Paris Norriss: Take your passion and make it happen


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Everybody is searching for get-rich secrets or the key ingredient for success, but the answer isn’t a hidden secret and won’t be found in any business book. The one thing that successful people have managed to do that those stuck in the nine ‘til five cycle have overlooked, is they have found a way to make a business from their passion. Not one of the heroes we admire found their successes in something they were not immensely excited about.

Warren Buffett says he tap dances to work as he loves what he does and the people he works with. Steve Jobs put it in a way that as an entrepreneur I’ve learnt to understand when he said: “People say you have to have a lot of passion for what you’re doing and it’s totally true. And the reason is because it’s so hard that if you don’t, any rational person would give up. It’s really hard. And you have to do it over a sustained period of time. So if you don’t love it, if you’re not having fun doing it, you don’t really love it, you’re going to give up. And that’s what happens to most people, actually.”

I’ve questioned this quote in the past when I was able to work flat out because I loved the prospect of making money and the idea of growing a business, even if the actual underlying business didn’t particularly excite me. With humility I can say Jobs was right because when times are good and making money is easy, it’s no problem putting in 100 per cent. The part that matters though is when things are not going well and continue to not go well, that’s when only passion for what you are doing will drive you through.

When entrepreneurs start a business, they all have a glamorous dream of the success that comes with it, the prestige and glory of doing well. The hard reality is that for most people the journey is far more rocky, having to deal with situations that you didn’t subscribe for in this glamorous dream – being taken to court, firing people, being chased for debts and payments or being shamed for bad decisions. It’s getting through these times and coming out the other side that determines success from failure and it’s only possible if you have a passion for the underlying mission.

This is easy for Mr Buffett and Jobs to say as they found what they love as teenagers and continued it throughout their life. But what about the rest of us who may not have discovered what we are really passionate about? Let me comfort you by saying that you are in the same boat as most.

In my first month of university, I found it interesting but awakening when I asked people what subjects they were studying. They’d reply proudly with firm answers, such as “I’m studying medicine”. I’d follow up with: “So what do you want to do when you finish?” to which there was always a confused and directionless: “I’m not sure yet”. Why would someone commit to a five-year course without having yet discovered what their passion was? I always found this the biggest flaw of higher education as people generally hadn’t lived enough outside the institutional atmosphere to have grasped their passions.

Before we can make a business from our passions we have to first identify what those passions are, and for most they don’t know where to start. My advice is get out there and do anything, and by a process of elimination of at least understanding what you aren’t interested in, you will start to be pointed in some direction. For young people in their teens and twenties, gaining perspective by trying different things will only make this easier to find. People will tell you to stick with one company and not move around, I disagree.

The second step is making a business out of your passion, and this requires some creativity and self-belief. Most people don’t realise that the fun things they do may also be fun for others who might even pay for that if it were a service. So be creative and believe that you’re not the only one to have that enthusiasm and there will be a market for it.

To widen the perspective on this career topic we always have to align ourselves with the bigger question which is how do we find happiness? Following your passion is a clear step towards this, after all we spend most of our life at work, it makes sense we should love it.

Paris Norriss is an entrepreneur and partner in Coba Education, which provides educators to schools and institutes

business@thenational.ae

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The Book of Collateral Damage

Sinan Antoon

(Yale University Press)

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”