I just got around to reading this weeks cover story in Barron's and this quote stuck out:
"Private-equity firms say they have staying power because many LBOs got both generous financing with no immediate debt maturities and liberal bank loans that creditors rarely call in"
So, this is why Schwarzman and Co. think that their business model is sustainable. That would be HILARIOUS if the heads of Blackstone Group and Apollo Management didn't actually believe it.
Where is the part about creating value? The part about investing in companies that have the potential to revolutionize broken industries. These firms have failed us, and it is only a matter of time before creditors do call in these liberal loan agreements. What then? Then, the true innovators can get down to business.
Sunday, February 1, 2009
Wednesday, January 28, 2009
Thoughts on Employment Websites and the Future of Business-Part 3
Customer-Company collaboration is a relatively new phenomenon. With the advancement of the Internet came the ability for companies to understand their customers wants and needs in a very real and personal way. So why do most companies completely ignore this? Have they not seen the potential DEVASTATING outcome?
It seems very basic to me that companies must utilize those who actually use, buy, and love their products. How does it make sense for some out of touch executive to decide what customers want when the possibility to directly ask those who buy or use your product is readily available? The successful companies of the future (and anyone with a brain) know that it makes no sense.
Why can’t companies set up a message board on their website that creates a meaningful conversation? I can think of no better way of collecting ideas and dealing with setbacks then involving the customer directly. This not only provides useful information to all parties involved but can also show that you care what your customers think. That you are willing to listen to those who consume your product. After all, THEY KNOW WHAT THEY WANT. Additionally, since almost no large companies do this it provides a tremendous opportunity. Show love and you can change the world. Create a following. Nurture and develop a tribe of loyal followers and you will change the world.
This is revolutionary. Think of the possibilities. The companies of tomorrow run by their most loyal customers. This is the future. These companies will provide real economic value because they truly know what their customers want. No more bullshit market demand studies. No more blind market research with way too many unknown variables. THE OLD SYSTEM IS BROKE, and it is time to fix it. Fix a companies DNA and you will change the world.
Getting back to employment websites...
I would suggest that it would be HUGELY beneficial for these employment sites to create a real and meaningful community. Let others learn from people who were once in their shoes. Create a message board and various blogs that start a conversation. Create a loyal following that will help to spread the word. Why don’t these sites do this? Why do they not tap into their most valuable assets? It will never be known. What is known is that it is possible to do this. It is possible to actually learn from your customers and to provide for them what they want. Exceed peoples expectations and you will change the world.
This is what companies of the future will do. They will learn that it is so much better to create this dialogue. It will be the RULE and not the EXCEPTION. Imagine what the future holds. No more bullshit products that people accept because they have no choice. No more automated customer service systems that KILL VALUE. The potential to eliminate product failures. IT IS SO OBVIOUS. Those who realize that this trend is the future will change the world.
It seems very basic to me that companies must utilize those who actually use, buy, and love their products. How does it make sense for some out of touch executive to decide what customers want when the possibility to directly ask those who buy or use your product is readily available? The successful companies of the future (and anyone with a brain) know that it makes no sense.
Why can’t companies set up a message board on their website that creates a meaningful conversation? I can think of no better way of collecting ideas and dealing with setbacks then involving the customer directly. This not only provides useful information to all parties involved but can also show that you care what your customers think. That you are willing to listen to those who consume your product. After all, THEY KNOW WHAT THEY WANT. Additionally, since almost no large companies do this it provides a tremendous opportunity. Show love and you can change the world. Create a following. Nurture and develop a tribe of loyal followers and you will change the world.
This is revolutionary. Think of the possibilities. The companies of tomorrow run by their most loyal customers. This is the future. These companies will provide real economic value because they truly know what their customers want. No more bullshit market demand studies. No more blind market research with way too many unknown variables. THE OLD SYSTEM IS BROKE, and it is time to fix it. Fix a companies DNA and you will change the world.
Getting back to employment websites...
I would suggest that it would be HUGELY beneficial for these employment sites to create a real and meaningful community. Let others learn from people who were once in their shoes. Create a message board and various blogs that start a conversation. Create a loyal following that will help to spread the word. Why don’t these sites do this? Why do they not tap into their most valuable assets? It will never be known. What is known is that it is possible to do this. It is possible to actually learn from your customers and to provide for them what they want. Exceed peoples expectations and you will change the world.
This is what companies of the future will do. They will learn that it is so much better to create this dialogue. It will be the RULE and not the EXCEPTION. Imagine what the future holds. No more bullshit products that people accept because they have no choice. No more automated customer service systems that KILL VALUE. The potential to eliminate product failures. IT IS SO OBVIOUS. Those who realize that this trend is the future will change the world.
Thoughts on Employment Websites and the Future of Business-Part 2
Any new business endeavor begins with an entrepreneur examining the drawbacks of a specific market environment, and then offering solutions to fix these issues in the most efficient and value-adding way.
So what are the main problems with employment websites in today’s market environment?
I have been able to identify several. These include poor design, difficulties related to navigation, lack of user input, and no kind of understanding of basic human emotion to name a few.
Now is time to offer solutions. So what is my plan for fixing this problem and changing the way companies recruit, retain, and educate employees?
Well let’s start with the basics. The type of companies that post jobs on these sites are mostly small to mid-size companies that have little funding for an actual human resource department. When these companies post jobs they generally do it the most traditional and boring way. Why not actually make it sound exciting? Make it sound like more than something that will pay the bills. At least stray away from the traditional scripted bullshit. Try to show employees that they will actually make a difference. That they won’t get lost in the crowd. The goal should be to broadcast how this position will be fulfilling to you. To actually relate to someone in a human way is foreign it seems. To show that your work will mean something and that you will be truly happy with what you produce. Of course this ignores the fact that a lot of the jobs that are posted on these websites might actually be meaningless. This is a whole other issue. To fix that will take more cooperation than is currently possible or likely. However, putting this issue aside [which I agree seems pretty devastating] it will be still be possible to actually create a connection that is real.
I kind of went on a little bit of a rant there, but I think it is pretty coherent.
Now on to more technical issues…
First and foremost stop sending useless automated emails that say nothing. This distracts users and DESTROYS value. My general rule of thumb is that if you are not saying something that creates value and you are not offering anything then don’t send it. Believe me there is no quicker way to lose a customer then to fill their inbox with meaningless bullshit. Why not move past automated emails and try to make an actual connection with someone? Maybe have a person who is the company’s “connector.” This person would be in charge of sending personalized emails to their customers monthly. This would establish a REAL conversation and would allow the company to gather huge amounts of useful information about their users.
You can even take this one step further [which directly relates to my next recommendation]…
When you register to one of these sites you are asked a few questions (to create your profile), and then you post your resume and/or cover letter. Then, the site attempts to connect you with companies that have answered similar questions the same. How superficial is this? This is not real. I KNOW THERE IS SOMETHING BETTER. The way I see it all this does is prove to the website that you are not, in fact, a machine. Do four key words (finance, banking, sales, marketing-for example) and your resume really describe you as a person? Do these things show your work ethic, dedication, and passion. After all are these not the important things? How does a resume SHOW what you have accomplished. It doesn't. It simply TELLS things that you might or might not have done. But where is the section in the resume about passion? Where is the section that says that you work hard and you will do whatever it takes? It is not there. You know why? Because you can’t TELL about passion. Passion is SHOWN through blood, sweat, and tears. Passion is getting up every day and doing what you were put on this earth to do. Not because you simply want to, but because you need to: You were put on the earth for this purpose, you were born for this and if you believe this and put it into action you will change the world.
I remember reading Mark Cubans blog a while back and he had a three part post about his beginnings as an entrepreneur. I can’t seem to find the link for it right now, but if someone could find it feel free to post it. His story is very powerful and he clearly understands the business world. However, there is one quote that sticks out from this series of posts that relates to the resume issue-
“These companies wanted to work with me not because I was the most knowledgeable about computers, but because they knew I would do whatever it took to get the job done”
-Mark Cuban
This is powerful. It shatters the idea that to be successful all you need is talent. Hard work, dedication, and passion are much more difficult to find. However, it is these qualities that will make you stand out. Talent is ordinary and will only give you a shot. If you want to change the world you MUST have a strong-work ethic. You must CHOOSE to wake up every day ready to engage your mind, ready to continually strive for self-improvement (in life and in business). Constantly hold a mirror up and CHOOSE to make things better. Not tomorrow. TODAY.
Now to tie this back into resumes and employment websites. As I stated earlier Resumes, at least in their current and traditional form (expect a future post on real time resumes of the future) simply LIST your semi-accomplishments. Sure, they can be personalized to an extent, BUT, the important aspect missing is SHOWING what you have done. SHOWING that you work hard, are persistent, and will do whatever it takes to get a job done. After all, that is what I would want in an employee. So why don’t these sites, or any company for that matter, have a reasonable way of evaluating this if it seems to be so important? Who knows. BUT, herein lies the opportunity to truly change the world. You don’t even need to come up with this one on your own. The Internet and the free distribution of content and ideas is already here. Waiting for you. The possibilities are endless. Right now I have my Internet browser open to three of my favorite websites. I consider these three people to be some of the most inspiring individuals on the Internet. AND, more importantly, all three can be contacted IN REAL TIME with the click of a mouse. I can connect with ANYONE I WANT these days. I can ask Mark Cuban business related questions (assuming I have something to offer). I can ask Ryan Holiday about the importance of following your dreams. I can email Tucker Max and learn about strategy, business, and not letting others define your life. Connect with these people and you can change the world. What do you have to lose? You can establish and ongoing conversation with two of the most influential Internet entrepreneurs for free or you can pay 100,000 dollars to attend business school to learn about business models that are becoming obsolete. The CHOICE is yours.
THE POINT OF ALL THIS is that it is now possible to use the Internet to SHOW the world what you have done. Start a blog, or an online business for minimal cost and a resume becomes obsolete. No one will care about you TELLING them what you have done when you can easily SHOW them. Show them that you worked hard, that you got up every day and dedicated you time to something worthwhile. So why don't careerbulider or monster allow you to do this? I would suggest having that same “connector” from above administer a REAL interview (via email or whatever) before allowing someone to post anything on their site. This would allow companies to truly understand the real emotions and type of people they are looking to hire. Ask these people the questions that matter. Questions that actually relate to actual human feelings. Questions that SHOW these companies that these are actual people. This would be WAY more efficient. Think of how many hiring mismatches occur because of mis-judgements. What if there was a way to vastly eliminate this? Companies could run must smoother and their employees would be happier. How much money and time would this save? So much that it is very unclear why it has not already been adopted. Find a way to personally connect with your employees and your company can change the world.
Well that was way longer than I anticipated, and I have not even covered everything I was meaning to. Sorry for some of the endless tangents, but I don’t think they detracted too much from the message. Part three of this series will deal with the use of customer-company collaboration and its implications on the future business environment.
So what are the main problems with employment websites in today’s market environment?
I have been able to identify several. These include poor design, difficulties related to navigation, lack of user input, and no kind of understanding of basic human emotion to name a few.
Now is time to offer solutions. So what is my plan for fixing this problem and changing the way companies recruit, retain, and educate employees?
Well let’s start with the basics. The type of companies that post jobs on these sites are mostly small to mid-size companies that have little funding for an actual human resource department. When these companies post jobs they generally do it the most traditional and boring way. Why not actually make it sound exciting? Make it sound like more than something that will pay the bills. At least stray away from the traditional scripted bullshit. Try to show employees that they will actually make a difference. That they won’t get lost in the crowd. The goal should be to broadcast how this position will be fulfilling to you. To actually relate to someone in a human way is foreign it seems. To show that your work will mean something and that you will be truly happy with what you produce. Of course this ignores the fact that a lot of the jobs that are posted on these websites might actually be meaningless. This is a whole other issue. To fix that will take more cooperation than is currently possible or likely. However, putting this issue aside [which I agree seems pretty devastating] it will be still be possible to actually create a connection that is real.
I kind of went on a little bit of a rant there, but I think it is pretty coherent.
Now on to more technical issues…
First and foremost stop sending useless automated emails that say nothing. This distracts users and DESTROYS value. My general rule of thumb is that if you are not saying something that creates value and you are not offering anything then don’t send it. Believe me there is no quicker way to lose a customer then to fill their inbox with meaningless bullshit. Why not move past automated emails and try to make an actual connection with someone? Maybe have a person who is the company’s “connector.” This person would be in charge of sending personalized emails to their customers monthly. This would establish a REAL conversation and would allow the company to gather huge amounts of useful information about their users.
You can even take this one step further [which directly relates to my next recommendation]…
When you register to one of these sites you are asked a few questions (to create your profile), and then you post your resume and/or cover letter. Then, the site attempts to connect you with companies that have answered similar questions the same. How superficial is this? This is not real. I KNOW THERE IS SOMETHING BETTER. The way I see it all this does is prove to the website that you are not, in fact, a machine. Do four key words (finance, banking, sales, marketing-for example) and your resume really describe you as a person? Do these things show your work ethic, dedication, and passion. After all are these not the important things? How does a resume SHOW what you have accomplished. It doesn't. It simply TELLS things that you might or might not have done. But where is the section in the resume about passion? Where is the section that says that you work hard and you will do whatever it takes? It is not there. You know why? Because you can’t TELL about passion. Passion is SHOWN through blood, sweat, and tears. Passion is getting up every day and doing what you were put on this earth to do. Not because you simply want to, but because you need to: You were put on the earth for this purpose, you were born for this and if you believe this and put it into action you will change the world.
I remember reading Mark Cubans blog a while back and he had a three part post about his beginnings as an entrepreneur. I can’t seem to find the link for it right now, but if someone could find it feel free to post it. His story is very powerful and he clearly understands the business world. However, there is one quote that sticks out from this series of posts that relates to the resume issue-
“These companies wanted to work with me not because I was the most knowledgeable about computers, but because they knew I would do whatever it took to get the job done”
-Mark Cuban
This is powerful. It shatters the idea that to be successful all you need is talent. Hard work, dedication, and passion are much more difficult to find. However, it is these qualities that will make you stand out. Talent is ordinary and will only give you a shot. If you want to change the world you MUST have a strong-work ethic. You must CHOOSE to wake up every day ready to engage your mind, ready to continually strive for self-improvement (in life and in business). Constantly hold a mirror up and CHOOSE to make things better. Not tomorrow. TODAY.
Now to tie this back into resumes and employment websites. As I stated earlier Resumes, at least in their current and traditional form (expect a future post on real time resumes of the future) simply LIST your semi-accomplishments. Sure, they can be personalized to an extent, BUT, the important aspect missing is SHOWING what you have done. SHOWING that you work hard, are persistent, and will do whatever it takes to get a job done. After all, that is what I would want in an employee. So why don’t these sites, or any company for that matter, have a reasonable way of evaluating this if it seems to be so important? Who knows. BUT, herein lies the opportunity to truly change the world. You don’t even need to come up with this one on your own. The Internet and the free distribution of content and ideas is already here. Waiting for you. The possibilities are endless. Right now I have my Internet browser open to three of my favorite websites. I consider these three people to be some of the most inspiring individuals on the Internet. AND, more importantly, all three can be contacted IN REAL TIME with the click of a mouse. I can connect with ANYONE I WANT these days. I can ask Mark Cuban business related questions (assuming I have something to offer). I can ask Ryan Holiday about the importance of following your dreams. I can email Tucker Max and learn about strategy, business, and not letting others define your life. Connect with these people and you can change the world. What do you have to lose? You can establish and ongoing conversation with two of the most influential Internet entrepreneurs for free or you can pay 100,000 dollars to attend business school to learn about business models that are becoming obsolete. The CHOICE is yours.
THE POINT OF ALL THIS is that it is now possible to use the Internet to SHOW the world what you have done. Start a blog, or an online business for minimal cost and a resume becomes obsolete. No one will care about you TELLING them what you have done when you can easily SHOW them. Show them that you worked hard, that you got up every day and dedicated you time to something worthwhile. So why don't careerbulider or monster allow you to do this? I would suggest having that same “connector” from above administer a REAL interview (via email or whatever) before allowing someone to post anything on their site. This would allow companies to truly understand the real emotions and type of people they are looking to hire. Ask these people the questions that matter. Questions that actually relate to actual human feelings. Questions that SHOW these companies that these are actual people. This would be WAY more efficient. Think of how many hiring mismatches occur because of mis-judgements. What if there was a way to vastly eliminate this? Companies could run must smoother and their employees would be happier. How much money and time would this save? So much that it is very unclear why it has not already been adopted. Find a way to personally connect with your employees and your company can change the world.
Well that was way longer than I anticipated, and I have not even covered everything I was meaning to. Sorry for some of the endless tangents, but I don’t think they detracted too much from the message. Part three of this series will deal with the use of customer-company collaboration and its implications on the future business environment.
Thoughts on Employment Websites and the Future of Business-Part 1
When I was home for Christmas break my parents somehow convinced me to put my resume on an assortment of those employment websites. Sites like Monster.com and careerbuilder.com. I was familiar with both of these, but had never used either.
After dealing with both of these sites it seems clear to me that they are mostly inadequate. I LOVE the idea, and I truly believe that if they were done correctly then that site could change the way companies recruit and connect with potential employees.
This Employment website problem is definitely an opportunity for someone or some company to truly change the DNA of Human Resource Management and customer service. Instead of a branch of the company that destroys value and offends people it could actually be a companies most valuable asset. I will explain why a bit later.
These sites are currently set up very sloppily. They have very little user contribution other than posting jobs and resumes and simply letting someone find you. NO ONE WORTHWHILE WILL EVER JUST FIND YOU. Especially on sites like these that appear to not even understand basic human communication.
I get DAILY emails from career builder that infuriate me. Emails that do not say anything of value and that make me NOT want to ever return to the website. And that is sustainable? That is their business model?
The internet has the potential to change the way companies do business. It allows you to actually connect with your customers in a REAL and personal way. Which is better---Figuring out what your customers really want and exceeding expectations or putting in minimal effort performing market research? It seems fairly obvious to me. The future of business lies in company-customer collaboration. Find out what your customers want by having an ongoing conversation with them. This was not possible a few years ago. At least on an aggregate level. However, now it is.
The future of business is now and it is time the customers ask for more. No more bullshit. We, as customers, now have the potential to actually voice what it is we want and it is through this that we can demand products that have the ability to add to our lives in a meaningful way.
In part two I will discuss my specific ideas about how we need to change these recruiting websites. Additionally, I will discuss some ways that the internet has changed the way we can do business.
After dealing with both of these sites it seems clear to me that they are mostly inadequate. I LOVE the idea, and I truly believe that if they were done correctly then that site could change the way companies recruit and connect with potential employees.
This Employment website problem is definitely an opportunity for someone or some company to truly change the DNA of Human Resource Management and customer service. Instead of a branch of the company that destroys value and offends people it could actually be a companies most valuable asset. I will explain why a bit later.
These sites are currently set up very sloppily. They have very little user contribution other than posting jobs and resumes and simply letting someone find you. NO ONE WORTHWHILE WILL EVER JUST FIND YOU. Especially on sites like these that appear to not even understand basic human communication.
I get DAILY emails from career builder that infuriate me. Emails that do not say anything of value and that make me NOT want to ever return to the website. And that is sustainable? That is their business model?
The internet has the potential to change the way companies do business. It allows you to actually connect with your customers in a REAL and personal way. Which is better---Figuring out what your customers really want and exceeding expectations or putting in minimal effort performing market research? It seems fairly obvious to me. The future of business lies in company-customer collaboration. Find out what your customers want by having an ongoing conversation with them. This was not possible a few years ago. At least on an aggregate level. However, now it is.
The future of business is now and it is time the customers ask for more. No more bullshit. We, as customers, now have the potential to actually voice what it is we want and it is through this that we can demand products that have the ability to add to our lives in a meaningful way.
In part two I will discuss my specific ideas about how we need to change these recruiting websites. Additionally, I will discuss some ways that the internet has changed the way we can do business.
Announcement
I am about to post a three part piece on employment websites and the future of business. I think that I will just post them all at the same time. Enjoy.
Tuesday, January 27, 2009
Your Dreams vs. Their Dreams
I am currently a senior in college, and recently have been trying to figure out what my “plans” are after I graduate. This is proving to be an ongoing inner struggle.
We are told from all over that now it is time to go find the right job or go to the right grad school so that eventually we can become the right person, and then we will be happy. What a load of bullshit.
Who said this was the road to happiness?
Your friend who is a lawyer?
Yeah, he will soon find out that he is not James Spader, and that life as a lawyer isn’t like the wonderful world of Boston Legal.
Your Parents?
They don’t know any better because it is all they have ever known. And, of course, they want to be able to tell all of their friends about their son “the ________”
Your friends?
They are all full of shit. Tell them about dedication and passion and they will gaze at you blankly. Tell them your dreams and they will laugh and say they are unattainable. This is good. It means you are alive and they are not.
You want to live---but do you know how to live? You are scared of dying---and, tell me, is the kind of life you lead really any different than being dead?
-Senecca
Letters from a Stoic
I remember reading that quote three months ago and it truly inspired me. At that point in my life I had hit the bottom. I had been dealing with a tough breakup, struggling with what I was going to devote my life to, not going to class as often as I would have liked, and generally just being a bum. A true fight club moment. I knew what I wanted and what I could become, but I kept choosing wrong, choosing what was easy. Then it hit me---I am not living, I am not choosing life, I am living my life as if I were dead. That is meaningless.
After I came to grips with the fact that I was not happy with what I had become, I knew it was then time for me to change. To stop saying I will be good tomorrow and actually be good today. Next came about a week of self-pity and questioning the fairness of life. And Then, Just. Like. That. I was inspired. Inspired to educate myself, and inspired to be passionate about the process and not just the outcome.
I look around at my generation and can’t help but notice we are lost. All wanting to buy into a system that produces unhappiness. A system that bases fulfillment on ends and not means. This is unsustainable. How are you going to be happy working 90 hours a week on something you hate? The answer is---you can’t. Why not choose your dreams? Choose what everyone says you can’t accomplish. Then…prove them wrong. Show them that your passion and dedication are what drive you and that you are alive. That your life is worth more than a fucking memo, or a corporate retreat.
Once you choose your dreams no one will understand you. THAT DOES NOT MATTER. You, alone, know your personal legend, and, you, alone, will know what it takes to get there. Let others put you down for things they are too afraid to do. Do not get caught up in the bullshit. Just know that you are living out your destiny and they are on the sidelines watching life pass them by. They are threatened and you are happy. And that is all that matters.
We are told from all over that now it is time to go find the right job or go to the right grad school so that eventually we can become the right person, and then we will be happy. What a load of bullshit.
Who said this was the road to happiness?
Your friend who is a lawyer?
Yeah, he will soon find out that he is not James Spader, and that life as a lawyer isn’t like the wonderful world of Boston Legal.
Your Parents?
They don’t know any better because it is all they have ever known. And, of course, they want to be able to tell all of their friends about their son “the ________”
Your friends?
They are all full of shit. Tell them about dedication and passion and they will gaze at you blankly. Tell them your dreams and they will laugh and say they are unattainable. This is good. It means you are alive and they are not.
You want to live---but do you know how to live? You are scared of dying---and, tell me, is the kind of life you lead really any different than being dead?
-Senecca
Letters from a Stoic
I remember reading that quote three months ago and it truly inspired me. At that point in my life I had hit the bottom. I had been dealing with a tough breakup, struggling with what I was going to devote my life to, not going to class as often as I would have liked, and generally just being a bum. A true fight club moment. I knew what I wanted and what I could become, but I kept choosing wrong, choosing what was easy. Then it hit me---I am not living, I am not choosing life, I am living my life as if I were dead. That is meaningless.
After I came to grips with the fact that I was not happy with what I had become, I knew it was then time for me to change. To stop saying I will be good tomorrow and actually be good today. Next came about a week of self-pity and questioning the fairness of life. And Then, Just. Like. That. I was inspired. Inspired to educate myself, and inspired to be passionate about the process and not just the outcome.
I look around at my generation and can’t help but notice we are lost. All wanting to buy into a system that produces unhappiness. A system that bases fulfillment on ends and not means. This is unsustainable. How are you going to be happy working 90 hours a week on something you hate? The answer is---you can’t. Why not choose your dreams? Choose what everyone says you can’t accomplish. Then…prove them wrong. Show them that your passion and dedication are what drive you and that you are alive. That your life is worth more than a fucking memo, or a corporate retreat.
Once you choose your dreams no one will understand you. THAT DOES NOT MATTER. You, alone, know your personal legend, and, you, alone, will know what it takes to get there. Let others put you down for things they are too afraid to do. Do not get caught up in the bullshit. Just know that you are living out your destiny and they are on the sidelines watching life pass them by. They are threatened and you are happy. And that is all that matters.
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