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  • 11Nov

    From a young age we are exposed to many myths about money and wealth. Those myths may come from our family, relatives or even friends. The myths we grow up with will have a tremendous effect on how we manage our financial wealth when we reach maturity.

    Today I want to discuss few of those myths.

    Understand the Myths.

    Understand the Myths.

    Myth #1: Work hard and you’ll be rich

    Many of us believe that having a high-level position in a company or a company of our own assures us that we are on right track for financial wealth. With so many cut-backs and financial recessions, anybody can find himself out of job at any given moment. Working hard doesn’t assure you that you’ll ever be rich.

    Myth #2: Saving is good

    From the first day that we got our first nickel, we were taught that saving enough money will mean that one day they will gain financial wealth. Can saving assure a financial wealth?

    Although saving might assure that you’ll have some money one day, it is definitely not the way to reach a true financial wealth. You should learn how to invest your money in different routes to achieve better and faster rates.

    Myth #3: Being in debt is bad

    Another myth we grow up on is that being in debt is bad and we should avoid it in any cost. Well, the truth is that not all debt is bad. It depends on what you do with the money you borrow. If you invest the money you owe in ways to gain more money then you actually use the debt to cover itself and even return an income, which is not bad at all.

    Myth #4: Investments are a dangerous business

    Many people live under the false assumption that investing in the stock market is equal to gambling in the casino; this couldn’t be farther from the truth. Investments are not as dangerous as long as you how to manage your risks.  If you truly understand the investment that you’re about to make than the risk is far lower and you know more or less what to expect.

    Ailon.

    The CEO Game.

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  • 06Nov

    Market research supplies information that assists in marketing-related decision making. Through market research you can understand the business environment, assess competitive advantages, recognize threats and opportunities, measure performance, and develop an action plan for your product, advertising or distribution channels.

    Searching For the Right Information.

    Searching For the Right Information.

    In many cases market researches is an effective tool in getting information that supports decision making. Should you perform market research for every business call? Well, the answer is no. There are some situations that don’t require market research. To help you determine when you need market research, you should examine the following questions:

    Is the research relevant to the marketing decision that we have to make? You probably should not perform market research just to satisfy your curiosity. You should only perform market research when it’s relevant to questions about your current strategic planning. Market research should supply all the information you need currently, depending on the types of decisions you have to make, and the current circumstances.

    Is there any available information that can assist in the decision-making process? Occasionally you can find a lot of valuable information about the decision your about to make inside your organization. This information can be found in different kind of forms. This information can be from different market research done for other purposes, past experience of different persons, or different databases or software such as ERP, CMS and other organizational systems. You should try avoiding performing market research when it’s not really needed.

    What are your time constraints? Performing market research requires time. You need time to gather relevant information from the field or even insert it into your systems. Performing the market research should be done under the consideration that it should be done before the relevant decision has to be made. Performing market research under too tight a schedule might cause inconsistent data and mistakes.

    What is the Cost vs. Benefit ratio? It’s important that you first assess the value of the information that will be provided from the market research. It’s important to weigh the value of the information versus the relevant expense to see if it pays off or not.

    In the CEO Game marketing research is one of the main tools in your marketing arsenal. Using it wisely can help you gain a strategic advantage over your competitors. Waiting your time on non-relevant market research will leave you behind.

    Ailon.

    The CEO Game.

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  • 04Nov

    A logo is a graphical symbol that differentiates a business from its competitors.  The logo creates the first impression that is left in the potential consumers’ minds, and therefore its importance should not be underestimated. Usually, the logo presents a message that is more emotionally complex than its shape. A well-designed logo will productively present the company’s values to its targeted audience and will create a clear empathy and a sensation of safety, in the consumer’s eyes, that is needed to buy the consumer’s trust. A well-known logo is probably what will be the final deciding factor when a consumer is hesitating between products.

    Choose Your Logo Wisely

    Choose Your Logo Wisely

    Today’s leading companies acknowledge the importance of a well-designed logo. The days in which you would have hired a third grader to design your logo are gone. The logo’s meaning is so tremendous that it in most cases require a professional to create it.

    Few words about logo colors- Since the logo is the face of the company, colors are highly important. From a design view, the main color takes a key role in the message we try to pass to our targeted market. From a more technical view, the more colors you use the more complex your logo becomes and therefore less understandable.

    What about Fonts?

    Well fonts also a have a tremendous effect on our logo design. We select a certain font to pass along the company’s message. The font creates the atmosphere of the logo and therefore it is important to choose one wisely as part of your marketing plan. The font type also reflects on the company’s image and therefore it should reflect the company’s values.

    In the CEO Game, you will have the opportunity to design your own logo. This is another reason why the CEO Game is the most realistic business simulation out there. Design wisely. Your logo is another weapon in your arsenal—do you want a butter knife or a bayonet?

    Ailon.

    The CEO Game.

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  • 31Oct

    In the last few years, more and more leading companies have started realizing that not taking advantage of possible business collaborations between them will harm their goals of gaining a strategic advantage and achieving rapid growth fast. The key for quick and substantial growth is first and foremost the ability to share strategically with other organizations, including rivals.
    What made this change happen?

    Sharing Resources

    Sharing Resources

    The Global Economy- means that wares, ideas, people, cultures and services are moving freely across national borders. When you look closely at the factors that caused globalization to spread so rapidly in the last decades, you find that technology was the main factor. Technology has shortened distances, created large communication networks, allowed us to be exposed to different cultures and even improve our lifestyle. Dealing with this tremendous global space required collaboration between many business corporations around the globe, mainly to ease development and distribution efforts.

    The Need For Knowledge – is growing rapidly and the knowledge to be gained is now more diverse, multidisciplinary, faster and complex. This need requires that we share with others in creating data sources that are needed in the business world. We need external feeds from different sources to enrich the organization’s knowledge, and without it the organization won’t survive in the modern business world.

    The Demand for Immediacy- This is a critical factor in global economy. Everybody wants everything, faster, sooner, and quicker. In this age, when a technology can become dated faster than it was developed, it’s crucial for different organization to collaborate. A firm that insists on doing everything on its own will soon find out that it’s already too late and it missed the market. Companies that participate in these collaborations will always be faster in reaching the market, dealing with changes and empowering their synergy.

    The complexity of Technology- This is the simple fact that, if we take a look at the products that we use today, we will find that most of them were not here in the same configuration only few years ago. Every product now has new features, new capabilities or is totally new. There is always a human hunger for newer and better technologies and that is why the complexity is always growing. So what is the easiest and fastest way to produce this new technology? You probably guessed it right: create business collaborations that allow the merging of different technologies and ideas to new and improved products.

    Now one might ask what are the factors for a successful collaboration? The main factors are:
    • Mutual interest in which each partner knows what he is getting from the collaboration.
    • Organizational culture that embraces changes.
    • Preliminary planning for setting the collaboration goals.

    The same concept applies in the CEO game as well. It will prove to be very hard for one company to research new products, produce them, advertise them and sell them around the globe without the assistance of different companies in different ways.

    Ailon.

    The CEO Game.

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  • 28Oct

    What’s the difference between the Chairmen and the CEO?

    Chairman is the highest office in the organization (company). The chairman is the head of the Board of Directors (deliberative assembly). The chairman needs to lead the board meetings and conducts the board’s business in an orderly fashion. The chairman, as a part of the board, must appoint or approve the CEO as well as set the strategic path the company is following, by setting the annual goals and long-term programs. The chairman gives these orders to the CEO; the CEO has to follow the guidelines set out by the board while achieving the highest profit possible as the chairman supervises.

    The Chairman And The CEO

    The Chairman And The CEO

    The chairman is, most of the time, representative of a group of shareholders or individuals in the company. In public companies there is also a Non-Executive Director whose job is to keep the interest of the public (the small shareholders) in mind. This is because sometimes the public doesn’t have enough shares to have real power and so they need someone to keep an eye on the private representatives. The Non-Executive Director job is to monitor and alert the public to any exploitative behavior of the board to the small shareholders.
    The CEO, on the other hand, needs to follow the strategic path that the Board of Directors set. He also needs to inform the board on any new developments that occurred in the market that might lead to changes in the master plan or obstacles he might foresee as problematic in the future. The CEO can also suggest strategic plans to the board but he can’t force them to approve those plans.

    The CEO must also deal with the day-to-day problems such as HR, financial, marketing and logistical planning. In some cases the CEO can also initiate business plans; some boards even delegate the CEO power to change the strategic plan in case of any given event such as sharp market changes.

    Omri.

    The CEO Game.

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  • 24Oct

    One of the most important skills any aspiring CEO must have is the ability to network. Networking means building a structure of people, at various degrees removed from you, that you can count on or come to professionally. Developing these contacts is important, because oftentimes jobs and opportunities are only really open to people on the inside — by the time that job listing is posted on Monster, there’s a good chance it has already been filled by someone’s niece or friend of a friend. And that is the other important reason to network; every contact has his own contacts. If your contact likes you enough, even if they can’t help you, they might pass you along to someone who can. So here are some tips about how to develop and maintain this web of contacts.

    LinkedIn - The Leading Networking Tool

    LinkedIn - The Leading Networking Tool

    1) Carry a Card. Nothing looks as unprofessional when making a contact as fumbling around in your bag for a scrap of paper to write your contact information on (or to write someone else’s). Not only does it make you look stupid and unprepared, but that little scrap of paper is going to get lost. There are many high-quality, low-cost options around (vitaprint.com, for one). Invest in an attractive, professional card. This means no unicorns and rainbows. Obviously in some fields your card can be more artistic than in others. Use your judgment.

    2) Be Interesting. Often people make the mistake of networking with a one-track mind. They think to themselves “I need a job; I better sell myself” and they proceed to do so. In the process, they bore the socks off of the person they are talking to, with the added bonus of making that person feel hounded. Just be interesting. Talking to a person you meet at a professional event or any place with potential contacts, should be much like talking to someone at a tasteful cocktail party — without the sex, drugs, religion, or politics part. A person is much more likely to remember and want to help out a charming, intelligent person they conversed pleasantly with for half an hour than a person who recited their resume at them.

    3) Be in touch. Don’t wait until you need something to contact your contact — not only might they have forgotten you already, but it’s tacky. How, you might ask, does one stay in contact with someone they have only briefly met? There are two basic ways, and they both involve email. Always, always email people. It is the most convenient, fastest, and least intrusive way to be in touch with a person. While a written thank you card can be a nice touch, don’t forget to send an email — the email will probably be stored forever, and the person is more likely to respond immediately So, the first way to be in contact is obvious: the holidays. A brief note on Thanksgiving, Christmas, New Year’s or the Fourth of July wishing the person or note and their family and happy holiday season is always appreciated. But what if you want to remind your contact about your existence and there is no holiday looming? Find a product, article, or movie about something that you know the person likes, and send them a link with the note “Saw this and thought you might enjoy”. Your contact will be pleased that you remembered that he loves fly-fishing and that you took the time to let him know about this fun story in the Times about it.

    4) Be Thoughtful. In the end, everyone likes to be liked. A way to make a person feel liked is to remember things about them. And please, don’t trust your memory. Write down in your contact book, Google calendar, rolodex, whatever, things that you have learned about a potential contact. This way, before you ask them for something, you can ask “And how is Janey doing at Colgate”? It helps.

    Any successful entrepreneur has learned how to network. It is a skill that every aspiring business tycoon needs to develop. Good luck!

    Tamar.

    The CEO Game.

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  • 22Oct

    Inorder to succeed in the CEO Game you need to apply real life strategies.

    For instance, in the real business world, in order to earn more than normal profit (which is zero) you need to do something better than the other competitors. Otherwise, you’ll simply maintain your position, instead of earning a real profit.


    Price Wars- Who Will Win?

    Price Wars- Who Will Win?

    It is easy to describe this problem in a simplified economy. There are two stores selling the same products in the same place to the same customers, who have complete information on the store prices and there is no additional cost to produce aside the cost of the product itself. So people will go from one store to the other to bargain until they get the minimum price of one store. If the product has the same manufacturing cost to both stores, the stores will end up selling their products in the same price. Their profit will be normal profit rate, a little higher than the interest rate.


    How do you get to a normal profit rate?

    Well, if you don’t have anything unusual like a unique product or services, trademark, patent or even knowledge that you’re other competitors don’t have, eventually you’ll get to normal profit rate. Because if you are selling a commodity and if your store is in a certain region that makes lots of money by selling a product that every one of your competitors can sell at the same price, they will. So they will start to sell the same commodity in the same profitable region and slowly decrease your profit rate. Eventually, one store will start to lower its prices in order to be more attractive to the customers and that will lower your profit rate of both stores even further. Then you will lower your price and so on and so forth–this is called a “Price war“. The only ones winning here are the customers, while you and your competitors’ loss profit until you reach the normal profit rate.


    How can you avoid a normal profit rate? As mentioned before, you need something that your competitors don’t have, such as a patent on a product or trademark, which your competitors can’t use, and therefore you can charge how much you want because you are the only one that can supply the certain good. Even a source of knowledge can be a barrier to competition, but not as strong as patent or trademark. For example, if you know in what region the demand to your product is the highest you can open the store there and sell it at high prices. But after a while your competitors will find this profitable region and start selling the same product and once again you will have a price war.

    This is just one of the key economic concepts you need to understand to succeed in the business world. In the CEO Game, as a realistic business simulation , these concepts are just as important. Good luck, with setting up your business tycoon!

    Omri.

    The CEO Game.

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  • 14Oct

    Simply put, women in the workplace are at a distinct disadvantage. Women in business, including entrepreneurs and CEOs, have even the hardest, perhaps, because it is a traditionally very male field.

    Stand up for yourself

    Stand up for yourself

    What is this disadvantage exactly? Well, according to stereotypes, women are weak. They focus on feelings, communication, and concern for everyone’s opinions; this makes people consider women less confident. However, a woman who acts in “male” ways makes men uncomfortable. All these barriers result in a situation where women are stuck in a double bind: they must project masculinity in order to overcome stereotypes about female weakness, but they cannot be too masculine without upsetting traditional gender and sexuality roles. Women must be feminine, yet the CEO must be masculine; female businesswoman must constantly negotiate how to project both images. The title of one recent study says it all: “Damned if You Do, Doomed if You Don’t”

    Professor Lawrence Glick, of Lawrence University, has conducted many studies in women in the workplace. His overall conclusion is unfortunately depressing:  “Most of what we learn shows that the problem is with the perception, not with the woman,” he said, “and that it is not the problem of an individual; it’s a problem of a corporation.” That’s right, it’s not the women; it’s the way other people look at the women. Yet, there are some major pitfalls you can avoid in order to get the respect you deserve.

    1) Mingle with men. Men are much less likely than women to leave work during their prime years in order to raise children. As such, more men have more and better contacts than most women. While it might be nice to join a group of women professionals in order to have a support group, when it comes to networking, don’t shoot yourself in the foot.

    2) Dress conservatively. This obviously goes without saying. Studies show that people take women executive less seriously when they are dressed in a sexy manner (though, it does not affect how seriously they take secretaries, interestingly enough). The perceptions of a man’s competence are not affected by their perceived sexiness. Yet, people like other attractive people. So dress well, have your clothes flattering, cleaned and ironed always, and wear tasteful makeup and jewelry. Our world associates beauty with goodness, but sexiness with stupidity. It’s a fine line. Of course, no matter how you dress, there is never any excuse to be sexually harassed by anyone. Women take this sort of harassment in silence every day, in all sorts of workplaces — I know I have. Don’t. Make sure sexual harassment is inexcusable in your workplace, for all of our sakes.

    3) Stand up for yourself. In one experiment, Linda C. Babcock, a professor at Carnegie Mellon University, recruited volunteers to play a board game. She told the volunteers ahead of time that they would receive $2 to $10 for their time. At the end, she gave them $3 and asked if that was enough. Men were eight times more likely to ask for more money than women. In another set up, in which participants were told that the salary was negotiable, 50% of women asked for more money — but so did 83% of men. Women need to recognize their skills, what they are worth, and not be afraid to make demands. Speak up and don’t avoid confrontations.

    4)  Project confidence. Make eye contact with everyone. And stop nodding your head. Women are more likely to avoid eye contact, which makes them come off as weak. They are also more likely to nod their head to show that they are paying attention, but that is often misperceived as agreement and submissiveness. Stand up straight and hold your own in a conservation. Don’t let anyone think you are a wilting flower.

    5) Let loose. We as women work so damn hard to be taken seriously. We start off at a disadvantage, and so start off compensating for it before we even realize. And then there are the double standards — it’s okay for men to go get drunk after work but not women, okay for men to go have casual sex but not women, okay for men to break the rules and let lose, but not women. Firstly, people who have more fun are happier. Happier people are more successful because they are more confident and more pleasant to be around. Not only that, but they feel better about their success. Secondly, a little rule breaking is sometimes necessary. Especially for aspiring business tycoons and people in start-ups, sometimes it pays to go against the grain. Women need stop being proper ladies sometimes, when it is appropriate and beneficial.

    The bottom line is don’t take any shit. Stand up for yourself, have faith in yourself, and project the image that you would like other people to see. Play business simulations like the CEO Game, read books, talk to professionals, and do all you can do to hone your skills. Don’t get fixated on trying to please everyone, because it’s never going to happen, and ignore the haters, men and women alike.

    Tamar.

    The CEO Game.

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