One of the most significant and positive trends that I’ve been attempting to identify is the remarkable advancements in battery technology over the past few years.
For a wide range of applications, batteries are in competition with combustion engines thanks to significant increases in energy density and also greater reductions in production costs. The most important of these is travel.
At the beginning of this time, the great story about electric cars was that , profits were slowing down. Critics of EVs claimed that they are a display in the pan, that attention is now waning, that internal combustion car problems would prevent them from ever becoming obsolete, that EVs will never be sustainable without subsidies, and so on. Basically, the story was that , the EV rebellion was over, or at least stalled continuously.
That tale has today largely collapsed. After only a few months, EV sales in the US rose again, and their market share has reached a new report great:
But EVs are also winning. But , they have n’t won yet, only 4 % of the global passenger car fleet, 23 % of the bus fleet, and less than 1 % of delivery trucks are electrified.
But at this point, I think the reading is on the walls.
It’s not unusual to see a new technology replacing an older, inferior technology, and it usually appears that the EV transition is now. When a new technology passes a 5 % implementation level, it almost always turns out to be superior to what came before, with Vehicles, that threshold has now , been reached in lots of places.
In fact, we do n’t have to rely on trend-based forecasting to understand why EVs are just going to win. A number of important elements distinguish EVs from conventional combustion vehicles. These natural benefits will become more apparent in the market as time goes on.
The first of these is , rate. Now, Batteries typically require government grants in order to be price-competitive with fire trucks. However, chargers are becoming less and less expensive as we become more adept at creating them. The grants needed to convert people to EVs are the lower the battery prices.  , Goldman Sachs reports , that this important turning point may be reached in about two times:
According to a new presentation from Goldman Sachs Research, technological advancements intended to boost power electricity mass, in addition to a decline in green metal prices, are anticipated to cause battery prices to drop below originally anticipated.
Further, Goldman Sachs ‘ researchers forecast that average battery prices could drop as much as US$ 80/k Wh by 2026, which would be a drop of almost 50 % from the 2023 levels.
The investment tycoon anticipates that battery electric vehicles will eventually be able to charge the same as ICE vehicles on an unsubsidized basis in the United States.
The EV trend may gain momentum once batteries reach that point. Simply put, purchasing an EV will be less expensive than a fire vehicle. People will gravitate toward the cheaper option, particularly if it comes with various benefits. And in this situation, it does.
EVs ‘ next benefit is , comfort. Most Vehicle owners will , nearly never have to replace their vehicles off at a place. Because they will cost their vehicles at night, in their own cars or driveways.
The BYD Atto 3 has a range of 260 yards. Assume you only use half as much of your cell each day to recharge your Atto 3 ( as you would with your mobile ). That’s 130 yards. And let’s say that just to be on the safe side, you’d quit driving at 100 yards a day.
Very few Americans drive their cars , for more than 100 yards a moment! The amount is , less than 1 %. The regular number of miles driven per day is about 40. Which means that as an EV owner, on all those days when you , do n’t  , drive over 100 miles, you will , never have to visit a charging station at all, any more than you now visit charging stations for your phone.
I believe that many Americans still do n’t comprehend this fundamental truth about electric vehicles. They’ve spent their entire adult lives regularly filling up gas stations, so it’s only natural for them to think about going to an EV charging station whenever their chargers run small.
But , that’s not how Tesla job at all!  , They’re more like a phone than a vehicle — you plug them in at home, but you , about never , have to cost them when you’re out and about.
Of course, not everyone will find this to be true because not everyone has a vehicle charging station at house. It will be much harder for you to possess an electric vehicle if you park on the street rather than in a garage or driveway.
But , fewer than 10 % of Americans , area on the street when they’re at home. If you live in an apartment building, it will eventually have EV chargers in most or all of its parking lots, especially as EV implementation rises.
This implies that it makes no sense to just compare the time it takes to command an electric vehicle to the time it takes to fill the gas tank of a combustion car. With a fire vehicle, you’ll be going to the oil station , about once a week, spending about 8 hours that each time.
With an Vehicle, it’ll get 30-40 hours at a place to charge your vehicle entirely, but , you’ll almost never go to a stop. You’ll just be able to travel on a road trip or on those rare occasions when you need to travel more than 100 miles per day. So the right contrast of filling days is “eight days every week, or 30-40 days on very rare occasions”. The latter is just much more convenient.
EVs ‘ third big advantage is that they require , much less maintenance , than combustion cars. A complicated engine with a lot of moving parts that can breakdown is found in a combustion car. With less machinery in between, an EV is much simpler, getting its energy directly from the battery. Less expensive parts mean fewer breakdowns for cars. That’s why EV maintenance costs are  , 50 % lower than combustion cars.
EVs ‘ fourth advantage is , faster acceleration. Acceleration is one of the things people enjoy the most about driving cars, and EVs just completely , destroy combustion cars , here. A battery-powered electric motor can start accelerating your car with maximum force pretty much instantaneously, as soon as you hit the pedal.
A combustion car must burn all of its gears and shift a lot of them before the acceleration can begin. Thus, EVs will always be able to go from 0 to 60 faster than combustion cars.
EVs ‘ fifth advantage is , quiet. With that controlled explosion and all of those moving parts, combustion cars make a lot of noise. Since all they do is push electrons through a wire, EVs are incredibly quiet.
This is why EVs are  , far, far quieter , than combustion cars.  , That’s helpful for when you’re driving and want to listen to music or a podcast. The less growling, roaring combustion cars on the streets, the more peace and quiet we all enjoy, which is also beneficial for the neighborhood around you.
That’s a significant set of technological benefits for electric vehicles. What benefits still exist for ICE cars? Combustion cars ‘ range advantage has basically evaporated, with plenty of EVs having , ranges of over 300 miles. Even without subsidies, their minuscule cost advantage is on the verge of losing out in a few years. Since EV owners rarely have to fill up, their quicker fill-up time almost never comes into play.
Other than the familiarity born of long use, I do n’t see many significant, enduring advantages for combustion cars over EVs. And as EVs become more popular, combustion cars will become less and less convenient, because of a doom loop. In , a post a year ago, I tried to explain why:
]T] he more gas stations there are, the more convenient it is to drive, and the more people drive, the more profitable it is to run a gas station. This reinforces one another because we have a lot of cars and a lot of gas stations.
EVs will reduce gas stations ‘ operating profits by removing internal combustion traffic from the road. Gas stations have fixed costs that they must cover by serving a larger population of customers. However, when they can serve fewer customers, their fixed costs are higher, and some fail to service their customers ( or switch entirely to EV charging stations ).
When the number of gasoline-powered cars on the road goes down by double-digit percentages, it’s going to lead to a lot of closures or conversions. Driving an internal combustion car as your primary mode of transportation becomes more challenging when some gas stations vanish.
This is due to the decreasing number of gas stations. When traveling for a long distance, this causes range anxiety, but it also makes you drive farther and fill up more fuel. That encourages people to switch to an electric vehicle.
Take note that EVs have yet another subtle advantage over combustion cars thanks to this network effect. In order to be usable, combustion cars rely on a nationwide network of gas stations. However, EVs almost always charge at home, so they do n’t need to have a network of charging stations as much.
So EVs are merely a better form of technology than gasoline cars. They’re soon to be cheaper, they’re more convenient, they’re much easier to maintain, they’re more powerful and far more silent. They will mostly replace combustion vehicles, it’s just a matter of when.
This fact needs to be made clear to the American industry. Chinese automakers have been much more aggressive than their established rivals right now in terms of switching to EV technology. Bloomberg’s Gabrielle Coppola and Danny Lee have  , an excellent, sobering feature , on the rise of China’s electric auto champion BYD:
Executives from Detroit to Tokyo are now having to figure out how to compete with BYD, and they are aware that tariffs alone wo n’t work. For years, they could n’t or would n’t make the case for cannibalizing profitable business with an expensive, technologically novel experiment such as the electric vehicle, and now it’s unclear if they’ll ever catch up.
The , Alliance for American Manufacturing , ( AAM ), a lobbying group representing American companies and labor groups, has called China’s EV offensive” an extinction-level event” for the American auto industry. They are aware that many Americans who are looking for an affordable option would likely be happy to buy BYD has built EVs.
Tesla was America’s response to BYD, indeed, it did more than BYD to lead the charge in many of the key EV innovations and lower their costs in the 2010s. It’s still ( just barely ) the world’s top electric car seller.
However, Tesla has fallen off the rails in the past year or two, losing some market share to traditional automakers in the US and having to compete with Chinese rivals in the domestic market. Hopefully Tesla will recover its footing, but even if so, the US needs more than one EV champion.
However, despite the US’s lag, the EV revolution is beneficial for the rest of the world. The rise of EVs will help the world , mitigate climate change, and benefit consumers directly by making them better cars to drive. In these troubled times, there is undoubtedly a reason for optimism.
This , article , was first published on Noah Smith’s Noahpinion , Substack and is republished with kind permission. Read the original , here  , and become a Noahopinion , subscriber , here.
SINGAPORE: A woman accused of carrying out a multimillion-dollar luxury goods scam with her husband pleaded guilty on Monday ( Oct 21 ) as the prosecution sought a jail term of 14 to 15 years.
Thai national , Pansuk Siriwipa, 29, was described as the genius of the program.
She collected payment for orders to fulfil earlier orders, even as her companies,  , Tradenation and Tradeluxury, suffered losses of around  , S$ 9 million ( US$ 6.85 million ).
She and her father Pi Jiapeng, a 29-year-old Singaporean next lived the higher life, spending lavishly on luxury items for themselves.
The pair made articles after they went missing amid police studies, having , fled Singapore by , hiding in the container area of a vehicle while crossing Tuas Checkpoint.
The jury heard that the couple established up , Tradenation on May 28, 2021, to promote comfort pieces in Singapore. The couple integrated Tradeluxury on January 25, 2022, to market luxury bags.  ,
Pansuk was in charge of all of the decisions for both businesses, managing customer relations, finding manufacturers, and organizing goods delivery.
The businesses were re-selling expensive jewellery and sacks on pre-order schedule. Before the businesses procured and delivered the goods, buyers had to create full pay when they placed orders.  ,
Pi and Pansuk used foreign suppliers to source their goods, and pre-order prices would typically be 10 % to 20 % less than those provided by local resellers.  ,
Both businesses offer customers the option of returning recently purchased goods to the businesses for sale or to bring their own expensive goods back to the businesses for sales.  ,
By the end of 2021 or the beginning of 2022, Tradenation began having issues with providers abroad as a result of delayed sale. It opted to use more expensive native providers. Related difficulties did Tradeluxury face when it first begins to run its business in January 2022.  ,
As a result, both began making costs. By February 2022, Pansuk was aware that the businesses may not be able to fulfill their purchases because they lacked the funds to do so.  ,
By the end of February 2022, the companies had online responsibilities of more than S$ 1.78 million, according to Deputy Public Prosecutor David Koh, who testified before the judge.  ,
But, Pansuk continued her business as usual, using new payment to get items to accomplish earlier purchases. She was aware that the majority of these directions may result in losses because she was purchasing from local businesses and selling to customers for less money.  ,
By the end of March 2022, the corporations were in a gap of nearly S$ 9 million.  ,  ,
But Pansuk continued taking pre-orders until June 2022, cheating 166 subjects of more than S$ 12 million.
Paying ON LAVISH LIFESTYLE
Despite operating costs, the pair lived a lavish lifestyle funded , with funds from their companies.  ,
Pi received a pay of S$ 40, 000 a month from Tradenation between December 2021 and May 2022, and a pay of S$ 12, 000 a month from Tradeluxury between March 2022 and May 2022.
From January to June 2022, Pansuk received a monthly wage of S$ 10, 000 from Tradenation.
Between March and April 2022, she spent about S$ 2 million on a home in Bangkok for her family.
She even paid S$ 58, 000 on a personal airplane trip to Bangkok for a vacation and made S$ 140, 000 in downpayment for the order of a Chevrolet Corvette in Pi’s title in April 2022. Pi now had three vehicles- a Toyota Alphard, a McLaren Partners and a Porsche Macan.  ,
Additional examples of their expenditures include S$ 120 000 to renovate a system and install equipment for a real wholesale business for Tradenation.  ,
Between May 2022 and August 2022, 187 authorities reports were filed against the two organizations, stating that they failed to realize purchases despite payments made.  ,
Pi was arrested on Jun 27, 2022. He was released on bail and given to the police his card. Pansuk had even surrendered her card.
On Jul 4, 2022, a wagon drivers helped them avoid by hiding them in his car.  ,
SENTENCING ADJOURNED
Pansuk pleaded guilty to 30 costs, comprising one of criminal breach of trust, two of false trading, two of transferring benefits from legal do, and 25 of lying. The remaining 150 costs, primarily of stealing, may be taken into account for punishment.  ,
” By her actions, the accused has lost staggering amounts of S$ 12 million in the cheating charges alone. One of the largest frauds ever committed against many victims in recent memory is one where false trading fees are taken into account, which amount is more than S$ 25 million across both firms, according to the prosecution.
” At the same time, she continued to live big and spent the clients ‘ money on beautiful things – never the ones promised to her clients, but for herself”.
Johannes Hadi, the attorney for Pansuk, argued for a jail sentence that ranged from 12 years and 8 months to 13 years and seven months.  ,
Mr. Hadi argued that Pansuk had not delayed announcing her intention to plead guilty and that she should receive a 30 % discount for her guilty plea.  ,
” Pansuk is also remorseful for her actions. She eventually informed the individual who had assisted her in escaping that she would surrender, ( and asked ) that he contact the Royal Thai police”, he added.
Pansuk then waited for the police to arrive in a hotel in Malaysia and arrest her.
Pansuk’s sentencing has been adjourned to Oct 29.  ,
Set to advance Malaysia’s modern management forward of ASEAN 2025
opportunities to keep investing in the nation, both from local and foreign owners
Malaysia Digital Economy Corporation ( MDEC ) has described the National Budget 2025, themed’ Madani Economy: Negara Makmur, Rakyat Sejahtera’, as a forward-thinking budget that further strengthens the foundation of the nation’s digital economy.
Anuar Fariz Fadzil ( pic ), MDEC CEO said the budget provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence ( AI ) and drive inclusive growth.
As Malaysia prepares to take over ASEAN 2025, the Madani Budget 2025 comes at a suitable period, according to Anuar.
With its own proper initiatives in place, Malaysia is “foreign ready” and well-equipped to foster local collaboration in crucial fields like AI, the online economy, and innovation, thereby enhancing our position in ASEAN and beyond. According to him, the proposed budget offers opportunities for both local and foreign owners to keep investing in Malaysia, particularly in high-value activities like online services.
The small and medium business ( SME) area in the country also stands to gain from initiatives to adopt digital tools for increased productivity and operational efficiency.
” As Digital Minister Gobind Singh Deo stated, the Budget builds upon the solid foundations of Malaysia’s modern economy”, Anuar added. Gobind recently stated that the digital economy is projected to account for 25.5 % of the country’s GDP by 2025 or even surpass the estimates made by the government a few years ago. Piko is more optimistic and stated that it anticipates meeting the objective by 2024.
In a speech released by his government on Saturday, Gobind had described the Madani Budget 2025 as “one that prioritizes the well-being and growth of the rakyat.”
” The efforts in Budget 2025 may continue to support the Ministry of Digital in leading digital conversion work, creating an efficient and secure national modern habitat, boosting the country’s modern economy and narrowing the socio-economic divide among Malaysians”, he added.
Stressing on Malaysia’s important advantages, Anuar emphasised its strategic location, cultural and English-speaking labor, investor-friendly culture and steady pro-business state.
A significant highlight of Budget 2025 was the successful attraction of US$ 16.9 billion ( RM72.7 billion ) in investments from global tech leaders, including Amazon Web Services, Microsoft, Google and Oracle. This achievement, which was the result of a concerted effort between ministries and organizations, including MDEC, highlights Malaysia’s position as a regional hub for sky infrastructure and a major player in the world’s modern economy.
Establishing the ASEAN AI Safe Network
On the AI front, Anuar said the government’s US$ 2.33 million ( RM10 million ) allocation to the National AI Office and RM50 million for AI education demonstrates a strong commitment to advancing AI and building a skilled talent pipeline.
” These efforts will promote AI adoption and guarantee Malaysia leads the region in AI development and social development,” Anuar said. Our commitment to developing social AI comes to life in our leadership in creating the ASEAN AI Safe Network.
” MDEC is committed to working alongside the government to ensure that AI systems are deployed ethically and responsibly, securing Malaysia’s online coming through collaboration among education, business, public institutions and the rakyat”, he added.
Anuar added that the Digital ID initiative will be crucial in enhancing digital trust and security by offering businesses and the rakyat a secure, trustworthy method of online identity verification.
The introduction of Digital ID will improve access to digital services and increase confidence in online transactions, reducing fraud, and improving the overall digital economy. This initiative will be crucial in supporting Malaysia’s efforts to advance its position as a leader in the region’s secure digital services, according to Anuar.
Empowering SMEs, startups and entrepreneurs
The RM1 billion National Fund-of-Funds and RM1 billion Pioneer Fund by KWAP are key initiatives to support Malaysia’s startup ecosystem.
]RM1 = US$ 0.232 ]
” MDEC welcomes the additional RM65 million for Cradle Fund to expand regional and global potential for local startups, as well as the RM15 million matching grant to encourage collaboration between government-linked companies ( GLCs ) and startups through corporate venture capital,” Anuar said.
The government’s commitment to cultivating a” culture of innovation” among the Raykat and businesses aligns firmly with MDEC’s goal of making Malaysia an incubator for startup innovation in the ASEAN region.
The MDEC Founders Centre of Excellence ( FOX ) initiative has proved to be a smashing success by providing crucial resources with mentorship and infrastructure support. Anwar Ibrahim, the prime minister, cited Vitrox Bhd as an illustration of the success of this initiative.
Vitrox, founded by two engineers from Universiti Sains Malaysia ( USM) and guided by MDEC’s GAIN programme, has grown into a global player in the electronics industry, serving markets across Asia, Europe and the United States.
” MDEC stands ready to support these transformative initiatives, working closely with entrepreneurs, businesses and communities to ensure Malaysia’s digital economy continues to thrive and create opportunities for all”, Anuar concluded.
In 2022, the earth reached its most ambitious agreement to stop the destruction of character by the end of the decade. Two years later, nations are already in the process of achieving their goals. As nearly 200 nations meet on Monday ( Oct 21 ) for a two-week UN biodiversityContinue Reading
The Queen Sirikit National Convention Center hosts the Thailand Game Show in 2024. ( Photo: Nutthawat Wichieanbut )
According to Deputy Prime Minister Prasert Jantararuangtong, the government plans to promote the esports industry by working with big international gaming companies to train workers for the expanding sector.
Mr Prasert, also Minister of Digital Economy and Society ( DES ), on Sunday visited the Thailand Game Show 2024 at Queen Sirikit National Convention Center along with Asst Prof Nuttapon Nimmanphatcharin, director-general of the Digital Economy Promotion Agency ( Depa), and Warin Ratchananusorn, director of the Digital Startup Institute on Saturday. They extolled the agency’s high-tech potential and its ability to bring in new income.
He said the government intended to accelerate the development and development of new businesses, such as games, activities, and graphics because they are industries of chance.
The minister even gave Depa and its Digital Startup Institute a directive to help these areas so they can play a major role in boosting the nation’s attractiveness.
” Manpower is the key element that drives the games, games, and graphics businesses. The government wants to develop individuals or teams to compete in gaming at the highest level, or even to create and export games, he said. Thailand has many skilled players and developers.
Thailand may be a major regional hub for electric content. These are serious concerns the authorities had address”, Mr Prasert said.
” We will immediately start the Depa Esports job, which will cause a major revamp in the Thai games business”, he added.
The deputy prime minister and his team also spoke about fostering cooperation in the gaming industry with renowned international organizations and corporations for game creation, such as Nintendo Co, Konami Group, a Japanese multinational entertainment business, and the Korea Game Developers Association (KGDA ).
He stated that KDGA may invite some Thai activity developers to demonstrate their ability in the South Korean games industry. “KGDA is interested in establishing a game development skills center in Thailand to make manpower for the gaming industry these at home and other parts of the world,” he said.
Through the creation of facilities like the Digital Edutainment Complex, according to Asst Prof. Nuttapon of Depa, the government intends to foster investment in the gaming, esports, and related industries.
In the Chon Buri district of Sriracha, the page will become located on a 20, 000m2 site inside the Thailand Digital Valley.
He claimed the structure would serve as a testing ground for modern technology and support the Thai gaming and esports industries.
More than 50 top game designers and engineers from domestic and international firms were even showcased at the Thailand Game Show 2024, which ended on Sunday.
Culture Minister Sudawan Wangsuphakijkosol stated at the ceremony’s opening ceremony on Friday that the market for gaming in Thailand was worth about US$ 1.3 billion ( roughly 44 billion baht ) last year, up 10 % from 2023.
Thailand’s gaming industry is thought to be the next region in Southeast Asia with the fastest growth.
” It is a company that creates value and new jobs, whether as an esports company, channel, figure artist, or professional cosplayer.
These are promoting growth and are in line with the developments in the modern economy’s period, she said.
Success/failure of a , opportunity is totally different from , success/failure of the investor
High failure rates of ventures , shows , standard entrepreneurship education is not enough
The term ‘ Effectuation Theory ‘ does n’t exactly roll off the tongue. Nor will you find a single startup founder, publish a funding round, excitedly declaring,” We’re going to develop the talent pool, double down on existing markets, start in X industry, increase the platform, invest in marketing, AND, I’m going to participate in a program to increase my entrepreneur skills ( be it on Effectuation Theory or anything else )”. That just does not occur.
So when Dhakshinamoorthy Balakrishnan or Dash reached out to me about the topic and how his search for more meaningful relevance in the world of startup entrepreneurship ( readers will recall that he used to be a pillar of the startup ecosystem in Malaysia ) had led him to believe that the introduction of the Theory of Effectuation and understanding how its application to their ventures can really help them, I still was n’t convinced. Even though he had now decided he was going to take the leading expert in this area, Prof Saras Sarasvathy, to Malaysia for a website on Tues, 22 Oct.
Yet though Dash has a sizable amount of social investment throughout his career, this is unfortunate. However, as they say, schedule is all, and as I recall my conversation with Dr. Hari Narayanan, CEO of Penang Skills Development Corp. and my doubts regarding whether exposing our habitat to the concept of effectuation might help, I recalled a recent conversation.
Hari, a skilled C-suite head with over 20 years of leadership and management expertise, including six decades as managing director at Motorola Solutions Malaysia, said something that really struck me. Over the course of my profession, I’ve come to the conclusion that management is what sets businesses apart from those with business success.
But perhaps there was something around. From the site effectuation. In the very unexpected startup phase of a venture, I discovered that effectuation is a a logic of innovative expertise that both novice and experienced entrepreneurs can use to lower the cost of failure for the entrepreneur.
What made the fact that Efficient theory is a type of issue solving , which was based on a mental science-based review of 27 owners of businesses ranging in size from US$ 200 million to US$ 6.5 billion that Sarasvathy conducted.
It turns out, what makes great businesses is n’t genetic or character traits, risk-seeking attitude, wealth, or perspective. Effectuation research has found that there is a ,science , to enterprise and that great entrepreneurs across industries, geographies, and occasion use a , popular logic, or thinking process, to address entrepreneurial problems.
So, maybe Dash was on to something. And that’s how I ended up with the ebullient Sarasvathy, the Effectuation guru herself, in a late-night chat.
She teaches MBA and doctoral courses in entrepreneurship at the University of Virginia’s Darden School of Business in Strategy, Entrepreneurship, and Ethics. Originally, she is a faculty member.
Although Sarasvathy has a lengthy resume, it would be remiss of me if I did n’t mention that she has the 2022 global award for Entrepreneurship Research, which is considered the highest level of recognition for research in the field of entrepreneurship. The Swedish Entrepreneurship Forum and the Research Institute of Industrial Economics ( IFN) award it.
Confession of an editor
Confession. I have a hard time interviewing academics, especially those who have established themselves in other fields of study. They are the only ones who are knowledgeable about their subject matter and are ready to answer questions until the cows arrive home. And, unlike startup founders, they love tough questions.
And so it was that I expressed my doubts about the relevance of a relatively unknown theory about entrepreneurial expertise to Malaysian business owners, not when Paul Graham, one of the most well-known names in the Silicon Valley, is currently the subject of the hot leadership debate in the startup world about” Founder Mode.”
Sarasvathy laughed. ” That’s like seven questions in there”. Predictably she did n’t break a sweat addressing my skepticism. ” Let me break that down into three parts”, she began.
But before this, I wanted to understand her motivation for wanting to research successful entrepreneurs, though she prefers to call them’ expert entrepreneurs’, for her doctoral dissertation. Turns out, her interest in learning what makes successful entrepreneurs the success they are comes from her own journey as a serial entrepreneur, being one of the founding teams of five different ventures spread across three continents.
She took a keen interest in the field of entrepreneurship after her fifth venture was destroyed by flooding, which led to her getting a Masters and a PhD right away, both in the US. The theory was developed after her dissertation on what made successful entrepreneurs the winners they are.
But first she corrects me, teacher style. ” Everyone tells me I came up with a theory, but the fact is that I did a big piece of research on the experiences of what I call expert entrepreneurs, out of which the theory came”, she explains.
That took three years, with Sarasvathy publishing the theory paper, as she prefers to call it, in 2001. ” The whole idea behind my research was to try to understand, what is it that entrepreneurs learn through their experiences, that we can also learn and then teach”, she said.
It took her time to understand how to teach the subject right, so this was n’t as simple as it sounds. It’s not a simple matter to conduct research before instructing.
She continued her investigation into knowledgeable businesspeople while creating educational materials. Not one piece of research is sufficient. ” A textbook came out in 2011 but between 2001 to 2011 we were continuing to gather data, do research and develop material with all the case studies”, she explained.
That’s a lot of work to truly comprehend and effectively teach the fundamentals of effectuation leadership. This demonstrated to me how seriously she was taking her work and how determined she was to try to capture the essence of what made “expert entrepreneurs” so prosperous in order to then be able to assist others in her classes.
Does anybody know what makes for a successful entrepreneur? Does Elon?
Now, even though we were not chatting face to face, it was a video call, but she anticipated my next question. ( Have to work on my game face. )
” The issue is not whether my theory is superior, and I can produce successful entrepreneurs,” That is the wrong question. Does anybody know this”?
You pick the most successful entrepreneur, say the founders of Airbnb or Elon Musk. Do they actually know, and can they create the next success ( in others )? The answer is No, she stresses.
Then I got the student treatment. I’m going to treat you for a moment like a student. Think deeply about that. Why is that”?
She claims that this is because the venture’s success or failure is indistinguishable from the entrepreneur’s success or failure. In fact, I teach my students that the most crucial lesson to learn is how to fail if you want to be a successful entrepreneur. And then, you know, build on a whole bunch of small failures, a whole bunch of small successes, so that you as an entrepreneur, over time, will be successful. So we have done quite a bit of work on really unpacking these relationships”, she said.
” Effectuation offers a different approach that emphasizes gaining from mistakes and accumulating small victories over time,” says the author.
And that is what participants at her coming forum on Tuesday,’ RethinQ Entrepreneurship – Build Effectual Entrepreneurs. Learn about the” Build Enduring Companies.”
It will be very different from what one would anticipate from an ordinary forum on entrepreneurship. It will be entirely worthwhile to watch Sarasvathy shake and challenge your understanding of what makes for successful entrepreneurship.
Sarasvathy, who believes her work is also very relevant in the world of entrepreneurship and startups, is convinced that the venture funding model, with its typical 10 % success rate, has failed. It has also been worth it for her.
The US has the oldest and most prosperous venture capital market in the world. You would assume they are knowledgeable about creating a successful business, no? False because they have a nine out of ten failure rate. However, most businesspeople will frequently ask you to make an introduction to them.
She contends that that the high failure rates of ventures, even those backed by venture capitalists, shows that traditional entrepreneurship education is not sufficient. She has something to offer that is more valuable.
Make the time. Attend RethinQ Entrepreneurship.
DNA is an ecosystem partner for RethinQ Entrepreneurship. Here are still available for purchase. You can listen to an interview Prof Sarasvathy
On Saturday at the Asok crossing in Bangkok, cars wait at a traffic light. City Hall welcomes the administration’s plan to charge drivers for entering busy-traffic streets in an effort to raise money for a 200-billion-baht buy-back of electronic train agreements from private companies. ( Photo: Nutthawat Wichieanbut )
Chadchart Sittipunt, the governor of Bangkok, supports the Transport Ministry’s plan to charge a congestion fee on all electronic train lines entering main Bangkok to pay for a flat 20-baht fare policy.
Congestion costs, according to Mr. Chadchart, are certainly a new idea; they have already been implemented in cities like Singapore and London. The goal is to promote more frequent use of public transportation and to discourage driving in high-traffic places.
He did point out that Bangkok must first ensure it has a trustworthy and available public transportation system in order for such a system to function properly. This includes more than just improving electrical trains; it also includes expanding bus services and enhancing walking access to get around more easily and comfortably.
Mr Chadchart said the proposed congestion charge system, aimed at offsetting the government’s investment in the 20-baht flat fare policy, would target vehicles entering Bangkok’s central business district ( CBD ). If implemented, it would probably cover an expanded zone more than particular streets to stop drivers from veering off to safer neighborhoods, he said.
” There must be adequate public transportation options available before charging drivers, then, this plan had struck low-income residents to hard”, said the governor.
He added cautious planning may be necessary to prevent families, especially those driving children to school constantly, from being excessively affected. While the proposal’s underlying principle is good, according to Mr. Chadchart, suitable execution will be important. This includes integrating customers systems to control the gridlock fees.
Samart Ratchapolsitte, past assistant Bangkok government, on Saturday posted on Instagram, saying the plan has been discussed for years but was never implemented due to its projected negative impact on travellers. Implementation successfully would require complete planning that considers issues like parking availability and fee exemptions. Without proper planning, the congestion payment plan does fail, he said.
Suriya Jungrangreangkit, the minister of transportation, stated that the program will be based on the success of similar techniques in different nations.
He even suggested that the government refinance the subsidies given to businesses that run the electric train traces in Bangkok. In this way, the government may keep the costs low while keeping electronic coach commuting cheap.
China-based DJI filed a lawsuit against the US Defense Department on Friday ( October 18 ) alleging that adding the drone manufacturer to a list of businesses allegedly working with Beijing’s military was incorrect and had resulted in significant financial losses for the business. A US district judge in WashingtonContinue Reading
The US has higher standards for doing business, while China’s emphasis is mainly on making income, opined Prof Angel Damayanti, an international relationships and military expert from Jakarta’s Christian University of Indonesia.  ,
She believes that this makes it harder to entice British investors to invest in Indonesia.  ,
Prof. Angel remarked that” the US has certain democratic terms and conditions when wanting to do business,” citing issues like environmental protection and human rights.
” China does not have that some terms and conditions. It merely talks about the market, how much is the income and the reduction?  ,
” So it appears more flexible, yet though inevitably at the end there are certain terms and conditions to, for instance, that there must be Foreign workers involved ( in a specific project ) or that the raw materials must be from China, and others. ”  ,  ,
Mr Hashim, Mr Prabowo’s younger brother, told Hong Kong journalist RTHK that the authorities had tried to woo Tesla to invest in Indonesia’s metal industry and wants to maintain doing so.
” We’re trying to attract Chinese firms, British companies, Tesla.  ,  ,
Under Mr Prabowo’s president, the government is likely to remain lobbying the US, but Prof Angel opined that as a business, Mr Hashim perhaps also knows that it is easier to reach a deal with China as it does not have the same criteria.  ,
” If Mr. Prabowo adopts an economic strategy that does n’t care about political or environmental conditions, he will undoubtedly lean toward China.  ,
” Especially with China’s Belt and Road Initiative since 2013,” said Prof Angel.
Working with China essentially entails working with the state, according to Dr. Broto, which is easier to do.  ,
However, Indonesia must also approach business groups when attempting to work with the US. It cannot just approach the state.  ,
And business groups have various considerations when it comes to investing.  ,
” They consider security issues and legal certainty, among others”, said Dr Broto.  ,
Dr. Broto argued that Mr. Prabowo should work on specific issues if Indonesia wants to approach the US. These might include creating an environmentally friendly industrial zone and a secure investment environment.  ,
For instance, the government should have a concrete plan to avoid relying on China or other nations when it comes to the downstream industry.  ,
Downstream operations are efforts to produce priceless goods like EV batteries rather than exporting raw minerals.  ,
After a group of Thai Oil plant companies lacked 20 000 laborers for six months, they were unable to give them, so they filed a petition with the government of Chon Buri.
Yesterday morning, these demonstrators gathered near Bunjit Wittaya School in Sri Racha to march toward the CFP’s office to sign their petition. They represent the 24 subcontracting companies that are part of the Clean Fuel Project ( CFP), owned by Thai Oil Public ( TOP) Co Ltd.
At a meeting place close to the school, Chon Buri government Thawatchai Srithong ordered his lieutenant Chaiyaporn Paepiromrat to meet with the team to get the petition.
The email addresses the governor and the CFP executives, urging immediate action and clarity in the main contractor’s negotiations with the major contractor.
The suppliers finished their work as per legal responsibility in February, but no payments were made in the billions of baht.
More than 100 contracting companies, some of which are continuing their businesses without being paid, have been seriously affected by this circumstance, the letter says. Some of these companies are continuing operations without being paid to avoid legal action against themselves.
Meanwhile, Thai Oil clarified that it has fulfilled its payment obligations to the main contractor UJV-Samsung, Petrofac, and Saipem, which is a joint venture of Samsung E&, A ( Thailand ) Co Ltd, Petrofac South East Asia Pte Ltd and Saipem Singapore Pte Ltd.
The firm claimed that the company is not liable for the suppliers ‘ delayed payments, which are under the joint venture’s control.
Thai Oil stated that it has kept in touch with UJV to resolve the problem and assist the harmed suppliers.
The contractors urged the government to come up with better options.
As Malaysia prepares to take over ASEAN 2025, the Madani Budget 2025 comes at a suitable period, according to Anuar.
