Author

Don Forman

Community

Remembering 9/11: The Power of Unity

by Don Forman September 11, 2022

written by Don Forman

Today we honor the nearly 3,000 lives lost on September 11, 2001.

It’s been 21 years since the morning that shook our nation to its core, yet the resilience and bravery of the men and women who rose to the challenge remain something we’ll truly never forget.

On this anniversary, I wanted to reflect on the most important lesson we’ve learned from 9/11.

Even decades later, one message rings clear as day, and that is the power of unity.

We saw this from the moment news broke out of the attacks on the World Trade Center. Hundreds of Americans indubitably ran toward the face of danger simply because it was the right thing to do.

First responders ran up 110 flights of stairs, smoke billowing around them. Masses of volunteers arrived at Ground Zero with tugboats and yachts ready to help evacuate people. And thousands of Americans signed up for clean-up and search and rescue efforts – some driving cross-country to help in the name of unity.

These messages of selflessness were heard across the country, and it’s what inspired me to follow in their footsteps and help those around me affected by the events of 9/11 in any which way I could.

At the time of the attacks, I was General Manager at United Nissan and had recently attended a Nissan convention that was being held close to our dealership in Las Vegas.

As news broke out of the attacks, all air travel was grounded, meaning thousands of travelers were left stranded in the city.

Like most Americans during this time, I was glued to the television, watching hours of coverage of the events, from seeing the towers fall to the pleas of New Yorkers hoping to get in contact with loved ones and the city’s calls for help from first responders.

Watching this ignited something inside me, and I spent time thinking of ways I could help. It was in the days following when I heard on the radio stranded travelers calling in asking for volunteers to help transport them. I knew after hearing this that this was my call to action.

Shortly thereafter, I began using vehicles from our fleet at United Nissan to help some of the stranded dealers who were in town for the convention. Along with this, I rented all the vans I could and organized for them to travel l back and forth from Las Vegas to the Bay Area, where they resumed minimal domestic and international flights.

With the help of my incredible team, we spread the word to media outlets, and on the first day, we were transporting 150 travelers to California, where they could catch a flight back home.

As news caught on about our service, we were fortunate enough to have dozens of local businesses in the area donate food and water – including vehicle donations from Platinum Tours, Enterprise Leasing, and The City of Las Vegas, whom I credit for helping us transport more travelers than we imagined.

With their help, we were able to get about 1,000 travelers safely back home.

In the following weeks, as the chaos settled, we started to receive hundreds of letters and emails at United Nissan. The stranded travelers, now safely back home and with loved ones, were messaging us in masses, thanking us for our kindness. Many of which, writing that they were inspired by our acts and vowed to pay it forward to those who needed help in their area.

Reflecting on this time reminds me of the strength of numbers and how bravery, resilience, and selflessness – the very acts of the courageous men and women who rose to the challenge in New York – are contagious. Since that day, I carry these feelings of unity with me and vow to never forget them.

I hope that sharing this story and some of the letters we received in the aftermath inspires you to do the same:

September 11, 2022 0 comment

Business

How to Financially Prepare for a Recession

by Don Forman September 1, 2022

written by Don Forman

The basic question on everyone’s mind right now, “Are we in a recession?”

Depending on where you look, you’ll get different answers. Inflation, gas prices, and supply shortages all paint an unfavorable picture, yet, at the same time, the unemployment rate has hit some of its lowest levels in history.

While the broader picture looks bleak, some Americans have found a silver lining to a post-pandemic economy. Stimulus checks and lockdown orders allowed Americans to save an extra $4.2 trillion of readily available cash, and 50 percent of those who switched jobs during the Great Resignation now earn more money as a result – one-third of those earning 30 percent more or greater.

But with the Consumer Price Index also reaching a whopping 9.1 percent in June, its largest rise since 1981, does the increase in people’s pay make up for the rising cost of goods?

The disparity between these statistics has left many feeling confused, to say the least. Officials have argued whether our economy meets the requirements needed to declare a “recession,” but most Americans have already made up their minds.

According to a recent CNN poll, 64 percent of Americans believe we are in a recession. Even more telling, only 18 percent think the nation’s economy is in good shape.

Suffice it to say, the looming recession talks have left many worried about their finances. If this applies to you, there are a few steps you can take to weather the storm.

1. Increase your income.

You have to make more money; there’s no escaping this. I’ve written about the importance of focusing on things we can control in my post How I Built Resilience During Tough Times, and it is especially fitting here.

Now more than ever, we are faced with situations where our hands are tied. We cannot control the cost of groceries, gas, utilities, rent, or any of our day-to-day expenses. When we are presented with such unfortunate circumstances, we must shift our attention to what is controllable. Budgeting can only go so far.

Today’s economy is no short of part-time jobs, even ones where you create your own schedule.

Uber, DoorDash, Instacart, and dozens of others can be done entirely on your own accord. Even many restaurants that are struggling to find workers will allow ultra-flexibility to prevent being short-staffed.

Lockdowns also pushed many companies to abandon their offices and work entirely from home. That’s excellent news for people wanting dual income but can only work after traditional hours and from home.

If you’re struggling with money, it’s better to focus on what you can add (another income stream) versus what you can cut through budgeting.

2. Use change to your advantage.

Where challenges are, up pops opportunities. The secret to not only withstanding recessions but propelling in them is moving with the changing tides. Take the shift from Skype to Zoom, for example. The pandemic should have propelled Skype further into its legacy, but it is actually what accelerated its demise.

Skype is one of the few iconic brands that made it into our vernacular. Similar to how we “Google something,” when we had to make a video call to someone, we would “Skype” them.

But now in a post-pandemic world, the overwhelming majority have switched to Zoom as their choice of software.

So, why did Zoom replace Skype on its throne? And more so, what can an individual take from this situation?

Leading up to the pandemic, Skype had already lost its reputation for reliability. In fact, many consider it to have lost touch with its core purpose of reliable video conferencing. As WIRED reports, “While Skype stagnated and even regressed, others like Zoom started adding relevant features and firming up the quality of calls to result in fewer dropped lines.”

When the pandemic hit, Zoom was able to orchestrate the final blow to Skype. Zoom overtook Skype in the media discussions, and slowly, it became the poster child for video conferencing. Zoom became synonymous with the “now,” and Skype became its outdated counterpart.

Zoom, unlike Skype, was able to listen and adapt. If you’re a business owner especially, resisting change can leave you at risk of being left behind and overtaken by competitors. Many businesses that were unable to adapt to online mediums during lockdowns failed, while those that were creative and changed with the times flourished.

3. Sell shovels during a Gold Rush.

Rumors of the discovery of gold in March 1848 are what sent 300,000 people to the coast of California in hopes of making a fortune. Samuel Brannan, the first millionaire from the Gold Rush, was one of the few who made it – but not by mining for gold.

Brannan was the owner of the only store between San Francisco and the gold fields. He capitalized on this spot by buying all the picks, shovels, and pans he could find and running up and down the streets of San Francisco shouting of the gold rumors. In nine weeks, he made $36,000 – today’s equivalent of $1.3 million dollars.

As I’ve mentioned, even during recessions, there are areas of opportunity. It might not always be the most obvious one, but as we can learn from Brannan, you can either get creative with your strategies or you can test your luck panning for gold.

4. Invest in yourself.

The best thing you can do for yourself, regardless of the state of the economy, is invest in acquiring new skills. It’s natural to worry about job security during a recession. And while no industry is truly recession-proof, diversifying your arsenal of skills can greatly improve your professional value.

As you would expect to not “put all your eggs in one basket” in regards to your financial portfolio, the same applies to your professional one.

Do not pigeon yourself in a hole. Especially as more companies are adopting “skeleton crews” or positions that are jacks-of-all-trades, having a diverse portfolio adds value to your resume.

When you invest in yourself, you build confidence – and not in a “fake it til you make it” way. True confidence is developed when you are certain you can come out the other end of tough times – which during the uncertainty of a recession can be the deciding factor or whether you sink or swim.

September 1, 2022 0 comment

Business

How to Fix Communication in the Workplace

by Don Forman September 1, 2022

written by Don Forman

Though we live in the “Age of Communication,” people have never felt more disconnected.

Our ability to speak with each other 24/7 across all mediums, paradoxically, has made us lose the essence of communication itself.

Our workforce is currently experiencing the ramifications of this – especially after the pandemic, which further limited our face-to-face communication.

Take the scenario I used in my post How to Bring Out the Best in Your Team, for example. In it, I discuss how team members, when they feel unheard, silently and subconsciously check out. These silent aversions manifest in ways where productivity tanks, team morale becomes blurred, and ultimately, people start to feel disdain for their work.

The antidote to this, as I wrote then, is genuine and transparent communication. But while the importance of this is highly discussed, we seldom hear how to communicate effectively.

Where Communication Goes Wrong

Communication often fails due to a few key components: our methods and our listening.

Much of the communication we use nowadays lacks substance. Many of us resort to texting and email in lieu of a face-to-face conversation. While digital communication serves its purpose, when we discuss effectiveness, it is incomparable to that of an in-person conversation.

When we connect with someone face-to-face, there is so much that’s being said without words. We use the cadence of our voice to excite, our tone to show concern, and our body language to express sincerity – things that you simply can’t do over text or email.

Think about it; you can say the same thing three different ways and get three different responses. An inconspicuous text that says “everything’s okay” feels a lot different when that same thing is spoken in a tone that expresses otherwise.

In-person communication gives us context and nonverbal cues which is what makes it so compelling in the first place. When you watch some of the best motivational speakers, it becomes clear why they’re so effective.

Tony Robbins, for instance, is able to pull at your heartstrings and invite vulnerability through the way his stories captivate us. Written words can do this to some extent, which is why books continue to sell, however, they will never take the place of the connection that arises from face-to-face conversations.

Now, of course, emails have their place too. The advantage of them is their accessibility, explicitness, and convenience. When you need something that’s clearly defined, say a meeting agenda or legal document, their effectiveness is clear. But emails aren’t how you motivate people, and they certainly aren’t how you lead them.

The Power of Listening

I am of the belief that God gave us two ears and one mouth, so we should be listening twice as much as we speak. And though many associate great leaders with their ability to speak confidently, it’s actually they’re listening skills that raise them to authority.

We all have a sonic radar that lets us know when someone is truly listening to us. If leaders are to connect and influence others, they first have to get to know their people. After all, if you don’t know them, then what are you really saying?

So, how can we genuinely listen?

In William Ury’s famous TedTalk, the Power of Listening, he explains that people typically think primarily of themselves during conversation. They’re thinking of what points they agree on, what they disagree on, or perhaps what to say next.

In genuine listening, Ury explains, the focus is on the speaker. With active listening, we are able to put ourselves in the speaker’s shoes and see the world from their perspective. Great listeners are searching for what’s behind the words and what that person is really trying to say.

Mark Goulston is one of the leading experts on this. He’s worked as a Suicide Prevention Specialist for over 30 years meaning listening is truthfully a life-or-death situation for him. Through his experience, he learned that providing advice was not the most effective way to help people going through their dark night of the soul; it was listening.

He explains his method, which he dubbed Surgical Empathy as, “a way of going into their hopelessness” and by doing so, “you keep them company from not feeling alone.”

Implementing in the Workplace

Goulston’s method isn’t limited to situations as severe as his patients. Empathetic listening can be applied to all levels of business and areas of life.

I’ve learned through my decades of managing that while numbers are a great thing to connect with your team on, if that’s the only thing you relate to, then you’re not truly leading them.

So, how can we implement these skills in the workplace?

Connect with your team as much as possible. If you are a CEO like myself, be on the ground level whenever you can. Get to know the personal lives of your team members. Ask about them, and if they ever come to you to chat, try and give as much time as possible to hear them out.

And while this is something I can still struggle with at times as well, stop with the texts and emails and get together face-to-face whenever practicable.

September 1, 2022 0 comment

Behind The Squad

Behind the Squad: Slyvia’s Strength

by Don Forman September 1, 2022

written by Don Forman

Faith, family, and a fighting spirit – These are the pillars that allowed Slyvia Griffin to preserve even through the toughest of times.

Slyvia, a local Las Vegas grandmother and veteran, had her life forever altered in 2016.

She had been working the night shift at her job, as she normally did, but the next thing she remembered, she was waking up in the hospital struggling to stay conscious. The doctor came back and delivered the news: she had suffered a heart attack.

Tragedy struck soon after, again. While receiving heart attack treatment in the hospital, she was administered a medication that caused an allergic reaction – one with devasting effects.

“I ended up losing my legs and fingers,” said Slyvia.

Throughout her entire healing process, her husband, Lamont, was by her side. “It’s very scary to have your best friend [go through that],” he said tearfully. “You can’t do anything to help her out but be there for her.”

Slyvia’s fighting spirit never flickered, though. During recovery, she worked with a prosthetist to relearn how to walk. “I learned how to take a couple of steps,” she said. “But, maybe a week later, both my legs went paralyzed. That took away earning how to walk on prosthetics.”

Though her situation looked bleak at times, Slyvia never gave up.

It’s now been years since the incident that left her paralyzed, but Slyvia’s health condition requires consistent care and doctor’s appointments. For her family, this posed no problem until they started to have car troubles that were jeopardizing Sylvia’s health.

That’s when Lamont decided to share Slyvia’s journey with the Surprise Squad.

When her story reached Don Forman, owner of United Nissan, he felt touched by her resilience and knew he needed to do something for her.

“She was the most positive person in the world,” said Forman. “It makes you sit back and appreciate the beauty of life more.”

On the day of the surprise, Forman has the opportunity of handing Slyvia her gift. Inside the small red box was a $5000 check.

“But there’s more,” Forman told Slyvia.

Along with the check, he informed her that United Nissan would pay off her $3,000 Title Loan, as well as repair her van.

“She did make me cry, she was amazing,” said Forman. “And what a support staff her husband is. Health issues take a lot of effort, and he does it with a smile and attitude of gratitude.”

The FOX5 Surprise Squad has been sharing random acts of kindness with the Las Vegas community since 2013. Today, the group has aired over 500 episodes with videos reaching millions of people across the world, inspiring them to follow in their footsteps.

“It has been an amazing way to connect with the community,” said Forman.

United Nissan is proud to be a sponsor of the FOX5 Surprise Squad. To see a full playlist of past episodes, visit our YouTube channel here.

September 1, 2022 0 comment

Automotive

The Road Towards Electric Vehicles

by Don Forman September 1, 2022

written by Don Forman

Climate change is among the most serious issues we face today. The science is clear: the toll we have taken on our planet is approaching irreversibility, and its impacts will be notable. While these effects cannot be entirely eliminated –some of which are already happening– we still have the opportunity to mitigate them through appropriate action.

Our societal shifts to more earth-friendly practices will come at a cost, but it’s clear that the damages we risk through in-action are far greater. National governments have recognized this urgency, which is one of the reasons why there is a push for mass electric vehicle (EV) adoption.

In the U.S. alone, we have seen federal and state administrations prioritize the shift from gas to EV. For instance, President Biden has set the ambitious target of 50 percent of EV sale shares by 2030. States like California even plan to phase out new internal combustion engine vehicles entirely by 2035.

Despite these aspirations (and the rapidly approaching deadline), all-electric vehicles make up less than 1 percent of cars on the road. That leaves the automotive industry with the trillion-dollar question, “How can we move the needle?”

The road to mass EV adoption will not be easy. We’re seeing the “bumps in the road” debated as we speak: concerns over infrastructure, range anxiety, and whether electric vehicles are truly the answer to our climate problems.

I’m of the belief that knowledge is our path forward. If we are to reach mass adoption, the blockades need to be better understood – not only by the administrations who set these goals but also by the manufacturers who produce the cars and the consumers who ultimately decide whether they sell.

Environment

Electric vehicles’ environmental benefits are still heavily debated. After all, they use a finite material just like their fuel counterparts. It’s true that mining these rare earth metals has environmental impacts, along with the embodied emissions in creating batteries.

However, new research within the last year shows that EVs are unambiguously better for the environment, even accounting for the supply chains. Along with this, the biggest draw to EVs is the elimination of harmful tailpipes, which are responsible for killing thousands of people every year. Science has shown that a decrease in air pollution would result in reduced hospitalizations and an overall healthier population.

But whether EVs are better for the environment is only one hurdle. The overwhelming majority of car shoppers do not purchase vehicles based on these facts alone, and these facts don’t compensate for the next hurdle: infrastructure.

Infrastructure

Beyond its environmental impact, it must also be considered whether electric cars are both practical and safe as a long-term solution. Many experts are concerned that our current infrastructures are unable to handle mass EV adoption.

Last year, Texas saw the worst grid failure in the state’s history. This wasn’t just limited to Texas, either. According to Reuter’s examination of federal data, the number of power outages over the last six years has more than doubled those in the previous six years.

Some states have already experimented with rolling blackouts to conserve energy, too. If we were to increase the number of electric vehicles on the road, especially in as rapid of a timeline as 2030, it would add pressure to the nation’s grid in two ways. It would not only spark a surge in the power demand, but it would also increase our dependence on renewable energy, which could pose problems on days with less sun or wind.

A solution to this would be expanding and modernizing our nation’s grid system, but that too comes with its own set of challenges. Although the federal government is the driving force in pushing mass EV adoption, they lack the authority to expand the grid.

As Reuters reports, “Paying for major grid updates would require regulators to sign off on rate increases likely to spark strong opposition from consumers and local and state politicians, who are keen to keep utility bills low.”

Ultimately, the conflicting interests make it even more difficult to coordinate any meaningful plans to modernize the grid.

Consumers

Should these issues be resolved, it would still not be enough to drive people to purchase EVs. In fact, most car shoppers buy off familiarity: whether that’s with a particular brand and nameplate or through talking with a current owner of the car they’re considering.

Manufacturers can use this to their advantage by releasing EV models of a staple nameplate, as we’ve seen with models like the Ford F-150 Lighting.

The truth of that matter is that if we are to electrify our roads, we need to be addressing the concerns of the consumers. Many drivers do not consider emissions but will consider the amount of money they are spending. A lower monthly bill and little-to-no maintenance are attractive features to many shoppers.

A concern we hear at United Nissan from many drivers about EVs is range anxiety. They are worried that they will be stuck in a scenario with no charging stations in sight and a near-dying battery. In practice, this is not as large an issue, considering most commuters travel an average of 30 miles a day. This is a concern, however, when it comes to longer trips – which is a huge factor in buying decisions.

The automotive industry is slowly overcoming this through added charging stations and longer-range batteries. New models like the 2023 Nissan Ariya or Toyota bZ4x can go 300+ miles on one charge.

But the time investment remains a hurdle here. Normal charging stations can take 5 to 10 hours to fully recharge a long-range vehicle. If you’ve ever seen a Costco gas line, you know this is not an ideal scenario.

Within the last few years, we’ve seen attempts to reduce wait times through options like DC fast charging. These stations draw a higher voltage and fill up the battery much quicker. The Kia EV6, for instance, can gain 200 miles in less than 20 minutes with fast charging. Can it compete with the time it takes to refuel? No, but it allows the driver to grab a cup of coffee and come back to a near-fully charged vehicle.

For and against, the transition from combustion engine vehicles to electric vehicles appears inevitable either way. Whether we accelerate at the rate we have set out though, remains uncertain. At every level, whether that be in regard to infrastructure, manufacturing, or selling, there are bumps in the road that need addressing. If we are to reach our goals, it is the responsibility of all involved – dealers, government agencies, car shoppers, and manufacturers – to understand what is at stake as we drive towards a cleaner future. In general, leading with an open mind is bound to set us on the right path.

September 1, 2022 0 comment

Business

How to Master the Art of Multitasking

by Don Forman July 27, 2022

written by Don Forman

As we age, life becomes more hectic. Careers grow in complexity, some choose to start families, others pursue higher education – or for many, a combination of these three.

In any case, multitasking is fundamental to a well-balanced life. Whether you’re a business executive or a student in college, mastering the art of multitasking can be an invaluable skill.

As a CEO, investor, and father, I’ve learned the importance of this first-hand and wanted to share my advice:

1) Build an amazing team

If you’ve read my other articles like How to Turnaround a Struggling Business, you know how much I stress this point. Surrounding yourself with great people is the number one thing you can do for yourself, both professionally and personally. It’s also one of the best tools for effective multitasking.

Across the businesses I own, operate, or invest in, there simply isn’t enough time in the day for me to be involved in every detail. Because of this, I depend on my team to navigate day-to-day operations and keep me updated on these areas.

Every week, I prioritize meeting with my directors so we can discuss a live list of action items. Through these meetings, I’m able to ask questions, get updates, and provide feedback. Without this direct feed of information, it would be impossible to have a pulse on everything, which is why having people I can trust and depend on is so valuable.

Now, most CEOs stop here. But I’ve learned that the truth you hear from management does not always align with the truth you hear from employees. That’s not to say management is doing a poor job, rather, they too are limited in their perspective because they do not work directly with clients or within certain areas of operation.

To combat this, I created bi-quarterly Team Trust meetings where I speak directly with the employees at each business. I talk more in-depth about this in How to Bring Out the Best in Your Team, but in short, these meetings give me a chance to connect one-on-one with the employees and see a perspective that I might not get otherwise.

It also gives me the opportunity to fix any concerns they may have, which builds stronger team morale. The more trust there is, the better we can depend on each other and reach our company’s goals. The point is, without a great team, you won’t accomplish much. As Robert Green writes, “As in warfare and most games of strategy, isolation often precedes defeat.”

2) Plan ahead

A successful schedule should be planned at least a day in advance. To master the art of multitasking, you need to schedule your tasks effectively.

For myself, I know I am most productive in the mornings and early afternoons. That means I will schedule my most important tasks for the start of the day. Meetings that aren’t as high in priority get pushed to the latter half of the day; that way, if any urgent last-minute requests come in, I’ve already completed the top priorities for the day.

This tip is a bit of a trial by fire. If you produce your best work in the evenings, schedule around that. It all depends on your lifestyle.

3) Use the 80/20 rule

A lot of people spend time being busy, not productive. The unfortunate reality is that many waste time tending to fires that are not conducive to their goals, whether it be from an unhappy marriage, an unfulfilling career, etc.

Effective multitasking requires that you are spending time on tasks that will give you the most return. In business, we call it the 80/20 rule. It states that “for many outcomes, roughly 80% of consequences come from 20% of causes.”

At the beginning of 2022, I decided to apply this rule to my financial plans for the years. I focused on return on time (ROT) over everything. This is because I noticed there were many points in my day where I was going down the wrong rabbit hole; I started to question if I was really being productive or not.

My solution was to evaluate my assets and how much time I was spending on them. If the return wasn’t worth it, I shed it. So far, this strategy has proven effective; I’ve closed some businesses that weren’t fruitful and decided to use it as an opportunity to evaluate things differently.

For instance, I recently shed a rental car agency we were running in California. The business was making a return, but when I looked at it through the lenses of how much time it was taking and the liability – it simply wasn’t worth it. I thought to myself we could use that money instead to pay off a debt or create something better.

Even if you are not running multiple businesses, it’s still beneficial to look at your time, or mental bandwidth, as a bank. If you have $86,400 – a dollar for each second in the day – how do you want to spend it? When considered from this perspective, it seems a lot more unreasonable to waste a few hours (or $10,000) on things that do provide much in return.

July 27, 2022 0 comment

Don Forman Las Vegas Keys to Rapid Career Growth

Business

The Keys to Rapid Career Growth

by Don Forman May 23, 2022

written by Don Forman

Navigating the workforce can feel overwhelming.

Executive positions may seem out of reach, or perhaps you are unsure of what you truly want from this lifetime.

Fortunately, there is hope. Regardless of industry, success can often be narrowed down to a few powerful habits and beliefs.

Unlocking your career potential doesn’t have to feel like a labyrinth. These key points are a fool-proof way to help you advance your career no matter which direction you take.

1. Make decisions based on the opportunity to learn.

Every decision should be analyzed from the lens of opportunity. It may be tempting to take action when money is the dangling carrot, but upward mobility is more valuable. In other words, taking a pay cut could be a better long-term strategy. When I was growing my career, I accepted larger positions (with more responsibility) for less pay because I based my decisions on growth. Hidden behind those short-term losses were immense learning opportunities – which later exponentially grew my income.

Before I took over United Nissan, I was working as the General Manager for a different dealership. I knew making the switch over would mean a considerable pay cut, plus a high degree of uncertainty since the dealership was failing. A key thing I examined was, “How much do I want to make today versus how much do I want to make in a few years?” Accepting the role at United Nissan and becoming a partial owner was aligned with my long-term goals, even though it meant earning less for the time being.

Compare it to investing. A daily chart might show a 20 percent decline, but if you zoom out to a yearly view, a stock could be up 200 percent. Your life follows a similar pattern, career and otherwise.

2. Consistency outperforms talent and skill.

The best predictors of success aren’t charm, IQ, or networking abilities – it’s consistency. The good news is that this is entirely in your control. You might not be a prodigy or a prolific genius of some sort, but you can choose how much work you put into something. In most cases, consistency outweighs talent or skill – and it’s rarer.

Whatever you choose to do, stick to your guns and see it all the way through. For younger generations, you can use the current zeitgeist to your advantage. It’s an unfortunate reality, but curated life online has bred a generation plagued by perfectionism. As a result, many feel stunned by needing to be automatically good at something their first try to pursue it fully. But in practice, rarely will someone ever be decent at something their first go, let alone be good at it.

Malcolm Gladwell in his book “Outliers” theorized that to master one skill, you must put in 10,000 hours of practice. If you use the standard 40-hour workweek, that means it’d take about 5 years to become an expert in one skill. Unsurprisingly, this theory bears true to my own experience. From starting as a salesman to becoming the head of a dealership, it took me a little over 5 years. If you want to be the best at it, start clocking in the hours.

3. Water your own garden first.

You are your responsibility. Above all else, you need to be the driver of your own ship. I believe one of the most pivotal moments in my career was my transition from salesman to manager. At my first dealership position, I was consistently the top-ranked salesperson and was ready to advance my career. I voiced these intentions to my manager and asked to be considered for a sales manager position, which I knew he was hiring for. Not wanting to lose his top seller, he told me I wasn’t ready. I knew deep down this was the turning point in our relationship.

Unbeknownst to my manager, I was already receiving offers from competing dealerships for the position I wanted. But, I respect loyalty and enjoyed working with him, so I decided to speak up again. This time, I informed him that if growth weren’t possible in my current environment, I’d find one where it was.

He ended up promoting me, though the relationship was already tainted. The experience opened my eyes to what the future in that role looked like, and there was a sense of animosity from him for forcing it. Eventually, I moved on from that role and found an environment conducive to my goals. My point is: go where growth is abundant. You wouldn’t go to the desert seeking oceans. Similarly, don’t stay in jobs where promotions are discouraged.

4. Put one foot in front of the other.

You don’t start your first run with a marathon. In the same vein, small action-able goals will help you grow your career faster than large, lofty ones. That’s not to say that you shouldn’t plan years down the line because you absolutely should. (I talk more about The Importance of Planning Your Life here) But rather, large goals aren’t achievable unless broken down into bite-size pieces.

You can spend your whole life wrapped up in worrying about the finish line that you don’t ever start. Think about how many people push their “new perfect healthy lifestyle” until after the holidays, or the next Monday. If you want to be successful, you always have to be moving forward, one foot in front of the other. All those small steps add up.

Everyone’s “finish line” will also be different – and fluid. Some people define success through money, others legacy. Some want to make a mark on their community; others want to live a lavish life of solitude. Your finish line won’t be the same as mine, and it also might not be the same one you planned ten years ago. When I was a salesman, I didn’t know what it would feel like to be in the position I am in today. Now, I’ve drafted new plans that I would have never imagined when I was 30. Regardless, decide what you want. Make it actionable. And move!

5. Build confidence.

Fear is what limits us from taking action, and the antidote to fear is confidence. To grow your career, you need to believe you can do it. Not in a “fake it til you make it” way, either. There’s only so much that can be faked – Theranos, anyone? Without a foundation of grounded self-assurance, everything you try to build on top of it will tumble down in a matter of time. True confidence is developed when you are certain you can come out the other end of tough times. And with that confidence comes inspiration to take risks, even if they seem like a long shot.

The thing about risk toleration is that the odds are in your favor. Everyone wants success, but few are willing to take leaps toward it. If you position yourself in a way you’re not afraid of either result, you’ll be rewarded greatly.

Wandering into the unknown can be scary, but when you approach it with a divine nonchalance – the type of attitude that comes from building a strong foundation in self – the unknown becomes just another road.

May 23, 2022 0 comment

Business

Bland to Brand: How Companies Build an Iconic Image

by Don Forman May 23, 2022

written by Don Forman

Apple, Uber, and Google. Billions of people know and use these products every day. In fact, they have revolutionized the way we interact with the world around us. If you’re an entrepreneur, you may aspire to reach this level of notoriety – but, only a handful of companies will achieve this every decade. Fortunately, you don’t need to reinvent the wheel to become a consumer staple.

Whether we realize it or not, hundreds of brands have slipped into our vernacular. When you need to clean your mirror, what do you grab? Most likely, you said Windex and not glass cleaner. If your lips are dry, what do you apply to moisturize them? Did you say Chapstick, the American-based lip balm brand? There are plenty of examples of this, from Band-Aids to Advil to Sharpies.

So, how does a brand transcend from idea to icon? It may surprise you, but it means more than just making a great product.

How to build an iconic brand

Relevance is how companies integrate with our culture, and to achieve that, you need people. Look at the Kardashians; anything they touch immediately sells out. Even luxury brands like Hermès didn’t rise to fame (in American culture at least) until it was seen on the arms of Jackie Kennedy.

The first step to building a brand image is people – the right ones. Companies should be picky with who they work with, and these people should align with what the brand aspires to be. Brand image can certainly go south if the people don’t fit. We’ve seen examples of this in the past, like when Hertz and OJ Simpson’s relationship turned sour.

The rental company first began working with OJ in 1975. Hertz was looking for new ways to attract customers and wanted to find a way to promote their “speedy” service. OJ, who was a star running back for the Buffalo Bills at the time, seemed like the perfect fit.

The first five years of the Hertz-O.J. relationship were incredibly beneficial for the company. However, Hertz continued to use Simpson long past the point many companies would have switched gears. By the time O.J. was in the spotlight for all the wrong reasons, Hertz had already established a culturally-known marriage between the two.

The same year the jury was sworn in for Simpson’s murder trial case, Enterprise became the new #1 rental company by fleet size and offices. Point is, if you’re going into business with someone, make sure they align with your brand values.

Using Emotions

The next step to building an iconic brand is making it something to be sought after. This can naturally occur as a result of working with the right people, too. If it’s good enough for Kylie Jenner, it’s good enough for me, right? Jokes aside, people need to want your brand. To do this, you have to consider the brand journey.

In short, the brand journey is all about how the customer feels from start to finish. What comes to mind when they first see your business? What’s the process like buying or using your service? What does the experience look like? And most importantly, how do they feel after?

Think Starbucks. When you imagine the brand, you can see the cup and green straw, or maybe you remember the smell of the freshly brewed coffee. Perhaps you are reminded of how easy it was to take a five-minute detour through the drive-thru on the way to work. The best part, after all is said and done, you feel more productive at your job – and in a better mood from your morning ritual.

Humans are reactive beings and make decisions based on emotion. I am no wiser to this either; many of my investments have been rooted in my personal experience with the brands. Nestlé, for example, I invested in because I use their instant espresso daily.

There’s also a flip side to this coin. Emotions can deter us from partaking in something. Nobody will want to purchase a brand that makes them annoyed or inconvenienced. By recognizing our psychology, brands can play into these feelings and cultivate a stronger, more desired image.

Master and expand

Do one thing, and do it exceptionally well. Some businesses are afraid to limit themselves to one category because it can feel like they are closing themselves off to new audiences. In actuality, what they are really doing is making it harder on themselves. It’s difficult to be a jack of all trades and build an iconic image around that.

Let’s take In-N-Out, for example. They’ve been doing the same thing for over 70 years and have only grown from it! They weren’t the first to invent the burger, nor will they be the last to make them, yet still, people line up for their products daily.

Why? Because they’ve mastered it and consistently get it right. As a consumer, you know that no matter which In-N-Out you drive to, you’ll get the same quality food.

The second part of this is the vision to scale. Another reason for my fascination with Starbucks (other than being from my home state of Washington) was their dream to expand. They knew they wanted a Starbucks on every corner, and now there is practically double that. Of course, not every brand will want to reach this scale. But, if you are trying to build a culturally-recognized product or service it’s a must.

What we can learn from luxury brands

We cannot talk about branding power without mentioning luxury goods. Even every day, cost-friendly brands can learn something from them.

If there is one thing that designed brands excel at, it is defining who they are. That’s because luxury brands cannot make a half attempt to classify themselves as high-end. Any feeble attempts to do so make them look overpriced or tacky. Instead, they have to position themselves as luxurious and stick to it.

Louis Vuitton, for example, there’s power in saying the name alone. At the end of the day, they are just bags – but that’s not how they portray themselves. When they were founded, it came with a brand promise of quality and craftsmanship. Almost two centuries later, that same quality and artistry still stand.

Louis Vuitton is also a stellar example of getting in front of the right people. What really solidified their image was being noticed by French emperor Napoleon III and being tasked with making the emperor’s wife a handbag. This shot the company to notoriety, which has been consistently maintained since.

But why is this? We’ve seen hundreds of brands rise and fall. What makes Louis Vuitton any different?

To put it simply, they understand the winning formula and use it. Regardless of industry, there are a few steps any brand can take that will help ensure its success.

The winning formula

First, define yourself. Who are you, who are you serving, what are you selling, and how are you going to sell it? Most importantly, how do you want your customers to feel?

Next, stick to these values. Going back to Louis Vuitton, they’ve positioned themselves as a luxury designer and kept this original promise. They’ve never had a sale, and they are exclusively sold at LV stores.

Attention to detail is also important to note here. Details are checkpoints where consumers subconsciously assess whether your brand lives up to the promise or not. With Louis Vuitton, the quality and exclusivity match their position. Similarly, they’ve aligned themselves with the elite, as seen in the example with the emperor’s wife.

LV is also a great example of the next piece: master one thing. Before moving on to other categories like clothing, Louis Vuitton mastered handbags and trunks. When you purchase one of these, you know the quality to expect because it is consistently there.

And lastly, what really separates LV from other luxury brands is the desire to scale. Moët Hennessy Louis Vuitton, also called LVMH, continues to expand each year. The conglomerate currently controls around 75 prestigious brands from Christian Dior to Fendi to Sephora and more.

The winning formula can be applied to anything – we’ve seen this strategy used on ultra-exclusive designer goods all the way to 99-cent lip balms. Whatever it is you want to sell, it has the potential to be iconic – depending on how you do it.

May 23, 2022 0 comment

Business

3 Business Tips for New Entrepreneurs

by Don Forman February 2, 2022

written by Don Forman

In times of adversity, there are always gems of opportunity waiting to be found. This is especially evident when we reflect on the start of the pandemic. In 2020, over 4.4 million new business applications were filed. Not only is that the highest total on record, but it’s also a 25% increase from the previous year.

That’s not to say that the pandemic wasn’t a tragedy because it has been incredibly devastating in many ways. At the same time, we cannot ignore its silver lining. In challenging the way we prioritize our life and by making us reassess what it is we truly want from this lifetime, the pandemic also encouraged millions of people to take a risk by starting their own business.

Over the years, I’ve helped mentor new entrepreneurs searching for these opportunities. Starting a business can be one of the most fruitful and rewarding experiences – if you have the right information going into it. So, if you’re looking to make your own mark, here are the 3 business tips I tell new entrepreneurs:

1. Don’t dive into a pool without checking for water.

People when they are eager to do something typically will dive headfirst into it. While this could be beneficial in some areas, it’s not in business. The problem with this is there is no planning or analysis beforehand. I’ve stressed the importance of planning before, but it is something I try to drive home for anyone looking to succeed. With any opportunity, it’s a good idea to assess it as a whole before committing. By not doing so, you risk overlooking areas of opportunity and overcommitting to unrewarding prospects. In business, that can mean losing a lot of money, time, and effort. Learn from the mistakes of others and do your research beforehand. As they say, “Fail to plan, plan to fail.”

I’ll give an example from one of my own students. They had come to me and said they wanted to get a real estate license. Now, if this were ten years ago, I would’ve said that’s a fantastic idea. But going to get a real estate license at the end of a real estate boom when there’s a large group that did that already two or more years ago – that’s not the most strategic plan. In this case, you have to look at the saturation of the market. The competition is too high, and in my opinion, there is much greater opportunity elsewhere.

2. Learn from those in the business.

People can be your greatest resource as an entrepreneur. Before diving in, be sure to exhaust every question you may have by asking those around you. Ask any questions you may have regarding operations, markets, competition, advertising, or anything else. By doing so, you not only build confidence within yourself, but you learn specialized knowledge on how to run a business better.

In the case of my student who wanted to get a real estate license, I suggested becoming a real estate appraiser. Right now, the market for that is booming, and the demand is high. By asking these questions, they were able to get knowledge that can help them achieve their goals quicker and possibly would have been overlooked otherwise. Another fortunate thing for someone who follows this tip is that many other entrepreneurs forgo this, so if you aren’t afraid to ask questions – you will already be a step ahead.

3. Make it your lifestyle.

Running a successful business is like the tip of an iceberg. Most will only see the accomplishments but don’t understand what it took to achieve them. Beneath the surface of success, there are years of hard work and dedication that it took to get there. Understanding this reality is a crucial step for any new entrepreneur.

It goes without saying that running a business requires an immense amount of time. Some industries more than others, but regardless, it is almost always a 24/7 venture. Rather than clocking in and clocking out at a specific time every day, it becomes a lifestyle. From the time you wake up to the time you go to bed, you are living it. Of course, there will be times when you relax with friends and family or watch a TV show; but at some point, you’re going to check your email or do something business-related.

A great way to look at it is it becomes a blend of your life. Your family becomes your business, and your business becomes family. The two play together rather than separate. In some way or another – even if unintentionally – I am always working on my business, whether it’s networking, researching, or communicating with my teams. The quicker you are to embody this, the better off your business will be in the long run.

February 2, 2022 0 comment

Automotive

How the Pandemic is Shaping the Future of Automotive

by Don Forman February 2, 2022

written by Don Forman

The automotive industry, relative to other sectors like tech and healthcare, has not changed much since the 20th century. And like any great empire, it was due for a change.

When the “novel coronavirus” arrived in 2020, every aspect of the car business was disrupted. Showrooms, factories, and freeways went quiet. Sales departments were forced to temporarily shut down, manufacturers paused production sending thousands of employees home, and in places like Los Angeles and Salt Lake City, traffic plunged by more than 70 percent as the nation went into lockdown.

With the future uncertain, new cars were no longer a hot commodity, and car sales in the U.S. dropped over 40 percent in one month. Retail forecasts were grim with J.D. Powers predicting a decline as high as 80 percent. In anticipation, manufacturers canceled orders of semiconductor chips – a mistake that would prove detrimental in the coming months.

Forced to quarantine inside, Americans made the best out of a hard time and purchased laptops and smartphones at record rates. With nowhere to vacation, a significant drop in takeout dining, and an influx of government aid, many people, in a surprising turn of events, skyrocketed their personal savings accounts. Now with money to spend and temptations from historically low-interest rates, demand for cars bounced back quicker than anyone expected.

But when it came to browsing the lots, most consumers were met with skeleton fleets. Dealerships that used to host hundreds of cars at any given time dwindled down to 50 at most. Automotive giants inadvertently shot themselves in the foot when they canceled orders of semiconductor chips. Those chips, which take about 6 months to make, were bought in large by tech companies like Apple and Android who needed them for the increased demand for digital products. Automotives, now returning too little too late to the game, suffered.

To make the most of limited supplies, some manufacturers like General Motors temporarily removed features that require additional chips, such as heated seating and their Stop-Start system. Others opted for analog odometers rather than digital.

The pandemic gave wind to an already shifting industry. Before the coronavirus, factors like new emerging technologies, changing consumer preferences, and a push for sustainability policies were all leading automotives down a road of digitization – but the pandemic certainly floored the gas pedal.

Nearly two years since the start of the pandemic, a casual glimpse over the automotive industry suggests it has returned to normal. But under closer inspection, it’s clear that it is anything but. Though new car sales plummeted in the early months of 2020, the need for vehicles returned quicker than expected. Rental companies who offloaded their fleets due to travel restrictions had to buy back new inventories, drivers with money in the bank sought out upgraded models, and many were eager to get back on the road as restrictions were lifted. Factories slammed with chip shortages and COVID-19 guidelines that hindered production, struggled to meet demands.

The halt of vehicle production in 2020 created a pent-up demand for new cars in the millions. It’s estimated that there are 2.5 million fewer vehicles at dealerships compared to pre-pandemic years. Even with initiatives to pump out record-high production rates, it will still not make up for the deficit of cars. Eventually, the supply and demand will return to “normal,” but not anytime soon.

These unusual circumstances have been a catalyst for change in the car business. It’s given new ways to do business, altered consumer behaviors, and accelerated the biggest shift in the industry in over 100 years.

With demand so high, there has been an opportunity for manufacturers to limit incentives. Whereas incentive budgets used to be in the hundreds of millions, now they are down to nothing. The reality is that they do not need to incentivize drivers right now meaning they can eliminate some of the benefits or bonuses of buying a certain brand. At the same time, we’re also seeing shoppers prioritize less. While there was a much larger focus on price and technology a few years ago, drivers are now just happy to get a car that’s on the lot. For dealers, cars are being sold before they even hit the ground.

The pandemic has also boosted the popularity of emerging technologies. Consider car buying; most shoppers use their smartphone or laptop when purchasing a vehicle. Before the pandemic, there was a growth of price shopping online, virtual walkthroughs, and 360-degree views of the cars. When showrooms shut down, this technology proved invaluable. Today, shoppers have the option of getting a vehicle delivered to their home to test-drive or purchasing a car without stepping into a brick-and-mortar location.

Within the last decade, there’s also been a radical focus on sustainability. New research on climate change and efforts to reduce carbon emissions grew companies like Tesla to unforeseen heights. And despite all obstacles that might prove otherwise, the pandemic drove electric car sales to grow over 40 percent in 2020.

When it comes to the future of automotives, the biggest shift will be from gas to electric. We are already seeing this change in some regions. For instance, in California, Tesla’s all-electric Model 3 is the current second-best-selling car.

Without a doubt, the automotive industry is moving towards electrification. Stricter emission regulations, lower battery costs, and government initiatives are helping pave the way. Our current administration, for example, has goals of 50 percent of car sales being electric by 2030.

Some of the largest manufacturers have flagships that mirror this as well, such as Nissan’s Ambition 2030 and Toyota’s Beyond Zero. Others, like Audi and Infiniti, have taken it a step further and promised fully-electric lineups in the same time frame.

But unlike California’s infrastructure, which is suitable for EVs like the Model 3, the same cannot be said for rural areas where off-road-ready trucks dominate the dealerships and charging stations are few and far between. Going electric may sound like a straightforward path, but there will be a few roadblocks the automotive industry must overcome to have a truly sustainable, electrified future.

From a consumer perspective, the roadblocks are small. Many drivers worry about range or whether an electric vehicle can tackle challenging weather conditions and terrain. These shortcomings will be an easy fix compared to the large-scale issues at play.

The biggest obstacle facing electric vehicles is infrastructure. Currently, there are not many places to charge electric vehicles, and there’s even less with fast charging. If you’ve ever tried to get gas at 5 p.m. after a workday, you can see where this might cause issues for vehicles that need 15 plus minutes to get enough juice.

Similarly, if we are to expect widespread adoption of electric vehicles, we have to consider the infrastructure supporting these charging stations. Some power grids do not have the capacity to generate enough power to support a surplus of electric vehicles. Texas’s power crisis last year also highlights an achilles heel that must be considered if we are to expect an electric future. In the event of power shortages, we must have backup support to keep society functioning.

There’s also another problem obstructing the path: the batteries themselves. Lithium, the metal used to create clean technologies like EV batteries, is a finite resource. If we are to look at electric vehicles as a long-term solution for climate change, using a non-renewable resource raises the questions of energy security. According to many experts, current EV batteries are not designed to be recycled. Putting them in landfills defeats the purpose of green energy, and cutting the batteries to recycle poses the risk of combustion and the release of toxic fumes. Fortunately, millions of dollars are being spent on research to design recycling programs that are efficient and safe.

Besides electrification, the automotive industry is also driving towards autonomous vehicles. Our current advanced driver-assistance systems (ADAS) are preparing drivers for the future of self-operating cars. With the rate of development from companies like Tesla and Luminar, it would not be unreasonable to expect fully self-driving cars by 2030.

Current trends also point towards ride-sharing possibilities. Increasingly our society is moving towards goods and services being delivered rather than fetched – think Amazon, DoorDash, InstaCart, etc. If automotives follow a similar path, we can expect vehicles to be an on-demand service too. Rather than having a vehicle that sits in your driveway, you can order fully autonomous cars to pick you up and drop you off at your destinations. Enormous fleets would be available 24/7, charging themselves as needed and bringing themselves to shops for maintenance as required.

The future of automotives may also rely heavily on artificial intelligence. Interconnected vehicles will be able to communicate with each other, passing on intelligence, helping shape safer and more efficient roadways. This type of technology is already being worked on by mass-market brands like Nissan.

Ultimately, it’s impossible to be certain of the future, even with trend indicators. New ideas are continuously evolving that shape the fate of automotives and mobility. Even with a clear roadmap, the unpredictability of the world can alter our course of action to new, possibly better, ideas at any time. As the saying goes, “The only thing you can count on is change.”

February 2, 2022 0 comment

Newer Posts

Older Posts