7 Tips to Becoming a Millionaire

22Becoming a millionaire is easier than it’s ever been.

Many people have been writing me with the notion that it’s an impossible task. They say, “It’s pure luck. You have to be born into a rich family. You’ll have to win the Lotto. Your parents have to help you out a lot.”

A single mother with five children wrote the following, “Daniel, I read your article and I believe in what you’re saying. However, I’m 50 years old and work long hours at two dead-end jobs. It’s Christmas time and I barely have enough money to buy gifts for my children. What should I do?”

Another man wrote, “Well, if you work for the government or a non-profit, you cannot expect to become a millionaire. After all, you’re on a fixed salary and there’s little time for anything else. By the time you get home, you’ve got to play with the kids and entertain yourself.”

These queries got me thinking of the true possibilities of wealth all over the world, particularly in America. I’ve seen people come to America who speak little to no English, have no connections, no money, or formal education, but have still been able

The 5 Strategy Rules of Bill Gates Andy Grove and Steve Jobs

lpIf there were a Mount Rushmore for technological innovation, Bill Gates, Andy Grove, and Steve Jobs would be the faces looking outward. The longtime CEOs of Microsoft, Intel, and Apple have done more than anyone to popularize the modern-day personal computer, and in doing so, also created three of the most highly valued companies in the world.

But how were they able to steer their companies through the volatile ups and downs of decades of changing technologies? What did they have in common? And what can we learn from them about successful strategy?

“The notion that you could brand a product that no one had ever seen and that no one understood what it did was brilliant”

Those are the questions David B. Yoffie and Michael A. Cusumano address in their new book, Strategy Rules: Five Timeless Lessons from Bill Gates, Andy Grove, and Steve Jobs. “I have known all three of these individuals,” says Yoffie, the Max and Doris Starr Professor of International Business Administration at Harvard Business School. “By looking at what they had in common, I thought there was a great opportunity to understand

Strategic Management for Competitive Advantage

bnFor the better part of a decade, strategy has been a business buzzword. Top executives ponder strategic objectives and missions. Managers down the line rough out product/market strategies. Functional chiefs lay out “strategies” for everything from R&D to raw-materials sourcing and distributor relations. Mere planning has lost its glamor; the planners have all turned into strategists.

All this may have blurred the concept of strategy, but it has also helped to shift the attention of managers from the technicalities of the planning process to substantive issues affecting the long-term well-being of their enterprises. Signs that a real change has been taking place in business’s planning focus have been visible for some time in the performance of some large, complex multinational corporations—General Electric, Northern Telecom, Mitsubishi Heavy Industries, and Siemens A.G., to name four.

Instead of behaving like large unwieldy bureaucracies, they have been nimbly leap-frogging smaller competitors with technical or market innovations, in true entrepreneurial style. They have been executing what appear to be well thought-out business strategies coherently, consistently, and often with surprising speed. Repeatedly, they have been winning market shares away from more traditionally

Where Product Market Fit Breaks Down

ghA tweet from GrowthHackers caught my eye recently — “Our #product market fit and NPS are off the scale, but we’re struggling to grow. Any ideas why?”

Like most tools in a well-stocked tool chest, a specific tool is only good for a specific problem or use.  Product/market fit is no different. It’s not a panacea for getting products right, where “right” is defined as commercially viable and successful. The product is only one piece of the puzzle, and many entrepreneurs are surprised by how many other pieces impact their products’ market success.

So let’s run down the potential causes for the “why are we struggling” question posted on GrowthHackers:

1. You have happy ears – You don’t actually have a good product/market fit. It’s one of the many frustrating realities of product marketing, but what customers say they want, and what they actually want or will accept aren’t always the same.  Many, many consumer products, from cars to movies, have been launched following extensive consumer testing, and flopped badly.  Getting product/market fit right is part research, and part really knowing your customers and the problem you’re

Bigbelly’s Big Bet on the Digital Trash Can

sxBigbelly wants to transform its solar-powered trash cans into digital hubs offering Wi-Fi access, advertising, and data-collecting sensors. (Oh, and garbage receptacles, too.) A new case study by Mitchell Weiss explores the challenges of a bold strategy pivot.

Q: When is a trash can not a trash can?

A: When it’s a Wi-Fi hotspot, air-purity monitor, and advertising billboard—all in one.

Bigbelly solar-powered trash cans have been street corner fixtures in Philadelphia, Boston, New York, and other cities around the world for the past decade—providing a self-compacting solution to keep streets clean. Last year, however, the Massachusetts-based company’s CEO shared plans to change its business model from selling a product—waste and recycling stations—to selling a subscription-based service that could include Wi-Fi access, sensors, and digital advertising.

“Government is a giant customer. They buy a lot of stuff”

Harvard Business School professor Mitchell Weiss explores this strategy pivot in a new case on Bigbelly, co-written with case researcher Christine Snively, that looks at the implications for technology companies entering the “smart cities” field.

“I wanted to explore the opportunities and challenges of selling to government in a company that is moving from selling hardware in big chunks to

When Hosts Attack The Competitive Threat of Online Platforms

ffIn the online marketplace, oodles of retailers and developers rely on “platforms” such as Amazon.com, the Apple App Store, Facebook, and Twitter to get their products and services into the hands of users. Retailers, for example, sell items on Amazon to extend their reach to more potential buyers; application developers turn to the App Store for digital distribution. The platform providers are their selling partners, scraping off a little bit for themselves on each sale.

It’s a great arrangement for small businesses—until their hosts decide to start competing with them.

“Millions of businesses are building their services around these platforms,” said Harvard Business School assistant professor Feng Zhu, during a presentation at Future Assembly, an event at Harvard Business School where business leaders and academics discussed the challenges of operating in a digitally-transformed economy. “A platform owner may imitate them and enter their markets by offering similar products,” Zhu explained.

“Before you build your business model around platforms, you need to think about how to minimize the risk from these platforms”

History has documented many such skirmishes. Netscape, designed to run on Microsoft’s

How To Consistently Hire The Right People For Your Startup

scI don’t really believe in job interviews. It’s not that there isn’t valuable information to be gathered in an interview; it’s simply that I’ve never conducted an interview where I felt more confident about an applicant’s qualifications after two hours than I did after two minutes.

The way I see it, most interviews test little more than an individual’s ability to self-promote. Thus, interviews rarely manage to satisfactorily address the two key questions:

  1. Will this person contribute maximally to the company?
  2. Will this person work well with the other members of the team?

When I first began hiring for InGenius Prep, I found myself constantly grasping for concrete answers to these questions. Nothing I did seemed to address this issue adequately. Here’s what I’ve learned throughout this process that you should keep in mind next time you’re looking to hire talent for your startup:

The Problem

Assembling our team wasn’t easy. We started InGenius Prep with less than $7,000 in capital. We didn’t take on any investors — or loans. Our success to date was only made possible by our incredible team.

However, in the beginning, we made every hiring mistake a company can make: hiring

New iPhone 7 Images Confirm Apple’s Design Gamble

ddApple AAPL +0.07%’s worst kept secret – its new radical design for the headphone-jack-free iPhone 7 – is now looking like a near certainty thanks to another leak this morning. But do the pictures show another potential design change?

The images come from self described “serial tech leaker” Steve Hemmerstoffer (who has a good record of accurate leaks), which appear to show a rear-facing plastic case for the iPhone 7.

Whilst pictures of a smartphone accessory isn’t exactly exciting news, the areas cut out for certain ports provides an insight into what to expect from the next flagship iPhone. Two things jump out to me immediately: there could be major changes to sound and battery size.

Headphone jack is almost certainly gone

Endless column inches (including here on Forbes) have been dedicated to Apple’s decision to ditch the headphone jack in favour using the lightning port. The lack of a headphone jack on this case further confirms that the age old connection is destined for the scrap heap

The debate will rage on whether or not this is a good move

6 Surprising Reasons Younger Managers Perform Best

3r“He doesn’t have a lot of experience managing people. Do you think he can do the job?” This is a phrase we hear more frequently as organizations fill the vacancies retiring Baby Boomers leave behind. Recently, a younger friend told me his experience of being hired after receiving his graduate degree. Most of the team he would manage had been working for the organization for more than 10 years and were his seniors by approximately 20 years. Some of them expressed frustration about being managed by someone so young and inexperienced. Were their fears grounded? How effective are newly appointed managers compared to the older and more seasoned folks they replace?

Frankly, being an older boss myself, I assumed veteran managers would prove to be the more effective leaders. But the data surprised me. In a recent article for Harvard Business Review my colleague Jack Zenger and I explored our database of more than 65,000 leaders and looked more deeply at managers who were 30 years of age and younger (455 leaders) and compared them to an older group of leaders over 45 years of age (4,298). Once we separated the two groups,

Online Resources To Help Inspire You And Your Startup

hjPeople start new businesses for different reasons. Aspiring entrepreneurs try to find fantastic ideas that will disrupt the industry, take over the world, conquer Facebook, or simply offer a challenging and fulfilling way to provide for them and their family.

Whatever the reason, coming up with a great idea that shows real promise and is something you can realistically get off the ground can be difficult. The absolute worst thing you can do is tuck yourself away, behind a desk somewhere, and try to force an idea to materialize.

It is far better to expose yourself to as many new ideas as possible. Ideas are more like jigsaw puzzles that you put together when seeing other entrepreneurs’ ideas, meeting new people who share different perspectives and new ideas, seeing how companies operate and have solved (or haven’t) the challenges they encountered.

Get yourself out there. See as much as possible. Meet as many people as possible. Learn new things. Then use all of these ‘puzzle pieces’ to put together an idea for yourself. If at first you don’t succeed, it’s not because you can’t do it, it’s most likely because you don’t have enough pieces.

Disclosure Needed A Guide To Alternative Lending Regulatory Issues As Treasury Comment Period Ends

ggOver the summer, the Treasury Department requested comments on the online marketplace lenders that provide an alternative to bank loans for consumers and small businesses. With the volume of loans rising rapidly, and the field getting crowded with new players, it’s clear that such alternative lending is here to stay. And, overall, that’s a good thing: With banks focused on larger customers, small businesses – which typically need financing of less than $250,000 and often face insurmountable difficulties getting it – benefit from these new ways to get funds.

But there’s been a downside of the rapid emergence of this largely unregulated industry. For small business borrowers, shopping for loans and comparing offers can make buying a used car look easy. In the worst case, entrepreneurs get pressured to sign up for expensive financing, and wind up in a death spiral where they keep having to take out more debt to pay back the earlier financing whose rates and terms they never really understood.

Last month, a group of lenders, brokers and small business advocates got together to introduce a small business borrowers bill of rights as

3 Hiring Strategies That Can Help You Find More Qualified Candidates

vmAs a business owner, employees are your greatest asset. I set out to build a company that everyone wants to work for, and have personally taken ownership of our hiring process to make it happen. A focus on keeping employees happy is not very common in the blue-collar construction industry, as many employers rely on the idea that simply having a job is good enough. But if you want to be the best in your space, you must have the best people working for you.

Unfortunately for my industry, with people increasingly drawn toward desk jobs comes a decline in those who are learning trades like carpentry. Therefore, we have a smaller and smaller talent pool, and have to focus even harder on securing top talent. But this is relevant for any industry: You want those people who’re going to defend and fight for your company on a day-to-day basis.

Pay is definitely an important factor for attracting the best, but I’ve also ended up toe-to-toe with monster companies that had significantly more money to spend on hiring. I had to be creative. No idea was too crazy, and the following strategies are what worked best.

Test Different Mediums for

Your Mustache Could Cure Prostate Cancer An Interview With Movember CEO Adam Garone

tPerhaps you have noticed more mustachioed men in your vicinity lately, particularly around the month of November, and were wondering why the moustache was again all the rage. Inquire no more: those hairy faces are part of a worldwide movement to raise awareness for prostate and testicular cancer. But “Movember” is more than just a month-long awareness campaign; it’s a movement.

CEO and co-founder of the Movember Foundation, Adam Garone, has been building the Movember brand for years, and it has gone global, fast. According to the latest reports, the Movember Foundation has raised over $700 million dollars for men’s health, and has funded 1,000 men’s health projects, including the Prostate Cancer Genome Mapping Project, which helps increase understanding about how prostate cancer works. Millions of people have joined in fundraising for men’s health research, and the prizes that the Movember Foundation award to top raisers have only served to fuel the community’s goodwill.

I was able to catch up with Garone and find out more about how his foundation started, and where they are headed next.

So how did it come about?

It was by accident. It

LinkedIn’s Top 25 Most In-Demand Career Skills

vvHighlighting your technology skills could be your ticket to finding a new job this year.New research from LinkedIn revealed that 20 of the top 25 most in-demand skills by U.S. employers in 2015 involved technology. For the second year in a row, cloud and distributed computing and statistical analysis and data mining were the top two skill-set categories employers were looking for most over the past year.

To develop its rankings, LinkedIn analyzed the skills of its users. Because LinkedIn users can choose from thousands of individual skills to put on their profile, the first step was to group skills into categories. For example, Android and iOS skills were grouped in the mobile development category.

From there, LinkedIn analysts examined all of the hiring and recruiting activity that happened on LinkedIn in the past year and identified the skill categories that belonged to members who were more likely to start new jobs and receive interest from recruiters.

Although the skills ranked were the most popular in 2015, LinkedIn researchers expect the popularity of these skills to continue in 2016. [Got a Diploma? Employers Would Rather See These Skills ]

“We noticed that companies

Defense Secretary Takes Position Against a Data ‘Back Door’

4rDefense Secretary Ashton B. Carter assured an audience of computer security experts Wednesday that he was not in favor of a “back door” that would give the government access to data that is protected by encryption.

Speaking at the annual RSA Conference, Secretary Carter sought common ground with companies worried by Apple’s fight with the Federal Bureau of Investigation over access to an iPhone.

“Just to cut to the chase, I’m not a believer in back doors or a single technical approach,” Secretary Carter said to loud applause during a panel discussion at the conference. “I don’t think it’s realistic. I don’t think that’s technically accurate.”

Apple is resisting a court order that would require it to create software to break the password mechanism in an iPhone used by one of the assailants in the December mass shooting in San Bernardino, Calif.

The F.B.I. argues that it is not asking for any sort of permanent back door and is merely asking for help in circumventing

Verizon and Hearst to Create TV for Mobile Millennial Viewers

dccSeeking to entertain the elusive millennial, Verizon Communications and Hearst announced on Wednesday the formation of a joint venture to develop programming for young adults to watch on their phones.

Called Verizon Hearst Media Partners, the enterprise will kick off this spring with two channels: RatedRed.com, aimed at “millennials from the heartland,” with programming about music, food, outdoors, politics, military and faith, and Seriously.TV, offering a comedic take on current events at the speed of breaking news. Other networks are planned.

The programming is intended for viewers to watch on mobile devices and will be available via Verizon’s Go90 streaming service and also on computers and TV.

The partnership brings together the technical know-how of Verizon, the telecommunications company that has been expanding into entertainment and advertising technology with the start of Go90 and recent acquisition of AOL, and the expertise of Hearst, the traditional media company that has made a number of investments in digital outlets. Hearst owns stakes in the cable TV networks ESPN and A&E, publishes the magazines Cosmopolitan, Elle and Esquire and

Aubrey McClendon, 56, Ex-Chief of Chesapeake Energy, Dies in Crash a Day After Indictment

6Aubrey McClendon, the swashbuckling energy industry innovator who pioneered the nation’s shale revolution, died in a car crash on Wednesday, a day after he was indicted on federal bid-rigging charges of conspiring to suppress prices paid for oil and natural gas leases. He was 56.

The Oklahoma City police said the car Mr. McClendon was driving hit the wall of a bridge at high speed in a remote part of the city. He was to appear in court later in the day.

“He pretty much drove straight into the wall,” Capt. Paco Balderrama of the Oklahoma City police said. Captain Balderrama added that the crash occurred while Mr. McClendon was driving a 2013 Chevy Tahoe at a “high rate of speed.” The car was found engulfed in flames.
The indictment served by the Justice Department late Tuesday accused Mr. McClendon of orchestrating a conspiracy in which two unnamed companies colluded not to bid against each other for the purchase of several oil and gas leases in northwest Oklahoma between late 2007 and early 2012.

Even in a business known for bigger-than-life executives, Mr. McClendon was a mythical character. He took a tiny oil company,

5 Steps to Start an Online Business and Living a Much Better Life

4As you’re reading this, customers all over the world are spending millions of dollars online. It’s estimated that 2.5 billion people log onto the Internet every day. We live in the Information Age, which has created new opportunities to start or build a business using the power and reach of the Internet.

While the opportunity is there, so is the competition. You can Google any topic and find at least a few entrepreneurs who are serving the market related to that topic. Whether you are growing an existing business through the Internet or starting an online business, you will have to stand out to thrive.

The Internet offers you the opportunity to create a business you love around the lifestyle you want. Operating a business that generates income from anywhere in the world no longer a fantasy. In fact, I’m writing this article on a flight from Maui to Panama. My business is making money as I fly. Here are five steps to create a profitable and successful online business.

1. Pick a profitable topic.

Choosing a topic is a hard enough task on its own. Making sure it’s profitable is where some entrepreneurs sabotage

China’s Communist Party Is Looking for Answers in Reaganomics

rrWhy the Party is turning to “supply side” economics now

Watch Jimmy Fallon Poke Fun at Donald Trump’s Super Tuesday Speech
Watch Jimmy Fallon Poke Fun at Donald Trump’s Super Tuesday…
President Obama and Misty Copeland Open Up About Race
President Obama and Misty Copeland Open Up About Race
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Turkey Launches Airstrikes After Deadly Bombing Kills 37
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Oprah Winfrey Continues Real Estate Shopping Spree
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You’ve really got to give China’s Communist Party propagandists an A for effort.

As part of a new roll out of reforms designed to bolster falling growth, the Party PR team has launched a state-approved rap song that puts policy to a back beat. “Reform the supply side, upgrade the economy,” runs the tune. Maybe it loses something musical in translation. But the question is whether it makes any sense economically. “Supply side” economics, a term most associated with the tax cuts and deregulation of Reagan years in America, seems an unlikely reform slogan for China’s state-led economy. After all, the Reagan Revolution represented the kind of naked free-marketism Karl

Calmer Markets Positive Data Prime Fed to Push Rate Hike

dcBarely a month ago Federal Reserve Chair Janet Yellen cut an isolated figure in her semi-annual testimony to Congress, forced to defend the U.S. central bank’s data-dependent approach while around her stocks plunged and oil prices sagged.

But a recent string of positive economic news has dragged markets back closer to the Fed’s overall outlook, allaying recession fears and suggesting the Fed will have more credibility at its meeting next week when it says further rate hikes this year remain firmly on the table.U.S. Federal Reserve Chairman Janet Yellen holds a news conference to announce raised interest rates in Washington, in this file photo taken December 16, 2015. REUTERS/Jonathan Ernst/Files REUTERS

“Financial markets for a while were completely out in the weeds, running around looking at things that turned out not to be real risk,” said Torsten Slok, chief international economist at Deutsche Bank.

When the Fed raised its benchmark interest rate in December for the first time in a decade from near zero, its so-called “dot plot” of policymakers’ forecasts penciled in four quarter-point hikes this year. Markets at the time priced in three increases.

Fed policymakers meet on March 15-16. They are expected