Who is Jamie Dimon?

Jamie Dimon was announced this spring to be the CEO of the new healthcare venture owned by the founders of Berkshire Hathaway (Warren Buffett), Amazon (Jeff Bezos). He has big shoes to fill since the world is watching, but who is Jamie Dimon?

Jamie Dimon is currently the chairman and CEO of JPM ( JPMorgan Chase, $107.63) and has a net worth of approx. $1.3 billion dollars. Dimon was born in the heart of New York City and took after his paternal grandfather who was also a banker in Athens, Greece. However, his grandfather changed the family name from Papademetriou to Dimon to sound more French and less greek (Greek Orthodox). Dimon’s father and grandfather were also stockbrokers.

In his career, he has achieved multiple awards for excellence. Known for yanking JPM out of more than $12 billion dollars of debt, he is honored and appreciated by his employees for his strong and kind-hearted leadership skills.

Dimon, Buffet, and Bezos have discussed problems amongst each other for years about the poor healthcare benefits their employees receive. Buffet said this year in a recent Berkshire Hathaway meeting in Omaha,

“We don’t necessarily plan to start healthcare companies or necessarily insures of anything. The motivations are not primarily profit-making. We want our employees to get better medical services at a lower cost.”

The powerful trio is concentrated on the long-term benefits rather the near-term and is eager to make necessary changes if it’s best. Since healthcare costs have risen drastically other the past few decades, investors are anticipating great management from Dimon for the new healthcare venture.

 

 

Please see About Me & Disclaimer for additional information about Black Tea.

Information Attained: Cnbc.com, Wikipedia.com

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How Entrepreneurs Handle Challenges & Rejection

Every entrepreneur deals with adversity in his or her journey to success. You have your own ideas and not everyone will agree with you. Whether you’re starting a networking business or opening a retail store, there is a better way to handle tough challenges and rejection.

Change Your Thinking

Challenges

As entrepreneurs, we have to be flexible in every difficult situation. You can’t be dragged down when something doesn’t happen the way you envisioned. Challenges aren’t always a bad thing, challenged are good for you! They help you figure out problems and teach you how to get around difficult situations.
NEXT TIME: The next time a difficult situation arises, change your thinking from “I can’t…” to “How can I…“. When you think of how can you handle a situation, your mind immediately goes to work for you and think of ways you can handle the situation.

Remember Why You Started

Rejection

You will receive it all of your life, get used to it. All entrepreneurs go through rejection because not everyone thinks the same, and that how it should be! You don’t want everyone to have your ideas, you just have to present them in a way people will like it. KFC founder Colonel Harland Sanders was 40 years old when he started his business and was rejected 1,009 times before he found someone to buy his fried chicken recipe. But he pursued his dream because he was in love with his craft, and that’s all it takes.
NEXT TIME: The next time you come against rejection, remember why you started. Rejection isn’t a bad thing. Find out why you got rejected and if there was no reason, simply try again with a different approach.

Succesful entrepreneurs are at the top because they built tough skin to stand against rejection and difficult situations. Entrepreneurs are not average people, they are tough, smart, and have excellent communication skills. If you’re an entrepreneur, associate with like-minded individuals and find a mentor. Always be positive, teachable and look forward to the next opportunity.

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Musk’s Billionaire Problems

In 2017, California had their worst year ever in wildfires. Over 9,000 fires destroyed hundreds of homes, fires reaching across 1.2 million acres along with claimed losses over $9 billion dollars and over 46 deaths. Yet, The Boring Company may be contributing to the madness with their new flamethrower model called, “Not-A-Flamethrower” (Elon Musk being the founder of the company). Is this necessarily a good business idea in the name of those who lost their homes and lives to the wildfires disasters?

The Boring Company sold their complete inventory of 20,000 flamethrowers off the shelves, making a whopping $10 million dollars. Yet, investors aren’t pleased with the poor business decision and tastefulness of the remarks made by Musk this year-or ever at that matter.

While not only marketing toward millennials, Elon Musk tweets below with a picture of a young couple with a baby stroller,

With TSLA’s recent autopilot crashes (though assumed by the fault of the dead drivers), Musk’s comments towards business mogul, Warren Buffet and journalists, investors see Elon a little too confident and is not putting up a good business face for the company. How will this new invention improve the quality of the company and not a mere show for rich “boy toys”? The Boring Company donated $10,000 to the repairs of wildfire damages in lieu of their flamethrower production. Musk backed up his statement with two snapshots of the terms and conditions for their Not-A-Flamethrower model,

With TSLA (Tesla, $321.10) known for generating world-renowned inventions, they have a many competitors and a spend more than 60% of their profit on research and development, over 80% in SAG costs as well as a negative cashflow of over -136 million dollars. The Not-A-Flamethrower is another great invention, but shareholders ask themselves if this is a long-term lucrative product that will continue profiting sales in the next 10 years?

 

Please see About Me & Disclaimer for additional information about Black Tea.