Across business broadly, project management skills are
vital, but become pushed to the extreme on ultra-large
projects. Often defined as more than US$1 billion in
value, ultra-large projects are tougher because when the
size of a project increases, so too does the complexity.
A McKinsey & Company report states that, on average,
ultra-large projects are delivered one year behind
schedule and run 30% over budget. That equates to
around US$5 trillion lost in value globally. The report
concludes that project leadership is key, outlining four
mindsets critical to success:- Lead as a business, not as a project.
- Take full ownership and accountability.
- Make your contractor successful
and your success will follow. - Trust and enforce the processes you
implement, but know they’re not infallible.
How to run a business
‘ultramarathon’
THINK PINK
Beneath the red dust of the harsh Western Australian outback lies
the source of 95% of the world’s annual natural pink diamond
supply: Rio Tinto’s Argyle Mine. Not that they are abundant; for
every one million carats of rough diamonds produced at the mine,
a mere one carat of pink is suitable for sale. As such, with demand
consistently outstripping supply, pink diamonds have always been
a strong investment. However, the mine is due to cease production
in 2021, effectively cutting world supply by 95%. Now that truly is
a rare investment opportunity.
“ I REALISE NOW
MORE THAN
EVER THAT THE
MOST VALUABLE
COMMODITY
IN LIFE IS THE
FEELING YOU GET
WHEN YOU GIVE.
COMPASSION IS
THE CURRENCY
THAT LEADS TO
TRUE WEALTH.”- JIM CARREY
When it comes to making smart investment decisions, the top
self-made business people in the US have five very simple tips.
1.^ Warren Buffett (pictured) advises to stick with what you
know. “Never invest in a business you cannot understand,”
he says. “Risk comes from not knowing what you’re doing.”
2.^ Barbara Corcoran suggests to invest in your wardrobe.
Having blown her first pay cheque on a coat, she states:
“It was the smartest thing I could have done with the
money because, in it, I felt powerful.”
3.^ David Bach advises you buy a house to live in. “The fact^
is, you aren’t really in the game of building wealth until
you own some real estate,” Bach says. “The average
homeowner to this day is 38 times wealthier than a renter.”
4. Grant Cardone recommends investing in yourself: Take
classes, watch videos, attend conferences, whatever you can.
“Investing in yourself is a no-lose deal,” he says. “It will always
give you a return. Nobody can take it from you. It’s yours.”
5.^ Bill Belichick says to invest in your relationships. Getting to
know what your team is going through in life will help you
motivate them at work. “There are a lot of things that affect
what happens on the field that occur off the field,” he says.
INVEST LIKE
A BILLIONAIRE
theceomagazine.com | 93Norway’s very healthy pension
fund recently cracked themark in value.
The fund is among the world’s
biggest investors in stocks, owningworth of shares in more than
9,000 companies globally.
It owns on average
of ALL listed
companies
worldwide.US$1 trillion
US$667 billion
1.3%
News | INVEST