Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 258|August 19-25, 2022
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Shaping Section : Ideas and forces shaping economies and industries
Can the Visa-Mastercard duopoly be broken?
The Economist | August 17, 2022
The system of interchange—whereby banks and credit-card issuers charge merchants for collecting payments—is loathed by many retailers. In the USA merchants hand over $138bn in fees each year; according to the National Retail Federation, a lobby group, it is their second-biggest cost after wages. And while shoppers are less likely to have strong feelings about the system, being mostly unaware of it, they also suffer as a result of higher sticker prices.
America is home to the heftiest interchange fees of any major economy—costs are an order of magnitude greater than in Europe and China. That largely benefits two firms: Visa and Mastercard, which facilitate more than three-quarters of the country’s credit-card transactions. Doing so has made them two of the most profitable companies in the world, with net margins last year of 51% and 46% respectively.
At first glance their position appears insurmountable. Already dominant, in recent years the firms have been boosted by a covid-induced rise in online shopping. American consumers used credit or debit cards for 45% of their transactions in 2016; by 2021, that had reached 57%. Yet two threats loom. The first comes from Washington, where legislators hope to smash the duo’s grip on payments. The second is virtual. Payments have been transformed in Brazil, China and Indonesia by cheap, convenient app-based options from tech giants like Mercado Pago, Ant Group, Tencent and Grab. After a long wait, new entrants now look like they could shake up America’s market. Further troubles for the duo is coming from other option like FedNow, a real-time bank-transfer system being built by the Fed, which is due to be launched next year. In time, it could even include central-bank digital currencies or cryptocurrencies.
For evidence that this poses a threat, look no further than Visa’s attempted purchase of Plaid. In 2020 the firm tried to buy the upstart for $5.3bn, only for the deal to be scuppered by antitrust regulators on the grounds that the transaction would have allowed Visa to eliminate a competitive threat. Ultimately, Visa gave up, but the attempt was nonetheless telling. The house of cards carefully constructed by the two payment giants is formidable and long-standing. But it is not indestructible.
3 key takeaways from the article
- The system of interchange—whereby banks and credit-card issuers charge merchants for collecting payments—is loathed by many retailers. In the USA merchants hand over $138bn in fees each year. It is their second-biggest cost after wages.
- America is home to the heftiest interchange fees of any major economy. That largely benefits two firms: Visa and Mastercard, which facilitate more than three-quarters of the country’s credit-card transactions. Doing so has made them two of the most profitable companies in the world.
- At first glance their position appears insurmountable. Yet two threats loom. The first comes from Washington, where legislators hope to smash the duo’s grip on payments. The second is virtual. Payments have been transformed in Brazil, China and Indonesia by cheap, convenient app-based options from tech giants.
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Topics: Banking, Finance, Consumer Financing, Credit Cards
Chinese EV Maker BYD Aims to Conquer World Markets as the Un-Tesla
By Bruce Einhorn and Danny Lee | Bloomberg Businessweek | 18 August 2022
Tesla and its messianic chief executive officer, Elon Musk, have captured the attention of investors and drivers around the world with one vision of the future of electrified mobility. But BYD’s billionaire founder and CEO, Wang Chuanfu, is vying to transform his company, already the biggest EV producer in China’s ultra-competitive market, into a major global player in electrified transport by taking a very different approach. If he succeeds in expanding internationally, it could bring a level of recognition and scale that has eluded countless other Chinese automakers.
In many ways BYD is the un-Tesla. Musk began by selling luxury sedans whose sticker price could exceed six figures, but Wang from the start focused on developing affordable cars within reach of middle-class Chinese drivers. Unlike Tesla, which has yet to launch an electric bus and has struggled with trucks, BYD has a diversified plug-in product line that includes trucks, forklifts, and buses. And while Musk is hostile to labor unions, Wang has a unionized workforce at his factory in Lancaster, Calif., that primarily makes buses for the US market. BYD’s political milage with Chinese Premier Li Keqiang is another different route than Musk’s recent confrontation with the President Joe Biden.
BYD’s embrace of vertical integration, however, could prove to be its biggest difference from—and perhaps advantage against—Tesla and legacy automakers only now entering the EV space. BYD not only manufacturing vehicles but also producing its own semiconductors and batteries. BYD’s self-reliance has also helped it avoid some of the supply chain bottlenecks that have hindered other Chinese automakers. By many measures, Wang’s strategy has paid off already. BYD is the world’s third-most valuable carmaker (after Tesla and Toyota) with a market capitalization of about HK$1 trillion ($127.5 billion).
One big question for Wang is how long that advantage can last. Industry heavyweights such as Toyota aren’t able to compete with BYD’s electric cars for now. But given the economies of scale enjoyed by Japanese automakers, the established players will likely catch up quickly when they’re ready to push EVs globally in a few years.
However, the big question for Wang right now is what legendary investor Warren Buffett is up to. The possibility of a Buffett exit has put a spotlight on another BYD weakness: the company’s thin profit margins. Earnings accounted for less than 2% of revenue in 2021 vs. about 10% for Tesla. That could be because BYD is focused on overseas growth rather than short-term profitability.
3 key takeaways from the article
- Unlike Elon Musk, the Tesla’s messianic CEO, BYD’s billionaire founder and CEO Wang Chuanfu is vying to transform his company, already the biggest EV producer in China’s ultracompetitive market, into a major global player in electrified transport by taking a very different approach.
- In many ways BYD is the un-Tesla. Musk began by selling luxury sedans whose sticker price could exceed six figures, but Wang from the start focused on developing affordable cars within reach of middle-class Chinese drivers. The other differences include BYD’s equal focus on manufacturing buses and trucks, and its convenience with the trade unions.
- BYD’s embrace of vertical integration, however, could prove to be its biggest difference from—and perhaps advantage against—Tesla and legacy automakers only now entering the EV space. One big question for Wang is how long that advantage can last.
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Topics: Auto Market, Electric Vehicles, China
We may never fully know how video games affect our well-being
By Rhiannon Williams | MIT Technology Review | August 20, 2022
For decades, lawmakers, researchers, journalists, and parents have worried that video games are bad for us: that they encourage violent behavior or harm mental health. These fears have spilled into policy decisions affecting millions of people. The World Health Organization added “gaming disorder” to its International Classification of Diseases (ICD) in 2019, while China restricts people under 18 from playing games for more than three hours a week in a bid to prevent minors from becoming addicted.
However, in recent years a growing body of research has argued that video games are in fact good for us, improving cognition, relieving stress, and bolstering communication skills. The reality, a new study suggests, is that we simply don’t have a good grip on how games affect our well-being, if at all. The research, described in the Royal Society Open Science journal last month, found little to no evidence for a causal connection between game play and well-being, meaning that time spent playing video games had neither a negative nor positive effect on players’ emotional health.
The findings demonstrate the complexity of making definite conclusions about how and why playing video games affects us. The science of researching games is relatively new, and studying them is tough because of how varied they are: a simple puzzle app on a smartphone is very different from a sprawling massively multiplayer online game, and modern games contain vast amounts of data. Another factor is that the industry’s technology evolves more quickly than researchers can conduct studies, meaning their methodologies for studying effects on mental health or aggression can be contentious.
The evidence base that the WHO and Chinese authorities are drawing from is “trash” and seriously mismatched to the scale of the decisions being based on them, says Andrew Przybylski, a senior research fellow at the Oxford Internet Institute and coauthor of the report. “That’s not to say that countries, parents, and regulators don’t have a very serious role to play in making sure that games are safe and a rewarding part of people’s lives,” he says. “It just means that if we’re going to regulate them, and give parents advice, it has to be vaguely evidence based.”
3 key takeaways from the article
- For decades, lawmakers, researchers, journalists, and parents have worried that video games are bad for us: that they encourage violent behavior or harm mental health. These fears have spilled into policy decisions affecting millions of people.
- However, in recent years a growing body of research has argued that video games are in fact good for us, improving cognition, relieving stress, and bolstering communication skills. The reality, a new study suggests, is that we simply don’t have a good grip on how games affect our well-being, if at all.
- The findings demonstrate the complexity of making definite conclusions about how and why playing video games affects us. The evidence also suggest that the WHO and Chinese authorities are drawing from is “trash” and seriously mismatched to the scale of the decisions being based on them.
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Topics: Technology and Humans, Games, Health
How semiconductor ‘democracy chips’ can play a vital role in U.S.-Taiwan diplomacy as threats from China mount
By Tristan Bove | Fortune | August 22, 2022
Despite antagonistic military threats from mainland China, Taiwan’s semiconductor manufacturing industry remains a critical cog in global supply chains, and both Taiwan and the U.S. know it. Taiwanese President Tsai Ing-wen recently referred to Taiwanese semiconductors as “democracy chips,” and suggested Taiwan’s democratic allies would need to step in and cooperate with the nation as it faces increasingly hostile and militant intimidations from across the Taiwan Strait.
Tsai made the remarks during a recent visit to Taiwan by Indiana governor Eric Holcomb, the third visit by a senior U.S. government official to Taiwan this month, following in the footsteps of House Speaker Nancy Pelosi’s high-profile visit and the later arrival of a delegation led by Massachusetts Senator Ed Markey.
Taiwan has cornered a massive share of the global chip manufacturing market, and for Tsai, the country’s chip dominance is destined to play a vital role for Taiwanese diplomacy as threats from China mount. Taiwan is home to 92% of global manufacturing for the world’s most advanced semiconductors, vital components used to make everything from smartphones to cars tick. The Taiwan Semiconductor Manufacturing Co. (TSMC) alone accounts for more than half of the global market for made-to-order chips, and during her recent visit to Taiwan, Speaker Pelosi met with TSMC chairman Mark Liu to discuss plans for the company to build more factories on U.S. soil. The U.S. currently represents TSMC’s largest market share.
Most of the world—including both China and the U.S.—is dependent on Taiwan for the island’s semiconductor capacity. China aggressively curbed trade with Taiwan earlier this month over Pelosi’s visit when it limited imports of fish and fruit—but semiconductors were conspicuously spared from the package, given China’s reliance on Taiwanese chip manufacturing.
And in the U.S., officials are eager to boost domestic semiconductor manufacturing and reduce reliance on foreign suppliers after the recent signing of the CHIPS Act, a bipartisan bill that will funnel billions of dollars into domestic manufacturing and semiconductor research in a bid to increase competitiveness with China. But Taiwanese chip manufacturing companies remain a critical part of global supply, and likely will for some time.
3 key takeaways from the article
- Despite antagonistic military threats from mainland China, Taiwan’s semiconductor manufacturing industry remains a critical cog in global supply chains, and both Taiwan and the U.S. know it.
- Taiwan is home to 92% of global manufacturing for the world’s most advanced semiconductors, vital components used to make everything from smartphones to cars tick. The Taiwan Semiconductor Manufacturing Co. (TSMC) alone accounts for more than half of the global market for made-to-order chips.
- Taiwan has cornered a massive share of the global chip manufacturing market, and for Tsai, Taiwanese President Tsai Ing-wen, the country’s chip dominance is destined to play a vital role for Taiwanese diplomacy as threats from China mount.
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Topics: China, USA, Semi-conductor
A reflection on global food security challenges amid the war in Ukraine and the early impact of climate change
By Daniel Aminetzah et al., | McKinsey & Company | August 17, 2022
The COVID-19 pandemic. Supply chain strains. Climatic events. These disruptions were already pushing food prices up when Russia invaded Ukraine in late February. Today, war in one of the world’s six breadbasket regions and in the Black Sea, a critical supply and transit hub for wheat and fertilizers, is tilting global food security into a state of high risk.
A deal signed on July 22 intended to free approximately 20 million tons of grain stuck in Black Sea ports has brought some relative relief to the market, enabling the price of some cereals to return to preinvasion levels. In spite of this optimistic turn of events, a confluence of immediate concerns and longer-term complications continue to point to elevated risk levels. Immediate concerns include the fact that though the grain deal may alleviate some logistical problems in ports, the outcome is uncertain, and there are significant inland bottlenecks and other complexities that could continue to make it difficult for grain to reach customers. Also, if the roughly 20 million tons of grain in question has not been stored in optimal conditions for the five to six months it has been sitting in Ukrainian silos, it may have declined in quality and could be unfit for human consumption. Also daunting is the fact that our projection for the 2022–23 harvest in Ukraine is below normal levels by more than 30 million tons, due to lower acreage planted and lower input availability (and the fact that some grain is likely to remain unharvested).
The consequences of a looming food crisis may be more pronounced than during the 2007–08 global food crisis and the 2010–11 food price hikes that contributed to the Arab Spring. Today’s more negative outlook could ultimately result in a deficit of roughly 15 million to 20 million metric tons of wheat and corn from the world’s supply of exported grain in 2022. The deficit in 2023 could reach roughly 23 million to 40 million metric tons, according to the authors’ worst-case scenario, assuming a prolonged crisis in which the recently signed agreements don’t work.
The larger deficit represents a year’s worth of nutritional intake for up to 250 million people, the equivalent of 3 percent of the global population. In addition to the human suffering this implies, based on the experiences of recent food crises, there are a host of other possible destabilizing consequences.
Fundamental changes to global behavior, coming from both the public and private sectors, could boost transparency and resilience to the global food system. Potential steps to take include the following: sustainably transform agriculture to boost yields, especially in importing countries with fast-growing populations; find ways to reduce global food waste and optimize use of land for food and biomass production; and accelerate the development and adoption of alternative meat and encourage the consumption of the most efficient proteins
3 key takeaways from the article
- The COVID-19 pandemic. Supply chain strains. Climatic events. These disruptions were already pushing food prices up when Russia invaded Ukraine in late February.
- Today, war in one of the world’s six breadbasket regions and in the Black Sea, a critical supply and transit hub for wheat and fertilizers, is tilting global food security into a state of high risk.
- The larger deficit represents a year’s worth of nutritional intake for up to 250 million people, the equivalent of 3 percent of the global population. In addition to the human suffering this implies, based on the experiences of recent food crises, there are a host of other possible destabilizing consequences.
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Topics: Global Food Supplies, Supply Chain, Inflation, Poverty
Strategy & Business Model Section
Building Your Own Brand Platform
By Julian R.K. Wichmann et., al., | Harvard Business Review Magazine | September–October 2022
The traditional big retail chain—like Walmart in the United States, Carrefour in France, and Kaufland in Germany—is a brand aggregator. It offers a range of branded products in multiple categories and provides information that allows consumers to make comparisons. Today digital platforms are disrupting these retail models. A search for Adidas running shoes on Google Shopping, for example, brings up results from multiple online retailers (including Dick’s Sporting Goods, Nordstrom Rack, and DSW) as well as Adidas’s own website. Although Google receives ad revenue when shoppers follow those links, the consumer transacts directly with the brand or an online retailer, which means Google does not have to own, store, or ship most of the products it channels. This low-cost/high-customer-value model puts Google and other platforms at a considerable advantage compared with traditional retailers. The threat posed to branded goods manufacturers appears to be even greater.
But unlike traditional retailers, product brands may be able to turn this digital threat into an opportunity. By embracing the idea and functionalities of digital platforms, branded product manufacturers as diverse as Bosch, Nike, and Mars Whistle are sidestepping players like Amazon and instead building what we call brand flagship platforms. Brands use these platforms to considerably expand on their core value offering and establish a direct connection with consumers. They leverage platform structures to integrate third-party businesses and consumers into the value creation process. By doing so, they can provide a range of complementary products, services, and content within the broader category space surrounding their core offering. What results is an offering that addresses consumer needs more holistically and transcends a pure sales channel or the traditional product-centric perspective.
Brand flagship platforms don’t just provide a direct sales channel—they create an ecosystem around the brand. These platforms provide their mix of specialized products, services, and content by involving other participants—regular consumers, professionals, and third-party businesses—in the value creation process, both as receivers (crowdsourcing) and providers (crowdsending) of value.
We can distinguish between brand flagship platforms by classifying them into four different relationship styles, each of which comes with its own set of characteristics, opportunities, and risks. Managers should carefully design their brand flagship platform in order to foster the desired relationship style. These are: the platform as an instrument, the platform as a guide, the platform as a canvas, and the platform as a companion.
3 key takeaways from the article
- Today digital platforms are disrupting retail models. A search for Adidas running shoes on Google Shopping, for example, brings up results from multiple online retailers as well as Adidas’s own website – posing threat to branded goods manufacturers.
- But unlike traditional retailers, product brands may be able to turn this digital threat into an opportunity. By embracing the idea and functionalities of digital platforms by sidestepping players like Amazon and instead building what we call brand flagship platforms.
- We can distinguish between brand flagship platforms by classifying them into four different relationship styles: the platform as an instrument, the platform as a guide, the platform as a canvas, and the platform as a companion.
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Topics: Strategy, Technology, Digital Platforms
Leading & Managing Section
The Cognitive Shortcut That Clouds Decision-Making
By Jonas De keersmaecker et., al., | MIT Sloan Management Review | August 17, 2022
Misinformation and disinformation are hardly new but has become acute. Misinformation, regardless of whether it was mistakenly passed along or shared with ill intent, obstructs good decision-making. Information we hear again and again acquires a “stickiness” that affects our judgment, and the effects are neither fleeting nor shallow. The illusory truth effect occurs effortlessly, but effort is necessary to combat it. How can managers guard against these? Four strategies can improve the likelihood that leaders and their teams will base their decisions on credible information.
Strategy 1: Avoid the bias blind spot. Too many decision makers fall prey to the bias blind spot, a well-documented psychological phenomenon where people believe that biases cloud other people’s actions but not their own. Understanding the illusory truth effect, and accepting that you are as vulnerable to it as anyone else, is a productive first step toward minimizing its dangers.
Strategy 2: Avoid epistemic bubbles. Strategic decisions often depend on information shared by team members and other key stakeholders. It is of vital importance that this network does not constitute an epistemic bubble, where members encounter only similar opinions and don’t consider alternative points of view. To avoid epistemic bubbles, managers should foster an environment in which opposing and differing perspectives can be generated and where they are actively and openly discussed.
Strategy 3: Question facts and assumptions. Much of the time, we accept new information that we would reject if only we thought a little harder. An accuracy mindset can help short-circuit the illusory truth effect with an emphasis on evaluating whether information fits with one’s knowledge, and it can promote a culture in which the default is to consider the truthfulness of new information when it arises. Managers can develop an accuracy mindset through a few simple practices. One is to explicitly inform their teams about the prevalence of the illusory truth effect and to highlight the importance of approaching new information critically.
Strategy 4: Nudge the truth. Because information gains credibility with repetition, managers can nudge the truth by repeating true and relevant information. This strategy does hold a risk, though: The manager might be inadvertently repeating incorrect information. Before reinforcing a message, it is critical to evaluate the information being conveyed. Be aware of bias blind spots, maintain an accuracy mindset, perform external fact-checking, and don’t get stuck in an epistemic bubble.
3 key takeaways from the article
- Misinformation and disinformation are hardly new but has become acute. Misinformation, regardless of whether it was mistakenly passed along or shared with ill intent, obstructs good decision-making.
- Information we hear again and again acquires a “stickiness” that affects our judgment, and the effects are neither fleeting nor shallow. The illusory truth effect occurs effortlessly, but effort is necessary to combat it.
- How can managers guard against these? Four strategies can improve the likelihood that leaders and their teams will base their decisions on credible information. These are: before reinforcing a message, it is critical to evaluate the information being conveyed, be aware of bias blind spots, maintain an accuracy mindset, perform external fact-checking, and don’t get stuck in an epistemic bubble.
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Topics: Decision-making, Leadership, Teams
Entrepreneurship
6 Simple Growth Hacks for Startups
By Soren Kaplan | Inc Magazine | August 15, 2022
How to build a brand and drive tens of thousands of visitors to your website each month, all without any significant marketing investment. Anyone who’s focused, methodical, and willing to take the time can do it. 6 simple growth strategies for startups are:
- Create Expert Content. Content is king. You can create it yourself or provide a platform that encourages users to contribute content as part of your business model. Content drives the brand and engages customers. Content comes in many forms: articles, blog posts, listicles, white papers, templates, and videos.
- Syndicate Content to Grow Backlinks. Backlinks are the lifeblood of SEO. The more that reputable websites link back to your website (or sub-pages on your site), the higher you’ll rank will be in search engines. And the higher your rank, the more organic visitors you’ll receive. Whatever you’re doing or providing as part of your business, position yourself as the expert. Become a source of knowledge and insight for the press, get interviewed on podcasts, write articles for other sites, or do anything else that gets your name (and backlink) out there on the net.
- Become a Video Star. Content isn’t just about the written word. YouTube is now the number-two search engine in the world, right behind Google. Video content highlights your expertise. It gets shared. And it drives traffic to your website that can convert to newsletter signups, subscriptions, and product purchases. Be sure to include keywords in the titles and descriptions of your videos. Also include a plug at the end of the video for where the viewer can learn more (e.g., your website). Re-purpose your videos on social media and embed videos into your website to further reinforce your content expertise.
- Build Email Relationships. Email is a unique, higher-touch, form of connection-making. As compared with social media, email is like pinning a flyer up on someone’s front door versus hoping they see one that has been posted on the corner telephone pole as they walk by. So, create easy ways for people to sign up for newsletters. Connect with others on LinkedIn, where most profiles include email addresses. Focus on building a list and providing high-value communications that use expert content to connect with your audience versus just trying to sell them your product.
- Measure Everything Using Dashboards. The only way to gauge progress is to measure it. Use Google Analytics to track your most important metrics, like the number of visitors, landing pages, conversion rates for your newsletter and purchases, and more.
- Test, Retest, and Test Again. Google recently introduced a great tool called Optimize. Optimize allows you to quickly run tests on your website or individual web pages. By creating A/B tests that serve up different page headings, product prices, button colors, etc., you can gain insight into what works and what doesn’t based on what you’re trying to achieve.
2 key takeaways from the article
- How to build a brand and drive tens of thousands of visitors to your website each month, all without any significant marketing investment. Anyone who’s focused, methodical, and willing to take the time can do it.
- 6 simple growth strategies for startups are: create expert content, syndicate content to grow backlinks, create video content, build email relationships, measure everything using dashboards, and test, retest, and test again.
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Topics: Startups, Growth Strategies, Content Marketing
5 Lessons We Can Learn From Self-Made Millionaires
By Daniel Mangena | Entrepreneur Magazine | August 23, 2022
Most people worship the millionaire status even if they aren’t money-oriented; there is still an attraction to being one. But it’s worth understanding the notion of what being a millionaire is actually like, before embarking upon a journey towards that life. So here are five lessons learned by the author from self-made millionaires.
- Having a million dollars in the bank doesn’t automatically make you an abundant person. A million dollars is a line in the sand. It’s a rubicon to cross, and on the other side lies happiness and stability, right? The problem with this approach is it doesn’t give any thought to your character with that money. If you don’t work on yourself, having a million dollars will not magically change your charisma, character traits and personality. Millionaires can be just as stingy with their finances as the rest of us. So if you’re attracted to the freedom and joy that a million dollars would bring you, make that your aim. Not the money.
- Money is not the root of all evil. Money is not going to solve you. You have to solve you. But a million dollars will also not turn you into some mustache-twirling, evil genius. Western society has latched onto the belief that a millionaire is a modern-day boogeyman. But, at the same time, this society also worships millionaires. Money itself has no moral compass. It is merely a facilitator. It will amplify who you are, so the suggestion is to get you to check first.
- Time is more valuable than money. This may sound like a tone-deaf proposition if you’re someone with a lot of stress around money because you don’t have enough or have to work hard to obtain it. But it’s true. A significant factor in people becoming a millionaire is achieving the lifestyle they actually wanted. They just assumed they needed to be a millionaire to experience it. Then they realize that they don’t want to sacrifice any more of their time.
- Find a mentor. This can not be overstated. To reiterate the last point: your time is precious. It’s the one commodity they aren’t making any more of. Having a mentor helps you skip a lot of trial & error. Nobody is really “self-made.” We all stand on the shoulders of giants in one way or another, so make sure you’re standing on the shoulders of the tallest giant you can find! You’ll make more progress towards your financial and business goals in one phone call or lunch meeting than in a decade of trying to figure it out yourself.
- Practice gratitude. Gratitude is such a massive practice. It’s one of the most effective ways to change your experience and costs nothing! By practicing gratitude (i.e., actively looking for things to be grateful for in every scenario, no matter how small), you’re essentially hacking your subconscious. You’re polluting your environment with gratitude, which will begin to snowball into success. This will help you in your growth journey because you’ll realize (as the author and many others before him have) that a million dollars can’t give you a life to be grateful for.
2 key takeaways from the article
- Most people worship the millionaire status even if they aren’t money-oriented; there is still an attraction to being one. But it’s worth understanding the notion of what being a millionaire is actually like, before embarking upon a journey towards that life.
- Five lessons learned from self-made millionaires are: having a million dollars in the bank doesn’t automatically make you an abundant person; money itself has no moral compass, it is merely a facilitator; time is more valuable than money; find a mentor; and practice gratitude.
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Topics: Entrepreneurship, Mentorship, Success, Happiness