Wed, April 24, 2024 at 9:35 AM EDT
Business
Does ‘Networking’ Make You Sweat?
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Opportunities are all around you—the caveat is they’re attached to people. Therefore, (stay with me) the people you spend time with determines the opportunities you’re made aware of.
Building the right relationships—networking—is critical for your job hunts (You’ll be conducting a few throughout your career.) and your career trajectory. It’s not an overstatement to say, “relationships are everything.”
Those who take their career seriously are in constant networking mode. Networkers land the plumb jobs that aren’t advertised, they tap into where most job openings exist, the hidden job market. People who don’t network as part of their job search and career management activities either refuse to understand the value of networking or aren’t as serious about their job search/career as they claim they are.
You can either be networking (creating and maintaining relationships), or you can be an outsider looking in; it’s entirely up to you. Ask yourself: Who’s more likely to be hired, a stranger the hiring manager doesn’t know, someone they’re familiar with, or a referral?
I don’t think in terms of “I’m networking.” Instead, I prepared my ego by telling myself, “I’m just meeting people. Whatever happens, happens.” No expectations. No agenda. Because of this mental preparation, meeting new people has become second nature for me.
When I meet someone for the first time, I don’t think, “What can I get?” Instead, I ask myself, “How can I help this person?” This mind flip is a game-changer. Now I’m not nervous, breaking into a cold sweat. I’m looking at how I can help my new acquaintance, such as introducing them to someone they may benefit from meeting. Unlike most people, I view networking as offering help rather than trying to obtain help. This reverse approach eliminates “networking anxiety.”
Focusing on how you can help a person is my first tip for making meeting new people less intimidating. My second tip, especially for those wishing to become comfortable with networking, is to practice networking with the right crowd. This tip is a spin on what I tell all job seekers, Search for your tribe!
Being personable is much easier when you feel comfortable, so start where you feel most at ease. Identify groups and communities with members whom you share a common interest with. Commonalities build relationships. Therefore, it makes sense to begin your networking efforts where there’s already a commonality.
Have you ever been to a classic car show or a sporting event and found yourself conversing with a stranger about the 1970 Ford Mustang Mach 1 you both are admiring or the triple play that just occurred? Commonality created the conversation. Whether it’s a classic car show, baseball game, rock concert, an art gallery opening, or a packed restaurant, you, along with everyone in attendance share a common interest.
Once you’re able to sustain a conversation beyond “That Stang’s a beauty!” and “What a great play!” you can start diversifying your networking opportunities, keeping in mind to focus on looking for commonalities.
“One should not focus on the differences between people but look for commonality and similarity.” – Theodore Levitt (German-American economist, 1925 – 2006)
Television host Larry King once said, “I never learned anything while I was talking.” How will you know what you can do for someone if you’re the one doing all the talking? You can’t. Ask questions and be genuinely curious. (e.g., How long have you been with your company? What’s the culture like? What trends do you see emerging in the next few years? How has the pandemic challenged your business?) Then ask more questions to gather more information. This is how you build relationships—leveraging the fact people love talking about themselves.
Showing interest is a massive gesture to anyone you meet.
There are endless opportunities to interact with people. A few months back, during an elevator ride, I learned my neighbor on my condo floor worked was the HR Director for a large publishing house. Good to know! Every time you talk to someone, you learn something new. Everyone you meet is someone you can help and someone who could be of assistance to you in some way, if not today, possibly down the road. As I mentioned earlier, meeting new people is easier when you look to give instead of taking.
I’m sure you’ve heard, “It’s not what you know; it’s who you know.” The second part of this statement is especially true. When it comes to opening doors, it’s often “who you know.”
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Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at artoffindingwork@gmail.com.
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Business
Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st
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Oil companies planning to ship crude on the expanded Trans Mountain pipeline in Canada are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.
In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reports.
Trans Mountain Corporation, the government-owned entity that completed the pipeline construction, told Reuters in an email that line fill on the expanded pipeline would be completed in early May.
After a series of delays, cost overruns, and legal challenges, the expanded Trans Mountain oil pipeline will open for business on May 1, the company said early this month.
“The Commencement Date for commercial operation of the expanded system will be May 1, 2024. Trans Mountain anticipates providing service for all contracted volumes in the month of May,” Trans Mountain Corporation said in early April.
The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.
The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the federal government $3.3 billion (C$4.5 billion) at the time. Since then, the costs for the expansion of the pipeline have quadrupled to nearly $23 billion (C$30.9 billion).
The expansion project has faced continuous delays over the years. In one of the latest roadblocks in December, the Canadian regulator denied a variance request from the project developer to move a small section of the pipeline due to challenging drilling conditions.
The company asked the regulator to reconsider its decision, and received on January 12 a conditional approval, avoiding what could have been another two-year delay to start-up.
Business
Tesla profits cut in half as demand falls
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Tesla profits slump by more than a half
Tesla has announced its profits fell sharply in the first three months of the year to $1.13bn (£910m), compared with $2.51bn in 2023.
It caps a difficult period for the electric vehicle (EV) maker, which – faced with falling sales – has announced thousands of job cuts.
Boss Elon Musk remains bullish about its prospects, telling investors the launch of new models would be brought forward.
Its share price has risen but analysts say it continues to face significant challenges, including from lower-cost rivals.
The company has suffered from falling demand and competition from cheaper Chinese imports which has led its stock price to collapse by 43% over 2024.
Figures for the first quarter of 2024 revealed revenues of $21.3bn, down on analysts’ predictions of just over $22bn.
But the decision by Tesla to bring forward the launch of new models from the second half of 2025 boosted its shares by nearly 12.5% in after-hours trading.
It did not reveal pricing details for the new vehicles.
However Mr Musk made clear he also grander ambitions, touting Tesla’s AI credentials and plans for self-driving vehicles – even going as far as to say considering it to be just a car company was the “wrong framework.”
“If somebody doesn’t believe Tesla is going to solve autonomy I think they should not be an investor,” he said.
Such sentiments have been questioned by analysts though, with Deutsche Bank saying driverless cars face “technological, regulatory and operational challenges.”
Some investors have called for the company to instead focus on releasing a lower price, mass-market EV.
However, Tesla has already been on a charm offensive, trying to win over new customers by dropping its prices in a series of markets in the face of falling sales.
It also said its situation was not unique.
“Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs,” it said.
Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.
Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.
The cuts in Texas represent 12% of Tesla’s total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.
However, Mr Musk sought to downplay the move.
“Tesla has now created over 30,000 manufacturing jobs in California!” he said in a post on his social media platform X, formerly Twitter, on Tuesday.
Another 285 jobs will be lost in New York.
Tesla’s total workforce stood at more than 140,000 late last year, up from around 100,000 at the end of 2021, according to the company’s filings with US regulators.
Musk’s salary
The car firm is also facing other issues, with a struggle over Mr Musk’s compensation still raging on.
On Wednesday, Tesla asked shareholders to vote for a proposal to accept Mr Musk’s compensation package – once valued at $56bn – which had been rejected by a Delaware judge.
The judge found Tesla’s directors had breached their fiduciary duty to the firm by awarding Mr Musk the pay-out.
Due to the fall in Tesla’s stock value, the compensation package is now estimated to be around $10bn less – but still greater than the GDP of many countries.
In addition, Tesla wants its shareholders to agree to the firm being moved from Delaware to Texas – which Mr Musk called for after the judge rejected his payday.
Business
Stock market today: Nasdaq futures pop, Tesla surges after earnings with more heavyweights on deck
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Tech stocks rose on Wednesday, outstripping the broader market as investors welcomed Tesla’s (TSLA) cheaper car pledge and waited for the next rush of corporate earnings.
The Nasdaq Composite (^IXIC) rose roughly 0.6%, coming off a sharp closing gain. The S&P 500 (^GSPC) was up 0.2%, continuing a rebound from its longest losing streak of 2024, while the Dow Jones Industrial Average (^DJI) fell 0.1%.
Tesla shares jumped nearly 12% after the EV maker’s vow to speed up the launch of more affordable models eclipsed its quarterly earnings and revenue miss. That cheered up investors worried about growth amid a strategy shift to robotaxis and the planned cancellation of a cheaper model.
The results from the first “Magnificent Seven” to report have intensified the already high hopes for Big Tech earnings, that the megacaps can revive the rally in stocks they powered. The spotlight is now on Meta’s (META) report due after the market close, as the Facebook owner’s shares rose after the Senate voted for a potential ban on rival TikTok. Microsoft (MSFT) and Alphabet (GOOG) next up on Thursday.
Meanwhile, Boeing (BA) reported better than expected first quarter results before the opening bell with a loss per share of $1.13, narrower than the $1.72 estimated by Wall Street. Shares rose about 2% in morning trade.
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