Corb7 International January 17th, 2024 Newsletter

International Business 

Publisher's Note

Entrepreneur & Author
JeffCorbett.com

Davos 2024

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The World Economic Forum

The World Economic Forum (WEF) returned to Davos this week.  Its winter session is occurring from January 15th to January 19th with record numbers of government officials and business leaders expected to attend.  Formed in January of 1971 by German Engineer Klas Schwwab, this year will be the 54th annual meeting.  Its stated objective is a commitment to improving the state of the world via public-private cooperation. The WEF has no independent decision-making power but seeks to influence people to make choices that benefit the global community. The organization is funded through its membership, which includes many prominent business and political figures. 

The WEF has become increasingly controversial over the last several years with calls to reform capitalism and no matter your political leanings; it is something to be aware of as the world economy moves into 2024.  The ongoing controversy extends far beyond the obvious hypocrisy of the world’s elite jetting in on private planes to discuss carbon footprints while many of us sleep in airports for overcrowded and frequently delayed commuter flights.  Much of it has been brought on by themselves – almost as an unnecessary error - with a perceived arrogance that is astonishing and can most recently be traced back to “The Great Reset.”

The 2021 conference which was delayed due to the pandemic had a theme called “The Great Reset” that ruffled more than a few feathers resulting in countless conspiracy theories. The Great Reset Initiative was an economic recovery plan drawn up by WEF in response to the Covid-19 pandemic.  Originally launched in June of 2020, the three core components of the Great Reset called for creating conditions for a "stakeholder economy," building it in a more "resilient, equitable, and sustainable “way and utilizing environmental, social and governance metrics resulting in green growth, smarter growth, and fairer growth.  The plan from which the Great Reset originated was called the Global Redesign Initiative. Drafted by the WEF after the 2008 economic crisis, the initiative contained a 600-page report on transforming global governance. 
 
While some of this might sound warm and fuzzy, as is often the case with vague “woke “policy, it has discernable flaws and was not well received.  It also points to the conference’s biggest problem – arrogance.  Within free societies, do we have free markets allowing for open competition or do a few elites get to make decisions affecting us all?    
 
Hopefully, this year, with a war in the Middle East and the Ukraine, plus, numerous other pressing global economic concerns those jetsetters can utilize their time in a more productive fashion.   
 

For more content regarding international business, motivation &  lifestyle,  
please see my blog:  JeffCorbett.com

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International Business 

Business Psychology

Self Discipline & the Marital Arts

Self-discipline is a critical skill for entrepreneurs.   

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Self-discipline is the ability to push yourself forward, stay motivated, and take action, regardless of how you're feeling, physically or emotionally. Because of the many highs and lows of business ownership this "steady-as-she-goes" attitude and discipline is absolutely critical for success.   The marital arts is one space where this skill can be practiced and then transferred into your business life.  Much confusion, however, still exists about the various self-defense disciplines. 

We offer a brief review below.  

No one ever wants to find themselves in a position where they will be forced to defend themselves from a physical attack. But no one is invulnerable to attack, which only underscores how important it is that individuals from all walks of life learn ways to defend themselves.

Martial arts have been employed as self-defense techniques for a number of years. Self-defense is not the only reason to practice martial arts, but various techniques that fall under the umbrella of martial arts can help people stay safe in situations when they feel threatened. The following are various martial arts disciplines people can consider as they seek to learn self-defense.

· Taekwondo: Kicking is emphasized in taekwondo, and various sources indicate the discipline was initially designed as a self-defense strategy. Students of taekwondo will learn to use their feet as they're taught various kicks, and they'll also be taught to punch. Though some argue there are more effective self-defense techniques within the martial arts, taekwondo can be a useful discipline for individuals looking to learn ways to protect themselves.

· Karate: Karate is another helpful discipline to consider for individuals who want to learn how to defend themselves. Students of karate will be taught various strikes, blocks and kicks, making this an especially effective self-defense technique when practiced correctly. There are different styles of karate, so individuals looking to learn it as a self-defense technique are urged to speak to a local karate school to determine which style aligns best with their goals.

· Brazilian Jiu-Jitsu: Brazilian jiu-jitsu (BJJ) is a popular choice among people looking to learn self-defense. BJJ teaches individuals to create space between themselves and an attacker or take space away. Ground fighting techniques are a part of BJJ, which many students value because it can help smaller individuals overcome larger attackers. Students will be taught various locks and chokeholds when learning BJJ.

· Krav Maga: Krav maga was developed in the mid-twentieth century for the Israeli Defense Forces. Since then, Krav Maga has been adapted for civilians looking to learn self-defense. In fact, Krav Maga Worldwide considers the discipline less a martial art than a self-defense technique. The Krav Maga individuals are taught for self-defense will utilize techniques from various martial arts disciplines, which has made it among the more popular options for individuals who want to feel more safe.

Various martial arts disciplines can be used to teach self-defense and enhance self-discipline. Individuals are urged to find one they enjoy and can practice without reservation. 

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International Business 

Cross-Border Business 

Why Own a Captive Insurance Company?

Lower costs & gain more control.  

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A captive is defined as an insurance company established in an offshore jurisdiction, created and controlled by either a parent company or professional association through which their own risk is insured. Those insured risks are frequently re-insured through a large multinational carrier.

The cost of insurance represents a considerable expense for most businesses. In recent years, premiums have skyrocketed leading many professionals to explore creative cost reduction strategies. One imaginative – yet proven – strategy is the use of wholly-owned subsidiaries to meet insurance needs which can control or even cut expenditures. Captives can be established to self-insure part or all of property loss, product liability, work compensation, malpractice and virtually any other coverage. Consequently, the driving force behind the move to offshore captive insurance extends virtually across all industries including, but not limited to: medical malpractice, workers compensation, manufacturing, financial, energy-related, and real estate developers, just to name a few. Over 350 of the Fortune 500 companies in the United States have insurance captives. As a result, Captive Insurance Companies have become a growing and significant sector of the global insurance industry.

Benefits:
1. Instances when insurance cannot be purchased from commercial insurance companies for a business risk. In many instances companies within an industry form a joint captive insurance company for that reason.

2. In very specific cases, premiums paid to a captive insurance company may be deductible as a business expense for tax purposes according to the Internal Revenue Service. It is important to note that the IRS has established very strict guidelines to qualify for tax benefits and the use of a professional is critical.  The rule of thumb is that the insurance company will need to be adequately capitalized and offer sufficient third party (non-related) insurance to qualify.

3. Insurance can be obtained through the international reinsurance market at a more favorable premium with higher limits of coverage.

4. Investment returns can be obtained directly on its invested capital

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International Business

Business Etiquette

International Business Card Etiquette

by Candace Smith
The Etiquette Blog
Candace Smith Etiquette 

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"Your business card and how you handle it is a very personal part of communication.  It’s like a handshake that you leave behind you." 
– Letitia Baldrige

Your business card is one tool that helps in the networking process.  Used appropriately, it continues to speak for you after you've met someone and encourages follow-up and further conversation.  

Put to work as a method to connect with others, your card represents the company you work for and/or the type of work you do.  The most helpful information to have on your card is:

• Your name
• Company Name
• Your position or type of work you do
• Phone number
• Email address
• Website
• Mailing address

Your card can be an extension of you. 

It not only goes where you go but lingers when you give it away so someone may find you again.  When it is eye-catching, it represents an accurate picture of you and your company and contains the necessary information to stay in touch with you. The only thing left that guarantees it will be put to good use is the method in which it was received.

Who Gets One?

Take the time to meet people.  Connect through conversation first.  Find out if people are interested in your product, service, or skills.  If they are, and they want to discuss more about what you do, they will ask for your card.  

Recently, a creative arts industry business owner pointed out to me that he sometimes begins a conversation by sharing his unique business card as a part of his "hello."  He mentioned that presenting his card serves to "break the ice" at events where he doesn't know anyone.  

Some networking events are set up with the expectation of exchanging cards.  If someone asks for your card, don't forget to ask for a card in return.  You will want to have it for your own follow-up.

Etiquette for Receiving a Business Card

When someone gives you a business card, it's important to remember how you feel when you give yours and it is received. 

When you accept a card, thank the person for it, and take a look at it.  Notice the person's name and any other information that stands out.  Then comment on it.  "You introduced yourself as Jimmy, but your card has James on it.  It's okay if I call you Jimmy, right?" or "Your office is in Burbank?  So is mine.  Let's meet up for coffee sometime." 

This method ensures that your new acquaintance feels important and that further conversation is possible.  It also gives a much more positive impression than taking the card and immediately shoving it in your pocket or handbag without even glancing at it.

More Business Card Etiquette Tips

• Have a designated place for your own cards, and a place for the cards you receive from others.  (Left/right jacket pockets, or two ready-access places within your small handbag.)  This is helpful in two ways:  You won’t be exchanging someone else’s card as your own.  Also, there is nothing that spoils a first impression like having to rummage through your bag or clothing to find your card, seeming unprepared or disorganized.
• You may have notes to add on the other person’s card later, but do not write on the person’s card in front of her.  
• If you’ve asked for someone’s card, email the person within a day or two to let the person know that it was nice to be introduced and perhaps to further the conversation.  (Now the other person has your email and other information.)
• Avoid asking for a card if you don’t intend to contact the person.  However, you may be handed a card that you didn’t ask for, in which case you do not need to “reply” to the person who gave you the card.

Exchanges in Other Countries

Given the hierarchical nature of the culture, others will look to see your advancements.  Be sure to designated degrees and titles.  The language of business is English, so one-sided cards are fine.  Only the right hand is used to give and receive a card.

Japan
Business card protocol is hierarchical, ceremonial, and is an integral part of introductions.  While slightly bowing, the card, facing the receiver, is held in the corner, so as not to obstruct the name or logo.  Business cards are received in both hands.  Cards are studied and commented upon and are placed either in a holder or jacket, but never anywhere below the waist. 
 
China
Both hands are used when presenting cards and receiving cards, and while facing the person who is receiving the business card.  Do not immediately put the card in a pocket or bag as it is considered very rude.  Business cards are considered as an extension of the person.           

The Philippines
Giving business cards in English is acceptable.  Include your title and position as status and rank are valued.  
 
Brazil
Have your business cards printed in both English and Portuguese.  Distribute the cards to everyone present at the meeting when you arrive, making sure that the Portuguese text is facing up.

Germany
Business cards are never given out in bulk or passed around at meetings.  When you give a business card in Germany, you are giving the recipient permission to contact him/her in the future.  Cards you collect should be treated as confidential and private.

Russia
Exchange business cards (one side translated into Russian using Cyrillic text) after the initial introductions without formal ritual.  Be sure to include advanced university degrees on your card.

South Africa
Exchanging business cards is not a common practice.  But if you choose to give your card to others at a meeting, it is best to wait until the end of the meeting.

Australia
Sharing business cards isn’t as common as it is elsewhere.  You can present a card at the introduction, but keep the content of the card to facts and figures. 

The most important point of business card etiquette is showing respect.  Wherever you are, and whatever business you are in, respect for others who are striving for the same end result will only make you more memorable - and could even escalate your business.

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International Business   

Investment Strategies  

Whiskey as an Investment?

Who Knew?  

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Whiskey is a distilled alcoholic beverage made from fermented grain mash. The grains used in whiskey production can include barley, corn, rye, and wheat. The process involves mashing the grains, fermenting the mash, distilling the liquid, and aging it in wooden barrels, usually made of oak. The aging process imparts flavor and character to the whiskey. There are various types of whiskey, such as Scotch whisky, Irish whiskey, bourbon, and rye whiskey, each with its own production methods and regional characteristics.

Investing in whiskey gained popularity over the last couple of decades. The trend started to emerge in the early 2000s, driven by a growing interest in rare and collectible spirits. Whiskey auctions, specialized retailers, and the rise of whiskey connoisseurship contributed to the increasing market demand for limited editions and aged bottles. The appeal of whiskey as an alternative investment, along with its cultural and artisanal aspects, has attracted investors seeking tangible assets with the potential for appreciation over time.

Participating in a whiskey investment involves purchasing bottles with the expectation that their value will increase over time. Factors like brand reputation, limited editions, and age contribute to a bottle's worth. It's important to research the market, store bottles properly, and consider the long-term nature of whiskey investments. Keep in mind that investing always carries risks, and the whiskey market can be influenced by trends and economic conditions.

Several different reports claim that rare whiskey returned 314% from 2013-2023 thanks to a unique combination of factors. 

Please keep in mind this information should not be considered as financial advice. Investment decisions should be based on individual research and consultation with a qualified financial professional. The value of investments can fluctuate, and past performance is not indicative of future results. Always consider your risk tolerance and financial goals before making investment decisions. 

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Lifestyle    

Fitness & Health

Tips for Starting Pickleball

It continues to grow everywhere. 

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A court sport is sweeping the nation, and it isn't tennis or basketball. According to the Sports & Fitness Industry Association, 4.8 million people played pickleball in 2023, marking a nearly 15 percent growth in the total number of players from the year prior.

Data from the SFIA suggests pickleball is popular among people of all ages. Total participation among players between ages six and 17 (21 percent), 18 and 34 (29 percent) and 35 and 54 (20 percent) is significant, and players 65 and older also are well represented (18 percent).

As the popularity of pickleball grows, now is a great time to explore the basics of this game that's become a go-to pastime for so many people.

What is pickleball?

USA PickleballTM notes that pickleball combines many elements of tennis, badminton and ping-pong. That game is played with a paddle and a plastic ball with holes and can be played both indoors and outdoors on a badminton-sized court with a slightly modified tennis net. Much like tennis, pickleball can be played in a singles (one-on-one) or doubles (two-on-two) format.

How long has pickleball been played?

Despite a recent and meteoric spike in popularity, pickleball has been around since 1965. The brainchild of three fathers from Bainbridge Island (which is just a brief ferry ride away from Seattle), the game was invented as a means of entertaining bored children. It has since evolved from those roots and become a wildly popular game across both the United States and Canada, and the game has even begun to spread into Europe and Asia.

How is pickleball played?

An extensive list of the rules of pickleball can be found at https://usapickleball.org/what-is-pickleball/official-rules/rules-summary/. A game is typically played to 11 points, and a team must win by two. Tournament games may be played to 15 or 21, and a team must win by two.

Does pickleball utilize referees?

Recreational games of pickleball can rely on the honor system much like pick-up games of other sports do. However, USA PickleballTM notes that referees and line judges are important components of tournament play. More information about becoming a pickleball referee can be found at https://usapickleball.org/get-involved/pickleball-officiating/.

Why should I play pickleball?

Players enjoy the game of pickleball for a multitude of reasons, including the thrill of competition, the chance to socialize and the opportunity to exercise outside of a gym or home fitness center. But many play the game because they find it fun.

Pickleball has experienced a notable spike in popularity in recent years. More information about the game and how to get involved is available at https://usapickleball.org. 

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Lifestyle  

Spirits & Cuisine  

 Polish Food from Pittsburgh

Comfort food for the cold weather.  

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Pittsburgh cuisine reflects this city’s multicultural heritage, especially that of the European immigrants of the early 20th century. Known as the city of steel for much of its modern history, the immigrant population that worked the area’s challenging blue-collar jobs introduced dishes that were robust and able to satisfy a hearty appetite. For our taste, at the forefront of the influence was the Slavic-Americans and their food. Other nationalities certainly had tremendous sway – most notably the Germans and Italians – but there is something special about a homemade pierogie or cabbage roll from Western Pennsylvania. In recent years, Pittsburgh has seen a renaissance in their restaurant scene. As such, virtually every type of ethnic cuisine can be found within the city and it has become a hidden gem for any dedicated “foodie.”

 Pierogies: Nothing is more Polish than a pierogie and where else to go for the best pierogies than Pittsburgh! Hidden in the McKees Rocks section of the city – just a few miles from downtown “Pierogies Plus” is nothing short of a jewel. What a find! With all due respect to Mrs.T’s frozen rendition of the same item, you will want to immediately try these easy to order pierogies.

Pierogies Plus, Inc.
342 Island Avenue
McKeesRocks, PA, USA
Phone: 412-331-2224

Click Here to Order

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Lifestyle 

Leisure 

Winterfest 2024

Many towns & cities offer a celebration of winter.  

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For millions of people, the most magical time of the year begins in December and lasts into March. Though December is often characterized as the holiday season, it also marks the start of winter. WinterFest is a celebration of this festive time, and there are events to enjoy across North America.

WinterFest is the name of several winter festivals that are held in different parts of the United States and Canada. The event that takes place in Lowell, Mass. may be one of the oldest WinterFests on record, having originated in 2001. Now there are annual celebrations in cities like Fort Lauderdale, FL.; Beloit, WI.; Gatlinburg, TN.; and Vaughan, Ontario, Canada, among others. WinterFest may be tied to sporting events, be centered around drawing people to Main Street or even take place in amusement parks.

WinterFest activities vary by location. Life-sized snow globes, cooking contests, rides, merchant shops, live holiday entertainment, and ice skating are part of some celebrations. These events encourage visitors to get out and enjoy themselves during the winter, highlighting all of the best the cold weather has to offer.

Towns and cities looking to provide visitors with something entertaining to do throughout January and February organize their own WinterFest celebrations to maximize a lull in the calendar when people likely are seeking entertaining things to do together. 

One of the most popular Winterfest celebrations occurs each year in Eastern Tennessee near Gatlinburg.  Draped in more than 6 million holiday lights, the annual Pigeon Forge Winterfest celebration creates a winter wonderland for locals and guests alike to enjoy. The lights of Winterfest shine bright from early November until February.

So, as the frigid temperatures cause some to hibernate, many may find a fun leisurely outing to a WInterFest celebration just the medicine for cabin fever.   

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Lifestyle

Travel

Understanding Transformational Travel

Stretch, learn & grow.  

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It can be hard for some people to imagine a life without traveling. Upon returning home from a trip, travel enthusiasts might already be looking forward to their next excursion. Some might refer to this as "catching the travel bug," but for others traveling is more than the often temporary fixation on seeing new places that can develop after an especially memorable trip.

According to the Transformational Travel Council, transformational travel is intentionally traveling to stretch, learn and grow into new ways of being and engaging in the world. Transformational travel can give people something to look forward to, which studies have shown is one of the hidden benefits of traveling.

A recent study from researchers at Cornell University found that experiential purchases like travel tend to provide more enduring happiness than material purchases. In essence, people tend to get more lasting happiness from doing things than from owning things. That aligns with an earlier study on the potential benefits of travel from researchers at the University of Surrey in England, who found that people tend to be at their happiest when they have booked and are anticipating going on a vacation. Though researchers have yet to examine the correlation between transformational travel and overall happiness, it's easy to see how transformational travelers may be especially likely to benefit from the anticipation of a planned trip, as such men and women are not only heading off on exciting trips, but doing so with the intent of having life-changing experiences.

So how can people become transformational travelers? The TTC promotes the notion of traveling with HEART, an acronym that encourages travelers to be humble, engaged, awake, resilient, and thankful during their trips.

· Humble: The TTC advises traveling with an empty cup mentality. Such a mentality involves approaching situations with an open mind and doing one's best to avoid letting past experiences dictate how you respond to new ones. An open mind can help people experience something new and completely different than what they're accustomed in a whole new way, which is something many people enjoy most about traveling.

· Engaged: Being a participator and not a spectator is another component to transformational traveling. A proactive approach to creating travel experiences can make those experiences more transformational than a passive approach.

· Awake: Paying attention while traveling may sound simple, but making an effort to being actively attuned to travel experiences can make trips that much more valuable for those hoping to grow and engage the world in new ways.

· Resilient: Accept that accessing better experiences and finding growth opportunities while traveling might pose certain challenges. Being resilient in the face of such challenges and taking them on willingly and actively can make for a transformational experience.

· Thankful: A mindset focused on being thankful and thoughtful while traveling can make travelers better stewards.

By embracing the principles of transformational travel, people may get more out of their trips than they ever anticipated. Learn more about transformational travel at www.transformational.travel. 

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