February 2024 – Page 6 – AbellMoney

What mentoring taught me about business that school couldn’t

When we’re in school, we see it as the only route forward, the only way to thrive. Whilst education is of course important, it is not the only piece of the puzzle to unlocking success.
We look at people such as Richard Branson, Steve Jobs, Oprah Winfrey, Mark Zuckerberg, Bill Gates and more who all ended their education early, but went on to have incredible careers. What did all of these people have in common? They all had a mentor.
As I reflect on my journey from a school dropout at 17, to the CEO and Co-Founder of a successful business, I am struck by the invaluable lessons that mentoring has taught me. While traditional education undoubtedly provides a solid foundation, it was through mentorship that I truly learned the detailed ins and outs of business – lessons that school simply couldn’t impart.
At 17, I made the unconventional decision to drop out of school. It was a risky move, but one that I felt was necessary to pursue my entrepreneurial ambitions. Looking back, it was a pivotal moment that set the stage for my future growth and eventual Forbes listing. School taught me many things, but it couldn’t provide the real-world experience and hands-on learning that I needed to succeed in business. Whilst I was able to find a job post schooling, I struggled to find a mentor who could truly guide me in my career. So, with the goal of making mentoring more accessible to everyone, I founded PushFar, an online mentoring platform, in 2018.
One of the most important lessons I’ve learned through mentoring is the importance of surrounding yourself with people who are smarter than you. In the business world, it’s easy to fall into the trap of thinking that you have all the answers, and naturally, it can feel nice to be the brightest person in the room. But the truth is, no individual has all the answers. By surrounding myself with mentors who had diverse backgrounds and experiences, I was able to gain invaluable insights and perspectives that I could never have gained on my own.
Embracing failure is another crucial lesson that mentoring has taught me. In school, failure is often seen as something to be avoided at all costs. If you fail a test, you can find yourself in detention. If you can’t complete a project, you get a letter sent home. But in business, failure is inevitable – it’s how you respond to failure that truly matters, that truly shapes you into becoming the best version of yourself. My mentors taught me to view failure not as the end of the road, but as an opportunity for growth and learning. Each setback taught me something new and ultimately made me stronger and more resilient because of this.
Mentoring has also taught me the importance of learning quickly and independently. In the fast-paced world of business, there’s no time to wait for someone else to teach you what you need to know. If you wait to be taught, someone else will beat you to opportunities and you’ll find yourself filled with regrets. You must be proactive and seek out knowledge on your own. My mentors encouraged me to take ownership of my own learning and to never stop seeking out new opportunities for growth.
There’s a confidence crisis within schools and the world as a whole currently. Our latest research showed that 57.3% of Brits experience imposter syndrome, which in turn, leads them to doubt themselves. Trusting myself and my instincts was a valuable lesson that mentoring instilled in me. In business, there are countless decisions to be made every day, and there’s often no clear-cut answer. My mentors taught me to trust my gut and to have confidence in my own abilities. They showed me that sometimes you have to take risks and trust that things will work out in the end.
But the most important thing to learn, is that sometimes it doesn’t work out. Sometimes you’re going to fail and you need to be prepared to do so. The crucial part is, how are you going to react to that failure? My mentors taught me that it’s okay to fail – as long as you learn from your mistakes and keep moving forward. They showed me that failure is not the end of the road, but rather a stepping stone on the path to success. It’s not about the failure in the end, it’s about how you come back from it and grow not only in business but as a person too.
Mentoring has taught me invaluable lessons about business that school simply couldn’t provide. From that dropout moment at 17, to surrounding myself with smarter people, embracing failure, learning quickly and independently, trusting my instincts, and being prepared to fail – these are the lessons that have shaped me into the entrepreneur I am today. And for that, I am eternally grateful to my mentors who have guided me along the way.
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What mentoring taught me about business that school couldn’t

Claude Littner Departs “The Apprentice” Due to Lingering Effects o …

Claude Littner, known for his role on “The Apprentice,” has revealed that he will no longer be a regular fixture on the show due to injuries sustained from a cycling accident three years ago.
The 74-year-old businessman, who previously served as an adviser alongside Karren Brady to Lord Sugar, disclosed that he will not be returning to his former position on the boardroom panel.
Although Claude expressed being fully recovered from his injuries, he noted that the decision regarding his return to the show is out of his hands. However, he assured fans that he will make a comeback for the interviews stage of the reality TV contest.
Claude’s absence from the show’s debut episode in the latest season left viewers saddened and concerned. His replacement, Tim Campbell, the winner of the first season of “The Apprentice,” initially believed the offer to join the show was a prank.
Claude’s journey to recovery has been arduous, involving nine surgeries to save his leg and the challenge of relearning to walk after the accident near his London home in April 2021. Despite his absence from recent seasons, Claude expressed gratitude to the ambulance crew and surgeons for their care.
While fans may miss Claude’s presence in the current season, he hinted at the possibility of returning in full for the 2025 season, providing a glimmer of hope for enthusiasts of the show.
Claude’s cycling mishap serves as a reminder of the unpredictability of life’s events, prompting him to focus on his health and well-being as he navigates through recovery. Despite the setback, Claude remains optimistic and thankful for the support he has received during his journey.
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Claude Littner Departs “The Apprentice” Due to Lingering Effects of Cycling Accident

How entrepreneurs can improve customer communication

Most entrepreneurs are not good at seeking customer feedback. Particularly during the early stages of their startups or when business leaders launch a new product or service, they are often so focused on developing this product or service that they overlook the importance of customer interaction.
While developing a product or service that stands out is undeniably essential, it is much more important to start with effectively communicating with customers to know their needs.
‘TTTC’: this is a magic acronym that every business leader should remember. It stands quite simply for ‘Talk To The Customer’. If you wonder what the root cause of a problem is, if you wonder if the solution fits the needs of customers, if you wonder if your product is still delivering sufficient value to customers after several years, …  TTTC will always come to the rescue.
Unfortunately, many entrepreneurs and business leaders lack the skills to have meaningful conversations with their customers. They might excel in innovation, creativity, or technical skills, but when it comes to customer engagement, they often fall short. This gap in communication skills can lead to a disconnect between the product they develop and the actual needs and wants of their customers. Without an understanding of customers’ needs, entrepreneurs may end up building products or services that do not resonate with their target market or they might continue too long with delivering an outdated product or service. This will most likely lead to wasted resources and – in the end – lower the chances of success.
Engaging with customers effectively can yield valuable insights into their preferences, needs, and expectations, which can inform product development and increase the chances of business success. Customers are a gold mine of information. They can provide real-time feedback, suggestions for improvement, and even brand advocacy if they are satisfied with the product or service. Hence, communication with customers should never be an afterthought but rather an integral part of the business strategy.
This leaves us with one important question. How? How do you talk to the customer in an effective way? To start, the entrepreneur should first consult the first-line employees – those who are in direct contact with clients on a day-to-day basis – as they can give valuable information about what is going on in terms of customer feedback. With these insights, the entrepreneur can then identify which customer segments are the most crucial for him or her to start engaging with.
The biggest mistake that occurs when a business leader talks to customers is asking them the wrong questions. Many people tend to ask leading questions. These are questions that direct people to the desired answers. A classic example is: “Would you be interested in buying our brand-new innovative product?”. Chances are high that the vast majority of respondents will have answered positively as they are pushed towards a ‘yes’, giving the entrepreneur a false feeling of positivism about the product. The solution lies in asking so-called ‘Socratic’ questions. These types of questions involve a form of dialogue where the entrepreneurs will ask probing questions to stimulate critical thinking, uncover underlying assumptions, and encourage deeper understanding. In this way, the customer will give objective data and insights without introducing any bias.
When done correctly, entrepreneurs should even be able to get great and unbiased insights from talking to family and friends. This is what Rob Fitzpatrick described in his book ‘The Mom Test’. If you ask problem-focused questions that avoid bias, and listen effectively to the customer, you can even interview your mother, father, spouse, or best friend and still get reliable answers.
However, ‘talking to the customer’ is not a one-off thing. It should be a mindset where regular check-ins, surveys, and semi-structured interviews are done to get a large amount of customer feedback. Entrepreneurs should strive to create open channels of communication where customers feel heard and valued. Then, a two-way street is created. On the one hand, customers will feel heard and are likely to value the company more. A form of customer intimacy is created. The company, on the other hand, will use the information to create an even better experience for their customers by removing the elements that they do not appreciate about products and services and by trying to improve the reasons why customers value the company’s offering.
If every entrepreneur or business leader regularly talks to customers in the right way, they can use customer feedback to track the overall performance of the company. Because at the end of the day, happy clients are likely to lead to more turnover and profit.
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How entrepreneurs can improve customer communication

ICO urges all app developers to prioritise privacy

The Information Commissioner’s Office (ICO) is issuing a reminder to all app developers regarding the paramount importance of safeguarding users’ privacy, following its examination of period and fertility apps.
In its recent review, the ICO meticulously scrutinized period and fertility apps to assess their handling of personal data and ascertain any potential adverse effects on users.
The review involved direct communication with various app providers to delve into their privacy protocols, alongside engaging with app users to gauge their experiences.
While the review did not uncover any significant compliance issues or evidence of harm, the ICO is emphasising the need for all app developers to prioritise the protection of users’ personal information, particularly when sensitive data is involved.
Emily Keaney, Deputy Commissioner Regulatory Policy, emphasized the significance of ensuring users’ peace of mind regarding data security when using apps, especially those related to health and wellness. Users should feel confident that their data is safeguarded and that they only share necessary information.
Keaney reiterated that while no evidence of harmful data usage was found in period and fertility apps, the review underscored areas where developers could enhance transparency and data protection practices.
To assist app developers in complying with data protection regulations and upholding user privacy, the ICO has shared four practical tips:
1. Be Transparent: Developers must ensure their apps transparently communicate how they utilize users’ personal information, including purposes for processing, retention periods, and sharing practices, in concise, clear, and accessible terms.
2. Obtain Valid Consent: Genuine consent must be obtained from users, involving a real choice and explicit, unambiguous actions to opt-in. Pre-ticked boxes or default consent methods are not permissible, and users should have easy means to withdraw consent.
3. Establish the Correct Lawful Basis: Developers must determine the appropriate lawful basis for processing personal data, considering the specific purposes and context of data processing. A tailored approach, rather than a one-size-fits-all method, is essential.
4. Be Accountable: App developers acting as data controllers must take responsibility for the personal information they manage. They should ensure compliance with data protection laws and implement appropriate measures to ensure lawful data processing.
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ICO urges all app developers to prioritise privacy

Mayors Burnham and Street Unite on Cost-Effective Alternatives to Scra …

In a notable collaboration, Andy Burnham, the Labour mayor of Greater Manchester, and Andy Street, the Tory mayor of the West Midlands, have come together to present alternative plans for the abandoned section of HS2, emphasising that inaction is not viable.
Taking the stage together, Burnham and Street outlined three potential options following the government’s decision to halt the long-awaited northern segment of the high-speed rail project. They asserted that their proposed alternatives, largely backed by private funding, would incur significantly lower costs compared to HS2, albeit without precise figures available at this initial stage.
To spearhead their initiative, the mayors established a consortium chaired by Sir David Higgins, a former HS2 chair, involving private engineering and finance firms such as Arup, EY, Skanska, and Mace.
The move comes in response to the cancellation of the northern leg of HS2 announced in October, with Rishi Sunak pledging £36 billion towards alternative transport initiatives under the banner of Network North.
Street lamented the cancellation of the northern HS2 line as a setback, highlighting the congestion on the west coast mainline and M6 motorway, underscoring the imperative to explore alternative solutions.
Burnham echoed this sentiment, stressing the necessity of addressing rail capacity between the West Midlands and Greater Manchester to sustain economic growth. He warned that neglecting this issue would result in significant transport challenges for generations to come.
One of the proposed options unveiled involves constructing a segregated line akin to the original HS2 plan but with reduced maximum speeds, thereby cutting costs. Street clarified that this alternative route would closely resemble the scrapped HS2 section, albeit with slower trains, as the high costs of HS2 were partly attributed to its uncompromising speed requirements, with trains set to operate at up to 225mph.
Burnham noted that the northern leg of HS2 was comparatively straightforward in terms of infrastructure requirements, as no extensive tunneling was necessary. The envisaged new line would primarily cater to passenger services, allowing existing freight traffic to utilize the west coast mainline.
Regarding potential stops along the route, Street indicated a willingness to consider intermediate stations between Crewe and Manchester, albeit in limited numbers.
Aside from the new line proposal, the mayors presented two additional options: enhancing segments of the existing west coast mainline or implementing bypasses on its busiest sections. However, Street suggested these alternatives would offer marginal benefits with minimal capital investment.
Emphasizing that their proposals were not an attempt to revive HS2, Burnham clarified that they had accepted the government’s decision. However, they expressed optimism following constructive discussions with Transport Secretary Mark Harper, who demonstrated receptiveness to their proposals. Notably, ministers have granted approval for involvement from HS2 and Network Rail in further exploring these alternatives.
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Mayors Burnham and Street Unite on Cost-Effective Alternatives to Scrapped HS2 Northern Section

Pret A Manger closes veggie-only outlets as vegetarian options thrive …

Sandwich Chain Pret A Manger has announced the discontinuation of its vegetarian-only outlets, citing the widespread popularity of veggie options across all its branches.
The final three Veggie Pret stores, located in London and Manchester, are set to transition into regular Pret A Manger stores by the end of this month.
Originally launched eight years ago, the specialist Veggie Pret outlets are deemed unnecessary now, according to Katherine Bagshawe, UK food and coffee director at Pret A Manger. Bagshawe emphasized that “every Pret is a Veggie Pret shop,” highlighting the significant shift in consumer preferences towards vegetarian and vegan options. She noted that one in every three main meals sold at Pret A Manger is now vegetarian or vegan.
While the Veggie Pret stores served as an innovation hub for new plant-based products, including the recent introduction of items like the “VLT” sandwich and the Thai-inspired sticky mushroom Banh Mi baguette, the decision to discontinue them reflects the evolving landscape of consumer demand.
The move comes amidst a broader trend of increased interest in vegan and vegetarian food driven by health considerations and environmental concerns. However, the competitive market for meat-substitutes has presented challenges for producers in recent times, suggesting a potential slowdown in the specialist vegan products sector.
Pret A Manger initially launched its Veggie outlets in 2016, contributing to its reputation as a vegetarian-friendly brand. However, the distinctive green-fronted stores began to fade away six years later as Pret shifted its focus away from the Veggie-only experiment, especially in the aftermath of the Covid-19 pandemic.
Pret’s post-pandemic strategy revolves around concentrating on regional towns and cities outside London, with recent expansions in places like Bishop’s Stortford, Colchester, and Worthing. The decision to convert the remaining Veggie Pret stores underscores this strategic shift.
Founded in 1986, Pret A Manger has become synonymous with on-the-go lunch options, offering a wide range of sandwiches, soups, and salads. With over 400 outlets across the UK, the chain is owned by JAB Holding, a German conglomerate with ambitious plans for expansion, having opened 41 new outlets in the UK last year.
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Pret A Manger closes veggie-only outlets as vegetarian options thrive across all stores

Manchester chicken shop boss loses £12,000 in Tesla trademark row

Amanj Ali, the proprietor of Colorado’s Chicken in Bury, Greater Manchester, finds himself at a loss of £12,000 after a trademark dispute with Tesla resulted in a ruling against him.
Ali, 41, had registered the trademark “Tesla Chicken & Pizza” for his new takeaway venture, sparking opposition from the electric car manufacturer Tesla.
Ali’s inspiration for the trademark stemmed from his admiration for Serbian-American inventor Nikola Tesla, shared with the motoring giant. Despite Tesla’s initial lack of objection within the standard two-month period after registration, complications arose in November 2021 when Tesla sought protection for its trademark in the food and drink category in the UK, including restaurant services.
Fearing that Tesla’s registration would threaten his own business aspirations, Ali opposed the move. However, in September 2022, Tesla applied to invalidate Ali’s trademark, arguing that its established reputation would be exploited by Ali’s use of the “Tesla” name.
The Intellectual Property Office (IPO) sided with Tesla, ordering Ali to pay £4,000 in damages. Combined with legal fees amounting to approximately £8,000, Ali found himself significantly out of pocket. Despite Tesla’s attempt to bolster its case with claims of “anticipatory goodwill” based on a tweet by Elon Musk, the IPO dismissed such arguments.
Ali, a small businessman, expressed the toll the two-year dispute took on him, both financially and emotionally. He cited stress and sleepless nights, lamenting the power imbalance between himself and the corporate giant. Ali also refuted claims that he had attempted to sell his trademark for £750,000, attributing the misunderstanding to an error by his solicitor.
The case highlights a trend of major corporations aggressively protecting their trademarks, often at the expense of smaller businesses. For Ali, the battle may have ended in defeat, but the experience serves as a cautionary tale for entrepreneurs navigating the complex world of intellectual property rights.
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Manchester chicken shop boss loses £12,000 in Tesla trademark row

Labour ditches £28bn green investment pledge

In a significant policy reversal, the Labour Party has announced its decision to abandon its commitment to spend £28 billion annually on its green investment plan, marking a departure from its previous stance.
Sources within the party have clarified that while the Green Prosperity Plan, which includes the establishment of a publicly-owned green power company, will not be completely scrapped, Labour will no longer pledge to invest £28 billion per year in green energy projects if it attains power.
Labour’s stance on the policy has been described as increasingly ambiguous in recent weeks, with senior figures refraining from explicitly mentioning the £28 billion figure in interviews. Party leader Sir Keir Starmer, however, has continued to endorse the spending target.
The decision to revise the plan is expected to be framed as a prioritisation of economic responsibility over what opponents perceive as reckless spending commitments. Labour argues that it must demonstrate prudence in managing the economy, especially amidst economic challenges and rising borrowing costs.
The initial pledge to invest £28 billion annually in green energy projects, such as offshore wind farms and electric vehicle development, was announced by shadow chancellor Rachel Reeves in September 2021. However, the target was later adjusted last June to be achieved halfway through Labour’s first term, acknowledging the need for fiscal responsibility given the economic context.
Despite ongoing questions surrounding the feasibility of the policy, Sir Keir has characterized the £28 billion figure as a “confident ambition,” subject to the party’s fiscal rules, including a requirement for debt reduction as a share of the economy within five years.
The decision to revise the plan has drawn criticism from left-wing groups, with Momentum describing it as a capitulation to right-wing interests. However, Chief Secretary to the Treasury Laura Trott accused Labour of lacking a coherent plan for the UK, causing uncertainty for businesses and the economy.
Green Party MP Caroline Lucas expressed disappointment with Labour’s move, arguing that public investment in the green transition would yield numerous benefits, including job creation and emission reduction.
The announcement coincides with claims from the Conservatives, based on Treasury analysis, suggesting that Labour’s plan to insulate homes would cost double the amount previously estimated by the party. Labour has dismissed this analysis as “bogus.”
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Labour ditches £28bn green investment pledge

CBI Settles Legal Dispute with Former Leader Tony Danker

The Confederation of British Industry (CBI), one of the UK’s most influential business advocacy groups, has reached a settlement in a legal dispute with its former leader, Tony Danker.
Danker’s tenure at the CBI ended abruptly last year following allegations regarding his conduct during his time as director general. These allegations, revealed in March 2023, stemmed from both formal and informal complaints made by junior staff members.
A spokesperson for the CBI stated, “The CBI has today reached a settlement in the legal action initiated by Tony Danker following his dismissal in April 2023. The CBI board has agreed to an undisclosed settlement with Mr. Danker.”
Furthermore, the spokesperson clarified, “The CBI board reaffirms that Mr. Danker has no involvement in the historical allegations reported in the media, which occurred prior to his leadership at the CBI, and denies any such connection.”
Danker was terminated by the CBI in April 2023 after an investigation into workplace misconduct allegations. These specific allegations were distinct from those uncovered later by an investigation into conduct within the lobby group.
In response to his dismissal, Danker expressed his dismay in a statement on social media, highlighting his lack of prior knowledge regarding the incidents predating his tenure. He emphasized, “I was appalled to learn about them for the first time last week … I was nevertheless shocked to learn this morning that I had been dismissed from the CBI, instead of being invited to put my position forward as was originally confirmed.”
The CBI had initiated an investigation through a law firm after being approached by the Guardian newspaper regarding a formal complaint filed in January, alongside several informal reports concerning Danker’s behavior.
Danker, upon learning of his dismissal, expressed regret for making colleagues uncomfortable, stating, “I was truly sorry.”
In addition to Danker’s case, separate complaints unrelated to his personal conduct emerged in 2023. These complaints involved allegations of sexual misconduct by senior figures at the organization, made by more than a dozen women.
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CBI Settles Legal Dispute with Former Leader Tony Danker