The document provides career planning resources and advice. It includes sections on habits of millionaires, career planning for college students, and tips for being a good boss. The career planning section advises college students and graduates to gain work experience before starting their own business in order to develop skills and financial stability. It also warns against sharing career ambitions with employers. The boss quiz section tests the reader on effective management strategies like empowering employees, treating people fairly, and making employees feel valued.
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Career Planning Resource
1. CAREER
PLANNING
RESOURCE
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 1
2. CONTENTS
Sr. Topics Page
1. Five Habits of Millionaires 3-4 .
2. Career Planning for College Students. 5-6
3. Are you a Good Boss? 7-12
4. Eight Tips for Job Hunting During the Recession 13-14
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 2
3. Five Habits of Millionaires
According to a study of college students at the Ernst & Young International
Intern Leadership Conference in Orlando, Florida, 59 percent of these young
leaders expect to be millionaires within their lifetime. What's more, 5 percent
of them expect to hit the million-dollar mark while in their 20s.
And the super-rich are a growing group. The top 0.1 percent of the
population's average income was $3 million in 2002, up two and a half times
the $1.2 million, adjusted for inflation, that group reported in 1980.
Earned Money vs. Easy Money
Easy money usually comes from inheritance or luck, such as winning the
lottery. The track record of people who get their money through the lottery
or other windfalls is usually very different from those who created their
wealth themselves or who planned for an expected inheritance. Lottery
winners are often a sorry lot; more than 90 percent use up their winnings
within 10 years -- some go through their money in weeks or months.
But there are some consistent patterns among those people who earn or plan
to inherit their money, and these five strategies may be worth emulating.
1. Avoid the Earn-to-Spend Mentality
Michael LeBoeuf, author of The Millionaire in You, points out that to
increase wealth, it's essential to emulate millionaires who view money as
something to save and invest, rather than income to spend. Many wealthy
people live quite simply, he points out, choosing less pretentious homes than
they could theoretically afford and opting for financial independence over
material showmanship.
2. Focus
LeBoeuf also counsels resisting the impulse to be scattered in your efforts
and interests: "Winners focus; losers spray." And goals that are clearly
written down are easier to keep in focus.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 3
4. 3. Do Whatever Is Necessary to Meet Your Goal
People who earn their millions are able not only to focus but persevere in the
pursuit of their goals. One single female entrepreneur, Melissa Clark-
Reynolds, started her first business, a health and safety consultancy, when
she had a young son. En route to her goal of being a millionaire by age 35,
Clarke-Reynolds and her son ate lots of pizza, did homework late at night
and often slept at the office. She is now a chief executive mentor for
Empower New Zealand, a global business consulting firm headquartered in
London.
4. Take Calculated Risks
You have to take strategic risks to earn and grow money. And a little
rebelliousness seems to help too. One interesting study found a majority of
male millionaire entrepreneurs had been in trouble with school authorities or
the police during their adolescence.
5. Be Generous
And why doesn't it surprise us that millionaires are often very generous?
Sometimes it's for the tax breaks, obviously, but often it's not. One Jewish
Swiss millionaire, for instance, flew to Israel to give $5,000 in cash to a
waiter at a Jerusalem café who foiled a Palestinian suicide bombing. Among
the most generous of millionaires are those from North America, who are,
according to a Merrill Lynch Cap-Gemini report, two to five times more likely
to give to causes they value than their European counterparts.
These five habits are a pretty good prescription for living happily even if
you're not a millionaire.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 4
5. Career Planning for College Students
Still in school, just graduating or starting your first job? Choosing major,
exploring career choices, securing internships and succeeding at that first
"real" job can be tough.
If you are thinking of going into business right after college, I can only tell
you in the strongest possible terms, DO NOT DO IT in your situation. Here is
why:
1) Good engineering positions are extremely competitive. And if you don't
use it you will lose it. If you try to get back in after a period of a year or
more, you will be competing for entry level positions with people fresh out of
school who still have all that basic engineering fresh in their minds. You do
not. Don't kid yourself.
2) I am a graduate of one of America’s top Business Schools. You think you
learned a lot in school. You know absolutely nothing - accept this, embrace
it, use it. Working under pressure on real world practical engineering issues
is the only way you are going to take all that information you learned and
finally know what it is good for. Do not underestimate this.
3) Starting a business of any kind is a high risk. Fresh out of school your
financial position is abysmal. Do not complicate it further - it could adversely
affect the rest of your life. Working in engineering for a few years will allow
you to stabilize your finances, and hopefully allow you to put away some
money to see you through the start up phase of your independent venture
later. Make a plan, save, research your future independence, and then apply
all that you have learned with the cash you saved.
4) I worked for major Multinational companies for over 25 years. A large
percentage of the people that run corporations are total idiots, bully’s,
narcissist, posers, and worse. But there are also many very astute managers
in their midst as well. Your engineering degree, even if you took MBA
courses on the side, prepares you in no way to go into business by yourself.
Working for a few years in a company can teach you a lot about good
business practices, and more importantly what the idiots in those
organizations do wrong technically, financially, and managerially. This
experience and knowledge will be invaluable to you in your own venture.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 5
6. 5) Companies like to say they value diversity, want you to think outside the
box, be entrepreneurial. Guess what. They are usually lying. Today's
companies want worker bees who will tow the line and support management
fantasies. If you come in there with a background of trying to go
independent, it will set of alarms that you are too independent, not a team
player, will be hard to bring into the fold, unlike some wide eyed ambitious
kid fresh out of school. This is simply the way it is. Go into it now; play the
game for a while to position you. Then get the heck out as fast as you can.
It is much easier to get OUT of the corporate world than to get back in once
you have been out of it.
6) Working for a company for a while will also expand your thought
processes regarding the goals of your own business down the road. You will
meet and network with people who have vastly different life experiences and
see your own goals in a new perspective as a result. You may recognize new
independent business opportunities you would have otherwise never even
thought of.
7) Under no circumstances share your desire to become independent in the
future with ANYONE you work with. Appearances in today’s companies are
everything. If word gets out that you have aspirations outside the company,
you are a dead man and will get hosed when you need it least.
I am not trying to be cynical here. But I do want to be brutally frank with
you because this is a very critical phase of your life, and this decision could
have very long term consequences for you.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 6
7. Are You a Great Boss?
Take this quiz based on his input, and find out how good a boss you are.
Are You a Great Boss?
Do you have what it takes to be a great boss?
Take this quiz based on your input, and find out how good a boss you are.
Question number: 1 of 10
True or false: The way to empower employees is to leave them alone to
manage themselves?
True False
Question number: 2 of 10
True or false: The way to treat people fairly in the workplace is to treat
everybody the same?
True False
Question number: 3 of 10
True or false: To be a strong manager, sometimes you have to act like a
jerk?
True False
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 7
8. Question number: 4 of 10
True or false: Managers are prevented from being strong, because many
factors -- such as red tape, corporate culture, senior management and
limited resources -- are beyond their control?
True False
Question number: 5 of 10
True or false: Some people are not natural leaders and are therefore
destined to be not-so-great managers?
True False
Question number: 6 of 10
True or false: There isn't enough time to manage people?
True False
Question number: 7 of 10
True or false: Self-starting, high performers want to be hired by a boss who
will allow them to manage themselves?
True False
Question number: 8 of 10
You have too many people to manage and not enough time, what do you do?
Hold team meetings as a substitute for one-on-ones.
Empower the team by leaving them alone to manage themselves, while
remaining available in case anything goes wrong and they need you.
Make choices every day and carry out as many one-on-one meetings as
you can each week.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 8
9. Question number: 9 of 10
Your employee Ms. X misses a deadline, because she is waiting for another
employee, Mr. Y, to finish some piece of the puzzle before she can complete
her task. How can you fairly hold Ms. X accountable if she is legitimately held
up by Mr. Y in another department?
Tell Ms. X that it is her responsibility to make sure she gets what she
needs from Mr. Y in order to meet her deadline. Impose whatever
consequences you can on Ms. X for missing her deadline. Maybe next time
Ms. X will go to greater lengths to get what she needs from other people to
complete her assignments in a timely manner.
Do not blame Ms. X. Instead, blame Mr. Y. Talk to Mr. Y's boss and make
sure Mr. Y suffers the consequences for holding up Ms. X.
Keep the focus on all the concrete actions that are directly within Ms. X's
control when it comes to getting what she needs from Mr. Y and getting the
assignment completed on time.
Question number: 10 of 10
What is the best way to make an employee feel he and his work are
important?
Tell the employee regularly that he and his work are important.
Delegate important tasks and responsibilities to the employee, and then
trust her to do her job very well unless you have reason to believe otherwise.
Track the employee's performance every step of the way.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 9
10. Correct Answers:
Question number: 1 of 10
False
You got it. "If you want to truly empower people, then you must define the
terrain on which they have power". "That terrain consists of effectively
delegated goals with clear guidelines and concrete deadlines." So show them
what to do and how to do it. That's the hard work of leading, managing and
supervising.
Question number: 2 of 10
False
You got it. The reality is that treating everybody the same is unfair. Because
bosses can't do everything for everybody, most take the easy way out --
reward nobody. The result is that low and mediocre performers enjoy roughly
the same rewards as high performers, who then grow frustrated and angry.
What's truly fair? "Do more for some people and less for others, based on
what they deserve -- based on their performance".
Question number: 3 of 10
False
Correct. Acting like a jerk on the belief that you're being a strong manager
is often a symptom of what you calls "false nice guy" syndrome. This is when
managers try so hard to be nice that they refuse to make decisions, give
orders and hold people accountable. The result is that small problems turn
into big problems, and the "nice guy" gets angry. "When problems are not
dealt with, sometimes they turn into disasters,” So accept your legitimate
authority and be comfortable using it.
Question number: 4 of 10
False
Correct. Some managers hide behind factors beyond their control as an
excuse not to manage. And almost always, right beside them, are managers
who find ways to work within and around the rules and red tape. Your belief?
"Learn the rules and red tape and contracts backward and forward, and then
work them."
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 10
11. Question number: 5 of 10
False
In your work as a management trainer, you have trained tens of thousands
of individuals. Your findings? "Some people are visionary, charismatic,
articulate, filled with ideas and unusually energetic. But that doesn't
necessarily make them good managers." Providing direction and guidance,
holding people accountable, dealing with failure and rewarding success are
the basic elements of management and are often missing from leadership
today. Good management skills should be learned and practiced until they
become habits, you maintain.
Question number: 6 of 10
False
Correct. "When a manager avoids spending times up front making sure
things go right, things always go wrong,” The result is that these managers
run around solving problems that never had to happen. "Remember that the
time you spend managing is high leverage time". "If you put your
management time where it belongs and attend to the basics every step of
the way, the time you do spend managing will be much more effective."
Question number: 7 of 10
False
You got it. You say self-starting, high performers want a boss who is strong
and highly engaged. "They want a boss who spells out expectations clearly,
who teaches them the best practices, who warns them of pitfalls, who helps
them solve small problems before they fester and grow, and who rewards
them when they go the extra mile." Its low performers who want to be left
alone.
Question number: 8 of 10
Make choices every day and carry out as many one-on-one meetings as
you can each week.
Correct. In an ideal world, you would talk with every person who calls you his
boss every day. But this is not always possible. You conduct one-one
meetings on a regular basis, making them routine, brief, straight and simple.
"Once you've gotten into a routine with each person, 15 minutes should be
all you need”.” At 15 minutes per meeting, you should be able to have four
meetings a day in an hour. That's 20 meetings a week, at least."
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 11
12. Question number: 9 of 10
Keep the focus on all the concrete actions that are directly within Ms. X's
control when it comes to getting what she needs from Mr. Y and getting the
assignment completed on time.
Correct. "First, focus on the tasks your employee can accomplish on her
own". "Accurately define all the steps she can and should take leading up to
the point where she has to rely on someone else." Then you can evaluate
how well she accomplished those tasks. Another point to consider is how
your employee is handling the people she depends upon to accomplish her
tasks. "You can teach her how to interact more effectively with these people
and get more of what she needs from them --and faster". "If your
employee's work is being held up by a coworker or an outsider, spell out
exactly what you expect her to do during that waiting period. Help her make
a plan to reduce downtime, maintain productivity and continue moving the
project along."
Question number: 10 of 10
Tell the employee regularly that he and his work are important.
"This is a good start, but it can feel a lot like lip service if you are not keeping
close track of what the employee is doing and how she is doing it". If the
employee is really important and her work is really important, wouldn't you
be keeping closer track?
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 12
13. Eight Tips for Job Hunting During the Recession
The global credit crisis and flat-lining domestic economy could make this one
of the most challenging times to be looking for a job in recent history.
According to the Bureau of Labor Statistics, the number of unemployed
increased by 2.2 million between September 2007 and September 2008, and
the September 2008 unemployment rate hit 6.1 percent -- the highest level
in five years. In the financial services industry alone, hard-hit by the sub
prime crisis, more than 111,000 people have lost their jobs through the first
nine months of 2008.
To be a successful job seeker in this climate, you have to be calm, patient
and proactive -- and try any (or all) of these tips.
Pick and Choose Your Targets
When Jack Hinson was laid off in mid-2008 from his job at a large Internet
content company in Austin, he prioritized his search. “It’s important to put
your time and energy into opportunities that you’re the most interested in
and that have the best chance of coming to fruition,” he says. “Pick a few
companies you’re interested in and pursue them, whether they have current
openings or not.”
Concentrate on Growth Industries
Brent Berger, a Las Vegas-based scenario planning and strategy consultant
suggests focusing on growth industries and areas. “Look at energy,” he says.
“With oil costs where they are, the need for cheap fuel and cheap heat is
ever-mounting. And any job that alleviates pain is recession-proof. Similarly,
the National Guard, Border Patrol, homeland security and the defense
industry in general will continue to thrive as the next stage in the war on
terror continues.”
Work Your Network
Hinson’s new gig came from an old connection. “I’d spoken to the
company’s founders about a year ago and stayed in touch,” he says. “Then I
ran into one of them at a networking function.” So flip through your Rolodex
or business social media contacts and let them know you’re looking.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 13
14. Sell Yourself
San Francisco PR account executive Samantha Rubenstein launched a job
search just as the economy began to flag. After three months, she got a
great offer from Atomic PR. She attributes her success to doing more than
learning about the company. “Preparation [includes] learning how to talk
about you in a meaningful and powerful way,” she says. “I created a list of
potential interview questions and typed up bulleted answers to create
speaking points.”
Consider Freelancing
Russ Carr, a designer and writer in St. Louis, has twice had a line on a job
only to see it slip away when the employer lost a key account or decided to
distribute the duties among current employees. To keep some money coming
in, Carr started freelancing. “I haven’t stopped trying to shop myself for a
full-time gig again, but freelancing certainly has kept food on the table,” he
says. “If you’re in a field that supports it, don’t think twice -- just do it.”
Take a Temporary Position
If freelancing isn’t practical, try temping. “Consider interim staffing to fill a
temporary slot for work that needs to be done despite the economy,” advises
Ronald Torch, president and CEO of the Torch Group, a marketing staffing
firm in Cleveland. Or temp with a company that interests you. “Many of these
options pay well and can carry the burden of bill-paying until a permanent
position comes along,” he says.
Sweat the Small Stuff
“Don’t forget the personal touches,” counsels Felicia Miller, assistant
director of career services at the Art Institute of Las Vegas. “Don’t use a
template cover letter -- make sure each letter addresses specific skills or
qualities the company is looking for. And always send a thank-you note or
email after the interview. Use this correspondence as an opportunity to
revisit weak areas of your interview.”
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 14
15. Stay Positive
The most important thing when searching for a job in tough economic times
is to retain a positive attitude, says Carol Vecchio, founder and executive
director of Center point Institute for Life and Career Renewal in Seattle.
“Even in a job market with 10 percent unemployment, there’s 90 percent
employment,” she says. “There is an average of over 3 million jobs available
in the US per month -- and each job seeker is looking for one. Those are
pretty good odds.”
Struggling to find a great job in a bad economy can be a drag, but
undertaking even a few of these tips will improve your chances of landing a
gig. “Remember it doesn’t matter how many jobs are or aren’t out there,”
Vecchio says. “You’re just looking for one -- the right one for you.”
Good luck. Go independent, but you are still young. Take some time, learn
as much as you can, make a plan, generate a nest egg, and THEN make it
happen.
Farhan Shabbir (farhanshabbir@bankalfalah.com - 0333-4345606) 15