Warren Buffett is a billionaire chairman of Berkshire Hathaway, and the second wealthiest person on the planet. He's considered by many to be one of the most successful investors in the world. Today, we're analyzing our take on Warren Buffett's rules for success.
Regan Hillyer, Founder of Regan Hillyer International, sits down with Mark Lack to explain how to make millions by getting your message out there to the world. 1. Develop your message and your brand 2. Launch your message and your brand 3. Accelerate it Regan Hillyer breaks them down and explains how to get the job done!!
Billionaire Warren Buffett added “$12 billion of common stocks since the election” to his portfolio at Berkshire Hathaway Inc., he told Charlie Rose in an interview that aired on Friday. Bill Gates, the co-chair of the Bill and Melinda Gates Foundation, also speaks about what he's learned from Buffett.
It's important to know How To Be an Efficient Traveller because anyone who travels frequently, can tell you that a few extra minutes of planning or a few key accessories, can either enhance your travelling experience or become your worse travelling nightmare.
Patrick has travelled to several parts of the world and in this episode, he shares The Best Travel Tips for Executives and Entrepreneurs that he personally uses and have led him to have pleasant travelling experiences.
(qlmbusinessnews.com via uk.finance.yahoo.com — Wed, 28 Dec, 2016) London, Uk —
Imagine coming up with the next Uber, Airbnb, Instagram or Snapchat. How do you know when you have thought of the next billion-dollar idea?
Hospitality mogul and star of CNBC’s “Billion Dollar Buyer” Tilman Fertitta, who meets with entrepreneurs nationwide looking for the most innovative products to add to his portfolio, told Yahoo Finance’s Seana Smith in the video above the key characteristics he looks for when identifying the next big business idea.
“Look at edgy products,” said Landry. “There are so many young millennial entrepreneurs out there right now coming up with different products…. You’re looking for somebody that can scale up, that has a unique product that people want. It can be anything. Being in casinos, restaurants, hotels, aquariums and amusement parks, we buy everything, so we’re just looking for that one unique product.”
Fertitta has a proven track record of success over the last four decades. He’s the sole-owner of dining, entertainment, gaming and hospitality group Landry’s, which is comprised of more than 500 properties including the Rainforest Café, Bubba Gump Shrimp Co., Chart House and McCormick & Schmick’s. Fertitta’s a self-made billionaire with an estimated net worth of $2.8 billion.
Don’t be fooled though, it takes much more than just a “unique” product to turn a billion-dollar idea into a prosperous business. Fertitta says key traits that separate successful entrepreneurs from those that fail include passion, perseverance and effective management.
“It’s really about knowing all facets of your business,” he said. “Know your numbers and never give up. And when you get kicked down, keep picking yourself up.”
(qlmbusinessnews.com via telegraph.co.uk – – Tue, 13 Dec, 2016) London, Uk – –
Crowdfunding platforms need tougher rules and restrictions in order to protect investors, the Financial Conduct Authority has said.
The financial watchdog has raised concerns about loan-based businesses, which allow borrowers and lenders to join up without involving banks, and investment platforms, through which members of the public invest in a business or campaign directly.
The FCA said it was difficult for investors to compare crowdfunding investments with other assets given it was often unclear exactly what was being offered.
As a result, investors struggle to assess the risk and returns of giving their money to crowdfunding platforms, and there were some conflicts of interest that were not being managed properly.
Additionally, crowdfunding schemes did not always meet the FCA’s requirements to be “clear, fair and not misleading”, it said.
Firms’ plans for winding down in the event of their failure were also insufficient to allow for repayment of loans, it warned.
According to research by AltFi Data released last month, there have been just five successful ‘exits’, where investors’ capital was returned plus a premium, out of 955 funding rounds across 751 companies and six platforms analysed.
The FCA said it would consult on strengthening rules for wind-down plans, and tighten restrictions on cross-platform investment.
For loan-based platforms, the FCA said it would look to impose standards currently applied to mortgage lending in order to more tightly monitor the conditions in which loans are made.
Andrew Bailey, chief executive of the FCA, said: “Our focus is ensuring that investor protections are appropriate for the risks in the crowdfunding sector while continuing to promote effective competition in the interests of consumers. Based on our findings to date, we believe it is necessary to strengthen investor protection in a number of areas.”
Mr Bailey said the FCA planned to consult next year on new rules to address the problems it had found.
It is the second market intervention by the FCA in a week, after it announced major plans to crack down on spread betters amid fears ordinary investors are losing money. Shares in spread-betting firms – which sell so-called contracts for difference that allow people to trade on price movements in financial markets – slumped after the announcement.
The David Rubenstein Show: Peer-to-Peer Conversations” explores successful leadership through the personal and professional choices of the most influential people in business. Renowned financier and philanthropist David Rubenstein travels the country talking to leaders to uncover their stories and their path to success. The first episode features Microsoft co-founder Bill Gates.
At the International Manufacturing Technology Show in Chicago, Local Motors 3D printed a plastic car called the Strati.
Local Motors printed the car's chassis and body all in one piece, and also printed the fenders separately. The first phase of the process took just 44 hours.
Then the non-printed components (engine, seats, steering wheel, etc.) were attached in the last stage of the assembly.
“A 3D printed car like ours will only have dozens of components,” Local Motors engineer James Earle told Business Insider. In the near future, he says, it could cost only about $7,000 to manufacture, perhaps the start of what will become a niche market for customized cars.
(qlmbusinessnews.com via theguardian.com/UK – – Mon, 5 Dec, 2016) London, Uk – –
Higher cost of importing food and wine – due to weaker sterling – and rising wage bills could hit over 5,000 companies
Thousands of restaurant businesses in Britain could go bust because the fall in sterling since the Brexit vote has sharply raised the cost of imported food and wine, an accountancy firm has warned.
Moore Stephens says that 5,570 restaurant businesses have at least a 30% chance of insolvency in the next three years, due to inflationary pressures and stagnating disposable incomes.
The UK imports 48% of its food, according to government figures, and many restaurants rely heavily on imported food and wine. The cost of labour has also gone up, after the government raised the national minimum wage from £6.70 to £7.20 in April, with a further rise to £7.50 to take place next April.
The restaurant sector is fiercely competitive, with 200 new restaurants opening in London last year alone. This gives consumers a lot of choice and forces restaurants to cut prices or come up with special offers.
Many diners are also suffering from flatlining disposable incomes – the amount households have left to spend after tax and bills have been paid. The average gross disposable household income increased just 0.5% over the last year, from £17,872 to £17,965, Moore Stephens said, quoting official data.
Even some of the biggest restaurant companies are struggling. For example, The Restaurant Group is closing 33 outlets across the UK, including 14 Frankie & Benny’s and 11 Chiquito branches. It also plans to close its flagship Garfunkels restaurant on the Strand in London.
The company, which also owns Coast to Coast, has blamed its poor performance on unpopular new menus, higher prices and poor customer service, and vowed to listen more to its customers.
The business’s new chair Debbie Hewitt, who took over in March as part of a boardroom shake-out, has said the drop in the value of the pound following the referendum would push up the price of imported food next year but added that the company cannot afford to pass this on to customers.
There have been a growing number of warnings over dearer food prices, from Britain’s biggest supermarket, Tesco, and others, and the impact on poor families. The Bank of England, the International Monetary Fund and City economists all believe that inflation will rise to at least 3% by the end of next year, from 0.9% in October.
Mike Finch, restructuring partner at Moore Stephens, said: “It’s been a tough year for many restaurants in the face of rising costs and fierce competition. It is unrealistic to expect UK restaurant groups to avoid the impact of the fall in the pound by substituting for UK produce – they are going to face a big hit. Restaurants have to make tough decisions as to how much they try to pass on to consumers; too much and they risk losing business, too little and they lose margin.”
He said that sterling’s wild swings in the currency markets had hit small and medium-sized restaurant businesses particularly hard as they operate on tighter budgets and are less likely to negotiate long-term supply contracts. All this comes at a time when many consumers are likely to be very price conscious.
“The high number of potential insolvencies over the next year shows just how fragile finances can be in this sector and demonstrates the importance of careful financial management,” Finch added.
“There may be further challenges to come as the UK’s trading agreements with Europe remain uncertain. Many in the restaurant industry would consider the idea of additional import tariffs on foodstuffs with horror.”
A separate report showed the strain many UK consumers are under. The number of those who have taken on more debt over the last five years has risen to 37% from 27% a year ago. The findings come from a survey of 2,008 consumers with debt, including 804 defaulters who have fallen behind with payments, by FTSE 250-listed Arrow Global, which buys and manages debt portfolios.
The most common form of personal debt is credit cards that are not paid off in full every month. The fact that credit cards have overtaken mortgages as the most frequent form of debt, alongside an increase in overdraft borrowing, suggests that the nation’s habits have changed to favour short-term borrowing. More people than ever are renting as they cannot afford to buy a home.
Almost half of borrowers (48%) have a credit card which is not cleared in full each month, compared with 39% a year ago. Almost a third have an overdraft, up from 23%, while the number of those with a mortgage has fallen to 42% from 46%.
One in 10 debt defaulters who fall behind on repayments never catch up.
The latest Bank of England figures showed credit-card borrowing reached an all-time high of £66.2bn in October.
Arrow Global has arranged an industry roundtable this Friday to discuss what the industry can do to support debt defaulters. Tom Drury, the firm’s chief executive, said: “Consumer credit is vital for the smooth-functioning of the economy, but it is clear that British consumers are taking on a heavy debt burden at the moment that is not going to be sustainable for some.
“The low interest rate environment means that debt is cheap, but that doesn’t help consumers who have struggled with their monthly budgeting or suffered from a shock event like losing their job. When borrowers do fall behind on repayments, it is vital that they get all the support they need to rehabilitate their debt.”
Chinese scientist and entrepreneur Ruopeng Liu is turning science fiction into reality. From cutting edge computing to space-faring technology, there’s no project too far-fetched. He’s been dubbed China’s Elon Musk and now: he wants to take you to the edge of the atmosphere.
Qlm referencing: (qlmbusinessnews.com via telegraph.co.uk – – Fri, 2 Dec, 2016) London, Uk – –
From pooling resources to using a hive mind: co-workspaces can prove fruitful for enterprises.
If running a small business sometimes feels like a lonely pursuit, shared working spaces could be for you. From networking opportunities to joining forces with university research teams, there are many advantages to communal working.
Kelly Molson found the Cambridge Business Lounge to be invaluable when she first moved to the city and set up her design agency, Rubber Cheese.
Following a Facebook advertisement, she found a mix of professionals from a variety of industries, the opportunity to run and take part in workshops, and spaces for networking, meetings and quiet time. It was affordable and had good biscuits.
Ms Molson says: “The owners are incredibly supportive and made a big effort to get to know me and why I was using the centre. Every time I worked there, they were able to introduce me to new people that they thought I’d get on well with, and potentially could work with too.”
Make the most of networking opportunities
“One introduction led to co-founding a networking group, Grub Club Cambridge, which has been incredible. I’ve met amazing people, gained new clients, raised my profile in the city, been a judge for the Cambridge Food & Drink awards, been interviewed on BBC radio and made fab new friends,” she recalls.
Ms Molson advises asking questions of co-workers and taking an interest in their activities. “I’ve met new suppliers, friends and new clients sitting right next to me, along with a valuable support network.”
Barnaby Lashbrooke, founder of virtual assistant platform, Time etc, is a big believer. When his company evolved to a model more reliant on remote workers, he offered his unused office space free of charge to start-ups and entrepreneurs in Birmingham.
Mr Lashbrooke says: “It's nice to be in a position where we can give something back. I'd have loved someone to offer me a free co-working space when I was 18 and running my first business from my very cramped bedroom at home, as it does get lonely at times.”
He’s in no doubt that working alongside new people can be highly motivating. “Entrepreneurs tend to be inspiring, go-getting types that are good to have around.
Think about collaboration, not just your own needs
“You can get so much out of shared office space if you view it as a community of people rather than simply a service available to your business. The knowledge and ideas stored in that community can be the difference between your start-up succeeding or not,” he says.
Some communal working spaces are open to all, while others are tailored towards specific needs. Hubble, an online marketplace for finding and renting office space in London, offers sector-specific shared working spaces.
Varun Bhanot, head of business development, explains: “The hope is that these companies help each other, and benefit from the perks of the environment such as access to industry resources, workshops and talks by thought leaders in their industry.”
He has advice for making the most of your working arrangement. “Shared spaces are designed to engineer fruitful networking and ‘collisions’. Take advantage of those around you, as the chances are they are working on a similar problem to yours, or your company might be a solution they are looking for.
“Spend time in breakout and communal areas. Go to events in the space, or host your own. The best thing about shared space is that there is already a captive audience which is likely to want to listen to your pitch or useful advice.
He also suggests approaching companies about pooling resources. This can go far beyond comestibles such as the milk and coffee, there can be an opportunity to share printing, whiteboards, TVs and meeting room space. It could work out most cost-effective for all the companies to pitch in.
Give yourself room to grow
Mr Bhanot’s key factors in choosing your perfect working space include scalability: is more space available when your company grows? Are there enough meeting rooms so you can book time whenever you need it? Also look for local amenities, such as coffee shops and bars which are great for out-of-the-office meetings with colleagues and clients. And don’t forget the perks, such as weekly fruit drops and pet-friendly areas.
Universities can provide a wealth of resources to SMEs. Lancaster University has business hubs dedicated to technology, the environment and chemistry. Among its £35m investment is the new Collaborative Technology Access Programme, which gives businesses access to a suite of cutting-edge instrumentation and facilities worth almost £7m.
Companies can relocate their entire company, or just their research and development staff, onto campus, or take a hot desk or lab space as and when required.
Dr Mark Rushforth, head of business partnerships and enterprise at Lancaster University’s Faculty of Science and Technology, says: “Renting offices and integrating all or part of a business onto the campus enables faster business growth by providing easier access to our research, knowledge, events, training and facilities. Company staff, academics and research groups are able to interact on a day-to-day basis, co-design new opportunities and have direct access to knowledge exchange staff.”
Each business is allocated a relationship manager, who acts as a link between businesses and academics, facilitating joint research projects and ventures. Companies can also benefit from student placements, access to international markets through a collaborative working scheme, and access to other campus facilities such as libraries and sports centres.
Dr Rushforth adds: “Ask questions, share ideas, get involved, test new employees through student placements, tap into everything you can. There’s a lot of support out there.”
By Tim Aldred