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Lance Armstrong Invested $100k In Uber Without Knowing It. Today, It Could Be Worth Over $3B

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Lance Armstrong’s early investment in Uber has hit the jackpot. And a big one at that.

In an interview with CNBC, the former cyclist revealed that he had invested $100k in a VC fund that backed Uber in its angel round. The early bet in 2009 came at a time when Uber’s valuation was just shy of $4M.

“I invested in Chris Sacca,” Armstrong said in the interview. “I didn’t even know he did Uber.”

Chris Sacca, a former Google employee, is a billionaire investor managing Lowercase Capital, a fund that’s gained billions by betting heavily on Uber, Twitter and Instagram.

With the ride-sharing company aiming for a massive $120B valuation for its IPO, Armstrong’s investment could now be knocking around the billions, with analysts pitching it at more than $3B.

The former cyclist remarked that the early gamble was “too good to be true”  and “it’s saved our family.”

Armstrong has been battling a string of lawsuits as a result of his infamous doping scandal, ones that created a windfall worth tens of millions of dollars.

With endorsements falling apart, the money pumped in by the former Tour de France champion nearly ten years ago could see him sitting pretty on a significant amount of cash soon.

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The Art And Science Of How To Keep Talented People Around

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(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.)

The number one reason talented people leave their jobs is because of the failure of their direct managers. Businesses are defined by the strength of their people. Even in the most successful company (think Google, Amazon, etc.), a bad manager can drive talented employees out the door. So what is the true art and science of keeping talented people around?

SITUATIONAL LEADERSHIP

Successful managers apply targeted, dynamic coaching to each individual team member. There is not one management style that works for everyone or every situation. Managers need to adapt their approach to every situation and every team member. This is called situational leadership. This situational leadership model has been used across 70 percent of Fortune 500 companies and has received numerous accolades from training experts.

The model details how we learn new skills and the four stages of mastering new tasks. For every stage and task, managers need to adapt their approach to managing their report.

STAGE 1

When your team member approaches a new and unfamiliar task with a determination to master it, they see opportunity. They are complete beginners in execution, but they possess high motivation and low skill. In this step, the manager needs to take a highly directive approach, where they demonstrate how the task should be done, setting concrete goals and closely reviewing the report’s progress as well. You are not being a micromanager by supporting the growth and training of your team. Sometimes your team needs to use your expertise as training wheels.

STAGE 2

This stage is full of frustration. Why? Because it generally takes people more time to master a skill than they’d like. Discouragement will set it and their confidence will lower. While they have built up more skills, their confidence is at its lowest in this stage. In this stage, the manager needs to serve as a cheerleader and remind their team member of why they were chosen to do this task and remind them of how far they have already come.

STAGE 3

In the third stage, people have gained enough skill to complete the task but still maintain a mentality of imposter syndrome in which they are more skilled than their confidence allows them to believe. They may even still be discouraged. In this stage, managers need to do less guiding and allow their team member to perform while self-directly more consistently. These acts of trust can boost the team member’s confidence and their dependence on the manager will fade while their confidence increases.

STAGE 4

People reach stage four when their confidence is at the same level as their skill. They become veterans and will continue to boost their confidence and skill set. This is the stage in which the manager steps back and gives the employee the space to continue fostering growth. Check in every now and then and help as needed. Also be sure to recognize the team member for all of their accomplishments along the way.

Keeping talented people around is not hard. Managers just need to apply situational leadership and remember that every team member works and learns differently and need an environment in which they can thrive in. As the leader, you are building this environment, so make sure it is a healthy one.

Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here

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$137 Billion On The Line With Jeff and MacKenzie Bezos Divorce

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A year after becoming the richest person, Jeff Bezos, founder of Amazon.com, is getting a divorce from his wife MacKenzie. The news broke in the below tweet from Jeff last Wednesday.

MacKenzie is said to have played a significant role in Amazon in the early years of the company. If the split goes as predicted, she will then become the richest woman in the world.

Investors will be comfortable once the divorce does not affect the growth and profitability of Amazon

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What Are Your Favorite Christmas Songs And How Much Money Do They Make?

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Christmas is the gift that keeps on giving for a select group of singers, songwriters and producers. An article in Forbes recently pegged U.S’s Christmas Music as the “Global King” compared to other genres of music like Pop.

So how much money are they talking? CNBC’s Tom Chitty explains.

 

 

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