(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.)
Technology is always in the palm of our hands – literally because it seems like every single person always has their phone in their hand or within feet of them. I can’t tell you how many people I’ve bumped into walking down the street with their heads in their phone … what a shame.
This has caused us to shift to an “always-on” work culture because we have immediate access to work emails via our cell phones along with files and everything else stored in the Cloud. It’s become an addiction, which has made us more productive —but has also created gigantic stress that needs to be re-looked at.
With this constant work mode, the lines are blurred between working hours and personal time. Is this a bad thing? Should we disconnect from this “always-on” work culture? I say … yes! If you can’t rejuvenate and shut down, it will always end badly. One of the positive impacts of AI and machine learning is that it can serve this role for us. A time saver, if you will, so we don’t have to lose our sanity.
DISCONNECTING HELPS REDUCE STRESS
A study by Kansas State University found that disconnecting from work is vital for the brain to function properly. Team members feel they always need to be available in order to show they are dedicated to their jobs, but this leads to high levels of both psychological and emotional stress. Work ends up draining your team’s energy and will easily burn out and become fatigued. It is so stressful to continue working around the clock with no true break.
DISCONNECTING IMPROVES RELATIONSHIPS
While checking your email outside of work may not seem like a huge deal, it does add up and takes away time with your friends and family. You’re never present when you’re being present to your devices. You don’t have the mental capacity to invest in important relationships and you also don’t have the time if you are constantly attached to your phone or computer. When you get home, put your phone down and focus on what is in front of you.
YOU WILL BE BETTER AT YOUR JOB
You are probably wondering how you could possibly be better at your job if you aren’t constantly tuned in, but it has been proven that constant multitasking decreases the quality of work. When your brain is always at work, it eventually takes a toll on your motivation. When you have the degree of separation, you can really focus on work at work and then focus on your personal life at home. Think about how much longer it takes you to accomplish a task when you feel burnt out and like you have never had a break from it.
DISCONNECTING CREATES BALANCE
Regularly disconnecting from work can reduce stress, increase the quality of your work, improve relationships and maintain a healthy emotional state. It is difficult, but it is also possible, to set aside time without your phone or laptop. You may need to set a cutoff time at night, for a specific day or just a few hours in the early morning. You need to make sure you have time for yourself.
We know there’s a problem when there are apps to help you stop spending so much time with your phone (apps)!
The answer is, yes, we do need to disconnect from our “always-on” work culture. Separate work from home and your life will improve in both aspects.
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.
How Mark Cuban Invested $640k In A Company That Started…As A Prank
In what turned out to be a ruse, a startup disguised their business as a prank to raise over $640k from investor Mark Cuban on Shark Tank.
Minneapolis-based entrepreneurs, Ryan Walther and Arik Nordby, founded Prank-O, a business that was built around amusing their friends with bizarre and fake products.
In their pitch to the Sharks, they introduced a string of products in gift boxes — ranging from coffee-maker shower heads to snack hats — only to reveal later that the novel products were fake.
The duo looked to snag an investment of $640k for an 8% stake in the business, before revealing their declining sales — from $10M five years ago to an estimated $2.8M this year.
The dip in sales came after the team tried to branch into creating the prank products, stringing together debt worth nearly $1M.
Despite the numbers, Mark Cuban bit. “I’ll make you an offer, but you’re going to have to listen,” Cuban said.
“You’ve got a great product, you’ve got great comedy minds, but your track record speaks for itself, and I don’t mean that in any disrespect, but all entrepreneurs go through this,” he said, offering $640k for 25%, more than three times what the company initially pitched.
(WTF?!) Is The MBA Dead?
Well, well, well, what do we have here.
So according to a (totally non-biased) press release from the Graduate Management Admission Council (GMAC) earlier this year, MBA grads are making more money than ever.
(Just for clarity, the GMAC is a “global association of leading graduate business schools.”)
Apparently, US employers plan to offer new MBA hires a starting salary of $115,000, the highest ever recorded in the US when adjusted for inflation.
Key words: PLAN. TO.
In spite of these lofty, non-scientific projections, the number of MBA applications—as a whole—is on the downslide. Here’s a chart from the otherwise very optimistic GMAC.
(Yes, the entire WealthLAB crew is MBAs, too. Jury’s still out whether that makes us marks or smart. 🙄)
And according to Forbes, this makes it the best time ever to pursue an Ivy League MBA.
So what does this all mean? Let’s unpack it for a second.
Top 10 programs are letting everyone in…
According to the various reports, some programs across the country have seen double-digit drops, with the top 10 business schools seeing serious declines.
At the highly selective Yale University, the acceptance rate jumped by nearly 44%. Dartmouth College’s Tuck School of Business, another Top 10 program, admitted more than one in three of its applicants, a 48% increase in a single year.
Meanwhile its applications dropped by 22.5%.
“The joke among deans is that ‘flat is the new up,'” Andrew Ainslie, the dean of the University of Rochester’s Simon School of Business. “If we can just hold our numbers, that is an incredible achievement.”
Other Ivy League schools have dropped also, with Harvard measuring a fall of 4.5%. Meanwhile, big names like Stanford saw a bit more at 4.6% and UC-Berkeley Haas at a shaking 7.5%.
And outside the Top 10?
When these numbers are narrowed down to individual schools, like University of Michigan Ross School of Business, the picture gets worse. This university saw the biggest reduction, noting an 8.5% decline with just over 3,000 candidates applying.
There are only a few reported exceptions to this overall decline, but the biggest business schools in the nation agree that there is a serious reduction in MBA interest.
Ainslie says up to 20% of the top 100 MBA programs in the country are likely to close in the next few years.
Uncertainty over work visas for international students, the strong US economy with decreasing job loss, and the rising costs of degrees are all noted as potential causes.
The positive side to the story, as Ainslie pointed out, is that it’s going to spark new development in the design of existing MBA programs. One particular program has been built around entrepreneurship.
In addition, the prestigious post-MBA job paths—think investment banking and management consulting—have been replaced by jobs in the tech world and Silicon Valley.
“Tech has displaced consulting and finance as the preferred career path for top-tier college students,” says David Minnick, founder and CEO of Camino Data, and former president of beverage company, Purity Organic.
“When I started Princeton in 2003, it was still a big deal to get a MBA or JD/MBA after college,” he tells Forbes. “That was the thing to do.
“Four years later, when I graduated, we wanted to be more entrepreneurial. We saw people who had started successful tech businesses. We saw there were low barriers to entry, and that it was okay to fail.”
Student debt vs. MVP?
There’s also the whole cost thing. Business school can run you $200,000, making it a cringe option for 20-somethings already riddled with debt. For founders, this is money better spent building an MVP.
(No, not Most Valuable Player. Minimum Viable Product.)
Not to mention the experience it brings.
“When I interviewed people with an MBA, or experience at a big beverage company like Coke or Pepsi,” says Minnick, :I was concerned that their personality type wouldn’t be the right fit for a young and growing company like ours.”
In his view, hustle, skills and culture fit are far better predictors of performance than a degree.
Ivy League MBA fire sale…🗑
Apparently this all means that IF you are one who’s always dreamed of an MBA from a prestigious school, there’s no better time than now.
“With an unprecedented decline in MBA application volume at many business schools – including iconic, top-tier programs – there’s definitely a ‘perfect storm’ happening for prospective applicants,” Alex Min, CEO of The MBA Exchange, a top admissions consulting firm, says.
“Deans and admissions committees are feeling strong pressure to fill available seats with qualified candidates, even if some of these individuals might not have been admitted in previous years when application volume was growing.”
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Got a great business idea that you think might be the next big thing? Despite the uncertainty and the risks tagged to becoming an entrepreneur, you wouldn’t know until you try. Besides, it takes less than a month to launch a product or service. Here’s how you make that happen.
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