believed in my . Backed with a proof of concept, I was willing to do everything within my limited budget to turn my SaaS idea into a reality.

    With a well-written vision and lots of persistence, I was able to find a good developer overseas that not only fit my budget but believed in my vision for Trend Watchers.

    We still work together to this day. The first versions of Trend Watchers were hideous, but over time, the UI/UX slowly improved. When I look back at my journey from a point of view, I should not have made it this far. I went through so many setbacks and hurdles. I should have quit back at the start line, but by having a great vision and team mixed with the desire to succeed, we were able to pull through.

    No matter how challenging a task may seem, done is always better than perfect. Oftentimes, perfection comes through the countless mistakes you make along the way.

    2. The importance of data collection

    One thing I implemented early on is good data collection. What do I mean by data collection? Data collection has a bad rep, thanks to large companies and scammers abusing it to make a quick buck. But there is a good side to data collection. Data collection can be used to make better marketing decisions. It can also be used to discover what users like and don’t like.

    I collect data in a few ways, but two of the most useful data collection tactics I used are asking good questions on our signup sequence and having a session recording software that tracks how long users are on each page and what they click on. These two data-collecting methods have helped with making the right decisions and software updates to improve the user experience.

    Related: The Complete, 12-Step Guide to Starting a Business

    3. Get a proof of concept before you build

    For the people in the back, I’m going to repeat myself: Get a proof of concept before you build. In early 2022, I thought it would be a good idea to build a marketplace within Trend Watchers. Marketplaces are great, and when used right they can be a great growth engine for startups — but no one wanted that. They just wanted trends they can use to go viral online.

    Instead of listening to this market feedback, I went ahead and built it anyway, and it was a major flop. It also caused a whole lot of other issues, but I wasted a lot of time and money on something my users didn’t want at the time. Because of that experience, I always conduct surveys and get a proof of concept before I add a new feature.

    4. Tell your story

    Starting a software company at 19 years old with my own money was already challenging enough financially. The next question was, how am I going to market this thing with a $0 marketing budget?

    Growing up, I’ve always been an amazing storyteller. In my free time after school, I would always write my own books. I would go into our home office, grab a few sheets of paper from the printer, fold them in half, staple them together, and boom — I had a book.

    I decided to leverage this skill I developed at a young age to slowly build a movement of loyal followers that would help me get traction for Trend Watchers. The two platforms I decided to focus on to document my progress were and leveraging press. This wasn’t an overnight success. It took tons of writing, documentation and pitching to slowly start getting my brand’s story heard, and now it is starting to pay off.

    One interesting insight I recently discovered about my paying customers is that they tend to stay longer knowing that their money is being put to work. A lot of my paying customers follow my story through my email list or Instagram page for weekly updates.

    If you are working on growing your startup, document your journey. Not only do you end up with a well-written journal in the end, but you can also find loyal customers along the way.

    5. Take every opportunity that presents itself

    Some of the best decisions I’ve ever made were time-sensitive opportunities that came my way. Some of these opportunities included opportunities to buy into programs, go to different places and break my schedule to attend certain events. About 90% of these opportunities came out of nowhere, and every time I took one, it significantly helped me in the process of growing my business.

    Related: 6 Tips for Building a Successful, Scalable Software Company

    As most people know, starting and growing a business is not easy, especially for a young adult with no prior experience. Reading books and watching videos can be very helpful and informative, but experience is truly the best teacher. The skills and lessons I’ve acquired through my experience have helped me grow exponentially, and hopefully, these five lessons above can help other entrepreneurs — young or old — grow their businesses as well.

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    Dejon Brooks

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  • 4 Leadership Lessons I Learned From a Marine Corps General

    4 Leadership Lessons I Learned From a Marine Corps General

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    Opinions expressed by Entrepreneur contributors are their own.

    Leadership is one of those skills that most people believe they have, but very few actually do, and that’s unfortunate because is critical to being a successful entrepreneur.

    If you want to grow your company beyond a one-person operation, you need the ability to effectively lead a team. The larger your team grows, the more effective your leadership skills need to be because you’re further from the front lines.

    I’ve been fortunate enough to have experienced a wide range of leadership styles throughout my career. Some served as powerful examples to model, while others served as examples to avoid. But I learned something important from every single one of them. And without question, one of the most effective leaders I’ve had the opportunity to meet is Marine Corps General Anthony Henderson. I first met him while I was serving in the Marine Corps when he took command of Lima Company, 3rd Battalion, 2nd Marines.

    Related: Why Veterans Make Great Entrepreneurs

    So what does military leadership have to do with leadership in the civilian world? Everything. Leadership is the same, whether you’re leading troops into battle or employees in the workforce.

    Despite what you see in the movies, our troops don’t just jump into action because someone yelled at them to do a particular thing. In fact, due to the insanely dangerous nature of military service, more effective leadership is required compared to the civilian world.

    Think about it like this — how much would I have to scream at you to get you to rush across an open field being pummeled by artillery and machine gun fire? If you’re anything like most people, your answer is probably something along the lines of, “There is no amount of screaming that will get me to do that!” Nothing I could say would get you to run across that field.

    That’s because true leadership isn’t about forcing people to do something. It’s about inspiring them to make your mission their mission. An effective leader is a boss, but also a mentor, protector and cheerleader. Their job is to give orders, but first, they have to educate, train and nurture their team.

    And that’s exactly what Marine Corps General Anthony Henderson did — his leadership is why every Marine I’ve ever met who served with him would still follow him into battle armed with nothing more than a pair of silkies and an MRE spoon.

    I’m going to break down five lessons I learned from one of the best leaders I’ve ever met: Marine Corps General Anthony Henderson. If you apply the lessons learned from the stories I share here, I can promise that you’ll become a better leader and build a more effective, productive and cohesive team that will help propel you to your goals.

    1. Blame belongs to you — praise belongs to your team

    My last commanding officer, who I won’t name, was one of the worst examples of leadership I’ve ever encountered. He demonstrated a complete lack of leadership. He would rarely show up for our training operations, and when he did, he wouldn’t do anything, which is not common behavior in our world. Fortunately, the other leaders in our unit stepped up to ensure everyone performed as expected, which was kind of important considering that we are talking about literal life-and-death scenarios.

    I distinctly remember a particular battalion formation following a training operation, which was the culmination of several months of training in preparation for an upcoming deployment. Our unit had performed exceptionally well, and our battalion commander congratulated him for our performance. I was blown away by his response: “Thank you, sir! I put in a lot of work to make sure my Marines knew exactly what to do and how to do it. I personally supervised and trained them every step of the way.”

    Literally, none of that was true. He played no role in our performance. Henderson, on the other hand, was with us for nearly every training operation, alongside us enduring the physical and mental challenges that come with that. And while he was one of the best leaders I’ve ever met, he also often took a direct, hands-on approach with the junior Marines as well.

    When faced with a similar compliment from our battalion commander, Henderson responded very differently. “Thank you, sir! My Marines worked night and day to achieve this. They deserve all the credit.” There was a stark contrast between these two responses. For Henderson, it was never about himself — it was always about us and the mission.

    A true leader understands that leadership is not about themselves and it’s not about barking orders. It’s about accomplishing the mission while taking care of those under your leadership.

    Related: 5 Ways to Be a Leader Your Employees Will Respect

    2. You have to trust your team to do their jobs

    When Marine Corps General Anthony Henderson took over the command unit, he called me over in his calm but booming voice: “Lance Corporal Knauff, bring the MCI program documents and come see me in my office.”

    This is basically an educational program where Marines take self-study courses on their own time, and then take an exam on the topic in a controlled and supervised environment. Many of these courses are required for promotion.

    I immediately began gathering the documents and already knew exactly where this was going because the program was managed like a complete dumpster fire from the top at Headquarters Marine Corps in Washington D.C.

    This was hurting the careers of tens of thousands of Marines because the exams, once mailed back to Headquarters Marine Corps, would mysteriously disappear. While not a perfect solution, I began photocopying the exams before sending them off so that if they disappeared, I could resend them. There was another issue: The courses that Marines had already received a completion certificate for would suddenly and mysteriously disappear from the database. I anticipated this and began photocopying the certificates as well. As a result, I was able to compensate for the mismanagement at Headquarters Marine Corps and keep my Marines’ careers on track.

    As I entered his office with a massive stack of documents in hand, he said, “We’re going to make some changes to how we handle the MCI program here. We’re going to do XYZ from now on. Do you have any questions?”

    Before I even realized I had begun speaking, I heard myself respond with, “No, Sir. We’re not going to do that, and here’s why. Here’s how I do it, here’s why I do it this way, and here’s the outcome we have as a result.”

    He stared at me without saying a word long enough for me to reconsider the sanity of my response because this simply isn’t how you respond to your commanding officer — especially as a young Lance Corporal, and even more so within the first thirty seconds of meeting him.

    After what seemed like an eternity had passed, he simply nodded and said, “It sounds like you have this under control, Lance Corporal Knauff. Handle it your way.” That was the end of that conversation.

    An effective leader knows when their team is capable of handling a task and trusts them to do so without feeling the need to micromanage. Your team may do things differently than you would, and they will make mistakes. But that’s how they learn and improve. As a leader, you have to become comfortable with the uncertainty that comes from this.

    3. Never let emotions dictate your actions

    Henderson shared a story about how he almost gave up the opportunity to become a Marine over misplaced emotions. More importantly, he shared how, after following the advice of his grandfather, he ended up overcoming those emotions, earning the title Marine, and in my opinion, becoming one of the most effective leaders I’ve met.

    The short version is that after going through the selection process and being given the opportunity to attend Officer Candidate School, which is the officers’ version of boot camp, he learned that he was being given that opportunity both because of his performance and because the Marine Corps needed to fill a quota for minority officers. That angered Henderson because he wanted to be accepted solely on his merits and nothing else.

    While discussing the situation with his grandfather, he shared that he didn’t want to be given the role simply because he was Black. He said it didn’t feel right and that he felt that he would be viewed as “less than” because of the circumstances.

    With the calm wisdom that can only come from older generations, his grandfather told him, “Tony, the Marine Corps isn’t going to give you anything. They’re giving you a chance to earn the title. Nothing more. You still have to do all the work. And if you succeed, you’ll then have the opportunity to then inspire other young men and women to follow in your path.”

    This lesson was especially important because it highlights how easily we can be led astray by our emotions, but it also highlights the importance of having the right mentors in our lives to help us navigate through our blind spots. As someone who has made the mistake of trying to do far too much myself, the latter profoundly impacted my life.

    Our emotions can be a powerful tool or a dangerous boobytrap, depending on how we choose to react to them. An effective leader will still have the same emotions as anyone else — they just react more intentionally to them than others do.

    Related: 4 Emotional Struggles You Must Confront as an Entrepreneur

    4. Integrity is everything

    When we would complete training for the evening during a field op, and the rest of the company was climbing into their sleeping bags, he and I would return to the company office in the humvee.

    We would then proceed to complete whatever administrative work we had there before returning to the field with the rest of the company several hours later.

    And while we were well within easy driving range of the commissary and multiple fast food restaurants, not to mention the vending machines located in the battalion headquarters, he would always eat an MRE, U.S. military operational ration.

    Most people wouldn’t do this, and on more than one occasion, I’ve seen Marines at all levels of leadership grab a more enjoyable meal or snack because let’s be honest — MREs suck. And they were even worse back then.

    One night, I was going to make a quick run to my room at the barrack to grab a snack because I kept my room stocked like a grocery store, and I asked him if he wanted something. His response was simple, “No. I’ve got this MRE.”

    I asked if he was sure and rattled off a few things I had that I could bring back. His response this time was equally simple. “My Marines are eating MREs, so I’ll eat MREs.” Needless to say, I didn’t end up bringing any snacks back for him or for myself.

    It’s worth noting that while leadership does come with some privileges, it also requires sacrifice. In the Marine Corps, leaders eat last. In fact, when it comes time to eat, we start by serving the most junior Marines, working our way up to the most senior Marines. That’s because while leaders are in charge of their troops, they are also responsible for them and their wellbeing.

    This is a unique nuance to the relationship that most people never really understand. A true leader will always put the men and women under their command ahead of themselves.

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    Jeremy Knauff

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  • Binance Intends On Buying FTX – Here’s What’s In The Tentative Deal

    Binance Intends On Buying FTX – Here’s What’s In The Tentative Deal

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    Cryptocurrency exchange Binance may soon acquire rival FTX, according to a tweet by Binance CEO Changpeng Zhao.

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  • ‘Create adversity’: Startup CEO on raising kids with an entrepreneurial mind

    ‘Create adversity’: Startup CEO on raising kids with an entrepreneurial mind

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    Ever since she was young, Cheryl Sew Hoy always knew she wanted to run her own business.

    “When teachers asked what’s your ambition … and a lot of kids wanted to be doctors or lawyers. My ambition was [to be] a businesswoman,” she told CNBC Make It

    That childhood dream is now a reality for the 39-year-old serial entrepreneur, whose ventures include Reclip.It, a consumer software startup that was acquired by Walmart Labs in 2013. 

    Now, she runs Tiny Health, a health tech startup that sells at-home gut health tests for moms and babies from 0 to 3 years old. The CEO and founder said the test can help detect gut imbalances early on and prevent chronic conditions.

    Just last week, the company raised $4.5 million in seed money and said its backers include U.S. cryptocurrency exchange Coinbase, Google‘s X, and Dropbox

    Cheryl Sew Hoy (centre) with her mom and 4-year-old daughter Charlize.

    Tiny Health

    Sew Hoy, a Malaysian now based in Austin, Texas, attributes her success to her mother who was also a businesswoman running her own marketing business in Malaysia.

    “My mom owned her own business and she was the boss. Before work-from-home was popular, she was already working from home and I always had this role model,” she added. 

    Things have come “full circle” for Sew Hoy, who is now a mom to two kids aged 2 and 4, as she begins imparting lessons she has learned to them. 

    What tips does she have in raising entrepreneurial kids? CNBC Make It finds out. 

    Engage in storytelling 

    It’s hard to teach children what business they can create at a young age, but kids “remember stories” — and that’s the best way to expose them to entrepreneurship, said Sew Hoy.

    While she modelled after her mother by simply observing, Sew Hoy said she wanted to be “more intentional” about speaking to her children about running a business. 

    For example, she explains to her children about her job as a CEO, the “backstory” of why she started Tiny Health. 

    I teach them why I’m working hard. Yes, it’s to make money but it’s not just to buy food or to spend it.

    Cheryl Sew Hoy

    CEO and founder, Tiny Health

    “Talk to them like adults, even if you think they are too young to understand. The more you talk to them like adults, [you’ll realize] they actually understand a lot and they learn a lot from that.” 

    By explaining to her children what she does, Sew Hoy said she’s also teaching them the value of money. 

    “I teach them why I’m working hard. Yes, it’s to make money but it’s not just to buy food or to spend it. While making money, you need to build something of value to people. What problems do you want to solve in the world?”

    Create adversities 

    Entrepreneurship is all about problem-solving and that’s something that children can learn through adversity, said Hoy.

    “There’s a difference between great entrepreneurs and good entrepreneurs. The great entrepreneurs are the ones who will bounce back continuously because it’s really freaking hard running a company everyday,” said Sew Hoy. 

    If children have only “smooth journeys” where problems are always solved for them, they will never learn that value, she added. 

    If children have only “smooth journeys” where problems are always solved for them, they will never learn about adversity, said Cheryl Sew Hoy, pictured here with her family.

    Tiny Health

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  • Insider Q&A: Kind Founder Lubetzky on entrepreneurship

    Insider Q&A: Kind Founder Lubetzky on entrepreneurship

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    To entrepreneur Daniel Lubetzky, the founder of Kind snacks, kindness means more than just being nice.

    “If somebody is nice, they’re not going to bully. But if they’re kind, they’re going to stand up to the bully,” he said. “Kindness requires the strength of action.”

    It’s a lesson Lubetzky learned from his father, a Latvian Jew who survived the Holocaust. Lubetzky’s father was deeply touched by small acts of kindness, like the German soldier who snuck him a potato or the care shown by the Japanese-American soldiers who liberated him.

    Lubetzky, who was born in Mexico and is fluent in Spanish, French, Hebrew and English, also has a passion for bridging cultures. One of his first ventures, PeaceWorks, sold products made jointly by Israelis and Palestinians; this year, he helped fund scholarships for Ukrainian students to study in the U.S.

    Lubetzky launched Kind in 2004, honoring his father with the name. The health-conscious brand helped transform the snack category; Lubetzky sold it to Mars in 2020 for an estimated $5 billion.

    Lubetzky has invested that into new food brands like Somos Foods, which aims to bring authentic Mexican products to U.S. groceries. He’s also launched charitable foundations and nonprofits like Starts with Us, which tries to overcome political and cultural division.

    Lubetzky discussed his career, and what motivates him, with The Associated Press. His comments have been edited for length.

    Q. How do you describe yourself?

    A. I think of myself as a serial social entrepreneur, meaning someone that loves noticing opportunities for how to create stuff in society that doesn’t already exist that will be both economically sustainable and socially impactful. I think that tends to be one common thread in a lot of the ventures that I do: ventures that use business as a force for having a social impact and doing it in a way that the products can defend themselves and win on the merits of that. First and foremost, this is a business. But there’s an added reason for being. It’s not just to make money. It’s also to try to have a positive impact in society, however small that may be.

    Q. What makes a successful entrepreneur? Is it a certain personality type?

    A. You have to have the creative vision to identify a problem that has not been solved and come up with a creative idea for how to solve it. That’s No. 1. And then the execution, wherewithal, guts and chutzpah to just go out and do it. And that’s a very hard combination. If you have the first but not the second, you can be an inventor. Inventors are great at coming up with ideas, but they don’t execute on them as well. If you have the second, to execute but not the creativity to invent, you could be a good business manager. If you have both, you can be an entrepreneur.

    Q. You tend to tackle really intractable issues, like the U.S. culture wars or the Israeli-Palestinian conflict. Why?

    A. The way we’re educated, we’re taught to process and to become factory line workers and to become professionals. But we’re not encouraged to dream about what’s possible and to recognize our power to do things that people thought were not possible. We’re not taught enough about Gandhi, about bring the change you want to see in the world. We’re not smart enough about all these approaches that are essential in society. What’s happening in our country today affects every single person, and it’s going to require every single one of us to be part of the solution.

    Q. You’ve worked with a lot of entrepreneurs through your incubator, Equilibra, and elsewhere. What is your advice to them?

    A. I do recommend they think about how they see the world from their vantage point, what’s missing, whether it’s a social element that they want to fix if they’re social entrepreneurs or whether there’s a business opportunity or product or service. What doesn’t satisfy them? What’s missing? What’s not being done well enough? And that’s only the beginning of the journey. If you identify what’s not working, then you need to look at the underlying reason why that’s not working. And then you need to target that and say, “Can I do it better?” It’s an incredible ride, but it’s a roller coaster ride. The highs are higher, the lows are lower, and you need to be comfortable with that. You need to have a temperament where you’re not going to easily give up.

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