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How Strategic Leaders Can Unleash Creativity and Innovation Leveraging the Power of Focus

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American writer and psychologist, Daniel Goleman, brought a paradigm shift to the meaning and use of emotions, particularly in leadership and strategic management through his self-definitive work and best seller, ‘’Emotional intelligence: why it can matter more than IQ’’. His more recent work, ‘’Focus: the hidden driver of excellence’’ focuses on how strategic leaders and corporate organizations can navigate distractions, leveraging the matrix of emotional intelligence. Adopting concepts such as self-awareness, empathy and social intelligence from his previous work, Goleman reflects on how focus can be practiced at the different levels of social relation and organizational development.

The time to practice focus is now. The continuing digital revolution and its consequent information bubble on the internet have made it difficult for an average worker to focus or pay attention to details. Distraction is a reality for the individual as much it is for the corporate organization. An average worker is said to be distracted every 4-8 minutes for an average of 8-12 minutes. Therefore, embracing practices that improve focus is advocated for organizations to improve work performance and organizational efficiency.

Focus, simply put, is the act of directing and concentrating the self (both the mind and the body) towards the achievement of a particular goal. In an organisation context, focus may be described as the concentration of resources towards the execution of a plan or strategy that is expected to result in the organisation’s growth. The design and execution of a business model in itself implies focus in action.

The types of Focus

Goleman identified three types of focus, namely; Inner, Other and Outer focus.

Inner Focus: This entails self-awareness or ability to understand one’s thoughts and feelings, and leveraging same for personal or social benefits
Other Focus: This entails empathy or ability to understand other people’s thoughts and feelings, and leveraging the same for personal or social benefits.
Outer Focus: This entails system consciousness or ability to understand the complex web of environmental factors that affect or shape one’s realities.

At the corporate level, the ability to integrate these variants of focus can determine one’s progression through the corporate ladder. In fact, the survivability and the sustainability of a business derive from the combination of the inner, other and outer focus. In Goleman’s word, ‘’a well focused leader is one that balances an inner focus on the climate and culture with an  ‘’other focus’’ on the competitive landscape, and outer focus on the larger realities that shape the environment the outfit operates in.’’

Focus as the bedrock of innovation and creativity.

Creativity and innovation are constructive and demanding endearvours, requiring no meagre focus. According to Goleman, creativity and innovation are a function of the intertwined workings of creative intelligence and executive intelligence.

Creative Intelligence Vs Executive Intelligence

Creative intelligence is the hub of ideas found in the subcortical cortex of the brain or the subconscious mind. The creative intelligence can be unleashed and developed by recurrent exercising of the executive intelligence. This means that persistent practice actually leads to creativity. And this is why experts often advise people to consistently do what they love in order to unleash the creative intelligence in them.

The executive intelligence on the other hand drives conscious or effortful action, and the seat of this intelligence is the prefrontal cortex. Since the conscious mind is only short-lived with an attention span ranging between 10 -15 seconds, impressions on it can be held down or controlled through a nerve force popularly known as the will-power. The will-power is therefore the nucleus or basis of executive intelligence. Because the conscious mind is wired to be lazy, the will-power exists to goad it to action.

Without executive intelligence, the creative intelligence will produce little more than a day-dreaming effect. Also, without the creative intelligence, the executive intelligence will be directionless. Using the myth of the 10 thousand hours rule, Goleman makes a case of how the two types of intelligence work in sync. Thus, in a world full of distractions, a creative and innovative mind is one adept at exercising will-power.

The Bottom-up Vs Top-down Brain

The human brain has two systems, namely; bottom-up and top-down. The bottom-up system is the earliest brain developed in ancient man. It helps with basic survival skills such as eating, sensing danger and fight or flight. This brain is intuitive, involuntary and automatic. It is driven by emotions.

The top-down brain on the other hand is the mental activity mostly within the neocortex that can monitor and impose its goals on the bottom-up mind. The top-down brain evolved much later on (hundreds of thousands of years down the evolution of man) and adds talents like self awareness, reflection. It is slower, voluntary and effortful and rational rather than emotional. While we are conscious and are doing mentally demanding tasks, we are using the top-down system. But the mind can wander off and switch to bottom-up which usually helps us incubate ideas and spurs our creativity.

What Strategic Leaders should do

Give enough time for ideas to incubate: In a highly dynamic business climate where agility is highly desirable, the thought of taking things slow generally seems contradictory. However, some leaders have realized in the hard way that success does not necessarily answer to speed; rather, success answers to velocity which is speed + direction. Mostly, latching on to the direction to thread or run your ideas takes more time than the time taken for the initial conception or spark of the idea.

Constantly reflect and re-imagine the organisational values: Working with the grand purpose in mind ensures originality and definiteness of creativity. Strategy implementation must be anchored on the value proposition. Although, at some point, strategies may need to be adjusted based on the existing market realities, making reference to the original plan, ensures one does not veer too far off the line.

Encourage Open interaction and Brainstorming: Allowing members the liberty to express their feelings and thoughts without the fear of gaffing and being persecuted invariably generates a glimmer of wonderful ideas or what may be termed as honest creativity. It also allows the leader to see through the formal climate and uncover the informal condition that affects work and employee productivity; the leader is able to inquire into the inner desires and troubles of his subordinates and provide viable solutions to them.

Diversity and Inclusion: Having a heterogeneous or mixed team is highly desired to have a well rounded perspective and develop solutions that can significantly impact lives.

Use selective attention: The management understands and focuses only on the unique strengths and values of the organization in its prevailing competitive landscape. This helps the management to sift through the market noises and avoid waste of resources.

 

Resources:

Daniel Goleman. 2013. Focus: The Hidden Driver of Excellence. HarperCollins Publishers

Fintech Companies Urge For A Review Regarding Hidden Bank Fees For International Payment

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Fintech companies in London, numbering up to fifteen have come together to urge for a review of legislation regarding hidden bank fees for international payments.

In an open letter to Chancellor of the Exchequer, Jeremy Hunt, these fintech startups alleged that consumers and Small and medium enterprises (SMEs) in the UK lost a total of £5.6 billion in 2022, mostly in hidden fees charges.

They further expressed concern about why the legislation still permits most financial providers to continue to earn profits majorly from hidden fees, which they describe as a misleading and unhealthy practice.

Part of the letter reads,

“There is widespread practice of firms showing currency conversion services as having ‘zero fees’ or ‘0% commission. This is highly misleading when a much larger charge is embedded in the exchange rate, ranging from 2.5% – 3.7% over the mid-market rate for a transfer to EUR or USD with a UK high street bank, but this is never communicated to the customer.”

These startups are calling for a stop to hidden fees, noting that burying additional costs in inflated exchange rates and labeling them as zero few is hurting the finances of people and businesses across the U.K.

They alleged that the UK’s major banks are overcharging and undeserving their SME customers, failing to give them the knowledge, transparency, and visibility they need to make an intelligent and informed decision.

This lack of transparency according to the fintechs is not only unfair and uncompetitive but is also costing the UK’s SMEs precious cash in unnecessary fees.

They, therefore, urged Chancellor Hunt to address the issue in the country’s payment services regulation review.

They made five (5) demands which include;

1.) The total cost of currency conversions needs to be shown upfront to consumers and SMEs before they make a payment.

2.) The legal definition of a currency conversion charge should include any markup over the mid-market rate.

3.) Firms must use an aggregated mid-market rate issued by a neutral provider (e.g. Bloomberg, Refinitiv, New Change FX), which is approved by the Financial Conduct Authority (FCA) as an official mid-market rate provider.

4.) These rules need to apply to global currency conversions to support Global Britain, and not just to EU currencies.

While the evolution of fintech has allowed both individuals and businesses to send their money across the world quickly and safely, the traditional methods of making global payments online are still plagued with the prevalence of hidden fees.

This highlights the lack of transparency by banks around the fees they charge individuals and SME’s, and how these fees are calculated.

Research shows that most consumers are unaware of hidden bank fees on remittances, which have seen billions lost on transfers annually due to fees and exchange markups.

Consumers often think that they are paying an upfront fee only, but what they do not understand is that these banks leverage currency exchange rates to make money.

While all international payments are subject to an exchange fee, some banks implement additional hidden markups and spending charges to remittances to widen their profit margin.

In the UK, a 2016 report disclosed that banks charge SMEs £4bn in hidden international money transfer costs each year, with over 96% of the costs hidden in the exchange rate.

This hidden charge is in addition to the upfront fee that banks disclose when making a transfer. Including fixed fees, the most expensive bank makes 3.70% on any transfer and the cheapest makes 1.14% for transfers over £100k.

For individuals and businesses who frequently make international money transfers, these hidden fees have negatively impacted their finances.

Without complete service transparency and a full breakdown of pricing, transactional fees, and exchange rates involved, it has become difficult to know which financial institution to trust.

The Double Whammy in Nigeria and Camel’s Import Substitution Strategy During Fuel Scarcity

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Camel in Sokoto. Sokoto is a hospitable place

I took this picture on my way to Usman Danfodio University Sokoto, between the main gate and the campus, to help set up the electronics lab there a few years ago, before the age of insecurity in Nigeria! And now that importing buses, trains, boats, etc could be challenging due to exchange rate paralysis, do we create a national policy on breeding camels? That would be a major import substitution strategy!

Seriously, I maintain my position: Nigeria’s problem is not fuel subsidy. Our challenge is the corruption within fuel subsidies. We must not necessarily eliminate ALL fuel subsidies when we could have focused on killing corruption which makes the subsidy sub-optimal. We must manage this double whammy of removing fuel subsidy and floating Naira urgently.

Nigeria’s fuel subsidy problem is that it was designed to feed corruption (you can photoshop invoices and the government will keep paying you because you have one special connection in Abuja). In my book, Nanotechnology and Microelectronics, which received a Book of the Year award from IGI Global, and upon which I received an invitation from Harvard Business Review, I explained how nations drive technology growth, looking at 2,000 years of data.

The US postal service has not made a single profit in the last 20 years. That is a massive subsidy to improve the supply chain, across America, by making sure commerce works. But they’re smart: the money used to subsidize post office is recovered when profits of companies which depend on the postal system are taxed. Provided there is no corruption, the government has no need to turn the post office into a direct profit-making machine. Recently, the government tried to clean the books, and even after, the postal service still recorded red! That subsidy is a platform strategy as we do in startups.

Nigeria’s Problem is Not Fuel Subsidies

BNB and Binance Research: Insights for Strategic Investment Decisions

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The BNB and Binance Research documentary delves into the valuable insights that can guide strategic investment decisions. This article is about insights for strategic investment decisions and best practices for investing in BNB. Automated trading strategies with https://thebitsoft360.com/ can also make a difference in the outcome.

Insights for Strategic Investment Decisions

Firstly, analyzing BNB as a long-term investment provides valuable insights into its potential growth and prospects. Understanding the factors that contribute to BNB’s value appreciation, such as its utility within the Binance ecosystem and its adoption by major projects, can help investors gauge its long-term viability.

Additionally, evaluating the potential returns and risks associated with BNB is essential. By examining historical performance, market trends, and factors that impact BNB’s price movements, investors can gain a clearer understanding of the potential gains and risks involved in holding or trading BNB.

Furthermore, Binance Research plays a pivotal role in providing in-depth analysis and reports that can aid investment decision-making. Exploring the methodologies and data sources used by Binance Research allows investors to assess the reliability and credibility of the information provided. Familiarity with key research reports and publications from Binance Research can provide valuable insights into market trends, project evaluations, and emerging opportunities.

Timing the market is another critical aspect to consider when making investment decisions. Strategies for buying and selling BNB at opportune moments can potentially optimize returns or minimize losses. Understanding market dynamics, investor sentiment, and technical analysis indicators can help investors determine the most favorable entry and exit points.

Additionally, creating a diverse crypto portfolio that includes BNB can be a strategic move. By spreading investments across different cryptocurrencies, investors can mitigate risks and increase the chances of capitalizing on potential market growth.

Lastly, managing risks and setting realistic expectations are essential components of strategic investment decisions. Recognizing the inherent volatility of the cryptocurrency market and being prepared for price fluctuations is crucial. Setting realistic investment goals and being aware of the potential risks associated with BNB can help investors make more informed decisions and navigate the market with greater confidence.

Best Practices for Investing in BNB

One of the best practices for investing in BNB is to create a diversified crypto portfolio. While BNB may be a promising asset, it’s important not to put all your eggs in one basket. By spreading investments across different cryptocurrencies, investors can reduce the impact of market volatility and potential risks associated with a single asset. This diversification strategy allows for a more balanced portfolio that can better withstand fluctuations in the market.

Timing the market is another crucial aspect to consider when investing in BNB. Cryptocurrency markets can be highly volatile, and the timing of buying or selling BNB can greatly impact investment outcomes. It’s essential to monitor market trends, technical indicators, and investor sentiment to identify favorable entry and exit points. However, it’s important to note that timing the market perfectly is extremely challenging, and it’s advisable to avoid making impulsive decisions based on short-term price fluctuations.

Performing thorough research is a cornerstone of successful BNB investment. Before investing, it’s important to study BNB’s fundamentals, including its utility within the Binance ecosystem, partnerships, adoption rates, and potential growth prospects. Additionally, keeping track of news, announcements, and developments related to BNB and Binance can provide valuable insights into the future trajectory of the asset. Binance Research reports and publications can also be valuable sources of information for making informed investment decisions.

Managing risk is an integral part of investing in BNB. Due to the inherent volatility of the cryptocurrency market, it’s important to set realistic expectations and be prepared for price fluctuations. One way to manage risk is to determine an appropriate allocation of funds to BNB within your overall investment portfolio. By carefully considering your risk tolerance and diversifying across different asset classes, you can better manage potential losses and protect your investment capital.

Staying updated with regulatory developments and compliance requirements is crucial when investing in BNB. As the cryptocurrency market evolves, governments and regulatory bodies are increasingly defining rules and regulations for the industry. By staying informed and ensuring compliance with relevant regulations, investors can mitigate regulatory risks and potential legal issues.

Conclusion

In conclusion, harnessing the insights provided by BNB and Binance Research is essential for making strategic investment decisions. By understanding BNB’s potential, evaluating risks, diversifying portfolios, and staying informed, investors can navigate the dynamic cryptocurrency market with confidence. Leveraging best practices and staying connected with the crypto community can lead to successful outcomes in the ever-evolving world of BNB investments.

Digital Yuan: An Analysis of Its Blockchain Consensus Mechanism

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This article delves into the blockchain consensus mechanism behind the Digital Yuan, exploring its implications, benefits, challenges, and potential impact on the global financial system. The Yuan Pay Group, an automated bot, adds another dimension to the analysis of blockchain consensus mechanisms in the realm of digital Yuan. Create Account for a reliable trading platform to ensure safety while trading.

Examining the Blockchain Consensus Mechanism of the Digital Yuan

One of the primary consensus mechanisms employed by the Digital Yuan is the Proof of Authority (PoA) consensus mechanism. PoA is a variant of the more commonly known Proof of Stake (PoS) consensus mechanism. It operates on the principle that validators or block producers are chosen based on their authority and reputation, rather than the quantity of tokens they hold or computational power they possess.

The PoA consensus mechanism adopted by the Digital Yuan offers several advantages. First and foremost, it enhances the security of the network. With a select group of trusted validators, the risk of malicious activities, such as double-spending or 51% attacks, is significantly reduced. This ensures the integrity of the Digital Yuan’s transactions and fosters trust among its users.

Additionally, the PoA consensus mechanism improves scalability and efficiency. By having a predefined set of validators, the Digital Yuan can achieve faster transaction confirmation times compared to other consensus mechanisms that require time-consuming computational puzzles. This makes the Digital Yuan well-suited for handling a high volume of transactions, making it a viable option for a widely adopted digital currency.

Furthermore, the PoA consensus mechanism contributes to a more environmentally friendly approach. Unlike the energy-intensive Proof of Work (PoW) consensus mechanism used by cryptocurrencies like Bitcoin, PoA consumes significantly less energy since it does not rely on complex computational calculations.

While the PoA consensus mechanism brings numerous benefits, it also faces challenges. Scalability remains a key concern, especially as the adoption of the Digital Yuan grows. The blockchain network must continuously evolve to accommodate an increasing number of transactions without compromising speed or security. Addressing scalability challenges will require ongoing technological advancements and innovations.

Challenges and Potential Solutions

The blockchain consensus mechanism behind the Digital Yuan, while robust, is not without its challenges. As the adoption of the Digital Yuan increases and the volume of transactions grows, scalability and throughput become pressing concerns that need to be addressed. Ensuring that the blockchain network can handle a high volume of transactions without compromising speed or security is crucial for the success of the Digital Yuan.

To tackle the scalability challenge, potential solutions lie in technological advancements and innovations. One approach is the implementation of layer-two scaling solutions, such as the Lightning Network, which can facilitate faster and more cost-effective transactions by processing them off-chain. By offloading some transactions to secondary layers, the main blockchain network can alleviate congestion and improve overall scalability.

Another potential solution is the exploration of sharding techniques. Sharding involves dividing the blockchain network into smaller partitions called shards, each capable of processing a subset of transactions. This allows for parallel processing, significantly enhancing the network’s capacity to handle a higher number of transactions simultaneously. Sharding has shown promise in other blockchain networks and could be a viable solution for the Digital Yuan’s scalability challenges.

In addition to scalability, security and privacy are critical considerations for the Digital Yuan’s blockchain consensus mechanism. While the Digital Yuan aims to provide transparency and traceability for regulatory purposes, it must also protect user data and ensure privacy. Striking the right balance between transparency and privacy is essential.

To address security concerns, robust protocols and encryption mechanisms must be implemented. This includes measures to prevent unauthorized access to user data and transactions, as well as safeguards against potential cyber threats and attacks. Regular security audits and continuous monitoring of the network’s infrastructure are essential to identify and address vulnerabilities promptly.

Regarding privacy, the Digital Yuan can implement techniques such as zero-knowledge proofs and advanced cryptographic algorithms to protect the privacy of users while still complying with regulatory requirements. Zero-knowledge proofs allow for the validation of transactions without revealing sensitive information, providing a way to achieve privacy in a transparent manner.

Furthermore, the Digital Yuan can explore partnerships with leading cybersecurity firms and collaborate with experts in the field to stay ahead of emerging threats and ensure the highest level of security for its users. By fostering a strong ecosystem of security and privacy, the Digital Yuan can inspire confidence and trust among its users and stakeholders.

Conclusion

As blockchain technology continues to reshape the financial landscape, the Digital Yuan’s robust consensus mechanism, based on Proof of Authority (PoA), demonstrates its potential for secure and efficient digital transactions. With its widespread adoption, the Digital Yuan could potentially redefine traditional banking systems and play a crucial role in shaping the future of finance.