Hello There!

Welcome to the 15th Edition of 'A Five Minute Read.'

It's the magical time of the year, and I wish all of you, my lovely readers, a 'Merry Christmas' and a 'Happy New Year'. I hope you guys have a great holiday. This will be my last edition for 2023, and now I will see you folks in January 2024

Speaking of 2024, we are 12 days away from welcoming a new year, and one conversation we all have is about resolution. But we also always question why there should be a new year to start your resolution. While it may have no direct correlation, any fresh start is considered a psychological motivation; it could be a new year, a new month, a new week or even a new day.

So, let's use this motivation and try to implement one new habit into our lives. Also, remember most people drop their resolution because they do not have a plan to support it. So, while you prepare your resolution, also build a plan or break it down into smaller goals so that you can make progress, which is the most critical aspect of this entire initiative.

My Musings

The business of starting something new

In the business world, the allure of the uncharted is undeniable. It's like standing at the edge of a vast ocean, your toes teasing the unknown waters. Starting something new is about breaking ground and crafting a legacy from the blank canvas of possibility. It's the thrill of the first step into unexplored territory, where every challenge is an invitation to innovate, every setback a lesson in resilience.

Here, in the forge of creation, we don't just follow paths; we blaze trails, leaving a trail of ingenuity in our wake. Remember, every empire began as a mere idea, a spark in the mind of someone daring enough to say, "Let's begin."

So, it doesn't matter if you work in a corporation or do something of your own; what new are you starting in 2024?

Fresh Off the Digital Press

Costco's Golden Strategy: More Than Just Bulk Buys!

Let's break down Costco's latest power move. They've just dropped their Q1 2024 earnings, and guess what's glittering more than their profits? Gold bars, my friends. Costco, playing it cool with its members-only vibe, sold over $100 million in these shiny assets, even with a two-bar limit per shopper. And here's the kicker: they're selling these bars at just $2,069.99 each, barely above the spot price. Talk about a slim margin!

Costco isn't just a store; it's a club where the entry ticket is a $60 annual membership, unchanged since 2017. This strategy has jacked up their membership revenue by 46% in five years, while operating income has rocketed over 80%. They're not playing the usual retail game with ads and endless aisles. Instead, they focus on a tight product range, fair employee wages, and their secret weapon: the Kirkland Signature brand.

This in-house giant alone pulled in more cash last year than Macy's and McDonald's combined. Costco's not just selling products; they're selling a lifestyle, and their members are buying it in droves.

Read more on Reuters - Costco posts upbeat first-quarter results.

Teens Glued to Screens: The Digital Generation's Rise

Let's cut to the chase: today's teens are practically living online. A fresh survey throws the spotlight on a stark reality: 47% of teens are surfing the digital waves "almost constantly." That's not just a small uptick; it's a seismic shift from the 2014-15 era. And guess what? A staggering 95% of these digital natives have their own smartphone sidekicks.

So, where are these teens hanging out in the vast digital landscape? YouTube reigns supreme, with 71% tuning in daily, followed by TikTok's 58% and Snapchat's 51%. But here's the twist: while YouTube is the king of the hill, its daily devotees have slightly dipped. On the flip side, TikTok's seeing a surge, with 17% of teens glued to it "almost constantly."

And Facebook? Once the cool kid on the block, it's now trailing behind, with its teen fanbase plummeting from 71% to a mere 33%. Welcome to the ever-evolving world of teen screen time.

Read more on Pewresearch - Teens, Social Media and Technology 2023

Your Weekly Dose of Action

Starting Something New at Work or Business

1. Identify a Gap or Need: Look around your workplace or market. What's missing? What could be improved? Find a gap or a need that aligns with your skills and interests.

2. Research and Plan: Dive deep into understanding this gap. What are the potential solutions? How have others approached it? Create a plan outlining steps to address this need.

3. Start Small: Launch a pilot or a small-scale version of your idea. This minimizes risk and allows for adjustments based on real-world feedback.

4. Communicate and Collaborate: Keep relevant parties informed. Collaboration can bring new perspectives and resources to your project.

5. Stay Committed and Patient: New initiatives take time to develop. Stay committed to your vision, but be patient and open to learning.