One Paywall To Rule Them All: Blendle, A Dutch “iTunes For Journalism” Startup, Receives Funding

Newspapers and magazines worldwide are adopting paywalls, and they are here to stay. A necessary evil for those in the publishing business, one unified paywall for all of a country’s major titles might make the situation more tolerable for readers and media outlets alike. A startup in Netherlands has started it with Blendle, a self-proclaimed “iTunes for journalism” platform where users can read articles from the country’s variety of major dailies and magazines, see what’s trending among curators and friends, follow certain topics or journos, and only pay for articles that they want to read, with the option of getting a refund. Upon registering, new users can access €2.50 worth of material for free with articles costing €0.20 on average, and publishers keeping 70% of revenue. The product of two former journalists, co-founders Alexander Klöpping and Marten Blankesteijn wanted to offer the option of consuming and paying for a news article to be as easy as downloading an all-access app. In an industry where print readership, sales and ad income is on the decline, there is hope.

In a piece released on Medium in October, Klöpping wrote that one month after its launch in April, Blendle had “more than 60,000 registered users” (50% of those users are under the age of 35) with “20% already converted to paying users.” At least in Netherlands, it looks like millennials do want to read and they’re willing to pay for it, too. The Economist is the first English language title to join Blendle and start selling material in a pay-per-view model. New York Times Co. and German publisher Axel Springer have invested €3 million and will jointly receive a 23% stake in Blendle, giving the startup a valuation of around €13 million (WSJ). According to The Guardian, Klo?pping has plans to expand in another European country, and optimistically needs to onboard “at least 60% to 70%” of the country’s print media outlets for proper market penetration.

Five Reasons Why Taking Your Vacation Early In The Year Is A Bad Idea

If you’re anything like me (or any other human being on the face of this earth), you treasure your vacation days as much as a little kid treasures their blankie. You hold on to them like they’re you’re last days on earth, and “spend” them when you think it’s absolutely necessary. However, finishing up your vacation days early on in the year could possibly be the fastest way to burn out and the worst idea you’ve come up with. Here are five reasons to make you hold on to your vacation days a little longer:

1. Wild Card

Because you never know when your friends are actually finally going to Yacht Week. That trip you’ve always talked about with the guys will eventually come up at the most inconvenient time, especially when you’ve used up all your holidays chilling at home on a couch on a staycation. Always make sure to leave four days aside as an emergency vacay just in case your friends actually do plan to go somewhere.

2. Blue Moon

Because you woke up tired this morning and you really can’t walk in a straight line. Call it a hangover, a long night in front of the TV or just a bad flu, make sure you always have two emergency days left for days you feel under the weather… or the blanket.

3. Lone Ranger

Take a vacation when everyone else is vacationing, like summer for example. If you finish up all your holidays early on in the year, by the time you’re worn out and actually in need of some time to chillax, you won’t be able to. Plan your annual vacation with friends or family ahead that way you can all enjoy your time together instead of wasting your precious days off at the mall.

4. To the Victor

Because motivation is usually needed by the end of each fiscal year rather than the beginning of it. Reward yourself for the hard work you’ve done at the end of the year to get yourself enthused, and to push yourself to work harder to the next reward.

5. Midlife Crisis

Because one day you’ll wake up and feel so self-conscious about your life choices and job that you will not want to get out of bed. On days like these, you’ll question the past 15 years of your life and you’ll probably want time off to reevaluate your whole direction. Make sure you have a few days set aside for days like these, when things don’t seem to be going your way.

Plunging Oil Prices Spark Global Response

Is this yet another episode of price changes, or could this be a serious indicator of what’s to come for world oil? At the moment, signs point to the latter. With ISIS making over US$3 million a day in oil sales vis-a-vis the black market, and the market getting shaken up with the boom of the fracking industry, international oil prices this year have plummeted to an all-time low since 2009, a massive 49% drop.

The United States and Russia aren’t relishing the challenge, and OPEC’s member states (of which a third belong to the GCC) are more divided than ever. Each OPEC state has a different budget, which means that the members have different oil producing and exporting goals for economic stability- larger countries like Iran and Nigeria require higher oil prices to balance their budgets (over $100 a barrel), as opposed to smaller states like Kuwait and Qatar (less than $80 a barrel).

But even before reaching a consensus on a solution to fix this problem, there is another dilemma OPEC (Organization of the Petroleum Exporting Countries) needs to sort out: not all of its member states consider these price drops to be an issue to begin with. GCC OPEC states Kuwait, Qatar, the UAE, and Saudi Arabia have shrugged off concerns about these lower prices, claiming that there is no need to reduce oil production and output, despite daily demand dropping to about one million barrels less than OPEC’s production target.

With respect to Saudi Arabia, the world’s biggest oil exporter, businessman HRH Prince Al Waleed bin Talal has been quite vocal about the Kingdom’s oil policy. He released an open letter to the Minister of Petroleum and Mineral Resources H.E. Ali Al Naimi, expressing his concern on how the Kingdom has downplayed the significance of the decreased prices, noting that the 2014 budget relies almost entirely on oil revenues at 90%. Another factor that needs to be considered are the existence of influential oil-producing states that aren’t part of OPEC: the United States and Russia.

Over in the United States, where hydraulic fracturing or fracking has been the key technique of extracting oil, it isn’t a matter of whether to maintain current production or to cut back. In fact, it’s the opposite. Oil production is at its highest in about three decades, and with fracking being more cost-heavy than conventional extraction methods, they have to keep on with the practice to cover costs and debts. In fact, many analysts claim that fracking has played a significant role in causing the oil price to plummet. Whether the U.S. fracking industry gets through this or not, most will agree that its “boom” period is slowly coming to an end.

Finally, there’s Russia. It’s only getting worse for them, and the U.S.-European sanctions played a huge role in making it happen. Add that to plunging oil prices, and you have a currency crisis, rapid inflation, and a recession. This is obviously a huge problem to this massive oil producer, relying on oil and gas for 70% of its export incomes. While Russia is preparing for a worsening recession in 2015, President Vladimir Putin has been adamant about not cutting production, claiming that it will be an opportunity for competitors to increase their share in the market.

Despite all the grey areas in this interesting chapter of the world’s most valuable fossil fuel, there are countries that will benefit from the price cuts, notably China and India. While China’s economy is starting to slow down, cheaper oil is something that they will definitely benefit from, and it could ease a few hardships they may face. India relies heavily on oil imports, importing about 75%, and it too will welcome lower prices, to ease costs that it faces. 2015 will be an interesting year for black gold.

#MasteringYou2015: Priorities, Putting Yourself First, And The Unexplored Potential Of Happiness

I know a few ‘treps, wildly successful ‘treps, and yes, they’re hardcore workaholics, but more than that, these people are shining examples of mastery. For the writers who are reading this, you’ll know how difficult it is to find a “master” of anything. It’s not a word I use lightly. I don’t think I have mastered much in my lifetime; I wish I had a long list of things that I’ve mastered to share. The questionable grammar in my monthly note to you all is a good indicator that I certainly haven’t mastered that particular art- I manage to pass that off as stylization (writers, again, that one was for you). You might already know that Aby Sam Thomas has joined our team as Managing Editor- he’s got the grammar part down pat, so you have him to thank for salvaging the English language in my letter each issue.

Those of you who talk to me on Twitter will have already seen me use #MasteringYou2015 on the timeline. Basically, I am tweeting things that I want to master- or at least apply consistently to my life and to my work. Some are easy to action (sitting for a proper work portrait), and some are seriously difficult and will hopefully come to fruition over the course of the year (make time for Russian language classes at Berlitz). #MasteringYou2015 is about really applying all the ideas to better my work and my life. Some of the tweeps have shared their #MasteringYou2015 goals already, and they run the gamut from travel to self-improvement and education.

@IsmailSakalaki is going to try to learn to code, @JoesBox wants to master photography, @Mo_ForNow wants to complete at least two modules of life coaching certification, and @AdnanDawood wants to visit Tajikistan. There are tons more that have been tweeted at me, so do check out the hashtag to see what people are aiming for in the coming year- it’s interesting and inspiring stuff.

What do you want to master? If you prioritize personal greatness- and by this I mean your own personal definition of greatness- then I think you can possibly open up a world of self-fulfillment and happiness. Your own definition of greatness doesn’t necessarily have to do with your professional life, although I expect if you’re reading Entrepreneur, it most certainly will. I know that my estimation of personal greatness does include perfecting my performance on the job, as when I do well at work, it does make me happy.

For the year ahead, bringing you the very best business and lifestyle content is high on my agenda, and I can think of little else that would prove as rewarding. Tweet your own aspirations for the year ahead at me with the hashtag #MasteringYou2015. I’d like to see both your personal and your professional goals. Here’s to a productive and proactive year ahead!

Eight Hacks To Management Consulting

I will admit, management consulting is a world of its own. After spending several years in management consulting, I’ve picked up some things worth sharing- these are things that I’ve learned sometimes the easy way, and sometimes the hard way.

1. Research, then respond

When asked a query that they aren’t equipped to answer, management consultants often tend to go off on a tangent about the subject, even if they have little backing, in a futile attempt to convince the client. Instead of such a response, say that you’ll get back to them, do your required additional research, and then do get back to them. The client always appreciates it, and they don’t expect you to know everything.

2. Impart concise info

Being concise and straight to the point is gold. Sure, every once in a while, people like to hear the context and the bigger picture, but in many instances they just want a simple answer: short and sweet. So drop the detail habit, and save everyone precious time.

3. Don’t jump to “Yes!”

Consultants (veterans and fresh recruits) tend to have the habit of saying yes to all client (external) and senior (internal) requests. This leaves consultants with very little time to focus on their key value add, and thus dilutes their efforts across all their activities and makes them slip on deadlines. Be bold, be unafraid, and get your priorities straight.

4. Time well spent

You’ve probably heard this one before, but adopting the 80/20 rule is something that will make both your life and your client’s life easier. Your client doesn’t care for a perfectly designed slide that can be placed in the Louvre and scrutinized by 10 overpaid bankers and experts. They want something that makes sense for their business. Spend time on determining what is relevant to the client, than polishing and refining that information.

5. Meet for a purpose

Don’t over meet. A lot of times, we end up just preparing for meetings, conducting meetings, and following up on meetings and their minutes. Yes, you need that alignment meeting every week or so, but don’t make it a compulsive habit. That time can be used to actually do the next steps! Still adamant on those daily meetings? Visit The Economic Impact of Bad Meetings for more on this.

6. Change may be necessary

A lot of consultants tend to repeat the same mistakes that their seniors have made while they were in their positions. Change. Do things differently. Don’t assume that just because that’s the way things are, it should be the same routine going forward. Be conscious of the fact that improvements on systems can be made.

7. Drop the industry lingo

Consultants love their jargon- the problem is that it’s only them who understands it. Don’t overuse jargon, since most of the time the best presentations and messages are the simplest ones. Avoid over-the-top phrases; we will all be happier and we will all get more done.

8. Don’t overanalyze

Many times you’ll sit at your cubicle and in your team rooms for days and weeks brainstorming all possible scenarios and crafting assumptions, only to find out that some of these are irrelevant to the context of your client engagement. Talk to the client, probe, and most importantly, question before developing the “what-if” list.

Abu Dhabi Firm Buys Historic New Scotland Yard Structure

It has been on the market for months, but December saw the sale finally happen of New Scotland Yard, the headquarters of the London Metropolitan Police, to the Abu Dhabi Financial Group (ADFG) for a whopping US$580 million. (The New York Times) The landmark deal will see the 600,000-square foot property, which has been the storied home of the London police force for nearly half a century, be now converted into “a world-class multi-use development” that will be marketed under the name, Ten Broadway. As for the Met Police themselves, they will now relocate to their new home at the Curtis Green building on Victoria Embankment; a move that will, according to London Mayor Boris Johnson, save the police force about $9.4 million a year. In a statement, Johnson said, “The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the future of the force. This landmark deal allows us to preserve the past, whilst giving today’s Met a vital cash boost so our officers can go on keeping London safe.” And for those of you wondering if the iconic “New Scotland Yard” sign in front of the headquarters has also been sold to the Abu Dhabi firm: worry not, for that revolving triangular “jobby” will also be moved along with the police force to their new location on Victoria Embankment.

Five Minutes With Lubna Al Zakwani, Co-founder Of Endemage

Nadia & Lubna Zakwani

They say it’s good to start young and the Al Zakwani sisters certainly did. Endemage co-founder Lubna Al Zakwani was introduced into the retail world from an early age: their mom and aunt had a small fashion boutique where they spent their time “designing and playing around with the fabrics.” Fast forward to university, where she studied the craft, and as a graduation project decided to create their own brand- thus the beginning of Endemage. “Endemage is all about including the Omani tradition and culture through influences into each collection. We try to subtly introduce different inspirations without it being so obvious.”

With workshops and tailors based in Muscat and the sales, marketing and PR sides operating in Dubai, organization is their mantra to a smooth-running business. “Coping with an international schedule is very challenging, but once your calendar is organized and deadlines are met, it is easier to run efficiently.” And of course, they rely on each other. Lubna, whose background is in fashion design and PR, handles the designing of the collections, while older sister Nadia who has extensive background in business and strategy development manages the production, marketing and business aspects. Does being sisters affect their co-founder relaionship? “With any partnership, we end up in conflict and differences in opinion in certain matters, these are resolved easily.”

The siblings built their client base by participating in pop up events and exhibitions regionally, cultivating their direct customer relations and “strongly believing in social media to fit into our marketing strategy of storytelling.” How does she describe an entrepreneur? “Passionate, confident and persistent.”

What were the unforeseen difficulties when you first started?
We started slow and took it one step at a time, which I would say is the best way to start a business. At first, we had some difficulties in terms of logistics and operations since our headquarters are in Oman. We worked with a few tailors between Oman and Dubai to ensure sufficiency in delivering orders and maintaining a certain quality. It’s very important to study the market and learn how the industry works. It was all a learning process for us, and we are still learning each step of the way.

What are your top three tips for an entrepreneur to start a business?
First, study the market and industry before starting any business. Make sure you are offering something that’s new or different and suitable to the culture. Second, make sure you have a decent capital put into place before you start, you will be faced with a lot of uncounted expenses. Finally, hard work and determination- it isn’t easy working for yourself but if you put enough in you will get double of that out.

How did Endemage stand out among the many fashion startups?
Endemage offered the market a new concept of designs. Oman was, and still is, a very new market in fashion and as Omani designers we were the first to introduce ready-to-wear designs inspired by the Omani heritage. [This was] how we gained interest from clients, media and buyers. It was a matter of proving ourselves as trusted designers, which would have been the case with any startup business, but once you have gained that trust, it is important to maintain consecutive collections.

In your opinion, how much “risk-taking” is involved in being an entrepreneur?
It is about believing in your idea and remaining innovative. You have to take risks to achieve your goals but if you don’t take those you will always think ‘what if’.

What is your source of personal motivation?
I have always been ambitious from a young age and knew I wanted to have my own line when I started studying. Working alongside my sister Nadia is great motivation as we can be completely honest with each other and enjoy sharing ideas. Once we have an idea, [it becomes] the root to our motivation.

What moment in your career did you feel that you finally “made it”?
I wouldn’t say [we’ve] finally made it! But the Vogue Dubai Fashion Experience was definitely a milestone in our career, which we consider the beginning and hope for more international recognition in the future.

Which MENA country do you think has the most supportive SME space?
UAE, and more specifically Dubai. I would say Dubai is the perfect city to start up a business with so much competition Dubai encourages young entrepreneurs to build their business ideas and turn them into reality.

What is your creative process? How do you collaborate on designs with your co-founder and sister?
Each collection is inspired of a particular thing; we discuss the idea and build on it together. After finalizing the colors and basic print, we source the fabrics and start with the designs. Afterwards, I begin with draping the different silhouettes for the collections, keeping in mind that our designs focus on complimenting the different female figures. Once we have confirmed the designs, we start with production. I usually prepare the first sample of each design, followed by trying it on different sized models and finally, we hand it over to our team to start with the final collection.

What is your daily routine like?
While in Oman my mornings are spent at the workshop where we manage orders and deadlines. While designing and preparing collections, we spend most of our days and evenings at the workshop working together and sharing ideas. Lunch is always at home with the family. Evening starts off with a short visit to the workshop to check up on pending work, and then out with friends or family. In Dubai, I usually work from home, when I’m not required to go for meetings with clients and buyers. I usually like to design when I’m alone.

What are your favorite apps or devices?
I was recently gifted with the latest LG G3, and the camera on it is amazing. I must confess I love to take selfies. I love my social media apps, especially Instagram and Snapchat.

Applying Emotional Intelligence In Your Executive Coaching Program

Emotional Intelligence (EI), is a relatively recent behavioral model, rising to prominence with Daniel Goleman’s 1995 book, Emotional Intelligence. Early EI theory was originally developed during the 1970s and 1980s through the endeavours of U.S.–based psychologists Howard Gardner (Harvard), Peter Salovey (Yale) and John ‘Jack’ Mayer (New Hampshire). Since their work was published, EI has become increasingly referenced, particularly in HR and Learning & Development professionals’ debates about organizational development and developing people based on the view that EI principles provide a new way to understand and assess people’s behaviours, management styles, attitudes, interpersonal skills, and development potential.

A foundation of their argument was that conventional intelligence, or IQ as it is often measured, is too narrow and that there are wider areas of EI that dictate and enable how successful we are. The argument suggests that success requires more than IQ which fails to assess behavioural elements. We’ve all met people who are academically brilliant and yet are socially and inter-personally inept. Consequently, we know that despite possessing a high IQ rating, success does not automatically follow. The essential premise of EI is that to be successful requires the effective awareness, control and management of one’s own emotions, and those of other people. It embraces two aspects of intelligence, which are understanding yourself, your goals, intentions, responses, behaviour and understanding others, their feelings and behaviours.

In my previous article Using Soft Skills to Achieve Hard Results, I referred to:

“Having a clear understanding of your own and others preferred behaviours enables you to develop a more well-rounded view of yourself and of your unique leadership qualities.”

Fundamentally having a good grasp of understanding your preferred behaviours, including your strengths and development areas provides the first (essential) step towards understanding how others ‘tick’. When you able to understand others and their preferred behaviours you can apply this understanding to achieve outstanding results.

EI, then, can be an integral element of your Executive Coaching program.

Daniel Goleman identified the five ‘domains’ of Emotional Intelligence as:

  1. Knowing your emotions.
  2. Managing your own emotions.
  3. Motivating yourself.
  4. Recognising and understanding other people’s emotions.
  5. Managing relationships.

EI embraces and draws from numerous other branches of behavioural, emotional and communications theories, such as NLP (Neuro-Linguistic Programming) and Transactional Analysis. By developing our Emotional Intelligence across the five EI domains we can become more productive and successful at what we do and help provide considered leadership to others to be more motivated, productive and professional. Using this model, can you really say that you are on top of all five of Goleman’s domains?

I have been fortunate to work with some inspiring and ultimately very successful leaders and, yes, most of them have possessed a high level of self-awareness and understanding of how they prefer to work and behave at work. However, I have not (yet) worked with one who hasn’t been able to learn how to modify a behaviour (or two) at times, to enable them to continue with their own successful careers. We are, all, of course able to learn new methods and skills to be more effective leaders. The ‘trick’ is applying these learnings and being prepared to step outside our own self-transcribed comfort zones. The principles and application of Emotional Intelligence that can assist in dealing more effectively in areas such as conflict management, relationship management, empathy and understanding of others and supporting organisations and individuals through periods of rapid change and development.

In todays’ rapidly-changing business environment, effective leadership requires attitudes and behaviours which characterise the leader and their ability to relate to people (or ‘stakeholders’, if you want to use ‘corporate’ terminology) at all levels. It’s not just the learning, it’s the application of that learning that really matters!

Good leadership demands emotional strengths and behavioral characteristics and being prepared to apply these. Emotional Intelligence, is therefore essential.

Stock-savvy? SMEs In MENA Need To Weigh Pros And Cons

Is it time for an AIM-like exchange in MENA?
The advantage of a secondary market for private companies is that it will give liquidity and open the gates for more companies to come out with an Initial Public Offering (IPO) on the stock market. Share trading of private companies will be available for investors and the share price will be ascertained depending on the company financials and supply and demand factors. It will be for small and medium sized companies similar to the Alternative Investment Market (AIM) on the London Stock Exchange where the seller and the buyer can arrive at a strike price as the only two parties involved. The arrangement will allow the companies to tap liquidity, without having to fully list on the exchanges.

Dubai Financial Market claims to be ready to receive these companies, offering an advanced market infrastructure that uses the X-stream stock trading platform, SMARTS, which is used to closely monitor trading, as well as a variety of other services provided by DFM. It is expected that as many as 135 private joint stock companies will join that market with some regional companies seeking the service. The Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) this year will launch separate screens for investors to trade shares currently bought and sold over the counter, according to the federal stock market regulator.

After the global financial crisis, many companies preferred to stay outside the market because they believed their valuations were much higher than what the bourses would offer, or because their shareholders want to keep control.

Is the AIM the right route to market?
While public market conditions are challenging at present, it doesn’t mean that the market is closed or that time shouldn’t be spent preparing to float when the markets are more active. So what are the main advantages and disadvantages of taking this route to market?

Advantages of the Alternative Investment Market

Disadvantages of the Alternative Investment Market

DreamRise.Co Turns To Kickstarter To Help Micro-stage Startups Get To The SME Stage

In the GEM Global Women’s Report, women in MENA ranked at 4% compared to the rest of the world- the lowest for “total entrepreneurial activity”. To help break down the ratio of this gap, founder and CEO Jacqueline Sofia wants to assist women-owned startups venture past the startups stage to the SME sector through DreamRise.Co, a crowdfunding and multimedia platform. Currently seeking funds through crowdfunding platform Kickstarter till January 13, the U.S.-registered entity based in Amman aims to utilize women’s success stories as the catalyst to engage financial backers. DreamRise.co also wants to help change the negative stereotypes of victimization and inferiority on women to being viewed and respected as successful businesspeople.

Besides being a platform where women-owned SMEs can seek funding, DreamRise.Co will also offer support in creating their campaign pages and video stories. With regards to revenue, Sofia assures, “we are not a financial institution and do not handle funds directly.” They likened themselves to the Kickstarter model, being a third party facilitator: “There is no investment –no equity/debt-, simply a financial pledge in exchange for an optional one-time reward. In the beginning, these campaigns will be small in quantity –two or three campaigns per month- allowing us to build a community around DreamRise and the women entrepreneurs we are aiming to support. In return for each successful campaign, we receive 7% commission of all funds raised.” Once more, in Kickstarter-style, your success is their success.

Sofia, who also co-founded social enterprise Sitti Soap Company and comes from a background of helping women in stricken communities, asserts that DreamRise.Co is a space to discover stories and inspiration, as well as be surrounded by a community supportive of women-led enterprises. This is where its multimedia aspect will come in. Disruptors Magazine will feature in-depth profile pieces, video interviews, advice forum, and a network of female business leaders from the Middle East and U.S.

Their goal is US$75,000 and DreamRise has big plans: 26.7% will go to platform development, 21.3% for the content creation, 18.7% to the website launch and the rest will be distributed to the campaign video production, company infrastructure and Kickstarter campaign rewards. The startup is set to launch in February 2015, and in the meantime their Kickstarter campaign page will also publish short videos of their favorite women ‘treps in the region and they’re going interactive too- they’re inviting other women entrepreneurs to tell their story on DreamRise.Co and Kickstarter page.