Business Strategy E-Magazine August 2021 by Bizemag Media

s ’ r o t i Ed e t No

TABLE OF CONTENTS AUGUST 2021 Editor's Note

LEADERSHIP

Celebrity of the month - Bernard Arnault

Why You Don't Want To Lead Zombie Apocalypse

INTERNATIONAL COLUMN The Skills of the New Generation of Leaders

New Connect ? New Leadership The 5Cs

Fausto Turco

Dr. Paolo Gallo

MANAGEMENT The Cryptic Nature Of Crytocurrency Demystified

Managing Emotions

Re-imagining HospitalityBusiness Under the Covid19 Onslaught

Dr. Neeta Pant

Abhinav Sharma

CAREER BYTE

BRAND STORY

TOP 8 TRENDING ONLINE BUSINES SECTORS

68 - 89

ASTRO CORNER

Dr. Vaneeta Aggarwal

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e are honoured to present nabe and ongoing online business opportunities that have caught atthe August issue of 2021. tention and could survive Covid19 We are maintaining our goal of phase. publishing learning material by management experts, CEOs, HR Our staff editors have given us stories on Bernard Arnault, CrypHeads and start-up owners. tocurrency and Zombie LeaderThis time we are segregating ship.. content into four parts : Leadership, Management, Career Byte We hope that you will like the and Brand - Success Stories. The content and choice of topics in leadership skills are explained by this issue. Fausto Turco (Italian CEO) while On the inner pages you will find the 5Cs of new Context and new details about our latest business leadership are explained by Pao- start-up - Bizemag Podcast which lo Gallo (Former CHRO, World is keeping us engaged almost daiBank and Founder of a Executive ly with a show. advisory firm). Dr Neeta Pant has contributed another interesting Please do subscribe our youtube article on managing ones emo- channel @Lstartegyq and Our Podcast @Bizemag on the several tions during turmoil. podcast channels and social meI have penned an article for wan- dia.

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CELEBRITY OF THE MONTH

Best Regards Dr. Vaneeta Aggarwal Founder L’strategyq Advisors & Business Strategy e-magazine

BERNARD ARNAULT Disclaimer - The Magazine producers and editors are not responsible for any views, opinions and information provided by the writers. The content produced here is copyright of Business strategy e-magazine and cannot be reproduced in part or full form without official approval. Any graphics depicted within the magazine are solely for symbolic representation and are taken from stock free options.

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Bernard Arnault

ore than anything else, Bernard Arnault’s story embraces contradictions: He is one of the most successful businessmen on the planet, but he has given away billions to charity. At the same time, he maintains a unique lifestyle: he owns a $24 million yacht, which collects dust on the Mediterranean every year; he flies first class; and vacations in a helicopter. At the same time, he goes shirtless on the runway in Paris and shows off his toned body on the catwalk at Versace fashion shows. The biography of Bernard Arnault is similar to that of the legendary Louis XIV of France and many other wealthy and powerful men of his time. This is because, like all men of his class, Bernard was a ruthless businessman that lived his life in the pursuit of power. Many details and facts of this story will be fascinating, and several will find them disturbing.

Bernard Arnault’s Childhood and study life

Bernard Arnault was born in Paris in 1885, in one of the most impoverished areas of the city, right outside the famous Trocadero. He was one of seven children of Ed6 Issue 14, August2021 | CONTENTS

mond Arnault, a manufacturer. The family lived on land that had belonged to his family since the 18th century. It was a quiet, simple life. His father worked long hours, and all seven of the children had to help out, with Bernard working in

the factory after school. They lived in a small, two-room flat above the family shop. Bernard’s early childhood was difficult. He suffered from rickets and had difficulties learning how to walk. He had a complicated relationship with his father. The premature death of his father, followed by the loss of his mother when he was still a child, made Bernard introverted and reserved. His mother’s loss and early childhood in a poor rural environment shaped him into a cynic. Soon after his father’s death, his uncle paid for his training in the textile industry. Arnault entered the textile trade in 1906 and was promoted several times. In 1919 he married Mlle. Dollfus, a modest employee

in the production department of an engineering firm. Arnault is a graduate of the Ecole Nationale d’Art Moderne, an institution famous for creating avant-garde French clothing at the end of the twentieth century. He came to France at the age of eleven. He spent his entire working life in Paris, going to school at the Ecole Nationale Supérieur des Arts and Crafts, one of the world’s oldest and most prestigious fashion design programs.

From Rag to the Riches

Bernard Arnault is a French business executive and billionaire. He is the Chairman and Chief Executive Officer of LVMH Moet Hennessy Louis Vuitton SE, the world’s

largest luxury goods company. He also heads Bernard Arnault and family investment company, Groupe Arnault. The Arnault’s own and operate more than 300 stores, 100 percent owned and operated by third-party franchisees. Over the past three decades, LVMH’s revenues have risen sevenfold, and the company has dominated the high-end consumer goods market. It sells everything from fragrances to handbags, wines, and watches, with sales of more than $48 billion. LVMH accounts for nearly half of France’s export revenue, while the bulk of its clients are wealthy international consumers. Today, LVMH owns multiple million-dollar works of art, including

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The Piazza Fontana, The Metropolitan Museum of Art, The Louvre, and the Van Gogh Museum. LVMH is currently planning a $1 billion expansion of the Paris headquarters.

France. By 16, Arnault graduated as chief executive officer and was running the L’Oreal-Parfums division when he decided to take on other passions beyond his father’s specialty, such as building boats for charter fishing trips turning Founder of Loreal The founder and Chairman of sand into sandcastles. L’Oreal, the world’s second-larg- Bernard’s Love for Art est beauty and hair products com- In the late 1980s, a young Arnault pany, Bernard Arnault, broke into made his mark in the world of art. the world of business at the tender At the time, his family was beginage of 13 when his father, the artist ning their first income-producing Alphonse Arnault, commissioned project, a massive remodeling of his design for the first Editions du Paris’s monumental Chateau de Parfum factory. It was a business Versailles. Armed with $6,000,000 that made its name manufactur- in his savings account, he soon being treatments—Eyelash exten- gan buying works of art directly sions and mascara, among oth- from the Louvre. In 1993, just a year er things—for wealthy clients in after the controversial opening

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of the Chateau, Groupe Arnault bought the Picasso “Girl with a Diamond Earring” for $43.5 million, the most significant art sale ever at the time. The Arnaults then spent much of the next several years expanding their holdings of art and furniture. By 1996, the group had amassed an untouchable amount of art, including Monet, Van Gogh, Gauguin, Cezanne, etc.

The Philanthropy

Arnault is the third richest person in France, with an estimated fortune of $70 billion. According to Forbes, in 2011, he gave away about $4 billion to the world’s most deserving causes. He has funded humanitarian organizations in sev-

The Forbes List

In 2007, Bernard Arnault of France was ranked the ninth richest person globally with a fortune of $53 billion. He was worth a quarter of a trillion dollars in 2001. Forbes magazine, which had described him as “richest Frenchman in the world,” called him “almost the poor man’s Bill Gates” and “the biggest retailer of luxury goods on the planet.” The business mogul was best known in France for the construction of luxury department stores and the owner of highend companies such as Christian Dior, Fnac, Net-a-Porter, and a seat on the board of Carrefour, the world’s largest retailer. What is not well known is that the fortunes of the Luxembourgian Arnault family and its global enterprises are a fairy tale, a little like a fable or folklore.

eral countries in Africa and Asia; recently, he sent trucks filled with humanitarian supplies to Nigeria. When he announced this year that he had made a $750 million donation to restore the decimated Egyptian pyramids, he did not mention the restoration’s goal: to send some of Egypt’s youth to college. A tremendous gift from a prominent businessman could not possibly be more controversial. To prove that point, he was soon featured on the front page of The New York Times for seeking to fix a property dispute in South Africa. LVMH pursues an innovative and ambitious corporate philanthropy policy in support of the arts and culture, as well as medical, scien-

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tific and humanitarian causes.

form a political organization. Active Supporter of the Far The group’s purpose was to resist the new wave of “populism” that Right was sweeping France. The group Perhaps it is no surprise that the turned out to be more than the French intellectual historians sum of its parts. Fernand Braudel and Gerard Dejean have written books critical of him. Arnault and his close associate Dominique Strauss-Kahn owe their political views to a professor at the prestigious HEC business school, Raymond Barre. When Barre came out in favor of Charles de Gaulle, he became a symbol of right-wing civil society and the “new bourgeoisie.” This was also the period of post-war European capitalism, as the French state withdrew from the economy. In 1982, on the verge of retiring, Barre called upon his pupils to By Staff Writer 10 Issue 14, August2021 | CONTENTS

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LEADERSHIP LESSONS

Why You Don’t Want To Lead The Zombie Apocalypse

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re you surprised that if the Dead King has sprung forth into life from the pages of George RR Martin’s Game of Thrones. N o, we are also not suggesting that the winter is looking for a new leader after their defeat. Change is something that attracts a lot of and sometimes strong views and opinions. But Heraclitus quite rightly deduced that everything is in a state of constant flux. Change means Challenge. And challenges are best tackled by people ready to rise to the occasion. People who are emphatic, know and practice innovation are best equipped in this continuously changing world- not the zombies.

Zombies Always Need Instructions Change begins with commitment. It is not correct to assume that followers merely need to do as the leader says. It is essential that followers feel empowered and have the necessary resources to carry out tasks independently for actual progress. Followers who need to be continually told what to do naturally tend to rely more on leaders than themselves. Further, they expect only a minimum amount of accountability on their part. It is always better for the leader to forge solid and aware relationships with followers. Followers and leaders both need to be well-acquainted

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with each other’s strong points and failings. Taking such action will ensure that the followers evolve out of zombie mode and fill in the leader’s skills or tasks. During change, leaders must ensure the future value or how the follower might potentially benefit from the change. It will foster trust and motivation and, more importantly, committed independent thought and action.

Zombies Are More Likely To Be Fearful And Stressed The regulation of emotions is one of the foremost workplace challenges both during static and dynamic phases of the

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evolution of an organization. Change happens to be one of the leading reasons behind negative emotions at the workplace. Zombies are wary of change and feel isolated and stressed by the same. This weariness towards change is more often than not due to the uncertainties associated with it. Isolation is the natural result of not engaging followers actively in change. And the transformation itself might elicit stress due to various psychological, physical, and mental responses to change. And all together constitute to one thing only-resistance.The zombies would rather stay dead! Ac-

cordingly, effective change leadership is critical. People with more excellent EQ are better equipped to deal with change due to enhanced self-regulation, awareness, and empathy. It is an issue a leader definitely wants to address in himself. Self-regulation will allow leaders to elicit positive responses from followers. Self-awareness will enlighten them on their effect on the follower, and empathy will help greater understanding and sympathy for the follower and their position. Leaders with the ability to manipulate follower emotions can fend off the zombies

better.

Zombies Don’t Innovate Today, no organization can afford to stay stagnant. Constant change, both in thought and action, is the order of the day. To thrive in such a condition, organizations must foster a culture of innovation. Now, innovation is something the zombies cannot accomplish with panache. Such innovation has two aspects- coming up with innovative ideas and implementing the same ideas. Small incremental changes are what you want rather than transform Beijing

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Encourage feeling that they belong to the same group. Give followers responsibility and keep them updated with the new ideas doing the rounds in your organization.

into London if that is required. As previously noted, creativity is the striking feature of a zombie. Thus, they tend to become inflexible, and naturally, originality is something they frown upon. One essential step a leader must take to prevent the zombie mindset from taking over the organization member’s minds is to facilitate communication. Ours is not the age of hierarchical decorum. Get followers involved and spread decision-making to other personnel, departments, and their teams. Creativity is a rare trait, and leaders must do their best to nourish it within an organization. Encourage dynamism and a sense of purpose. 16 Issue 14, August2021 | CONTENTS

The success or the lack of it in an organization and its objectives is significantly influenced by its leadership. Change does not change, and adapting to changes at the leadership level is a significant challenge too. To truly thrive in the constant flux, leaders need to step into their followers’ shoes, even if they are zombies, and try to bring them back from the dead. There are plenty of challenges that change brings with itself, and intelligent and creative followers only help

INTERNATIONAL COLUMN

By Staff Writer Issue 14, August 2021 | CONTENTS 17

The skills Of the new generation of leaders BY : FAUSTO TURCO

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ease the process of evolving with change. First of all: don’t focus too much on knowing how to do one thing, rather on how you know how to do something, much more important. Difference: if you win the 100m at the Olympics, and then get caught for doping, your efforts will have been in vain, and they will leave you alone. But if you win the 100m final at the Olympics as Usain Bolt, with his smile, his hugs, his way of being loved by his colleagues, then the story changes and you will be destined to stay!

your hours in that restaurant.

So why shouldn’t a leader think, educate, build the same experiences within their organization? Why don’t you pay the same attention to your people, in the exact same way as you would like When you go to a restaurant and at the restaurant? want to make a good impres- Why must the Leader’s attitude sion with friends, with your wife be different? or girlfriend, do you give more Getting to have Hard Skills (or importance to the menu or the Technical Skills) is clearly not experience you will have? Will trivial: not everyone manages to you remember that amazing filget there, not everyone has the let, that expensive bottle, or the opportunity to get there. Techexperience that the waiters and nical skills are important and, restaurant managers will give at times, basic to achieve in the you? We are talking about peoworld of work: it takes time, sacple who give you all their attenrifices and sacrifices. But they tion to make you feel better, so, will only take you up to a certain when the high bill comes, your point; you will certainly climb attitude will change profoundimportant positions and roles, ly based on how you have spent but it will always be a run-up to

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something you don’t have.

• Collaboration

When you enter the world of • Emotional Intelligence People Centric work you have to find every day the curiosity that made you • Teamwork choose those studies, the heart, the mind and not just strength. • Problem Solving Have you ever asked a Leader • Communication what soft skills are? • Listening Ask for 5 of them and notice how long it takes to answer. After collecting the answers, you can make a list and find the applicants (who are currently trending topics on social media and in events). I found these:

• Curiosity

• Trust

• Delegation

• Empathy

• Dealing with Disagreements

• Creativity

• Build psychological security

• Persuasion

• Have difficult conversations “

• Adaptability

Surely these are excellent and

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• Strategically Networking

all very valid, but these are val- But then, Fausto, why did you ues . write this article? These are also essential values in life, with friends, with family, which make the difference if established in the corporate culture.

Because I want to focus on another group of soft skills and non-technical skills that a leader must have spontaneously. Attitudes

But, you will agree with me, we They make a difference, they all know that values are the ex- bring the truth out of people. pression and example of our be-

• Storytelling • Cultural Awareness • Leadership Skills

haviours, of our attitudes. For example: we talk a lot about trust, in these important moments, and I am convinced that it is one of the fundamental soft skills, but how do we get it? Here we return to my premise: it is important how you do something, how you behave. You win trust step by step, day after day, with your behaviour.

They never lie. You cannot behave one way when you are in the office and differently when you are out of the office: then you are built and maybe you are not even comfortable. Behaviours reflect who we are. What are the attitudes, behaviours and gestures that make a new and true leader? Issue 14, August 2021 | CONTENTS 21

also on social networks

derstanding, and explain your 1. Do not command: Give direcweaknesses, reassuring him tions and instructions based that you will do your best to on your skills, but explain why fix them. Ask your team how you would do so. If you are to fix it and help them find really convinced that you are the solution, if possible, and giving those indications, also rebuild the error with them to explain what the weak aspects see the wrong steps, to avoid of your decision might be: “I another similar error. believe that to do this, you have to do this, but you may 3. Smile when you enter the ofbe faced with these reactions fice: that moment can affect or this unexpected result. If the work of others for the rest that happens, then do so. “ Alof the day. Difficult? Are you ways present a plan B to your bluffing? For 5 minutes think directions about the others, and say hello to everyone if you can. It 2. Do not react by listening to only doesn’t seem like a big effort, one voice: if you get an email and it’s still about education! criticizing your team’s activities, deal with it immediate- 4. Thanks whenever possible: A ly, but without attacking. Ask leader always takes the time your employees about the gento recognize the work of his esis first, and if you find any team, even publicly, internalflaws, ask your client for unly and when he deserves it 22 Issue 14, August2021 | CONTENTS

5. Look people in the eye, always: when you are speaking for a joke, when you are arguing for an idea, when you are at odds over a thought or activity, when you are giving negative feedback or even when you thank a person, look into their eyes, otherwise they are not sincere your thanks. Look people in the eye when they ask to talk to you, it really shows that you are giving them time, it’s not a chore! 6. Stay more often in the middle of the offices, go to see people while they work, without the look of a train conductor. If you are in a large organization, and it is impossible for you to reach everyone, do it systematically and periodically. Spend some time in the midst of daily activities, with the curiosity of wanting to know what is happening, let them tell you some difficulties, anecdote, but without the checker’s gaze or the gendarme uniform!

others, because they have to make many more decisions, and with more people. Budget it wrong, never get defensive, and ask for help so people can help you when you’re in trouble. 8. You must have courage: in one of his famous phrases Arnold H. Glasow said that

“A good leader takes a little more of his share of the blame, a little less than his share of credit” There is no worse thing for one of your team members to take the blame for an 7. Take responsibility and admit unfortunate and sometimes ambigyour mistakes. Leaders are also uous situation or outcome”. wrong and wrong more than Issue 14, August 2021 | CONTENTS 23

9. Be generous: When you want to AUTHOR: do something for another person, when you want to help a FAUSTO TURCO collaborator in need, or when you just want to help someone because you like them, do it without thinking about what you will get in return tomorrow. My father always told me “when you decide to help a person, do it in silence and move, do not expect anything, otherwise your behaviour is only of interest, it is not generosity” CEO of Si-Net, President of 10. Live with self-irony: Every- Accademia dei Commercialone has flaws or faux pas: even isti, Personal Leadership & make fun of your weaknesses. Organizational Culture MasThis does not make you weak- terclass presso WOBI er, but more real and human.

NEW CONTEXT ? NEW LEADERSHIP

THE 5CS

By PAOLO GALLO

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ooks like we are taking for granted that we will find a new normal when Covid19 is finally over, if and when we ever get there. But this idea of a “New Normal” is not actually new. According to Wikipedia, “New Normal is a term in business and economics that refers to financial conditions following the financial crisis of 2007-2008, the aftermath of the 2008–2012 global recession, and the COVID-19 pandemic.” From a psychological standpoint, we understand why this term has been accepted and used globally. It is about the legitimate need that each of us is feeling in our bones. We desperately desire to return to some kind of normality, after accepting months of total disruption in our personal and professional lives, not to mention the pain of the thousands who died and the millions who got Covid19.

the new normal is up for grabs, just around the corner, and that we will simply move to a place where we once again come to know what to expect? In this article I suggest re-naming “new normal” - which is simply delusional and unrealistic - to something very different. I believe that we now have five elements, or ingredients, which are constantly present in our lives. I call them the 5Cs.

1. The first one is Chaos, which is the perfect storm of speed and uncertainty combined. The peculiarity of this moment is that speed is not linear, but exponential, and it is mainly driven by technological changes. Do you remember the prophecy of Gordon Moore, Founder of Intel Group? “The performance of Computers doubles every 18 months.” If we add the geopolitical changes and Let’s pause for a second by reflect- the social unrest we’re seeing toing on the definition of “normal.” day, we can understand Kaos, a Greek term. “Normal: conforming to a type, standard or regular pattern.” “Av- 2. The second C is Crisis, and erage, predictable, ordinary.” it also comes from the Greek. A But my favorite definition of nor- crisis is a difficult or dangerous time in which a solution is needmal is “what people expect”. ed - and fast. It is a term derived Can we then really assume that from medicine that implies the

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need to move quickly with a clear decision. We know that a half decision means a squared mess, and that Crisis does not build character, but rather reveals it. If we leave inept and unfit Leaders at the head of a company or a country during a crisis, their true colours will be revealed clearly, a sort of acid test of their leadership. 3. The third C is Complexity. We are used to framing problems as merely “complicated.” A complicated problem requires technical expertise with a disciplinary focus. But the magnitude of the problems we are facing today force us to de-code complexity by constant learning, adapting, sense-making and leveraging interdisciplinary as a norm. Complexity requires trust and cooperation to solve problems along with the authority to impose someone’s views upon others.

cile these differences by including everyone in the conversation. 5. The last one, Change - actually let me scale that up to Constant Change. Do you remember the book Who Moved my Cheese by Spencer Johnson? It’s more than 20 years old but still very helpful to internalize the fact that change is not the exception but the constant in our lives. We were all amazed to see our capacity to adapt so rapidly during Covid19 for example when we started working from home. Ironically the only normal, stable component in our lives is going to be constant change.

The Sum of these 5Cs - Chaos, Crisis, Complexity, Confusion & Change is going to create a New Context, not a new normal.

4. The fourth C is Confusion or - if you prefer - Ambiguity. Nothing is going to be a ‘clear cut’, easily distinguishable from a distance. Ambiguity means that concepts, ideas, situations have different meanings for different people, hence the need to reconIssue 14, August 2021 | CONTENTS 27

If we accept the New Context as part of our future, we will see opportunities and learn new perspectives and insights that will allow us to reset the system. The new context is about Transformation not change. The difference between these two terms is substantial. Change means that the situation is changed; Transformation means that we are different and there is no going back.

groups. We cannot allow the very same people who set up the current system to their political and economic advantage to reset it, as if they still had the credibility to do so. They don’t. Many lost that credibility a long time ago, possibly because some “Leaders” still confuse the terms credibility with visibility on social media. It’s not the same thing. But it’s not about

Like a caterpillar that has become a butterfly. If we internalize that we are in a middle of an historical transformation we will not be able to call it a “new normal,” as if “predictable” and “ordinary” are waiting for us around the corner. Once we accept the new context and Transformation, we will be able to reset the system. But wait a second: before we fall in love with the concept of “reset” or even “great reset,” we need to ask ourselves: who is going to push the reset button? The current system has failed most of the people on this planet: think about the 1.3 billion surviving on less than two dollars a day; the people left behind, excluded from jobs and dignity; the cruel discrimination against African Americans, women, minorities and religious

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burning cars or destroying statues with iconoclastic fervor either. Ancient Romans used slaves too but we are not going to tear down the Coliseum, are we? Instead it’s about learning from the many tragic mistakes of human kind and investing in education

forgotten 99% of the people on the planet. No Justice, No Peace, as Bob Marley used to sing. The list of disappointments is so long that it will fill many volumes. If you think that Leadership is an empty word or just a topic to debate in academia, think twice. The colossal difference between the Leadership displayed to fight Covid19 from Donald Trump in the US and Jair Bolsonaro in Brazil vs New Zealand’s Prime Minister Jacinda Ardern is almost embarrassing. The price tag: thousands of lives gone due to ineptitude, indifference and false priorities. If we focus on the corporate world, it is even worse. If you read Jeffrey’s Pfeffer book, “Dying for a Paycheck,” you will find overwhelming evidence of how toxic organizations, psychopathic leaders and cruel working conditions are literally killing tion, respect and support. If we people. think about the New Context, it allows us to reset the system - the So, if we are truly in the middle of true opportunity of a lifetime – to a Transformation, what kind of create shared prosperity for all by leadership does the world need? I reflecting on a simple question: do not wish to convey a few plausible and agreeable points such What do we stand for? as, “We need good leaders with New Leadership: the 5CS strong communication skills,” or The point is, the current Leader- “More diversity would be helpship model has failed us; it has ful.” The time to be politically and heath, two fundamental human rights; embracing diversity as a fantastic opportunity; understanding that saving the planet is not just a hobby for a 16-yearold girl called Greta but an emergency that deserves our attention and all the resources we can muster to solve; realizing that the 70.8 million people forcibly displaced people in the world need protec-

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correct without any accountability is over. I propose 5 key behaviours and characters that will define the Leaders of the Future. The 5Cs to deal with the New Context, created by the 5Cs.

Care: “Nobody cares how much

you know, until they know how much you care,” said Theodore Roosevelt. He was right. But somehow conventional thinking has defined care as equal to weak. Nothing could be further from the truth. Caring about people does not mean showing weakness but rather demonstrating empathy and compassion by taking concrete actions. The Covid19 crisis has revealed the true colours of organizations. Some have demonstrated true caring. Take for example the “Back on Track” program at Ferrari. It started as

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an initiative to reopen the factory in a safe and healthy manner for staff. But from there the concept developed into a full-blown strategic program with a call to action to all stakeholders involved, and with a mantra valid for the next 18 months: to ensure the safest possible working conditions, the best operative and qualitative checks, and to monitor emotional wellbeing – true team work. This participative program involves all employees at all levels, strengthening even further members’ sense of belonging. Ferrari learnt in early January 2020 from colleagues in Asia and Ferrari Greater China offices of the potential impact and disruption of Covid-19. Well before any government action, the team anticipated the need to face the crisis

A true leader is able to motivate missionaries (people who have a notion deep inside) not mercenaries (people who have personal gain as their only goal). Losing the sense of purpose is like losing your Compass: you may keep on going but you’ve lost the sense of direction. I learned this when I was working for the World Bank, for example in the tragedy of the earthquake struck that Haiti. People found an immediate connection with their purpose and gave their best to help by achieving results that were considered impossible just few weeks earliSelf-care is an essential compoer. We have seen the same when nent of Leadership. It’s about maintaining the physical energy, mental focus, and emotional and spiritual balance that allows people to be at their best in order to give their best. If you are sleep deprived, your cognitive skills are severely reduced; so the need to self-care is a necessary condition to be a credible and focused leader. by working with experts, health professionals, virus experts, and regional authorities in drawing up a detailed plan of action. This physically allowed Ferrari to reopen as soon as the region gave the green light. More importantly, this enabled the company to provide emotional support to all staff, their families and partners in the eco-system they share by combining the capacity to anticipate and the agility to quickly react with substance and structure. That’s how “Back on Track” was implemented.

Cause : Cause and sense of pur-

pose is the second essential trait of Leadership. Why are we doing what we are doing? We are purpose seekers and people need to be connected with purpose. Issue 14, August 2021 | CONTENTS 31

field hospitals were built to cope with huge influx of Covid19 patients in few weeks rather than in few years. How is it possible? It’s a sense of purpose, a cause that is entrenched in our mind and souls.

Connecting & Collaborating :

There are several lessons we have learned during the Covid19 crisis. One is that the magnitude of the problem requires the capacity to “connect the dots” and to collaborate with many stakeholders. We can apply the same principle when we think about Climate Change of other systemic problems such as unemployment. What do we mean by connecting? The capacity to have a systemic approach to problem solving, to understand how one problem is closely correlated to the solution – or the aggravation – of another one. If for example we raise the retirement age, we create an effect on pensions and youth employment. Let’s consider another important point: problems are not only complicated but are also complex. A complicated problem demands technical expertise with a disciplinary focus. The traditional hi-

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erarchical structure is able to deal with this kind of problem, as the chain of command is adequate to give an efficient response. But problems today are also complex, not only complicated. Solving complex problems requires three important factors: 1) platform and networks rather than rigid structures; 2) constant learning, flexibility and adaptation rather than rigid roles; and 3) full collaboration between people and institutions. So collaboration is not just a nice bullet point on a job description but one of the most important behaviours that

new Leaders need to demonstrate ty to find innovative solutions to every day. complex problems. It is not about inventing new products and serCreativity : Given the 5Cs of Chavices every day; it’s about having os, Crisis, Complexity, Confusion a mindset and a creative process. and Change, new Leaders cannot One example of mindset: using rely only on updated operating knowledge and experience in systems, KPIs and procedures. one discipline and bringing it to They need creativity, the capacia different one. This is what Steve

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Jobs did when he fell in love with Andy Warhol’s painting of the portrait of John Lennon. He used the same multicolor panel for the first Apple products. Truth be told, Apple was not the first company to use unconventional colours for its products. Olivetti started in the ‘70s with a revolutionary typewriter called Valentina. This machine was available in several bright colours, such a revolutionary approach that one is now on display in the design museum in London.

right even when it is nog yet en vogue. Take for example what is happening right now following the #meetoo and #blacklivesmatters movements. How many companies have actually appointed qualified woman or African Americans in Leadership roles? Sure, it is easier to produce an elegant video and post it on Facebook: two million views are more important than substance, right? The courage of conviction is a different game: when you see it, you will see a leader. If not, you see a clown. Or at best a well-dressed Courage : Courage means refake act that, in fairness, could membering what we stand for. also be entertaining. Too many leaders choose what is convenient; they say or do what Chaos, Crisis, Complexity, Conpeople expect by telling them fusion and Change – the 5Cs are what they want to hear. Politically it is called populism; in corporate terms it is a clear sign of mediocrity, as if Leadership were a beauty context. The problem with this approach is confusing visibility and popularity with credibility and substance. We see this all the time: companies that measure their success based on the number of Facebook or instagram followers, as if there were teenagers with hormonal problems. Courage is a different story. It is the capacity to do what is

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generating a New Context that opens up new possibilities, as we are dealing with a historical transformation. This transformation will be possible only with a new Leadership permeated with Care, Cause, Collaboration, Creativity and Courage, the 5Cs. Our journey as Leaders and people

will be successful only if we are equipped with a Radar, to understand the big picture unfolding in front of us at exponential speed, and a Compass, that will give a sense of direction in our journey. Our capacity to create and shape a better future for the next generation starts here.

AUTHOR: PAOLO GALLO

Paolo is Founder of Compass Consulting, Author, Executive Coach & former HR Director at World Economic Forum, European Bank and World Bank. http://www.paologallo.net

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The Cryptic Nature Of Cryptocurrency Demystified By Aniket Aggarwal

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ryptocurrency occupies a unique place in the history of the evolution of the digital world. Some have hailed it as money- how it will be a few years or decades down the line. Others have compared the volatile nature of its value as a 440-Volt danger sign. The natural thought that emerges in the minds of netizens yet to be acquainted with cryptocurrency; is which line of thinking do they follow?

stream media and everyday conversations. If lack of information left you mumbling in one such recent conversation, going through this article will set things right. It will give an insight into why cryptos are becoming a popular investment option. What is Cryptocurrency?

This article is not in any way a technical exploration of cryptos but a beginner’s guide. Accordingly, we will follow the keep it For people worldwide where simple rule. cryptocurrency are legal, the more significant conundrum is • In its very essence, cryptocurrency is digital money. And it whether they should try to invest is digital in its very literal sense in the same. as there are no physical notes There is no dearth of opinion, or bills or coins. And yes, the analysis, and strategies regarding coin part of Bitcoin is plain figcryptocurrency. And while the urative use. tech behind it is indeed complicated, it stands out by its acces- • Absence of Physical Assets and Volatility sibility, making the opinions and strategies surrounding it easily • Another distinguishing feaaccessible. Almost everyone can ture of cryptocurrency is that understand it, unlike many other they do not represent physical investment options. This accesassets of value. And this is the sibility is the primary reason bevery fact that makes cryptos so hind the runaway popularity of volatile. cryptos, as people usually refer to them. Additionally, the “fear Just consider the following stats: of missing out” factor makes the In 2019 July, the price of Bitcoin topic so dynamic and familiar. fell by a significant 5% (USD 530) It has found its way into main-

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in the course of just forty minutes on an otherwise sedentary or flat day. You and I and cryptocurrency experts are on the same page when answering why that happened; there is simply no accurate answer. Then again, last February, the price of one Bitcoin soared to an all-time high of $50,000. In this case, also the whys’ and hows’ remain uncertain. Physical assets like bonds, stocks, property, art, precious metals, and gems have a use. They are valuable in the actual physical world. In contrast, cryptos don’t have any such value.

compare them with gold. They would not be unlike each other if it were not because gold can be used for several purposes like use in jewellery and electronics other than simply currency. The supply is limited, but it has use and value beyond it. On the other hand, cryptos cost you money solely because someone else has it and won’t part with it without money. Drawbacks of Physical Currencies Due to their inherent nature, physical currencies suffer from two primary drawbacks:

• There must be a central institution responsible for regulating One analogy that some crypto the currency’s production, value, experts use to explain them is to and authenticity. The Gold Analogy

• It is vulnerable to counterfeiting. Bitcoin As A Currency Without Regulated Authorities These are the exact flaws that Bitcoin, one of the first and most popular cryptos, was designed to address. It is achieved through the innovative block chain system in sync with high-level encryption. Issue 14, August 2021 | CONTENTS 39

The automated nature of Bitcoin and the high levels of encryption makes it possible to do without any central regulating authority. It need not and CAN’T be regulated, and there is no possibility of fraudulent transactions through the Bitcoin system. The Tech Behind Cryptocurrency For an adequate understanding of cryptocurrency, it is necessary to understand the basic concepts of the following systems and tech: •

Cryptography

Cryptography refers to the use of technology to ensure the confidentiality of information. What 40 Issue 14, August2021 | CONTENTS

it essentially does is hide and reveal the relevant information securely and privately. Cryptos use this tech to ensure the safety and anonymity of transactions. •

Block chain

Any person even remotely connected with tech must have heard or read about the mention of Block chain. Essentially a block chain is a variant of the implementation of DLT or Distributed Ledger Technology. DLT refers to a database that spreads over several operators. Again, such operators themselves can come in many shapes, like computing devices and nodes. Block chains are the very backbone of cryp-

tos. It performs the function of a ledger that records and ensures that accounts, transactions, and balances are accurate and verified.

serves individual attention. It is the building block of the block chain data structure. Nodes are what make a block chain possible. No nodes, no block chain.

Besides cryptocurrency, the con- The three tech mentioned cept of block chains has revolu- above and concepts make it possible to perform critical fitionized fields like: nancial processes like creating • Tracking ownership of artistic coins, ensuring transactions works are legitimate, and making the • Supply chain management whole system safe and secure. • Digital collectibles

•

In the crypto world, when we are talking about decentralization, it refers to the fact that there is no single authoritative system in such systems. On the contrary, such power is distrib-

Node

Though node is essentially a part of the block chain system in the crypto world, it an indispensable part of the same and de-

De-centralization

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uted amongst all network peers. Hence, there are no single points that are vulnerable to failure. In terms of theory, a hacker would need to hack a whopping 51% of all large nodes which power the currency. It is something of an impossibility for a sizeable block chain-based cryptocurrency like Bitcoin. • P2P

tocurrency equipped with their Don’t be intimidated by the ac- own block chain systems like ronyms. We are simply talking Ethereum, Bitcoin, Ripple, and about the peer-to-peer concept. Litecoin. Two individual people can trans- • Token act without the need of a third Tokens, on the other hand, make party having to act as a broker. use of block chain systems of othHowever, one still needs to fund er coins. We need to elaborate a pay for the network. Still, thanks bit further on tokens. to its design, the processing fees are negligibly low compared to current payment services like banks, PayPal, or Zelle. The Two Types of Cryptocurrency There are two distinct variants of cryptocurrency, which are coins and tokens. Let’s discuss them a bit more deeply: •

Coins

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Tokens, like the name suggests, are representative assets or utilities. Such tokens are unique to projects and are the first public sale of the relevant project termed ICO or an Initial Coin Offering. Its stock market counterpart would be Initial Public Offering.

• Invest in other assets, including tokens.

Note: A word of warning-there is plenty of fraudulent ICO’s out there, and many international governments are trying to keep track of the same.

• Investors expect income from the third party’s work.

However, to be accepted as a security token, digital assets need to fulfil three criteria: •

Monetary investment.

• The total funds raised must go to a single individual business.

There are several international legal compliances that security tokens must abide by.

Another thing to know is that tokens come in two variants- secu- Should One Invest in Cryptocurrity and utility as discussed be- rency? low: The buying and selling of crypUtility tokenstokens They allow you to buy purchase products or avail services from a specific platform or company issuing them. Security tokens- A security token is a digitized form of financial security. It represents a share of an actual value of a business. As might be expected from a form of financial security tokens have the following benefits: •

Pay off dividends.

•

Pay interest.

•

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tocurrency are not legal in all countries. In the nations where it is legal to buy and sell them, they are undoubtedly hot property. Their price volatility is the exact reason behind their attraction. It is the modern gold of a treasure hunt. Trading in cryptocurrency in the short term can too be profitable enough to blossom into a profession. For those thinking of short-term investment options investing small amounts through cryptocurrency trading bots might be worth exploring.

Managing Emotions

By : Dr. NEETA PANT

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e all experience different emotions everyday. We have also felt these emotions controlling us. We have acted impulsively, only to regret it later or felt disconnected with our emotions and numb emotionally. These all can be indicators that we need to work on our emotional balance. To understand this better, we need to gain insight into how emotions work and learn strategies to manage overwhelming feelings, especially during turbulent times. Difficult situations derail us. It is in the difficult situations that we want to get off the “emotional rollercoaster”, even out our extreme mood swings and bring some emotional balance. Emotions are inevitable – we constantly feel a range of emotions in life all the time. Plethora of emotions like stress, fatigue, sadness, anger, anxiety is what makes us human. Emotions make us who we are, and are not generally spoken of, but impact the overall quality of our life, our whole being. How we handle the emotions differentiates us from each other. They also play a crucial role in decision making. While there are lot of rational thoughts, our decisions unconsciously come from

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our feelings.

3 Primary Unacceptable Emotions

Emotions are a fool-proof guidance system. Through evolution, humans have been designed to feel emotions. Every single emotion gives us a message, allows us to move forward in life. If I am feeling angry, it is a huge message for me that something is not right. If I am feeling fear, I know there is some part of me that is feeling threatened at the moment. If I am content, it’s a clear indication that I am at peace at the moment. If I am feeling joy, then I know that I’m aligned with who I am as a person. Through our life experiences, we consider some emotions acceptable, and some unacceptable.

1. Anger 3. Fear

handle perhaps was not so acceptable. And hence, I judge myself for feeling fear. Fear for me is being weak. Even when I am feeling fearful, the expression that will

Now we all experience these always disabling emotions, the only difference being that we access all these emotions differently. For example, in any kind of difficult or tough situation, I personally feel angry easily, and then perhaps sad, but I normally don’t feel fear as quick. The reason behind this is that I have been raised in an environment where expression of anger was acceptable, but to have fear, or to not have the courage to

come out would be anger as I will cover my feeling of fear with it; remember, for me – FEAR is not an expression that I can easily accept. And there is nothing wrong or right here because we all feel these emotions constantly but not with the same intensity. We tend to access one emotion more than the other easily because of the way we have been brought up or learnt life. Required is to identify our dominant emotion.

2. Sadness

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We also judge & reject others, when they feel those ‘unacceptable’ emotions. Now if I encounter a person who is feeling fear in a situation, I immediately will label him/her as a weak person in mind and thus would have a limited scope to understand what the person is going through. And all this happens at a very unconscious or subconscious level. The question arises, why do we reject an emotion? The answer lies in the simple fact that during our growing up years, we might have either seen this happening

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around us or been punished, reprimanded for feeling this emotion and hence learnt it as part of acquired behaviour. Then, we are unable to leverage the full intelligence of our emotional system. Emotionally intelligent people are those who understand the whole range of emotions that they are experiencing at any point of time. Each emotion has a different function & gives a different message. The problem is not in experiencing the emotion, that’s absolutely natural. The actual problem is what we do with these

emotions. It’s fine to feel angry or sad, but what we do with the emotions becomes crucial. The beauty is that if we do not experience emotions, we won’t be human.

it out on him, I’d take it out on people who I have control over like my subordinates, my peers or at home. Psychology terms it as a displacement.

3 dysfunctional/unhealthy ways The first step toward any kind of of dealing with emotions change is acknowledging or be1. Deny – We tend to deny that coming aware of our predomithe emotion exists. If I feel an- nant style of functioning and the gry and say that I’m not, I’m moment we acknowledge or are denying that emotion. It’s like consciously aware of it, is the bea guest knocking on your door ginning of change. 3 techniques to easily navigate dif2. Suppress - Bottling up the ficult emotions – emotions. We feel the emotion in complete intensity but since expressing it is “not OK”, we push it down and suppress it. We need to understand that anything we push down, will eventually surface with greater intensity at some point. who you won’t let in.

3. Express it inappropriately : Pressure cooker syndrome; we keep denying the emotion, push it down, accumulate it till it explodes and lands on people in our surrounding, spoiling our relations. Our emotions are our own responsibility and if it hurts or damages other people, it is absolutely not acceptable. For example, if I am upset or angry with my boss and can’t take

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• EMOTIONAL ACCEPTANCE world triggers it, and we feel – The important thing here is to the splurge of emotions inside recognize, notice the emotion, us, and without knowing we stay in the moment and accept have an impulsive, spontanethe emotion. Every emotion is ous reaction to the situation. experienced for a reason and When the intensity of the emoknocks at our door to get our tions is gone, we often realize attention. If we deny it, do not that we shouldn’t have reacted attend to it, suppress it, it will the way we did. The intensity keep on trying, keep on resurwith which we feel the emotion facing until we pay attention. might change tomorrow, but The moment we acknowledge what we do, how we react out of and accept the emotion, its inthat emotion is permanent and tensity reduces by itself. We can leave scars on our relations must name the emotion. For forever. What we need to reexample, I say: “I feel left out member is to avoid this impuland insecure because I was sive reaction, tolerate the emonot invited to the party, but my tion and not react to it. What friends were.” It would help to is in my control is my reaction, view the emotions as undernot the trigger. Our ability to standable, hence, I might think: stay with the overwhelming, “No wonder I feel left out — it’s disabling or uncomfortable natural to feel that way in this emotion till the intensity of the situation.” Treating ourselves emotion goes down is called as kindly and understandingly Emotional Tolerance. given the way we feel helps us • EMOTIONAL RESOLUTION accept our emotions as reason- Our feelings never come able, and assures that it’s OK from circumstances or peoto feel whatever way we feel. ple. Our feelings come from Emotional Acceptance means our thoughts. For example – I acknowledging the feeling or am not feeling UPSET because the emotion but not getting my boss yelled at me, I am feeloverwhelmed by it. ing UPSET because I feel he is • EMOTIONAL TOLERANCE yelling at me as he does not re- Something in the external spect and value me. The words

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that we attach to the feeling when a situation occurs is what troubles us. We are constant meaning-making machines. We attach meanings to almost everything that we experience. Does it means giving meaning is wrong? Maybe not but think about the price that we pay at the end of the day by reacting to these meanings.

express the emotions we feel. People who do a good job of managing emotions know that it’s healthy to express their feelings — but it also matters how and when they express them. That’s how they’re able to react to situations in productive ways. We always have a choice about how to react to situations. It’s easier to make choices that work out well. Learning to react well takes practice, but we Managing emotional reactions can get better at taking emotional means choosing how and when to

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situations in stride and expressing AUTHOR: emotions in healthy ways. The power to handle it is within us; to Dr. Neeta Pant change our emotions and feelings attached to it. Initially, we might not be able to handle situations 100% effectively, but even if out of 10, we are able to handle 1 or 2, think about how much we are able to achieve in terms of peace – within us and around us!

RE-IMAGINING HOSPITALITY BUSINESS UNDER THE COVID ONSLAUGHT The Way Forward

“Managing your emotions doesn’t mean you don’t express yourself, it means you stop short of hurting others and sabotaging yourself” ~ Sue Fitzmaurice

Dr Neeta Pant is a Senior HR Professional, Clinical Psychologist, Executive Life Coach, Soft Skills Trainer, Graphologist, NLP Practitioner and Hypnotherapist.

By Abhinav Sharma 52 Issue 14, August2021 | CONTENTS

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orona virus is an infectious disease, which was firstly identified in Wuhan, China. This disease has converted into a Pandemic, which has affected the Whole World. As of August 2020, total approx. 24 million cases have been reported in the world. On 30th Jan. 2020, first case of covid-19 was spotted in Kerala, India. Lakshadweep is the only place in India, with no official cases reported. Currently, India has largest number of confirmed cases Asia and is the third highest among countries of the world, after US and Brazil. Currently, India has cases above 73 lakhs. Symptoms include fever, cough, loss of smell, and shortness of breath. Even some cases in the country, have been reported to be Asymptomatic. As a study, 40 percent of the cases have been reported with smell loss. The virus spreads primarily through nose and mouth. It is the most contagious disease found till date.

distancing.

seen on Hospitality. Hospitality without human touch, is a texture of robotics that was highly unacceptable till date. But, Covid-19 has changed total era. Even, till date, studies revealed that hospitality can’t be totally shut but this Pandemic has forced countries to shut Hospitality Industry too. The evolution of Covid-19 has changed Industry from “Aesthetically clean” to “Clinically clean”. FRONT OFFICE NEW NORMAL All the departments will have to adapt to new normal from now on. The new normal for Front office will include:

• Digital rollover Arrival.

apps

for

• Digital rollover Departure.

apps

for • Continuous sanitising process will keep on going. It will be a regular feature.

• RFID key system. • All baggage to be sanitised.

• Floors will be disinfected every two hours.

• Medical kits to be provided • No concept of Reuse linen. at Front desk, which includes • Cleaning will focus more on face masks, disposable gloves, sanitisation of door knobs, PPE kit, etc. remote controls, WC flush ACCOMMODATION OPERATIONS handles, etc. NEW NORMAL • Sanitizer to be available at • This pandemic has renewed every nook and corner of the Focus of Housekeeping more hotel.

• Plexiglas at reception. • Temperature Entrance.

check

• Traditional Welcome. • Maintaining 06 feet distance is a must.

• All staff to wear masks, face To prevent this pandemic, shields. frequent hand washing, social distancing, and isolation are the • Sanitising stations at various points in Lobby. most effective measures. The pandemic has affected every • Furniture re-arrangement field, but its major impact can be in Lobby, to maintain social

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and more from traditional point of view to more implemented point of view.

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• More frequent fumigation of AC vents. • Concept of Isolation room to be introduced as mandatory • Communication to be strictly observed virtually. The Guest and staff must communicate on phone. • Room service to be done by observing strict 01 metre social distance. FOOD & BEVERAGE NORMAL

NEW

1. Try to maintain a distance of 06 feet. 2. Traditional welcome. 3. Try to use disposable cutlery.

FOOD & BEVERAGE PRODUCTION CONCLUSING REMARKS NEW NORMAL Since, this research is completely • Kitchen staff to wear only fresh done from secondary sources; we uniforms daily. will not be able to conclude. • Implementation of sanitising But, with this study, we highly stations at entrance of every recommend that Hospitality has Kitchen. to observe New normal to run • Staff to wear face shields, and with pace of the World, & for safety and security of our Beloved masks. esteemed guest’s and our asset • All utensils to be sanitised Staff. before every use. AUTHOR : • All kitchen surfaces and shelves to be sanitised after every 30 minutes. • All fruits & vegetables to be washed in Chlorine before entering Kitchen.

hours to be reserved for Elders. 4. Re-arrangement of furniture to ensure safe distancing. 11. Every bottle to be sanitised every 30 minutes in bar top. 5. Door knobs to be sanitised every 30 minutes.

12. Every side station to be sanitised after every 30 6. Phones to be sanitised every 30 minutes. minutes. 7. Hostess desk to sanitised every 13. Every equipment to be sanitised after every 30 minutes. 30 minutes. trolleys and 8. Servers to wear hand gloves 14. In-room warmers to be sanitised after and face shields. every use. 9. All furniture to be sanitised 15. Canned beverages to be served after every use. only, in room dining. 10. In starting stage, separate

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ABHINAV SHARMA ASSISTANT PROFESSOR MAJOR - (HOUSEKEEPING) IHM MEERUT , INDIA

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TOP 8 TRENDING ONLINE BUSINESS SECTORS

BY VANEETA AGGARWAL 58 Issue 14, August2021 | CONTENTS

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It is without a doubt that due to the COVID-19 pandemic, millions of people lost their regular jobs. But being pushed to the wall has its share of advantages too. And this is what people learned when they took to the entrepreneurship path to maintain a source of income when faced with unemployment. And thankfully, many of them did indeed discover that there were plenty of business industries that could not only sustain but let them thrive in the troubled times. Mass vaccination programs are well underway in most nations, and things are well on their way to returning to normal. However, the business world would never remain the same. Remote working got the launch, so very needed. Businesses are now more than ever ready to consider a remote, distributed office. Likewise, home delivery of essential items like groceries and food alongside other necessities and online retail is experiencing an unprecedented boom. And this change is here to stay. Launching a business successfully during the pandemic also translates to an ability to get over potential future natural disasters and emergencies.

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But which businesses are best suited to thrive during the ongoing and post-pandemic world? It’s a literal million-dollar question, and here are eight small business ideas for you to execute without needing significant upfront investment:

1. Provide Home Improvement Services

quired skills for the same. Such a lack of skills naturally means they turn to home improvement services for professional help.

prise. Another thing you should note is that the revenues and profits from this business vary considerably from place to place. You accordingly want to make sure that the housing industry in your geographic location of choice is indeed thriving.

Don’t assume that home improvement is confined entirely to renovations. Other aspects of your home like its carpentry, plumbing, contracting, looking after the 2. Start A Cleaning Services landscape, and interior design all Business

In the US, 2020 witnessed the highest growth rate in the housing market since 2005. More homes naturally translate to a greater need for services that cater to them, to improve and maintain them in certain respects. Most such new home buyers have little experience renovating their homes and sorely lack the re-

fall under the purview of home improvement services. Running a home improvement services business does involve a significant bit of capital. Capital is needed due to areas like training, equipment, and materials that you need to cover. The good thing is that governments have increased spending and are making it easier to access funds to power your enter-

Also related to real estate is the cleaning service business. Cleaning services cater to bother commercial and residential property. It lets property owners who are averse to the cleaning process or do not have the time to carry out the activity keep their properties in pristine condition. For residential purposes, cleaning services typically do their job one or a few

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times a week. However, in most cases of commercial buildings, where they need such services daily. In the United States, cleaning is good business, letting you charge anywhere between $18$35 for an hour of cleaning. It is a business that brings a substantial amount of revenue for providing a simple but essential service.

teaching activities remotely. However, this brings another set of challenges. You can address such issues by starting a tutoring business. You might choose to dabble in teaching both or either of the basics or advanced topics of a particular topic. Some key subjects very much in demand in the current situation are as follows:

What makes cleaning as a business all the more attractive is the lack of overhead costs. You don’t necessarily need to have any physical office. Additionally, all the capital you need is the cost of equipment and materials, which themselves are nothing astronomical. Further, you can bill the clients for the same. The last thing to mention in favor of cleaning services is the flexible operating hours. It is an excellent business proposition, thanks also to the availability of cheap labour who don’t necessarily have formal education or experience, which keeps wages to a bare minimum.

• Helping in writing college essays

3. Providing Online Tuition If there’s one thing that the pandemic hasn’t been able to shut down completely, it’s education. Thanks to tech, schools are still open though continuing their 62 Issue 14, August2021 | CONTENTS

all the equipment you need, making upfront costs negligible as you already have them in all probability. US residents charge between $25 to $55 for an hour of tutoring. Your educational expertise and location determine the precise charges.

ical activities, the site has gone online or, in some cases, outdoors. As people remain confined indoors for weeks and months at length, it is more important than ever to stay fit.

negatively affected by the pandemic considerably. But much to its credit, the industry adapted to the changes, and it didn’t take it much time to bounce back. Only in place of physical locations intended mainly intended for phys-

tance. The US Chamber of Commerce has advised personal trainers to reach out to more people and build a following using video-based social platforms. By using social media, personal trainers can get customers for whom they

In the industry context, it is essential to note that there are plenty of 4. Becoming a Fitness or trends in and out of favor in the field. However, trainers and qualPersonal Training Coach ity content are two essentials that Fitness centres and Gyms were retain their foothold and impor-

• STEM •

SAT/ACT preparation

• English •

Foreign languages

• History The evolution of video conferencing tech has made it possible for you to provide lessons remotely. A PC or smart-phone, or tablet, is

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can create personalized workout routines. The best thing about being a fitness trainer is the simple method of entry into the industry. The industry has room for both certified professionals and selftaught experts.

alone is expected to surge to $104 billion by the year 2023.

The highly infectious nature of COVID-19 means that the best precaution you can take to stay safe is to stay indoors at home. And this fact has fuelled the growth of home delivery services by leaps and bounds worldwide. The food home delivery industry

rates, you could also charge them extra for relatively distant locations. Other instances of charging higher rates may be for priority orders that need to be delivered soon or deliver bulky and heavy items.

Entrepreneurs can tap into this service by getting into agreements with local courier services to deliver essential supplies like medicines, groceries, and other mis5. Starting A Delivery Ser- cellaneous but essential errands. In addition to standard delivery vice

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6. Offer Digital Marketing Services As you most probably know, the business establishment is going online almost entirely. And that means they would need digital marketing services to make the most of their business move. Accordingly, you can start a digital marketing agency and help businesses build brands and grow their businesses online. Typical you can’t make it on your own if digital marketing services include adequate resources are available. one or multiple of the following 7. Develop Apps services: In this age of digitization and mo• Content and Copy writing bility, more and more businesses • SEO-based writing. are creating even dedicated apps • Ideation and execution of so- for smart phone platforms like Android and iOS. Such apps help cial media ad campaigns businesses a lot to reach out to • Website design even more customers. By start• Creative consultation on ing an app development agency, branding and associated practic- you can help companies achieve such desired results through cuses tom-dedicated apps. • Managing and carrying out Though formal training is not necorganic social media marketing essary, you do, however, need to Formal training in the field is not skilled in programming. Previous mandatory to run such an agen- experience in developing apps for cy. Further, you can manage the either or both of the Android and whole thing right from your home iOS platforms is also necessary. office, making overhead costs There are plenty of online coursminimal. You are free to work as a es and programming boot camps solopreneur or hire experts where that will give you a firm grasp of

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the basics and start your journey.

8. Offer Accounting Services Irrespective of whether you are an employee, a professional, or a business, you will need to file tax returns in all likelihood. And accounting services are boon for that. Not only for taxation, but such services also provide valuable financial planning and bookkeeping functions. The demand for such services is constant and is relatively stable and growing, making starting such a business a highly lucrative proposition. It is yet another profession with little overhead costs, and you can start from your home.

cial growing markets besides exposing significant opportunities in niche sectors for businesses and entrepreneurs to tap into. It taught companies that growing trends should not be ignored even if they are small. Some of them indeed evolve into pivotal global factors in international market

There is one considerable drawback, however, in the form of the entry barrier. In most countries, you need to possess one or more of a relevant degree, a license, or a certification. However, suppose you can acquire advanced qualifications. In that case, the high financial remuneration in the form of fees makes it worth the effort. Dr. VANEETA AGGARWAL Though a significant setback for almost everybody, COVID-19 is CEO, Founder not without its silver lining. It L’strategyq Advisors and helped reveal many trends that Business Strategy were gaining momentum in cru- e-Magazine

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BOOK LAUNCH

FEAR LESS SELL MORE By TOM STERN

Now, he has channelled his experience straddling the corporate and show business worlds into a nationally-syndicated comic strip and a nationally-syndicated radio show. In anyone else, this melding of disciplines may have created an identity crisis. In Tom Stern, it has created a man with a mission: to redefine corporate culture and attitudes, to bring fun back into the shaping of a career, and to make sure that everyone, no matter what their rank, has a few laughs along the road to success. Learn more at https://tomsterncentral.com

ABOUT THE AUTHOR :

ABOUT THE BOOK:

A humorous and instructive hen it comes to not taking book on overcoming your work too seriously, Tom fears, increasing your confidence, and having more Stern is all business. success in both sales and Raised by a super-successful career satisfaction. C.E.O, Tom cut his teeth on the s an ADHD child with dysworld of stand-up comedy and lexia, Tom Stern felt unable entertainment management, then veered back into the cor- to live up to the great expectations porate world by becoming one set by his very successful grandfaof the top executive recruiters, ther and father; as a result, he sufor “headhunters,” in the nation. fered from extreme anxiety. Over

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time, he developed a methodolo- BOOK LAUNCH gy that increased his confidence and enabled him to achieve success in the entertainment indus- ASCEND YOUR START_ UP try, later founding an executive search firm that has sustained exBy cellence for more than a quarter HELEN YU century. It is Tom’s goal to help others achieve success in sales and realize their dreams by overcoming their fears as well. Fear Less, Sell More uses a fictional story, humour, and a conversational approach to making friends with fear. Drawing from Tom’s circuitous career, he shares his unique insights into the psychology behind selling that can bolster the success of any sales professional.

ABOUT THE AUTHOR :

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elen Yu is the founder and CEO of TigonAdvisory, driving growth for tech companies from start-up CEOs — who go on to achieve multibillion-dollar revenue growth and record profitability — to global titans like Oracle and Adobe. She’s a board advisor to fast-growth SaaS companies and is on the board of the Global Cybersecurity Association. She’s a top Twitter influencer with a 10M+ weekly reach and was ranked a Top 10 thought lead-

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er by Thinkers 360, and a top 10 digital transformation influencer by IBM. She’s spoken at SXSW, TiECon, DMS, and Money2020. An avid adventurer who trekked to Mt. Everest base camp and ice climbed glaciers, her new book is Ascend Your Start-up: Conquer the 5 Disconnects to Accelerate Growth(Made for Success, May 2021). Learn more at https://tigonadvisory.com/ ABOUT THE BOOK:

echnology is driven by vision and wisdom, but in the end, it is a product of the workforce that creates it. That’s why your employees, and the company culture that supports them, are so important. As you step onto the global stage with your start-up or business, take your entire team with you. Employee Culture and Customer Experience How exactly do you create a collaborative culture and positive employee experience? Your view may be from the top, but the work starts from the ground up with employees who feel included, val-

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ued, and heard. A company that thrives on cultural collaboration supports an inspired workplace, and this positive employee environment ultimately leads to a better customer experience. The company culture you cultivate can motivate your collaborators and employees and help inform your hiring process and whom you bring on your start-up or your business leadership journey. Encourage Accountability and Transparency First order of business: foster a culture of learning and people who believe in the overall mission. This encourages employees to help one another, cultivates gratitude, sets down a practice of transparency, and clarifies how each person can contribute to the company’s success. Disrupting the standard daily grind leads to innovative thinking and a more profound commitment that will define your company inside and out. Not everything will go as planned. There will be bumps along the way. Believers will stay with you even when they can’t see what is in front of them and even when things go wrong.

Brand Values

ness experience to complement Next, clearly communicate what the start-up build. your brand stands for. Make sure You may even wish to find someemployees understand your com- one who has already scaled the pany’s goals, expectations, and tech start-up mountain and can concerns. When your team sees work beside you to make your what your brand means to you vision a reality. Partnering with and what it stands for, they are someone who has complementamore likely to become believers ry experience can help you ascend and support you in both triumphs to the next level. and failures. To secure your spot on the globTo create this supportive company al stage, build your team beyond culture, be clear about your com- your network. Hire people who pany’s goals, core practices, and support your vision, the top one overall purpose so that everyone percent in the industry, and those on your team cares about the busi- who deliver and have shared valness as much as you do. Consider ues, beliefs, and commitment to putting your mission, vision, and customers and team. And once values on a card people can keep your dream team is on board, be near their workspace. In team sure you’ve taken all the necessary meetings, ask people to share ex- steps to empower them to succeed. amples of your brand in action. Removing Employees Who Do Hiring the Right People at the Not Reflect Your Brand Right Time Hiring is just the beginning. You A team of employees who fit the must partner with new hires so culture you have created will set that they succeed. Align your your company apart and support business strategy with the day-toit for the long run. Don’t bow to day execution of employees’ tasks pressure from the board or your by clarifying roles and responsiinvestors to hire quickly. Take bilities, setting up clear expectathe time to find individuals who tions, holding people accountaare best suited to your company. ble, rewarding top performers, Tech-savvy founders and growth and weeding out toxic employees. leaders need people with busi-

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Unfortunately, not everyone who begins the start-up journey with you will stay the course. As a result, you may have to make some tough decisions about whether or not to leave people behind. Often, you have to take a detour to achieve your goals. Personnel changes may be necessary, but adjustments to your team along the way can ultimately work in your favor. Stay agile and open to change. Humanity as the Central Focus No doubt, 2020 brought turbulence into both the global economy and our everyday lives. Many organizations were faced with difficult choices, including how to downsize quickly and effectively. The way that process was managed is a direct reflection of company culture, values, and beliefs. Some organizations did it well; many major corporations opted for pay cuts or furloughs with full benefits to avoid layoffs. One of these was Hormel Foods, which furloughed 350 workers instead of laying them off and also allowed them to keep benefits like healthcare. “Our employees are long-term investments for us, and they’re a precious resource, so we 74 Issue 14, August2021 | CONTENTS

needed to do what we could,” said Hormel Finance Chief Jim Sheehan in an article from the Wall Street Journal. Unfortunately, other organizations did not handle the situation so well. For instance, start-up Bird, known for its sporty scooters in urban areas, laid off its entire 406-employee workforce in a two-minute zoom call. The people you bring with you onto the global stage directly contribute to the overall success of your start-up or business. An environment where humanity is a central focus is not to be underestimated. In supportive workplaces, employees feel more included, valuable, and essential. This is the pathway to growth – both for the company and the people driving its success.

BOOK LAUNCH

BRAND RENEGRADES By SEAN & THORA DOWDELL

ABOUT THE AUTHORS

ean Dowdell is known as the Tattooed Millionaire, which is also the title of his first book (2017). In addition to his role as founder and CEO of Club Tattoo, he is a drummer with Grey Daze. He’s a frequent speaker to a variety of audiences and has been featured in Entrepreneur, GQ, Billboard, and on CNBC, A&amp;E and more.

hora Dowdell was formerly in marketing and sales before becoming a business partner with Sean, initially in the music recording industry and later in Club Tattoo. Thora is passionate about empowering women business owners through her story. Together, the husband-wife team have authored the new book, Brand Renegades: Our Fearless Path from Startup to Global Brand (Entrepreneur Press, May 25, 2021). Issue 14, August 2021 | CONTENTS 75

tell you what colours Coca-Cola Don’t Mistake a Logo for a Brand uses in its logo and advertisements and who offers 5 Dollar Footlongs By Sean and Thora Dowdell (Subway). Nike’s logo has been the same since What do people associate with 1971, and its slogan “Just Do It” was your brand? To answer that quesadded in 1988. The logo connects tion, you need to ask yourself a to its consumers, reminding them few questions. that they can power through phys- What does my company do or ical and mental challenges. produce? The reality is that your company likely won’t become a brand titan - What do my customers want and like Nike. However, you can use its how do they experience my comexample to build your brand and pany? create that same kind of connec- - What is my company’s niche and tion. where does it fit in the industry We’ve worked hard to make Club and market? ABOUT THE BOOK:

Tattoo a memorable brand. Here When you try to serve everyone, are the lessons and wisdom that you end up serving no one. Anwe picked up along the way. swering these questions will help 1. Your brand is more than just you focus on what your business a logo. It’s what your customer does best, improve upon that, and overcome the temptation of trying connects to. to be all things to all customers. A brand is an identity shaped by the set of attributes your custom- 2. Highlight what makes your ers associate with your business. brand memorable. These can range from the visual Tattoo and piercing parlors aren’t image of your logo, to products known for being customer expeand services, to how you provide rience-focused. One of the things customer service. It’s something that makes Club Tattoo so differthat others recognize and assign ent is our customer service team. value to you and associate with Every client that walks in is greetyour business. Most people can ed when she or he crosses the 76 Issue 14, August2021 | CONTENTS

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threshold. We create an environment that’s clean, upscale, and inviting to customers seeking a higher-quality tattoo or piercing. This all makes us stand out in the industry. How do you make a brand experience that your customers will never forget? First, define how you can improve your processes or systems. Even a tiny change to your service or product delivery can help your company stand out. Then deliver on those changes to a high standard so that your customers can trust that they’ll experience something that only your brand provides. Your brand is more valuable than the product or service you sell. You must find out what makes your brand different and highlight that. Is it your product? Your location? The customer experience? Whatever it is, find it and capitalize on it to create lifelong customers that will seek out your brand.

get audience. Let’s look at coffee. Most consumers instantly think of the Starbucks logo. Starbucks is the most significant global coffee brand and a force to consider for people interested in starting a neighborhood coffee shop. It may seem like a losing proposition, but there are niche opportunities or sub markets within every market. Stump town, based out of Portland, Oregon, has created a specific market within the coffee industry, focusing on an experience for those who consider themselves discerning coffee connoisseurs. Stump town’s customers display their Stump town cups with pride as they go about their day. Different is good, and bigger isn’t always better. As you consider what sets you apart, ask yourself these questions: - What is our product or service niche?

- What does our business do best, 3. Make the most of what sets you and how can that fit into a niche apart. market in our industry? Identify and focus on the one From there, you can create a brand thing you do better than your experience to delight your target competitors. Make it your calling audience. card for people who are seeking 4. Discover and define your taryour unique selling point.

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more than 60 percent women and mostly people ages 24-32. With that information, we could identify what items we actually needed to carry and stop wasting money on guessing.

Your target audience is the specific group of consumers that you serve with your product. It will also be the people that you’re targeting with your marketing and advertising strategies. Before you 5. Know what you’re telling your start selling a product or service, clients with your business’s maryou need to know and understand keting. who they are — who they’re not. Now that you have a target audiThree core elements connect the ence, what message are you sendtarget audience: your product or ing with your marketing? service, their demographics, and You must ensure the message is your company’s mission and vievident to those who know little sion. If you already have customor nothing about your business ers, start collecting data on them. or brand. Do they get what your Capture vital statistics, location, ads and logos are trying to conand what kind of things they vey? Can they identify what your spend money on. Start gathering visual signature means? You can’t this data in a format that can be guess or make assumptions about easily analysed and categorized so these details. If you don’t have you can access it and use it to betsolid data on them, you must do ter tailor your brand and marketsome market research. Ask people ing to them. who are unfamiliar with you and When you go through this focused your brand these questions. The exercise of finding out who your answers may reveal insights that clients are, you may be surprised surprise you. by what you find. When we did While it can take dedication and this in our original Tempe studio, effort, refining your marketing to we discovered that we were wrong effectively engage your target auabout our audience. We thought dience is key to having a long-term our client base was mostly college business. If your marketing stratstudents, with a 50/50 ratio of men egy remains consistent and your and women. Actually, we served message is powerful, clients, and

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even potential clients, will think answers that help you adjust your of your brand first when they need business. The goal is to underyour product or service. stand your unique value proposition and make changes that better 6. Appeal to customer values. communicate it. When customers Values are highly variable when see the connection between your it comes to customer experience. values and what you offer them, They can represent the cost of cus- they’ll be more likely to choose tomers’ time, monetary consider- you and become life-long customations, or ideals — like patriotism. ers. This work allows you to find Think of it in terms of actual val- and promote your niche within ue customers receive = benefits of your industry to set yourself apart a product or service - (minus) cost. from the competition. You want to create a value proposition that benefits you and the Creating a brand that resonates with your target audience and customer. provides customers an experience Never assume what your custom- they can’t get anywhere else isn’t er values. It may not always be easy to accomplish. However, it’s what you think. You may believe what can give you a competitive that money is always a high pri- edge in the marketplace. ority, but it often ranks last when determining value. Things such as wait time, product availability, Learn more at ease of purchase, and customer www.clubtattoo.com services are all things to consider when seeking a value proposition. Take every opportunity you can to capture customer data to make sure you’re providing the value they seek. Using specifically targeted surveys for customers according to whatever you offer is an excellent way to do this. With simple, easy-toread questions, you elicit honest

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THE PPE HERO OF COVID 19 JACK YUAN Gen Z Youth Builds Staggering $200 Million Global PPE Medical Supply Chain in Under 12 Mogul in the Making: Since launching in early 2020, 20-year old Stanford college student Jack (Bi Tian) Yuan , turned global medical supply chain tycoon’s company, TianchiMed, has supplied over 600 million PPE products worldwide, recorded a stunning $200 million in revenues during year one operations INTERVIEW WITH JACK YUAN What exactly is Tianchi Medical’s overarching mission? TianchiMed’s mission is to deliver low-cost, high-quality Personal Protective Equipment (PPE) to countries, organizations and businesses that are protecting their populations against the COVID-19 virus with the shortest amount of lead-time. At Tianchi, we believe that everyone deserves access to PPE and we have built factories, a 60-person team and more than six global partnerships

to make that a reality. Since our launch in March of 2020, TianchiMed has worked with federal governments and local hospitals from the U.S., Canada, Brazil, as well as local pharmacies, sports leagues and corporations like Amazon and Home Depot to equip local communities with life-saving PPE for their frontline workers and citizens. Tell me a little about your background and how it led to the idea to launch Tianchi Medical and build a PPE supply chain? I started my Stanford education with a major in Symbolic Systems and a minor in Philosophy, but I entered the PPE industry in March of 2020 after returning to Issue 14, August 2021 | CONTENTS 81

China alarmed at the serious nature of the COVID-19 pandemic. Understanding the need for PPE supply during this dire time, I left the Bay Area to establish TianchiMed in Guangzhou, China, to contribute to the fight against COVID-19. Using data on (1) the number of daily international inbound flights in the U.S., (2) the rate of use of public transportation, (3) the reproduction number of COVID-19 and (4) the number of healthcare workers in various part of the world, including the US and Brazil, I foresaw and understood the imminent threat of coronavirus and (5) began putting together a business plan. It was with this plan that I launched TianchiMed that began to supply masks to the federal government of Brazil in late spring and to other national stakeholders around the globe. My idea for TianchiMed was simple: I wanted to create an effective solution to the PPE shortages across the world. I saw essential workers were not receiving enough PPE supplies as they were combating COVID. Part of the problem was that PPE suppliers were spending too much time negotiating on PPE commission,

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which caused long delays in getting the product to the end consumer. Also, on the product side, there was a lack of quality controls as new manufacturers entered the market with no previous PPE manufacturing experience. To meet my vision to provide quality PPE as fast as possible, I vertically integrated all of the steps of providing PPE supplies to healthcare workers. Although initially I was simply a connector between different deals, I quickly became an exporter, local distributor with warehouses, as well as a factory owner for gloves. With this vertical integration, I am now solely responsible for the qualities of the products and can ensure my team to coordinate under my goal. Another problem I was proud to help solve was employment for my workers. Through local hiring practices and job security, I was able to help my team have a livelihood during the pandemic. Unemployment rates skyrocketed and at one point I was one of a few employers actively hiring. I also leveraged my network to build out remote support teams at my warehouses in New York, Brazil, Hong Kong, Los Angeles

and Canada. What were the initial steps you took to get TianchiMed off the ground? Upon returning to China, I surveyed mask factories and negotiated with no fewer than 200 manufacturers and 20 different freight companies to secure high quality PPE equipment at affordable prices for the end users. I then worked closely with friends back in the U.S. and Brazil to help procure PPE supplies for local governments and hospitals who were in dire straits. Building a supply chain in a brand new space was tough. China’s annual production capacity has more than quadrupled within the span of two months, but that also brought forth many quality issues and fraud. Additionally, new regulations being introduced every few days disrupted all the existing orders. Fraud was also getting so bad with the masks that even just a few days ago we helped bust a dozen people replicating fake N95 masks. At the same time, coming in with zero knowledge of how mask production and procurement work, there was so much to learn about

different mask standards around the world. Sometimes the factories themselves don’t even know if the masks are up to the standards of another country because the mask space had been relatively small before COVID-19. Having little knowledge of how a supply chain works or how to differentiate quality standards didn’t help. As a result, I was trying to learn everything and also build up a team to help with all the legal, logistics, sales and quality control issues that I was encountering. I was responsible for making sure our factories were honest and of high-quality, our clients weren’t pulling out at the last minute, freight companies were delivering on schedule, lending money and making sure that our cash flow is healthy, while neither the Chinese nor the American customs were holding our stocks and also dealing with the everchanging customs regulations and politics in both countries. In the morning I would wake up at 6 AM to receive daily reports and have meetings with partners and governments in the other parts of the world before they go to bed. And then lunch is a sepa-

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ration line. I would take a 30-minute nap after lunch and start traveling and meeting with factories, freight companies, quality control teams, customs teams and my lawyers all the way until dinner. Then I would take another nap right after and then go on meetings with my clients and partners from the Western Hemisphere again. I usually would end up going to bed at 1 or 2 AM, only to wake up at 6 AM again. What marketing and operation strategies are you adopting— particularly those helping you be cost-conscious? We try to vertically integrate the entire supply chain as much as possible so we could deliver the highest quality PPE to our customers at the lowest prices. This includes constructing our own gloves factory, building up our own logistics/exporting team instead of outsourcing, or establishing our local warehouses in New York, Los Angeles and Brazil. With almost 100% control of the product when they roll off the factory belt, I can ship or fly them into regions where I had existing customers or had foreseen demand under a week. Through vertical integration, we are also

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able to cut down a lot of the extra fat and therefore reduce prices for our customers. We also negotiate down the freight cost and raw material cost with our massive quantities.

ed on the contract … only after I received them. I was disheartened to see the level of fraud and low-quality products out there, especially when it came to something as important as PPE.

Our No. 1 priority is quality and that will never change, so we will not cut any corners there. And in a cost versus quality analysis, quality always wins. In the case of PPE that can mean life or death. We take that responsibility seriously at Tianchi, which is why we only work with the best manufacturers and we do ongoing Q&A and rigorous onboarding testing. When we send out a shipment, we want to be confident that each item is of the Tianchi quality that our customers have grown to know.

Another mistake that I made when I launched was that I was too cost-conscious and thought that I alone could have handled the majority of the exporting pro-

cess. After being scammed for the first time, I quickly realized that I needed a collaborative team that could handle the detailed operational work so I could focus on scaling the business and the larger strategy. This is when I knew that I needed funding so that I could hire a team that could help me scout factories and perform quality control to work with

Are there any strategy mistakes you have made and, if so, what did you learn? Early on, I remember going out to talk to suppliers who claimed to have “masks” or factories that have zero quality control in place. Since it was my first time operating a business, I trusted people that I should not have, paid them and received products only to realize that they were counterfeit or not what was specifically listIssue 14, August 2021 | CONTENTS 85

some of the best-in-class manufacturers. With the help of a few small investors, as well as results from a few small PPE deals that we did, eventually we were able to raise $10 million dollars to prepare ourselves for the Brazil 240 MM Masks deal. My strategy since has been to own part of the factory or build my own factory from scratch just so I can have peace of mind knowing my products are of the quality needed. What challenges did you experience, and ultimately overcome—and did your youth factor in? The PPE space is a mess. Last March, there was very little regulation in place for masks and gloves because only less than 1% of the entire population used them daily. And when everybody needed masks, the quality didn’t matter as long as they looked like a mask. Eventually I learned to build my own quality control and regulatory team to help me standardize the mask manufacturing process at our partner factories and now we have also finished building our own gloves factory that complies with the Interna86 Issue 14, August2021 | CONTENTS

tional ISO quality standards. One of the largest challenges that I faced when starting out was the lack of business experience that came with my young age. Although I have dabbled in a few science research competitions and tried launching my own startups with friends, this was my first time making transactions and deals with value larger than $1 million. I needed to learn everything from scratch—the exporting and importing process, taxes from Brazil, the U.S. and China, custom clearance, UPC codes and the packaging design of the masks and gloves, creation of a factory with high-quality standards and running a 50-person team. Prior to 2020, I had no experience with any of this. I failed fast, but I also learned fast. Can you share a story when you have been customer-obsessed? The ethos behind TianchiMed has always inherently revolved around being customer obsessed. However, I do not only see my paying partners as my customers. My customers are also the numerous non-profits like Masks2All, MaskOakland and Paper Bridges that I have helped donate close Issue 14, August 2021 | CONTENTS 87

to one million masks to. A recent story of being customer obsessed was around Chinese New Year— arguably the busiest time of the year in China as we close out the year. While I had an endless todo list, I prioritized reaching out to our non-profit partners Masks2All to ensure that they had all the PPE that they needed for the first half of the year. It turned out that they needed 100,000 more masks and I worked with my team to make sure that those were sent out. I started Tianchi to make a difference and our mission and supporting our partners will always be at the top of my to-do list. When you started Tianchi, did you know you wanted to have a giving program? Or what inspired it? Growing up in New York City, I saw firsthand the lack of access to resources in certain local communities. When I set up community programs to teach young students coding back in high school, I realized that the local, underprivileged communities will almost always come last when it comes to resource distribution. When COVID-19 hit, my first thought was that they would be the last in line to get access to

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life-saving PPE, just like any other resources, and that I needed to do something to help. When I launched Tianchi, my top priority was to create a giving program to donate masks directly to non-profits like Masks2All. The goal of my giving program is to equip community partners with the protective resources they need as they help support the most vulnerable, at-risk populations here in the United States. I recently delivered 50,000 masks to Masks2All and another 100,000 masks to FourOxen, bringing my total donations up to one million. How do you choose where to donate your masks to? And how did you find Masks2All? After COVID-19 hit the west coast and sent everybody home, I heard through a Stanford friend of the incredible work of Masks2All, a local organization in Berkeley, California. As I was launching TianchiMed’s giving program, I knew they would be one of the first recipients of our masks. At the same time, I reached out to many of my other friends at Stanford and UPenn looking for potential non-profits who I could partner with to distribute as many masks

as possible. When I launch new giving partnerships, I make sure they are a reputable organization in their community. My mission is to ensure that everyone who needs access to PPE has it and I want to work with organizations that align with that and do not discriminate. Although you have adeptly built a $200 million PPE supply chain in an extraordinarily short amount of time, you’re known to be “ready for more.” What does the future hold for you? We do anticipate demand for quality PPE supplies will remain strong over the near-term years ahead. We will continue to aggressively expand our reach into more hospitals and medical facilities throughout the countries in which we currently operate and we will continue to expand into new territories as well. Along the way, we’ll be cultivating longerterm relationships with end-users like doctors and other healthcare workers so that, even when the COVID-19 pandemic is under greater control, we remain a go-to source for quality, medical-grade face masks and gloves.

We will also certainly be logistically well-positioned to respond and react to any new infectious disease crisis that may present in the future and will work to ensure that our industry customers are equally prepared. At the end of the day, it’s all about helping people stay healthy and, ultimately, saving lives. In all, Yuan is a study in being bold and taking educated entrepreneurial risks. When he started out last March, he never dreamed that he would ultimately build a business that has distributed over one billion pieces of PPE around the globe. Yuan’s unlikely business success is proof positive that, regardless of age, as long as you have the drive, vision, confidence, tenacity, heart and a strong support team, what you build today could very well leave an enduring and meaningful impact on the world of tomorrow.

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MONTH’S HOROSCOPE Aries (Ram): March 21–April 19

our romantic life could see a boost after this transit, or you might just be more concerned with expounding on your creative talents. Get ready to feel good about yourself and let others know it. You are radiant, confident, and ready to put yourself out there and find an emotional connection.

Taurus (Bull): April 20–May 20

et your sights big now because you will accomplish a lot. A defining transit for you is Mercury’s ingress in the sign of Virgo on the 11th. You are going to be a lot more entertaining to be around since you will be in a playful mood for the next several weeks.

Gemini (Twins): May 21–June 21

uring this month, you are very intellectually stimulated and everyone will take notice. Venus enters Libra on the 16th, and this transit makes a positive trine to your sign, bringing those confidence levels through the roof for the next several weeks.

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Cancer (Crab): June 22–July 22

his is your opportunity to bring balance, and you will be successful. During this period, you’ll be able to make peace with those who continue to make war with you. But you’ll be victorious if you choose the diplomatic route. You are going to set your sights on home improvement

Libra (Balance): September 23–October 23

uring this period, you’ll be more reserved, and others will take notice. Use this time to recharge your batteries through resting. Relationships become top priority now, and you are going to feel more confident when it comes to your romantic life. On the 22nd, the Sun enters Virgo, initiating a period of more reflection, meditation, and spiritual awakening.

Scorpius (Scorpion): October 24– November 21

Leo (Lion): July 23–August 22

he year has allowed you to grow and understand how your friendships are evolving as well as your romantic relationships. With the Sun entering Virgo on the same day, you are going to be more understanding and focused on treating yourself. Mercury will enter Libra on the 30th and this can bring a nice, calming, and relaxing period for you, since you will be a lot more comfortable communicating and reaching

his is your time, the moment you have been working for, and this transit will influence you for the next six months as you see some powerful changes in career, home, and/or school. Venus enters Libra on the 16th, which is a good transit for you if you have felt restless. Take a break, relax, and have fun reading a book or focusing on art.

Virgo (Virgin): August 23–September 22

he New Moon in Leo will be on the 8th, and it will represent a closing of cycles for you and new beginnings, since this is happening in the darkest corners of your chart. You might even contemplate learning new things to keep you entertained. If you are a creative, you might branch out and consider applying new technology or software for your projects. 92 Issue 14, August2021 | CONTENTS

Sagittarius (Archer): November 22– December 21

et ready for the month of August, as this fire energy begins to get you back on track. Your focus will be on philosophy and higher thinking with this New Moon in Leo on the 8th. It is a good opportunity to begin a new course or even consider going back to school if you want to pursue a new major. Issue 14, August 2021 | CONTENTS 93

Capricornus (Goat): December 22– January 19

uring the month of August, your relationship energy will be transforming, thanks to the New Moon in Leo on the 8th. This is the perfect time to connect with your partner on a deeper level and discuss anything that could strengthen the bonds.

Aquarius (Water Bearer): January 20– February 18

t brings the focus to your relationships. It can be a good time to meet people, and those who are single will have great opportunities to enter relationships. You are going to have to see some changes at work and/or school, so the key here is being balanced and not trying to take control. Be patient and not hasty.

Pisces (Fish): February 19–March 20

glorious month for you, since many of these transits will be highlighting your relationship house. ou are going to be more willing to meet people that can help you. If you are single, you have opportunities to start a potential romance. The Full Moon in Aquarius makes your dreams more powerful. It is a transit that will make you want to reflect and find comforts at home. 94 Issue 14, August2021 | CONTENTS

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Business Strategy E-Magazine August 2021

Articles inside

NEW CONTEXT ? NEW LEADERSHIP THE 5CS

TOP 8 TRENDING ONLINE BUSINESS SECTORS

The skills Of the new generation of leaders

Business Strategy E-Magazine August 2021