Thinking Ahead Journal: 20th September 2009 by Gihan Perera

L me

Ideas and Insights from the First Step Member Community www.first-step-community.info 20th September 2009

Thinking Ahead is a collection of blog posts from members of the First Step Member Community. Each contributing author retains their copyright for their individual content. The material contained in this publication is general and is not intended as advice on any particular matter. The authors expressly disclaim all and any liability to any persons whatsoever in respect of anything done by any such person in reliance, whether in whole or in part, on this publication.

7hinking 6HSWHPEHU

www.first-step-community.info

AheaG

*,+$1 3(5(5$

*/(11 &$5':(//

:KDW DUHQÂ¶W \RX DXWRPDWLQJ \HW"

)UXLW KRD[HV 6(3 $ 0

6(3 3 0 ,Â¶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

+HUH LV D ODZ WKDW KDVQÂ¶W EHHQ EURNHQ VLQFH WKH LQWHUQHW VWDUWHG +HDOWK ZDUQLQJV DERXW IRRG UHFHLYHG YLD HPDLO ZLOO EH D KRD[ <HV WKDW LQFOXGHV

6XUH JRYHUQPHQW GHSDUWPHQWV DUHQÂ¶W IDPRXV IRU EHLQJ HIILFLHQW 6R PD\EH WKHUH ZDV QR LQFHQWLYH IRU WKLV SDUWLFXODU GHSDUWPHQW WR DXWRPDWH WKH SURFHVV %XW IRU \RXU EXVLQHVV WKHUH LV VXFK DQ LQFHQWLYH 7KH PRUH \RX FDQ DXWRPDWH VLPSOH UHSHWLWLYH SURFHVVHV OLNH WKLV WKH HDVLHU LW ZLOO EH WR VXFFHHG

WKRVH DERXW PDUJDULQH 'LHW &RNH DUWLILFLDO VZHHWHQHUV DQG HYHQ WKH YHU\ SRVLWLYH RQH DERXW EDQDQDV $ UHFHQW RQH SURFODLPHG WKDW IUXLW VKRXOG RQO\ EH HDWHQ RQ DQ HPSW\ VWRPDFK DQG QHYHU DIWHU D PHDO $ TXRWH IURP WKLV OXGLFURXV HPDLO Â³/HWÂ¶V VD\ \RX HDW WZR VOLFHV RI EUHDG DQG WKHQ D VOLFH RI IUXLW 7KH VOLFH RI IUXLW LV UHDG\ WR JR VWUDLJKW WKURXJK WKH VWRPDFK LQWR WKH LQWHVWLQHV EXW LV SUHYHQWHG IURP GRLQJ VR ,Q WKH PHDQWLPH WKH ZKROH PHDO URWV DQG IHUPHQWV DQG WXUQV WR DFLGÂ´

<RX GRQÂ¶W KDYH WR DXWRPDWH HYHU\WKLQJ DQG LQ IDFW WKHUH DUH VRPH WKLQJV \RX VKRXOGQÂ¶W DXWRPDWH %XW , EHW \RX WKHUH DUH VRPH WKLQJV WKDW FRXOG EH DXWRPDWHG HDVLO\ 7R JHW WKH ELJJHVW EHQHILW IDVWHVW DVN \RXUVHOI ZKDW WKLQJV \RX DUH GRLQJ

6R OHW PH JHW WKLV ULJKW Â± ZKHQ , HDW D EDQDQD VDQGZLFK WKH EUHDG UDFHV WR WKH S\ORULF VSKLQFWHU ZKHUH WKH VWRPDFK MRLQV WKH VPDOO LQWHVWLQH DQG URDG EORFNV WKH EDQDQD IURP WUDYHOLQJ DQ\ IXUWKHU" 7KH EDQDQD WKHQ

PDQXDOO\ RIWHQ WKDW FRXOG EH DXWRPDWHG HDVLO\

ORRNV IRUORUQ EHFDXVH LW LV ORFNHG LQ WKH VWRPDFK DQG GHFLGHV WR IHUPHQW WR SDVV WKH WLPH

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

www.first-step-community.info

6HSWHPEHU

<RX FDQ HDW IUXLW DQ\ WLPH RI WKH GD\ VHDWHG RU VWDQGLQJ LQ DQ\ VHDVRQ RI WKH \HDU DQG LQ HLWKHU KHPLVSKHUH *HWV GLJHVWHG WKH VDPH :KHQHYHU \RX UHDG D FODLP WKDW IRRG URWV SXWUHILHV RU IHUPHQWV LQ \RXU JXWV LW LV

*/(11 &$5':(//

'RHV RUJDQLF IRRG KDYH PRUH QXWULHQWV 3W "

MXVW VRPHRQH JRLQJ SXEOLF DERXW QRW KDYLQJ D FOXH DERXW EDVLF ELRORJ\ $QG WKDW LV WKHLU ULJKW LQ D GHPRFUDF\ 6DGO\

6(3 $ 0 7KH IUXLW VDODG WUHH ,Q P\ ODVW QHZVOHWWHU , PHQWLRQHG D UHSRUW WKDW VLPSO\ SXW VDLG WKDW FRQYHQWLRQDOO\ JURZQ SURGXFH DQG RUJDQLFDOO\ JURZQ SURGXFH KDG VLPLODU QXWULHQW SURILOHV -XVW DV WKH GXVW ZDV VHWWOLQJ RQ WKH FRQYHQWLRQDO YV RUJDQLF GHEDWH DQRWKHU UHSRUW SXEOLVKHG LQ $JURQRP\ IRU 6XVWDLQDEOH 'HYHORSPHQW WKLV PRQWK PDGH D FDVH IRU RUJDQLF SURGXFH

+DUU\ 7RPOLQVRQ E\ DOO DFFRXQWV D JRRG DQG KRQHVW EORNH DZRNH WR ILQG WKDW KLV DSSOH WUHH ZDV QRZ JURZLQJ SOXPV DQG EODFNEHUULHV 7KH WUHH LQ KLV JDUGHQ LQ QRUWKHUQ :DOHV KDG EHHQ JURZLQJ DSSOHV IRU \HDUV EHIRUH RWKHU IUXLW DSSHDUHG +H JRW VRPH SXEOLFLW\ EDFN LQ ZLWK DW OHDVW RQH MRXUQR DVNLQJ D KRUWLFXOWXULVW IRU DQ H[SODQDWLRQ IRU WKH Â³IUXLW VDODGÂ´ WUHH 7KHQ VRPHRQH GLG WKH VPDUW DQG REYLRXV WKLQJ 7KH\ ORRNHG DW WKH WUHH <RX VHH +DUU\ ZDV \HDUV ROG DQG KLV VLJKW PD\ QRW EH WKH EHVW +H ZDV LQIRUPHG E\ D YLVLWLQJ KRUWLFXOWXULVW WKDW WKH PDYHULFN IUXLW KDG EHHQ SDVWHG RQ WKH DSSOH WUHH +DUU\ ZDVQÂ¶W WRR SOHDVHG Â³, WKLQN LWÂ¶V

7KH QHZ UHSRUW VWDWHV WKDW RUJDQLFDOO\ JURZQ IUXLW DQG YHJHWDEOHV WHQG WR KDYH KLJKHU OHYHOV RI DQWLR[LGDQWV ZKLFK PD\ EHQHILW KXPDQ KHDOWK 7KHUH LV D ORJLF KHUH DV WKH DQWLR[LGDQWV LQ SODQWV DUH RIWHQ ZRUNLQJ DV QDWXUHÂ¶V QDWXUDO SHVWLFLGHV KHOSLQJ WKH SODQW NHHS EXJV DW ED\ ,I SHVWLFLGHV DUH QRW XVHG E\ WKH IDUPHU WKHQ RUJDQLF IUXLW DQG YHJHWDEOHV KDYH WR SURGXFH PRUH RI WKHLU RZQ YHUVLRQ WR PDNH WKHP OHVV DWWUDFWLYH WR EXJV

D URWWHQ WULFNÂ´ KH WROG WKH %%& :KDW GRHV LW DOO PHDQ" ,W PHDQV WKDW VRPH SHRSOH HQMR\ IRROLQJ RWKHUV <RX KDYH KHDUG WKH ROG SHDUOHU DERXW RQO\ EHLQJ DEOH WR HDW IUXLW EHIRUH QRRQ 7KDW FDPH IURP +DUYH\ DQG 0DULO\Q 'LDPRQG ZULWWHQ LQ WKHLU VLOO\ ERRN )LW IRU /LIH

7KH UHSRUW DOVR VDLG WKDW WKH PLQHUDO FRQWHQW GLG QRW GLIIHU EHWZHHQ SURGXFWLRQ V\VWHPV DOWKRXJK WKHUH DSSHDUHG WR EH KLJKHU OHYHOV RI LURQ DQG PDJQHVLXP LQ VRPH RUJDQLFDOO\ JURZQ YHJHWDEOHV

, DOZD\V DVN WKH TXHVWLRQ Â³:RXOG WKLV VRXQG ORJLFDO LQ D KXQWHU JDWKHUHU OLIHVW\OH"Â´ ,Q RWKHU ZRUGV GRHV LW PDNH VHQVH LI ZH FRQVLGHU KRZ SHRSOH OLYHG \HDUV DJR" +RZ ZRXOG DQ\RQH NQRZ LW LV QRRQ ILYH WKRXVDQG \HDUV DJR" ,I D SURWHLQ PHDO RIIHUHG LWVHOI HDUO\ RQH PRUQLQJ ZRXOG LW PDNH VHQVH WR WHOO \RXU QHLJKERXU Â³/HDYH WKH ILVK EH -RH LWÂ¶V ZD\ WRR HDUO\ WR HDW SURWHLQ Â´

2UJDQLF SURGXFH FRQVXPSWLRQ LV RQ WKH ULVH LQ ZHVWHUQ VRFLHWLHV $V , PHQWLRQHG LQ WKH ODVW QHZVOHWWHU LI \RX FDQ DIIRUG RUJDQLF WKHQ VXSSRUW WKH PRYHPHQW :H DUH OXFN\ WR KDYH WKH FKRLFH <RX FDQ GRZQORDG WKH RULJLQDO SDSHU KHUH KWWS ZZZ RUJDQLFFRQVXPHUV RUJ DUWPDQ XSORDGV $6'B/DLURQB SGI

7KH GLJHVWLYH WUDFW LV YHU\ FOHYHU 7KH ERG\ LV GHVLJQHG WR GLJHVW DOO W\SHV RI IRRG DW DQ\ WLPH EHFDXVH WKDW PDGH LW VR PXFK HDVLHU IRU KXPDQV WR

5HIHUHQFHV $JURQ 6XVWDLQ 'HY GRL DJUR

VXUYLYH

*,+$1 3(5(5$

$UH \RXU FOLHQWV EX\LQJ \RXU SURGXFWV RU EX\LQJ \RX" 6(3 3 0 ,Q D UHFHQW PHQWRULQJ VHVVLRQ , ZDV WDONLQJ WR D FOLHQW DERXW WKH SHRSOH ZKR ERXJKW KHU VHUYLFHV 6KHÂ¶V D FRQVXOWDQW ZKR UXQV VSHFLILF LQ KRXVH WUDLQLQJ SURJUDPV IRU FRUSRUDWH FOLHQWV $OWKRXJK VKH ZRUNV LQ D IDLUO\ QDUURZ ILHOG VKH VD\V WKDW ZKHQ SURVSHFWLYH FOLHQWV FRPH WR KHU WKH\ DOUHDG\ NQRZ WKH\ ZDQW KHU VHUYLFH ,Q RWKHU ZRUGV VKHÂ¶V QRW WU\LQJ WR FUHDWH DQ 52, OLQN ZLWK ORIWLHU JRDOV OLNH KLJKHU HPSOR\HH UHWHQWLRQ D EHWWHU ERWWRP OLQH RU KLJKHU SURGXFWLYLW\ 7KLV LV DQ LPSRUWDQW GLVWLQFWLRQ 7KH LPSRUWDQW SDUW LV QRW WKDW WKH\ FRPH WR KHU ZDQWLQJ KHU VHUYLFH DOWKRXJK WKDW GRHV PDNH KHU VDOHV SURFHVV HDVLHU 7KH LPSRUWDQW WKLQJ LV WKDW VKH NQRZV WKLV

www.first-step-community.info

6HSWHPEHU

*(7 5($/ <28 $5( &$3$%/( 2) 025( 7+$1 <28 ,0$*,1( :K\" %HFDXVH LW FKDQJHV WKH PDUNHWLQJ SURFHVV

5DLVH WKH %DU

,I WKH\ GLGQÂ¶W NQRZ WKH\ QHHGHG KHU VHUYLFH VKH ZRXOG KDYH WR FRQYLQFH WKHP WKDW WKH VHUYLFH LWVHOI LV YDOXDEOH %XW EHFDXVH WKH\ GR NQRZ WKH\ ZDQW LW QRZ VKH KDV WR FRQYLQFH WKHP WKDW VKH LV WKH ULJKW SHUVRQ WR GHOLYHU LW

6(3 $ 0 $ FRXSOH RI ZHHNV DJR , VDW GRZQ ZLWK P\ GDXJKWHUV WR ZDWFK WKH VHPL ILQDOV RI $XVWUDOLDÂ¶V YHUVLRQ RI 'DQFLQJ ZLWK WKH 6WDUV *HUDUG *RRVHQ ZKR ZH NQRZ WR EH YLVLRQ LPSDLUHG ZDV HOLPLQDWHG LQ 6XQGD\Â¶V VKRZ KH PDGH LW WR WKH ILQDO IRXU EXW ZKDW , ZDV UHDOO\ LQWHUHVWHG LQ ZDV KLV VSHHFK DW WKH HQG RI WKH VKRZ DQG WKH SDUDOOHOV ZLWK ZKDW , WHDFK LQ P\ *(7 5($/ VHPLQDU

'R \RX VHH WKH GLIIHUHQFH" ,Q RQH FDVH VKHÂ¶V VHOOLQJ WKH VHUYLFH LQ WKH RWKHU VKHÂ¶V VHOOLQJ KHUVHOI ,WÂ¶V LPSRUWDQW WR NQRZ ZKLFK FDPS \RXU SURVSHFW IDOOV LQWR ,I \RX JHW LW ZURQJ \RXÂ¶OO HLWKHU EH VHOOLQJ \RXUVHOI WRR VRRQ EHIRUH WKH\ XQGHUVWDQG WKH QHHG IRU WKH VHUYLFH RU \RXÂ¶OO EH ZDVWLQJ WLPH VHOOLQJ WKH EHQHILWV RI D

,Q KLV ZRUGV KH KLJKOLJKWV NH\ WKLQJV , EHOLHYH DUH WKH GLIIHUHQFH EHWZHHQ DYHUDJH DQG DZHVRPH

VHUYLFH WKH\Â¶YH DOUHDG\ FRQYLQFHG WKHPVHOYHV WR EX\ , WDON DERXW SHRSOH FDSDEOH RI IDU PRUH WKDQ WKH\ LPDJLQH *HUUDUG PHQWLRQHG RQH RI WKH NH\ PRWLYDWRUV IRU KLP LQ SDUWLFLSDWLQJ LQ WKH VKRZ DQG PDNLQJ WKH ILQDOV ZDV WR VKRZ SHRSOH WKH\ FDQ DFKLHYH JUHDW WKLQJV LI WKH\ SXW WKHLU PLQG WR LW

62 :+$7Â¶6 1(;7"

$QRWKHU HERRN , WKRXJKW \RX PLJKW OLNH WR KDYH

2QH RI WKH NH\ VHVVLRQV LQ WKH *(7 5($/ VHPLQDU LV Âµ5DLVLQJ WKH %DUÂ¶ DV KLJK MXPSHUV GR D OLWWOH DW D WLPH XQWLO \RX KDELWXDOO\ FOHDU LW ZLWK HDVH *HUUDUG FRQVLVWHQWO\ UDLVHV WKH EDU LQ KLV OLIH VR KH DFKLHYHV DZHVRPH WKLQJV GHVSLWH WKH IDFW KH LV EOLQG WKLQJV PRVW RI XV ZRXOG EH EORZQ DZD\ E\ +H KDV D VLJQLILFDQW GLVDGYDQWDJH DQG KH KDV PDGH WKHP KDELWXDO VR WKH\ DUH QRZ GRQH ZLWK WKH VDPH HDVH DV WKH KLJK MXPSHU FOHDULQJ WKH EDU

6(3 3 0 2I WKH PDQ\ HERRNV , SHUVRQDOO\ UHDG WKHUH D IHZ EHWWHU IRU OHDUQLQJ HDV\ ZD\V WR JURZ \RXU EXVLQHVV WKDQ 7KH FRPPDQGPHQWV RI WXUQLQJ UHODWLRQVKLSV LQWR SURILWV E\ P\ FROOHDJXH LQ WKH 8QLWHG .LQJGRP 5RE %URZQ <RX FDQ GRZQORDG WKLV HERRN KHUH

,W LV P\ EHOLHI WKDW FRXUDJH FRPHV EHIRUH FRQILGHQFH *HUUDUG FOHDUO\ VKRZV WKDW VWHSSLQJ RXW RI \RXU FRPIRUW ]RQH VORZO\ VWHS E\ VWHS OLWWOH E\ OLWWOH EXLOGV FRQILGHQFH ,W LV WKH FRXUDJH WR VWULQJ WRJHWKHU D VHULHV RI

%HVW ZLVKHV ,DQ

OLWWOH ZLQV WKDW FUHDWHV DZHVRPH RXWFRPHV DQG XOWLPDWHO\ FRQILGHQFH )RRG IRU WKRXJKW" +DYH D JUHDW GD\

)RXQGHU 'LIIHUHQFHPDNHUV &RPPXQLW\ :ULWHU DQG ,QWHUQDWLRQDO %XVLQHVV 6SHDNHU RQ KRZ GRLQJ JRRG LV JUHDW IRU EXVLQHVV

*,+$1 3(5(5$

7KH QHZ ZRUOG DQG WKH SHRSOH EXLOGLQJ LW

6KDP E\ 6WHYH 6DOHUQR 6(3 3 0

,Q WKLV ERRN 6DOHUQR XQDVKDPHGO\ WDNHV RQ WKH Â³VHOI KHOS DQG DFWXDOL]DWLRQ PRYHPHQWÂ´ RU Â³6+$0Â´ DV WKH DFURQ\P FRQYHQLHQWO\

www.first-step-community.info

6HSWHPEHU

VSHOOV RXW 7KH ILUVW SDUW RI WKH ERRN LQFOXGHV FKDSWHUV DERXW 'U 3KLO 7RQ\ 5REELQV DQG RWKHU VHOI KHOS FHOHEULWLHV WKRXJK FXULRXVO\ QRW 2SUDK :LQIUH\ ,I \RXÂ¶UH D IDQ RI DQ\ RI WKHVH FHOHEULWLHV LWÂ¶V ZRUWK

7+,1. */2%$/

UHDGLQJ WKLV ERRN WR RSHQ \RXU H\HV WR D GLIIHUHQW SHUVSHFWLYH

6(3 3 0

&KLQDÂ¶V %RRPLQJ (FRQRP\

7KH VHFRQG SDUW RI WKH ERRN GHVFULEHV WKH FRQVHTXHQFHV RI WKHVH Â³VKDP DUWLVWVÂ´ DW ZRUN +RZHYHU WKLV LV ZKHUH WKH ERRN IDOOV GRZQ ,W RIWHQ VDFULILFHV ULJRXU DQG ORJLF LQ RUGHU WR UDQW 6RPH RI WKH SRLQWV KH PDNHV DUH UHDVRQDEOH QR GRXEW EXW D OHVV RYHUWO\ ELDVHG DSSURDFK ZRXOG KDYH EHHQ PRUH FRQYLQFLQJ

0$77 &+85&+

6WUHWFK WKH FRPIRUW ]RQH 6(3 $ 0 :H WHQG WR KDYH FRQYHUVDWLRQV DQG WDNH DFWLRQ DW RXU OHYHO RI FRPIRUW 7R VRPH H[WHQW D SHUVRQV GHJUHH RI VXFFHVV LV SURSRUWLRQDO WR WKH DPRXQW RI XQFHUWDLQW\ WKH\ FDQ PDQDJH 7KDWÂ¶V QRW WR VD\ WKDW \RX KDYH WR EH D ILQDQFLDO ULVN WDNHU WR EH VXFFHVVIXO LWÂ¶V PRUH DERXW KRZ FOHDU WKH SLFWXUH QHHGV WR EH EHIRUH \RX OHDS 'R \RX KDYH WR EH ULJKW WR KDYH D

&KLQDÂ¶V %RRPLQJ (FRQRP\ , KDYH MXVW UHWXUQHG IURP &KLQD DW WKH HQG RI RXU ODWHVW %5,& 6WXG\ 7RXU &KLQD D RQH ZHHN SURJUDP RI EULHILQJV SUHVHQWDWLRQV VLWH YLVLWV DFWLYLWLHV DQG ZRUNVKRSV IRU D OHDGLQJ JURXS RI $XVWUDOLDQ LQYHVWPHQW SURIHVVLRQDOV RQ WKHLU ILUVW YLVLW WR 6KDQJKDL DQG %HLMLQJ

UHODWLRQVKLS ZLWK VRPHRQH"'R \RX UHDOO\

3(7(5 :(%%Â¶6 Â³:,6'20 &,5&/(Â´ 7KLV ZDV P\ ILUVW YLVLW WR &KLQD VLQFH WKH *OREDO )LQDQFLDO &ULVLV UHIHUUHG WR LQ &KLQD DV WKH Â³$PHULFDQ )LQDQFLDO &ULVLVÂ´ EXW WKH VLJQV RI FRQILGHQFH JURZWK DQG QDWLRQDO SULGH DUH HYHU\ZKHUH

5XELNÂ¶V &XEH 6(3 3 0

+HUH IROORZV D VXPPDU\ RI P\ NH\ OHDUQLQJ DQG REVHUYDWLRQV IURP WKH YLVLW

&KLQDÂ¶V HFRQRP\ LV ERRPLQJ 7KH HYLGHQFH LV HYHU\ZKHUH Â± LQ FRQVWUXFWLRQ LQIUDVWUXFWXUH SURSHUW\ UHWDLO DQG ODUJH VFDOH PDQXIDFWXULQJ &KLQDÂ¶V HFRQRP\ VHHPV FHUWDLQ WR PDLQWDLQ LWV DYHUDJH JURZWK UDWH RI S D VLQFH GHVSLWH WKH GLUH SUHGLFWLRQV RI ODWH ODVW \HDU DQG ZLOO VXUHO\ EH UHPHPEHUHG DV WKH \HDU LQ ZKLFK &KLQD Â³GH FRXSOHGÂ´ IURP WKH 86 7R XVH D ZHOO ZRUQ DQDORJ\ WKH WUDLQ KDV PRVW FHUWDLQO\ OHIW WKH VWDWLRQ Â± HLWKHU JHW RQ LW RU JHW RXW RI WKH ZD\ $IWHU VWUXJJOLQJ DQG SXVKLQJ WR FUHDWH PRPHQWXP , KDYH D IHHOLQJ DW WKH PRPHQW WKDW HYHU\WKLQJ LV GURSSLQJ LQWR SODFH HIIRUWOHVVO\ SXUSRVHIXOO\ DQG LQ LWÂ¶V RZQ WLPH .LQG RI OLNH ZDWFKLQJ WKH FRORXUV RQ D 5XELNÂ¶V &XEH OLQH XS , JXHVV \RX KDYH WR SHUVHYHUH ORQJ HQRXJK WR JLYH WKH YDULRXV

7KH &KLQHVH *RYHUQPHQW LV PDNLQJ DOO WKH ULJKW PRYHV WR HQVXUH FRQILGHQFH VWDELOLW\ DQG QDWLRQDO SULGH LQ WKH FRXQWU\Â¶V DFKLHYHPHQWV

SHUPXWDWLRQV DQG FRPELQDWLRQV WLPH WR VRUW WKHPVHOYHV RXW

7KH WLPLQJ VL]H DQG LPSDFW RI ODVW \HDUÂ¶V 86 ELOOLRQ VWLPXOXV SDFNDJH KDV GHOLYHUHG DQ LPPHGLDWH UHWXUQ WR WKH HFRQRP\ EXW WKH

www.first-step-community.info

6HSWHPEHU

JUHDWHVW EHQHILWV KDYH EHHQ GHOLYHUHG LQ VR PDQ\ RWKHU ZD\V LQFOXGLQJ &KLQD LV OHDGLQJ WKH ZRUOG LQ UHQHZDEOH HQHUJ\ VRXUFHV

WKH XSJUDGH LQ LQIUDVWUXFWXUH LQ WKH ILUVW WLHU FLWLHV QRWDEO\ 6KDQJKDL DQG %HLMLQJ ZKLFK DUH QRZ DV LPSUHVVLYH DV DQ\ FLW\ LQ WKH ZRUOG

7KLV ZDV D SDUWLFXODUO\ VXUSULVLQJ DVSHFW RI RXU UHFHQW YLVLW :H OHDUQW WKDW &KLQD LV QRZ SURGXFLQJ PRUH VRODU HQHUJ\ WKDQ WKH UHVW RI WKH ZRUOG SXW WRJHWKHU E\ VRPH GLVWDQFH DSSDUHQWO\ DQG WKLV ZDV FHUWDLQO\ HYLGHQW LQ %HLMLQJ ZLWK PDQ\ RI WKH VWUHHW DQG KLJKZD\ OLJKWV SRZHUHG E\ VRODU SDQHOV ZKLFK ZHUH HYLGHQW DORQJ WKH VLGH RI WKH URDG :H DOVR UHDG WKDW &KLQD SODQV WR EXLOG VHYHQ ODUJH ZLQG SRZHU EDVHV RYHU WKH QH[W GHFDGH DQG ZKLOVW &KLQDÂ¶V HQHUJ\ QHHGV DUH H[SHFWHG WR GRXEOH E\ LW FRXOG UHDVRQDEO\ H[SHFW WR PHHW DW OHDVW KDOI RI WKRVH QHHGV IURP ZLQG SRZHU

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Â¶V 2O\PSLF *DPHV ZKLFK DSSHDUV WR KDYH EHFRPH D WUXO\ LQWHUQDWLRQDO FLW\ FRPSDUHG ZLWK RQO\ \HDUV DJR

7KH 3ULYDWH 6HFWRU LV JURZLQJ UDSLGO\ &KLQD LV QRZ VKDNLQJ RII LWV LPDJH DV D FRXQWU\ GRPLQDWHG E\ D VPDOO OXPEHULQJ FROOHFWLRQ RI ODUJH VWDWH RZQHG FRPSDQLHV ZLWK DOO RI WKH DVVRFLDWHG ULVNV FKDOOHQJHV DQG UHVWULFWLRQV IRU IRUHLJQ LQYHVWPHQW DQG WUDGH DQG DQ LQFUHDVLQJ QXPEHU RI RSSRUWXQLWLHV QRZ H[LVW LQ WKH SULYDWH VHFWRU 3ULYDWH FRPSDQLHV LQ WKH 86 P WR 86 P WXUQRYHU UDQJH ZHUH LGHQWLILHG DV UHSUHVHQWLQJ WKH PRVW LQWHUHVWLQJ LQYHVWPHQW RSSRUWXQLWLHV DW WKH PRPHQW

WKH TXDOLW\ RI VHUYLFH LQ VKRSV KRWHOV UHVWDXUDQWV DQG HYHQ LQ WKH PDUNHWV LV QRZ DW DQ LQWHUQDWLRQDO OHYHO 0DQ\ UHJXODU WUDYHOOHUV WR &KLQD P\VHOI LQFOXGHG XVHG WR FRPSODLQ WKDW ZKLOVW WKH Â³KDUGZDUHÂ´ LH KRWHOV DLUSODQHV VKRSV URDGV ZDV RIWHQ ZRUOG FODVV WKH Â³VRIWZDUHÂ´ LH VHUYLFH ODQJXDJH VNLOOV WUDLQLQJ DWWLWXGH ZDV ODFNLQJ 7KLV LV QRZ FKDQJLQJ YHU\ UDSLGO\

'RPHVWLF &RQVXPSWLRQ LV ULVLQJ UDSLGO\ &KLQD LV JRLQJ JOREDO 7KLV LV WKH JUHDW WHVW IRU &KLQD :LWK WKH FROODSVH RI LWV H[SRUWV WR WKH GHYHORSHG ZRUOG FDQ LW FRQVXPH HQRXJK LQWHUQDOO\ WR PDLQWDLQ LWV

, ZDV WKH JXHVW VSHDNHU DW DQ LQYHVWPHQW IRUXP KHOG DW >KWWS ZZZ FUHDWLYLW\ QHW FQ HQ LQGH[ KWP ,QQRYDWLRQ 9DOOH\@ LQ 1LQJER DW ZKLFK RYHU FRPSDQLHV DWWHQGHG WR OHDUQ KRZ WR WDNH WKHLU EXVLQHVVHV RIIVKRUH ZLWK D SDUWLFXODU IRFXV RQ $XVWUDOLD DV D EXVLQHVV DQG LQYHVWPHQW GHVWLQDWLRQ , JDWKHU VLPLODU IRUXPV DUH EHLQJ KHOS WKURXJKRXW &KLQD DV WKH FRXQWU\ VHHNV WR LPSOHPHQW LWV QHZ Â³*RLQJ 2XWÂ´ VWUDWHJ\ DQQRXQFHG LQ -XO\ WR GLYHUVLI\ LWV IRUHLJQ UHVHUYHV DQG LQFUHDVH LWV VKDUH RI JOREDO H[SRUWV

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

&KLQD LV PRYLQJ XS WKH YDOXH FKDLQ /X[XU\ FDU VDOHV DUH XS IRU WKH ILUVW KDOI RI D WLPH ZKHQ WKH UHVW RI WKH ZRUOG ZDV VKXQQLQJ OX[XU\ SXUFKDVHV RI DQ\ NLQG

:H OHDUQHG WKDW &KLQD LV ORRNLQJ WR XSJUDGH WKH TXDOLW\ RI LWV H[SRUWV E\ PRYLQJ LQWR KLJKHU YDOXH PDQXIDFWXULQJ FDSDELOLWLHV 7KHUHIRUH WKH GHYHORSPHQW RI WHFKQRORJ\ OHG VHFWRUV DQG KLJK YDOXH FDSDELOLWLHV KDV EHFRPH D NH\ SROLF\ IRFXV ,Q WKLV UHVSHFW WKH FROODSVH RI ORZ YDOXH H[SRUWV WR WKH GHYHORSHG ZRUOG LV D EOHVVLQJ DV LW KDV IRUFHG WKH ZKROH FRXQWU\ WR DFFHOHUDWH LWV PRYH GRZQ WKLV SDWK

6DOHV RI 0HUFHGHV FDUV DUH XS DQG &KLQD LV QRZ WKH 1R PDUNHW LQ WKH ZRUOG IRU WKH 0HUFHGHV 6 &ODVV WKHLU KLJK HQG IODJVKLS YHKLFOH )HUUDUL VROG PRUH WKDQ FDUV LQ &KLQD ODVW \HDU RI DOO 5ROOV 5R\FH FDU VDOHV LQ &KLQD DUH FXVWRP EXLOW KLJKHU WKDQ LQ DQ\ RWKHU PDUNHW ZLWK FXVWRPHUV DGGLQJ KXPLGLILHUV VLQJOH UHDU VHDWV EDFNVHDW HQWHUWDLQPHQW RSWLRQV DQG UHIULJHUDWRUV WR HQVXUH PD[LPXP FRPIRUW DQG VWDWXV

$XVWUDOLD LV QRW WDNLQJ &KLQD VHULRXVO\ HQRXJK ,Q FRQYHUVDWLRQ ZLWK PDQ\ $XVWUDOLDQ &KLQHVH DQG H[SDWULDWHV OLYLQJ LQ

www.first-step-community.info

6HSWHPEHU

&KLQD , ZDV VXUSULVHG DQG GLVPD\HG WR KHDU WKH YLHZ WKDW $XVWUDOLD LV ORVLQJ RXW WR WKH 86 -DSDQ .RUHD DQG (XURSHDQ FRXQWULHV E\ QRW WDNLQJ &KLQD VHULRXVO\ HQRXJK ,W VHHPV WKDW ZKLOVW PDQ\ $XVWUDOLDQV FRPLQJ WR &KLQD WR Â³WDNH D ORRNÂ´ YHU\ IHZ HYHU FRPH EDFN DJDLQ WR GR VRPHWKLQJ VHULRXV $XVWUDOLDÂ¶V H[SRUWV WR &KLQD DUH GRPLQDWHG E\ RXU UHVRXUFHV VHFWRU ZKLFK UHSUHVHQWV RQO\ RI RXU *'3 ZKLFK PHDQV WKDW WKHUH LV VLJQLILFDQW SRWHQWLDO WR H[SRUW WKH RWKHU VHFWRUV RI RXU HFRQRP\ HVSHFLDOO\ WKRVH LQ ZKLFK ZH RIIHU LQQRYDWLYH SURFHVVHV WHFKQRORJ\ DQG ZRUOG FODVV SURGXFWV DQG VHUYLFHV

,Â¶P SODQQLQJ WR GR VRPHWKLQJ DERXW WKLV P\VHOI E\ ODXQFKLQJ RXU 'D\ &KLQD 0DUNHWLQJ &KDOOHQJH LQ 6\GQH\ RQ WK 6HSWHPEHU DQG WDNLQJ D JURXS RI LQQRYDWLYH DQG G\QDPLF HQWUHSUHQHXUV DQG VPDOO EXVLQHVVHV WR GR EXVLQHVV LQ &KLQD IURP QG WR WK 1RYHPEHU 7R UHJLVWHU \RXU LQWHUHVW LQ WKLV SOHDVH JR WR KWWS WKLQNJOREDO FRP DX GRFV B'D\B&KLQDB0DUNHWLQJB&KDOOHQJHB )O\HUBDQGB(2,B)RUP SGI DQG GRZQORDG DQG UHWXUQ DQ H[SUHVVLRQ RI LQWHUHVW IRUP DQG ZH ZLOO PDNH FRQWDFW ZLWK \RX :DWFK WKLV VSDFH IRU PRUH GHWDLOV

%HVW ZLVKHV 'DYLG 7KRPDV

Regular Contributors Gihan Perera

www.gihanperera.info

Hugh Gyton

justaconversation-hugh.blogspot.com

Ian Berry

www.ianberry.au.com/ianberrysblog.html

Matt Church

www.thoughtleadersblog.com www.mattchurchblog.com

Glenn Capelli

glenncapelli.blogspot.com

Glenn Cardwell

glenn-glenncardwell.blogspot.com

Sharonne Phillips

sharonne-phillips.blogspot.com

Anne Riches

anneriches.blogspot.com

Matt Hern

financialfuturist.com

David Beard

lifelongfitness.net/blog

David Thomas

thinkglobalblog.blogspot.com

Ross Clennett

rossclennett.blogspot.com

Rowdy McLean

getrealguy.blogspot.com

Jenn Shallvey

feeds.feedburner.com/LetsGoThere

Peter Webb

www.peterwebb.com.au

Sue-maree McEnearney

hspotting.blogspot.com

Helen Macdonald

helenmacblog.blogspot.com

Steve Francis

www.stevefrancis.net.au

Ann Rolfe

www.mentoring-works.blogspot.com

Michael Harrison