He occupies the largest office in the building, the corner office, beautifully decorated, the furniture is of precious Tropical woods. Floor-to-ceiling windows offer great views of the city. At the private lobby, someone is always waiting for the next set of instructions. Brand-new car. Business dinners with drinks and exotic dishes; events that extend into the late hours of the night. Sunday brunch. Designer clothes. Wristwatch, very expensive…
That idea is sold to us through movies, television, social networks. Many entrepreneurs make this vision their main objective when starting their company. They want fame, glamour, a jet-setting lifestyle.
When inquiring about how to get to that privileged position, those same entrepreneurs have a very wrong idea of how to achieve it. The illusion of the “Head Honcho”, to the likes of Sam “Ace” Rothstein in the movie “Casino” or Gordon Gecko in “Wall Street”, does not resemble the reality of what is a true (and good) corporate boss, a Head Honcho.
Being the Head Honcho, the boss responsible for the company, is very different. At least it should be. (more…)
The houses of the three little pigs were the same size, only made differently. When tested, only the brick house, with its solid construction, survived. It was not by chance or accident. The little pig who made his house out of straw was not really thinking about the house, but about doing whatever with what he saw first so he could quickly go play around. The second little pig, the one with the sticks house, had a stronger desire to imitate the one who was playing than to have a solid house, so he finished anyway he could and went to play, too. The last one was the only one who really knew why he wanted a house, and with that in mind he set about building it. He was the only one who understood that a worthwhile house needs to be planned, well grounded, and that it would take time to build. (more…)
Payroll is generally one of the most important components of a company’s operating expenses. In service sectors, such as hotels and restaurants, payroll is generally the largest component. It is natural that, in times of scarcity, companies seek a reduction in temporary costs to survive. Sometimes these adjustments become permanent, generating greater profits for owners and investors.
This economic halt we are experiencing today is serving as an excuse for many companies to make cuts and adjustments. Since March, massive layoffs have been reported across the country in excess of 346,000. In Quintana Roo, official figures reach almost 64,000 people, being the entity with the most registered layoffs. (more…)
The majority of the world’s companies are closed due to the current pandemic. A historic event during our lifetimes. During Phase 1 of the response to this pandemic we saw the implementation of the current stay-at-home policy and closure of non-essential businesses. Phase 2 will be when stay-at-home policies are relaxed while maintaining social distancing, some non-essential businesses re-open, and non-essential travel may resume. Phase 3 is when congregation and travel restrictions are mostly lifted albeit with strong observance of protocols to prevent resurgence of transmissions. These all applied to Quinta Roo.
As governments all over the world are busy dealing with the deadliest pandemic in recent history, many are putting in place measures to re-open economies, commonly understood as the Phase 3 of the action plan. However, this will be particularly drawn out for economies dependent on the pursuit of leisure and subject to disposable income, i.e., travel and tourism. After millions of people have lost their jobs, dip into their savings for survival or take on debt to stay afloat, getting back to the “new normal” will take time. (more…)
Crises make evident the need to have solid business models with pinpointed solutions as the foundation of a startup. Much is being written these days about how crises periods offer great opportunities. However, following previous traumatic periods such as the dot.com burst and the ‘08-’09 financial crash the companies who survived, and later thrived, were laser-focused on their value proposition. For each one that we know about for having succeeded, many, many more did not make it. Think about Airbnb; but how many remember Housetrip or Wimdu? (more…)