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[阅读小分队] 【Native Speaker每日训练计划】No.2777【经管】

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发表于 2020-5-12 20:41:33 | 显示全部楼层 |阅读模式
内容:Morgan Hu编辑:Yong
Wechat ID: NativeStudy  / Weibo: http://weibo.com/u/3476904471
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Part I: Speaker
Masks En Vogue
Cardiff Garcia & Stacey Vanek Smith , May 2020


Source:NPR
https://www.npr.org/2020/05/06/851752693/masks-en-vogue
[Rephrase 1, 09:44]
Part II:Speed

Why Digital Transformation Is An Effective Crisis Response
DR. GERO DECKER, MAY 8, 2020

[Time 2]
The COVID-19 crisis has presented business leaders and their teams with an extraordinary challenge, both professionally and personally.

The ‘Great Lockdown’ has seen many organizations transition to remote working environments, forcing shifts in working models that might have taken a decade to within mere weeks. As a result, enabling teams to virtually communicate effectively and efficiently, adjusting to peaks or dips in demand, and ensuring business continuity have all ranked high on the priority list.
From a broad view, this moment in time has highlighted the urgent need for decentralization of both staff and process management.

On top of this, financial stress, health concerns and uncertainty for the future have had an inevitable impact on our mental health. This crisis calls for understanding and empathy, and an adjustment of expectations while teams navigate parenting or caring responsibilities among workloads.

The COVID-19 crisis is unprecedented—no business could have prepared for such a significant disruption. There is no emergency master plan to follow when the social and economic levers of society are being pulled in directions previously unobserved; it’s up to business leaders to forge their own course of action based on what is most critical to their company.
One thing is certain, however. To be able to respond, restore and recover from the fallout of COVID-19, organizations must act fast, meet challenges with a new perspective and now, more than ever, focus on collaboration.

Here are five reasons why digital transformation is an effective crisis response.
[251 words]

[Time 3]
Respond, don’t react
In a crisis, the first consideration for every business leader is their people. Consider what your employees are going through and what actions must be taken to protect their wellbeing. The next focus is creating a plan to protect your business.

Disruption calls for new ways of thinking; in our day and age, this means digital transformation.
Business leaders must adapt by finding solutions to re-invent business models and enable alternative ways of working and collaborating—but there are both short- and long-term implications to consider.

The strength of your emergency response depends on your ability to be flexible enough to survive immediate disruptions while ensuring any short-term changes support business continuity and strengthen future processes. Using foresight to create an effective emergency plan eliminates any reactive decision-making, which could cripple a business in the long run.
The beauty of a process-driven digital transformation is that it bolsters certainty in this foresight through preserving collaboration, maintaining operational performance and solidifying business process management solutions.

Communication is key
Once you’ve established an emergency plan, the next step is to communicate it company-wide.
As COVID-19 sees teams confined to their homes across varying geographic regions, communicating on an enterprise-level becomes more challenging. The same goes for workers collaborating within the same team, let alone different business areas.

To maintain workflow consistency and efficiency requires a whole new digital dimension, otherwise known as a ‘single source of truth’. To ensure end-to-end execution, businesses must create standardized workflows that can be deployed throughout a company and executed in the same way, no matter where staff is located.

Establishing a single source of truth for how to operate during and immediately following a crisis separates thriving businesses from those that are just surviving.
[299 words]

[Time 4]
Stay customer-centric
While the gears might be shifting internally, from an outside perspective, it’s important to carry on as close as possible to ‘business as usual’.

Digital transformation via a single source of truth reinforces a strong process management framework, as all business activities are clearly modelled and understood by staff; this means you will be able to maintain as close to normal positive customer experiences, even under challenging circumstances.

When process automation is thrown into the mix, activities within key business areas continue without a second thought, meaning customers are prioritized on auto-pilot mode. In turn, this reduces customer churn and boosts loyalty among your existing client base.

Staying customer-centric is a crucial ingredient to success in a crisis. After all, there is no point in trying to recover from a crisis only to emerge with damaged customer relationships in the process.

Stress test for long-term resilience
Within most organizations, there are groups of people solely responsible for specific processes. But when something unexpected happens that forces processes to scale-down or ramp-up as a result of changing demand, processes often need to be reviewed.

Simulation is a digital method used to make informed decisions by testing the operationality of various scenarios and maintaining efficiency, even when demand peaks and troughs. Put simply; it enables testing of different outcomes to ensure one scaled-down process will not impact your overall value chain.

Stress testing through simulation enhances agility and builds resilience. It allows you to pinpoint the most efficient allocation of resources and people, or the most impactful process changes to implement with the resources you have available.
[272 words]

[The Rest]
Refine your processes
To simulate operational processes effectively, you must intrinsically understand them first. Strong process management, combined with a process analysis tool, provides a comprehensive view of the way your business ‘actually works’, not just how it is intended to work.

Micro-level vulnerabilities in business processes can impact an organization on an enterprise-level via bottlenecks, loss of performance or compliance and processing delays. Process mining is an example of an analysis tool that seeks out these vulnerabilities, allowing for detailed insights and a transparent visualization of how processes work, as well as opportunities for optimization.

At the core of process mining is an understanding of operations across all levels, and a regular feedback loop to refine these processes when new challenges arise. When crisis strikes, process mining rapidly identifies pain-points, so your business can quickly find a solution to ensure it gets back to running smoothly.

There is always a silver lining to a challenge. With digital transformation, disruption can become an opportunity to enhance mission-critical processes to support process excellence, and deliver long-term benefits through short-term flexibility.
The lesson here is to stick to the fundamentals, and take them forward with you to the other side of this crisis; not only intact, but improved.
[209 words]

Source: Entrepreneur
https://www.entrepreneur.com/article/350380

Here's why the market is better than the economy right now
NANCY TENGLER, MAY 11, 2020

[Time 5]
I know it frustrates people when the stock market rallies on bad news. Last Friday the Bureau of Labor Statistics announced that 20.5 million jobs were lost in the month of April alone and stocks appreciated 1.7%.

Since businesses were forced to close, and shelter in place orders were issued state by state, the total number of Americans filing initial claims for unemployment benefits has hit 33 million.
Yet, stocks (as measured by the S&P 500) have rallied 31.25% since the market bottomed on March 23rd through last Friday. Why?

Generally speaking, the market is a forward-looking discounting mechanism that anticipates future economic growth. The legendary investor, Benjamin Graham once said: “In the short run, the market is a voting machine but in the long run it is a weighing machine.”  Graham’s point?
A voting machine counts votes which reflect the sentiment of people at the time of an election.  Sentiment, however, can change. Quickly.

The optimism reflected in the stock market in 2019 continued during the first six weeks of 2020 until the severity of the novel coronavirus crisis began to be understood.  Optimism suddenly turned into panic and investors experienced the most rapid, violent bear market in history.  From February 19 through March 23rd stocks declined 33.8%.

Poof!  Just like that over $11 trillion in value was lost. That’s some voting machine.

A weighing machine, on the other hand, is more precise; it measures weight and changes in weight.  Over the long-term stocks are valued on earnings and the potential growth in earnings. While novel coronavirus cases were increasing, the government launched into action.

Toward the end of March, the CARES Act was passed and signed into law. The Federal Reserve Bank cut interest rates and began the most massive monetary stimulus program in history.  Investors began returning to stocks.  More bad news would follow and more government stimulus would be implemented.  But, day by day, investors began weighing the future economic environment.  Stocks appreciated, volatility began to wane.
[337 words]

[Time 6]
As is always the case with markets in the near term, the voting machine can turn on a dime.  Sentiment can and inevitably will change. Resist the temptation to indulge in the fear of missing out and chase stocks at these levels.  You will get your chance.

Friday’s devastating and tragic jobs report did provide a sliver of hope.  The number of unemployed turned out to be somewhat less than expected but the data is noisy and likely to be revised up. Still, the vast majority of individuals who filed for unemployment in April characterized their layoff as temporary.  Those filers totaled 18 million.
If indeed those workers return to their jobs (thanks to the Paycheck Protection Program), that would be fantastic news for Americans and for the economy.  But, if, as is more likely, some of the small businesses who employ almost half of all Americans don’t re-open, the unemployment rate could remain elevated for years.

The market has a great deal of weighing to do in the coming months. So take your time.  Establish a plan and follow it.  Don’t chase stocks when the rally makes no sense to you (probably the voting machine at work) and don’t panic sell at the bottom.

Despite what the pundits tell you, it is rarely—if ever—different this time.  The source of the sell-off will vary (financial crisis, health crisis) but the market’s response tends to follow historical patterns.  Bull markets turn into bear markets followed by bear market rallies, a test of the lows or a correction and then a brand-new bull market.

Though market moves seem to make no sense, this has all happened before and will likely happen again.  The market may not seem logical day to day, but over the long-term there really is a method to the seeming madness.

Be safe and well.
[320 words]

Source: Yahoo! Finance
https://finance.yahoo.com/news/reason-market-better-now-economy-145027848.html

Part III: Obstacle

Is the Next Generation of Your Family Business Entrepreneurial Enough?
JUDY LIN WALSH , SAM BRUEHL and NICK DI LORETO, MAY 8, 2020

[Paraphrase 7]
The great secret of business families that achieve tremendous wealth and hold onto it for generations is that they persistently promote the entrepreneurial spirit that led to their initial success. That drive — a combination of ambition, sheer will, and the willingness to take calculated risks — is integral to long-term success, particularly in challenging times.

One third-generation family CEO we know recently delivered a powerful message to his teenaged next generation when he said, “In times like this, a lot of companies will go bankrupt. But, because we’ve always run our family business on the tenets of entrepreneurial drive and diversification, our family business will survive this crisis and be in a position to prosper in the long term. Learn from this experience and think about what you can do as an entrepreneur.”

This is valuable advice, not just for the younger generation as they grow and develop as individuals, but also for the future of the family businesses in general, especially as many are having to pivot in response to the Covid-19 pandemic. Inculcating entrepreneurial drive early on helps to ensure that the collective family business will flourish across generations, and in the face of future economic crises. But doing that well is not easy, and there are multiple challenges to navigate along the way. Here, we share our best advice for how to get it right.

Many family businesses are built around the legend of the entrepreneurial founder who persevered in the face of adversity. But for some business families, it’s easier to pay lip service to the founding entrepreneurial values than it is to actually instill the drive required to nurture those values generation after generation. The senior generation in a family enterprise often struggles to distinguish the fine line between nurturing entrepreneurial talent and coddling. Some worry whether their children, nieces, and nephews have real entrepreneurial ambition and a valid business idea — or if they are just pursuing pet projects and expensive hobbies. Others may be concerned about the perception of fairness throughout the family — whose projects do you support and how much do you support them? Even more wonder how to make sure the next generation doesn’t embarrass the family or the brand. In contrast, the next generation often wonders whether they should build their entrepreneurial ventures within the legacy business or outside of it? With family support or completely separate? And so on.

These are all valid concerns and questions. While there is no one right path to creating a sustainable entrepreneurial drive in business families, successful ventures do have common threads. In particular, they foster the right attitude in future generations by focusing on several core principles:

1. Share the hard reality.
There’s little benefit for latter generations in hearing the founder’s story if you gloss over the hardships, the struggle, and the failures that came before the glory. If the next generation wants to make their own success, they deserve to hear the gritty truth. Rather than raising the founder’s legacy to mythical proportions, humanize them, perhaps by describing a time when they had to go without during a particularly tumultuous period for the business, so that the next generation can relate to and learn from the founder’s experience.

Dining table conversations are some of the most valuable opportunities business families have to exchange ideas with each other. And certainly dining table conversations or Zoom conference calls about how your family business is navigating the extraordinary current challenges can be a valuable tutorial. The family members leading the business should talk with the next generation about what’s hard, how you are making decisions, and what doesn’t go well. You are providing your next generation with a real-time case study about how the current generation is managing a crisis and how your family business will survive.

2. Test for viability.
Indulging every half-baked idea that a budding entrepreneur has will not help them — or the business — in the long run. We’ve found that financial support can be as much a detriment as it is an advantage to a young entrepreneur if it’s too readily available from family coffers. Having easy access to funds, without strict conditions, can make those funds seem like play money.

Instead of immediately defaulting to financial support, offer your next generation the family’s collective wisdom first. Ask smart questions and require well thought-out answers submitted through a clear process with appropriate deadlines. Hold ideas up to a “public standard” to see if they could attract outside interest. And if appropriate, have these would-be entrepreneurs pitch their ideas to outside venture capital firms — for the experience, if nothing else. If it’s a business idea only a mother could love, then ask the entrepreneur to further develop it before pulling out the family checkbook. If the idea has merit, then by all means, proceed, but at least your budding entrepreneur will have worked hard to demonstrate the value proposition (not least to themselves) first.

3. Offer benefits beyond money.
Consider what “extra benefits” you can offer that your rising entrepreneur may not be able to get elsewhere. Money can come from multiple sources, from institutions to private funding. If an idea is good enough, there will be no shortage of financial backers trying to stake a claim. As a business family, you’re in the unique position to offer more than just money. Could your head of strategy act as a mentor as your entrepreneur develops their business plan? Could you offer connections to help with marketing, supply chain, or distribution? Could you structure financing as a loan so that the entrepreneur doesn’t have to surrender a large chunk of shares?

4. Establish mutual ground rules before you need them.
Whether you elect to set aside a financial fund to support family entrepreneurial dreams or informally provide access to family money, it’s critical to establish clear guidelines for what support will be provided. Have a cross-generational dialogue about the purpose of the fund, what the ground rules are for access and usage, and how the family and the entrepreneur will interact (e.g., what influence the family expects to have in the process, when and how much information will be shared, etc.). Any type of family support requires clarity up front to maintain fairness and keep the peace, regardless of who is involved or how the venture performs.

5. Support aspiring entrepreneurs who want to flourish on their own.
Don’t be afraid to let promising talent venture outside the family business. They could learn skills and lessons on the outside that they can later apply within the legacy business — either in an operational role, as a board director, or as an active shareholder. And the potential upside for a revolutionary new idea or business (and the personal satisfaction and fulfillment your family member will get from doing it) is limitless. Consider the next generation striking out on their own as a sign that you have succeeded in instilling an entrepreneurial drive.

6. Give “boosts” without micromanaging.
One of the biggest challenges for successful entrepreneurs who have built tremendous businesses is how to mentor their next generation without taking over. How do you balance giving the next generation enough guidance so that they can learn from your mistakes — but not so much that they dismiss all advice outright? Consider establishing a policy for yourself about the topics on which you will provide unsolicited advice, and those where you will not. Done effectively, a transfer of knowledge can carve years off of a new business’s development time and increase its likelihood of success. Done poorly, it can damage family relations if both sides are not clear on what would be valued and well-received.

7. Give an intrapreneur some breathing room.
Some of the best visionaries we know made their mark within an existing family business. Because they have the benefit of learning the lessons from the generation before them, they’re able to capitalize on that advantage by applying it to evolving market trends — putting the business at the forefront of a new market. If you have a promising intrapreneur, make sure to give them room to test out their ideas, to learn, and to grow — even if it’s not exactly how you would do it personally. Next generation intrapreneurs are often reacting to different market cues than what worked in prior generations. Stoke their talent and interests. It will ultimately be a boon to the family business if the next generation is engaged, driven, hungry, and enabled to create something of their own.
[1476 words]

[The Rest]
These principles highlight how important it is to find the balance between offering wisdom and dictating how something must be done so that you stoke the next generation’s entrepreneurial fire. No matter how great the founding idea or business is, it cannot last indefinitely. Business families need fresh infusions of entrepreneurial drive and passion to adapt to changing environments, so they continue to thrive. And individuals need to test their own mettle and be driven to succeed on their own for their own sense of self-worth.

Perhaps most importantly, don’t be afraid to fail. Failure is only a tragedy if it’s a destination rather than a step along the journey. As tempting as it may be to have a safety net always in place, it can be more of a hindrance than a benefit to individual development and entrepreneurial drive in the long-term. Allow your next generation the space to take risks, to fall down, to fail. And if failure does occur, encourage them to learn from their mistakes, to recover, and to chart a new course.

For one seasoned entrepreneur we know, the idea of failure was as prized as the idea of success. He put together a collective fund for his six children to invest in entrepreneurial pursuits with no rules or strings, just a “training ground.”  The next generation was astonished by the degree of trust he had in them. They promptly divvied up the fund into seven equal shares, one for each of them and the last for a joint venture later. Absent any structure or guidance, each stumbled in their own entrepreneurial attempt, all of which differed wildly (space rockets, surgical robots, a brew pub, and commercial real estate, to name a few).

Instead of getting mad when his children sheepishly reported their losses, the father asked what they learned in the process. Once the siblings peeled apart the lessons they learned individually, their combined experience led them to invest what was left in the fund in an innovative medical device, which turned out to be a success. Both generations agreed that losing money was painful, but ultimately it was also the best investment they ever made because they learned how to fail, recover, and work together. The experience and wisdom they gained navigating those hardships was worth its weight in gold, and has been especially useful during difficult economic times like the one we’re having today.

Remember, nothing about entrepreneurship is straightforward. There is no prescribed formula or established way to develop something revolutionary. Your own family business legend will probably attest to that. While, as in our example above, your own road to success may be a winding path, we hope these principles help you to always keep your north star — cultivating entrepreneurial drive — in sight.
[475 words]

Source: Harvard Business Review
https://hbr.org/2020/05/is-the-next-generation-of-your-family-business-entrepreneurial-enough


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发表于 2020-5-12 21:35:43 发自手机 Web 版 | 显示全部楼层
T2:1:31
T3:2:01
T4;1:18
T5:1:15
T6:4:52
T7:4:52
发表于 2020-5-12 22:38:53 | 显示全部楼层
time 2: 1'49"
time 3: 2'13"
time 4: 1'57"
the rest: 1'11"
time 5: 2'15"
time 6: 2‘31“
OB:8‘39“
the rest: 3'48"
发表于 2020-5-12 22:43:40 | 显示全部楼层
T2【2分13秒】
covid-19 is a challenge for all business and decentralization is required. Following are why digital transition is crucial.

T3【2分17秒】
1. have a emergency plan but not reactive response which loses long-term benefits.
2. establish "only source of truth" to make the same workflow

T4【3分10秒】
3. stay customer centric
4. digital stimulation of stress test

The rest 【1分39秒】
5. process refine, find vulnerabilities with tools like xxx (process mining)
to sum up, digital transition not only maintains your business, but improves it
发表于 2020-5-12 23:38:19 | 显示全部楼层
5/12
Time 1
Chelsea switched his business to mask design, because the pandemic forced us to wear masks. The pandemic changed our understanding of fashion and in the future we will normalize the mask wearing.

Time 2
1:55

Time 3
2:30

Time 4
1:59

Time 5
2:30

Time 6
2:13

Time 7
9:58
发表于 2020-5-12 23:50:40 | 显示全部楼层
T2: [251 words] 1’40’’
T3: [299 words] 2’01’’
T4: [272 words] 1’26’’
The rest: [209 words] 1’16’’
Corona virus crisis causes huge disruptions to the business. It greatly speeds up the process of digitalization in the work force and requires entities to decentralize. Allowing employees to work from is a way to show sympathy and care for their mental health. Here are tips to help company to response to the crisis by digital transformation:
Deal with problems rather than being forced to passively react to them; create an emergency plan;
Standardize the communication process: Distancing makes communication within a work group difficult, let only across different business sectors; set only source of truth;
Enhance customer relationship: Send the message that the business runs as usually despite difficulties, after all, customers are what we are struggling to maintain;
Test the stress resilience of each process under various scenario, this allows the company to pinpoint the most efficient allocation of resources or the most impactful process changes to implement with the resources you have available;
Improve the process: Have an idea of each component and streamline all of them.

Shift in working models
Refine the process
发表于 2020-5-12 23:54:36 发自 iPhone | 显示全部楼层
T2 1:39
T3 2:12
T4 2:14
The rest 1:09
T5 2:19
T6 1:23
发表于 2020-5-13 06:09:33 | 显示全部楼层
[Time 2] 4:00
Businesses have to adopt a variety of lever to deal with the crisis that COVID-19 took out.
[Time 3] 5:20
Business leaders need to use digital transformation to respond to what they have considered and to maintain consistent communication with their teams.
[Time 4] 5:13

Using digital transformation could help businesses leader staying close with their customers, and also, it is an opportunity to test the long-term stress of their business.
[Time 5] 5:35
A stock market is a voting machine in the short-run because it reflects that investors tried to avoid the risks at the beginning of the COVID-19 crisis. However, a stock market is also a weighing machine in the long-run because it shows that investors have confidence in the future prospect of the economy.
[Time 6] 4:49
发表于 2020-5-13 06:35:00 | 显示全部楼层
T2 2'26
T3 2'09
T4 3'21
T5 3'08
T6 3'10
P7 11'49 It is crucial yet challenging for family businesses to pass the entrepreneurship spirit to the next generation. To create the sustainable entrepreneurship drive, they can adopt the seven core principles.
发表于 2020-5-13 07:22:01 发自手机 Web 版 | 显示全部楼层
time 2 [251]  0.3586w/s
Business has to concern more about health of workers. The author will give 5 advices to leader on how to face the challenge.

Time 3 0.4214w/s
Emergency plans and communication are important

Time 4 0.3784 w/s
Focus on your customer and do the press test.

Time 5 0.3923 w/s
Talks about mining process

0.3887 w/s
Stock prices increases as a weighing machine, rather than voting machine

Time 6 0.3500 w/s
The market might have a pattern in the long run.

Obstacle 0.3759w/s
Advices for family business leaders on their generations.

The rest: 0.3495 w/s
Theory: the failure is as precious as a success, and a story to illustrate this principle.
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