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Business outlook in Myanmar

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With its political opening, Myanmar is also experiencing an economic boom in various business sectors. Though companies face many challenges in areas of workforce skills and infrastructures, the general outlook for business in Myanmar remains quite positive for the coming years, as elections should create further opportunities

Challenges for business in Myanmar

The dramatic political and economic opening of Myanmar after decades of military rule has allowed businesses to reach untapped resources and competition-free markets. But as exxplained by Alexander Fieldman, president of the US-ASEAN business council, this situation also has created several challenges for business in Myanmar.

Infrastructures

The availability and reliability of telecommunications, Internet and electricity is an issue for most companies. Yet, the situation is however improving fast, in the major cities, such as Yangon and Naypyitaw.

Several Southeast Asian and Japanese companies are also moving into Myanmar to develop infrastructures such as roads, bridges, airports or ports. American companies have also been present for a while, as GE has been in the healthcare sector.

Skilled labor

There is a large young population in Myanmar but it suffers from a lack of education as universities have been closed by the previous military power. To tackle this issue, several companies have engaged into training their own workforce to improve productivity, or hire younger, foreign trained employees.

Legal system

The legal system can also be a challenge: ensuring a proper framework for business, and options to resolve disputes can often be difficult.

Political uncertainty

The upcoming elections of 2015 will be a turning point for the political systems. Waiting for this deadline, some believe that reforms are slowed down by the current authorities to cool the political scene.

Overcoming challenges in Myanmar

On the ground, people such as Andrew Richards, CEO of Yoma Strategic Holdings, believe that whoever is elected will be a reformist leader and that Myanmar is still a land of opportunities. In Myanmar the situation is not as dark as depicted in foreign media.

  • Educating their own workers, companies can significantly increase productivity, which will also ultimately benefit to the country as a whole.
  • In order to overcome the lack of rules for business and legal transparency, businesses should find local partners to avoid potential problems.

CNBC videos from November 2014

แก้ไขล่าสุด ใน วันศุกร์ที่ 02 มกราคม 2015 เวลา 11:13 น.
 

Myanmar opening for business

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This video from the Wall Street Journal presents the back story behind the opening of Myanmar and the role of the business and entrepreneurs community. With many opportunities and some challenges for doing business, Myanmar presents several areas of interest for entrepreneurs and companies willing to invest and trade.

After decades of isolation, the military junta in control of Myanmar has set the country on a path to political and economic reform since 2011. The political theater is opening to more opinions, and the economy is now gradually opening to foreign investments.

The liberation of Aung San Suu Kyi, the political opponent who was previously under house arrest focuses attention. The less obvious involvement of the entrepreneurial and business community in the political reform process seems also to have taken a crucial role in convincing the military junta to allow for more openness.

Key points of Myanmar for business and development

Business opportunities in Myanmar

  • Large population of 51 million people
  • Weight of business community and interest for business and development
  • Since 2011, the military junta gave way to a quasi civilian government that is currently opening the country and doing economic reforms
  • Young population willing to open to the world
  • Lots of mineral resources, oil and natural gas in Myanmar
  • Myanmar is between India and Asia, making it very interesting location for trade
  • The fast increasing number of tourists, expats is driving a boom in Myanmar’s real estate sector

Challenges for business in Myanmar

  • Very recent opening to banks, little infrastructure and technology. However, this situation is changing very quickly as the highlighted by the explosive growth ofmobile Internet in Myanmar.
  • Need to be in Myanmar to build relationship on the ground
  • Myanmar is a frontier market with inherent risks
  • Need to be flexible and accommodating

Video from February 2012 by the Wall Street Journal

แก้ไขล่าสุด ใน วันศุกร์ที่ 02 มกราคม 2015 เวลา 11:17 น.
 

In the boardroom: ensuring the right balance

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A key challenge of being on any board is ensuring the right balance of performance and conformance is met for the business. As chair, you have the further challenge of ensuring that discussions are carried out in a collaborative way and that balance is achieved in relation to the overall planning of the board and its agenda and plan of action.

Another key role as chair is ensuring the correct level of interaction between executives and non-executives. For that to happen, there needs to be clarity around the roles of the chair and the CEO, while the non-executives and the sub-committees all need to be very clear on the terms of reference and their own responsibilities. As a non-executive you need to be very conscious of the fact that you are involved in understanding the business, but you’re not involved in the doing side of things.

Having chaired in the not-for-profit and public sectors as well as on the commercial side, I believe these learnings apply irrespective of the business and of the sector.

The same planning tools – organising work, developing a plan and agreeing it – are required right across the board. It’s the same for the leadership, communication and negotiation skills that allow the chair to work with various members of the board and the CEO, and to ensure there’s collaboration in that relationship so the board can fulfil its role and can support the business.

At the end of the day any board has to carry out its governance and responsibilities in the context of the performance of the business. It’s a critical balancing act to ensure that both get done, because your primary role is to ensure the business is sustainable in the long-term.

Geraldine Kelly is chairperson of Microfinance Ireland and Plan Ireland.

This article first appeared in Irish Director magazine.

แก้ไขล่าสุด ใน วันศุกร์ที่ 02 มกราคม 2015 เวลา 12:42 น.
 

The 8 Deadly Career Mistakes You Didn’t Know You Were Making and How to Stop

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The 8 Deadly Career Mistakes You Didn’t Know You Were Making and How to Stop

แก้ไขล่าสุด ใน วันพฤหัสบดีที่ 01 มกราคม 2015 เวลา 11:24 น.
 

How to Get a Travel, Tourism and Hospitality Job Without Experience

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The travel, tourism and hospitality industry has remained to be one of the top industries that is recession resistant and is the only industry that has continued to add jobs to the global economy on a consistent basis.

Therefore, it’s no surprise that many people who want to combine their love of travel with making a living, turn to the travel, tourism and hospitality industry.

However, the biggest challenge for people is breaking into the industry successfully without having any industry experience or specialized education.

Furthermore, many would-be travel, tourism and hospitality professionals don’t have the time, money, or even the desire to go back to school and get an advanced certificate or degree specifically in travel, tourism and hospitality, just in order to enter the industry and have a successful career at any level.

So how do you get a travel, tourism and hospitality job without experience or any specialized education?

Most positions in the travel, tourism and hospitality industry do not require a university degree. And there are hundreds of jobs, across various levels that are a perfect fit for your existing skill set.

There are many routes to learning and depending on the specific career path you choose, you can enter the industry and even achieve a management position through on-the-job training or through an apprenticeship program.

Here are a few tips that will help you navigate your career into the travel, tourism and hospitality industry:

1. Research: Staying on top of industry news and trends, including companies and key players, is very important when trying to break into the industry. There are numerous travel, tourism and hospitality industry news sources, many of which are excellent for not only finding out who is hiring, but also you’ll be able to speak intelligently about the industry in an interview or when connecting with industry professionals.

2 Figure Out Your Transferable Skills: Most job seekers start with and focus on what they don’t have. Instead, think about what skill set you do have that could translate into a role that could support the travel, tourism and hospitality industry.  For example, the industry needs skilled workers in information technology (IT), accounting and finance, research, sales and marketing, human resources and administration.

3. Sell Yourself Proactively: The key to an effective job search is maximizing the productivity of your time, yet most people are unaware of how to do this. Most will sit at their computer each day for hours on end, scouring online job postings for something that catches their interest. The problem with this is that everyone else is doing the exact same thing, so it’s impossible to stand out. Furthermore, this is a passive approach that is ineffective and a waste of time. Instead of waiting around for a job that may never show up, be proactive and go out and find it! Know what sets you apart.

The key to self-promotion is that in order to find your dream job in travel, tourism and hospitality you need to proactively expose yourself to the industry in a valuable way so that potential mentors, sponsors, thought leaders and professionals at all levels in the industry, can connect with you and serve as referrals or influencers on your behalf.

Using The 80/20 Model to Sell Yourself

As someone who wants to work in the travel, tourism and hospitality industry, the goal is to find out what percentage of your time you spend promoting yourself. That could be connecting, taking people out to coffee or lunch, email outreach or sending “check-in” updates to your network (Maintaining the Momentum Technique).

Organize your time into an 80/20 model: 80 percent outreach, 20 percent consumption.

Consumption includes finding detailed information on the travel, tourism and hospitality industry, learning about industry leaders, positions and companies you’re interested in.

Outreach means reaching out to those target companies and key individuals that you’ve honed in on during your research to establish a relationship and create an awareness of your presence in their professional circle.

Don’t Give Up

As you start to take these steps to becoming a travel, tourism and hospitality professional, give it time. It can get frustrating but remember you are focusing on building a successful and long-term career. Start slow, right where you are, but be sure to clearly define what your long-term career objectives are.

See if there’s a way to hone skills in your current position that would directly apply to your new career path. Even one small step in the right direction can make a big impact. Stay motivated and focused on the end goal. And most importantly, don’t give up.

Remember that experience isn’t the only thing prospective employers are looking for in this industry. They also want to find the right person for their organization. Many companies are far more concerned with personality and cultural fit. Use that to your advantage.

As someone who wants to develop a career in travel, tourism and hospitality, a big part of your success relies upon having a solid knowledge about and appreciation for the fundamentals of industry you want to be a part of in the first place.

Next week I’m going to post in Tourism Tips, the private members area of Tourism Exposed, two pieces of bonus material. First, an easy explanation of the industry where you’ll be able to understand the foundation of the travel, tourism and hospitality industry and know the difference between the three sectors.

Second, a list of over 100 terms, abbreviations and acronyms most frequently used by travel, tourism and hospitality industry executives.

To get exclusive access to Tourism Tips, become a free member of Tourism Exposed today.

July 29, 2014 By

แก้ไขล่าสุด ใน วันพฤหัสบดีที่ 01 มกราคม 2015 เวลา 12:00 น.
 


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