To Be Or Not To Be

To Be Or Not To Be

It was at a party aboard the ITT-MGM orbital station that Al and Frank met the real estate man. The party was floating along in the station’s zero-gravity section, where the women had to wear pants but didn’t need bras. A thousand or so guests drifted around in three dimensions, sucking drinks from plastic globes, making conversation over the piped-in music, standing in midair up, down, or sideways as they pleased.

The real-estate man was a small, owlish-looking youngster of thirty, thirty-five. « Actually, my field is atrophysics, » he told Al and Frank. Both of them looked quite distinguished in iridiscent golf formal suits and stylishly graying temples. Yet Al still managed to appear slightly mussed, while Frank’s suit had creases even on the sleeves.

« Astrophysics, eh? Al said, with a happy-go-lucky grin. « Gee, way back in college I got my Ph.D. In molecular genetics. »

« And mine in social psychology, » Frank added. « But there weren’t any jobs for scientists then. »

« That’s how we became TV producers, » Al said.

Éthere still aren’t any jobs for scientists, » said the astrophysicist/real-estate man. « And I know all about the two of you. I looked you up in the IRS’ Who’ Who. That’s why I inveigled my way into this party. I just had to meet you both. »

A nice dress. Photo by Elena.

Frank shot Al a worried glance.

« You know the Heinlein Drive has opened the stars to humankind, » said the astro-realtor rhetorically.

« This means whole new worlds are available to colonize. It’s the biggest opportunity since the Louisiana Purchase. Dozens of new Earthlike planets, unoccupied, uninhabited, pristine! Ours for the taking! »

« For a few billion dolalrs apiece, »Frank said.

« That’s small potatoes for a whole world! »

Al shook his head, a motion that made his whole weightless body start swaying. « Look, fell… we’re TV producers, not land barons. Our big problem is fiding creative writers. »

The little man clung to Al tenaciously. « But you’d have a whole new world out there! A fresh, clean, unspoiled new world! »

« Wait a minute, » Frank said. « Psychologically, maybe a new world is what we need to develop new writers. »

« Sure, » the astro-realtor agreed.

A gleam lit Al’s eye. « The hell with new writers. How about recreating old writers? »

« Like Schulberg? »

«  Like Shakespeare. »

Business Studies

Business Studies

Many an undergraduate student has completed their studies only to realize that they have acquired a non-marketable degree. For example, stories of graduate students, who have been studying for nearly a decade with nothing much else to show for it than student debts and loans are surprisingly common. Furthermore, some PhDs even run into the problem of being overqualified!

However, not all fields are equally unlikely to land a good job straight out of college. For instance, all other things being equal, a professional degree (such as one in law or medicine) is much more likely to be a lucrative return on investment than one in arts history. Although whether liberal arts degree holders and those majoring in the social sciences have a harder time landing a better job than their less educated counterparts remains highly debated.

Conversely, students majoring in commerce, or business students, are usually looked at as those who gain most of the skills employers look for today. Indeed, with the ubiquitous sales and consumption phenomenon, it is only logical that most job postings on online job boards such as Monster or Workopolis refer to some element of academic background in business, or the equivalent. Obviously, experience is now more often than not a prerequisite in even the most entry-level jobs or unpaid internships.

But what majors can the potential bachelor of commerce (BComm) or bachelor of business administration (BBA) study? Finance, economics, accounting, marketing, international business and organizational behavior (similar in scope to industrial psychology) are popular choices. Certainly, one's mathematical abilities seem likely to determine whether one chooses to major in financial econometrics or business communication and international marketing…

Some elements are impossible, or extremely tedious to count, such as stars in the Universe. In such instances, estimates (approximations) are used. Image: Copyright © Megan Jorgensen (Elena)

Economics

Another exciting major available to commerce and business students is economics. However, care must be taken in choosing this particular program, since economists may encounter less job openings upon graduation than, for instance, accountants or marketers. Still, economists may pursue careers in academia, or perhaps in international organizations such as the IMF (International Monetary Fund).

Thus, economics is a social science dealing with the problematic allocation of limited resources given unlimited human wants. Further, economics branches out into microeconomics and macroeconomics. Related fields include finance and econometrics.

Microeconomics focuses on individual economic behavior and that of the firm, while macroeconomics looks at larger scale economic events, such as countries' economies, or very large corporations. A recent, and fairly unpopular among scholars, new development has been mesoeconomics, a term used to describe concepts which fail to fall under either the microeconomics or macroeconomics umbrellas.

Further, normative economics prescribes what should be done, and may stem from personal opinions or political convictions, whereas factual economics focuses on what actually is. Economics rests on assumptions such as ceteris paribus - Latin for "other things being equal".

One of the better known foundational concepts of this theoretical body of knowledge describes economic equilibrium. Simply put, economic equilibrium is reached by the market when producers (suppliers) and consumers (buyers) "agree" on a price and quantity. Adam Smith continues to be considered the founding father of economics, with several economic theoretical constructs outlined in his book The Wealth of Nations, while Keynesian economics represent an alternative school of thought pioneered by John Maynard Keynes.

Marketing

A future accountant must take several courses in order to complete all the requirements for a bachelor of commerce (BComm) or bachelor of business administration (BBA) program. Introductory courses cover related subjects, such as finance, accounting, statistics and marketing, to name a few.

Introduction to Marketing covers fundamental concepts such as the marketing mix (price, product, place and promotion) and advertising basics. However, marketing is not only about sales and advertisement, and includes many other areas.

Thus, to remain competitive, a firm must offer customers a product they value. Still, pricing a product depends on the nature of the offering. For instance, a luxury item, such as a Prada bag or a pair of Christian Louboutins, may be priced well above available quality bags and shoes, but the designer premium is reflected in the prestige, status or fashion statement conveyed by the brand. Also, professional marketers emphasize that it is impossible to generate consumer needs, only to shape wants.

After all, an individual may simply prefer less flashy (and much less expensive!) items, regardless of fashion trends.

Product lifecycle is also covered among the basics of Marketing 101. To illustrate, a product at maturity must add value in order to remain competitive, although what is perceived as valuable to the customer may differ from what the marketer sees as desirable features. Therefore, at least from a marketer's perspective, beauty truly is in the eye of the beholder…

Accounting

From a mathematical ability point of view, accounting is somewhat easier than finance. For example, financiers must learn more complicated mathematical formulas than accountants, in general. However, becoming a professional accountant remains far from being a piece of cake… and takes a lot of time in our humble opinion.

In Quebec, Canada, there used to be three designations in the accounting profession: CA, CMA and CGA. Nonetheless, the professional orders are working on simplifying the equation (no pun intended!) to converge on a single certification: CPA.

So you want to be an accountant? What does it take? At least in Quebec, the mostly French speaking part of Canada, becoming an accountant usually requires a combination of completed undergraduate studies and professional experience. A bachelor of business administration (BBA) with an accounting major, plus work experience at a recognized CA firm should fulfill the requirements of the professional order, but one is advised to find out for oneself on the respective regulating bodies' Websites.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure. (Colin Powell) Image : Megan Jorgensen (Elena)

Value Differences and Value Proposition

Value Differences and Value Proposition

In business, if you are a leader you must understand that people you lead probably have strengths and weaknesses in different areas, so do not expect the same performance in all tasks from everyone in your team. Personality type indicators, such as the Myers-Briggs indicator classify people on a spectrum of thinking versus feeling and planning versus intuitive. This serves to highlight that some people are naturally inclined to be organized and enjoy planning, while others prefer to leave things open and be spontaneous. There is no wrong and right way, and different people will fit better into different roles based on their performances and preferences.

In the modern globalized economy, it is also important to be aware of cultural differences. There is evidence that nationalities with distinct culture have different attitude.

In the 1960s and in the 1970s Geert Hofstede carried out a survey on 116,000 IBM employees across forty countries. The study discovered differences in cultural attitudes on a range of areas:

Power distance: The extent to which members of a society consent to power being distributed unequally in organizations, e.g. manager – subordinate relationship.

Collectivism/individualism: The degree to which the society reinforces individual or collective achievement and interpersonal relationship.

Masculinism/Feminism: The division and application of masculine/feminine roles and values within the society, such as concern for others versus aggression.

Uncertainty avoidance: The extent to which a society manages the ambiguity of the future, and if people feel threatened by uncertainty.

Understanding such cultural differences does not mean racially profiling and stereotyping people, but instead appreciating and valuing other approaches.

“We have two ears, and one month so that we can listen twice as much as we speak”. (Epictetus, a Greek philosopher, circa A.D.100). Illustration: Megan Jorgensen (Elena)

Value Proposition

A value proposition is an important and well-used term in business.  A value proposition provides a short summary of the value of doing business with you. Thus to create a value proposition, you should consider the quantifiable benefits that you promise to deliver. This can be worked out by taking the benefits, costs and value that you can deliver (value = benefits/costs).

But do not overestimate the amount of interest you client will have in you. Therefor your pitch should be in the form of a short summary used to quickly and simply define your value proposition. This is known as an elevator pitch, because it should be possible to describe it to a CEO whom you bump into an elevator.

People buy for both rational and irrational reasons. The rational is the most important. It will be based on the business case that you present, while the irrational will be based on how much rapport you have developed with the potential client (frankly speaking, it depends on the answer to a simple question: Did you brighten up his day or make it more miserable?). To appeal to the irrational, it is necessary to be as polite, likable and courteous to the client as possible.

The business world can seem like a giant and faceless bureaucracy. Finding out the name of the right person to talk to, and the getting to talk to them, can be difficult. For example, if you telephone most established companies, the receptionist will tell you they operate under a no-name policy, meaning that unless you know the name of the person you wish to speak to, they will not connect  you to anyone.

Nonetheless, it is very possible to get access to the names, contact details and date you require. For example, in the United States, the titles, names, company names, as well as other information, which sometimes includes the financial details of limited companies, are sold by infogroup data providers and you can find out all the information of millions of executives and companies in order to begin approaching them.

An important tip: Always try to target the most senior executives. It may seem natural to assume that you should not bother the senior executives of a company with the products or services you’d like to offer, as they are, after all, extremely busy, and you should instead approach lowly administrators. However, it is far more effective to target them. Go in at the level of the GEO, Managing Director, and work your way down from there. At best, you penetrate at the most important level of the organisation. Mostly, you will be passed on to deal with someone else. In this case, the person you are passed on to is much more likely to give you his attention because you have been referred to them by their boss. At worst, the boss will not pay you any attention and you’ll be able to go back to the lower level.

By ElBa

People are mainly interested in themselves. With a few exceptions. I’m one of them (Quotes from Megan Jorgensen). Image: © Megan Jorgensen (Elena)

The East River Greenway - Part III

The East River Greenway - Part III

The Greenway enters Stuyvesant Cove Park, a 1.9-acre public park that runs from 23rd Street to 18th Street, east of Avenue C. It is located to the south of Waterside Plaza and to the north of the East River Park, connecting to the Captain Patrick J. Brown Walk on the south end.

The Captain Patrick J. Brown Walk is a brick-paved walkway that connects Stuyvesant Cove Park on the north to East River Park to the south. Designed for use by pedestrians and cyclists, it runs approximately between 15th and 18th streets, and Avenues C and D, and was named in 2002 after Captain Patrick J. Brown, a firefighter who died in the September 11 attacks, and who lived in nearby Stuyvesant Town.

All the pictures have been taken by Elena.

East River Park Amphitheater

Amphitheater on the Greenway.

East River promenade and viaduc.

Manhattan bridge as seen from far distance.

City services, such as the Department of Sanitation, use the waterfront for equipment.

During Michael Bloomberg's tenure as mayor, he spearheaded the PlaNYC 2030 initiative, which highlights projects and plans to transform the city by the year 2030.

An important focus is put on the waterfront, including the East River waterfront.

Bloomberg also stressed the importance of ferry transport, as an alternative to existing land transport options.

Manhattan as seen from the Greenway.

Stuyvesant Cove Park, wildlife Habitat #50805.

Sportsground.

Stuyvesant Park Ecology: Ecology is the study of living organisms and their relationships to one another and their environment. Plants are an essential part of life on Earth. They provide oxygen, food, and habitat for most animals. People use plants for many things, including medicine and clothing. Plants need soil for nutrients and anchoring.

Skycrapers as seen from the East River Greenway.

Queens as seen from the path.

Stuyvesant butterfly station.

Credit and Problems Related

Credit

Credit is a system whereby a person who can not pay gets another person who can not pay to guarantee that he can pay. (Charles Dickens).

Accounting is a vast field, with the two main subdivisions being managerial or management accounting, and financial accounting. Many people believe that accountants have an easier time to find a job than persons in other professions. Regardless of the field one seeks employment in, it is important to draft a good CV, have it reviewed by someone else and then write a final copy. If one wanted to simplify accounting to one equation, it would be: A = E + L, where A stands for assets, E for shareholders’ equity and L for liabilities. Liabilities are money that one owes, or outstanding debt and loans. One example of a liability is a mortgage. While the real estate market has been greatly affected by the sub-prime mortgage crisis, buying houses, condominiums and other residential properties remains an attractive alternative to renting, for those who can afford it.

Having good credit may open many doors. Image: Megan Jorgensen (Elena)

So how does it work? Homes and condos can be purchased directly from the owner, but people usually go through a real estate agent. Real estate agents must usually be licensed in order to practice in most jurisdictions. Aside from following courses to obtain their license, real estate agents must also comply with the regulations of the particular association overseeing activities of real estate professionals. Similarly, a mortgage may be obtained directly from a bank or other financial institution, or through the intermediary of a mortgage broker (some believe it may result in lower interest rates). Usually, there is a down payment, a percentage of the total cost of the property, and the rest is covered by a mortgage, a loan from the bank. As a general rule, banks will only lend money to those with steady jobs, adequate income given the funds to be borrowed, and a good credit history.

Nonetheless, having good credit may result in borrowing too much. For example, someone with an excellent credit rating may be offered credit limits well beyond what they initially planned to spend, maxing out their credit cards or overdraft accounts, and ending up with large debts. Then, unpaid debt could lead to financial woes, such as bad credit and problems with collector agencies. Indeed, anecdotes abound about people who had good jobs and stable, high income, and being in good standing with credit rating agencies, were offered much higher credit limits than they had for which they were pre-approved. Then, once they accepted the credit they ended up spending much more than they initially planned or even that was customary to them. So caution is warranted dealing with credit cards, credit lines and other debt obligations or liabilities.

Organizations exist to help people manage their debts. Image: Megan Jorgensen (Elena)

Alternatively, very small commercial loans are gaining popularity in the developing world, allowing entrepreneurs to start small businesses. The practice is known as microfinance. Clearly, capital and investment are an integral part of most businesses, since a good idea and luck alone are seldom enough without financing, investing and a sustainable cash flow. Interestingly enough, a popular TV show is based on this premise. In the The Dragons’ Den potential successful entrepreneurs compete with others to gain the financial and brand recognition support from already very successful entrepreneurs, who have a proven track record and the financial resources to bring to fruition the ideas which are presented to them. The series showcases participants describing their business ideas to the entrepreneurs, who are referred to as dragons, and the ideas are then rejected or accepted, in the latter case a business plan is proposed.