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A startup founded by the creator of Android has laid off about 30% of its staff, according to sources that spoke to Bloomberg News. Andy Rubin started Essential Products in 2015 with Brian Wallace, formerly of Magic Leap, to create a smartphone with high-end design features that wasn’t associated with a particular operating-system maker.
Cuts were particularly deep in hardware and marketing. The company’s Web site indicates it has about 120 employees. A company spokesperson didn’t confirm the extent of layoffs, but said that the decision was difficult for the firm to make and, “We are confident that our sharpened product focus will help us deliver a truly game changing consumer product.”
The firm was Rubin’s first startup after leaving Google in 2014, which had acquired his co-founded firm, Android, in 2005.
Essential’s first phone came out in August 2017, a few weeks later than initially promised. It received mixed reviews, with most critics citing its lower quality and missing features relative to competing smartphones, such as a lack of waterproofing and poor resiliency to damage. The company dropped the price from an initial $ 699 within weeks to $ 499, and offered it on Black Monday in November 2017 for $ 399.
Analyst reports showed the company sold just 5,000 units in the first two weeks of sales, and 88,000 in the first six months. By comparison, over 400 million other smartphones sold in just the last three months of 2017.
The company canceled production of its second smartphone model in May 2018, and shifted to work on other hardware, reportedly including smart speakers. At the time, Rubin said that his company had “multiple products in development,” including mobile and home hardware. The company had a valuation of nearly $ 1 billion in 2017, and was seeking additional financing earlier this year. It may have been or may remain up for sale. The company didn’t deny reports at the time, and hasn’t provided more detail on its plans since.
Rubin took a short leave of absence from Essential in late 2017 after the tech news site The Information reported on a complaint lodged against him at Google in 2014 that alleged he engaged in a relationship with a subordinate. Rubin said the relationship was consensual and didn’t involve someone who reported to him.
WASHINGTON (Reuters) – The Pentagon has been slow to protect major weapon systems from cyber attacks and routinely found critical vulnerabilities that hackers could potentially exploit in those systems, a federal government report said on Tuesday.
The U.S. Government Accountability Office (GAO), a watchdog unit of Congress, said in a 50-page report that the Pentagon found “mission-critical cyber vulnerabilities in systems” under development.
“Using relatively simple tools and techniques, testers were able to take control of systems and largely operate undetected, due in part to basic issues such as poor password management and unencrypted communications,” the report said.
Some program officials told GAO that the weapon systems were secure and discounted some test results as “unrealistic.”
While the Pentagon plans to spend about $ 1.66 trillion to develop major weapon systems, the report found, it had only recently taken steps to improve cyber security.
Cyber security has been receiving increasing attention among U.S military and intelligence officials.
Last week, Western countries issued coordinated denunciations of Russia for running what they described as a global hacking campaign, targeting institutions from sports anti-doping bodies to a nuclear power company and the chemical weapons watchdog.
In some of the strongest language aimed at Moscow since the Cold War, Britain said Russia had become a “pariah state.”
The United States said Moscow must be made to pay the price for its actions. Their allies around the world issued stark assessments of what they described as a campaign of hacking by Russia’s GRU military intelligence agency.
“Due to this lack of focus on weapon systems cybersecurity,
(Department of Defense) likely has an entire generation of systems that were designed and built without adequately considering cybersecurity,” the report said.
Reporting by Idrees Ali; Editing by David Gregorio
(Reuters) – Broadcom Inc (AVGO.O) on Thursday forecast current-quarter revenue largely above estimates on higher demand for components that power data centers, while the launch of Apple Inc’s new iPhones is expected to bolster its wireless business.
A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo
Shares of Broadcom rose 4 percent to $ 224.90 in extended trading after the chipmaker also reported third-quarter profit that topped analysts’ estimates.
Revenue from enterprise storage business jumped 70 percent in the reported quarter as the acquisition of Brocade helped drive sales gains at the unit.
Its wireless business, which makes chips for Wi-Fi, Bluetooth, and GPS connectivity, reported flat revenue, while its wired infrastructure unit, which makes components used in telecommunication networks, posted a 4 percent rise from a year earlier.
“More than half our consolidated revenue … is benefiting from strong cloud and enterprise data center spending,” Chief Executive Officer Hock Tan said on a post-earnings call with analysts.
“This, coupled with a seasonal uptick in wireless, will drive our forecast revenue in the fourth quarter.”
The company expects a ramp at its North American customer – which analysts identified as Apple – to drive a 25 percent rise in wireless revenue from the previous quarter, although it may be down in single-digit percentage compared with a year earlier.
Apple (AAPL.O) is set to unveil its new iPhones next week.
Tan, who has transformed Broadcom into a $ 100 billion behemoth through a series of acquisitions, surprised Wall Street in July with his move to acquire software maker CA Technologies for $ 19 billion.
Explaining his rationale behind the CA acquisition, Tan said he planned to target the company’s enterprise customers with Broadcom’s offerings including server and storage connectivity products.
The CA deal comes after U.S. President Donald Trump blocked Broadcom’s $ 117 billion offer to buy Qualcomm Inc (QCOM.O) on national security grounds.
Broadcom forecast current-quarter revenue of about $ 5.40 billion, plus or minus $ 75 million. Analysts on average were expecting revenue of $ 5.35 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to common stock rose to $ 1.2 billion, or $ 2.71 per share, in the quarter ended Aug. 5 from $ 481 million, or $ 1.14 per share, a year earlier.
Excluding items, the company earned $ 4.98 per share.
Net revenue rose to $ 5.06 billion from $ 4.46 billion.
Analysts on average were expecting earnings of $ 4.83 per share on revenue of $ 5.07 billion.
Reporting by Sonam Rai and Sayanti Chakraborty in Bengaluru; Editing by Anil D’Silva
HONG KONG (Reuters) – ZTE Corp (000063.SZ) (0763.HK) reported a first-half net loss of 7.8 billion yuan ($ 1.1 billion) on Thursday, weighed down by a ban on U.S. firms selling parts to the Chinese telecom equipment maker that forced it to cease operations for three months.
FILE PHOTO: The company name of ZTE is seen outside the ZTE R&D building in Shenzhen, China April 27, 2016. REUTERS/Bobby Yip/File Photo
The result compared with the 7 billion to 9 billion yuan net loss estimate disclosed last month, and the 2.3 billion yuan profit booked in the same period a year earlier.
Operating revenue in the first half fell 27.0 percent to 39.4 billion yuan.
In June, the network equipment and smartphone maker paid the United States $ 1.4 billion in penalties in a deal to have the supplier ban lifted. The ban, imposed in April in relation to sanction violations, crippled ZTE and became a source of friction in Sino-U.S. trade talks.
($ 1 = 6.8300 Chinese yuan renminbi)
Reporting by Sijia Jiang and Twinnie Siu; Editing by Christopher Cushing and Edmund Blair
WEST CHESTER, Pa. (Reuters) – The Home Shopping Network is getting an image makeover.
A studio set is seen at the QVC Studio Park in West Chester, Pennsylvania, U.S., June 4, 2018. Picture taken June 4, 2018. REUTERS/Brendan McDermid.
A U.S. television network where shoppers can buy everything from electronics to kitchen gadgets, the Home Shopping Network is overhauling its lineup to offer more beauty products while adding streamed video content to win over shoppers without cable TV.
A division of Qurate Retail Group, the network is facing growing competition from Amazon Inc. and Evine Live Inc for consumers like 24-year old Erin Bounds, who regard buying products through TV shows a relic of the past.
“Someone who is 24 doesn’t have the time nor desire to watch an hour-long show about a piece of jewelry or a vacuum when they can get an answer and the product quicker and probably cheaper on Amazon,” said Bounds, a resident of Ellicott City, Maryland.
For decades, the main difference to shoppers between HSN and Qurate’s other shopping network, QVC, typically came down to variations in branding and merchandise, with HSN selling more electronics. Qurate acquired HSN in late 2017 for $ 2.1 billion so the two shopping networks could join forces to better compete against Amazon and its home-shopping-style online video promotions.
Qurate executives told Reuters they now are culling HSN’s core merchandise offerings to eliminate many higher-priced electronics and some home goods, such as vacuum cleaners and blenders.
Instead, they are adding more niche cosmetic and apparel brands to help draw some distinction with QVC. They are also pushing both QVC and HSN to pursue younger shoppers with click-to-buy links on Instagram and Facebook Live for items such as earrings, shoes and Vince Camuto jeans, in a bid to spark a rebound in demand.
Second-quarter revenue at HSN declined 12 percent to $ 473 million from $ 533 million a year later the company announced Wednesday. Stock in the company, which counts media mogul John Malone as one of its largest investors, is down about 8 percent year to date, compared with a 14 percent increase for the Nasdaq index, and 64 percent increase for Amazon.com year to date.
“You’re seeing the impact of them digesting a large organization that is clearly not growing if you look at the numbers,” said Ben Claremon, partner and research analyst at investment firm Cove Street Capital, one of Qurate’s shareholders.
“There’s just not the degree of demand for home shopping products, and the desire to spend hours of the day watching them diminishes as you go down in age,” he said.
BALANCING BLUE LIPSTICK WITH BRACELETS
The new strategy is aimed at creating more distinction with the two cable channels after the merger, according to Rob Robillard, the new VP of Beauty Integration at Qurate.
In beauty, for example, one of HSN’s top selling products is Too Faced “Unicorn Tears” blue lipstick, which sells for roughly $ 22. One of QVC’s best products is the Doll 10 Nude lipstick with a price tag of around $ 25, noted Robillard.
“We were sort of hoping there would be this real big difference between HSN and QVC,” he said. “But the two are actually very similar.”
Qurate will partner with Robin Burns-McNeill, chairman of Batallure Beauty, a company specializing in brand strategy, product and package development, sourcing and manufacturing in the fragrance, cosmetics and skincare categories, to create a collection of proprietary beauty brands, the company told Reuters exclusively.
The first manufactured beauty products from this partnership are slated to launch in fall 2019 on QVC.com, and, if all goes well, the company said they would likely tap on Burns-McNeill’s shoulder to create proprietary brands for HSN as well.
They have a tall order. Amazon is the top online destination for beauty and the fifth-most-popular retailer for skincare and cosmetics, according to Coresight Research, behind leaders Walmart, CVS Health, Target Corp and Walgreens. QVC and HSN do not rank on the list.
In March 2016, Amazon launched “Style Code Live,” a daily live fashion show which has since gone off-air.
This June, Amazon unveiled Prime Wardrobe in the United States, allowing Prime members to try on clothing, shoes, and accessories before purchase. Customers have up to seven days to try their clothes on at home, and are charged only for those items they choose to keep.
Celebrity-driven shows and videos on QVC still have their upside, according to vendors such as Xcel Brands Inc Chief Executive Robert D’Loren. A QVC apparel vendor for more than six years, D’Loren cites on-air appearances of fashion designer and QVC host Isaac Mizrahi – D’Loren’s largest, most successful brand on QVC – as strategic advantage for the home shopping network.
D’Loren thinks Qurate, which currently accounts for 60 percent of Xcel’s brand volume, is well-positioned to take on competitors Amazon.com and video retailer Evine, and that it’s “only a matter of time” before millennials like Bounds give Qurate’s QVC and HSN a shot.
“There is something to tuning in, watching, having product fully demonstrated to you that is unique and has great value, and I haven’t seen that anywhere else in the market,” he said.
Editing by Vanessa O’Connell and Edward Tobin
“Biohacking is the use of self-experimentation to upgrade your mind, body, and life. I’m a big believer in biohacking, and self-experiment daily to ensure I have the energy I need to run not only my business but to also have the energy I need to be active with my family every night. I believe in taking care of myself through exercise, nutrition and proper supplements, and biohacking has allowed me to find the right formula for myself and my life.”
–Russell Brunson, cofounder and CEO of ClickFunnels, an online sales and marketing software which in three years has helped over 300 business owners cross over the $ 1 million mark, with 18 of them continuing to scale to $ 10 million and beyond
“When running a small business, you must be purposeful. You have to change your mindset and realize that while it’s easier to say yes, it’s not a bad thing to say no. Each time you say yes, you’re also saying no to something else.”
–Will Holsworth, CEO of SAFE + FAIR, an allergy-friendly food company which has quadrupled its website traffic in the four months since launching its new platform
3. Get 30 minutes of quiet every morning.
“I set two alarms every morning. The first one isn’t to create a window of time to snooze, but to allow me 30 minutes of quiet time every morning. It’s the calm before the action. During this time I tackle my confidence level and insecurities. I meditate, pray or give myself a pep talk. I take a moment to be mentally aware of the thoughts in my mind that could potentially hold me back from my accomplishments for the day, and I work on tucking them far away. By the time the next alarm goes off, I usually feel less fragmented and very centered. Thirty minutes later the second alarm goes off, usually playing a song–a positive, upbeat song which signals that it’s go time! Time to conquer the day!”
–Andréa Richardson, leader of multicultural and diversity engagement across Hilton’s portfolio of more than 5,000 properties
4. Work out, then focus on family and work.
“I wake up by 5 a.m. to work out with a trainer before my boys wake up. Working out reduces stress and makes me a better mom and boss. I have breakfast with my kids and drive them to school to start our days together, and nearly every evening I make them a home-cooked dinner. I also find it’s important to make time for a one-hour clarity break during my work day to focus on the business.”
–Shelly Sun, founder and CEO of BrightStar Care, a national private duty home care and medical staffing franchise with more than 300 locations in 38 states
5. Set goals the night before.
“Every evening, I spend a few minutes planning my goals for the following day. More than just a to-do list, I think about what I accomplished that day and what I need to get accomplished in the next few days. I then write out, by hand, all the people, processes and programs in which I want to invest time improving in the following day. The list doesn’t always get accomplished the next day, as a good leader needs to be flexible, but by committing them to paper, I’m able to prioritize my time and my goals.”
–Paul Koulogeorge, CMO of Goddard Systems, Inc., franchisor of The Goddard School, which is on track to open its 500th school in 2018
6. Unplug and work out first thing.
“I like to start my mornings at the gym. It is helpful for me to get up, be active and disconnect first thing when I wake up. It’s a rare-moment that I am not on my iPhone, checking emails, calling franchise partners, or making notes about new ideas for our guests to play at our parks. I learned early that missing my morning workouts left me with a lack of focus for the day ahead, so I’ve made it a daily practice to start my day off at the gym.”
–Jeff Platt, CEO of Sky Zone, an indoor trampoline and aerial park with over 200 franchises across the United States, Canada, Mexico, Australia, the United Kingdom, India, Saudi Arabia and Kuwait
7. Take the time to be personal.
“I start my day early, which means I’ll usually catch one or two employees before the work day technically ever starts. They’ll usually come in my office and we will talk about work, but it quickly turns into conversations about what’s going on in their lives and things much bigger than work. I really enjoy those talks and I think having a pulse on people’s personal lives helps me be a better boss, too. One habit I’ve gotten into and really held myself to is making rounds to say hi to everyone every morning. It’s a small gesture, but I think everyone enjoys the engagement and I want to feel as accessible as possible.
–Bart Silvestro, CEO of Chef’s Cut Real Jerky Co., a jerky brand with profits which rose from more than $ 460,000 to $ 47.5 million in four years
8. Determine your workday rhythm.
“I get my best work done in the morning. After my husband Ted takes our boys to school or camp, I sit at my desk with a large mug of coffee and don’t stop working until 1 p.m. I keep meetings, calls, errands for afternoons, when my brain is less focused. And of course, evenings are family time, dinner with friends and oft-needed rest. Determining a workday rhythm that gives energy (vs. depletes energy) is a worthwhile exercise for everyone.”
–Molly Fienning, cofounder of Babiators, maker of sunglasses for babies and kids which has sold more than 2 million pairs worldwide
9. Utilize your calendar as a daily to-do list.
“I prefer to use my calendar as my to-do list. I not only have my conference calls and meetings on my calendar but I also put three to five of my top items on the calendar each day that I want and need to get done. I also schedule some sort of workout or yoga class because it’s a necessity for my mental wellbeing and keeps me performing at the top of my game. Each evening I look back at my calendar for the day and feel very accomplished. This technique helps me keep moving forward throughout the day otherwise I’d get bogged down with mini fires and items that keep me in the weeds.”
–Danielle Dietz-LiVolsi, founder and CEO of NuttZo, a multi-nut and seed butter brand sold in more than 16 retailers nationwide, including Whole Foods, Costco and Sprouts
10. Build relationships with colleagues.
“One of the best habits I’ve gotten into is making sure that I walk around to connect with each member of our team as often as possible. I try to do it daily, and especially in the morning, because it’s a really nice way to start the day. It’s so important to me because our team is our greatest asset, and the best way I’ve found to show appreciation and gratitude is to take time to build relationships with my colleagues. Even though sometimes it might not feel productive to be talking about things outside of business, I think it’s some of the most valuable time I spend every day because it aligns us as a team and strengthens our culture.”
–Alex Bingham, president and CEO of The Little Gym International, a children’s enrichment and development franchise with 400 locations worldwide
11. Stop overthinking it.
“Once you make a decision, take action that moment. Write the letter, make the call, send the email. Show up in a bigger way than you ever have before, but don’t wait for the planets to align. Take action now and, by next week, your anxiety will start to dissipate because you are going for it. I am always so impressed by persistent people, whether they are getting the results they want or not. No matter what, if they keep pushing forward, the big break they are waiting for is just one step away. Why would you ever want to miss that opportunity?”
–Allison Maslan, serial entrepreneur who built 10 companies to seven-figure success and author of “Blast Off!: The Surefire Success Plan to Launch Your Dreams into Reality” and “Scale or Fail: How to Build Your Dream Team, Explode Your Growth, and Let Your Business Soar”
“It is so easy to immerse yourself in work that you forget to stand, stretch, and reset. Believe it or not this enables you to be more productive. I often get up check in with staff and take a lap around the office or the building if the weather permits. Also, I started wearing wrist and ankle weights. This helps keep me alert and ready for the day-to-day challenges, not to mention the additional calorie burning.”
–Julia Biancella Au, cofounder and CEO of removable wallpaper company Tempaper, which has seen average annual growth of about 34 percent each year since launching in 2008
13. Talk to people and get to know them.
“Unengaged employees are a company’s biggest liability. People will feel more positively about coming to work if they feel they can engage with the business and those around them. Therefore, take time out of your day to physically get up and start conversation with those around you. Each day, engage with employees and coworkers on a personal and professional level. This makes them feel valued, heard and understood, leading to that constructive engagement.”
–Mike Whalen, founder of Heart of American Group which employs more than 3,500 people across more than 40 restaurants, hotels and other retail; and CEO of Johnny’s Italian Steakhouse, an expanding restaurant franchise with 15 locations across nine states
14. Look for inspiration.
“I work very hard to do things every day that inspire me. This includes walks in cities, architecture, restaurants, bars, cars, stores, magazines, and mostly just working. I love the process–I am always excited to start new projects and investigate the next idea. People always ask how I come up with so many designs but in fact it is hard for me not to because everything I see and experience excites me. Because I am driven by what’s next, I am very fortunate to be so engaged by the challenge and its process.”
–Robert Sonneman, founder and chief creative officer of award-winning SONNEMAN-A Way of Light, with a product line which includes 1,800 SKUs, with over 100 new introductions annually, and has experienced over 40% revenue growth in 2016, and 20% growth month over month in 2017
15. Mark up your to-do list.
“Every morning I go through my entire to-do list (ranging from 10 to 30 items), and I highlight high versus low priorities so that at the end of the day the mission critical tasks are guaranteed to be completed.”
–Lex Corwin, founder of Stone Road Farms, a premium cannabis company which has done over $ 100,000 in sales since obtaining its license earlier this year and secured large scale manufacturing and multi-state distribution deals
16. Take time for silence each morning.
“For more than 25 years now I begin my day with an hour-long practice I refer to as the Sphere of Silence (SOS). It is not meditation, and it is not a religious practice of any kind. It’s derived from the art of silence I learnt from my grandfather at a very young age. My grandfather believed that abstaining from speaking brought him inner peace and made him a better listener. I have been practicing the Sphere of Silence for most of my life now and attribute my success to it. I find that practicing the SOS is the ultimate weapon against the assault on our senses and the insanity that prevails around us today. To many, it may seem that no quiet could exist amidst the din and racket of an ever-blaring world. Practice it for 21 days and it becomes a habit. The silence and introspection make you a better you, because it helps you channel your energies to maximum effect. And being a better you, makes you better at everything you do.”
–Vijay Eswaran , one of Forbes’ top 50 wealthiest Malaysians, one of Forbes Asia’s Heroes of Philanthropy, bestselling author, entrepreneur and philanthropist and founder and executive chairman of the QI Group of Companies, a multi-business conglomerate with headquarters in Hong Kong, offices in more than 25 countries and customers in over 100 countries
17. Write down all the good and bad every day.
“One the easiest ways that has proven to increase my effectiveness is the habit I have created to write in my journal every day. I put pen-to-paper and write down the things which are important to me, the things that were both good and bad during my day and ideas on how I can improve. I write lists, goals, gratitude and sometime write to simply vent my frustrations. Writing requires engagement from both sides of my brain, making the brainstorming or problem-solving process more complete and innovative. Further, writing is crucial when it comes to settling emotional reactivity. It unwinds emotions caused by stress or conflict by providing a much needed disconnect from the daily grind of consistent talking, emailing, taking calls, and other distractions which come alone with electronic devices. I deeply value the process of writing because it puts me in touch with the more existential aspects of life, reminding me of the bigger picture of I am striving for.”
–Dr. Sherrie Campbell, a nationally recognized expert in clinical psychology, speaker, former radio host of the Dr. Sherrie Show for the BBM Global Network and TuneIn Radio, with over two decades of clinical training experience providing counseling and psychotherapy services to residents of Orange County, California, and author of “Success Equations: A Path to Living an Emotionally Wealthy Life”
18. Use flora and fauna for energization.
“I always have fresh flowers and green life in my office and at home, in order to keep
the air in these spaces fresh and have an inspiring atmosphere. On the fauna front, I
bring my three fur-babies–my dogs–to the office every day. I find that the research
stands true–pets in the office reduce stress and increase collaboration!”
–Terry Eaton, founder, president and chief curator of Eaton Fine Art, a firm that last
year marked its 25th anniversary with recent projects including the Cosmopolitan in Las Vegas and Holston House in Nashville
19. Take care of yourself.
“I recently saw a survey that said 80 percent of Americans have tension headaches or feel overwhelmed or depressed at least one day during the month. Those are sad symptoms of living in our society. At its worst, stress is making us sick, but it’s also sapping our productivity and stealing our success. The irony is that what’s causing our stress–the pace of life and the never-ending demands–are the very things that keep us from doing something about it. We’re busy taking care of business and for many of us, self-care is one of the first things that come off our list. I think that’s a big mistake and comes with a heavy cost, which is why I dedicate time every day, to taking care of myself no matter what’s going on. That might be a massage, but it can also be a run outdoors or a walk in the beach, talking to my kids or just taking a few minutes to close my eyes and take some deep breaths. The point is to make it a daily habit.”
–Joe Magnacca, CEO of Massage Envy, a provider of therapeutic massage and skincare services with a franchise system that collectively employs over 35,000 wellness professionals across 1,180 locations nationwide servicing more than 1.65 million members
“[I read] at least 10 pages from each of the books I’m reading (prayer, professional and enjoyment.) Always have three books open and I personally prefer physical books over e-readers.”
–Ellie Johnson, president of Berkshire Hathaway HomeServices New York Properties which has $ 375 million in sales inventory and has grown its agent population five-fold since launching in January 2017
“I’m a huge proponent of rest. I take the weekends off and I believe in regular, relaxing vacations. Once a year, I go back home to pick olives with my family. It’s amazing how this time away from the office re-energizes my body and spirit. My downtime is essential.”
–Aytekin Tank, CEO of JotForm, an online form builder used by more than 3.5 million people
22. Lead a life with grace (in and out of the office).
“When I was younger, my father worked during the day and took classes at night to earn his college degree to make a better life for himself and our family. He taught me from an early age that no matter what life throws your way, it’s important to earn the respect of others by working hard and being honest, fair and trustworthy. I apply this advice to both my career and my personal life. No matter how difficult a situation may be or how frustrated I may be with someone, it is so important that I always keep my composure, lead with grace and give others the respect that they deserve. If you don’t respect others, you cannot expect to earn their respect in return!”
–Lisa A Haude, founder and president of Paradigm Design Group, an award-winning luxury-lifestyle hospitality interior design firm with offices in Houston, San Francisco and Chicago and ranked as one of the top design firms in the United States since 2006
It’s forest fire season in California and that means Trulioo, a global identity verification company, could be called on to verify the identity of people who have lost their homes, said Zac Cohen, the company’s general manager. It’s a new use case for the eKYC company which usually finds clients for its global identity verification among financial firms seeking to meet Know Your Customer regulations.
“In a natural disaster you have a lot of organizations that want to distribute funds to individuals who have been affected by these tragedies,” said Cohen. “We help a lot of those aid agencies distribute funds and verify individuals who are in need,. A lot of times people take advantage of natural disasters to claim money when they aren’t on the accepted list for these aid agencies. Forest fires tend to be the most dramatic. We are used to verify and confirm individuals so they can get the funds they need for personal well-being.”
It’s a long way from enabling a bank account opening.
“Individuals will apply, create an account and make requests to aid agencies. The agencies they try to confirm it is a legitimate individual. Then, when they distribute those funds, they do another check to make sure they are sending it to the right location.”
Trulioo has also expanded to verifying business identities, which it can do throughout a supply chain. Businesses no longer buy supplies from companies just down the street or on the other side of town, companies large and small are often sourcing internationally, Cohen said.
“They may run into a problem where the supply chain is so muddled they don’t know who ultimately is servicing them. Businesses have policies in place where they don’t want to leverage services from companies engaged in illicit activities, like forced labor in third world countries. When you have a large and complicated supply chain, it’s difficult to see who owns that business down the line.
The company has data on 250 million companies and uses its business verification and ID verification to run checks on businesses downstream, and the legal entities that own those businesses.
At the end of the day, who doesn’t love a shortcut?
But there’s a trap in this approach that most people don’t realize.
Simply copying their strategies and tactics alone won’t work. You need to first understand the mindset behind what they do.
I’ll tell you, I see people making this mistake all the time. They discover that the big dog of their industry generates 80% of leads using Facebook ads. So guess what they do? They copy their ads and expect it to work.
After spending a few hundred bucks and not seeing any results, they turn their ads down and never touch it again. “I always knew that Facebook ads don’t work for my audience.” Seriously?
What those folks don’t understand is that the guys who made it work for them have a completely different mindset. They focus on learning and experiment with several different variations until they find the one that works.
You see what I mean? It all comes back to your mindset.
Now, I’ve recently interviewed several multimillion-dollar business owners in my podcast, and I sat down with my team to analyze how these successful entrepreneurs think differently.
Here are three key mindsets that you can copy:
1. Put all your eggs into one basket
The average entrepreneur tends to struggle with what’s known as Shiny Object Syndrome. They try to do everything at once — we’re talking multiple product lines, income streams, and business opportunities.
Millionaires, on the other hand, put all their eggs in one basket. They give the current project they’re working on their 100% — no ifs, ands, or buts.
I’m not going to lie – I fell prey to the Shiny Object Syndrome back when I first started my company, too. I thought that the best way of making money was to sell whatever my clients needed — as long as they were willing to pay, I was willing to do the job.
One day, I was talking to a successful business owner, and he told me to stop running around like a headless chicken and to focus my attention on a single project. I took his advice, and my revenue shot through the roof.
2. Look for the root of your problems
Here’s another way in which successful entrepreneurs think differently…
They look past the superficial and focus on the root of their problems — this helps them solve their problems with ease.
When I encounter a problem, for example, I like to use the 5 Whys technique to identify the underlying issue. This is pretty simple; all you need to do is to ask “Why?” 5 times.
Say you’re not hitting your quarterly revenue target.
Why? Because you don’t have enough sales.
Why? Because you don’t have enough leads.
Why? Because the marketing team hasn’t generated enough leads.
Why? Because the marketing team is unaware that more leads are required.
Why? Because there’s a lack of communication between sales and marketing.
Bingo — you’ve now gotten to the root of your problem.
3. Progress over perfection
Last but not least, the average entrepreneur aims for perfection over progress, and they feel as though everything has to be in place before they make a decision.
On the other hand, successful entrepreneurs are comfortable with moving a project forward even when the conditions aren’t perfect. They’d rather try and fail (and learn something in the process), rather than not give it a shot.
One of our coaching clients, unfortunately, is one of those guys who’s trapped by his own need for perfection. He’s making 7 figures per year, which is a great start — but because he’s obsessed with getting things perfect, he’s become his own bottleneck. This guy’s business has since stagnated, and unless he changes his mindset, he won’t be able to grow.
As entrepreneurs, we typically look for tangible solutions that we can implement immediately. But keep this in mind: at the end of the day, it’s how you implement these strategies and work past your challenges that determines if you succeed or not. Remember, it’s all about the mindset.
NEW YORK/HONG KONG (Reuters) – China’s embattled ZTE Corp (0763.HK) has received a temporary reprieve from the U.S. government to conduct business needed to maintain existing networks and equipment as it works toward the lifting of a U.S. supplier ban.
ZTE (000063.SZ), which makes smartphones and networking gear, was forced to cease major operations in April after the United States slapped it with a supplier ban, saying it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.
The authorization seen by Reuters from the U.S. Commerce Department’s Bureau of Industry and Services runs from July 2 until Aug. 1.
It allows China’s No.2 telecommunications equipment maker to continue operating existing networks and equipment and provide handset customer support for contracts signed before April 15. It also permits limited transfer of funds to or from ZTE.
On Tuesday, ZTE also announced the departure of 1 senior executive in a stock exchange filing, while a source who saw an internal memo told Reuters seven others were removed. As part of its settlement agreement reached in June with U.S. authorities, ZTE had promised to radically overhaul its management.
The company also agreed to pay a $ 1 billion penalty and put $ 400 million in an escrow account as part of the deal to resume business with U.S. suppliers – which provide almost a third of the components used in ZTE’s equipment.
ZTE said in exchange filings late on Tuesday that Xu Weiyan, a shareholders’ representative supervisor in the company’s supervisory committee, has resigned due to personal commitments with immediate effect and no longer holds any position in the company.
An insider source told Reuters a memo was sent out on Tuesday announcing the removal of seven other executives, without providing a reason. They included vice presidents Wang Keyou, Xie Jiepeng and Ma Jie, who were in charge of the legal, finance and supply chain departments, respectively.
Reuters could not immediately contact them for comment. The source declined to be identified due to the sensitivity of the matter.
As part of the deal to lift the supplier ban, ZTE had agreed to remove all members of its leadership at or above the senior vice president level, along with any executives associated with the wrongdoing within 30 days.
It is not immediately clear whether the eight departures on Tuesday were related to ZTE’s compliance violation.
ZTE announced a new board last week in a radical management shakeup. Li Zixue was appointed the new chairman while the previous board led by Chairman Yin Yimin resigned with immediate effect.
Despite the agreement reached almost a month ago, the ban is yet to be lifted amid strong opposition among some U.S. politicians. ZTE has made the $ 1 billion payment but has yet to deposit the $ 400 million in escrow, according to sources.
The uncertainty over the ban amid intensifying U.S.-China trade tensions has hammered ZTE shares, which have cratered around 60 percent since trading resumed last month following a two-month hiatus, wiping out more than $ 11 billion of the company’s market valuation.
ZTE’s Hong Kong shares were down 0.5 percent on Wednesday, while its Shenzhen shares were up more than 4 percent.
Jefferies on Monday upgraded ZTE to a “buy” rating from “underperform”. Its analyst, Edison Lee, said in a note on Tuesday that the temporary reprieve was “a very positive indication that ZTE is on track to a full lifting of the export ban”.
A representative for ZTE declined to comment. The U.S. Department of Commerce did not respond to requests for comment.
Reporting by Karen Freifeld, Anirban Paul and Sijia Jiang; Writing by Tim Ahmann; Editing by Leslie Adler and Marguerita Choy
SHANGHAI (Reuters) – Chinese state-backed media group CMC Inc said on Tuesday that it had raised around 10 billion yuan ($ 1.49 billion) in a fund-raising round from investors including rival tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd.
CMC, formerly CMC Holdings which stretches from sports to amusement parks, said the A-round fundraising was led by the two tech firms along with new investors such as property developer China Vanke Co Ltd.
CMC, founded by media magnate Li Ruigang in 2015, added the firm was valued at around 400 billion yuan after the round.
Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman