In Today’s Menu for Knowledge-Hungry Business Professionals 😋…

• By early next year, more Gen Zers will be working full-time than baby boomers —This is big

• Microsoft is taking more control over its technology, making its AI programs smarter and faster

• A leading global market research company reports a significant boost in the healthcare buildings market

• Exclusive interview with Anita Huberman, an instrumental figure at the Surrey Board of Trade

• Success story: From 10-hour train rides to making billions

• Answer to the previous week’s business challenge

• Mastering business chaos by conducting a SWOT analysis

• MIT offers short online courses on AI and business strategy

• International conferences to attend in the US and Canada

• 1-minute polls

Weekly Catchups

News | Industry Insights | Trends

• 😎 Gen Zers on their way to lead a workforce revolution:
  A new report suggests that by early next year, more Gen Zers working full-time than baby boomers. Get ready for some workplace drama because this generation demands a workplace glow-up, challenging companies to adapt or get left behind. "As Gen Z becomes more vocal in the workforce and becomes a bigger part of the workforce, they're going to demand this level of internal accountability and voice that perhaps older generations were cautious to demand."

• 🖥️ Microsoft unveils its first custom-designed AI, cloud chips:
  Microsoft just revealed its first-ever AI chip, Maia 100, and a powerful cloud-computing processor named Cobalt. This is big news because it means Microsoft is taking more control over its technology, making its AI programs smarter and faster. The move reflects Microsoft's strategy to reduce reliance on external suppliers, ensuring a more streamlined and dependable user experience. Additionally, the launch of software enabling the customization of AI assistants aligns with a broader trend toward user-friendly and adaptable technology.

• 🌟 BIG opportunities in the healthcare buildings market:
  The Business Research Company reports a significant boost in the healthcare buildings market, rising from $253.94 billion in 2022 to $263.05 billion in 2023—a solid 3.2% growth. Projections indicate a continued rise to $283.21 billion by 2027 at a steady 2.0% CAGR. A notable trend in the healthcare building market is the increasing adoption of sustainability and green building practices, which both address environmental concerns and prioritize patient well-being.

Nurturing The Leader Within

Personal Development | Success Story

From 10-Hour Train Rides to Making Billions

The year was 1997, and Eric Yuan, a young engineer from China, found himself facing the daunting challenge of a 10-hour train journey to visit his college sweetheart, Sherry, in the United States.

The seed of an idea was planted during those arduous trips—a desire for a simpler, more effective way to connect with loved ones across long distances. Yuan's fascination with technology, cultivated from a young age, now intersected with a poignant personal need. 

Despite nine visa rejections, he finally set foot in Silicon Valley, joining WebEx, a web conferencing startup. His journey of innovation, however, didn't truly take flight until the proposal of a revolutionary concept.

In 2011, as the Vice President of Engineering at Cisco Systems following WebEx's acquisition, Yuan envisioned a smartphone-friendly video conferencing system. 

This idea, however, met with resistance from upper management. Undeterred by setbacks and fueled by an entrepreneurial spirit, Yuan made a daring decision at the age of 41 – he left the comfort of Cisco Systems to chart his own course.

In 2013, Zoom Video Communications was born.

The initial skepticism from venture capitalists, cautioning against entering an ostensibly crowded market, did little to dampen Yuan's determination. The launch of Zoom in August 2012 marked the inception of a transformative journey. 

Within a year, a million users had embraced the platform. By 2017, Zoom had attained unicorn status, a testament to Yuan's foresight and resilience.

Yet, it was the unanticipated global events of 2020—the onset of the COVID-19 pandemic—that thrust Zoom into the global spotlight. 

Almost overnight, daily meeting participants surged from 10 million to an astounding 300 million in just four months. What began as a solution to personal frustration evolved into a lifeline for remote work, virtual gatherings, and online education across the globe.

Zoom is currently worth around 19 billion dollars.

Beyond the financial success and the prestigious accolades, including being named Time Businessperson of the Year in 2020, Yuan's legacy resides in reshaping the very fabric of how the world connects.

Although the pandemic dramatically raised the value of his company, Zoom would not have come into existence without Yuan’s resilience and self-confidence.

Strategies | Tools | Marketing Tips

Mastering Business Chaos

Holy smokes, running a business is not an easy job. So many obstacles, challenges, opportunities and projects coming right at you with no respect for your mental capacity! Breathe. There is a way to handle this.

One of the most effective ways to tackle such situations is to conduct a SWOT analysis. Fancy word, but it’s not even close to complicated. In fact, it’s so simple that you’ll even consider doing it in your head — but don’t you dare! Your head already has enough to deal with. 

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Businesses use this method to make the best decision possible in some of the trickiest of situations.

Performing a formal SWOT analysis using templates, such as this one, will help you understand the big picture of where your business is at, eliminate its weaknesses and further develop its strong points.

The first thing you need to do is identify your objective. Think about what you’re looking to evaluate using the SWOT analysis, otherwise, it will be too general. 

For example, if you’re launching a new product, a SWOT analysis would be helpful in understanding where your company currently stands and where there’s potential to move forward.

Let’s break it down now.

S: Strengths

These are the unique advantages and internal capabilities of your company that distinguish it in the market.

This could include:

• Solid financing

• A positive reputation

• Unique partnerships

• Low production costs

If you’re launching a new product, consider the unique features of the product or the partnerships that set the marketing strategy apart from the rest. Again, PLEASE don’t do this in your head.

W: Weaknesses

This second element also refers to internal factors. These are areas where your business is struggling. It could be a skill gap, inadequate resources, or anything else that might be holding the company down. 

Recognizing these weaknesses will allow you to create and track targeted initiatives in order to improve your company’s technological initiatives, skill development or any other area that needs work. 

If you’re struggling with this, think about what would prevent your target customer from taking advantage of your services, or whether certain obstacles are impacting your employees’ productivity levels. 

Try to reflect on this without any negative emotions as you’re on your way to addressing any gaps that you’ll identify here.

O: Opportunities

Both Opportunities and Threats reflect external factors that interfere with your company’s growth. Opportunities can include emerging markets, technological advancements, local or global trends, and strategic partnerships. Spotting these opportunities would allow your company to make more calculated and strategic moves that foster exponential growth.

Here are some questions you can ask yourself:

• Is there something our customers have been consistently asking us to work on?

• How can I incorporate the latest trends to enhance my company’s workflow?

• Is there any way I can market my products in a way that will match upcoming seasonal holidays?

T: Threats

This is where your team can help you brainstorm. Reflect on current market, economic, political and/or environmental conditions that can hinder your company’s growth. Such external factors are critical in understanding aspects of your company’s progress that need to be prioritized or paid special attention to. 

This could include supply-chain problems, new minimum wage regulations impacting operational costs and technologies that may reduce the value of your product.

If one of your threats is your competitor’s popular social media account, then now you know what to focus on.

That’s it! If you’re looking for an example of a company’s SWOT analysis, check this one out:

Don’t miss it!

Networking | Business Development | Entrepreneurship

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