1 00:00:07,642 --> 00:00:10,272 And now, the Mentor radio, 1 of the 2 00:00:10,272 --> 00:00:12,584 most popular and unique shows on the air 3 00:00:12,584 --> 00:00:15,869 today. Here each week, remarkable Ceo chosen leaders, 4 00:00:16,268 --> 00:00:18,666 including host Tom Laurie and Dan He, and 5 00:00:18,666 --> 00:00:21,542 their guest will mentor you. Challenging your thinking 6 00:00:21,542 --> 00:00:22,661 about life and work. 7 00:00:23,301 --> 00:00:24,315 Sought after for their 8 00:00:24,910 --> 00:00:27,691 leadership and advice and for helping others succeed 9 00:00:27,691 --> 00:00:30,947 throughout their careers. Now the same Ceos, the 10 00:00:30,947 --> 00:00:33,489 mentors want to help you achieve your highest 11 00:00:33,489 --> 00:00:36,924 level of profit ability, success, and personal fulfillment 12 00:00:36,924 --> 00:00:39,072 in life at work and in business. 13 00:00:39,708 --> 00:00:41,538 Learn more and check out the show notes 14 00:00:41,538 --> 00:00:44,522 at the mentor radio dot com. That's the 15 00:00:44,581 --> 00:00:45,939 mentor radio dot com. 16 00:00:46,497 --> 00:00:48,653 And now here is your mentor. 17 00:00:50,489 --> 00:00:52,565 Welcome, I'm, Tom Lauren, I'll be your host 18 00:00:52,565 --> 00:00:54,412 today. Thank you for joining us. Today. We 19 00:00:54,412 --> 00:00:57,619 welcome back Ram S, a world renowned business 20 00:00:57,756 --> 00:01:00,962 consultant, author speaker held by the economic Times 21 00:01:01,274 --> 00:01:04,540 as the world's most influential business consultant. With 22 00:01:04,540 --> 00:01:07,090 a career spanning over 40 years, Ram provide 23 00:01:07,090 --> 00:01:08,706 has provided unparalleled, 24 00:01:09,241 --> 00:01:12,862 insights and practical solutions to top companies, Ceos 25 00:01:12,919 --> 00:01:14,113 and boards globally, 26 00:01:14,670 --> 00:01:16,978 including Toyota, Bank of America and nova var, 27 00:01:17,694 --> 00:01:20,002 known for his ability to cut through complexity 28 00:01:20,002 --> 00:01:23,283 and address core business issue. Ram real world 29 00:01:23,283 --> 00:01:25,913 advice is not only relevant, but actionable from 30 00:01:25,913 --> 00:01:28,462 day 1. He's written over 30 books that 31 00:01:28,462 --> 00:01:30,215 have sold more than 4000000 copies, 32 00:01:30,866 --> 00:01:33,245 So welcome, Ram, first of all, I really 33 00:01:33,245 --> 00:01:34,832 appreciate you taking the time, be with us. 34 00:01:35,466 --> 00:01:36,735 I know you're doing a lot of traveling. 35 00:01:36,973 --> 00:01:38,322 So it's valuable time. 36 00:01:39,211 --> 00:01:42,232 This marks your first appear fifth appearance on 37 00:01:42,232 --> 00:01:42,948 the mentors. 38 00:01:43,663 --> 00:01:45,810 And on past shows we've covered things like 39 00:01:45,810 --> 00:01:48,396 the 5 basic for business, new rules of 40 00:01:48,614 --> 00:01:48,774 competition, 41 00:01:49,731 --> 00:01:51,965 Amazon's top secrets of success and how to 42 00:01:51,965 --> 00:01:53,481 manage an inflationary times. 43 00:01:54,133 --> 00:01:55,801 And those listeners that wanna go back and 44 00:01:55,801 --> 00:01:56,993 listen to those shows. You can go to 45 00:01:56,993 --> 00:01:59,956 our website. The radio dot com. Go to 46 00:02:00,330 --> 00:02:02,575 list index of shows and then search, and 47 00:02:02,575 --> 00:02:04,170 you find all the shows that Ram has 48 00:02:04,170 --> 00:02:05,069 done with us 49 00:02:05,526 --> 00:02:08,237 over the last few years. But today, Ram, 50 00:02:08,397 --> 00:02:09,912 I'd like to do something different and have 51 00:02:09,912 --> 00:02:12,551 an open conversation like you do when... Like 52 00:02:12,551 --> 00:02:14,377 we do when we get together over dinner 53 00:02:14,377 --> 00:02:17,156 and we talk. And after I'm done... My 54 00:02:17,156 --> 00:02:19,062 brain is mush because you have so much 55 00:02:19,062 --> 00:02:19,538 to share. 56 00:02:20,188 --> 00:02:22,197 I'm recently honored to be here 57 00:02:22,888 --> 00:02:25,271 with you, Tom, our a long friendship, 58 00:02:26,065 --> 00:02:27,654 and I love your questions. 59 00:02:28,464 --> 00:02:29,579 And we go from there, 60 00:02:30,296 --> 00:02:32,845 and my mission in life, something I say 61 00:02:32,845 --> 00:02:35,713 something I write has to be useful to 62 00:02:35,713 --> 00:02:37,386 the listener to the practitioners. 63 00:02:38,037 --> 00:02:39,469 So go ahead with your question. 64 00:02:40,662 --> 00:02:40,901 Well, 65 00:02:41,617 --> 00:02:42,832 you're dealing with Ceos, 66 00:02:44,003 --> 00:02:44,480 leaders, 67 00:02:45,355 --> 00:02:45,673 sports, 68 00:02:46,644 --> 00:02:48,961 what is it that you're hearing these today? 69 00:02:49,200 --> 00:02:51,597 Where are people focused? Where there concerns? What 70 00:02:51,597 --> 00:02:52,736 are their anxieties? 71 00:02:53,927 --> 00:02:55,198 I think there are a number of them, 72 00:02:55,515 --> 00:02:56,945 there are also some excitement. 73 00:02:57,819 --> 00:02:59,725 If you look at a company like Nvidia, 74 00:02:59,963 --> 00:03:01,472 there is endless excitement. 75 00:03:02,283 --> 00:03:03,001 They're growing. 76 00:03:04,117 --> 00:03:05,153 They're changing world. 77 00:03:05,791 --> 00:03:08,263 Their market value going up every day become 78 00:03:08,263 --> 00:03:10,177 number 1 from nowhere 2 years ago. 79 00:03:11,546 --> 00:03:13,137 Microsoft continues to move forward. 80 00:03:13,773 --> 00:03:17,114 So the tech companies are on the exciting 81 00:03:17,114 --> 00:03:17,352 side. 82 00:03:18,243 --> 00:03:19,200 They are concerned, 83 00:03:20,077 --> 00:03:21,454 basically, if any 84 00:03:21,831 --> 00:03:22,969 leakage of technology 85 00:03:23,506 --> 00:03:24,463 to the opponents, 86 00:03:25,260 --> 00:03:26,615 but they continue to do that. 87 00:03:27,665 --> 00:03:28,562 The larger 88 00:03:29,175 --> 00:03:30,527 population of business people, 89 00:03:31,322 --> 00:03:32,275 legacy bound, 90 00:03:34,104 --> 00:03:35,240 but there is a huge 91 00:03:35,694 --> 00:03:36,194 competition 92 00:03:36,743 --> 00:03:37,539 from China, 93 00:03:38,256 --> 00:03:38,756 Mexico, 94 00:03:39,371 --> 00:03:39,871 Vietnam 95 00:03:40,486 --> 00:03:41,225 and also 96 00:03:41,840 --> 00:03:44,946 concerned about the global disorder going on. 97 00:03:45,997 --> 00:03:47,614 Global disorder. We have 98 00:03:48,789 --> 00:03:49,108 Russia, 99 00:03:49,666 --> 00:03:49,906 Ukraine, 100 00:03:50,544 --> 00:03:52,937 the change the logistics, change food flow, 101 00:03:53,734 --> 00:03:55,191 change energy flow 102 00:03:55,902 --> 00:03:57,336 we have Israel Ham hamas, 103 00:03:58,133 --> 00:03:59,589 and there the whole 104 00:04:01,240 --> 00:04:01,798 participation of. 105 00:04:02,993 --> 00:04:05,007 Now we have the North Korean 106 00:04:05,399 --> 00:04:06,672 and the Russian together, 107 00:04:07,309 --> 00:04:09,958 then Russia and China together, announcing 108 00:04:10,652 --> 00:04:12,164 tearing, defense, etcetera. 109 00:04:13,374 --> 00:04:16,008 Taking the resources of the United States and 110 00:04:16,168 --> 00:04:16,487 Europe, 111 00:04:17,285 --> 00:04:18,243 in those conflicts, 112 00:04:19,042 --> 00:04:21,596 there is conflict going on around philippines the. 113 00:04:22,649 --> 00:04:24,646 So we see all these things, and you 114 00:04:24,646 --> 00:04:25,546 find that 115 00:04:26,244 --> 00:04:29,141 it's the human beings to create this disorder. 116 00:04:30,330 --> 00:04:32,479 Disorder does not happen on its own. 117 00:04:33,195 --> 00:04:36,719 So there is a disorder of energy flow 118 00:04:37,666 --> 00:04:39,655 disorder of food chains, 119 00:04:40,769 --> 00:04:41,826 disorder of 120 00:04:42,281 --> 00:04:42,781 logistics 121 00:04:43,395 --> 00:04:45,486 you have on the Red sea pi, 122 00:04:46,514 --> 00:04:48,829 you all these syncs going on. And so 123 00:04:48,829 --> 00:04:51,543 the security has become an important item. 124 00:04:52,421 --> 00:04:55,135 And security of supply, security, 125 00:04:55,708 --> 00:04:57,619 in terms of a national security, 126 00:04:58,335 --> 00:05:01,200 security in terms of what the currency will 127 00:05:01,200 --> 00:05:01,439 do. 128 00:05:02,713 --> 00:05:04,623 Security in terms of what the fed will 129 00:05:04,623 --> 00:05:05,123 do 130 00:05:06,070 --> 00:05:08,478 these are the kinds of concern 131 00:05:09,012 --> 00:05:11,080 in addition to cyber cybersecurity. 132 00:05:11,795 --> 00:05:12,534 And so 133 00:05:12,909 --> 00:05:14,499 these are the ones we are now getting 134 00:05:14,499 --> 00:05:16,508 used to it. And they have to have 135 00:05:16,508 --> 00:05:18,606 agility. They have to have flexibility. 136 00:05:19,305 --> 00:05:21,223 They have to have flexibility in their budgets, 137 00:05:21,702 --> 00:05:22,202 flexibility 138 00:05:22,661 --> 00:05:24,100 in assigning the right people. 139 00:05:24,673 --> 00:05:26,757 Flexibility in creating quick 140 00:05:27,604 --> 00:05:28,104 system. 141 00:05:29,110 --> 00:05:31,011 These are some of the things happening. 142 00:05:31,899 --> 00:05:34,949 A very important part world has moved into 143 00:05:35,006 --> 00:05:35,883 digital economy, 144 00:05:36,520 --> 00:05:38,853 but most legacy companies are nowhere 145 00:05:39,484 --> 00:05:41,341 to be able to do the 146 00:05:42,197 --> 00:05:44,511 digitization as the native people have done? 147 00:05:45,229 --> 00:05:47,006 So how do they allocate capital 148 00:05:47,637 --> 00:05:50,421 many of the Ceos are here, or D 149 00:05:50,421 --> 00:05:51,239 in the headlight 150 00:05:52,012 --> 00:05:54,182 because they tried something internally done 151 00:05:54,731 --> 00:05:57,589 they don't see the value of it. They 152 00:05:57,589 --> 00:05:59,279 can't convince to use it 153 00:05:59,653 --> 00:06:02,693 and data becomes a central point now. 154 00:06:03,639 --> 00:06:06,919 To make decisions. So these are many things. 155 00:06:07,079 --> 00:06:08,219 They have to contend 156 00:06:08,680 --> 00:06:10,620 their are importance we need to go 157 00:06:11,094 --> 00:06:13,328 segment by segment sector by sector, 158 00:06:14,206 --> 00:06:17,477 industry by industry because no 2 industries are 159 00:06:17,477 --> 00:06:18,435 affected the same way. 160 00:06:19,007 --> 00:06:21,153 So these are the overall things tom. 161 00:06:22,106 --> 00:06:23,536 1 of the things you talk about because 162 00:06:23,616 --> 00:06:25,046 I don't think a lot of people pay 163 00:06:25,046 --> 00:06:25,444 attention to. 164 00:06:26,333 --> 00:06:27,130 Is the dollar. 165 00:06:28,244 --> 00:06:30,156 I mean, I know in your circles, but 166 00:06:30,235 --> 00:06:32,385 I I don't hear... I never hear anyone 167 00:06:32,385 --> 00:06:34,558 talk about the dollar that... The dollar 168 00:06:34,869 --> 00:06:36,947 Do you see that as at risk in 169 00:06:36,947 --> 00:06:38,705 terms of being the dominant currency? 170 00:06:39,983 --> 00:06:42,380 Yeah. So let me explain to the people. 171 00:06:43,511 --> 00:06:45,840 They adopt our value today 172 00:06:46,691 --> 00:06:47,191 unnecessarily 173 00:06:47,804 --> 00:06:49,712 over the last 3 years have gone up 174 00:06:49,712 --> 00:06:50,348 very high. 175 00:06:51,637 --> 00:06:54,509 Because people trust the dollar. People invest here 176 00:06:54,509 --> 00:06:54,987 in dollar. 177 00:06:56,503 --> 00:06:57,242 And so 178 00:06:57,858 --> 00:06:59,533 it needs to be dev value to bring 179 00:06:59,533 --> 00:07:00,251 it down towards. 180 00:07:01,144 --> 00:07:02,659 It's not there it's something wrong with it. 181 00:07:03,616 --> 00:07:04,914 And that has to be done 182 00:07:05,690 --> 00:07:07,466 because of our balance of payment 183 00:07:07,843 --> 00:07:08,343 is 184 00:07:08,801 --> 00:07:10,236 really not very good. 185 00:07:11,444 --> 00:07:13,269 Unless you dev value the dollar, bring it 186 00:07:13,269 --> 00:07:13,983 where it should be. 187 00:07:15,014 --> 00:07:16,362 It's not the dollar weakness. 188 00:07:16,838 --> 00:07:18,583 The weakness is of a different kind. 189 00:07:19,631 --> 00:07:21,165 Now multiple currencies, 190 00:07:22,017 --> 00:07:22,517 nations 191 00:07:22,892 --> 00:07:25,199 want to have their own currencies zone. 192 00:07:26,407 --> 00:07:27,202 British has it. 193 00:07:28,077 --> 00:07:28,951 Euro has it. 194 00:07:29,826 --> 00:07:30,779 Doctor has it. 195 00:07:31,813 --> 00:07:34,834 Twist Friend has it. Now China has it. 196 00:07:36,444 --> 00:07:37,264 And China 197 00:07:38,444 --> 00:07:39,425 has a zone 198 00:07:40,444 --> 00:07:41,564 of ren trading. 199 00:07:42,524 --> 00:07:43,024 Saudi 200 00:07:43,817 --> 00:07:46,044 and China, Russia and China. 201 00:07:46,999 --> 00:07:48,192 Hungary and China, 202 00:07:48,669 --> 00:07:49,703 Brazil and China, 203 00:07:50,514 --> 00:07:51,890 to all the 204 00:07:52,425 --> 00:07:54,495 transactions that China does today, 205 00:07:55,370 --> 00:07:55,870 19 206 00:07:56,246 --> 00:07:58,236 percent of them are in Chinese currency. 207 00:07:58,969 --> 00:08:01,706 It's only for 0.5 percent of the global 208 00:08:01,925 --> 00:08:02,085 transactions. 209 00:08:03,044 --> 00:08:03,544 So 210 00:08:04,003 --> 00:08:06,240 we have so much debt in America. 211 00:08:07,130 --> 00:08:08,265 That the confidence 212 00:08:08,638 --> 00:08:10,169 of the rest of the world 213 00:08:10,859 --> 00:08:11,677 is the 214 00:08:12,208 --> 00:08:12,525 underpinning. 215 00:08:13,239 --> 00:08:14,771 If confidence eros 216 00:08:15,399 --> 00:08:18,759 dollar will be under under threat. If the 217 00:08:18,759 --> 00:08:19,980 confidence doesn't 218 00:08:21,240 --> 00:08:21,960 in any way, 219 00:08:22,520 --> 00:08:22,839 decline, 220 00:08:23,973 --> 00:08:26,223 dollar can remain for a long time 221 00:08:26,917 --> 00:08:29,146 even though the transactions can go down. 222 00:08:29,862 --> 00:08:32,511 Right now, roughly 70 percent of the global 223 00:08:32,647 --> 00:08:35,620 transactions, are in dollars. So it's okay. No 224 00:08:35,620 --> 00:08:35,940 problem, 225 00:08:36,580 --> 00:08:38,659 but we cannot have the confidence in the 226 00:08:38,659 --> 00:08:39,379 dollar be lost. 227 00:08:40,019 --> 00:08:42,679 Because all the debt is based on 228 00:08:43,391 --> 00:08:43,551 this. 229 00:08:44,506 --> 00:08:46,020 Now, let's come back to that in second. 230 00:08:46,259 --> 00:08:47,931 I'm with Rot We're with Bra S today. 231 00:08:48,090 --> 00:08:49,683 This is Tom Lori, This is the Mentor 232 00:08:49,683 --> 00:08:50,161 radio show. 233 00:08:55,199 --> 00:08:58,309 And now, back to the mentors where remarkable 234 00:08:58,469 --> 00:08:58,969 Ceos 235 00:08:59,426 --> 00:09:02,551 challenge your thinking about life, and business. 236 00:09:04,224 --> 00:09:05,897 Welcome back. This is Tom Lori. I I'm 237 00:09:05,897 --> 00:09:08,765 with Ram S, the world's most influential business 238 00:09:08,765 --> 00:09:11,497 advice Adviser to Ceo's business unit managers and 239 00:09:11,497 --> 00:09:12,376 boards of directors. 240 00:09:13,015 --> 00:09:14,533 Remember you can also listen to the show 241 00:09:14,533 --> 00:09:16,850 or any a previous show via podcast on 242 00:09:16,850 --> 00:09:19,659 itunes, tune ins, Spotify, Google and more on 243 00:09:19,659 --> 00:09:22,211 any device anytime, you can subscribe at the 244 00:09:22,211 --> 00:09:24,843 bun radio dot com. So coming back to 245 00:09:24,843 --> 00:09:25,401 the dollar, 246 00:09:26,598 --> 00:09:27,656 what it... So 247 00:09:27,968 --> 00:09:29,398 what does it mean? Let's say, 248 00:09:29,954 --> 00:09:31,702 I... For a bit 2 thing. 249 00:09:32,576 --> 00:09:34,880 The if we lose confidence in the dollar, 250 00:09:35,039 --> 00:09:36,445 what does it mean for a 251 00:09:37,121 --> 00:09:39,428 corporation in the United States. And what does 252 00:09:39,428 --> 00:09:41,814 it mean for that... And I know you 253 00:09:41,814 --> 00:09:44,439 grew up in a, selling shoes and your 254 00:09:44,439 --> 00:09:47,168 shoe family, the family shoe business? What does 255 00:09:47,168 --> 00:09:48,926 it mean for the family shoe business in 256 00:09:48,926 --> 00:09:49,805 the United States? 257 00:09:50,924 --> 00:09:53,241 Yeah. The key point is for a family 258 00:09:53,241 --> 00:09:54,440 shoe business in the United states. 259 00:09:55,728 --> 00:09:57,633 Is where they're buying their goods. 260 00:10:00,013 --> 00:10:01,600 What currency are they buying goods? 261 00:10:02,727 --> 00:10:02,966 Today, 262 00:10:03,842 --> 00:10:06,309 their wholesaler selling to the retailer. 263 00:10:07,264 --> 00:10:09,095 They're buying from China, India. 264 00:10:10,129 --> 00:10:11,721 They're also buying in the United States, 265 00:10:13,250 --> 00:10:16,620 80 percent plus of the shoes in America 266 00:10:17,476 --> 00:10:19,309 are not made in the United states. 267 00:10:21,399 --> 00:10:22,460 They made in China 268 00:10:23,320 --> 00:10:25,000 made in in in India. 269 00:10:26,679 --> 00:10:29,480 So these currencies are fluctuating They're volatile. 270 00:10:31,495 --> 00:10:34,294 And if the American currency declines, 271 00:10:35,254 --> 00:10:39,014 then those shoes will become more expensive to 272 00:10:39,014 --> 00:10:39,254 sell. 273 00:10:41,022 --> 00:10:42,533 They will need more working capital. 274 00:10:43,965 --> 00:10:45,499 And as far as capital 275 00:10:47,084 --> 00:10:47,584 availability. 276 00:10:48,125 --> 00:10:49,804 And as you know, I've been in the 277 00:10:49,804 --> 00:10:52,924 startup world now for... Yeah. I can't remember 278 00:10:52,924 --> 00:10:53,565 how long now. 279 00:10:54,365 --> 00:10:54,524 Yeah. 280 00:10:55,338 --> 00:10:58,122 How do how do you see capital formation 281 00:10:58,122 --> 00:10:59,793 over the next few years? 282 00:11:00,509 --> 00:11:02,179 It's right now in the world I live 283 00:11:02,179 --> 00:11:03,452 in, which is in biotech. 284 00:11:04,184 --> 00:11:06,418 It's very difficult to get an early stage 285 00:11:06,418 --> 00:11:08,573 biotech company funded. Of course, we're in a 286 00:11:08,573 --> 00:11:10,967 very different situation than few years ago, 0 287 00:11:10,967 --> 00:11:11,445 interest rates. 288 00:11:12,019 --> 00:11:13,799 Now there's interest rates which are 289 00:11:14,100 --> 00:11:15,160 appropriate, but, 290 00:11:15,940 --> 00:11:18,660 what's gonna happen to capital formation? No. I 291 00:11:18,740 --> 00:11:19,460 I think Tom, 292 00:11:20,911 --> 00:11:23,769 These things have to be sector by sector. 293 00:11:25,596 --> 00:11:26,628 And there's a fashion. 294 00:11:27,978 --> 00:11:29,431 Valuations go up, go down 295 00:11:30,138 --> 00:11:31,275 the investors 296 00:11:32,050 --> 00:11:33,166 have their own marriage. 297 00:11:35,317 --> 00:11:35,817 So 298 00:11:36,512 --> 00:11:37,012 would 299 00:11:37,323 --> 00:11:40,023 state the total availability for capital. 300 00:11:41,215 --> 00:11:43,677 For the United States, they remains very large. 301 00:11:45,599 --> 00:11:47,510 It's how the sectors do, what do they 302 00:11:47,510 --> 00:11:47,669 do. 303 00:11:48,705 --> 00:11:51,435 American capital is beyond American capital 304 00:11:51,811 --> 00:11:53,643 because there's a full capital that will be 305 00:11:53,643 --> 00:11:54,041 available. 306 00:11:54,613 --> 00:11:57,720 America is still has an import of power 307 00:11:57,720 --> 00:11:58,517 direct investment, 308 00:11:58,995 --> 00:12:01,146 over 200000000000, larger than China. 309 00:12:03,639 --> 00:12:05,559 So a cable is available. 310 00:12:06,200 --> 00:12:07,980 It is how it's get 311 00:12:09,254 --> 00:12:12,534 allocate it by the players in the scene. 312 00:12:13,254 --> 00:12:15,355 So we have very difficult time in biotech 313 00:12:15,414 --> 00:12:15,815 right now. 314 00:12:17,584 --> 00:12:19,487 And we've had good times. Say as you 315 00:12:19,487 --> 00:12:21,153 said, I've been around long enough that down 316 00:12:21,153 --> 00:12:23,057 through the good the bad 10. So they'd 317 00:12:23,057 --> 00:12:24,167 go through their own cycles. 318 00:12:25,531 --> 00:12:28,466 And the total capital worldwide is available. No 319 00:12:28,466 --> 00:12:28,863 question. 320 00:12:29,497 --> 00:12:31,877 And the last time we talked, we spent 321 00:12:32,289 --> 00:12:34,679 full hour talking about inflation and how to 322 00:12:34,679 --> 00:12:37,467 manage through inflation and that was in 20 323 00:12:37,467 --> 00:12:38,104 22. 324 00:12:39,633 --> 00:12:40,531 How do you view, 325 00:12:41,145 --> 00:12:44,090 inflation going forward? It seems to... Yep. Then 326 00:12:44,090 --> 00:12:45,067 certainly reduces 327 00:12:46,955 --> 00:12:48,706 In a medical, in India. 328 00:12:49,920 --> 00:12:51,679 The inflation is here to stay. 329 00:12:53,120 --> 00:12:54,960 We have known the incompetence of fed. 330 00:12:55,920 --> 00:12:56,559 They mislead, 331 00:12:57,040 --> 00:12:57,920 not deliberately. 332 00:12:59,292 --> 00:13:00,409 They want to be flexible. 333 00:13:01,286 --> 00:13:03,143 4 percent is a 4 334 00:13:03,600 --> 00:13:05,536 contribution. It can go higher 335 00:13:06,406 --> 00:13:07,702 why it can go higher 336 00:13:08,397 --> 00:13:11,263 if Donald Trump comes back, he does the 337 00:13:11,263 --> 00:13:12,002 text cut 338 00:13:12,537 --> 00:13:14,073 and if the dollar dev values 339 00:13:14,464 --> 00:13:16,002 we will have inflation more 340 00:13:16,778 --> 00:13:18,455 than we have more than 4 percent. 341 00:13:19,572 --> 00:13:21,189 So inflation is needed. 342 00:13:22,938 --> 00:13:24,687 Do not have too much debt, 343 00:13:25,403 --> 00:13:27,334 watch your working capital daily 344 00:13:28,504 --> 00:13:31,049 and watch your inventories get daily if you 345 00:13:31,049 --> 00:13:32,321 are a manufacturing company. 346 00:13:32,813 --> 00:13:34,425 And you gotta change your prices 347 00:13:34,799 --> 00:13:35,197 judicious. 348 00:13:36,230 --> 00:13:38,137 It's going to be here. This month, 349 00:13:38,852 --> 00:13:40,361 the 3.3 350 00:13:40,361 --> 00:13:41,259 percent increase 351 00:13:41,648 --> 00:13:43,879 in the consumer price index compared to last 352 00:13:43,879 --> 00:13:44,118 year. 353 00:13:45,551 --> 00:13:45,790 Right. 354 00:13:46,427 --> 00:13:48,259 This is Tom Lori. You're listening to the 355 00:13:48,259 --> 00:13:49,932 radio shirt today. I'm with Ram S. 356 00:13:50,903 --> 00:13:53,608 I had a show... I did show a 357 00:13:53,608 --> 00:13:55,597 while back. You and I talk briefly about 358 00:13:55,597 --> 00:13:57,586 it on the phone, but with Bill George. 359 00:13:58,318 --> 00:14:00,074 And I asked Bill because he does a 360 00:14:00,074 --> 00:14:02,069 lot of consulting, different kind of consulting to 361 00:14:02,229 --> 00:14:04,165 Ceos. But I asked him 362 00:14:04,702 --> 00:14:05,761 what he saw 363 00:14:06,154 --> 00:14:07,588 and the C suite. And he said the 364 00:14:07,588 --> 00:14:08,385 lack of courage. 365 00:14:09,102 --> 00:14:11,014 And you and I kinda talked about that. 366 00:14:11,652 --> 00:14:13,643 What did... What do you think about the 367 00:14:13,643 --> 00:14:15,396 lack of courage? I mean, you met... You 368 00:14:15,396 --> 00:14:17,718 mentioned you a little bit about digital on 369 00:14:17,718 --> 00:14:19,229 how people have made some mistakes and gone 370 00:14:19,229 --> 00:14:21,637 down the road out. But are we lacking 371 00:14:21,693 --> 00:14:24,420 courage? Is there a a dear of courage 372 00:14:24,476 --> 00:14:24,635 today? 373 00:14:26,242 --> 00:14:27,859 I think it's hard to generalize. 374 00:14:29,353 --> 00:14:32,384 I vaccine president vital cottage to take the 375 00:14:32,384 --> 00:14:33,202 big actions 376 00:14:33,580 --> 00:14:34,936 is taking incremental actions. 377 00:14:35,988 --> 00:14:37,104 Regarding all this disorder. 378 00:14:38,301 --> 00:14:40,534 It inches at a time, so that is 379 00:14:40,534 --> 00:14:41,331 courage lacking. 380 00:14:42,448 --> 00:14:45,022 Then we have the legacy companies 381 00:14:46,048 --> 00:14:49,219 And there, the legacy companies don't really know 382 00:14:49,219 --> 00:14:50,749 what digitization is 383 00:14:51,359 --> 00:14:52,073 that ignored. 384 00:14:53,360 --> 00:14:55,360 They have It people who don't know how 385 00:14:55,360 --> 00:14:56,159 to reg digitize. 386 00:14:57,279 --> 00:14:59,039 They don't know how to go about it. 387 00:15:00,000 --> 00:15:01,220 So I would say 388 00:15:01,533 --> 00:15:02,033 partially 389 00:15:03,838 --> 00:15:05,825 that they need to learn this thing and 390 00:15:05,825 --> 00:15:06,460 go forward. 391 00:15:07,096 --> 00:15:09,639 But the inherent courage part is is is 392 00:15:09,639 --> 00:15:09,877 there. 393 00:15:10,609 --> 00:15:12,764 Their issue is short term versus long term. 394 00:15:14,280 --> 00:15:16,275 If they don't deliver short term, 395 00:15:16,994 --> 00:15:18,111 what the market will do. 396 00:15:19,322 --> 00:15:20,675 And then if they lose it, 397 00:15:21,472 --> 00:15:23,224 that there's is a to tremendous penalty of 398 00:15:23,224 --> 00:15:24,122 these people 399 00:15:24,577 --> 00:15:25,316 by the 400 00:15:25,852 --> 00:15:27,046 shareholders who come in. 401 00:15:27,939 --> 00:15:29,058 And unload on you. 402 00:15:30,176 --> 00:15:30,676 So 403 00:15:31,774 --> 00:15:34,731 my my sense where I sit across the 404 00:15:34,731 --> 00:15:34,891 globe. 405 00:15:38,014 --> 00:15:39,845 I'm looking at India, a lot of courage 406 00:15:39,845 --> 00:15:40,322 going on. 407 00:15:41,994 --> 00:15:43,029 If you look at China, 408 00:15:44,079 --> 00:15:46,716 President xi is driving a great strategy from 409 00:15:46,876 --> 00:15:47,935 China viewpoint 410 00:15:48,474 --> 00:15:50,391 with lot of courage. We don't like it. 411 00:15:52,400 --> 00:15:54,150 It's hurting people. Yes. 412 00:15:55,025 --> 00:15:56,616 So I would I I would have a 413 00:15:56,616 --> 00:15:57,173 different view. 414 00:15:58,939 --> 00:15:59,439 And 415 00:16:00,058 --> 00:16:01,815 you're spending a lot of time in India 416 00:16:01,815 --> 00:16:04,212 now. And India seems to be... I mean, 417 00:16:04,452 --> 00:16:06,184 there's a lot more interest in India for 418 00:16:06,701 --> 00:16:08,689 manufacturing in the United from companies in the 419 00:16:08,848 --> 00:16:10,598 United States, tell us a little bit about 420 00:16:10,598 --> 00:16:12,268 what you're seeing in India and we're it, 421 00:16:12,824 --> 00:16:14,494 where it's headed. The path it's on. 422 00:16:16,974 --> 00:16:18,405 Yeah. India is on fire. 423 00:16:19,200 --> 00:16:21,211 India for the first time in its history 424 00:16:21,823 --> 00:16:24,049 as a prime minister who knows how to 425 00:16:24,049 --> 00:16:25,026 develop economically 426 00:16:25,973 --> 00:16:27,508 develop a nation economically 427 00:16:28,283 --> 00:16:29,420 has developed 428 00:16:29,796 --> 00:16:31,628 expertise and experience over time, 429 00:16:32,344 --> 00:16:33,937 you knows where to focus, 430 00:16:34,749 --> 00:16:36,105 out allocate resources, 431 00:16:36,982 --> 00:16:38,417 how to create joint ventures, 432 00:16:39,215 --> 00:16:40,113 how to get 433 00:16:40,730 --> 00:16:42,187 the pre trade 434 00:16:42,803 --> 00:16:43,303 agreement 435 00:16:44,493 --> 00:16:45,233 It's moving 436 00:16:46,488 --> 00:16:48,504 is is is growing 437 00:16:49,281 --> 00:16:51,456 is making more changes to go 438 00:16:52,008 --> 00:16:54,339 eliminating a lot of hundred year old laws 439 00:16:54,635 --> 00:16:55,135 gradually 440 00:16:55,829 --> 00:16:58,616 is humble in this election, didn't get a 441 00:16:58,616 --> 00:16:59,412 full majority. 442 00:17:00,622 --> 00:17:03,330 He depends on 2 parties to carry out 443 00:17:03,330 --> 00:17:05,242 my majority programs. I've no doubt they will 444 00:17:05,242 --> 00:17:05,640 be done. 445 00:17:06,278 --> 00:17:08,349 I know 1 of them who is built 446 00:17:08,349 --> 00:17:10,906 the same way. Who was an economic builder. 447 00:17:11,858 --> 00:17:13,762 So I feel very positive about it. 448 00:17:15,666 --> 00:17:16,166 Micron... 449 00:17:17,113 --> 00:17:19,984 Micron chips guy is building a plan that 450 00:17:19,984 --> 00:17:21,659 will be ready by the end of December. 451 00:17:22,536 --> 00:17:24,472 All those things are going on. Semiconductors, 452 00:17:25,248 --> 00:17:26,205 agreements have been made. 453 00:17:26,777 --> 00:17:28,760 That will be done by Tata in India. 454 00:17:30,346 --> 00:17:31,536 So the economy, 455 00:17:31,933 --> 00:17:32,671 the confidence 456 00:17:33,852 --> 00:17:36,158 the the the change of laws, 457 00:17:37,192 --> 00:17:38,248 the the 458 00:17:38,702 --> 00:17:40,770 free trade agreements invite D, 459 00:17:42,932 --> 00:17:44,205 all that direct continues. 460 00:17:45,160 --> 00:17:46,751 And it is on a hard path. 461 00:17:47,467 --> 00:17:48,342 2030, 462 00:17:48,661 --> 00:17:50,115 I see a Gdp. 463 00:17:50,903 --> 00:17:53,372 From roughly 5000000000000 to 7000000000000. 464 00:17:54,248 --> 00:17:55,283 That parts is clear. 465 00:17:56,239 --> 00:17:58,548 Mister Modi has kept the same team economic 466 00:17:58,548 --> 00:17:58,787 team. 467 00:17:59,519 --> 00:18:01,750 This will be the the tic here or 468 00:18:01,750 --> 00:18:02,387 the same team, 469 00:18:03,104 --> 00:18:03,604 reserving 470 00:18:03,980 --> 00:18:04,480 the 471 00:18:05,096 --> 00:18:05,994 furnace minister 472 00:18:06,704 --> 00:18:07,582 the homeowner minister, 473 00:18:07,981 --> 00:18:10,455 the defense minister the same team. They work 474 00:18:10,455 --> 00:18:12,769 together very well. You won't believe this tom, 475 00:18:12,929 --> 00:18:14,227 people don't know of 476 00:18:15,178 --> 00:18:17,030 take a guess to whom 477 00:18:17,405 --> 00:18:18,996 the United States says the most debt. 478 00:18:20,746 --> 00:18:22,905 Well I always heard it's China, but I 479 00:18:22,905 --> 00:18:24,807 think there's probably not if you're asking the 480 00:18:24,807 --> 00:18:27,502 question. It's not it's not. Is your parent? 481 00:18:29,579 --> 00:18:30,957 Out the fourth the largest 482 00:18:31,334 --> 00:18:31,893 is India. 483 00:18:34,047 --> 00:18:35,562 Ja is close to Trillion. 484 00:18:36,854 --> 00:18:38,849 China close to 800000000000. 485 00:18:40,286 --> 00:18:40,786 Nick 486 00:18:41,403 --> 00:18:42,201 is around that. 487 00:18:43,718 --> 00:18:44,756 Tristan around that. 488 00:18:45,808 --> 00:18:47,403 India, 660000000000. 489 00:18:48,759 --> 00:18:49,955 Well, when we come back, 490 00:18:50,593 --> 00:18:52,508 I'd like you... I well, and let's talk 491 00:18:52,508 --> 00:18:54,922 a little bit about the difference in 492 00:18:55,954 --> 00:18:58,514 Business leadership in India versus the United States. 493 00:18:58,674 --> 00:19:00,755 This is Tom Ward we're with Ram S, 494 00:19:01,154 --> 00:19:02,595 and this is the Metro radio show. 495 00:19:07,650 --> 00:19:10,769 And now back to the mentors, where remarkable 496 00:19:10,930 --> 00:19:11,384 Ceo 497 00:19:11,825 --> 00:19:14,964 challenge your thinking about life and business. 498 00:19:16,625 --> 00:19:18,144 Welcome back. This is Tom Lori and I 499 00:19:18,144 --> 00:19:20,099 am with Ram Sc, the world most 500 00:19:20,400 --> 00:19:23,380 influential business adviser to Ceos, business unit managers 501 00:19:23,679 --> 00:19:24,720 and boards of directors. 502 00:19:25,359 --> 00:19:26,799 And the last segment we're talking a little 503 00:19:26,799 --> 00:19:29,690 bit about India, and it raise it quick. 504 00:19:29,929 --> 00:19:32,153 What are you seeing are differences between how 505 00:19:32,153 --> 00:19:34,935 people manage and run companies in India versus 506 00:19:34,935 --> 00:19:37,740 the United States. Any big things that are 507 00:19:38,368 --> 00:19:38,688 Yes. 508 00:19:39,405 --> 00:19:41,798 So top first thing everybody needs to understand. 509 00:19:42,596 --> 00:19:44,452 It company manages it 510 00:19:45,068 --> 00:19:46,366 and gets the best 511 00:19:46,823 --> 00:19:48,853 out of their leaders. Is not 512 00:19:49,310 --> 00:19:51,384 a ceo who lease it and their managing. 513 00:19:51,942 --> 00:19:54,095 Managing mean bringing the people together, 514 00:19:54,813 --> 00:19:57,227 getting the best out of them 515 00:19:58,015 --> 00:19:59,706 and it follows our rules 516 00:20:00,396 --> 00:20:01,508 and get things done. 517 00:20:02,143 --> 00:20:04,865 So the leadership part, people need to understand 518 00:20:05,174 --> 00:20:06,365 If you don't know how to manage it, 519 00:20:06,603 --> 00:20:07,556 you're not gonna survive. 520 00:20:08,509 --> 00:20:08,748 India, 521 00:20:09,621 --> 00:20:11,471 large part of the economy 522 00:20:11,845 --> 00:20:12,719 is family owned. 523 00:20:13,609 --> 00:20:14,488 It's very skewed. 524 00:20:15,207 --> 00:20:16,826 Few families and largest businesses. 525 00:20:17,445 --> 00:20:19,922 They hire these various professionals, 526 00:20:20,801 --> 00:20:21,760 and they manage them. 527 00:20:22,893 --> 00:20:25,046 They are best in their allocation of capital. 528 00:20:25,844 --> 00:20:28,315 Then then they can make numbers dance like 529 00:20:28,315 --> 00:20:30,946 nobody else. Their their visions are very big. 530 00:20:31,997 --> 00:20:33,427 And they get things done. 531 00:20:34,540 --> 00:20:35,414 So their, 532 00:20:37,242 --> 00:20:39,548 in America is most like more most of 533 00:20:39,548 --> 00:20:40,795 the people are the 534 00:20:41,310 --> 00:20:44,563 professional people. They went to harvard, ke, August 535 00:20:44,563 --> 00:20:45,063 stanford, 536 00:20:45,911 --> 00:20:47,577 learn those things in these schools, 537 00:20:48,148 --> 00:20:50,776 their loan strategy. They went to Mckinsey, Bc 538 00:20:50,776 --> 00:20:51,413 g Bain, 539 00:20:52,050 --> 00:20:54,360 learn how to extract data, how to make 540 00:20:54,360 --> 00:20:56,191 the kind of a key conclusions. 541 00:20:57,481 --> 00:20:59,257 But that business savvy 542 00:21:00,671 --> 00:21:01,570 business acumen 543 00:21:02,665 --> 00:21:04,977 is a class by itself expertise. 544 00:21:06,986 --> 00:21:08,603 Schools do not train 545 00:21:09,299 --> 00:21:10,496 in business savvy, 546 00:21:11,134 --> 00:21:11,851 in India, 547 00:21:12,888 --> 00:21:13,766 and Iran, 548 00:21:19,269 --> 00:21:20,802 in old Pakistan, 549 00:21:22,764 --> 00:21:26,542 these are the people who have a gene 550 00:21:26,600 --> 00:21:27,100 and 551 00:21:28,114 --> 00:21:29,309 a cognition in them, 552 00:21:29,947 --> 00:21:31,621 but I call business serving, 553 00:21:32,114 --> 00:21:34,349 They don't use computers. They don't use calculators 554 00:21:34,349 --> 00:21:34,748 escalators. 555 00:21:35,386 --> 00:21:37,142 They could do their numbers in their head 556 00:21:37,142 --> 00:21:39,457 and comfortable good conclusions. 557 00:21:40,670 --> 00:21:42,910 They draw conclusions out of a ton of 558 00:21:42,910 --> 00:21:45,150 data and see where the business needs to 559 00:21:45,150 --> 00:21:45,309 go. 560 00:21:45,950 --> 00:21:47,950 That's the big difference. So in India, 561 00:21:48,604 --> 00:21:50,038 and China and Brazil, 562 00:21:50,835 --> 00:21:52,450 there is no generation 563 00:21:52,907 --> 00:21:55,536 that says I have to professional my company. 564 00:21:56,269 --> 00:21:58,509 I build the company. I'm ready to retire, 565 00:21:59,309 --> 00:22:01,490 help me get the professional people 566 00:22:01,789 --> 00:22:03,170 or think like a businessman, 567 00:22:04,044 --> 00:22:05,182 act as a manager 568 00:22:05,957 --> 00:22:07,312 and draw all the best out of the 569 00:22:07,312 --> 00:22:08,109 people as a leader. 570 00:22:09,624 --> 00:22:11,856 Help me do that succession build for me. 571 00:22:12,588 --> 00:22:14,653 And so I can go peacefully out of 572 00:22:14,653 --> 00:22:16,242 here how to do that. 573 00:22:17,037 --> 00:22:20,214 Here, in America, you got a 90 percent 574 00:22:20,214 --> 00:22:20,714 plus 575 00:22:21,582 --> 00:22:22,082 graduated 576 00:22:22,539 --> 00:22:23,278 from various 577 00:22:23,735 --> 00:22:24,235 universities. 578 00:22:24,931 --> 00:22:27,004 There is a portion that is not graduated 579 00:22:27,004 --> 00:22:29,077 at all, and they have now come through 580 00:22:29,077 --> 00:22:29,737 the ranks 581 00:22:30,129 --> 00:22:32,201 of the professional companies, and they get to 582 00:22:32,201 --> 00:22:32,679 the top, 583 00:22:34,352 --> 00:22:36,264 and then they carry out what they could... 584 00:22:36,503 --> 00:22:37,221 What they are doing. 585 00:22:37,873 --> 00:22:40,179 There was something Manila in in Microsoft. 586 00:22:41,054 --> 00:22:41,770 He grew through, 587 00:22:43,282 --> 00:22:45,509 Microsoft, went through the whole division thing. 588 00:22:46,639 --> 00:22:47,756 But he's an Indian, 589 00:22:48,793 --> 00:22:49,750 and really to know, 590 00:22:51,585 --> 00:22:53,500 he has business savvy. 591 00:22:54,871 --> 00:22:56,307 Unbelievable business savvy. 592 00:22:58,301 --> 00:23:00,614 There you can see up. That's does. Yeah. 593 00:23:01,571 --> 00:23:03,166 Which Has a business savvy. 594 00:23:04,140 --> 00:23:05,359 And and and 595 00:23:05,820 --> 00:23:07,580 in the family run business that's a long... 596 00:23:07,900 --> 00:23:09,420 They take a longer term view. I know 597 00:23:09,420 --> 00:23:12,140 dealing with family offices here from a raising 598 00:23:12,140 --> 00:23:12,539 capital. 599 00:23:13,112 --> 00:23:15,096 They take a much longer term view than 600 00:23:15,096 --> 00:23:16,207 the venture capital funds. 601 00:23:17,714 --> 00:23:19,881 Of course, because they don't have 602 00:23:20,429 --> 00:23:22,821 the shareholders of venture capital people. 603 00:23:24,576 --> 00:23:26,729 Yeah. They take a long for? And what... 604 00:23:27,048 --> 00:23:28,904 So what would you tell a young person 605 00:23:29,361 --> 00:23:31,611 of, And I agree with the business savvy. 606 00:23:32,409 --> 00:23:34,563 What would you tell a young person to 607 00:23:34,563 --> 00:23:34,962 do? 608 00:23:35,681 --> 00:23:37,756 Maybe when they're in high school or college 609 00:23:37,756 --> 00:23:39,683 or so How do you pick up business 610 00:23:39,762 --> 00:23:41,297 Savvy? Is that something... If 611 00:23:41,673 --> 00:23:42,332 is there 612 00:23:42,708 --> 00:23:44,300 jobs you ought to be doing or things 613 00:23:44,300 --> 00:23:45,176 should be doing? 614 00:23:47,422 --> 00:23:49,734 Go and work can retail business, 615 00:23:51,170 --> 00:23:51,670 learn 616 00:23:52,207 --> 00:23:53,324 how business makes money? 617 00:23:54,201 --> 00:23:55,557 You will get it or you won't get 618 00:23:55,557 --> 00:23:55,716 it? 619 00:23:58,199 --> 00:23:59,972 Retail business will tell you 620 00:24:00,507 --> 00:24:01,404 all the fundamentals 621 00:24:02,257 --> 00:24:04,406 of business savvy that are used in every 622 00:24:04,406 --> 00:24:05,042 single business. 623 00:24:05,854 --> 00:24:07,608 But you got to come to terms, Is 624 00:24:07,608 --> 00:24:08,725 it natural for you? 625 00:24:09,602 --> 00:24:11,277 Or is it not natural for you? 626 00:24:12,474 --> 00:24:14,707 Just like there are people who are fantastic 627 00:24:14,707 --> 00:24:15,559 surgeon natural. 628 00:24:16,716 --> 00:24:17,913 But they are not going to be a 629 00:24:17,913 --> 00:24:18,630 great golfers. 630 00:24:19,827 --> 00:24:21,980 Everybody has its calling where they have a 631 00:24:21,980 --> 00:24:22,220 natural. 632 00:24:23,017 --> 00:24:25,192 Build what you natural go on it 633 00:24:25,744 --> 00:24:28,219 you may even create a new job, new 634 00:24:28,219 --> 00:24:30,374 kind of work, new kind of parts in 635 00:24:30,374 --> 00:24:30,933 the future. 636 00:24:32,290 --> 00:24:34,445 Don't worry about what you're gonna do. 637 00:24:35,258 --> 00:24:36,556 You really 638 00:24:36,933 --> 00:24:37,810 invest your time, 639 00:24:38,448 --> 00:24:39,644 what's your god's gift, 640 00:24:41,160 --> 00:24:43,813 practice it, build it, get experiences. 641 00:24:45,321 --> 00:24:45,560 Now, 642 00:24:46,517 --> 00:24:47,952 a few years ago, you wrote a book 643 00:24:47,952 --> 00:24:49,547 and the name escapes me. But it was 644 00:24:49,547 --> 00:24:51,939 all about growing people in an organization and 645 00:24:51,939 --> 00:24:52,816 moving them around. 646 00:24:53,389 --> 00:24:55,786 And giving them different experiences. Unfortunately, I had 647 00:24:55,786 --> 00:24:57,144 that kind of experiences as you know at 648 00:24:57,224 --> 00:24:58,343 American Hospital supply. 649 00:24:58,982 --> 00:25:00,580 Yeah. I started up on the floor. 650 00:25:01,634 --> 00:25:01,873 Yep. 651 00:25:02,512 --> 00:25:03,012 But 652 00:25:04,989 --> 00:25:07,066 I I would... I I would imagine you 653 00:25:07,066 --> 00:25:08,999 would be... I mean, that still a playbook. 654 00:25:09,159 --> 00:25:10,677 Right? Is to go and get as many 655 00:25:10,677 --> 00:25:13,415 experiences you... I mean, business experience can come 656 00:25:13,874 --> 00:25:16,032 not only from doing the retail part, but 657 00:25:16,032 --> 00:25:17,550 learning other parts of the business, like, 658 00:25:18,284 --> 00:25:19,554 the Ceo how Absolutely. 659 00:25:20,984 --> 00:25:22,572 But you got a... As soon as you 660 00:25:22,572 --> 00:25:24,026 can get to run 661 00:25:24,876 --> 00:25:27,338 a profitable loss part of a business, 662 00:25:27,989 --> 00:25:30,866 sooner you do sincerely, the better it is. 663 00:25:31,266 --> 00:25:32,864 You don't have to be 30 years of 664 00:25:32,864 --> 00:25:35,102 age to do that. People not at the 665 00:25:35,102 --> 00:25:36,700 age of 10, which I did. 666 00:25:37,354 --> 00:25:39,189 At the age of 18, 20, 667 00:25:39,907 --> 00:25:42,380 go to a business, run it, see it, 668 00:25:43,018 --> 00:25:43,816 get a feel for it. 669 00:25:45,269 --> 00:25:47,985 Right. And to switch topics just a little 670 00:25:47,985 --> 00:25:48,225 bit, 671 00:25:49,264 --> 00:25:51,501 because you've written a lot about Tiktok. What 672 00:25:51,501 --> 00:25:52,241 is the 673 00:25:53,193 --> 00:25:55,265 What is the risk from all of our... 674 00:25:55,584 --> 00:25:57,257 To us and into our country about Tiktok? 675 00:25:57,416 --> 00:25:59,010 You've written a lot about that talked about 676 00:25:59,010 --> 00:26:01,161 that. What... A little bit about Tiktok. That's 677 00:26:01,161 --> 00:26:01,878 a hot topic. 678 00:26:03,168 --> 00:26:04,124 It is a topic, 679 00:26:04,761 --> 00:26:06,355 but Tiktok is a symbol. 680 00:26:07,549 --> 00:26:11,076 The attack on the national securities much broader. 681 00:26:12,823 --> 00:26:13,541 On China, 682 00:26:14,419 --> 00:26:18,089 from their viewpoint, it's the greatest strategy to 683 00:26:18,089 --> 00:26:19,206 achieve their goal. 684 00:26:19,858 --> 00:26:22,324 The goal is explicit it very clearly. 685 00:26:22,960 --> 00:26:24,415 They want a multi 686 00:26:25,108 --> 00:26:27,971 or not a single the hydro money. 687 00:26:28,624 --> 00:26:31,337 Over the United States. And they're succeeding. But 688 00:26:31,337 --> 00:26:33,491 in doing that, you have Tiktok, all things 689 00:26:33,491 --> 00:26:33,970 going on, 690 00:26:34,848 --> 00:26:35,805 entering the economy. 691 00:26:36,538 --> 00:26:39,190 So my argument is, look at the broader 692 00:26:39,247 --> 00:26:39,747 picture 693 00:26:40,203 --> 00:26:42,434 and then say, what China is doing? 694 00:26:42,992 --> 00:26:45,143 What does it mean for you? Is it 695 00:26:45,143 --> 00:26:45,701 good for you? 696 00:26:46,354 --> 00:26:47,393 Is it not good for you? 697 00:26:48,671 --> 00:26:50,029 Alright. Well, we're gonna come back. 698 00:26:51,068 --> 00:26:52,266 And a few minutes to be back with 699 00:26:52,346 --> 00:26:54,274 Ram S, you'll find all of our pas 700 00:26:54,274 --> 00:26:56,182 shows show notes and links at metro ready 701 00:26:56,182 --> 00:26:58,407 dot com. Subscribe to future shows while there. 702 00:27:03,525 --> 00:27:06,644 And now, back to the mentors, where remarkable 703 00:27:06,805 --> 00:27:07,305 Ceos 704 00:27:07,684 --> 00:27:10,814 challenge your thinking about life and business. 705 00:27:12,404 --> 00:27:14,074 Welcome back. This is Tom Warren. I'm with 706 00:27:14,233 --> 00:27:16,936 Ram S, the world's most influential business adviser 707 00:27:16,936 --> 00:27:19,481 to Ceo's, business unit managers and boards of 708 00:27:19,481 --> 00:27:19,775 direct. 709 00:27:20,689 --> 00:27:21,007 Let's 710 00:27:22,438 --> 00:27:24,823 certainly don't wanna get off off the show 711 00:27:24,823 --> 00:27:26,277 without talking about Ai, 712 00:27:27,048 --> 00:27:27,684 machine learning, 713 00:27:29,607 --> 00:27:31,674 Is it gonna replace everybody? I mean, how... 714 00:27:31,833 --> 00:27:33,422 I mean, how do you see this evolving? 715 00:27:33,581 --> 00:27:35,330 It's a yep an area also just getting 716 00:27:35,330 --> 00:27:36,545 a lot of print? So 717 00:27:37,174 --> 00:27:39,965 Let's take the 9 depart first. 718 00:27:41,720 --> 00:27:43,177 Even this question was 719 00:27:43,953 --> 00:27:46,106 supposed to bill gates and I was audience. 720 00:27:46,996 --> 00:27:48,210 The truth is 721 00:27:49,057 --> 00:27:50,271 it will replace 722 00:27:50,722 --> 00:27:51,832 lot of clerical work, 723 00:27:53,418 --> 00:27:53,918 replace 724 00:27:54,624 --> 00:27:56,001 a lot of middle management, 725 00:27:58,055 --> 00:27:59,092 the way it has been. 726 00:28:00,608 --> 00:28:01,667 It will replace 727 00:28:02,299 --> 00:28:04,953 lot of people who are doing service work 728 00:28:06,607 --> 00:28:08,601 because it will be a part of robotics. 729 00:28:09,813 --> 00:28:12,127 So there will be a replacement of the 730 00:28:12,127 --> 00:28:12,925 existing jobs. 731 00:28:13,564 --> 00:28:15,080 Make no mistake, it will happen. 732 00:28:16,117 --> 00:28:16,937 It's gradual 733 00:28:17,888 --> 00:28:19,800 because the people don't know how to use 734 00:28:19,800 --> 00:28:19,960 it. 735 00:28:20,757 --> 00:28:22,032 They're taking a lot of time. 736 00:28:23,865 --> 00:28:24,844 What will happen 737 00:28:25,713 --> 00:28:27,786 people as a matter has has done it 738 00:28:27,786 --> 00:28:28,286 before 739 00:28:29,460 --> 00:28:30,199 is to 740 00:28:32,409 --> 00:28:33,445 learn new skills. 741 00:28:34,258 --> 00:28:35,694 New jobs going to be structured. 742 00:28:36,970 --> 00:28:39,384 New organization is structured is going to come 743 00:28:40,160 --> 00:28:43,111 because most of the decisions will be database. 744 00:28:44,482 --> 00:28:47,353 Database decisions, use machine learning data ai, 745 00:28:48,231 --> 00:28:49,347 and they will be all trained, 746 00:28:50,145 --> 00:28:51,341 they will be better jobs. 747 00:28:52,218 --> 00:28:53,016 Middle management, 748 00:28:53,829 --> 00:28:54,868 it still will be there, 749 00:28:55,747 --> 00:28:57,425 but no more than 4 layers. 750 00:28:58,463 --> 00:29:01,340 And their job is not relay of information. 751 00:29:01,992 --> 00:29:04,076 Their job is not process 752 00:29:04,527 --> 00:29:04,686 information. 753 00:29:05,716 --> 00:29:08,251 That will be done by robotics by machine 754 00:29:08,251 --> 00:29:08,489 learning. 755 00:29:09,535 --> 00:29:10,749 By Ai platforms 756 00:29:11,360 --> 00:29:12,098 by Ga, 757 00:29:13,502 --> 00:29:15,327 they will be making decisions. 758 00:29:17,811 --> 00:29:20,047 They will be carrying out some clear tasks. 759 00:29:21,164 --> 00:29:22,681 They will be coaching people, 760 00:29:23,480 --> 00:29:25,476 they will be enhancing the skills of the 761 00:29:25,476 --> 00:29:25,795 people. 762 00:29:26,848 --> 00:29:28,866 They will be visiting customers 763 00:29:29,245 --> 00:29:29,745 themselves 764 00:29:30,363 --> 00:29:32,680 and make decisions they did not make before. 765 00:29:33,653 --> 00:29:35,646 So those kinds of things going to come, 766 00:29:36,443 --> 00:29:38,516 it's not coming in AAA 767 00:29:38,516 --> 00:29:39,154 tidal wave, 768 00:29:39,792 --> 00:29:41,546 not likely to come in a tidal wave. 769 00:29:42,198 --> 00:29:44,264 But we should confirm the reality. 770 00:29:45,059 --> 00:29:46,513 Jobs will be eliminated. 771 00:29:47,761 --> 00:29:49,295 Some people will be heard 772 00:29:50,244 --> 00:29:50,744 largest 773 00:29:51,284 --> 00:29:53,544 population in America is not Ceos. 774 00:29:54,244 --> 00:29:55,444 It is middle managers. 775 00:29:56,085 --> 00:29:57,764 It is analysts supporting to them. 776 00:29:58,658 --> 00:30:00,813 These will be changed as people go from 777 00:30:00,813 --> 00:30:02,271 10 layers to 4 layers 778 00:30:02,809 --> 00:30:04,325 and their job is going to change. 779 00:30:05,123 --> 00:30:06,081 So it's gonna happen. 780 00:30:06,894 --> 00:30:08,174 What's gonna happen gradually. 781 00:30:09,695 --> 00:30:11,134 This is Tom Laurie. You're listening to the 782 00:30:11,295 --> 00:30:13,055 Mentor radio show today and with Ram sc. 783 00:30:13,455 --> 00:30:15,154 So we're seeing that now 784 00:30:15,548 --> 00:30:17,135 what would be your advice They gotta learn 785 00:30:17,135 --> 00:30:18,722 new skills, but what is it that they 786 00:30:18,722 --> 00:30:21,341 should learn? We're we're if... I I have 787 00:30:21,341 --> 00:30:23,008 a very clear on. 788 00:30:24,530 --> 00:30:27,095 A Ceo who refuses to learn 789 00:30:27,547 --> 00:30:28,341 is a bad news. 790 00:30:29,611 --> 00:30:31,517 Ceo and his team must go to work. 791 00:30:32,170 --> 00:30:33,870 For a 1 full week program 792 00:30:34,570 --> 00:30:36,250 to learn about machine learning, 793 00:30:37,289 --> 00:30:39,470 what it is, what it can do 794 00:30:39,863 --> 00:30:42,010 how has been applied, and learn how to 795 00:30:42,010 --> 00:30:43,362 apply it in his organization. 796 00:30:44,554 --> 00:30:46,781 More than that, how will it change selection 797 00:30:46,781 --> 00:30:47,258 of people? 798 00:30:47,908 --> 00:30:50,444 K the organization is structured and reward systems. 799 00:30:51,632 --> 00:30:54,271 He, and his team should go with total 800 00:30:54,564 --> 00:30:54,722 immersion. 801 00:30:55,773 --> 00:30:57,529 Especially design program. Number 2, 802 00:30:58,248 --> 00:30:59,786 the whole company 803 00:31:00,164 --> 00:31:03,437 must go through dexterity and Ai program or 804 00:31:03,437 --> 00:31:04,315 minimum 3 days. 805 00:31:04,887 --> 00:31:07,426 And course available online how to do that. 806 00:31:07,823 --> 00:31:08,799 It should be mandatory. 807 00:31:09,330 --> 00:31:10,386 It should be certified. 808 00:31:11,076 --> 00:31:12,583 It is the language of the word. 809 00:31:13,790 --> 00:31:14,688 Everybody uses 810 00:31:15,063 --> 00:31:18,404 today, Ai on the cell phone, time has 811 00:31:18,404 --> 00:31:19,597 come to learn it. 812 00:31:20,248 --> 00:31:20,566 Mh. 813 00:31:21,122 --> 00:31:23,448 And you published something earlier this year 814 00:31:24,059 --> 00:31:26,362 about other traits to guide you through 20 815 00:31:26,362 --> 00:31:29,086 24, and you talked about strategic agility 816 00:31:30,110 --> 00:31:30,610 And, 817 00:31:31,144 --> 00:31:33,075 you know, you and I actually met 818 00:31:34,483 --> 00:31:38,220 many years ago, all around strategy and strategic 819 00:31:38,220 --> 00:31:38,538 planning. 820 00:31:39,588 --> 00:31:42,379 What today, if I were... Well, I've, and 821 00:31:42,459 --> 00:31:44,134 I've just sold my company. But if I 822 00:31:44,134 --> 00:31:46,446 were running a company, what would you advise 823 00:31:46,446 --> 00:31:47,563 me, how to approach 824 00:31:48,041 --> 00:31:48,361 planning? 825 00:31:49,092 --> 00:31:51,876 Strategic and operational planet it. Yeah. The key 826 00:31:51,876 --> 00:31:52,512 key point 827 00:31:53,387 --> 00:31:54,444 only is that 828 00:31:56,108 --> 00:31:58,022 old way of doing the 5 year plan 829 00:31:58,022 --> 00:31:58,580 is no good. 830 00:32:00,174 --> 00:32:00,674 But 831 00:32:01,769 --> 00:32:03,523 we know some things they can predict in 832 00:32:03,523 --> 00:32:04,241 5 year basis. 833 00:32:04,814 --> 00:32:05,769 And you must do that, 834 00:32:06,565 --> 00:32:09,111 and that is the cost increases. Hidden cost 835 00:32:09,111 --> 00:32:09,350 increases. 836 00:32:10,145 --> 00:32:11,816 They are real they're are very predictive. 837 00:32:12,388 --> 00:32:14,291 Now you work backwards towards your business model. 838 00:32:14,926 --> 00:32:17,306 What are you going to do to deliver 839 00:32:17,306 --> 00:32:19,844 shareholder value? What got to change? 840 00:32:20,654 --> 00:32:22,010 How often it's going to change? 841 00:32:22,808 --> 00:32:24,106 Where will be your 842 00:32:24,883 --> 00:32:25,682 allocation of capital. 843 00:32:26,240 --> 00:32:28,256 What will be your new products pipeline? 844 00:32:28,969 --> 00:32:31,124 How will you change in case the market 845 00:32:31,124 --> 00:32:31,923 changes for you? 846 00:32:32,801 --> 00:32:35,137 So here is the real thinking 847 00:32:35,515 --> 00:32:37,271 and not something on a piece of paper? 848 00:32:38,323 --> 00:32:39,036 And second, 849 00:32:39,829 --> 00:32:42,287 you're gonna do your budgets because budgets are 850 00:32:42,287 --> 00:32:43,976 the reach cause of rigidity 851 00:32:44,348 --> 00:32:46,666 that you can master them. And not take 852 00:32:46,666 --> 00:32:48,338 3 months to make it and 3 months 853 00:32:48,338 --> 00:32:50,329 to follow in. You're gonna have a way 854 00:32:50,329 --> 00:32:52,479 of doing this thing in 2 days, 3 855 00:32:52,479 --> 00:32:54,883 days to be able to order it all 856 00:32:54,883 --> 00:32:55,919 those models are coming. 857 00:32:56,796 --> 00:32:59,267 That will be happening there. The advice to 858 00:32:59,267 --> 00:33:00,064 the Ceos is, 859 00:33:00,781 --> 00:33:03,909 some things have narrowed chain and will not 860 00:33:03,909 --> 00:33:04,869 change. Number 1. 861 00:33:07,190 --> 00:33:09,429 Do you have the right team, right people 862 00:33:09,429 --> 00:33:11,523 in the right place? This has never changed, 863 00:33:11,683 --> 00:33:14,319 it will never change. If answer will change. 864 00:33:14,958 --> 00:33:17,115 Many companies are this problem. Number 2. 865 00:33:18,169 --> 00:33:21,066 Is are you doing the oldest stuff off 866 00:33:21,605 --> 00:33:23,144 assigning clear accountability 867 00:33:24,402 --> 00:33:26,080 and doing the right reviews? 868 00:33:26,654 --> 00:33:27,534 That will not change. 869 00:33:28,494 --> 00:33:31,134 Control function will be exercised by the l 870 00:33:31,134 --> 00:33:33,054 relevance. It is the other things you're gonna 871 00:33:33,054 --> 00:33:33,934 do by human beings. 872 00:33:34,509 --> 00:33:34,988 Customer, 873 00:33:35,467 --> 00:33:35,786 perception, 874 00:33:36,345 --> 00:33:36,984 outside trends, 875 00:33:37,542 --> 00:33:40,177 bringing those together, see how that going to 876 00:33:40,177 --> 00:33:42,651 affect your business. And where are the new 877 00:33:42,651 --> 00:33:43,151 opportunities 878 00:33:43,942 --> 00:33:46,490 because 1 should never forget. 879 00:33:47,843 --> 00:33:48,582 Ga a 880 00:33:49,754 --> 00:33:50,891 machine learning algorithms 881 00:33:52,317 --> 00:33:54,888 they are changing the landscape. 882 00:33:55,424 --> 00:33:57,495 They're creating new industries. 883 00:33:58,133 --> 00:34:01,001 They're altering the materials to a different industry. 884 00:34:02,134 --> 00:34:03,975 Huge your new opportunities are coming. 885 00:34:04,455 --> 00:34:05,914 You gotta create time 886 00:34:06,295 --> 00:34:07,515 to ride the wave 887 00:34:07,975 --> 00:34:09,494 find them, detect them. 888 00:34:10,148 --> 00:34:11,819 Get the people who know how to think 889 00:34:11,819 --> 00:34:15,820 these things through and decide what to experiment 890 00:34:16,195 --> 00:34:17,706 and where to put your chips on. 891 00:34:19,154 --> 00:34:21,226 So I had Alan Ba malawi on the 892 00:34:21,226 --> 00:34:23,298 show earlier this year, and 1 of the 893 00:34:23,298 --> 00:34:26,667 other traits you talk about, which Alan really 894 00:34:27,139 --> 00:34:29,536 talks a great deal about is empathetic leadership 895 00:34:29,536 --> 00:34:31,214 and getting people to work together. 896 00:34:32,492 --> 00:34:34,170 What thoughts do you have on how to 897 00:34:34,170 --> 00:34:36,098 do that? It's 1 thing to say you 898 00:34:36,098 --> 00:34:37,371 need to do that, But what are your 899 00:34:37,371 --> 00:34:39,919 thoughts on how to do that? I I 900 00:34:39,919 --> 00:34:42,068 want to repeat how Ellen does it? 901 00:34:43,038 --> 00:34:44,949 You see, you got the big words. 902 00:34:46,223 --> 00:34:48,315 He is the worst best 903 00:34:49,726 --> 00:34:50,544 team builder 904 00:34:51,731 --> 00:34:54,042 and delivering the team to deliver. 905 00:34:55,476 --> 00:34:56,852 He has the same 906 00:34:57,229 --> 00:34:59,721 first decade cadence of his posting. 907 00:35:00,909 --> 00:35:01,887 Every Thursday. 908 00:35:03,223 --> 00:35:04,739 He built 777 909 00:35:04,739 --> 00:35:07,373 without a hitch, every Thursday, a hundred 86 910 00:35:07,373 --> 00:35:08,331 people. Together. 911 00:35:09,142 --> 00:35:11,763 See jobs every Monday, 41 people together, 912 00:35:12,875 --> 00:35:13,613 and they 913 00:35:14,066 --> 00:35:15,598 are focused on 914 00:35:15,972 --> 00:35:16,949 a particular 915 00:35:17,322 --> 00:35:17,719 goal. 916 00:35:18,768 --> 00:35:21,799 He's able to get the people to play 917 00:35:21,799 --> 00:35:23,634 together like a basketball ball. 918 00:35:24,830 --> 00:35:27,063 I don't know any other ceo who does 919 00:35:27,063 --> 00:35:30,106 it. He's the 1 who saved forward by 920 00:35:30,106 --> 00:35:32,254 doing that. So it's not just empathy. 921 00:35:33,447 --> 00:35:35,516 It is playing together. 922 00:35:36,249 --> 00:35:39,206 It is giving coaching. It is going penalty. 923 00:35:39,925 --> 00:35:42,482 It is going to change your attitude. It 924 00:35:42,482 --> 00:35:44,400 is going to say I will help my 925 00:35:44,400 --> 00:35:47,130 team member. For the team's sake and actually 926 00:35:47,130 --> 00:35:48,487 doing it in business. 927 00:35:49,126 --> 00:35:51,202 So it is empathetic. Yes, 928 00:35:51,761 --> 00:35:54,337 but it is playing together on your numbers. 929 00:35:55,130 --> 00:35:56,269 On your resource 930 00:35:56,650 --> 00:35:57,150 allocation 931 00:35:57,530 --> 00:35:58,569 on to be able to say, 932 00:35:59,369 --> 00:36:01,769 my... And Milani do that that we need 933 00:36:01,769 --> 00:36:03,609 x money million for advertising. 934 00:36:04,104 --> 00:36:06,090 And they have 24 people at the table. 935 00:36:06,647 --> 00:36:08,474 Okay. How do we get it? Because if 936 00:36:08,474 --> 00:36:10,382 we don't do the advertising, what will happen. 937 00:36:10,859 --> 00:36:12,369 And they do it. Right there and then. 938 00:36:13,418 --> 00:36:15,967 Best team playing. Yeah. He does a great 939 00:36:15,967 --> 00:36:17,901 job. How do you do that? Total 940 00:36:19,233 --> 00:36:19,472 information. 941 00:36:20,601 --> 00:36:21,237 The code. 942 00:36:22,032 --> 00:36:24,416 Touching your finger and say, no. We're gonna 943 00:36:24,416 --> 00:36:24,574 behave. 944 00:36:25,290 --> 00:36:25,449 Yeah. 945 00:36:26,402 --> 00:36:28,071 We're gonna be right back with Ram S 946 00:36:28,071 --> 00:36:29,913 for our last segment. Is Tom Lauren. This 947 00:36:29,913 --> 00:36:31,102 is the Metro radio show. 948 00:36:37,233 --> 00:36:40,430 And now back to the mentors where remarkable 949 00:36:40,590 --> 00:36:41,090 Ceos 950 00:36:41,469 --> 00:36:44,606 challenge your thinking about life and business. 951 00:36:46,358 --> 00:36:48,345 Welcome back. This is Tom Lori. And today 952 00:36:48,504 --> 00:36:49,935 I am with Ram S. 953 00:36:50,809 --> 00:36:51,207 What 954 00:36:53,115 --> 00:36:55,041 we only have the the last segment than 955 00:36:55,041 --> 00:36:57,272 on a personal, what what really keeps you 956 00:36:57,272 --> 00:37:00,322 motivated? You've always impressed... You've always been on 957 00:37:01,018 --> 00:37:03,130 on the game. My what keeps you motivated 958 00:37:03,190 --> 00:37:04,630 and passionate about your work? 959 00:37:05,829 --> 00:37:06,070 Tom, 960 00:37:07,110 --> 00:37:08,170 the truth is 961 00:37:08,949 --> 00:37:11,269 that I'll do just about anything for learning. 962 00:37:12,639 --> 00:37:15,422 Just about anything, including my own expense, I've 963 00:37:15,422 --> 00:37:16,297 done many times. 964 00:37:17,968 --> 00:37:18,468 Because 965 00:37:18,923 --> 00:37:19,661 I know 966 00:37:20,768 --> 00:37:21,586 without learning 967 00:37:22,998 --> 00:37:23,715 be decline. 968 00:37:24,831 --> 00:37:26,185 So that's what driving me. 969 00:37:27,460 --> 00:37:28,893 Well, you told me that... And also, 970 00:37:30,103 --> 00:37:32,249 curiosity. Right? Curiosity is a big part of 971 00:37:32,408 --> 00:37:34,021 Well, that's the part of learning 972 00:37:34,554 --> 00:37:37,019 that you meet anybody. You ask questions. You 973 00:37:37,019 --> 00:37:37,519 learn 974 00:37:38,132 --> 00:37:40,536 the other day, I was turning in the 975 00:37:40,536 --> 00:37:41,754 train between 976 00:37:42,450 --> 00:37:43,248 Philadelphia, and New York. 977 00:37:44,444 --> 00:37:45,640 And I'm in coach class. 978 00:37:46,598 --> 00:37:48,193 So I'm proud to find a seat. 979 00:37:49,643 --> 00:37:52,190 So I find a seat in which another 980 00:37:52,190 --> 00:37:52,826 gentleman sitting. 981 00:37:54,020 --> 00:37:55,930 And so I say, hello to hear me 982 00:37:55,930 --> 00:37:57,878 turns out You mean in India. Is totally 983 00:37:58,014 --> 00:37:58,514 totally 984 00:37:59,049 --> 00:37:59,447 considered. 985 00:37:59,925 --> 00:38:02,233 He works for Google. He comes not too 986 00:38:02,233 --> 00:38:03,029 far from my home. 987 00:38:03,825 --> 00:38:05,735 But Learned a lot in about an hour 988 00:38:05,735 --> 00:38:06,531 right with him. 989 00:38:07,261 --> 00:38:07,896 About Google. 990 00:38:08,770 --> 00:38:09,485 I love that. 991 00:38:10,755 --> 00:38:11,470 Just by chance. 992 00:38:12,184 --> 00:38:13,081 So learning 993 00:38:13,693 --> 00:38:14,193 curiosity, 994 00:38:14,646 --> 00:38:15,860 you learn through questions 995 00:38:16,489 --> 00:38:17,688 You meet different people, 996 00:38:18,726 --> 00:38:20,563 and you read a lot of books. You 997 00:38:20,563 --> 00:38:23,040 write, writing forces you to lot to learn. 998 00:38:23,694 --> 00:38:26,328 And my writing is always is with the 999 00:38:26,328 --> 00:38:28,403 intent, the reader can use it. 1000 00:38:29,281 --> 00:38:31,197 Because I tried to solve people's problems. 1001 00:38:32,329 --> 00:38:34,087 You solve a problem. You got experience, 1002 00:38:34,726 --> 00:38:36,324 and he said, I feel good. I did 1003 00:38:36,324 --> 00:38:36,484 it. 1004 00:38:37,362 --> 00:38:38,880 What's next, where did I miss it? 1005 00:38:39,934 --> 00:38:40,175 Well, 1006 00:38:41,054 --> 00:38:42,574 I know you trained as a man as 1007 00:38:42,574 --> 00:38:44,735 an engineer as I did, and you're in 1008 00:38:44,735 --> 00:38:45,235 manufacturing. 1009 00:38:45,934 --> 00:38:49,449 Right. Right. And A Za, who I've introduced 1010 00:38:49,449 --> 00:38:51,353 you to in the past who's the chairman 1011 00:38:51,353 --> 00:38:53,258 of the Jacobs school of engineering at Uc 1012 00:38:53,258 --> 00:38:53,758 ucsf. 1013 00:38:54,782 --> 00:38:56,371 Yep. Asked me what I thought was the 1014 00:38:56,371 --> 00:38:58,039 great thing about engineering and I said it's 1015 00:38:58,039 --> 00:38:59,311 all about problem solving. 1016 00:39:00,106 --> 00:39:00,741 There you go. 1017 00:39:02,505 --> 00:39:04,414 Engineering. It's all about problem solving. 1018 00:39:04,971 --> 00:39:06,585 And every... When it's a marketing 1019 00:39:07,039 --> 00:39:08,153 could be any problem. Right? 1020 00:39:09,043 --> 00:39:11,351 Yeah. And and Tom, now you talk about 1021 00:39:11,351 --> 00:39:12,386 generating Ai, 1022 00:39:13,341 --> 00:39:15,889 it's going be beyond engineering now. It's mathematics. 1023 00:39:18,059 --> 00:39:19,659 You will see that big change. 1024 00:39:20,860 --> 00:39:21,739 It's mathematics. 1025 00:39:23,260 --> 00:39:25,179 I'm going to see lot word monsters in 1026 00:39:25,179 --> 00:39:25,420 mathematics. 1027 00:39:27,424 --> 00:39:28,242 The algorithm 1028 00:39:28,773 --> 00:39:29,273 creation 1029 00:39:29,645 --> 00:39:32,420 is mathematics is probability it's a statistics. 1030 00:39:34,419 --> 00:39:35,536 And we need engineers, 1031 00:39:36,175 --> 00:39:37,691 but now you're go to notch trial. 1032 00:39:38,649 --> 00:39:40,425 So you're gonna see fewer companies 1033 00:39:41,123 --> 00:39:43,453 going to succeed unit it, because of shortage 1034 00:39:43,453 --> 00:39:43,933 of talent. 1035 00:39:45,611 --> 00:39:47,210 We used to be great in mathematics. 1036 00:39:48,168 --> 00:39:51,286 You know, in the 19 40 area, 19 1037 00:39:51,286 --> 00:39:51,925 30 in England, 1038 00:39:53,056 --> 00:39:55,605 there used to be special of of mathematics. 1039 00:39:56,880 --> 00:39:58,474 People will try to do that. That's our 1040 00:39:58,474 --> 00:39:59,031 arguing thing. 1041 00:39:59,828 --> 00:40:00,943 That's all their whole thing came. 1042 00:40:02,472 --> 00:40:03,586 Now we have universities, 1043 00:40:04,541 --> 00:40:07,032 and the mathematics departments have not been celebrating. 1044 00:40:07,964 --> 00:40:09,159 Now you're gonna see that coming. 1045 00:40:10,688 --> 00:40:12,287 Well, III 1046 00:40:12,287 --> 00:40:14,045 was fortunate not that I took a lot 1047 00:40:14,045 --> 00:40:15,483 of math. I took math because you had 1048 00:40:15,483 --> 00:40:17,321 take math if you're an engineer, but I 1049 00:40:17,321 --> 00:40:17,641 did 1050 00:40:18,440 --> 00:40:18,894 take 1051 00:40:19,413 --> 00:40:22,922 probability and statistics as I, work my way 1052 00:40:22,922 --> 00:40:25,394 through, and I'll tell you just doing that 1053 00:40:25,394 --> 00:40:27,707 alone really gave me great insights on a 1054 00:40:27,707 --> 00:40:28,266 lot of things. 1055 00:40:29,397 --> 00:40:30,913 Absolutely. That's where it is. 1056 00:40:32,030 --> 00:40:34,525 Must lucky at Harvard in my second year 1057 00:40:34,902 --> 00:40:35,301 Mba. 1058 00:40:36,352 --> 00:40:37,887 Doctor Kennedy combined 1059 00:40:38,740 --> 00:40:42,083 advanced probably statistics. I lucky. Perfect paper. 1060 00:40:44,328 --> 00:40:45,046 Yep. Perfect. 1061 00:40:46,322 --> 00:40:47,758 I said, there it is. I had never 1062 00:40:47,758 --> 00:40:48,954 dream I will ever do that. 1063 00:40:50,390 --> 00:40:52,862 My point is the cognition got built. 1064 00:40:54,152 --> 00:40:55,346 It's not a perfect paper. 1065 00:40:56,062 --> 00:40:58,211 The cognition can be used anywhere so long 1066 00:40:58,211 --> 00:40:58,927 you apply to it. 1067 00:41:00,120 --> 00:41:01,791 So we got about 30 seconds left. Well, 1068 00:41:01,951 --> 00:41:03,715 you have any closing thoughts that you'd like 1069 00:41:03,715 --> 00:41:05,461 to leave real For younger people, 1070 00:41:06,016 --> 00:41:06,913 younger people 1071 00:41:07,286 --> 00:41:09,111 have self confidence of learning. 1072 00:41:09,984 --> 00:41:11,333 Take anything to learn. 1073 00:41:12,543 --> 00:41:14,381 Discover what's your god's gift, 1074 00:41:15,101 --> 00:41:18,536 polish it, enhance it, develop it, take all 1075 00:41:18,536 --> 00:41:19,975 the difficulties across it. 1076 00:41:20,629 --> 00:41:21,987 Because that is what is going to take 1077 00:41:21,987 --> 00:41:22,627 you forward. 1078 00:41:23,506 --> 00:41:24,704 If you learn daily, 1079 00:41:25,504 --> 00:41:26,303 experience new things. 1080 00:41:27,821 --> 00:41:29,100 It stay with your gas gift, 1081 00:41:30,229 --> 00:41:31,341 you will never regret it. 1082 00:41:32,532 --> 00:41:35,233 Well, I've been n around and playing with 1083 00:41:35,947 --> 00:41:37,615 Ai, and I think as a result of 1084 00:41:37,615 --> 00:41:40,014 this, I'm definitely gonna take person Ai. 1085 00:41:41,921 --> 00:41:43,351 Justin. Yep. Yep. 1086 00:41:44,225 --> 00:41:44,702 Everybody should. 1087 00:41:45,815 --> 00:41:47,404 By the way, I have a book digital 1088 00:41:47,404 --> 00:41:47,802 leader. 1089 00:41:48,532 --> 00:41:50,121 Anybody wants to read it this all it 1090 00:41:50,121 --> 00:41:50,360 out. 1091 00:41:51,791 --> 00:41:53,858 Alright. Well, I wanna thank you very much 1092 00:41:53,858 --> 00:41:55,686 for your time, Robinson. It's always a pleasure. 1093 00:41:55,845 --> 00:41:56,958 It's always provocative. 1094 00:41:58,086 --> 00:42:00,150 I've always enjoyed our time together that we've 1095 00:42:00,150 --> 00:42:01,658 had the work we've done over the years. 1096 00:42:03,643 --> 00:42:05,722 My god. 40 years. Thank you. Thank you. 1097 00:42:05,960 --> 00:42:06,832 Yep. Long time... 1098 00:42:07,784 --> 00:42:09,530 That's it till next week. At the same 1099 00:42:09,530 --> 00:42:11,751 time, Our guest today has been author speaker 1100 00:42:11,751 --> 00:42:13,759 in the world's most influential business 1101 00:42:14,149 --> 00:42:15,186 adviser Ram S. 1102 00:42:15,985 --> 00:42:18,001 Ram offers a free monthly 1103 00:42:18,459 --> 00:42:20,375 newsletter, and we'll... And he does a thing 1104 00:42:20,375 --> 00:42:22,690 on Linkedin that you can sign up for. 1105 00:42:23,024 --> 00:42:24,534 And we're posted it on our websites so 1106 00:42:24,534 --> 00:42:27,314 you can subscribe. And our website again as 1107 00:42:27,314 --> 00:42:29,619 the mentor radio dot com. The mentor radio 1108 00:42:29,619 --> 00:42:31,208 dot com. You can also find many of 1109 00:42:31,208 --> 00:42:31,659 rounds 1110 00:42:32,019 --> 00:42:34,735 tutorials and talks on Youtube. Thank you for 1111 00:42:34,735 --> 00:42:36,413 listening. We'll be back next weekend at this 1112 00:42:36,413 --> 00:42:38,410 time for the next edition of the Mentor 1113 00:42:38,410 --> 00:42:38,809 radio. 1114 00:42:39,382 --> 00:42:41,293 Until then, this is Tom Laurie signing off 1115 00:42:41,293 --> 00:42:43,284 for the today. Remember to be all you 1116 00:42:43,284 --> 00:42:45,274 can be and keep the candle lit. We're 1117 00:42:45,274 --> 00:42:46,707 all who struggle in the darkness. 1118 00:42:48,078 --> 00:42:51,215 It's been the mentors. Where remarkable Ceos 1119 00:42:51,594 --> 00:42:54,630 challenge your thinking about life and business. 1120 00:42:55,521 --> 00:42:57,828 To get more information about the program or 1121 00:42:57,828 --> 00:43:00,373 a sponsor to download a podcast of today's 1122 00:43:00,373 --> 00:43:02,218 show or to leave a question for our 1123 00:43:02,218 --> 00:43:05,085 host, go to the mentors radio dot com. 1124 00:43:05,642 --> 00:43:07,257 That's WWW 1125 00:43:07,315 --> 00:43:09,704 dot the mentor radio dot com. 1126 00:43:10,754 --> 00:43:14,105 The preceding program copyright Cb j Llc, all 1127 00:43:14,105 --> 00:43:14,744 rights reserved.