Quantcast
Channel: Careers
Viewing all 27352 articles
Browse latest View live

Millennials say they work to pay the bills — but also because they want to travel

$
0
0

millennial vacation trip instagram travel

  • Millennials are most motivated to work by travel and paying their basic expenses each month, according to new data from FlexJobs
  • A full 81% said they worked to pay their monthly bills — and 63% said they worked to travel, more than the percentages who said they were primarily motivated by paying off debt or saving for retirement.
  • Read more personal finance coverage. 

Millennials have already changed the workforce, and their motivations for going to work every day might be different than their parents and grandparents. 

According to data from job search site FlexJobs, most millennials are motivated to work in order to pay for basic necessities and to earn money to travel, more so than making money to pay off debt or save for retirement.

FlexJobs surveyed 1,600 millennials and found that while 83% of millennials said a primary reason for working was to cover basic expenses, 63% said traveling was a primary reason. That's compared to 51% of millennials who said paying off debt was their primary motivator for working, while 58% said that retirement was important. 

In a recent survey conducted by Insider in partnership with Morning Consult, 55% of millennials, or those between the ages of 23 and 38, reported that they didn't have a retirement account. And that's a big problem, especially since starting early is one of the most critical elements to saving for retirement.

In an example previously reported by Business Insider's Tanza Loudenback, two people save $100 each month, starting 10 years apart in an account with a 5% return. The person who started at 25 will ultimately end up with $162,000 saved by retirement age, nearly double the savings of the person who started at 35. However, that saver who started at 25 only contributed about $12,000 more than the person who started later. That difference is just thanks to the power of compound interest, an investing concept in which interest earns interest on itself, snowballing into more savings over time. 

Just over half of millennials surveyed said one of their main reasons for working was to pay off debt— less than the 63% who said traveling was their main reason for working. But for millennials with student loans, credit card debt, and other large debts, it couldn't be more important to start paying those off quickly. 

A survey from Northwestern Mutual reports that the average millennial who has credit card debt carries about $27,000 of debt. Thanks to credit cards' high interest rates, credit card debt is some of the most expensive debt you can carry and therefore some of the hardest debt to pay off.

Join the conversation about this story »

NOW WATCH: Mexico has just one store where you can legally buy a gun and it's located on a heavily-guarded military base


IPO flops and CEO firings have made it clear that Silicon Valley's magic startup formula is about to change: Welcome to the age of Founder Frenemies

$
0
0

Brian Chesky Dick Costolo Sun Valley

For more than a decade, Silicon Valley's law of the land has rested on one fundamental principle: a startup's founder does whatever they want, unmolested by the rules and constraints governing everyone else, and the investors backing the startup keep their mouths shut and reap big returns.

This non-aggression pact between startups and investors is known as "Founder Friendly." It's long been touted as the magic recipe that produced smash-hits like Google and Facebook. It's the reason Mark Zuckerberg has complete voting control of Facebook, and why dull SEC registration filings now include flowery "founder's letters to shareholders." And it's the key selling point at the heart of every venture capital firm's pitch.

But it's also the formula that gave us Adam Neumann, the WeWork founder whose approach to management and proclivity for self-dealing were so egregious that they ultimately scuttled the company's $47 billion IPO. And it's led to Facebook's unprecedented control of the world's information distribution and its troubling lack of accountability for spreading misinformation. 

Years of founder friendly business practices in Silicon Valley have created excesses, and the model is showing signs of strain. VC investors have been forced to oust some of the most problematic founders, and a string of IPO flops has provoked anxiety about the future.

In this special report, Business Insider takes a look at how the cozy arrangement between startup founders and startup investors is evolving, at the forces that created — and now threaten to undo — the founder friendly model and at the many ways the tech industry could be affected from CEOs to IPOs. 

Read the full stories on Business Insider Prime here:

Benchmark's role ousting the CEOs of WeWork and Uber could be the end of the 'founder friendly' reputation that

Silicon Valley's founder-led startups have lost their shine with IPO investors. But the obsession with direct listings won't fix the bigger problem.

As founders and VC investors lock horns, startups are on the hunt for 'outside' board directors, Silicon Valley's in-demand job

The real reason IPOs are flopping is the lack of startup transparency, some experts say. And they worry that a new SEC rule could make things worse

Join the conversation about this story »

NOW WATCH: Facebook's scandals aren't enough for people to stop using it. Here's how the company has held up through data hacks, lawsuits, and massive security threats.

26 jobs that confront death more than others

$
0
0

funeral home employee

  • Death is an inevitable part of human life.
  • People in some jobs confront death more often than others.
  • Using data from the Bureau of Labor Statistics, we found 26 career that encounter, study, try to prevent, or help us understand and cope with death as a major part of the job.
  • Visit Business Insider's homepage for more stories.

Death is an inevitable part of human life. And people in some jobs confront death more often than others.

Using data from the Bureau of Labor Statistics' Occupational Employment Statistics program, we found the average annual pay and number of Americans employed as of May 2018, the most recent period for which data is available, for 26 occupations that encounter, study, try to prevent, or help us understand and cope with death as a major part of the job.

From protective workers like paramedics and police officers who sometimes tragically see death firsthand in the line of duty, to epidemiologists and actuaries studying causes and statistics of death, to the funeral directors and clergy who help us say goodbye to our loved ones, these careers all intimately touch the final stage of the human condition.

Here are the occupations, along with a description of what each job entails from the Department of Labor's O*NET occupational database:

26. Lifeguards, ski patrol, and other recreational protective-service workers make an average annual salary of $24,420.

Number employed in the US: 144,370

What they do, according to O*NET: Monitor recreational areas like beaches and ski resorts to assist, protect, and rescue participants.



25. Funeral attendants make an average annual salary of $28,480.

Number employed in the US: 35,340

What they do, according to O*NET: Perform tasks during funerals, like arranging a casket and directing mourners.



24. Ambulance drivers and attendants make an average annual salary of $29,010.

Number employed in the US: 15,380

What they do, according to O*NET: Drive ambulances to transport sick, injured, or convalescent patients.



23. Security guards make an average annual salary of $32,050.

Number employed in the US: 1,114,380

What they do, according to O*NET: Guard, patrol, or monitor premises to prevent theft or violence.



22. Emergency medical technicians and paramedics make an average annual salary of $37,760.

Number employed in the US: 257,210

What they do, according to O*NET: Administer emergency medical care and transport sick or injured people to hospitals.



21. Police, fire, and ambulance dispatchers make an average annual salary of $43,290.

Number employed in the US: 95,020

What they do, according to O*NET: Operate radio, telephone, and computer equipment at dispatch centers, and receive reports from the public about crime, fires, or other emergency situations.



20. Embalmers make an average annual salary of $46,640.

Number employed in the US: 4,070

What they do, according to O*NET: Prepare bodies for internment and funeral ceremonies.



19. Correctional officers and jailers make an average annual salary of $49,300.

Number employed in the US: 415,000

What they do, according to O*NETGuard inmates in prisons and jails.



18. Firefighters make an average annual salary of $53,240.

Number employed in the US: 321,570

What they do, according to O*NETControl and put out fires, and respond to emergency situations.



17. Clergy make an average annual salary of $53,290

Number employed in the US: 50,960

What they do, according to O*NETConduct religious worship services and perform other spiritual and religious functions for a faith community.



16. Occupational health and safety technicians make an average annual salary of $55,270.

Number employed in the US: 18,020

What they do, according to O*NET: Help develop programs to make workplaces safer.



15. Private detectives and investigators make an average annual salary of $56,810.

Number employed in the US: 30,990

What they do, according to O*NET: Gather, analyze, and report information about individuals or organizations to clients.



14. Morticians, undertakers, and funeral directors make an average annual salary of $57,620.

Number employed in the US: 25,740

What they do, according to O*NET: Arrange and direct funeral services.



13. Forensic science technicians make an average annual salary of $62,490.

Number employed in the US: 15,970

What they do, according to O*NETCollect and analyze physical evidence for criminal investigations.



12. Fire inspectors and investigators make an average annual salary of $64,140.

Number employed in the US: 12,530

What they do, according to O*NET: Inspect buildings for fire hazards and investigate the causes of fires.



11. Police and sheriff's patrol officers make an average annual salary of $65,400.

Number employed in the US: 661,330

What they do, according to O*NETMaintain order and protect life and property by enforcing laws and ordinances.



10. Occupational health and safety specialists make an average annual salary of $74,940.

Number employed in the US: 88,390

What they do, according to O*NET: Review work environments, and design programs and procedures to make workplaces safer.



9. Registered nurses make an average annual salary of $75,510.

Number employed in the US: 2,951,960

What they do, according to O*NETAssess patient health problems and needs and develop care plans.



8. Epidemiologists make an average annual salary of $75,690.

Number employed in the US: 7,060

What they do, according to O*NETInvestigate the causes and distribution of diseases and other health outcomes.



7. Postsecondary philosophy and religion teachers make an average annual salary of $82,420.

Number employed in the US: 23,100

What they do, according to O*NET: Teach courses in philosophy, religion, and theology.



6. Emergency management directors make an average annual salary of $82,570.

Number employed in the US: 9,550

What they do, according to O*NET: Plan and direct disaster responses and crisis management activities.



5. Detectives and criminal investigators make an average annual salary of $85,020.

Number employed in the US: 103,450

What they do, according to O*NETConduct investigations to prevent or solve crimes.



4. Health and safety engineers make an average annual salary of $93,630.

Number employed in the US: 26,230

What they do, according to O*NET: Promote worksite and product safety by applying knowledge of industrial and other processes.



3. Funeral service managers make an average annual salary of $93,820.

Number employed in the US: 8,400

What they do, according to O*NETManage funeral homes.



2. Actuaries make an average annual salary of $116,250.

Number employed in the US: 20,760

What they do, according to O*NET: Analyze statistical data, including mortality rates, to estimate risk and liability for insurance payments.



1. Surgeons make an average annual salary of $255,110.

Number employed in the US: 34,390

What they do, according to O*NET: Treat patients using surgical methods.



Here are the 18 finalists of Amazon's first-ever small-business awards, including best owners under 30

$
0
0

Jeff Bezos

  • More than 1,300 sellers nominated themselves to be one of Amazon's small businesses of the year.
  • Amazon announced a total of 18 finalists across 3 categories: small business of the year, women-owned small business, and small business owner under 30.
  • Voting is taking place until November 8 on the Small Business Spotlight web page
  • Click here for more BI Prime stories.

In September, Amazon announced its first-ever award to highlight its small-business third-party sellers, which make more than 58% of the sales on the platform. Since then, more than 1,300 sellers nominated themselves to be one of Amazon's three small businesses of the year. 

"We would have liked them all to have been finalists, but that would have been a little bit intimidating for our customers," Nick Denissen, Amazon's vice president of small businesses, said in an interview with Business Insider.

In addition to sales performance and reputation metrics, Amazon reviewed the nominees against three criteria: brand narrative, product innovation, and customer centricity.

"Each one of the finalists has their version of that combination, and that's also what our customers love about these smaller businesses," Denissen said. "What inspires this company to do what they do?"

Read more:The small retailer's ultimate guide to partnering with Amazon so you can make a boatload of money with fewer risks, from small-business owners and Amazon itself

Amazon customers can now choose from a total of 18 finalists in the categories of small business of the year, women-owned small business, and small business owner under 30. Voting is taking place until November 8 on the Small Business Spotlight web page, and the winners will be announced later this year.

The winning sellers will receive a package of perks, including dedicated account management, advertising and promotional support, and a trip to Amazon headquarters in Seattle. 

The company is also hosting a day of events in Nashville, Tennessee, and Washington, DC, to connect small businesses with customers in person and via Amazon Live. And Treasure Trucks will be out and about in 20 cities around the country, offering a special deal from one of its Storefronts partners.

Here are the 18 finalists:

SEE ALSO: Bank of America's small business chief tells us the common challenges and opportunities facing her 12 million clients, like growing your team in a tight labor market

Small Business of the Year: Ayoba-Yo

Website: Ayoba-Yo.com

Amazon site: Ayoba-Yo

Location: Fairfax, Virginia

Description: Ayoba-Yo, started by a first-generation immigrant and his sons, makes high-protein meat snacks with no artificial ingredients or sugar.



Small Business of the Year: Baking Steel Co.

Website: BakingSteel.com

Amazon site: Baking Steel

Location: Cohasset, Massachusetts

Description: The owner Andris Lagsdin developed a pizza stone made from ultraconductive steel designed to bake homemade pizzas faster than a typical stone.

 

 



Small Business of the Year: Damhorst Toys & Puzzles

Website: DamhorstToys.com

Amazon site: Damhorst Toys & Puzzles

Location: Hermann, Missouri

Description: Damhorst Toys & Puzzles is a family-owned business that produces personalized handmade wooden toys to help children learn colors and spelling.



Small Business of the Year: EcoBark

Website: EcoBarkPet.com

Amazon site: EcoBark

Location: Largo, Florida

Description: EcoBark makes pet supplies from recycled materials, like dog harnesses and leashes made from water bottles.



Small Business of the Year: Nutpods

Website: Nutpods.com

Amazon site: Nutpods

Location: Bellevue, Washington

Description: Nutpods sells dairy-free, sugar-free creamers made from almonds and coconuts. The creamers are available in four flavors: French vanilla, original, hazelnut, and caramel.



Small Business of the Year: Ravenox

Website: Ravenox.com

Amazon site: Ravenox

Location: Mt. Vernon, Washington

Description: Sean Brownlee, a Special Operations Marine with 21 years of military service, started Ravenox to manufacture rope in the US and create jobs for military veterans.



Woman-Owned Small Business: 1818 Farms

Website: 1818Farms.com

Amazon site: 1818 Farms

Location: Mooresville, Alabama

Description: 1818 Farms uses its own lavender and herbs to make handcrafted simple-ingredient bath and beauty products.



Woman-Owned Small Business: EazyHold

Website: EazyHold.com

Amazon site: EazyHold

Location: Simi Valley, California

Description: EazyHold sells a grip cuff designed to assist people with cerebral palsy, limb loss, stroke, ALS, brain injury, arthritis, or autism hold on to everyday items.



Woman-Owned Small Business: Nerdbugs

Website: Nerdbugs.com

Amazon site: Nerdbugs

Location: Madison, Wisconsin

Description: The founder Ronak Mehta designed Nerdbugs to help people cheer up patients and loved ones facing illnesses and surgeries.



Woman-Owned Small Business: OBIA Naturals

Website: OBIANaturals.com

Amazon site: OBIA Naturals

Location: Dallas

Description: OBIA Naturals makes natural, vegan, and pH-balanced hair products for men and women of all backgrounds.



Woman-Owned Small Business: Soul Insole

Website: SoulInsole.com

Amazon site: Soul Insole

Location: San Diego

Description: Soul Insole sells products to relieve foot pain that are washable and don't change the fit of shoes.



Woman-Owned Small Business: Ultimation Industries

Website: UltimationInc.com

Amazon site: Ultimation

Location: Roseville, Michigan

Description: Ultimation proudly makes its conveyor and material-handling products in the US and says that 70% of its sales team is female.



Owner Under 30: Bedtime Bulb

Website: BedtimeBulb.com

Amazon site: Bedtime Bulb

Location: Philadelphia

Description: The Bedtime Bulb was designed to give off an ideal amount of light for nighttime activities to promote better quality sleep.



Owner Under 30: Habit Nest

Website: HabitNest.com

Amazon site: Habit Nest

Location: Los Angeles

Description: Habit Nest makes journals to help people establish morning routines, gain mindfulness, and reach fitness goals.



Owner Under 30: Joe Chocolate Co.

Website: JoeChocolateCo.com

Amazon site: Joe Chocolate Co.

Location: Seattle

Description: Joe Chocolate Co. infuses whole-bean and ground espresso into all of its dark-chocolate products.



Owner Under 30: Player Ten Games

Website: PlayerTen.com

Amazon site: Player Ten

Location: Austin, Texas

Description: Player Ten Games has 10 party games designed to build storytelling abilities and in-person connections among players.



Owner Under 30: Renova Medical Wear

Website: RenovaMedicalWear.com

Amazon site: Renova Medical Wear

Location: Weehawken, New Jersey

Description: Renova Medical Wear makes shirts, pants, shorts, and underwear with snaps to make it easier for recovering patients to change clothes.



Owner Under 30: Watex Green Living

Website: WatexGreenLiving.com

Amazon site: Watex Green Living

Location: Lake Forest, California

Description: Denise Sung started Watex Green Living to make home gardening more accessible to people with limited space.



An Instagram influencer with 166,000 followers breaks down how much money she earns from a sponsored post

$
0
0

Katy Bellotte

  • Social-media influencers are earning money online by promoting products to their followers on Instagram.
  • Katy Bellotte, a YouTube creator and Instagram influencer, broke down how much she earns per sponsored Instagram post. 
  • Bellotte said rates varied based on what the brand is looking for and that, on average, she earns between $2,400 and $5,000 for a sponsored Instagram post. 
  • Click here for more BI Prime stories.

Many influencers earn the bulk of their money online by promoting products to their followers on Instagram and name-dropping brands on YouTube.

Katy Bellotte, a social-media influencer and YouTube creator, started her YouTube channel when she was 14 years old on the floor of her parents' bathroom.

"For my 16th birthday, I asked my parents for a tax ID number so I could start earning AdSense," she told Business Insider.

Now, nine years and 470,000 YouTube subscribers later, Bellotte earns money through a variety of ways, with brand sponsorships at the top, she said. She earns money by placing ads on her YouTube channel and promoting products on her Instagram page (166,000 followers) and podcast "Thick & Thin." 

On average, Bellotte earns between $2,400 and $5,000 for a sponsored Instagram post, she said. For an Instagram Story slide, she asks for $500 per frame.

She said it was hard to pin down one exact rate and that, when working with a brand, Bellotte and her YouTube manager set a rate depending on the "sponsorship package." A package typically includes one Instagram post, a story, and sometimes a 30- to 60-second mention in a YouTube video, she said.

Bellotte noted that this comes before taxes and she pays taxes quarterly. She saves 40% of every sponsorship paycheck for taxes, she said.

Hello Katy

How Bellotte got started on YouTube 

Bellotte's first brand sponsorship was with the makeup brand BH Cosmetics. They sent her a $40 eye-shadow palette in exchange for a video promoting the product on her YouTube channel, she said.

"This was back when a brand could ask you to post something in exchange for a product," she said, adding that influencers today charge for a video mention and should not accept free products as payment. 

Bellotte doesn't reach out to brands, she said. Most sponsorship opportunities come from the brand emailing her or from her manager, Matter Media Group, setting up opportunities for her. 

Read more: The top 14 talent managers for YouTube creators and influencers who are shaping the future of digital media

The brand will either say what it wants, and how much it's looking to pay, or pitch a concept. Bellotte and her manager then send back a proposal and cost. 

"All of this is facilitated through my management," she said. "I would not be able to handle the workload of this on my own." 

Her management receives a 20% cut, she said. 

Katy Bellotte

What brands are paying for 

In Bellotte's experience, brands pay more for a package than a single post, she said. 

She said after she posts the sponsored content to Instagram, the company typically comes back and asks for specific performance metrics, like how many views a story got, or for the impressions on a sponsored Instagram post. She said some brands also asked for "saves," or how many people saved the post to their personal account. 

"You'll notice there are some creators out there who are getting smart about this," she said. "Saying, 'To enter my giveaway, you have to save the post and then do X, Y, Z.' Then, when brands ask for the save numbers, they have an inflated number because they'll do things like that." 


For more on how to become a successful influencer, according to YouTube and Instagram stars, check out these Business Insider Prime posts:

Join the conversation about this story »

NOW WATCH: Sharks aren't the deadliest creatures on Earth. Here are the top 10.

The CEO of a tech company changing the way developers code explains how a simple writing habit has made him a better leader

$
0
0

Anil Dash 100 list 2

Anil Dash is the CEO of Glitch, a coding platform that helps web app developers work more efficiently and effectively. The best technique he's found for himself to work smarter, though, is fairly low tech.

"One of the biggest productivity boosters I've seen is, counterintuitively, one of the most time-consuming tasks I do," he told Business Insider. "Spending time to regularly write, at length and in detail, about one's key thoughts is a huge boost to being effective in our work, and in our lives overall."

And Dash is a prolific writer: His blog had its 20th anniversary this past July.

Dash took over Fog Creek Software three years ago and relaunched it as Glitch, built around a developers' platform with millions of users working at companies like Google and Microsoft, and enterprise clients like Spotify, Slack, and Trello. A fundamental aspect of its popularity is due to the way Dash and his team have built it around collaboration and community.

Those are two things Dash wants at his own company, and he said his habit of writing has helped make him a better leader in that sense.

"One of the key things that's happened over the course of writing millions of words over the last two decades is that it has helped me clarify my thoughts, strengthen my arguments, sharpen my opinions, question my assumptions, and share my ideas," he said. "It's permanently upgraded my ability to communicate, even through the spoken word or in other contexts."

Read more: 100 people transforming business

Dash writes about everything. You'll find blog posts about his company's latest moves, the state of tech in general, the importance of mental health, climate change, and one of Dash's favorite topics, the late great artist Prince. When he's writing about his industry and company, he's clarifying the reasoning behind the decisions he makes as the CEO of a tech company; when he's writing about something personal or fun, he's keeping his communication style sharp, by forcing him to stay on topic and expressing his thoughts clearly.

The management consultant David Allen, best known for his book "Getting Things Done," has said, "Your mind is made for having ideas, not for holding ideas," and that general idea is why you'll find journaling (blogging is essentially a more structured, public version of it) often recommended as a way to gain clarity and increase productivity.

For Dash, putting down ideas that he and his team have, as they did in their public company handbook, for example, is a way to work with such clarity.

As he told us: "The longer-form, more-reasoned writing that I've done has been the bedrock in making good decisions, and also has helped people I collaborate with see more of the thinking behind decisions we make, enabling them to be more autonomous and independent in their choices."

SEE ALSO: How one of the few queer black women in venture capital clears her mind to overcome bias and get things done

Join the conversation about this story »

Is your business 'small'? Here's what 'small business' means to key market players, and why it's so crucial you know their definitions.

$
0
0

barista coffee house shop

  • Small businesses represent around 99% of all US businesses, and employ about half the workforce, according to the US Small Business Administration.
  • Government and private institutions often use their own models, which may exclude some businesses for different reasons.
  • Knowing where your company fits can help identify which of the many small business resources and opportunities it is eligible for.
  • Companies also change — Apple and Google famously started in garages  — and specialized services can help big ideas become real business.
  • Visit BI Prime for more stories.

 

Ask a friend or neighbor how they define "small business" (or SB), and they will likely give overlapping answers, with a lot of individual variation around the edges.

Small businesses come in many shapes and sizes, so it can sometimes be hard to know where yours fits in the picture. 

It's basically the same way with institutions. Governments tend to be more specific than private companies, just like the policy and business worlds use different precision in their language. Lobbyists and interest groups tend to take the broadest view, since that makes for better numbers.

Right in the middle is the most conventional definition of small business, which comes from the Gartner IT consultancy. Gartner says firms are "small" when they have fewer than 100 workers or less than $50 million in revenue. 

If you ask the US Small Business Administration (or SBA), they'll refer you to a reference table or their handy quiz to see if you're eligible for one of the federal government's many small business contracts.

Using Gartner 's definition as a baseline, here's how you know if your business is a small business.

How many people do you have?

Are you self-employed? If so, congratulations, you're a small business. The US Census does distinguish between businesses with employees and without, so you would be counted as an owner, but not an "employee."

For firms with employees, 100 is the upper limit defined by Gartner, the City of New York, and several others. NYC even has a "very small" category for less than 20 workers. 

Gartner calls firms with between 100 and 500 workers medium-sized, hence the shorthand Small and Midsized Businesses (SMB) for companies with fewer than 500 workers.

On the other end of the scale, the US government allows companies in certain industries to have up to 1,500 workers and still classify as small. 

Meanwhile, financial institutions tell Business Insider they are more concerned with the complexity of your banking needs than the staff on your payroll.

With respect to the self-employed, the rise of the gig economy, side hustles, and so forth, more people are now independent contractors, which means they are a business. 

Even if you don't think driving for Lyft or designing websites on the weekends makes you a business, Lyft — and more importantly, the Internal Revenue Service — think you most definitely are.

How much money do you make?

Again, per Gartner, the upper bound for annual revenue or sales is $50 million for small firms and up to $1 billion for midsize ones. 

The US government takes a more conservative position, and is more tailored to the specific business. At the top of the range, industries with high financial and physical capital requirements can receive up to $41.5 million in annual revenues, whereas most agriculture businesses are capped at $1 million. 

Those numbers reflect a recent inflation adjustment that the Small Business Administration says extended access to 90,000 companies who had gradually lost eligibility due to rising prices across the economy. They were small, and then they weren't, and now they are again — politics.

The banks Business Insider has spoken with are more interested in the complexity of your transactions. A lot of cash moving around the US is easier than less money converting through other products and currencies. 

The small business division will happily help you with as much of the former as you can bring in, but may ask you to visit the commercial side if you start bringing in the latter.

If you don't have the revenue or credit profile to get lending from a bank, they will likely send you to a Community Development Financial Institution. CDFIs and Community Development Corporations partner with traditional banks to provide capital to businesses who otherwise might not have access.

There are a million and one reasons why someone might be denied at the bank. If all goes well, the CDFI's client "graduates" to a conventional private bank and the CDFI counts it as a success. 

What is your industry and market?

Different industries involve extremely different levels of human and capital resources, and a dollar goes a lot further in Manhattan, Kansas, than it does in Manhattan, New York. 

Financial institutions especially care about this, since it bears directly on how they will rate the risk of your business plan. Another way to look at it: how big of a fish you are really depends on where you're swimming. 

And while the SBA has district and regional offices around the country, small business owners' first call should be their Town or City Hall. BI can't tell where that is for you, but the SBA is a reasonable place to start. 

What are your goals for those three things?

If you've made it to this question, you're probably a small business. The next question is, do you plan to stay that way? And if your answer is no, then how are you planning to grow and scale?

Sometimes it can seem like every entrepreneur wants to be the next Facebook or Google, but that's far from what gets most people into business for themselves. 

If you're trying to grow your business and hire a team, you'll be using a lot of cash. And cash has to come from somewhere. 

Option A: the really really hard way — using your own funds and anything you can pull together from your social networks. 

Option B: the really hard way — if your idea has the potential for explosive growth and a massive long-term scale, venture capitalists may be willing to give you their money in exchange for an ownership stake in your business. 

Option C: the hard way — if you are looking at lower year-over-year growth, or a smaller long-term scale, you may be eligible for a loan from a consumer bank or CDFI.

There is no easy way. 

For most business owners, option C has the most reasonable levels of management control, financial liquidity, and riskiness.

So, how does BI define small business?

In a sense, Business Insider has covered small businesses from the very beginning, when we were called Silicon Alley Insider. The main difference being that most of the SB's we covered were tech startups in a race to secure venture funding. 

BI is still a pioneering source for journalism about Silicon Valley and Wall Street, and the introduction of a dedicated Small Business desk marks a widening of our focus to include more Main Streets.

Here's our working definition of Small Business in bullet form, of course:

  • Up to 500 employees (Insider, Inc. has around 600… wait, are we small?).
  • No limits on revenue (surprise us). 
  • North American markets (most relevant to the majority of our readers).
  • Privately owned and operated (we're interested personal stories).
  • Bootstrapped or debt-financed (we already have a team covering ventures and equities).

This definition is what guides our coverage of small business, but in our newsroom the boundaries between beats are even more blurry than the competing definitions of small business. 

What we care about here is finding good stories and useful information for our readers, so whether you're a team of 1 or 501, we're here for you.

If you or someone you know runs a small business with a story to share, please email Dominick at dreuter@businessinsider.com



SEE ALSO: Bank of America's small business chief tells us the common challenges and opportunities facing her 12 million clients, like growing your team in a tight labor market

Join the conversation about this story »

NOW WATCH: Amazon is reportedly seeking a new space in New York City. Here's why the giant canceled its HQ2 plans 5 months ago.

Frank Bennack, the former CEO of Hearst, shares 7 tricks from his CEO 'operator's guide'

$
0
0

Frank Bennack

  • Frank Bennack is executive vice chairman and former CEO of Hearst. 
  • Bennack is also a governor and former chairman of New York-Presbyterian Hospital and its Healthcare System, a managing director of the Metropolitan Opera of New York, chairman emeritus of Lincoln Center for the Performing Arts, and chairman of The Paley Center for Media (formerly The Museum of Television & Radio).
  • The following is an excerpt from his book, "Leave Something on the Table: and Other Surprising Lessons for Success in Business and in Life."
  • In it, he writes out his "operator's guide for being a CEO." These are the small cultural things that he says, anecdotally, leads to success.
  • He says that a CEO should keep their door open as much as possible. And that rigid corporate structures are "overrated."
  • Visit Business Insider's homepage for more stories.

Deals and acquisitions make the headlines. Unnoticed things — often things that seem small and unimportant — define a culture. And in any organization, culture is everything. Here are some cultural dos and don'ts I learned by listening to mentors, watching others, swapping stories with CEOs, and, in the case of the Korean wigs — yes, Korean wigs — and Hearst Tower's architectural transparency, by unique personal experience. They're not carved in stone, but CEOs who embrace them tend, in my observation, to last longer and do better than those who re-invent the job. 

1. As CEO, you're a father/mother figure.

It's your job to mentor, to help your people grow. That starts with the people who have long served the company — you owe it to them to help them succeed in their jobs. Grant Tinker, whom I greatly admired, is said to have taken NBC from last place to first without firing anyone; maybe that's not correct in a strictly technical sense, but I've been told it was directionally true. When I became CEO of Hearst, I inherited a solid group of executives, all but one homegrown. When we did import talent, we looked for superstars. Among that illustrious group: Al Sikes, the first head of our New Media and Technologies Group, who had been chairman of the Federal Communications Commission in the George H. W. Bush administration, and Cathie Black, who came to us from the Newspaper Association of America after a stint as publisher of USA Today. 

2. Bring in new people? It's tempting.

You're always hearing about the turbocharged CEO who is "driving change." An easy way to recognize that CEO: His/her new broom sweeps clean. While it's tempting to look outside for super-hires, I've come to believe that companies that rely entirely, or at least primarily, on looking elsewhere for talent face significant headwinds. The new hires have obvious issues related to the length of the learning curve. And their lack of knowledge about wins and losses in the past, or their disregard of that history, can frequently result in destructive change. Equally perilous: companies where the Holy Grail is promotion from within. Because they seldom or never violate that principle, they tend to be inappropriately satisfied with the status quo and often unaware of best practices being developed outside their four walls. Balance is the key word here. Of the twenty senior-most executives who worked with me, nine were internal promotions and eleven were recruited from the outside. 

3. I'm not big on headhunters.

Part of my job was to know who's out there; if we were hiring from outside Hearst, I preferred to rely on my network of friends and contacts in our business and relevant business segments to tell me who were the truly good people they knew. And when I met potential hires, I rarely asked about work success. That was assumed. The one question I had for everyone: What else do you do? Work and family — of course they matter. But if work and family are your life, you won't be successful at Hearst. We need to know about your life outside these walls and your home. Involvement in the arts? A charitable activity or passion for a book club? Anything intellectually stimulating or rewarding? 

4. The optimal blend of inside and recruited talent is critical, but so is the follow-up: integration of the two classes of executives.

One of the ways I worked on that was to find ways to bring executives and their spouses together whenever possible. We inaugurated an annual offsite at my Texas ranch, where our executives participated in a well-planned exercise of evaluating the status of the Company's businesses, strategy, and plans. Spouses join in the after-working-hours social calendar that includes tennis, golf, four-wheel off-road vehicle joyrides, fishing, and walking among one of the nation's most diverse exotic animal collections. The nights feature lectures from prominent governmental or literary figures such as James Baker, Robert Gates, Colin Powell, and Doris Kearns Goodwin. On the second night we're together Willie Nelson might just show up. 

Leave Something On The Table

I have regularly tried to gather executives and spouses for nights at the Metropolitan Opera, Paley Center galas, Lincoln Center events, and various charitable fundraisers. And there is an annual garden party at my home for executives, spouses, and their children. Ironclad truth: Get buy-in from the spouses, and the company's culture will be more likely to promote an environment of teamwork and success than any you ever imagined. We value our relationship with the spouses, who are a splendid and impressive group of women and men, what you would expect given the best-in-class talent that makes the Company go.

5. Work with your door closed? No, you close your door as little as possible.

A closed door is a signal: Something's going on that we don't want you to know about. And when you have personal news to deliver? Good news or bad, don't have that person come to you. If you're firing someone or making a significant change in his or her work life, it's best not to do it in your office — going to see that person allows you to end the meeting when you choose. But it's more a matter of respect. And not just for the individuals involved. When we hired David Carey as president of Hearst Magazines in 2010 to succeed Cathie Black and promoted Cathie to chairman, I went to the offices of the staffers who worked closest with Cathie and explained the move. A little thing? They understood. And remembered. 

6. Staff conflict?

I'm an activist. I like the news — good and bad — early. I respect an organizational chart, but I didn't let titles and rank get in the way when I needed to talk to people at levels below my direct reports. Rigid corporate structures may look neat, but they're vastly overrated. 

7. Meetings?

My kids used to explain my job like this: "Daddy goes to meetings." With eight to ten direct reports, yes ... Daddy went to meetings. As CEO, I presented at four regular and several special board meetings a year. And we had conference calls when necessary. All that is traditional. What wasn't: Group Week. During each month other than the four months when our regular board meeting was scheduled, I inaugurated a weeklong series of review meetings. I conducted separate sessions with each of our principal lines of business. Initially that meant one each day Monday through Thursday, with the group heads, their deputies, and often their operating unit executives from our Newspapers, Magazines, Broadcasting, and Books/Business Media divisions. As we grew we had to expand to more than one meeting some days to cover our newly organized business sectors, like cable networking. On Friday, I'd meet with all of them in a "joint" session of sorts where every senior executive would deliver a digest report and learn what his or her colleagues elsewhere in the Company were doing to grow and improve the Company. These sessions were amazingly useful: The preparation for them was an indispensable part of our future planning, and they ensured time-certain access to me for all our key players. My successor, Steve Swartz, has continued this tradition, and still welcomes me to the Friday sessions. If it is possible to have too much communication, I haven't yet determined when that is. 

Excerpt from LEAVE SOMETHING ON THE TABLE by Frank Bennack. Copyright © 2019 by Frank Bennack. Reprinted by permission of Simon & Schuster, Inc, NY.

SEE ALSO: A well-known Hollywood producer shares his simple trick for correcting awkward professional moments

Join the conversation about this story »

NOW WATCH: Mexico has just one store where you can legally buy a gun and it's located on a heavily-guarded military base


THE CHANGING C-SUITE: What the rise of information, data, and tech chiefs says about the future of leadership in America's top companies

$
0
0

Rob Thomas

  • Technology leaders within organizations are increasingly tasked with overseeing sweeping digital overhauls. That is giving chief data, information, and technology officers new authority in the C-suite. 
  • Business Insider is delving into the trend and uncovering how tech chiefs are navigating the evolving requirements of the roles.
  • These reports can also give C-suites information on how best to structure the executive team and advice for all leaders on overcoming the cultural barriers that prevent the adoption of artificial intelligence and other advanced tech.
  • Business Insider regularly interviews CTOs, CDOs, and CIOs about their role within organizations and best practices for the positions. You can read them all by subscribing to BI Prime.

Chief data, information, and technology officers are gaining new authority within the C-suite as they help guide their organizations through sweeping digital upgrade efforts. Business Insider is delving into this trend and uncovering how the rise of these formerly "hidden "members of the executive team is reverberating through companies — and what it means for firms as they pursue tech transformations. 

Career tips for ambitious CIOs: A CIO who made the rare jump to CEO shares the 3 steps ambitious tech leaders should take if they ever want move up the ladder

How to hit the ground running as a new CIO: Nationwide's CIO on how to succeed in the first 90 days on the job, and why you shouldn't be afraid to make mistakes

Why working backwards as a CIO can help: The CIO at $32 billion Autodesk uses Amazon's 'working-backward' approach to solve a persistent problem with tech projects. Here's how it works.

How tech chiefs can help hype your AI efforts: The head of IBM's Watson walks us through the exact model tech leaders can use to build excitement around any AI project 

What to look for in a successful chief data officer: Chief data officers are becoming key parts of the C-suite. Here are 3 things aspiring CDOs should be doing right now to prepare for the complex role

Why a CDOs are essential, and how to find one: Chief data officers are the C-suite's hottest role. Here's why your company needs one, and how to find a rock star to fill the post

Why tech leaders should seek a direct report to the CEO: A former General Electric CTO shares the top reasons 'tech chief' will soon be the most vital job in a company's C-suite

Making the move from CIO to CEO:'Everything is up for disruption': Why MuleSoft's founder thinks the digital revolution could lead more CIOs to become CEOs

How to push a data-driven agenda: A CTO who jumped from the grocery business to high fashion reveals how tech leaders can push a data-driven agenda to achieve big changes in any industry

How to think about defining tech roles in the C-suite: Healthcare companies staffing up on top tech talent should use Obama's leadership structure as a guide, says first-ever White House CTO

SEE ALSO: HOW TO START A BUSINESS: The ultimate guides for founders on launching a company, raising money, and becoming wildly successful

Join the conversation about this story »

NOW WATCH: Octopuses are officially the weirdest animals on Earth

It's been a record-breaking year for CEO departures. Here are the 26 most dramatic exits.

$
0
0

Steven Kandarian

  • During the first three quarters of 2019, 1,160 CEOs have left their positions, according to staffing firm Challenger, Gray, and Christmas.
  • This number exceeds the number of CEOs who departed during the same nine-month span at the height of the 2008 recession (which saw 1,132 CEOs departures).
  • The tech sector has seen the second-highest number of CEO departures, with 154 executives in that industry leaving their positions.
  • Visit Business Insider's homepage for more stories.

Over 1,000 CEOs have stepped down during the first three quarters of 2019, according to a report published by staffing firm Challenger, Gray and Christmas— 1,160 executives, to be exact.

Departures within the first nine months of this year have already exceeded the number of CEOs who stepped down during the first three quarters of 2008 (1,132 CEOs), during the height of the recession. This is also the year with the highest CEO turnover in the first three quarters that Challenger, Gray, and Christmas has seen since the firm began tracking departures in 2002.

The tech sector has the second-highest number of CEO departures at 154 executives — including the high-profile departures of Adam Neumann from WeWork and Kevin Burns from Juul.

Of the 1,160 CEOs who left their positions, 438 remained at their respective companies in different roles, 292 retired, and 103 moved to other companies, according to the report.

Here are the 26 most noteworthy CEO departures of 2019 (so far):

SEE ALSO: The WeWork IPO fiasco of 2019, explained in 30 seconds

DON'T MISS: The cofounders of Juul have both lost their billionaire status after less than 10 months in the 3-comma club

26. Wells Fargo — Tim Sloan

Source: Wells Fargo CEO Tim Sloan is retiring



25. David's Bridal — Scott Key

Source: Wall Street Journal



24. Overstock — Patrick Byrne

Read more: Overstock founder Patrick Byrne was seemingly involved in a web of intrigue that involved a Russian spy and the FBI

 



23. Care.com — Sheila Lirio Marcelo

Source: Wall Street Journal



22. AutoNation — Carl Liebert

Read more: AutoNation replaces new CEO with a new CEO



21. PG&E — Geisha Williams

Read more: PG&E says CEO Geisha Williams steps down



20. Kraft Heinz — Bernando Hees

Read more: Kraft Heinz CEO stepping down, Patricio named successor



19. Blue Apron — Brad Dickerson

Read more: Blue Apron is soaring after its CEO steps down



18. HP — Dion Weisler

Read more: The CEO of HP is stepping down 'due to a family health matter,' and will be replaced by an exec who started at the company as an intern



17. UnitedHealthcare — Steve Nelson

Read more:Interview with Retired UnitedHealthcare CEO Steve Nelson



16. Guess — Victor Herrero

Read more: Guess CEO Victor Herrero to step down

 



15. Mozilla — Chris Beard

Source: TechCrunch



14. Boingo Wireless — Dave Hagan

Source: Yahoo Finance



13. REI — Jerry Stritzke

Read more: REI leader resigns over undisclosed relationship



12. Bed, Bath & Beyond — Steven Temares

Read more:Bed Bath & Beyond has a new CEO 5 months after activist investors released a brutal presentation slamming the company's leadership



11. Mattress Firm — Steve Stagner

Read more: Mattress Firm Board of Directors Announces the Resignation of Chief Executive Officer



10. Warner Bros. — Kevin Tsujihara

Read more: Warner Bros. CEO Kevin Tsujihara is stepping down following a report alleging he had a sexual relationship with an actress and promised to help her get roles



9. Rite Aid — John Standley

Read more: Rite Aid CEO John Standley To Step Down, Shares Up



8. Burlington Stores — Tom Kingsbury

Source: MarketWatch



7. Best Buy — Hubert Joly

Read more: Best Buy CEO Hubert Joly steps down



6. New York Post — Jesse Angelo

Read more:News Corp Appoints Sean Giancola As CEO of New York Post



5. Colgate-Palmolive — Ian Cook

Source: Financial Times



4. MetLife — Steven Kandarian

Read more: MetLife names Khalaf CEO, Kandarian to retire



3. eBay — Devin Wenig

Read more: eBay CEO abruptly steps down as the company considers selling off assets



2. Juul — Kevin Burns

Read more:Juul's CEO steps down as the e-cig company says it will stop all advertising in the US



1. WeWork — Adam Neumann

Read more: The WeWork IPO fiasco of 2019, explained in 30 seconds



We spoke to 5 people who took Anna Wintour's $90 MasterClass on leadership. These are their most valuable takeaways.

$
0
0

Anna Wintour

  • MasterClass, an online learning platform that features topic-specific lessons from successful individuals, partnered with Anna Wintour, Vogue's editor-in-chief, to create a class on #HowToBeABoss.
  • Business Insider spoke to five individuals who either took the course or helped in making it for their take on the class.
  • These students said that some of Wintours advice was great — like making feedback fast and direct and choosing a boss, not a job — while some of her points about taking risks didn't feel as applicable to average people.
  • For those not willing to shell out $90 to learn from Anna Wintour, we got the scoop on what the course covers.
  • Click here for more BI Prime stories.

Anna Wintour, Vogue's editor-in-chief and Condé Nast's creative director, understands why viewers are tuning in to her MasterClass. 

"I know many people are curious about who I am," Wintour says at the start of the course. And she's certainly right about this. 

With over 30 years of experience at Vogue, the globally familiar and somehow still illusive creative — with her unchanging bob and bangs, bold print dresses, jewel-tone statement necklaces, and bug-eye designer sunglasses — has commanded the admiration and attention of not only the fashion designers, models, photographers, and journalists whose careers she has launched, but also the world at large. 

So it's no wonder MasterClass, an online learning platform that features topic-specific lessons from the likes of multi-billionaire businessman Howard Schultz and Olympic gold medalist Simone Biles, has teamed up with Wintour to create the forum's first ad-campaign course, which promises viewers the opportunity to learn creativity and leadership, or better yet, #HowToBeABoss — the official hashtag of the course. 

If you're not in the mood to shell out $90 for the class, don't fret. We spoke to five individuals who signed up for the course to get their take. Here's what you need to know, as well as the big lessons anyone can take away and apply to their career.

Anna Wintour's MasterClass focuses on leadership, but it's also a bit targeted at the fashion and journalism industries

Following a scenic opening of framed black and white Vogue photographs and vases of bright blooms that populate her office, Wintour takes her seat in front of the camera and describes her early introduction to the world of print journalism. This career launch involves an upbringing in '60s London, a respected newspaper-editor father, and an eventual role at New York Magazine as the publication's fashion editor, all of which paved the way to her becoming the eventual editor-in-chief of American Vogue in the late '80s. 

For all her MasterClass' meaningful wisdom and advice, the course and its accompanying PDF workbook do tend to hyper-focus on the fashion and journalism industries. There's even a whole section on planning the Met Gala and judging a fashion-designer competition, which is honestly more amusing to watch than educational. 

The course also lingers on some of the more obvious tools to successful leadership, such as avoiding micromanagement, taking creative risks, and building effective teams, but throughout the 12-part course there are lessons that lend themselves well to leaders, executives, and creative professionals alike. 

Here are some of the useful reflections Wintour offers her MasterClass pupils. 

Wintour tells students to "own who you are" 

In one section, Wintour reflects on how numerous interviewees have sought to impress her by saying what they think she wants to hear instead of being true to who they are. As a self-professed tennis enthusiast and theater-arts aficionado, she's caught Vogue interviewees professing their love of her favorite sport or Broadway plays before she quickly assesses they don't have a clue as to what they're talking about. Instead, she praises those who are bold enough to own their identities without apologizing for them. 

Christine Kirk, a PR executive who has represented brands like Four Seasons Hotels and Resorts, The Ritz-Carlton, and Pinkberry, told Business Insider that this portion of Wintour's course hit home with her. Kirk believes that one of the main reasons Wintour is so captivating to individuals is that her behavior isn't something typically associated with female leaders. 

"I think female leadership is still an anomaly in a way. We're used to seeing big powerful men like Bill Gates, Steve Jobs, and Mark Zuckerberg, but when you see someone like Anna Wintour or Martha Stewart even, who behave the same as these men, they often get branded as bitches," she explained.

Kirk said in a former position she was often labeled as difficult or cold when she focused on deadlines and assignments instead of socializing with her peers during breakroom get-togethers. After taking Wintour's MasterClass, however, Kirk said she feels more confident in her identity as a hard worker who is committed to crossing off her checklist instead of giving into pressure to please those around her.

"Anna is unapologetically herself, and it doesn't matter what anyone says about her, it doesn't matter what names she is called, she just goes for her," Kirk said. "It makes you feel better about your place in the world. You can say, 'I have my eye on the prize and I am focused.'" 

She suggests making feedback fast and direct 

Unsurprisingly, Wintour doesn't leave work at work. At the end of each day, she brings home a bag full of items that need her input or approval so that she can bring back feedback to the office the next day. 

Wintour explains to viewers that she doesn't believe in leaving anyone waiting on her and that giving quick feedback inspires a confident and energetic workplace. 

"People work so much better when the feedback is fast, it's direct, it's honest, and they know where they are. I think that nobody works well when the atmosphere feels slow or it feels lazy. I think people lose confidence. They lose energy. They lose that sense of anything can be possible," Wintour says in the MasterClass.   

Jasmeet Sidhu, a MasterClass senior creative producer who worked on the course with Wintour, said Wintour's advice of being direct with your peers validated Sidhu's own approach to being a young leader in the workplace. 

"Sometimes I had to hedge around giving feedback or I've tried to maintain this idea that I need to be likable and not necessarily critical," Sidhu said. "Anna's advice was a great validation that sometimes people just need to know what [to] do. That saves a lot of time if you're not worried about being likable in the workplace … it's easier to be direct about what needs to be done and what's working or not working."

She also says to take calculated risks and stand by your "wrong" choices (but students argue this has its pros and cons)

Greg Hahn, chief creative officer at BBDO New York, an agency that has produced content for Snickers, Fed-Ex, and most recently the much-discussed Back-To-School Essentials PSA from Sandy Hook Promise, has taken MasterClasses by the likes of comedian Steve Martin and best-selling author James Patterson, but Wintour's class on leadership drew him in as a fellow creative mind. 

"I saw 'The September Issue' years ago, and I could tell from watching it that she is an incredibly strong leader with a formative vision," he said. 

Hahn said he found value in Wintour's tips on building an effective team and not micromanaging people's work, but that he was also taken with Wintour's advice to be comfortable making "wrong" choices. He points to Wintour's unexpected decision to put Kanye West and Kim Kardashian on the cover of Vogue in 2014, which was met with an onslaught of deep criticism and concern from audiences. 

Wintour says that because West and Kardashian were so culturally relevant at the time it would have been a mistake not to put them on the cover. Hahn understands how business decisions like these made in creative settings are incredibly challenging, and appreciates Wintour's commitment to staying edgy instead of giving in to criticism. 

"When you mix business decisions with creative decisions, it makes it hard to remain creatively brave," Hahn said. "But the risks that she has taken, even the Kayne West and Kim Kardashian cover, clearly paid off. People couldn't stop talking about it, and it sold well." 

Anne Carullo, formerly the senior vice president of global product development for Estée Lauder Companies, who now works as a creative educator, said she took the Wintour MasterClass to prepare herself for teaching a creative leadership course at Estée Lauder. She argued that although Wintour does touch on owning mistakes, she struggled with the editor's seemingly unapologetic nature. 

Carullo believes students who are watching this MasterClass might not be in the same secure career position as Wintour when making critical decisions. 

"It's very easy to [be] unapologetic when you're Anna Wintour. But if I put myself in the shoes of someone who is up and coming, say a young person or someone in middle management, who has to be somewhat apologetic for their errors or misguided decisions, [that advice] was not necessarily grounded in their reality," Carullo explained. "I look at [this MasterClass] as something a younger person might have saved up their money to do, so we need to stay deeply rooted in reality about who would want to watch these things, and I think there is an art to apologizing and there is an art to admitting you made the wrong choice without appearing as if you are non-apologetic."

She advises students against long meetings, and to choose a boss, not a job 

One fact that Wintour makes clear in the course is that she likes to keep her meetings to the point and then move to the next task at hand. So if you're hoping to settle into her chic office and wax poetic, Wintour is not likely to oblige. 

Kristin Morlino, a costume supervisor who has worked on projects like "13 Reasons Why" and "The Young and the Restless," empathized with this approach to keeping an effective pace at work.  

"Time is money, and there's only so much time in the work day, so I say let's get it done and move on," Morlino said.

In addition to staying the course at work, Morlino also agreed with Wintour's advice to focus on choosing a boss you'd like to work with instead of the job you'd like to have. Morlino said that in her own experience, she could have saved herself some grief if she'd evaluated her potential bosses on the projects she's worked on. 

"I work with a lot of costume designers, and sometimes you get along and you mesh, and sometimes you don't," Morlino said. "[Anna] said to remember that sometimes it's just not the right fit, and I think that's true. We have to stop thinking of it as failing, and instead think of it as just not the right fit for you and for them."

SEE ALSO: 22 pieces of career advice you're bound to get from business school, according to successful MBA graduates

READ MORE: 15 entrepreneurs share the personal rules they set to make sure their work doesn't take over their lives

Join the conversation about this story »

NOW WATCH: Here's what airlines legally owe you if you're bumped off a flight

Nationwide's CIO on the 2 career tips that should guide any leader overseeing a company's digital overhaul

$
0
0

Jim Fowler

  • As chief information officers emerge from the back office and gain increased authority internally, they need to be more knowledgeable on the business side of the organization. 
  • For Jim Fowler, the chief information officer of Nationwide, that means speaking the language of the business. In other words, it means understanding what those in nontech roles, like supply-chain management, need — and developing products to address those problems. 
  • For chief information officers leading digital-transformation efforts, Fowler also says it's imperative they don't rely on their position, and spend the time to influence those within the organization that can push the projects.
  • Click here for more BI Prime content.

The role of chief information officer is increasingly pivotal to the success of organizations.

They are often leading major digital-transformation efforts and gaining new power within the C-suite along the way, including reporting directly to the CEO. But chief information officers may not be used to the spotlight. In the past, the IT department often lacked interaction with other units — aside from requests to fix computers or solve other tech problems.

That's changing, however, and information chiefs now have to be more knowledgeable of the operational side of the business. They also have to be attuned to the people within the various sectors that can help advocate for the adoption of artificial intelligence, machine learning, and other advanced tech.

"You are a business leader, first and foremost, before you are a technology leader," Jim Fowler, Nationwide's chief information officer, told Business Insider.

He joined the insurer at the tail end of a major tech-modernization effort and is responsible for using those digital upgrades to try to improve the business, a progressively more common task for chief information officers.

Fowler shared the two pieces of advice that have guided him after more than two decades in IT-related roles.

'Talk the language of the business'

While companies have long had chief information officers, they tended to focus mainly on running back-office technology. That isn't the case anymore, but companies are finding that their more old-school tech leaders may not be the best people to oversee their digital overhauls, according to Fowler.

"Companies created chief digital officers because they didn't have chief information officers that were business leaders," he said. "You've got to be able to talk the language of the business."

One way Fowler has sought to instill this advice within his own team is sitting tech employees next to those that manage other aspects of the business. Those who run the claims and billing operations, for example, now sit with those who manage the back-end technology. Weekly check-ins take place where they discuss how the systems are functioning and what features could be added.

The job is '99% influence and 1% authority'

Many big-data, AI, and other tech projects fail because of cultural resistance. That's a common occurrence when companies pursue the initiatives with a top-down mentality, where executives give an edict from on high and expect employees to blindly follow it.

Instead, leaders must get support from different internal constituents for the digital efforts to succeed. So if a chief information officer is not "good at influence," they will fail, Fowler said.

"The role is 99% influence and 1 percent authority," he said. "If you think you're gonna walk in and drive change because you sit at the top of an [organizational] chart, you're going to be sadly mistaken."

One way tech chiefs can gain backing is by finding advocates within various business units that can help push the projects. It's a tactic employed by IBM for its AI-based initiatives.

Combined, these two pieces of advice show just how important it is for the chief information officer or other tech leaders to not get bogged down with heavy IT-related issues. Instead, they should take the time to learn the business and understand employees working in nontech sectors, like supply chain operations or human resources. 

SEE ALSO: Chief data officers are the C-suite's hottest role. Here's why your company needs one, and how to find a rock star to fill the post.

Join the conversation about this story »

NOW WATCH: Sharks aren't the deadliest creatures on Earth. Here are the top 10.

TikTok is Mark Zuckerberg's worst nightmare, and now it's reportedly poaching Facebook's employees too (FB)

$
0
0

e-girl e-boy tiktok

  • TikTok recently opened an office in Mountain View, California, in a location formerly occupied by Facebook's messaging app WhatsApp.
  • TikTok has hired more than two dozen employees from Facebook, along with staffers from Hulu, Apple, and Google, CNBC reports.
  • In 2018, Facebook launched a video app called Lasso to directly compete with TikTok. It is estimated to have been downloaded fewer than 500,000 times, compared with TikTok's more than 500 million.
  • Visit Business Insider's homepage for more stories.

The popular video-sharing app TikTok opened an office in Mountain View, California, only a few minutes away from Facebook's Palo Alto headquarters, CNBC's Salvador Rodriguez reported this week.

TikTok seems to be moving in on Facebook's territory figuratively and literally — it now occupies the office that Facebook's messaging app WhatsApp used to call home.

TikTok is also poaching Facebook's employees, according to CNBC, hiring more than two dozen former Facebook employees since 2018. One person at TikTok told CNBC that the company offered salaries up to 20% higher than Facebook's to draw experienced employees from its competitors. TikTok has also reportedly hired employees from Apple, Google, Hulu, Snap, and other tech companies during this high-growth period.

Though Facebook hasn't officially listed TikTok as a competitor in financial documents, the company seems to be aware of the growing threat from the short-form video app. In November, Facebook launched Lasso, a standalone video app that was nearly identical to TikTok. Lasso didn't take off; Sensor Tower estimates it's been downloaded 420,000 times outside China, while TikTok has more than 500 million users.

Facebook's Instagram also appears to be working on a TikTok competitor. Discovered by the reverse app engineer Jane Manchun Wong, the tool is expected to be called "Clips" and allow users to combine short videos and add music, mimicking TikTok.

While TikTok has nowhere near the number of daily users as Facebook, the app's parent company, ByteDance, is growing quickly. ByteDance has been described as "China's Facebook," and at $75 billion it is the highest-valued private company in the world. ByteDance launched the Chinese version of TikTok, Douyin, in 2016, and the international version under the name TikTok a year later. In late 2017, the company purchased another video-sharing app, Musical.ly, and combined them in August 2018. By last month, TikTok was the top free non-gaming app in the US.

In leaked audio published by The Verge, Facebook CEO Mark Zuckerberg described the company's plans to compete with TikTok: "So yeah. I mean, TikTok is doing well ... we're trying to first see if we can get it to work in countries where TikTok is not already big before we go and compete with TikTok in countries where they are big."

SEE ALSO: Facebook made the unusual decision to push back directly on Elizabeth Warren and her criticism of the company, but its attempt to defend itself backfired spectacularly

Join the conversation about this story »

NOW WATCH: 8 prostheses that are changing lives

60 cognitive biases that screw up everything we do

$
0
0

trump supporters

  • Hundreds of biases cause humans to behave irrationally.
  • For instance, the denomination effect is when people are less likely to spend large bills than their equivalent value in small bills or coins.
  • Overconfidence is when some of us are too confident about our abilities, and this causes us to take greater risks in our daily lives.
  • Visit Business Insider's homepage for more stories.

We like to think we're rational human beings — but in reality, we are prone to hundreds of proven biases that cause us to think and act irrationally.

Even thinking we're rational despite evidence of irrationality in others is known as blind-spot bias.

The study of how often human beings do irrational things was enough for ppsychologist Daniel Kahneman to win the Nobel Prize in Economics, and it opened the rapidly expanding field of behavioral economics. Similar insights are also reshaping everything from marketing to criminology.

Read more:13 simple ways to get better at small talk

Hoping to clue you — and ourselves — into the biases that frame our decisions, we've collected a long list of the most notable ones.

This is an update of an article that was previously published with additional contributions by Drake Baer and Gus Lubin.

SEE ALSO: A CEO who writes 9,200 employee birthday cards a year explains the value of gratitude

The affect heuristic describes how humans sometimes make decisions based on emotion.

The psychologist Paul Slovic coined this term to describe the way people let their emotions color their beliefs about the world. For example, your political affiliation often determines which arguments you find persuasive.

Our emotions also affect the way we perceive the risks and benefits of different activities. For example, people tend to dread developing cancer, so they see activities related to cancer as much more dangerous than those linked to less dreaded forms of death, illness, and injury, such as accidents.



Anchoring bias means people rely too heavily on the first piece of information they hear when making decisions.

People are over-reliant on the first piece of information they hear. 

In a salary negotiation, for instance, whoever makes the first offer establishes a range of reasonable possibilities in each person's mind. Any counteroffer will naturally react to or be anchored by that opening offer. 

"Most people come with the very strong belief they should never make an opening offer,"said Leigh Thompson, a professor at Northwestern University's Kellogg School of Management. "Our research and lots of corroborating research shows that's completely backwards. The guy or gal who makes a first offer is better off." 



Availability heuristic describes a shortcut where people make decisions based on information that's easier to remember.

In one experiment, a professor asked students to list either two or 10 ways to improve his class. Students that had to come up with 10 ways gave the class much higher ratings, likely because they had a harder time thinking about what was wrong with the class.

This phenomenon could easily apply in the case of job interviews. If you have a hard time recalling what a candidate did wrong during an interview, you'll likely rate him higher than if you can recall those things easily.



The bandwagon effect describes when people do something simply because others are also doing it.

The probability of one person adopting a belief increases based on the number of people who hold that belief. This is a powerful form of groupthink — and it's a reason meetings are often so unproductive



Bias blind spots describes how individuals can see bias in others, but struggle to see their own biases.

Failing to recognize your cognitive biases is a bias in itself.

Notably, Princeton psychologist Emily Pronin has found that "individuals see the existence and operation of cognitive and motivational biases much more in others than in themselves." 



Choice-supportive bias describes the tendency to have positive attitudes about the things or ideas we choose, even when they are flawed.

When you choose something, you tend to feel positive about it, even if the choice has flaws. You think that your dog is awesome — even if it bites people every once in a while — and that other dogs are stupid, since they're not yours. 



The clustering illusion happens when we see trends in random events that happen close together.

This is the tendency to see patterns in random events. It is central to various gambling fallacies, like the idea that red is more or less likely to turn up on a roulette table after a string of reds.



Confirmation bias describes the tendency to only listen to information that confirms our preconceptions.

We tend to listen only to the information that confirms our preconceptions. Once you've formed an initial opinion about someone, it's hard to change your mind.

For example, researchers had participants watch a video of a student taking an academic test. Some participants were told that the student came from a high socioeconomic background; others were told the student came from a low socioeconomic background. Those in the first condition believed the student's performance was above grade level, while those in the second condition believed the student's performance was below.

If you know some information about a job candidate's background, you might be inclined to use that information to make false judgments about his or her ability.

 



Conformity describes how people tend to behave similarly to other people.

This is the tendency of people to conform with other people. It is so powerful that it may lead people to do ridiculous things, as shown by the following experiment by Solomon Asch.

Ask one subject and several fake subjects (who are really working with the experimenter) which of lines B, C, D, and E  is the same length as A. If all of the fake subjects say that D is the same length as A, the real subject will agree with this objectively false answer a shocking three-quarters of the time

"That we have found the tendency to conformity in our society so strong that reasonably intelligent and well-meaning young people are willing to call white black is a matter of concern,"Asch wrote. "It raises questions about our ways of education and about the values that guide our conduct."



Conservatism bias occurs when people believe prior evidence more than new evidence.

Conservatism bias is where people believe prior evidence more than new evidence or information that has emerged. People were slow to accept the fact that the Earth was round because they maintained their earlier understanding the planet was flat. 



Curse of knowledge means that when people know something, it's hard to imagine not knowing it.

People who are more well-informed cannot understand the common man. For instance, in the TV show "The Big Bang Theory," it's difficult for scientist Sheldon Cooper to understand his waitress neighbor Penny. 



Decoy effect is a phenomenon in marketing where consumers have a specific change in preference between two choices after being presented with a third choice.

In his TED Talk, behavioral economist Dan Ariely explains the "decoy effect" using an old Economist advertisement as an example.

The ad featured three subscription levels: $59 for online only, $159 for print only, and $159 for online and print. Ariely figured out that the option to pay $159 for print only exists so that it makes the option to pay $159 for online and print look more enticing than it would if it was just paired with the $59 option.



Denomination effect is when people are less likely to spend large bills than their equivalent value in small bills or coins.

The phenomenon is typically seen with currency.



Duration neglect occurs when the duration of an event doesn't factor enough into the way we consider it.

For instance, we remember momentary pain just as strongly as long-term pain.

Kahneman and colleagues tracked patients' pain during colonoscopies (they used to be more uncomfortable) and found that the end of the procedure pretty much determined patients' evaluations of the entire experience. One set of patients underwent a shorter procedure in which the end was relatively painful. The other set of patients underwent a longer procedure in which the end was less painful.

Results showed that the second set of patients (the longer colonoscopy) rated the procedure as less painful overall.

 



Empathy gap occurs when people in one state of mind fail to understand people in another state of mind.

If you are happy, you can't imagine why people would be unhappy. When you are not sexually aroused, you can't understand how you act when you are sexually aroused.



Frequency illusion occurs when a word, name or thing you just learned about suddenly appears everywhere.

Now that you know what that SAT word means, you see it in so many places!



Fundamental attribution error is where you attribute a person's behavior to an intrinsic quality of her identity rather than the situation she's in.

For instance, you might think your colleague is an angry person, when she is really just upset because she stubbed her toe.



Galatea effect occurs when people succeed — or underperform — because they think they should.

Call it a self-fulfilling prophecy. For example, in schools it describes how students who are expected to succeed tend to excel and students who are expected to fail tend to do poorly.



Halo effect is when we take one positive attribute of someone and associate it with everything else about that person or thing.

It helps explain why we often assume highly attractive individuals are also good people, why they tend to get hired more easily, and why they earn more money.



Hard-easy bias occurs when individuals underestimate their ability to perform easy tasks, yet overestimate their ability to perform more difficult ones.

Hard-easy bias occurs when everyone is overconfident on hard problems and not confident enough for easy problems.



Herding occurs when individuals mirror the sometimes irrational actions of a group.

People tend to flock together, especially in difficult or uncertain times.



Hindsight bias is when people claim to have predicted an outcome that was impossible to predict at the time.

Of course Apple and Google would become the two most important companies in phones — but tell that to Nokia, circa 2003. 

One classic experiment on hindsight bias took place in the 1970s, when President Richard Nixon was about to depart for trips to China and the Soviet Union. Researchers asked the participants to predict various outcomes. After the trips, researchers asked participants to recall the probabilities that had initially assigned to each outcome.

Results showed that participants remembered having rated the events unlikely if the event had not occurred, and remembered having rated the events likely if the event had occurred.

 



Hyperbolic discounting happens when people make decisions for a smaller reward sooner, rather than a greater reward later.

Hyperbolic discounting is the tendency for people to want an immediate payoff rather than a larger gain later on.



Ideomotor effect occurs when the body reacts to ideas alone.

Where an idea causes you to have an unconscious physical reaction, like a sad thought that makes your eyes tear up. This is also how Ouija boards seem to have minds of their own.



Illusion of control is when people overestimate how much control they have over certain situations.

Illusion of control  is the tendency for people to overestimate their ability to control events, like when a sports fan thinks his thoughts or actions had an effect on the game.



Information bias is the tendency to seek information when it does not affect action.

More information is not always better. Indeed, with less information, people can often make more accurate predictions.

In one study, people who knew the names of basketball teams as well as their performance records made less accurate predictions about the outcome of NBA games than people who only knew the teams' performance records. However, most people believed that knowing the team names was helpful in making their predictions.



Inter-group bias is when we view people in our group differently from how see we someone in another group.

This bias helps illuminate the origins of prejudice and discrimination.

Unfortunately, researchers say we aren't always aware of our preference for people in our social group.



Irrational escalation is when people make irrational decisions based on past rational decisions.

It may happen in an auction, when a bidding war spurs two bidders to offer more than they would otherwise be willing to pay.



Negativity bias is the tendency to put more emphasis on negative experiences rather than positive ones.

People with this bias feel that "bad is stronger than good" and will perceive threats more than opportunities in a given situation.

Psychologists argue it's an evolutionary adaptation: it's better to mistake a rock for a bear than a bear for a rock. 

In modern times, the negativity bias has meaningful implications for our relationships. John Gottman, a relationship expert, found that a stable relationship requires that good experiences occur at least five times more often than bad experiences.



The observer-expectancy effect is when a researcher's expectations impact the outcome of an experiment.

A cousin of confirmation bias, here our expectations unconsciously influence how we perceive an outcome. Researchers looking for a certain result in an experiment, for example, may inadvertently manipulate or interpret the results to reveal their expectations.

That's why the "double-blind" experimental design was created for the field of scientific research.



Omission bias is the tendency to prefer inaction to action, in ourselves and even in politics.

Psychologist Art Markman gave a great example back in 2010

The omission bias creeps into our judgment calls on domestic arguments, work mishaps, and even national policy discussions. In March, President Obama pushed Congress to enact sweeping healthcare reforms. Republicans hope that voters will blame Democrats for any problems that arise after the law is enacted. But since there were problems with healthcare already, can they really expect that future outcomes will be blamed on Democrats, who passed new laws, rather than Republicans, who opposed them? Yes, they can — the omission bias is on their side.



The ostrich effect is the decision to ignore dangerous or negative information by "burying" one's head in the sand, like an ostrich.

Research suggests that investors check the value of their holdings significantly less often during bad markets.

But there's an upside to acting like a big bird, at least for investors. When you have limited knowledge about your holdings, you're less likely to trade, which generally translates to higher returns in the long run.



Outcome bias refers to judging a decision based on the outcome, rather than how exactly the decision was made in the moment.

Just because you won a lot in Vegas doesn't mean gambling your money was a smart decision.

Research illustrates the power of the outcome bias on the way we evaluate decisions.

In one study, students were asked whether a particular city should have paid for a full-time bridge monitor to protect against debris getting caught and blocking the flow of water. Some students only saw the information that was available at the time of the city's decision; others saw the information that was available after the decision was already made: debris had blocked the river and caused flood damage.

As it turns out, 24% of students in the first group (with limited information) said the city should have paid for the bridge, compared to 56% of students in the second group (with all information). Hindsight had affected their judgment.



Overconfidence is when some of us are too confident about our abilities, and this causes us to take greater risks in our daily lives.

Perhaps surprisingly, experts are more prone to this bias than laypeople. An expert might make the same inaccurate prediction as someone unfamiliar with the topic — but the expert will probably be convinced that he's right.



Overoptimism occurs when individuals believe they are less likely to encounter negative events.

When we believe the world is a better place than it is, we aren't prepared for the danger and violence we may encounter. The inability to accept the full breadth of human nature leaves us vulnerable.

On the flip side, overoptimism may have some benefits — hopefulness tends to improve physical health and reduce stress. In fact, researchers say we're basically hardwired to underestimate the probability of negative events — meaning this bias is especially hard to overcome.



Pessimism bias occurs when individuals overestimate how often negative things will happen to them.

This is the opposite of the overoptimism bias. Pessimists over-weigh negative consequences with their own and others' actions.

Those who are depressed are more likely to exhibit the pessimism bias.



Placebo effect is when simply believing that something will have a certain impact on you causes it to have that effect.

This is a basic principle of stock market cycles, as well as a supporting feature of medical treatment in general. People given "fake" pills often experience the same physiological effects as people given the real thing.



Planning fallacy is the tendency to underestimate how much time it will take to complete a task.

According to Kahneman, people generally think they're more capable than they actually are and have greater power to influence the future than they really do. For example, even if you know that writing a project report typically takes your coworkers several hours, you might believe that you can finish it in under an hour because you're especially skilled.



Post-purchase rationalization is when we overlook an expensive item's flaws to justify the purchase.

Post-purchase rationalization is when we make ourselves believe that a purchase was worth the value after the fact.



Priming is when you more readily identify ideas related to a previously introduced idea.

Let's take an experiment as an example, again from Less Wrong:

Suppose you ask subjects to press one button if a string of letters forms a word, and another button if the string does not form a word.  (E.g., "banack" vs. "banner".) Then you show them the string "water." Later, they will more quickly identify the string "drink" as a word. This is known as "cognitive priming" ...

Priming also reveals the massive parallelism of spreading activation: if seeing "water" activates the word "drink," it probably also activates "river," or "cup," or "splash."



Pro-innovation bias occurs when a proponent of an innovation tends to overvalue its usefulness and undervalue its limitations.

Sound familiar, Silicon Valley?



Procrastination occurs when you decide to act in favor of the present moment over investing in the future.

For example, even if your goal is to lose weight, you might still go for a thick slice of cake today and say you'll start your diet tomorrow.

That happens largely because, when you set the weight-loss goal, you don't take into account that there will be many instances when you're confronted with cake and you don't have a plan for managing your future impulses.



Reactance refers to the desire to do the opposite of what someone wants you to do, in order to prove your freedom of choice.

One study found that when people saw a sign that read, "Do not write on these walls under any circumstances," they were more likely to deface the walls than when they saw a sign that read, "Please don't write on these walls." The study authors say that's partly because the first sign posed a greater perceived threat to people's freedom.



Recency is the tendency to weigh the latest information more heavily than older data.

As financial planner Carl Richards writes in The New York Times, investors often think the market will always look the way it looks today and therefore make unwise decisions: "When the market is down we become convinced that it will never climb out, so we cash out our portfolios and stick the money in a mattress."



Reciprocity is the belief that fairness should trump other values, even when it's not in our economic or other interests.

We learn the reciprocity norm from a young age, and it affects all kinds of interactions. One study found that, when restaurant waiters gave customers extra mints, the customers upped their tips. That's likely because the customers felt obligated to return the favor.



Regression bias occurs when people take action in response to extreme situations. When the situations become less extreme, they take credit for causing the change, when a more likely explanation is that the situation was reverting to the mean.

In "Thinking, Fast and Slow," Kahneman gives an example of how the regression bias plays out in real life. An instructor in the Israeli Air Force asserted that when he chided cadets for bad execution, they always did better on their second try. The instructor believed that his reprimands were the cause of the improvement.

Yet Kahneman told him he was really observing regression to the mean, or random variations in the quality of performance. If you perform really badly one time, it's highly probable that you'll do better the next time, even if you do nothing to try to improve.



Restraint bias occurs when we overestimate our capacity for impulse control.

With restraint bias, one overestimates one's ability to show restraint in the face of temptation.



Salience is our tendency to focus on the most easily recognizable features of a person or concept.

For example, research suggests that when there's only one member of a racial minority on a business team, other members use that individual's performance to predict how any member of that racial group would perform.



Scope insensitivity is where your willingness to pay for something doesn't correlate with the scale of the outcome.

From Less Wrong:

Once upon a time, three groups of subjects were asked how much they would pay to save 2,000 / 20,000 / 200,000 migrating birds from drowning in uncovered oil ponds. The groups respectively answered $80, $78, and $88. This is scope insensitivity or scope neglect: the number of birds saved — the scope of the altruistic action — had little effect on willingness to pay.



Seersucker illusion is the over-reliance on expert advice.

Seersucker illusion has to do with the avoidance of responsibility. We call in "experts" to forecast when typically they have no greater chance of predicting an outcome than the rest of the population. In other words, "for every seer there's a sucker."



Selective attention occurs when we allow our expectations to influence how we perceive the world.

The classic study on selective attention is called the "invisible gorilla" experiment. Psychologists Christopher Chabris and Daniel Simons created a short film in which a team wearing white and a team wearing black pass basketballs. Participants are asked to count the number of passes made by either the white or the black team. Halfway through the video, a woman wearing a gorilla suit crosses the court, thumps her chest, and walks off screen. She's on screen for a total of nine seconds.

About half of the thousands of people who have watched the video (you can watch it here) don't notice the gorilla, presumably because they're so wrapped up in counting the basketball passes.

Of course, when asked if they would notice the gorilla in this situation, nearly everyone says they would.



Self-enhancing transmission bias occurs when everyone shares their successes more than their failures.

Self-enhancing transmission bias leads to a false perception of reality and inability to accurately assess situations.



Status quo bias is the tendency to prefer things to stay the same.

This is similar to loss-aversion bias, where people prefer to avoid losses instead of acquiring gains. 



Stereotyping occurs when people generalize characteristics about others based on the groups they belong to.

Stereotyping occurs when we expect a group or person to have certain qualities without having real information about the individual.

There may be some value to stereotyping because it allows us to quickly identify strangers as friends or enemies. But people tend to overuse it.

For example, one study found that people were more likely to hire a hypothetical male candidate over a female candidate to perform a mathematical task, even when they learned that the candidates would perform equally well.



Survivorship bias occurs when individuals focus on successful outcomes, yet overlook failure.

Survivorship bias is an error that comes from focusing only on surviving examples, causing us to misjudge a situation. For instance, we might think that being an entrepreneur is easy because we haven't heard of all of the entrepreneurs who have failed.

It can also cause us to assume that survivors are inordinately better than failures, without regard for the importance of luck or other factors.



Tragedy of the commons occurs when individuals use public resources in their own self interest rather than for the common good.

We overuse common resources because it's not in any individual's interest to conserve them. This explains the overuse of natural resources, opportunism, and any acts of self-interest over collective interest. 



Unit bias occurs when people think a particular size is the optimal amount.

We believe that there is an optimal unit size, or a universally acknowledged amount of a given item that is perceived as appropriate. This explains why when served larger portions, we eat more. 



Zero-risk bias occurs when we choose to eliminate risk absolutely in one area, rather than eliminate more risk spread out across different areas.

Sociologists have found that we love certainty — even if it's counterproductive. 

Thus the zero-risk bias.

In general, people tend to prefer approaches that eliminate some risks completely, as opposed to approaches that reduce all risks — even though the second option would produce a greater overall decrease in risk.



The "well-traveled road" is why we underestimate the time it takes to get to work on your daily commute, but arrive at the airport hours ahead for a trip you've never taken before.

"Well-traveled roads," or routes you travel regularly, feel shorter than a journey you've never taken before, psychologists say. 

As a result, humans tend to underestimate the time it will take to get somewhere on a commute they take regularly, but they will overestimate the time it takes to travel on an unfamiliar route.

This is related to the feeling that "time flies" when you engage in automatic, routine tasks, according to psychologist and author Jeremy Dean. "Familiarity, then, with routes traveled, holidays and work activities, tends to speed up our perception of time," Dean wrote on PsyBlog.



The rhyme-as-reason effect occurs when your brain finds rhyming statements more accurate.

Proverbs or statements that rhyme sound more truthful to humans, psychologists find

The most infamous use of the rhyme-as-a-reason effect occurred during the O.J. Simpson trial, when the NFL legend was tried for allegedly murdering his ex-wife Nicole Brown Simpson.

After Simpson failed to fit into the gloves stained with blood, his lawyer, Johnnie Cochran, said: "If the glove doesn't fit, you must acquit." The jury later found Simpson not guilty.



Bartenders share 13 things they'd love to tell customers but can't

$
0
0

bartender

  • Bartenders see and hear it all — and there are a few things they wish they could tell customers.
  • Business Insider asked real bartenders to share what it is they'd like to tell patrons, but can't.
  • "Stop hitting on your bartender" and "please don't order vodka" were among their answers.
  • Visit Business Insider's homepage for more stories.

While you may have the liquid courage to say whatever you want in a bar, there are some things that bartenders just won't tell you, even if it's to everyone's benefit.

So Business Insider asked more than 30 bartenders to weigh in on what they'd love to tell customers but can't.

We've anonymously included some of the more constructive insights here:

FOR MORE ON ALL THE WAYS BARTENDERS ARE SECRETLY JUDGING YOU: Bartenders reveal what customers' drink orders say about them

DON'T MISS: Flight attendants share 25 things they'd love to tell passengers but can't

'Please don't order vodka'

"You're nice when you stick with beer, but a demon on spirits."



'Use cash to pay for a single drink'

"Running credit cards is more time consuming than a cash transaction, and the tiny tip from one drink is not worth my extra time."



Proceed ordering mixed drinks with caution

"Almost no restaurants or bars clean their ice machines as regularly as they're supposed to. "



'I'm a person — please treat me like one'

"I am not a servant. I am not a potential date. Please don't take advantage of the fact that I have to treat you in a professional manner. This is my place of employment, not your house. You are the guest here. Please behave like one."



'Order everything at once'

"Don't have me make a margarita, then order your buddy a beer only to realize his girl wanted a margarita, too."



'I'd love to tell people just how disgusting they are when they're eating'

"I hate seeing your chewed up food all over your face while you're dripping ranch all over the bar top. How messy could you possibly be?"



'I see you and I will get to you the second I can'

"I know you have been waiting for a while. If I haven't taken your order, it is for a good reason. Wait just like everyone else! Everyone wants their drinks asap."



'Stop hitting on your bartender'

"The bartender does not want to date you."



'Put your laptop away — you’re not fooling anyone'

"Stop trying to 'work' at a bar. You're a functional alcoholic. Cram your drinking in now and your work in tomorrow."



'Money talks and bulls--t walks'

"Time is money and your bar stool is real estate.

"Don't ask me to hold your seat. Did you ask with a $10 bill? If not, then the answer is 'no.'

"And do not get annoyed when people order over you if you are sitting on a bar stool. Again, you're on very expensive real estate. The bar is a place for transactions, not private dining."



'That girl will not go home with you just because you bought her a $9 shot'

"Some people will buy loads of expensive shots when out in groups. They're trying to look flash."

But it often has the opposite effect.

"You look stupid when you order expensive shots." 



'You're overpaying for super expensive cocktails'

To figure out just how much you're overpaying for your favorite fancy cocktail, check out Quartz's handy cocktail calculator. You could be paying 400% more than the cost of the ingredients to have your drink made.



'I'm judging you on your drink order.'

"You can tell what type of person someone is by their drink order in specific bars."

"If you're in a bar with tons of other people and it's loud and you order something complicated, you clearly don't value people's time. How you react to the bar being out of your 'usual' is also very indicative of your personality."




A CEO who's worked with Hillary Clinton to mentor 16,000 female leaders across the world reveals 5 habits all women should adopt immediately to get ahead in the workplace

$
0
0

Alyse_Headshot

  • Alyse Nelson, leadership expert and CEO of Vital Voices, has worked with 16,000 women across the globe to help them achieve success in both public and private organizations. She founded the nonprofit alongside Hillary Clinton and Madeleine Albright.
  • She revealed to Business Insider the five habits that women need to adopt if they wish to succeed at their workplace.
  • Successful women tend to ask for feedback more often, and are more willing to hear diverse perspectives.
  • Visit Business Insider's homepage for more stories.

Alyse Nelson knows what it takes for women to succeed.

Nelson cofounded and helms Vital Voices, a global leadership consulting nonprofit that aims to help women get leadership positions. The organization was also started by Hillary Clinton and Madeleine Albright in 1997. 

Read more:The CEO of a company that calls itself 'the future of law' says she still can't escape sexism at work — but she's on a mission to prove mentorship can break the glass ceiling

Nelson and Vital Voices have worked with a total of 16,000 women in 182 countries, helping them achieve leadership positions in public and private work.

As part of her mission, Nelson discovered "commonalities" among women who go on to become leaders — traits other women can use to succeed in the workplace. "These are women who are making the world a better place, where they're defending human rights, or they're educating girls, or they're entrepreneurs," Nelson told Business Insider. "They are not just creating jobs, but giving back to communities."

Here are five characteristics of successful women to adopt if they want to move up the ranks in their workplace:

SEE ALSO: How one of the few queer black women in venture capital clears her mind to overcome bias and get things done

DON'T MISS: 19 of the most powerful women in global finance

Women must know themselves and their values before taking on leadership positions.

The first commonality among successful women is that they are motivated by a purpose or personal mission statement, Nelson said. She said women must understand who they are and which values they want to stand for before expecting others to listen to them.

In fact, one of the biggest differences between male and female leaders is displaying integrity and honesty while leading, according to data from consultancy Zenger Folkman

"Doing that internal work to understand who you are and what you're about is the first step of any leadership," Nelson said. "I think really calling that out has been extremely instrumental to a lot of the women that we work with."



Successful leaders regularly ask for feedback from their team — and adapt their behavior to match what their employees want.

Women leaders, in general, are more comfortable asking for feedback than men, according to Zenger Folkman. The reason stems from male leaders' tendency to, over time, stop asking for ways to improve. Women tend to continue to ask for feedback even as they age, the consultancy found.

Nelson also says women who ask for feedback from everyone in their organization — from the bottom level to the top player — will succeed as leaders more often.

"You need to be constantly listening and learning," she said. "I think also you need to be willing to admit failures. These are all traits that I think come more naturally for women than men."

Read more:How this 32-year-old became a CFO is a lesson in how mentorship helps break the glass ceiling



Successful women know how to work with diverse groups of people — including ones they may not agree with.

Being able to work with different groups of people sets successful women apart.

Research has shown diversity in decision making tends to lead to better results. Gender and racially diverse teams reexamine facts, better process information, innovate more often, and remain objective more often than monolithic boards, according to the Harvard Business Review. Tufts University psychologist Samuel Sommers even found racially diverse juries raise more case facts and made fewer factual errors than all-white juries. 

Allowing for this kind of diversity in perspectives and viewpoints will ensure female leaders thrive, Nelson said.

"It's very easy to work with people who we agree with and get along with," she said. "It's more difficult to work with people who don't agree with us on 20 different things."

Read more:Women now hold one out of every five seats on corporate boards in America's top companies



Successful women take bold risks more often.

Nelson said oftentimes, struggling companies will bring in a woman to lead only after "traditional" male leaders fail to turn the ship around, a statistic shown through research from Utah State University. Marissa Mayer, for instance, took over Yahoo! in 2012 to change the culture of the dysfunctional tech giant.

Nelson said companies do this because they know successful women think outside the box. Oftentimes, they had to take bold risks to set themselves apart early in their career, she said. This quality often leads to more success for women.

"We tend to think more outside the box," she said. "So many of the women we work with don't even know there is a box."



Women in leadership positions invest in their communities to bring up other women.

After facing greater adversity to become leaders, women and minorities have spoken about "paying it forward," or investing in other underserved communities to get them into high-paying jobs.

Private-equity billionaire Robert F. Smith, one of just 13 black billionaires in the world, according to Forbes, said he decided to pay off the student loans of Morehouse College grads in part to give back to his community. Axiom CEO Elena Donio, a powerful tech and now law executive, invests in women at her company and in underserved populations through charity work.

Nelson said she sees this characteristic repeated globally among women in power. 

"You invest in women and they immediately turn around to invest and support other people in their communities," she said. "And that's the power of it. I mean, that is the power of investing in women leaders: that ripple effects that you see."



Nearly 3 in 4 women in tech have mulled leaving the field, signaling the industry still has a gender diversity problem

$
0
0

Woman scientist

  • A Capital One survey found that of women who stayed in technology jobs for at least 8 years, 73% had considered leaving due to limited opportunity to advance and unfair compensation.
  • Women who left the tech industry altogether because of weak management and a lack of work-life balance contributed, the survey finds.
  • Women — particularly underrepresented women of color — still face challenges within the tech sector.
  • Visit Business Insider's homepage for more stories.

In 2018, just 26% of professional computing jobs were held by women. A new survey reveals why women leave the field — or contemplate doing so. 

Capital One, the credit card company, surveyed 450 women in the US who currently work or have worked in technology fields like science, engineering, technology, and medicine. About half of respondents, or 250 of the total surveyed, stayed at least eight years, while the other half had left after at least three years on the job. 

Of those who had stayed eight years, 73% had considered leaving at some point, a survey of 450 female technologists found. The largest reason they considered leaving was for limited opportunity to advance to senior positions, followed by unfair compensation and little support from management.

Read more:Women now hold one out of every five seats on corporate boards in America's top companies

For the women who left altogether, weak management and a lack of work-life balance contributed to the decision to leave, the survey found.

Not having enough other women in their companies also contributed to their departures: nearly half of women who left tech said they did not have female role models at their company, and nearly one-fourth said they did not have peer groups of other women.

Why tech still isn't a friendly place for women

Women — particularly underrepresented women of color— are still underrepresented in tech. 

Many experts, like the American Association of University Women, attribute the lack of women representation in tech to stereotypes that men belong in computing industries. 

Once they get  the tech industry, women face issues like pay disparities and sexual harassment more often than men. More than half of women in tech are paid less than men in similar positions, according to research by recruitment firm Hired.

Melinda Gates recently announced she would donate a stunning $1 billion toward ending gender inequality, including ways to increase gender diversity within technology. In an essay for TIME, Gates said the reason the tech industry talent pipelines work better for men is because they were "designed that way." 

"We need to create new pathways into these industries that will open more entry points for women from all backgrounds," she wrote.

SEE ALSO: American workers say jobs should do more to help them cope with mental health issues like depression and stress

Join the conversation about this story »

NOW WATCH: Mexico has just one store where you can legally buy a gun and it's located on a heavily-guarded military base

The rise of David Dobrik, a 23-year-old YouTuber worth over $7 million who got his start making 6-second videos

$
0
0

david dobrik

A 23-year-old YouTuber by the name of David Dobrik was recently named Generation Z's favorite social media personality in a survey from financial analyst firm Piper Jaffray.

If you're not a teen, it's possible you've never heard of the star. He's a celebrity that's risen to fame thanks to social media: He got launched into the spotlight on the video-sharing app Vine, and has since turned to YouTube, where he has more than 14 million subscribers.

Now, Dobrik has turned his empire into a net worth estimated at $7 million. His elaborate stunts and vlogs have earned him movie roles, a gig hosting the Teen Choice Awards, and a loyal fanbase.

Here's everything you need to know about David Dobrik, a Vine star-turned-YouTuber:

SEE ALSO: People are mourning the loss of Instagram's Following tab, which let users snoop on partners and keep tabs on celebrities

David Dobrik was born in Kosice, Slovakia on July 23, 1996. He has three siblings named Ester, Sarah, and Toby.

Source: Famous Birthdays



Dobrik and his family immigrated to a suburb of Chicago when Dobrik was six years old. He attended Vernon Hills High School, where he played tennis.

Source: Famous Birthdays, Chicago Tribune



Because he moved to the US when he was six, Dobrik is protected from deportation under the Deferred Action For Childhood Arrivals program, known as DACA, that allows undocumented minors to live and work in the country. However, under President Donald Trump, those protections could be revoked.

Source: Tubefilter



After Dobrik graduated high school, his parents gave him a choice: go to college or move out. Dobrik chose to move to Los Angeles in 2013 with a few of his friends, and the group struggled to survive on cheap groceries like peanut butter and bread.

Source: Forbes



Around this time, Dobrik discovered an app called Vine, where users could create short six-second looping videos to share with others. He started out running a few different sports accounts from which he would upload sports highlights and clips. At that point, Dobrik estimates he was making $1,500 to $2,000 a month.

Source: Forbes



But Dobrik soon transitioned over to creating comedic Vine videos. He started teaming up with other funny people on Vine — a group that's come to be dubbed as the Vlog Squad. This includes other big-name former Vine stars and YouTubers like Scotty Sire, Toddy Smith, Gabbie Hanna, Josh Peck, and Zane Hijazi.

Source: We the Unicorns



As he continued to produce videos on Vine, Dobrik followed some of the platform's creators over to YouTube in 2015. But he couldn't afford to create elaborate productions and rent out massive sets like other lucrative influencers were doing in order to produce content.

Source: Forbes



That's when Dobrik met fellow Vine star Liza Koshy, who introduced him to vlogging — essentially, online video journals. "I really liked that it was a small camera and you could just record your whole day," Dobrik told Forbes. "I filmed my first vlog and I think it worked because I wasn’t trying to make it work. I was just doing it for my own enjoyment."

Source: Forbes



By November 2015, Dobrik and Koshy were dating. "Never have I ever gotten so comfortable being around a person as quickly as I did with her," Dobrik said on the couple's one-year anniversary. "I probably sound so repetitive talking about how lucky I am."

Source: Instagram



When Vine shut down in late 2016, Dobrik switched over full-time to YouTube, where he has two channels: David Dobrik, home to vlogs, and David Dobrik Too, where he puts his content featuring members of his Vlog Squad. Between the two channels, Dobrik has over 20 million subscribers.



Dobrik launched a podcast in mid-2017 with fellow Vlog Squad member Jason Nash. Called "Views," the podcast takes people behind the scenes of their vlogs and just features the crazy antics between the two.

Source: Tubefilter



Dobrik and Koshy announced in June 2018 they had split. They filmed an emotional video on YouTube about the mutual breakup, and told fans they couldn't be together because of personal issues. Despite no longer dating, the two remain best friends and still film videos together.

Source: Insider



Dobrik has turned his success on YouTube into big-screen gigs. He starred in the animated film "Angry Birds Movie 2," and hosted the Teen Choice Awards in August 2019 alongside "Pretty Little Liars" star Lucy Hale.



Dobrik and his Vlog Squad are known for the wild pranks they play on each other, and general mayhem wherever they go. Just this year, Dobrik married the mother of Vlog Squad member Jason Nash to successfully pull off a long-standing joke of becoming Nash's stepdad. The marriage lasted a full month.

Source: E! Online



Dobrik is worth an estimated $7 million. He owns a $2.5 million home in Los Angeles, which features an in-house recording studio and a multitude of cars, including a Tesla and Ferrari.

Source: Celebrity Net Worth, Architectural Digest



Dobrik has a full-time live-in assistant, his longtime best friend Natalie Noel. Rumors have swirled that the two are dating, but the two haven't confirmed that.

Source: Cosmopolitan



It's unclear what the future holds for Dobrik, although he's said in past interviews he hopes to remain in the entertainment business. Dobrik told J-14 this year he would love to do late-night television.

Source: J-14



How a mortifying 'omen' ended Salesforce CEO Marc Benioff's $20 billion deal to buy Twitter (TWTR, CRM)

$
0
0

Marc Benioff

  • In his new book, "Trailblazer," Salesforce CEO Marc Benioff recounts a mortifying story of how his plans to buy Twitter were crushed.
  • The key moment was when he publicly and literally fell down on the sidewalk in front of a crowd of people.
  • The fall taught him a valuable lesson on when to ignore the naysayers and pursue an unpopular idea and when take stock and listen to them.
  • This article is part of Business Insider's ongoing series on Better Capitalism.

Salesforce CEO Marc Benioff has a new book out in which he documents his path from a traditional tech founder and exec to an activist CEO — which is to say, a leader who takes on social issues, vocally and forcefully. 

In the book, called "Trailblazer," he reveals an embarrassing story that caused him to personally grow as a leader. The name of the book is a play on a Salesforce's Trailblazer training program, which teaches people how to use its products and get careers in IT.) 

In a chapter called "Trust," Benioff recounts the story of how his plans to buy Twitter were crushed when he publicly and literally tripped and fell in front of a crowd, bloodying himself in the process.

The year was 2016. Twitter was struggling, and Benioff wanted to buy it. "I'd learned over time to trust my instincts and thought I had a pretty good track record in that regard," he wrote. He even knew that he was willing to pay upwards of $20 billion for the company. 

Read: Ousted WeWork CEO Adam Neumann 'is a great entrepreneur,' says Salesforce CEO Marc Benioff

But everyone opposed him: his management team, his directors, and his investors. Word leaked of the impending deal, and Salesforce's stock began to fall.

Used to ignoring the naysayers, Benioff writes that he set up a meeting with the credit ratings agencies to persuade them to grant an investment-grade underwriting so Salesforce could finance the deal.

"At the appointed hour, I climbed out of my car, feeling mostly ready to make one of the biggest pitches of my career," he wrote, "That's when I failed to properly judge the gradient of a curb, tripped on it and went down hard."

His CFO, Mark Hawkins, saw the fall and yelled "Big man down!" 

Benioff ripped his pants and badly injured his knee. Blood was oozing. He was mortified, he wrote, for falling down in view of his executive team, a bunch of employees, as well as pedestrians on the street.

"I'm six feet five inches tall," he wrote. "I'm told that the thud was tremendous."

Nevertheless, he powered on and completed those meetings.

But all the objections were starting to make him wonder: "What if your instincts are wrong?" he asked himself. 

Two weeks after that fall, he met with colleagues, directors and investors at his company's massive annual tech conference, all of them still opposing the Twitter deal.

He realized then that, "I need people to trust me more than I needed to trust my own instincts."

He abandoned the deal, and "I did something that I rarely do. I apologized."

Digging in when others try to stop you

He had spent so much of his career proving the naysayers wrong that he had learned to dig in when others told him his vision was wrong. In fact, the whole idea of software-as-a-service was pooh-poohed back when Salesforce was founded, reinforced when other early players in the field began to fail.

Looking back, though, he says of that embarrassing fall: "I don't think the timing was a coincidence."

He says he's not a superstitious guy, but the San Francisco native also admits: "I've always believed in the power of signs and omens." And in the case of the Twitter deal, "my feet were telling me what my brain would not." 

Benioff says he learned a valuable lesson that day. Leaders shouldn't have be literally stopped by the universe in order to recognize when they are headed in the wrong direction.

The key to understanding when to trust exclusively in yourself versus when to trust the opinions of others is this: will you be using up everyone's trust if you power ahead against their objections? If so, rethink your plans because when it comes to trust, "once you use it all up, it can take years and years to replenish," he writes.

Got a tip? Contact Julie Bort on Signal at (970) 430-6112 using a non-work phone, or email at jbort@businessinsider.com. Open DMs on Twitter @Julie188. You can also contact Business Insider securely via SecureDrop.

Join the conversation about this story »

NOW WATCH: Super-Earths are real and they could be an even better place to live than Earth

17 ex-celebrities who ended up with completely different careers

$
0
0

willy wonka and the chocolate factory

  • Not all stars are destined to be lifelong celebrities.
  • Some give up on show business entirely and go on to pursue fulfilling careers in other lines of work.
  • See if you recognize any of these stars who've moved on to become lawyers, hairdressers, and business magnates.
  • Visit Business Insider's homepage for more stories.

Fame can be quite fleeting, and show business comes with a lot of pressure.

So it's no surprise that celebrity can have an adverse effect on people, especially child stars, USA Today reported. The plight of Hollywood icons who achieved success, only to fall from grace due to drug use or erratic behavior, is well-documented.

But not all stars fall. Some just fade into a less visible line of work after their brush with fame.

Here's a look at some former stars who ended up in completely different careers:

SEE ALSO: 'It's not worth losing your job over': Bachelor, Amazing Race, and Survivor alums explain how reality stardom affected their careers

Jeff Cohen — Lawrence 'Chunk' Cohen from 'The Goonies'

Claim to fame: Cohen shot to fame for his turn as clumsy, bad-luck-prone Chunk in the classic 1985 adventure film "The Goonies."

What he does now: Growing up, he was able to use his stint as a child actor to land roles at movie studios, according to the ABA Journal. He decided to go into law, earning his J.D. from UCLA after attending Berkeley.

Cohen went on to cofound the entertainment-oriented law firm Gardner Cohen LLP.



Crystal McKellar — Becky Slater from 'The Wonder Years'

Claim to fame: McKellar acted alongside her sister Danica in the television series "The Wonder Years."

Both sisters had been considered for the main role of Winnie, but Danica won out, and Crystal was brought on to play Becky Slater instead.

What she does now: During their time in show business, education was always a priority for the McKellars, according to Biography.com. McKellar went on to study at Yale and Oxford, and she earned her J.D. at Harvard.

Today, she's the managing director and legal counsel for Mithril Capital Management.



Jeffrey Allen "Skunk" Baxter — Guitarist for Steely Dan, The Doobie Brothers, and Spirit

Claim to fame: Baxter was a founding member of Steely Dan and later joined the Doobie Brothers.

The guitarist has led quite a lengthy career in rock and roll, working with acts and artists like Dolly Parton, Ringo Starr, Rod Stewart, Eric Clapton, and others as a session guitarist.

What he does now: The storied guitar-for-hire now has top security clearances. In the 1980s, his interest in recording technology prompted him to research and become fascinated with military software and hardware.

The Wall Street Journal reported that a paper Baxter wrote on missile defense attracted the attention of Congressman Dana Rohrabacher. He became a defense consultant for the US Department of Defense and other defense entities, Guitar Player reported.



Peter Ostrum — Charlie Bucket from 'Willy Wonka and the Chocolate Factory'

Claim to fame: Ostrum appeared in the 1971 classic"Willy Wonka and the Chocolate Factory" as protagonist Charlie Bucket. After the film, he declined to sign on for any more movies and left show business, according to IMDb.

What he does now: After leaving acting, Ostrum found a new calling when he purchased a horse with some of the money he'd made from the film, according to Express.

He decided he wanted to work with animals and went on to earn his doctorate in veterinary medicine from Cornell. Today, Ostrum practices at the Countryside Veterinary Clinic in upstate New York.



Charles Korsmo — Jack Banning from 'Hook'

Claim to fame: The North Dakota native achieved success as a child actor, landing roles such as "the kid" in "Dick Tracy," Siggy in "What About Bob?" and Peter Pan's son in "Hook."

What he does now: After leaving Hollywood, he ended up attending MIT, graduating with a B.S. in physics, and then earned his J.D. from Yale, according to Cleveland.com.

In 2011, US President Barack Obama nominated him to the board of the Barry Goldwater Scholarship and Excellence in Education Foundation. He now teaches law at Case Western Reserve University.



Danny Lloyd — Danny Torrance from 'The Shining'

Claim to fame: At the age of six, Lloyd portrayed "Danny Torrance" in Stanley Kubrick's "The Shining."

The young actor was "closely guarded by Kubrick," according to IMDb, and did not realize the film was a horror movie.

What he does now: Lloyd quit acting in high school and told the New York Daily News he leads "a pretty normal life now." The former child star is a biology professor at a Kentucky community college.



Josh Saviano — Paul Pfeiffer from 'The Wonder Years'

Claim to fame: Saviano's biggest role was that of the geeky Paul Pfeiffer in "The Wonder Years."

What he does now:Like his co-star McKellar, Saviano chose not to pursue acting shortly after "The Wonder Years" ended. And while his best-known character may have attended Harvard, Saviano chose to study political science at Yale, according to IMDb.

He earned his J.D. at Yeshiva's Benjamin N. Cardozo School of Law and worked as a partner at international law firm Morrison Cohen for 11 years before founding the entertainment startup Act 3 Advisors.



Michael Schoeffling — Jake Ryan from 'Sixteen Candles'

Claim to fame:Schoeffling is best known for playing popular jock Jake Ryan in eighties comedy "Sixteen Candles."

What he does now: Shortly after his turn as Molly Ringwald's love interest, Schoeffling quit acting altogether, citing his need to support his two kids.

He largely disappeared from the public eye, but opened up his own woodworking shop in rural Pennsylvania in the nineties, according to IMDb.



Carrie Henn — Rebecca 'Newt Jorden from 'Aliens'

Claim to fame: Henn was discovered by "Aliens" casting agents in the school cafeteria of a US Air Force Base, according to People.

She ultimately landed the role of Newt, the sole survivor of an alien attack who forms a close bond with Sigourney Weaver's Ellen Ripley.

What she does now: Despite receiving accolades for her performance, Henn chose to forego an acting career. Wired reported she instead went into teaching in Northern California.



Omri Katz — Max Dennison from 'Hocus Pocus'

Claim to fame: Katz is most famous for his portrayal of candle-lighting virgin Max in Disney's spooky cult classic "Hocus Pocus."

What he does now: According to IMDb, Katz has left the world of acting to work as a hairdresser.



Peter Billingsley — Ralphie Parker from 'A Christmas Story'

Claim to fame: Billingsley has appeared in numerous films and television shows over the years.

His most famous role is that of Ralphie Parker, a young boy determined to get his hands on an "official Red Ryder carbine action, 200-shot, range model air rifle with a compass in the stock and this thing that tells time" in the 1983 Yuletide classic "A Christmas Story."

What he does now: Billingsley never left the entertainment world. Now he just works behind the scenes, with a few cameos here and there (like his brief appearance in "Elf"). He's been able to transition from child actor to what Buzzfeed calls "a steady and successful Hollywood player."

According to IMDb, he's worked as a producer on "Iron Man,""Dinner for Five,""Zathura," and "Made." He also directed the romantic comedy "Couples Retreat."

Buzzfeed reported that Billingsley has also cofounded Wild West Picture Show Productions with friend and frequent collaborator Vince Vaughn.



Barret Oliver — Bastian Balthazar Bux from 'The NeverEnding Story'

Claim to fame: Oliver is most known for his role as the alliteratively-named Bastian Balthazar Bux in "The NeverEnding Story."

What he does now: IMDb reports Oliver is now working on the other side of the camera. He teaches photography and even authored a book on the nineteenth century photo process, "A History of the Woodburytype."



Steven Anthony Lawrence — Bernard 'Beans' Aranguren from 'Even Stevens'

Claim to fame: Lawrence played the irritating, bacon-loving Beans in Disney's "Even Stevens," which ran from 2001 to 2003.

What he does now:The Daily Mail reported Lawrence now teaches seminars at USC, Berkeley, and in California high schools while acting in the odd commercial.

According to the Mercury News, he also surprised fans when he appeared as one of Santa's helpers at a California mall in 2015.



Isaac Lidsky — Barton 'Weasel' Wyzell from 'Saved by the Bell: The New Class'

Claim to fame: Lidsky portrayed the nerdy Weasel during the first season of "Saved By the Bell: The New Class." Shortly after, he received news he had retinitis pigmentosa and would ultimately lose his vision, according to the Tampa Bay Times.

What he does now: There's a reason TED invited the former child actor to discuss his "eclectic résumé" in 2016. Lidsky left Hollywood in order to pursue his education, enrolling at Harvard at the age of 15 and graduating with degrees in computer science and applied mathematics, the Tampa Bay Times reported.

He went on to pursue a legal career, clerking for Justice Ruth Bader Ginsburg and retired Justice Sandra Day O'Connor as the first legally blind law clerk in the history of the US Supreme Court, according to CNN.

In 1999, he also co-founded a business that would become x+1, which Ad Age reported Rocket Fuel bought for $230 million in 2014. Inc. reported that Lidsky's also established a construction firm in Florida.



Dylan Sprouse — Zack from 'The Suite Life of Zack & Cody'

Claim to fame: Acting alongside his twin brother Cole, Dylan Sprouse starred in the Disney Channel series "The Suite Life of Zack & Cody" as Zack Martin. Sprouse was cast at age 13 and continued the lead role on the sequel series "The Suite Life on Deck," which concluded in 2011. Previously, Sprouse and his brother shared the role of Julian 'Frankenstein' McGrath opposite Adam Sandler in the movie "Big Daddy" when they were six years old, along with small television appearances such as an episode of "That '70s Show."

What he does now: While his brother returned to acting on the hit show Riverdale, Dylan Sprouse stopped pursuing lead roles following his Disney Channel run. After graduating from New York University in 2015, he opened a brewery in Williamsburg, Brooklyn called All-Wise Meadery where he works today.



Travis Tedford — Spanky from 'The Little Rascals'

Claim to fame: Travis Tedford became a child star after playing the role of Spanky in the 1994 film "The Little Rascals." Additionally, he appeared on a Welch's commercial when he was five years old as a "spokes-tyke" for the juice brand.

What he does now:According to IMDb, Tedford stopped acting in 2010 after appearing in the horror film "The Final." Reports say he now works as an inbound marketing specialist in his home state of Texas.



Nikki Blonsky — Tracy Turnblad from "Hairspray"

Claim to fame: Best known for her lead role as Tracy Turnblad in the 2007 remake of Hairspray, Nikki Blonsky landed a few small roles following the film's success.

What she does now:According to reports in 2011, Blonsky worked at a shoe store in New York City and later as a hairdresser in her hometown on Long Island.

 

Where are they now: What all your favorite '90s stars are doing today

THEN AND NOW: Here's what all your favorite '90s singers are doing today



Viewing all 27352 articles
Browse latest View live


<script src="https://jsc.adskeeper.com/r/s/rssing.com.1596347.js" async> </script>