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This Scientist and Entrepreneur Proves You Don’t Need to Study Business to Succeed in It

Owning and running a company is no small task. It’s a difficult, stressful, never-ending process that actually gets more complex as you find success. It’s hard enough for people who specifically studied business in school. And for those who didn’t study business, the challenge is even more daunting. When so many former business students fail, it must frequently feel overwhelming for students of other disciplines.

YPO member Yi Li isn’t afraid of a challenge. A lifelong lover of science, she braved a new country and different culture when she left China to pursue her PhD in physics on a full scholarship at Louisiana State University. As she studied energy storage, battery technology and management, and charge control, she realized she had the makings of a great alternative energy company.

Li wasn’t hindered by her lack of business experience–in fact, she started her solar power company in her apartment while she was still a student. Today, Li is the president and CEO of Renogy Solar, which manufactures and sells a wide range of solar-powered products. Renogy was certified by the Women’s Business Enterprise National Council and earned a spot on the Inc. 5000 list of fastest-growing private companies. The company has also won several bronze- and gold-level awards from the Golden Bridge Awards, and was included on the Fastest-Growing Women-Owned Company list released by the Women Presidents’ Organization.

On an episode of my podcast 10 Minute Tips from the Top, Li shared her advice to non-business people starting a company:

1. Don’t be intimidated

Li didn’t have a business background, but she didn’t let that stop her from founding her own company. “I didn’t have any background or experience or education about running a business, or even financial experience or knowledge. I’d never thought about those difficulties,” she recalls. When she began, it certainly wasn’t all smooth sailing. “I definitely went through a lot of difficulties and challenges, but every time I saw challenges, I thought about my passion. I thought about my purpose.

If that’s my goal, forget about how I feel how difficult it is. Just try to find a solution,” she asserts. Li is also not afraid to admit what she doesn’t know. “If I see I lack knowledge [in a particular area], I’ll get a book or take online classes. I’m really a self-learner, so I learned all that stuff by myself,” she explains. Don’t let your own self-doubt get in the way of pursuing something great.

2. Don’t feel compelled to follow all the rules

While she acknowledges the difficulties inherent in starting a company without a business background, Li also believes there may be some benefit in not being tied to one philosophy. “You need to think outside the box,” she argues. “Don’t follow too many old-school type, book, education principles. Even if it’s a lot of good experience, it may not apply to you.” She encourages entrepreneurs to find their own path. “You can learn, but try to develop something that is unique to you,” she says.

Li believes she has a good example in Jack Ma of Alibaba. “He didn’t have all the necessary professional skills when he started the business–he was a teacher,” Li explains. “When he started the business, not everybody believed his dream. But he ignored all of the voices. If he decided to do something, he was very, very determined.” Ma and Li aren’t afraid to follow their instincts.

3. Be frugal

Li is very blunt about this: “You need to run a business frugally,” she emphasizes. The challenge, of course, is that talent can be expensive. Thankfully, she’s found a way to compensate for that. “My employees truly believe in what we’re doing,” she beams. “We’re still a startup, and we’re not paying as high compared to a lot of Fortune 500 companies,” she admits, but her company is about more than dollars and cents.

“I look for people who truly want to develop themselves, because they’re not here just for the paycheck. We instill a passion and a dream into our employees’ minds. That’s how I recruit people.”

4. Believe in it

Do what you love! It’s exactly what led Li down the path from science to entrepreneurship. “I truly want to be a scientist. I really love physics. What I studied was superconductivity and semiconductor materials. And one of my projects was related to alternative energy studies. So there I saw my passion taking form,” she fondly recalls. Whatever your calling, follow what brings you joy. “I truly believe you have to be a passionate person and do what you truly want to do,” Li states.

It doesn’t mean it will be easy. She explains, “You cannot just do this for money. You have to do this for love. Otherwise, you cannot deal with all of the obstacles you’ll face.” For Li, her mission is clear: “I really think a sustainable future is something we should all work for and fight for,” she says. Wherever your passion lies, pursue happiness.

On Fridays, Kevin explores industry trends, professional development, best practices, and other leadership topics with CEOs from around the world.

By Kevin DaumInc. 500 entrepreneur and best-selling author

Source: This Scientist and Entrepreneur Proves You Don’t Need to Study Business to Succeed in It

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Start Your Own Business by Writing Business Plan. How to write a successful business plan for successful startups. Step By Step – How to write a business plan an effectively for starting your own business. Watch 11 Elements of Sample Business Plan – https://www.youtube.com/watch?v=i1b0_… TOP 10 TIPS Before Starting Your OWN BUSINESS : https://youtu.be/wxyGeUkPYFM Join our Young Entrepreneurs Forum – http://www.youngentrepreneursforum.com/ #youngentrepreneursforum Do you need a business plan for successful startups in India, USA, UK & Canada. Starting an own business needs working plan which compiles some important details about product & company. Problem Solving Skills To Start a Small Business – https://www.youtube.com/watch?v=I9Ho3… #startsmallbusiness 9 Steps For Writing a Business Plan – Required Steps to Write a Business Plan for your company or service. Step 1 – Define your vision 1:16 Step 2 – Set your goals and objectives for the business 1:50 Step 3 – Define your Unique Selling Proposition 2:29 Step 4 – Know your market 3:02 Step 5 – Know your customer 3:57 Step 6 – Research the demand for your business 4:47 Step 7 – Set your marketing goals 5:52 Step 8 – Define your marketing strategy 6:38 Step 9 – Take Action! 7:20 These all Steps are very important while you are writing a business plan for starting your own business. Life of Riley by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/…) Source: http://incompetech.com/music/royalty-… Artist: http://incompetech.com/ You must have to focus on Idea, Product,Strategy,Team, Marketing and Profit while you are writing business plan for your successful stratups.

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How to Show Your Customers That Small Business Saturday Isn’t the Only Time to Shop Local

Who has time to shop small?

I’m the president of a company, a wife, a mother, and an active member of my community. I get stressed out just thinking about the commitment it takes to go to stores in my small town and shop. Truth be told, I don’t have time to do much purchasing that can’t happen on a flight or after I’ve put the kids to bed — even for groceries. If that’s the case for me, I know that it’s the same deal for your potential customers. That’s why, as business owners, it’s important to educate the community about shopping local.

I live in Sonoma County, where the Kincade fire recently devastated the region. Local businesses have been hit especially hard by the fires themselves and by PG&E power outages. The last time I was at the grocery store, it occurred to me that I shouldn’t be buying strawberries from seven states away or a different country. I need to put my money where my mouth is and shop local businesses. I love farmers’ markets, but struggle to make time to get there. I still have to buy groceries, so I’ve switched from my nearby Safeway to a store that sources food only from within Sonoma County called Oliver’s Market.

That’s just one way that I’ve found that I can give a boost to small businesses without going out of my way. In honor of Small Business Saturday, here are others ideas for how to help your area entrepreneurs this holiday season.

Challenge customers to eat local for Thanksgiving and other meals.

I already talked about how I’m doing this every day, but even confirmed local diners sometimes find it challenging for the big events.Your job is to convince your customers that it’s worth the effort.

Do you have a cracker company that would be perfect for a celebratory cheese plate? Consider partnering with a local dairy to get the word out. Whether you’re a turkey farm, are smoking up the best hams in town, or have a small business selling tamales to add variety to shoppers’ holiday tables, your community needs your flavors right now.

Dessert is easy. There are plenty of people looking for local bakeries ready to fill up a flaky crust with pecans or chocolate cream. Being mindful of where your food comes from isn’t just good for local business people, either. It’s better for the environment (bye-bye food miles) and is likely to be healthier, too.

Buy from small businesses on Amazon.

Most of us think of Amazon as the big, bad brother. I mean, it’s been accused of being a monopoly. You can’t get any further away from being a small business. But in reality, there’s more to it than that.

Amazon Sellers are small-business people. They are just using the biggest platform they can to get their products to the masses and I respect that. One user I know is Crystal Swain-Bates, whose excellent line of children’s books ensure black children are highlighted throughout stories. Goldest Karat Publishing made her an Amazon featured seller. For the holidays, I especially love Amazon Handmade, a community just for artisans to sell their handcrafted wares.

But I promise this isn’t just an ad for Amazon. I also love Etsy. You can search it by location so you can specifically choose gifts made by someone in your community. I’m always surprised by all the cool handiwork my neighbors are presenting.

Make time to go analog.

Yes, I know I said I’m too busy to shop downtown, but I can make an exception a few times a year. Heading to Main Street has many advantages. If your business is brick-and-mortar, congratulations. If not, it might be high time to get involved in a holiday market or two.

Connect with real, live people with whom you can have lasting relationships for years to come. As you get to know their likes and dislikes, you’ll help them learn to shop smarter — and with you.

Look at your own company.

OK, you’re not buying your business a Christmas present, but when it comes to shopping for yourself and your team’s daily needs, you can keep small and local in mind. For example, at my company, we use a local business for many of our printing needs. It’s harder than going to Office Depot, but well worth it. In our Houston division, we just moved offices, and we’ve made it a point to work with local designers to get everything on point.

Whether it’s candies or technology, we try to shop among the people who need us most. In my experience, that’s how you find the best gifts of all, just shop small.

By Elizabeth GorePresident and chairwoman, HelloAlice.com

Source: How to Show Your Customers That Small Business Saturday Isn’t the Only Time to Shop Local

Script: “Small businesses are the lifeblood of our communities. Absolutely crucial. Vital. They make it unique and they make you happy to live where you live. It brings a little flair to the towns that we have. On November 26th, you can make a huge impact by shopping small on Small Business Saturday. One purchase. One purchase is all it takes. Pledge to shop small on Small Business Saturday. It will help support your community. And that is a big deal. It’s pretty big. So, pick your favorite local business and join the movement. I pledge to shop small: at Big Top Candy Shop; at Juno Baby Store; Allen’s Boots; Sammy’s Camera. You don’t have to buy the whole store. Make the pledge to shop small. Pleeeease. On Small Business Saturday. [SHOP SMALL] [SMALL BUSINESS SATURDAY – NOV. 26] [American Express – founding partner]

Key Points To Consider When Developing An International Business Strategy

Let us take a minute to salute the international companies, those that have gone multi-market or are on that path. They deserve our applause and respect. When I led market entry programs , I observed that these international firms tended to outperform the purely domestic firms, but for a reason you might not expect.

Companies that were operating in many markets tended to do better than those that had a presence only in their home market, but this had more to do with the international journey than the additional revenue.

The process of going international forced a company to adapt for each new market. As a result, the international firm became a learning organization which encompassed several different successful models, and the lessons from each new market could be applied in other markets. So the international company tended to develop a feedback mechanism and process improvements more readily than the purely domestic company.

Indeed, if you ask the leadership of that purely domestic firm what they want to do tomorrow, you are more likely to hear that they want to do tomorrow what they did yesterday. In other words, many business people (like all of us) have a bias for the familiar. We all like patterns of behavior and we like to stay in our comfort zone. I see this regularly when I discuss China opportunities. We will have a nice conversation with a lovely mid-size company, but unless it has an international culture it will have an overwhelming focus on building out a successful domestic model. The management philosophy at these firms tends to be:

Today In: Asia

— Reliant on the organic growth that has served them well over the years;

— Highly structured organization, task-driven, with people looking at monthly and quarterly results;

— Heavily product-focused.

These companies tend to dominate their space or be a segment leader. All of this means these companies have a strong incentive not to expand their current set of activities, and not to think about what changes might be in order. The key principle at these firms is MOTS – More of the Same. We do what we did last year, but we do more.

More revenue, more customers, more market share, more net. A pretty common-sense approach. But this is not a strategy. This is a behavior pattern. Let’s do what we have always done, presumably because it has more-or-less worked. This approach makes sense if the world is static. If the world is standing still, if society is standing still, if technology is standing still, and if competitors are standing still– then it is ok if the business stands still as well. But there are moving pieces out there, so you had better move as well. Unless the business incorporates a bit of a change culture, it risks falling behind.

Therefore, some sort of strategy is in order. Strategy can mean the allocation of resources without the normal formula for a return, displaying some capacity for experimentation. Strategy can mean you are doing something different, and the constituency for this change has not yet been established. Strategy can mean clearer costs than benefits.

Strategy can mean a journey into the unknown. You are taking steps that require you to stretch beyond current capabilities. A new product launch could represent a strategy. A new sales channel. Or a new market.

For most companies, the decision to go into a new market is a matter of strategy, because growth is no longer MOTS. The best expression of this might be a decision to go to China. On any given day it might not make sense to have a strategy. It makes sense to do what you did yesterday. But cumulatively, this could lead to a disaster.

On any given day, it might not make sense to go into a new market. But over the long run it could cripple the company to stay only in its home market. I caught up with Jack Ma recently at the Forbes Global CEO Conference. Jack has stepped down as Alibaba ($BABA) chairman, but he is still fiercely passionate about helping companies enter the China market. I had not seen him in almost a year, but we immediately saw this issue eye-to-eye.

Sooner or later, every company needs an international strategy. Sooner or later, every company needs a China strategy. Strategy is possible. Cost-free strategy is not. Those companies that are taking the international journey, we salute you.

Follow me on Twitter or LinkedIn. Check out my website.

Whether in banking, communications, trade negotiations, or e-commerce, my professional life is helping companies enter and succeed in new markets, with a particular focus on China. As Founder and CEO of Export Now, I run the largest international firm in China e-commerce. Export Now provides turn-key services for international brands in China e-commerce, including market strategy and competitive analysis, regulatory approval, store operations and fulfillment, financial settlement and remittance. Previously, I served as Asia Pacific Chair for Edelman Public Affairs and in my last role in government, I served as Undersecretary for International Trade at the U.S. Department of Commerce. Previously, I served as U.S. Ambassador to Singapore. Earlier, I served in Hong Kong and Singapore with Citibank and Bank of America and on the White House and National Security Council staff. New market book: http://amzn.to/2py3kqm WWII history book: http://amzn.to/2qtk0wK

Source: Key Points To Consider When Developing An International Business Strategy

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Welcome to the Vodcasts of the IUBH correspondence courses. (http://www.iubh-fernstudium.de). In this video of the course “Managing in a Global Economy”, part of the “Master of Business Administration” program, Jürgen-Mathias Seeler discusses the topic “Strategy Development in International Business”. By the end of this lecture you will be able to understand the meaning of strategy in international business, the potential benefits from global strategies, the most important strategic choices in globalized business operations and how to manage strategy development and strategy adoption successfully. To find out more about the “Master of Business Administration” program, please visit http://www.iubh-fernstudium.de/unsere….

He Left The World of Traditional Employment And Built a Million-Dollar, One-Person Business

Image result for Anthony Martin, 36, has created financial freedom for himself that many people can only dream of.

Anthony Martin, 36, has created financial freedom for himself that many people can only dream of.

He generates $1 million in annual revenue at Choice Mutual, a one-man insurance agency he founded, by selling a very specialized niche product: final expense insurance. It covers burial expenses, so someone’s family doesn’t have to pay the costs, with a payout that is typically in the range of $10,000 to $30,000.

Six years ago, Martin’s life was very different. Working as a manager at an insurance agency in Roseville, Calif., Martin wished he had more control over how things were done. He eventually realized what he really wanted was to be his own boss. In 2013, he took a leap of faith and started the agency from his home.

Martin is one of a fast-growing cohort of entrepreneurs who are breaking $1 million in non-employer businesses, the government’s term for those that have no full-time employees except the owners.

The number of nonemployer firms that generate $1 million to $2.49 million in revenue rose to 36,161 in 2016, up 1.6 percent from 35,584 in 2015, according to the U.S. Census Bureau. That number is up 35.2% from 26,744 in 2011.

So how did Martin grow his agency to $1 million? Recently, he shared his strategies with me. Many of his approaches are instructive for anyone who is selling a consumer product or service online.

Here’s how he pulled it off.

Focus on an area you already know well. It’s easiest to get a running start in a new business if you have already worked in the same industry. By the time he went into business, Martin had already racked up years of experience selling final expense insurance, so there was no need to get a crash course. It was easy for him to explain his product to customers because of that. “I have a very thorough understanding of all of the options out there,” he says.

Find an efficient way to attract customers. Although Martin knew his product well, he didn’t have experience in marketing, so he sought outside help. He hired a company called SellTermLife.com to build a website for him that would rank well in Google and help him get leads, through a customized marketing plan. He put up the website in June 2016.

Even with expert assistance, it was slow going at first. “It took me six months before I got a single lead from Google,” he says. Nonetheless, Martin kept showing up at his desk every day to build up his website. “You’re really going for a long-term play,” he says.

It took stamina to stay committed during those early months. The battle to get market share wasn’t the only one he was waging. For entrepreneurs, he believes, the real fight is to keep showing up for your business, even when it would be easy to slack off. “The majority of the fighting you’re doing is completely against yourself,” he says.

After Martin got his first lead, his momentum accelerated. Two months after that, he started getting daily leads through his site—and now it brings in many more. “It feeds me a never-ending flow of ready-to-buy customers,” says Martin.

Offer top-quality content. In working on his marketing plan, Martin had learned from the team at SellTermLife.com that it was important to publish high-quality, informative content to attract people to his site. As readers clicked on practical articles he wrote on topics such as state-regulated life insurance, life insurance for 89-year-olds and buying insurance for your parents, the site gradually built a strong organic rank in Google.

Here again, sticking with a niche subject he knew served Martin well. “You cannot find another website that sells this type of insurance that has anywhere near the level of in-depth, accurate information about this product,” says Martin.

Creating robust content took a serious investment of time, given that Martin did not have a writer on retainer. Every day during the week and for five to eight hours on the weekends, he’d create articles that address commonly-asked questions about final expense insurance. The articles attracted people who were already seriously interested in his product and also helped him to “own” certain search-term keywords, including “long-tail” phrases—such as questions customers might type into a search engine.

To figure out which keywords mattered most,  Martin researched which ones were most commonly used, relying on tools such as Google’s keyword planner and SEM Rush. He also tapped his own knowledge of the field. “After selling this type of insurance for so long, I know the words people use,” says Martin.

Automate your leads. Martin’s site enables people to “request to apply” for the insurance by filling out a form. By the time a prospect has filled out the form, Martin knows he or she is serious.

To avoid losing track of these leads, Martin set up his site so the leads automatically go to his customer relationship management (CRM) system. Once it feeds him their contact information, he reaches out by phone, prioritizing the newest leads. “The person who has submitted a lead most recently is always the best person to call,” he says.

Thanks to this system, Martin never has to chase anyone down to get them to listen to a sales presentation. “I’m in a really unique situation in the world of selling insurance,” says Martin. “I actually don’t really sell anymore. For all intents and purposes, I’m more of a cashier. I just take orders.”

Embrace remote work. Many insurance agents spend a good part of their day driving to and from appointments with customers. Not Martin.

When customers decide to buy, Martin guides them by phone through a remote application process that the insurance companies have put in place. Sometimes customers sign documents using a program such as DocuSign. Other times, they use a voice signature on the phone.

Working virtually in this way helps Martin make the most of his time every day. “I’ve never met a person face to face to process the deals,” he says. “It’s all done remotely.”

Stay focused. Some of Martin’s contacts have recommended that he sell Medicare supplements or cancer plans. He always says no. “The reason I’m really successful in this space is I have been hyper-focused at being the most expert authority you can imagine on this type of insurance,” says Martin. When he gets an inquiry from someone who wants to buy insurance outside of his niche, he refers the prospect to a trusted industry colleague.

Martin does not look for reciprocal referrals, finding that leads that arrive this way are generally not as inclined to buy as the prospects who come in through his own website. “Right now if I had to choose between serving a customer who has said ‘I’m ready to apply. Please sign me up,” or a referral who has a question, I’m not going to make as much money from a referral,” he says. “That’s why I tell people ‘Don’t refer people to me.’ I allocate my working hours to people who are ready to sign up.”

One thing that helps Martin attract business is having a large number of positive online reviews. He requests reviews from customers automatically using TrustPilot’s automated system.

Keep overhead low  Martin started out working from home in Roseville, Calif., but when his website traffic started to increase dramatically in March 2017 and he saw the business’s full growth potential, he realized there would be tax advantages to locating to Nevada, which has no state income tax. Licensing costs were also lower. He rented an office there for $2,500 a month.

Having the space is important because soon, Martin believes, he’ll need to hire other agents. “I have so much web traffic and so many leads that if I want to continue to monetize a lot of what is possible, I will have to hire agents to process those deals as well,” he says.

In the meantime, Martin keeps the rest of his overhead to about $500 a month. That covers his errors & omissions insurance, licensing fees and CRM subscription.

 Protect your most precious resource. In a one-person business, where you have no one to back you up, staying healthy is essential.

Although Martin works long hours as he grows his business, he always finds time to work out. Rising at 4:30 a.m. every morning, he goes to a gym where he can do strength training and play basketball. Then he heads home for breakfast and starts making phone calls from his office around 7:30 a.m.

On the weekends, Martin and his wife, Christelle, love to enjoy the outdoors with their German Shepherds, Bear, and his new adopted sibling, eight-week-old Olive. “I could definitely sleep more,” Martin says—but his life is too full of good things at the moment to spend much time hitting the snooze button.

Elaine Pofeldt is author of The Million-Dollar, One Person Business (Random House, January 2, 2018), a book looking at how to break $1M in revenue in a business staffed only by the owners.

I am the author of The Million-Dollar, One Person Business, a Random House book looking at how everyday Americans are breaking $1 million in revenue in businesses

Source: He Left The World of Traditional Employment And Built a Million-Dollar, One-Person Business

World’s Largest Business Organization Embraces Blockchain

From the embers of World War I emerged a new kind of organization, led by entrepreneurs, committed to ensuring the free flow of goods across the world’s war-ravaged borders.

The International Chamber of Commerce, whose mission is to streamline global business, is one of last vestiges of the League of Nations, founded in 1920 by U.S. President Woodrow Wilson to peacefully settle international disputes. By 1923, following the League’s lead, the ICC had established international courts to arbitrate business disputes, and in the aftermath of WW II, it represented global business interests at the Bretton Woods conference, which established the current monetary order.

“If goods are able to move across borders without the need to be accompanied by troops,” says John Denton, the ICC’s current secretary general, “there is a higher probability of peace and prosperity.” The Paris-based group, which represents 45 million businesses in more than 130 countries and brands itself the world’s largest business organization, is now making its boldest play in a generation.

With global borders hardening once again, this time behind border walls, broken unions and looming trade wars, Denton signed an agreement with the Singapore-based blockchain startup Perlin Net Group to explore how the technology, made popular by bitcoin for its ability to move value without banks, could help the ICC continue its mission to facilitate the free flow of goods.

“We can trace back the ICC interventions that made a big impact on the global economy in the 20th century,” says Denton, who was a fellow at the Australian Institute of International Affairs before being appointed secretary general of the ICC last year. “We think this might be one which we can look back on in 100 years and say the ICC shifted blockchain in a way that enabled the private sector to function more effectively in a sustainable way and actually create more opportunities for people.”

According to the terms of the agreement, part of which was shown to Forbes, the ICC and Perlin will create a new group, the ICC Blockchain/DLT Alliance, a reference to distributed ledger technology similar to the blockchain that powers bitcoin. The companies are exploring how Perlin’s blockchain platform, which has yet to publicly launch, could be used to shine a light on obscure supply chains and simplify cross-border trade finance.

As part of the agreement, the ICC will help Perlin recruit members to its nascent blockchain alliance, specifically by making introductions to the organization’s massive member pool, which in addition to most national chambers of commerce includes direct membership from companies like Amazon, Coca Cola, Fedex, McDonalds and PayPal. Also, as part of the agreement, Perlin will join the ICC as an official technology partner, offering free access to its blockchain platform during the early stages of the project.

Denton shared his plans with the ICC Banking Commission at its annual event in Beijing earlier this week, and the agreement, which was signed on March 20, will be formally announced at an ICC event in Singapore later today.

Unlike some early blockchain consortia, the ICC Blockchain/DLT Alliance already had projects under way when it was announced. According to the agreement, the ICC and Perlin will share the results of their first blockchain proof of concept, a collaboration with the fabric giant Asia Pacific Rayon (APR), in May at the Copenhagen Fashion Summit.

For that project, called “Follow Our Fibre,” APR is logging data in the blockchain at every level of its supply chain, from the trees that are harvested to the chemical treatments that turn them into the silk-like rayon substance through to the massive spools that are later sold to clothing producers.

“Globally, there is a dynamic shift in the textiles and fashion sectors calling for a more traceable and transparent supply chain,” says Cherie Tan, vice president of communications and sustainability at APR. “Follow Our Fibre will enable us to leverage powerful blockchain functionality to drive greater efficiencies.”

Other proofs of concept in the works that stand to benefit from the ICC partnership include a project with Mfused, a cannabis processor in Washington State that is using Perlin’s tech to prove the origin of its plants by recording every level of its supply chain, from when they are planted to when the cannabis is inhaled, in a shared, distributed ledger; a project with an unnamed tuna processor in Latin America; and a developing project in Africa to trace the origin of cobalt, which has a long history of being mined by unethical supply chain participants.

Assuming enough supply chains are unified on the Perlin blockchain, businesses could log digital representations of the commodities, called tokens, on the platform. This will enable the counterparties to trade directly, with bills of lading required to move freight and letters of credit, which are typically handled by banks, all tracked directly on the shared ledger.

“An interesting economic model is we could effectively launch governance around this,” says Denton. “If we’re able to tokenize this we could insert ourselves as the trusted intermediary, and there would probably be an admin charge, but not much.” A 2018 report by the ICC, the World Bank and others found that 90% of the world’s trade finance was being provided by 13 banks, something Denton thinks is evidence of a need to decentralize.

Perlin’s blockchain, like ethereum’s, is being designed to let users track and move all kinds of value and write distributed applications (dapps) that don’t rely on centralized processors. Also like ethereum, Perlin will have a native cryptocurrency, called perls, which are expected to be minted over the coming three months or so, depending on regulatory considerations.

While supply chain management is increasingly seen as ripe for disruption by blockchain, models like Perlin’s, which rely on tokens, have had difficulty gaining traction as regulators clamp down on what is required of such tokens. By contrast, models using permissioned blockchains, such as what IBM is doing with a number of industry-specific consortia, and what R3 and Hyperledger are doing more generally, are seeing broader interest.

Perlin founder Dorjee Sun positions the nascent ICC network as similar to competing consortia but for small and medium-size businesses. “This is a massive democratization effort of DLT, because now any company of the 45 million ICC members can give the benefits of DLT a try,” says Sun. “Not just massive companies that can afford IBM’s services.”

Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies suc…

Source: World’s Largest Business Organization Embraces Blockchain

Meet The Billionaire Who Defied Amazon And Built Wish, The World’s Most-Downloaded E-Commerce App

On a sun-filled San Francisco afternoon, Peter Szulczewski is climbing the stairs to the top of a Sansome Street skyscraper, past floors filled with Wish data scientists and engineers, pool tables and DJ equipment. Large windows give way to a stunning view of the city. But most of Szulczewski’s customers don’t work in offices like this or live in Northern California coastal enclaves. In fact, most of them don’t have much money at all. Wish’s customers are typically working-class Americans from places like the Florida Panhandle or East Texas, Dollar Store shoppers who find Amazon Prime’s $120 annual membership too rich for their blood……..

Source: Meet The Billionaire Who Defied Amazon And Built Wish, The World’s Most-Downloaded E-Commerce App

11 Websites That Will Make You Smarter About Money

Not everyone has a financial adviser, and not everyone has the time to read a personal finance book. Luckily, there’s the internet. We’ve made learning about money easier for you by compiling a list of some of our go-to websites for money advice……..

Source: 11 Websites That Will Make You Smarter About Money

Do Not Ignore IRS Form 1099-C – It Will Not End Well – Peter J Reilly

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Pay attention.  This is one of my posts with an important lesson rather than an entertaining story.  The lesson comes from a Tax Court decision – TCM 2018-140.  You will find out the taxpayer’s name if you read the case, but my practice in cases like this is to use a different name, since he might not want to be made more famous by this decision.  We’ll call him Joe.  In 2010, Joe had two debts discharged.  One was for $64,045 and the other for $300,134……

Read more: https://www.forbes.com/sites/peterjreilly/2018/09/20/do-not-ignore-irs-form-1099-c-it-will-not-end-well/#fb67c5b62890

 

 

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