Business

$uperman said:
How do you know which jobs fits you, because I have heard that there are more than a half milion jobs.

How do you know with all those different jobs which jobs matches best with you?

I have also heard a man say that people changes their carreers too often. For example Warren Buffet read his first finance book when he was 7 years old, then he studied finance and started to work in finance. So, he has decades of experience with finance. Bill Gates started to work with computers when he was 12 years old. So he has also had decades of experience with computers. But a lot of people change carreers.

How can you find the right job and build a decades long carreer?
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Striving to know oneself is excellent advice; however, I wouldn't stress too much over finding your perfect career from the off.

This is going to sound like I’m making this up but it’s 100% true; the career to date of one of my business partners goes something along the lines of (I may have got the order a little wrong - and to be clear, a couple of the jobs were related to the Marines):
  • Sponsored Skateboarder (which really meant free gear and paid expenses but still worth mentioning)
  • Royal Marine
  • Snowboard/Ski Instructor
  • Fireman
  • Personal Protection (Bodyguard) for visiting foreign dignitaries
  • Sys Admin (IT Guy)
  • Project Manager
  • Programme/Logistics Lead for a multi-billion £ programme
  • Re-joined the Royal Marines and did a tour of Afghanistan
  • IT Guy again
  • And now he’s a Co-founder/COO of a technology company…
 
Jake the Muss said:
I have a few in mind, but can you help me to narrow down your interests? I want to make sure my recommendations are an appropriate fit.
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Self improvement, general business principles, mental models, startups etc. You seem like a guy who research stuff like this. What do you do, if you dont mind me asking?
 
monkeyrhythm said:
I know you didn't ask me but:

My favourite 'business' books aren't in the business category per se. Books like:
Thinking Fast and Slow by Daniel Kahneman, and The Incerto Series by Nassim Nicholas Taleb. The best is The Black Swan and would absolutely stand up in isolation; personally I'd start at the beginning though with Fooled By Randomness.
Also, if you do anything with technology The Phoenix Project is a must read (I haven't read the follow-up, 'The Unicorn Project' yet but I've heard good things).
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Thanks mate, i will check up on this.
 
Ballsaque said:
Self improvement, general business principles, mental models, startups etc. You seem like a guy who research stuff like this. What do you do, if you dont mind me asking?
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I'm into business, leadership, social impact, and spirituality; but not limited to those areas.

Based on your interests, the most important areas I would focus on is emotional intelligence and leadership. The commonalities that bind successful business principles is a positive mental attitude and healthy trusting relationships.

Power vs Force and/or Letting Go - David Hawkins
The 21 Irrefutable Laws of Leadership - John Maxwell
The Servant - James Hunter

Thanks to @Goonerview for putting me on to David.
 
I always picture you as Steve Carrel from the office. Not sure why.
 
Damien Karras said:
Not sure but that guy in the YouTube ads next to his lambos and who likes to read seems like a good mentor
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You mean Tai Lopez.

I followed his self-help course "67 Steps". It was the best self-help course that I have followed.

But his business course is too expensive for me.

I need cheap ways to understand business.

Maybe a cheap course or books or YouTube.
 
$uperman said:
You mean Tai Lopez.

I followed his self-help course "67 Steps". It was the best self-help course that I have followed.

But his business course is too expensive for me.

I need cheap ways to understand business.

Maybe a cheap course or books or YouTube.
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Business is very broad. If you want to start a business I'd suggest reading books on entrepreneurship. If you want to invest then a book on personal finance. If you want to understand management then there are books on management tools, approaches and techniques.
I'm a management sciences graduate student but I don't pretend to know everything about business. Even an inexperienced MBA graduate will have but a foundation in business and needs to cut his teeth before getting good at it, or even understanding it. An MBA gets a full business training in Accounting, Finance, Strategy, Marketing, Management, HR, Economics, IT, Operations and Logistics etc., for example.
 
Damien Karras said:
Business is very broad. If you want to start a business I'd suggest reading books on entrepreneurship. If you want to invest then a book on personal finance. If you want to understand management then there are books on management tools, approaches and techniques.
I'm a management sciences graduate student but I don't pretend to know everything about business. Even an inexperienced MBA graduate will have but a foundation in business and needs to cut his teeth before getting good at it, or even understanding it. An MBA gets a full business training in Accounting, Finance, Strategy, Marketing, Management, HR, Economics, IT, Operations and Logistics etc., for example.
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I want to understand economics. Business is a big part of the economy. That's why I want to understand business.

My brother has a MBA and is manager at Ford. But I don't think he has time to explain business to me. He is very busy.
 
$uperman said:
I want to understand economics. Business is a big part of the economy. That's why I want to understand business.
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If you want to understand the economy then steer clear of economists...

Some pertinent Nassim Taleb quotes:
  • An economist is a mixture of 1) a businessman without common sense, 2) a physicist without brain, and 3) a speculator without balls.
  • A prostitute who sells her body (temporarily) is vastly more honorable than someone who sells his opinion for promotion or job tenure.
  • The artificial gives us hangovers, the natural inverse-hangovers. The joys of post-exercise, breaking a fast, meeting a friend, helping someone in trouble, or humiliating an economist are examples of inverse hangovers. Antifragility = series of earned inverse hangovers. They don't come for free.
  • Those with brains no balls become mathematicians, those with balls no brains join the mafia, those w no balls no brains become economists.
  • To have a great day: 1) Smile at a stranger, 2) Surprise someone by saying something unexpectedly nice, 3) Give some genuine attention to an elderly, 4) Invite someone who doesn't have many friends for coffee, 5) Humiliate an economist, publicly, or create deep anxiety inside a Harvard professor.
  • A trader listened to the firm's "chief" economist's predictions about gold, then lost a bundle. The trader was asked to leave the firm. He then angrily asked him boss who was firing him: "Why do you fire me alone not the economist? He is too responsible for the loss." The Boss: "You idiot, we are not firing you for losing money; we are firing you for listening to the economist."
  • Discussing growth without concern for fragility: like studying construction without thinking of collapses. Think like engineer not economist.
  • OPEN DISCUSSION: Back to skin in the game. It looks like skin in the game does not necessarily work because it makes people more careful, rather but because it allows the risk taker to exit the gene pool and stop transferring the risk to others. A bad driver exposed to harm would eventually die and stop killing people on the road; shielded from harm he would keep killing others ad infinitum, as if he were an economist a la JS or PK.
  • Success in all endeavors is requires absence of specific qualities. 1) To succeed in crime requires absence of empathy, 2) To succeed in banking you need absence of shame at hiding risks, 3) To succeed in school requires absence of common sense, 4) To succeed in economics requires absence of understanding of probability, risk, or 2nd order effects and about anything, 5) To succeed in journalism requires inability to think about matters that have an infinitesimal small chance of being relevant next January, ...6) But to succeed in life requires a total inability to do anything that makes you uncomfortable when you look at yourself in the mirror.
  • [On his greatest disappointment]: That I am unable to destroy the economics establishment, the press.
  • Friends, I wonder if someone has computed how much would be saved if we shut down economics and political science departments in universities. Those who need to research these subjects can do so on their private time.
 
Interest rates, it sounds like a basic concept but it makes the financial world run.

In the beginning it's stuff like understanding credit card debt or loans on your car/house. Then you'll start to understand compounding interest, and houses that have doubled in price from 20 years ago, are really under performing versus inflation. Then you realize that with some discipline, you could pay nothing out of your paycheck in taxes, and pay one big lump sum and earn money by investing that amount. Then you realize that your rent increases $X every year, and that inflation is basically like interest and you'll looking at the pros and cons of renting and buying. Then you'll realize that businesses can live or die by their access to loans/lines of credit, and business decisions are made by looking at the present value of future decisions. Then you'll see that Businesses are greedy because they're made up of shareholders that demand a return on their investment in terms of profits or dividends. Then you'll look at how the Fed controls the economy with their money supply and interest rates. Then you'll see how these interest rates affect countries like China keeping their currency pegged to the dollar and keeping exports cheap and attractive to other countries.

And it all boils down to this one simple statement: "A dollar today is worth more than a dollar tomorrow"

I'm no financial expert, but the more I learn about business, a lot of it boils down to the simple concept of interest.

Edited to add better examples
 
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FYI investopedia is a great resource. It's like Wiki for Business stuff.
 
KreamPuff said:
Interest rates, it sounds like a basic concept but it makes the financial world run.

In the beginning it's stuff like understanding credit card debt or loans on your car/house. Then you'll start to understand compounding interest, and houses that have doubled in price from 20 years ago, are really under performing versus inflation. Then you realize that with some discipline, you could pay nothing out of your paycheck in taxes, and pay one big lump sum and earn money by investing that amount. Then you realize that your rent increases $X every year, and that inflation is basically like interest and you'll looking at the pros and cons of renting and buying. Then you'll realize that businesses can live or die by their access to loans/lines of credit, and business decisions are made by looking at the present value of future decisions. Then you'll look at how the Fed controls the economy with their money supply and interest rates.

And it all boils down to this one simple statement: "A dollar today is worth more than a dollar tomorrow"

I'm no financial expert, but the more I learn about business, a lot of it boils down to the simple concept of interest.
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This is very good advice*


As an aside, IME the concept of compounding applies just as well to knowledge as it does finance.
 
as we say, what's life without a few risks? Elon Musk was on the edge of a foul recently. If he had not taken the risk and closed his companies (Tesla and SpaceX), then he would not be such a popular and rich man now. But it is worth considering that Elon Mask does all this for the sake of an idea and not money. Money only helps to make his dream come true. But you still need to believe in your strength and your product. But don't forget about the team. You must always keep a friendly spirit in the team to increase productivity. It is very important to choose a CRM for your business. This helps the team communicate with each other. I chose EspoCRM for myself. My team thanks me for the fact that I chose this.
 
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