Live and Let Live then Read
Live Below the Line
Firstly, in case you haven’t heard about it, last week was live below the line week. What is living below the line? The extreme poverty line determined by the World Bank is US$1.25 or AU$2 a day in purchasing power parity terms and by living below $2 a day, it exemplifies what it means to be in another human being’s shoes. This is not just about feeling poor or realising that you suddenly have limited opportunities to the many things in life that we take for granted, it is about confronting the fact that you also don’t have choice in terms of the food you eat.
It is a blessing for many in the developing world to have food on the table but it’s not enough, limited food choices leads to malnutrition and in turn, leads to other health problems. We need the right balance of nutrients to work and learn. The fundraising and awareness campaign has raised over $1.6 m and it’s still not too late to donate.
Some of my friends have taken the live below the line challenge and I respect them for doing so since I’m unable to do it because of health reasons. I make monthly donations as a Plan’s Australia child sponsor so I tend to limit my casual donations but I have been making small donations last year and this year and I encourage everyone to do the same. Show your support and of course, let me know if you are taking up the challenge!
Social Entrepreneurship
Moving on, I recently bought two books about social entrepreneurship:
1. Social Entrepreneurship: What Everyone Needs to Know — David Bornstein and Susan Davis.
2. How to be a Social Entrepreneur: Make Money and Change the World — Robert Ashton
I did a bit of research on Amazon and they appear to be the best books on social entrepreneurship. A few people messaged me about the books so I decide to write a little review.
Both books are great resources for anyone who is interested in social entrepreneurship or wanting to become a social entrepreneur. They are also appropriately titled since the first book is about social entrepreneurship (ie. the industry) while the second one is all about the social entrepreneur. Both are complementary to each other so if you are considering of buying one, I recommend to buy the other since they are quite cheap on Book Depository.
Social Entrepreneurship: What Everyone Needs to Know
Bornstein and Davis’ book focuses on the field of social entrepreneurship with clear explanations about why social entrepreneurship is different to (business) entrepreneurship, government and activism. The book provides a reflection of how social entrepreneurship emerges as a global phenomenon with mentioning of institutions such as Ashoka and the Skoll Foundation. It then focuses on the challenges and also opportunities in social entrepreneurship and also the way forward. It is clear from reading the book that Bornstein and Davis put a lot of effort into researching the field since their examples make the book livelier and well-informed.
At the end of the book is a “Thoughts for Changemakers” list with 25 points, the first ten are:
1. Begin with an end in mind.
2. Do what you do best.
3. Have people ask you questions about your idea.
4. Practice pitching your idea.
5. Study the history of the problem you are attacking.
6. Develop a theory of change.
7. Keep thinking about how you can measure or evaluate success.
8. Celebrate every victory, no matter how small.
9. Initiate new relationships.
10. Apprentice yourself with masters (work without pay if necessary).
How to be a Social Entrepreneur: Make Money and Change the World
Ashton’s book is a social entrepreneur’s bible. It focuses on the social entrepreneur and the organisation. There is no history or dissection of the challenges and opportunities in social entrepreneurship, this book is all about the social entrepreneur. There are many relevant examples such as Jamie Oliver’s fifteen to Bob Geldof’s Live Aid and also helpful tips in the book that makes it practical. The book is almost a ‘how-to’ guide since it also has exercises that you can do as read through them. You don’t have to be a social entrepreneur to read this book since it has explanations about company structure, preparing business cases, managing money, building teams and so on but of course, it is written with the social entrepreneur in mind.
At the end of each chapter is also a nice summary such as this:
+ You can be a social entrepreneur by changing the organisation you work for, inspiring others to start or by starting something yourself.
+ How you can most make a difference depends on where you are right now.
+ You can inspire others simply by speaking your mind.
+ Small actions can have large consequences. Think big!
+ Don’t pre-judge your chances of success by comparing yourself with others less passionate than you. Look for differences as well as similarities.
I end with…
The first book is a great read if you want to know if it’s worth becoming a social entrepreneur. The second will show you how to be one. Being a change maker is not necessarily about low pay, less stress and autonomy, especially when one is a social entrepreneur but it is a rewarding experience. Sometimes, there are too many coincidences and you end up falling into social entrepreneurship as mentioned anyway. For example, I learned of KOTO; a social enterprise that teaches street kids to cook as a result of browsing through cookbooks as I was searching for a gift.
I leave you with a quote from Bornstein and Davis’ book:
The first step for anyone embarking on a career in the field of social entrepreneurship is to determine what you have always cared about. In the archaeology of your life — past actions, relationships, studies, and work — unearth the artifacts of your abiding interests or your calling. The more honest your intention, the more genuine your attachment to the work, the more effective you will be — and the more fulfilled. This is critical because many social entrepreneurs struggle for years in obscurity before they achieve success and recognition.
(Social Entrepreneurship: What Everyone Needs to Know — David Bornstein and Susan Davis, p. 123)
5 Things a Young Professional Should Be Doing
The transition from university to the workplace can be quite difficult for some people. Personally, I find it difficult to adapt to the new rules and unwritten rules in the corporate world. I’m told many times that it will come with experience or to be more bluntly, there is nothing you can do — time will tell.
Waiting is painful for a generation that tried to grow up too fast. Immediate access to information, the privilege to attend university, and the ability to establish a business online are clear signposts that expecting Generation Y to behave like previous generations is clearly unproductive. We are already one decade into the 21st century yet many of us still apply 20th century solutions to 21st century problems, which includes living a late-20th century lifestyle.
For the ambitious young professionals, here are 10 things you should be doing to prepare yourself in this uncertain environment and for a better future :
1. Build genuine relationships and maintain the network
Join an association, volunteer in a non-profit organisation, go to a workshop, become a member of a society or attend functions. There are few things in life that are important as building and maintaining good relationships. Notice how I have phrased the first point, forget the old meaning of ‘networking’. Gone are the days of networking at events and collecting business cards, you won’t remember those people and they wont’ remember you.
Instead, build genuine friendships with people who you are curious about, truly connect with and will maintain friendships for a very long time, if not indefinitely. It is not so much about the size of the network but the quality of the network. Trust takes time so don’t expect people to trust you over a friendly dinner, they don’t owe you anything so don’t expect to be entitled to anything. It is fun to make new friends and really get to know people as they can teach you a lot about certain aspects of life — even the toilet cleaner can teach you something about life, such as humility and persistence. You will never know that the next person you meet or talk to will become your mentor.
Ultimately, you want to build a positive support network but it takes effort to maintain it. Since the 1990s, progress in communication technology has changed the way we communicate with the introduction of the mobile (cell) phone, email and social network such as Facebook and Twitter. There is no excuse for you to only seek people out when you need them and obviously, you are also not obliged to assist people who do the same to you.
“The successful networkers I know, the ones receiving tons of referrals and feeling truly happy about themselves, continually put the other person’s needs ahead of their own.” – Bob Burg.
2. Learn a language
We are living in a globalised world. Many people are bilingual and in general, many Europeans know about three to four languages (English, French, German and Spanish). The world has become increasingly competitive and you need to stand out. Forget about European languages unless you want to enter the fashion industry or live in Europe.
Instead, learn a language such as Mandarin Chinese, Portuguese or even Arabic. We often complain about the poor accent from people in emerging countries. Not only will you learn a useful language of a rapidly developing economy, you will also gain more cultural understanding and empathy towards your exotic counterparts. As you grow older, you won’t be able to learn a language as quickly so learn it while you’re young.
“If you talk to a man in a language he understands, that goes to his head. If you talk to him in his language, that goes to his heart.” – Nelson Mandela.
3. Travel
It is a universal truth that travelling nurture the soul. Don’t know what to do with your life? Travel. Know what you want to do with your life? Travel. Stressed at work? Travel. The Oxford Dictionary defines travel as “make a journey, typically of some length”. Travelling is not about that five-star hotel package — the correct term for that is vacation.
There is nothing that can be more challenging and satisfying than being in a different environment, get out of your comfort zone and being forced to think on your feet. It teaches you so many skills that you don’t realise such as navigation, communication, problem-solving, persistence, independence and many more.
Travelling teaches you about life, more than you’ll ever learn at home and makes you aware about certain aspects in your life that you take for granted, such as the rule of law. In Germany, rules are strictly followed whilst in many Asian countries, the rule of law does not exist because law are never respected and therefore, are never enforced. You learn a bit more about yourself and what you can and can’t do. Desperate times call for desperate measures.
“The world is a book and those who do not travel read only one page.” – St. Augustine.
4. Stop complaining and be grateful
Life is complicated and ultimately, you got to be in control of your own life. We are lucky to be able to live in an era where world wars are behind us and we don’t have to face famine like other parts of the world. In fact, we are too lucky that sometimes, it feels like we are entitled to everything but do we really deserve it? Are we too privileged?
Sometimes, we feel like things are beyond our control; we have no choice. You do have a choice — but of course, that choice is not always as simple as it seems. It may be the fact that in order to be more happier and true to yourself, you may emotionally hurt others such as your family. In that case, you have made the decision to suffer in order to impress another human being. Vice versa, they have made the choice to rely on you for their own happiness.
It is an unhealthy circumstance but there is a choice, and there is also choice to get out of such circumstance. Things are never as bad as they seem and it’s never the end of the world but the first step is to stop complaining. Your friends, family, colleagues, boss and the human race don’t deserve it. It’s okay to ask for help, in fact, ask, ask and ask away! Find your solutions and move on.
Don’t whine. People who like to complain drive other people away and the people who are able to regain control of the situation and solve their problems are the ones who get noticed. Your boss doesn’t care about your problems, he or she only wants to know if you will get the job done. If you cringe about doing certain work, give the job to somebody else and be unpaid and unemployed. I bet you don’t want that either. Take on challenging work, take on menial work, take on any work you can without complaining. People will notice you but they may not acknowledge you, that’s okay. You’ve survived another day and become a bit better a person.
“If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss.” – Rudyard Kipling.
5. Learn everyday, learn everything and learn it well
Firstly, there is no point learning if you forget in the next second but with access to the internet, you should be able to learn anything you wish and at a rapid rate too. 50 years ago, people didn’t expect to know how to use computers and 10 years ago, companies didn’t expect that they will have to allocate a budget for social media either. 10–20 years later and you’ll be expected to know how to program.
Immerse yourself in knowledge and learn whatever that interest you and learn it well. Don’t rely on becoming an expert in your own area and shun the rest because there will be someone who is an expert in your area, and know more than you in other fields too. Gain a comparative advantage. It is a competitive world and you’re no longer competing nationally, you’re competing globally. Your job can always be outsourced to someone in China or the UK in the future. Watch out!
Additionally, just because you don’t choose a certain field as a profession doesn’t always mean that people working in that profession know more than you either. You may be surprised. You don’t have to be an expert in it but you should know enough so you don’t have to outsource every little thing to an ‘expert’ that you can do yourself. It will make life a lot easier. Lastly, learning is not always about being alone reading a book. It is about immersing yourself. Engaging in dialogues with friends is the easiest start.
“I think part of what made the Macintosh great was that the people working on it were musicians and poets and artists and zoologists and historians who also happened to be the best computer scientists in the world.” – Steve Jobs.
Banking Inequality
A few days ago, the Economist published an article titled, ‘Banking in the Developing World’ which discuss about the differences in banking between developed and the developing countries.
The article briefly summarises the results of possibly, the largest banking survey ever undertaken which includes 148 economies. The work was undertaken by the Gates Foundation, the World Bank and Gallup World Poll. While we all know that the World Bank needs serious reform, I would like to add that its website also needs to be better maintained (if you are a serial user of the Bank’s website, you will know what I’m talking about).
The figures from the results of the survey seem staggering but not exactly surprising either. Here is a brief summary from the World Bank’s website:
Although half of adults around the world remain unbanked, at least 35 percent of them report barriers to account use that might be addressed by public policy. Among the most commonly reported barriers are high cost, physical distance, and lack of proper documentation, though there are significant differences across regions and individual characteristics.
When public policy fails and people cannot gain access to credit legally, there’s little doubt that there will be a strong, unregulated shadow banking economy, whether through friends and family or external creditors such as loan sharks. So what does this tells us? There is still a large ‘hole’ in banking and there is much room for sound public policy to establish robust financial markets, as well as a role for social entrepreneurship such as microfinance.
In 1970, financial wizard (and almost Nobel Laureate in Economics) Fischer Black wrote a paper, ‘Banking and interest rates in a world without money’ in which he shared a vision of a world where each individual would only require one bank account. Deposits can be converted into loans and vice versa, all transactions would be cleared leaving “a world in which money does not exist”. At the time when I was reading this paper, which was a few years ago, I thought the rise of internet banking would lead us a few steps closer towards Black’s goal. Nevertheless, at this point in time, half of the world’s population is still far away from such vision.
A stable financial market is critical for economic growth and as you can see from The Little Data Book on Financial Inclusion 2012, the use of credit is also quite different between poor and rich countries. Home loans account for majority of debt in high income countries while health and emergency debt dominate in low income countries.
It is definitely worthwhile to check the banking profile of your country and see if anything surprises you, although mine doesn’t.
