Archive for July 15th, 2011

World’s Top 10 rich people till March 2011

According to updates from “Top 10 richest people in the world” are:

Net Worth:$74 B
Age: 71
Title: Chairman
Organization: Telmex
Source: telecom, self-made
Residence: Mexico City, Mexico
Country of citizenship: Mexico
Education: BA/BS, Universidad Nacional Autonoma de Mexico
Marital Status: Widow
Children: 6

Net Worth:$56 B
Age: 55
Title: Co-Chair
Organization: Bill & Melinda Gates Foundation
Source: Microsoft, self-made
Residence: Medina, WA
Country of citizenship: United States
Education: Dropout, Harvard University
Marital Status: Married
Children: 3

Net Worth:$50 B
Age: 80
Title: CEO
Organization: Berkshire Hathaway
Source: Berkshire Hathaway, self-made
Residence: Omaha, NE
Country of citizenship: United States
Education: MS, Columbia University; BA/BS, University of Nebraska Lincoln
Marital Status: Widowed, Remarried
Children: 3

Net Worth:$41 B
Age: 62
Title: Chairman
Organization: Louis Vuitton Moet Hennessy (LVMH)
Source: LVMH, inherited and growing
Residence: Paris, France
Country of citizenship: France
Education: BA/BS, Ecole Polytechnique de Lausanne; BA/BS, Ecole Polytechnique de Paris
Marital Status: Married
Children: 5

Net Worth:$39.5 B
Age: 66
Source: Oracle, self-made
Residence: Woodside, CA
Country of citizenship: United States
Education: Dropout, University of Chicago; Dropout, University of Illinois at Urbana
Marital Status: Divorced
Children: 2

Net Worth:$31.1 B
Age: 60
Title: Chairman
Organization: ArcelorMittal ADS
Source: Steel, inherited and growing
Residence: London, United Kingdom
Country of citizenship: India
Education: BA/BS, St Xavier’s College Calcutta
Marital Status: Married
Children: 2

Net Worth:$31 B
Age: 75
Source: Zara, self-made
Residence: La Coruna, Spain
Country of citizenship: Spain
Marital Status: Married
Children: 3

Net Worth:$30 B
Age: 54
Title: CEO
Organization: EBX Group
Source: mining, oil, self-made
Residence: Rio de Janeiro, Brazil
Country of citizenship: Brazil
Education: Dropout, RWTH Aachen University
Marital Status: Divorced
Children: 2

Net Worth:$27 B
Age: 54
Title: Chairman
Organization: Reliance Industries
Source: petrochemicals, oil & gas, inherited and growing
Residence: Mumbai, India
Country of citizenship: India
Education: Dropout, Stanford University; BA/BS, University of Bombay
Marital Status: Married
Children: 3

Net Worth:$26.5 B
Age: 56
Source: Walmart, inherited
Residence: Jackson, WY
Country of citizenship: United States
Marital Status: Widow
Children: 1


Google’s Next Triumph

Google didn’t just earn more today. It earned better. Way better.

Here is the release. Google’s revenues for the quater ended June 30 were $9.03 billion, up 32% from $6.82 billion in the second quarter of 2010. Now look at the per-employee numbers: Google grew its employee base 9%, from 26,316 employees at the end of June, 2010, to 28,768 at the end of last month. Thus, it had revenues of $313,890 per employee, versus $259,157 per employee last year.

Net Income was $87,075 per employee, up from $69,919 per worker last year. In other words, they grew staff and managed better. Mangement isn’t something Google had been known for for awhile.

Compare that to a few other well-known companies. For the last quarter they reported, IBM had revenues of about $45,000 per employee, and profits of $6,082 each. Let’s go for the money: Goldman Sachs had revenues of $310,548 per employee, and net earnings of $71,400 apiece.

In fairness, there is at least one other company that does better per person. Apple took in $499,392 for every employee in revenues in the recent quarter, and had $115,182 in profits per person.

Respect. But this isn’t a story about them.

How should we look at what Google did better, and should we expect to see it head for an Apple-type level of executiong? From the start, chief executive Larry Page put the improvement down to “greater focus…more wood behind fewer arrows,” which meant closing down projects like Google Health and a power meter reading service, both of which Page championed, but which he had the smarts to quit when they didn’t play out.

There were over 100 tweaks to search and search advertising, which mattered greatly. The better the results, the more people are likely to search again, raising the likelihood they’ll click on an ad. Sometimes simple things, like making ads easier to read, also helped, as did developing software that made it easier to attract lots of small- and medium-sized businesses – still the majority of the world’s economic activity – both in the U.S. and overseas.

All of that will continue. More important, however, are the efforts to make Google pervasive, temporally and situationally. Away from the desk, Google’s Android operating system is now being activated another 550,000 times a day, almost all on phones but increasingly on tablets and other devices. And while Apple still enjoys sales, and Microsoft and Nokia are cooperating closely, Page said, “despite the efforts of some of our competitors, there hasn’t been any slowdown.”

There are also Chrome browsers and notebooks to handle new kinds of online living, and novel approaches to the YouTube video channel (over 100 million people watched the royal wedding on YouTube, who knew?). These include opt-out advertising, now on one-third of the YouTube ads (the feeling is that people who opt in actually watch the ads, making them more valuable) and block purchases –Tmobile put up 46 million images when it took over YouTube.

Much of this is preamble, however. As I wrote a few days into the introduction of the Google+ social network, the long game here is tying together many services, in look, feel, and functionality, so that Google is an essential part of life. That is how Google will keep the profitability going.

“We obviously have a lot of different things for different people,” said Page. “We are definitely working hard to integrate our products better (and make them) beautiful, intuitive, and consistent.”

Some of that is to make situations like mobile information gathering more effective advertising and shopping environments, through the best combination of mobile operating systems, maps, voice commands, and automated payment systems. To that end, Google Wallet will likely receive a lot more attention, as will the emerging Google Offers product, aimed at Groupon.

The even bigger bet, long term, is about moving from situations to the overall course of a day, in the creation and consumption of media, communications, and work products. This will prove not just through products linked at the back end to each other, but in design features employing more flexible HTML5 technologies.

How to Log Hours in Seconds

10,000 hours is a ridiculous amount of time. As a matter of fact, it’s so much time that it may discourage some of you. Don’t worry, though. There’s a way to log 10,000 hours without actually putting in that much time, or in other words, you can log hours in seconds.

“Whoa, what are you talking about” is probably what you’re thinking, right?

Instead of logging the hours yourself, you can borrow time. Instead of spending 1,000 hours building an audience from scratch, borrow an audience from someone else (guest posting, for instance).

What if you need help increasing your conversion rates? Find expert content on the subject and devour it. Someone else already spent the time doing the research, now you need to implement it.

The Power of Deliberate Practice

Remember, if you want to succeed online, you’ll probably need to log thousands of hours. And in most cases, it’s not just busy work so you can’t put in 16 hour days to make it work. Instead, you’ll have to push yourself each day and that can be exhausting. Geoff Colvin, in “Talent is Overrated,” calls this deliberate practice.

What qualifies as deliberate practice for a blogger? Here’s a list:

Do you write content? Learn how to make it better.
Need people to promote your products? Craft personal pitches to specific people (mass templates won’t work).
Want higher search rankings? Spend time building links or learning about other aspects of SEO.
Need your next article to go viral? Stop thinking its luck and discover how to create viral content.
This is obviously a short list, and it’s not complete. However, if you’re building a website, you know what you have to do. The advice doesn’t change. You just need to put the time in.

The 10,000 Hour Rule

You’ve heard about the 10,000 hour rule (it was made famous by Malcolm Gladwell in Outliers). K. Anders Ericsson discovered that elite music performers—more specifically classical violinists—all had one thing in common and it was at least 10,000 hours of practice before becoming a professional.

Again, online it’s no different. If you want one project to succeed, you must put in enough hours. And how do you expect to put in enough hours if you have 4 different projects? The short answer is, you can’t.

For example, when I first got started online, I tried building several different blogs—a fashion blog, a fitness blog, a celebrity blog, and a dating blog. For the first 4 months, I floundered. Nothing was working.

Then, it hit me! In March 2006, I decided to focus on the celebrity blog. Shortly thereafter, my site grew exponentially, and within a year, I was generating several million pageviews each month.

Why did focus work? Well, when I was attempting to build several blogs, I spent the bulk of my time writing content, which meant I wasn’t marketing my content. Once I spent less time writing content and more time marketing my content, it paid dividends.

Let’s say you think you’re able to spend enough time writing and marketing your content. Should you still focus on several different projects at once? The answer is still no. Unless your site is self-sustaining—does not require daily effort from you—you should push yourself to work on just one site.

The Battle of Julu

When I first read Predictably Irrational by Dan Ariely, I stumbled on the fascinating story of General Xiang, a courageous Chinese general from more than 2,000 years ago.

“Who was General Xiang, and what does he have to do with online business,” you ask?

In 207 BC, General Xiang advanced the small Chu army towards Julu to wage war against the huge Qin army. After crossing the river, he had his troops burn the ships and destroy all but 3 days of supplies, which successfully eliminated any chance of retreat.

Since the Chu army of 30,000 was about to fight the Qin Army of 300,000, you might think Xiang was crazy. However, the results tell a different story. Xiang’s army won nine consecutive battles, and then opposing Qin army surrendered.

What happened here? The theory is, since the Chu army had no other option, they had to win and their fighting demonstrated it. In other words, they put all their eggs in one basket and watched that basket.

Online, it’s no different. When you’re getting started, working on several projects sounds good. However, the odds are against you. Many more people fail at creating a profitable online business than succeed. If you want to be one of the few who do succeed, you’ll need that laser focus you develop when you have no other option. So, focus on one project at a time.

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