The Power of Combining These Talents
When an entrepreneur can handle the day-to-day running of a business while also having the ability to look ahead and anticipate future trends and opportunities, it creates a powerful synergy. This allows for more informed decision-making and the ability to adapt quickly to changing market conditions. For example, a retail business owner who can manage inventory levels on a daily basis while also keeping an eye on emerging consumer preferences can stay ahead of the competition and ensure the continued success of the business.
Another aspect of this combination is the ability to build a strong team. By having a clear vision of where the company is going, the leader can inspire and motivate employees to work towards a common goal. This leads to increased productivity and a more engaged workforce. A case in point is a software development company where the CEO not only manages the day-to-day coding and project management but also anticipates the future needs of the market. This enables the company to develop innovative products that meet the evolving demands of customers and gain a competitive edge.
The Benefits of Anticipating the Future
Anticipating the future is crucial for any business. It allows for proactive planning and the ability to take advantage of emerging opportunities. By studying market trends and customer behavior, a business can position itself for growth and success. For instance, a transportation company that anticipates the shift towards electric vehicles can invest in the necessary infrastructure and technology early on, giving them a competitive advantage over their rivals. This not only leads to increased revenue but also helps in building a sustainable business model.
Moreover, anticipating the future helps in managing risks. By being aware of potential challenges and disruptions, a business can develop contingency plans and mitigate the impact. For example, a manufacturing company that anticipates a shortage of raw materials can establish strategic partnerships with suppliers or explore alternative sourcing options. This ensures the continuity of production and avoids costly delays.
The Importance of Daily Business Running
While anticipating the future is important, the daily running of a business cannot be overlooked. It involves managing finances, overseeing operations, and ensuring customer satisfaction. A well-run business is the foundation upon which future growth can be built. For example, a restaurant owner who focuses on providing excellent service and maintaining high food quality on a daily basis builds a loyal customer base. This customer loyalty then provides a stable revenue stream that can be used to invest in the future growth of the business.
Effective daily business running also helps in identifying areas for improvement. By closely monitoring operations and customer feedback, a business can identify inefficiencies and make necessary changes. This continuous improvement process leads to increased efficiency and competitiveness. A case study of a logistics company shows how their focus on daily operations led to significant cost savings and improved service delivery, ultimately resulting in increased market share.
Unraveling the Legal and Ethical Quandary of a Hotel's Construction
History of the Controversy
In 2016, members of Manhattan Community Board 4 noticed the illegal demolition of two century-old tenement buildings in a "preservation area" of the Garment District. Despite the DOB's disapproval of the demolition plans, Hu and her team met with various authorities over the next three years to create a plan for a hotel with 11 units of permanently affordable housing. However, in 2019, they went silent for two years. Then, in March 2021, the community discovered that the buildings' facade had been illegally demolished. The DOB promptly issued a stop work order and a $1,250 fine, but lifted it in November 2022 without notifying the community. Moreover, they approved a plan for a full hotel development without any affordable housing units.After THE CITY's investigation in the spring of this year revealed Hu's close ties to Mayor Eric Adams and his administration, the DOB issued a new stop work order and met with community members. The commissioner of the DOB apologized for the mistakes and admitted there was no communication between the DOB and the Department of Housing Preservation and Development (HPD).
The Illegal Storefront Operation
Despite the stop work orders, Hu rented a commercial storefront on W36th St to bring construction materials and workers into the W35th St building undetected. This illegal activity continued until October 3 of this year when the DOB issued another stop work order.Less than two weeks later, through newly-acquired attorneys, Hu presented a new plan including affordable housing. Attorney Alvin Schein accompanied by Eric Palatnik assured the community that they were there to make things right and that they were in the process of acquiring additional development rights from an adjacent building to convert the mechanical space into residential units.
Current Status and Future Plans
To "make it happen," the developer needs to rearrange the mechanical equipment between the second and fifth floors to make way for 10 affordable housing units. On November 27, the DOB partially rescinded the stop work order to allow for weatherization, but other work remains on hold until the new development plan is finalized.At an MCB4 meeting last week (December 5), board members were generally favorable but expressed concerns about the security of the elevator and fire stairs shared by affordable unit residents and hotel guests. Schein assured them that once the plans were approved, they would proceed as quickly as possible as it was in the developer's interest to open the hotel and start earning money.