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Economic growth in the Middle East and North Africa (MENA) region is set to drop slightly to 1.5 percent in 2019 from 1.6 percent in 2018, according to a new World Bank report. Despite the fall in growth this year, regional growth is expected to see a modest uptick to 3.4 percent in 2020 and 2.7 percent in 2021.

The World Bank’s latest bi-annual MENA Economic Update, launched today, says the expected growth in the region is led by developing oil importers, such as Egypt, which accounts for roughly 8 percent of MENA’s GDP, with a forecast at 5.5 percent in 2019, and higher in 2020-2021 Growth in GCC economies is expected to reach 2.1 percent in 2019.

The revival of growth in Egypt and the GCC is partly and indirectly the result of domestic reform policies. Meanwhile, the expected growth slowdown of MENA’s largest export markets, namely, the EU, US and China, will have a negative effect on the region.

“We’re challenging the region to embrace ambitious reforms,” said Ferid Belhaj, World Bank Vice President for the Middle East and North Africa Region. “There’s an urgency today for reforms to improve productivity and encourage innovation and competition.

The Middle East and North Africa will have 300 million young people looking to enter the job market by 2050.

The region can only succeed if it addresses the structural impediments to growth. We see that the countries that have taken difficult measures to implement policy reforms are the drivers of economic growth in MENA today.”

The modest expected pickup in growth in the upcoming years does not change the long-term picture of lackluster growth of GDP per capita and persistent current account deficits in several developing economies of MENA. Many oil-importing countries have been running large and persistent trade and current account deficits for more than a decade. In contrast, MENA’s oil exporters have historically had large current account surpluses, but that has changed in recent years. The deterioration in external balances has limited the ability of the region to recirculate savings from high-income oil exporters to developing economies with persistent current account deficits, most notably since the global restructuring of the oil market in 2014.

The new Bank report, entitled Reforms and External Imbalances: The Labor-Productivity Connection in the Middle East and North Africa, lays out the urgent need for more structural reforms that can raise aggregate labor productivity to simultaneously raise growth and reduce external imbalances in the region.

MENA countries should be growing at least at twice the rates they currently do,” said Rabah Arezki, World Bank Chief Economist for the Middle East and North Africa Region and lead author of the report.

“To awaken its untapped potential, the region must transform its economies, strengthen market contestability, and adopt a moonshot approach to the digital economy.”

Existing excess current account deficits must shrink gradually, the report argues, rather than wait until souring capital flows force current account deficit reversals upon MENA economies.

The report affirms that both demographic changes and aggregate labor productivity are fundamental drivers of an economy’s current account balance. Structural reforms are urgently needed to raise aggregate labor productivity. These reforms include: fiscal-expenditure reforms that can help by both increasing fiscal savings and enhancing labor productivity when subsidies prevent market contestability; trade reforms aimed at lowering trade costs beyond tariffs to help integrate MENA in global value chains; labor market reforms to enhance labor productivity while also providing a safety net for displaced workers; and smart reforms in State Owned Enterprises in network industries, such as energy and telecoms to help improve the efficiency of the firms as well as raise aggregate labor productivity.

Source: worldbank

61 percent of high-profile digital companies worldwide are investing in blockchain, according to a report by identity management firm Okta shared with Cointelegraph on April 2.

San Francisco-based enterprise identity provider Okta has released a survey on new trends in technological developments and business opportunities of the world’s largest companies.

In its first “Digital Enterprise Report,” Okta surveyed 1,050 IT, security and engineering decision makers from global companies with at least $1 billion in revenue. Okta explained that decision makers were defined as someone at the company who is “responsible for making technology purchasing decisions.”

The company collected survey responses in January and February 2019 in order to find out how businesses are applying emerging technologies.

According to the report, most decision makers have preferred to invest in the Internet of Things (IoT) and artificial intelligence (AI) technologies, as 72 percent of survey respondents said they invested in IoT, and 68 percent claimed that they invested in AI.

With that, 61 percent of respondents revealed that they invested in blockchain, while 58 percent said they invested in augmented reality technology.

Percentage of investment in various emerging technologies by large companies. Source: Okta Digital Enterprise Report

Out of total 1,050 decision makers, 90 percent claimed that their companies are working on formal digital transformation and investing in at least one of the aforementioned technologies.

Recently, United States-based market research firm International Data Corporation predicted that global blockchain spending will account for almost $2.9 billion in 2019, which is an 88.7 percent increase from 2018.

Source: cointelegraph

Siemens scores six major cities, including Dubai, on their readiness for digitisation and their potential to become smart cities

Dubai is making excellent progress in its drive to become a smart city which embraces digitalisation and develops new ways of living, working and interacting, according to Siemens.

Its Atlas of Digitalisation report is based around the interconnected themes of Expo 2020 Dubai – mobility, sustainability and opportunity – and assesses how the fourth industrial revolution has already impacted urban life around the world, and the potential it could have in the future.

Data from 21 indicators has been analyzed by Siemens together with Signal Noise, part of the Economist Group, in Dubai, Los Angeles, London, Buenos Aires, Taipei and Johannesburg to produce a digital readiness score.

Dubai gained scores of six out of 10 for both readiness and potential. This compared to London which scored eight for readiness but only three for potential while Los Angeles scored seven and three respectively, Taipei scored six and three, Buenos Aires scored four and four and Johannesburg scored two and six.

The analysis recognises Dubai’s advanced implementation of digital technologies in areas such as smart metering, online connectivity, mobility and smart government, and initiatives such as Smart Dubai which are supporting its ambition to be the happiest city on Earth.

It also identifies potential for digitalisation to positively impact areas such as renewable energy, which Dubai is already addressing via its clean energy strategy.

The analysis considers areas such as smart electricity and transport systems, internet connections and digital governance services.

The score reveals the current level of maturity of each city’s digital infrastructure, and its preparedness for a connected future.

“Each city must address its own unique mix of challenges and opportunities by embracing digitalization; the key to sustainable, livable future cities,” said Dietmar Siersdorfer, CEO, Siemens Middle East and UAE.

“The Atlas of Digitalization gives us an all-important understanding of the current status of digitalization in cities around the world, and the data tells us Dubai has already made excellent progress in key areas. Dubai is on a successful path thanks to strong ambition and visionary leadership, and we hope the Atlas will inspire new ways of thinking to shape the smart cities of tomorrow, and realize the global potential of City 4.0.”

The analysis also takes into account areas such as innovation, greenhouse gas emissions and time spent in traffic to give the cities a Digital Potential Score, indicating where there is opportunity to grow digital capabilities to transform society and economy.

While each city is unique, they all share one characteristic - their ingenuity in using digital technologies to make infrastructure more efficient and productive, and to address challenges such as air pollution, congestion, population growth and natural hazards, Siemens said.

Source: arabianbusiness

Investors can get a five-year residence visa when they invest in a property worth at least $1.36mln.

The UAE offers plenty of opportunities to foreigners who are willing to invest in real estate sector to secure a long-term visa following a reform process initiated by the government last year.

Property investors can invest in more than 40 communities across the UAE, mainly in Dubai, to secure a long-term visa and better returns on their investment.

Majority of foreigners prefer to invest their money in residential properties, but real estate experts suggest that commercial properties can also offer strong returns.

As per the new UAE regulations, property investors can get a five-year residence visa when they invest in a property worth at least Dh5 million. The ruling applies both to secondary and new properties above Dh5 million and Dh10 million.

Manika Dhama, head of Strategic Consulting and Research at Cavendish Maxwell, said residential properties in Dubai, particularly in branded or serviced apartment categories, above Dh5 million offer investment opportunities for those seeking a long-term visa under new regulations.

"Certain villa or townhouse communities in Abu Dhabi and Northern Emirates like Ras Al Khaimah also offer such investment opportunities," she added.

Dhama said requirements for these new long-term visa currently state cash-only investments. Therefore, more clarity is required on how this is applicable to single units or entire buildings, land, etc, she said.

"Bulk residential units in higher yield areas like International City may prove to be a better investment option in the Dh5 million and above category, particularly for those with a higher risk appetite, than a single villa where yields tend to hover around 4-5 per cent," said Dhama.

"Indians, Pakistanis and Britons will remain top 3 investors seeking long-term visa through property investment," she said while referring to majority of investment in Dubai's property sector coming from India, Pakistan, Britain and Saudi Arabia.

Leading communities

There are 31 communities across the emirate of Dubai where Dh5 million worth of investment can get a 5-year visas, according to data provided by Cavendish Maxwell. 

Al Barari, Al Furjan, Arabian Ranches, Arabian Ranches 2, Bluewaters Island, Business Bay, City Walk, Culture Village, Damac Hills, Downtown Burj Khalifa, Dubai Harbour, Dubai Marina and Dubai Science Park (DuBiotech), are included among those communities.

Other areas where investors can invest for long-term visas are: Dubai Sports City, Emirates Living, Jumeirah Beach Residence, Jumeirah Gold Estates, Jumeirah Islands, JLT, Jumeirah Park, Living Legends, Meydan City, Mohammed bin Rashid City, Motor City, Palm Jumeirah, Pearl Jumeirah, Dubai Creek Harbour, The Villa, Zabeel (WTC Residence), World Islands and Jumeirah Bay Island.

While the eight communities in Abu Dhabi for long-term visa are Saadiyat Island, Nurai Island, Al Reem Island, Marina Village, Al Raha Gold Gardens and other communities in Al Raha area including Al Zeina, Al Manara and Al Bandar.

Taimur Khan, head of research for Middle East at Knight Frank, said majority of the properties above Dh5 million price range are villa properties in locations such as Emirates Hills, The Palm Jumeirah, Emirates Living among others.

In addition, there are also a number of luxury apartments which are available in Dubai's established prime area such as Downtown Dubai and Palm Jumeirah. "We are also seeing new offerings come to the market in Dubai Marina, Bluewaters, Jumeirah and City Walk."

In Abu Dhabi, majority of residential properties above Dh5 million are villas on Saadiyat Island while some prime apartments are available above this price point on Saadiyat Island, Yas Island and Al Raha Beach.

"Whilst there are other locations where properties above this value are available, the aforementioned locations are where non-GCC national are able to buy property," he said.

He noted that investors' focus will be on properties which are not only of great quality but are also part of a community.

Restoring confidence

Fadi Nwilati, CEO, Kaizen Asset Management Services, stated that the UAE's long-term visa strategy has reinforced confidence among expatriates and given a greater feeling of permanence in the UAE.

"We have seen a direct impact on foreign investment increase outside of the GCC, especially from India and Pakistan. As an organisation, we have in particular discussed this topic with business owners, since business owners have started expressing interest to buy rather than rent properties. There is a lot of excitement in the market, but it is far too early to see tangible results. We are looking forward to seeing the tangible impact in the next three years," Nwilati said.

"There are currently around 5,500 properties valued at over Dh5 million on the listing portals. Residential investors can look at areas like Arabian Ranches 2, Dubai Hills, District One, Tilal Al Ghaf, Al Barari and Palm Jumeirah. On the higher end, investors can look at Palm Jumeirah, Emirates Hills, Royal Atlantis residences and Opera District to name a few," Nwilati added.

Jake Wright, investment director, Smart Crowd, believes that the long-term visas will provide individuals greater comfort around their mid- to long-term future, allowing them to better plan their lives within the emirate.

"Working on a two- to three-year visa may deter people from making key life decisions i.e. shall I buy a property to live in, shall I invest some of my savings or even smaller purchases such as furniture etc. All of which a key factors in creating a thriving economy," said Wright.

Commenting on commercial properties, Andrew Love, partner and head of Commercial and Investment Agency at Cavendish Maxwell, said prime office assets in areas of Dubai like Downtown, Internet City or JLT, with good tenants and long-term leases, may generate a yield of up to seven per cent. Certain multi-let industrial and logistics assets in areas like DIP might provide 10-11 per cent in returns.

"Often, these investments start at Dh12 million, with typical transaction values between Dh50 million and Dh100 million," Love said.

He said other commercial assets like retail community malls may generate 8-12 per cent, with investments ranging from Dh15 million to Dh200 million. Labour accommodations often offer the best returns, more than 15 per cent, but also carry the most investor risk due to high tenant turnover and cyclical rents.

Source: zawya

The Sultanate of Oman is a beautiful place known for its sandy beaches, spectacular waterfalls, and unique cultural and architectural heritage.

Strategically located in the south-eastern coast of the Arabian Peninsula, it occupies 300,000 sq. km of area of which 1700 sq. km are covered by the coastline making it a marine country.

It is the part of Gulf Co-operation Council (GCC) and is considered as one of the most important logistics centres of the region.

Oman has achieved a stable balance between remaining true to its roots and being a globalized country.

It has been focusing on driving economic growth and is now considered a high-income economy by The World Bank. The Sultanate of Oman is working towards formulating policies that would not only decrease the dependency of the economy on the export of oil but will also secure FDI’s from foreign investors. Let’s see some of the reasons that make setting up a business in Oman such a lucrative option for you.

Reasons to Choose Oman As A Business Destination

World Bank issued its annual Doing Business report for 2019 in which the Sultanate was ranked 78 in the Ease of doing Businessglobally.

The International Monetary Fund (IMF) also has stated Oman to become the fastest growing economy in the GCC region and the sultanate’s real GDP is expected to increase by 5% in the year 2019. Some of the key features that makes Oman a very beneficial option are highlighted below:

1.Strategically Located

Oman also holds the status of a marine country and due to its tactical location, controls one of the most important naval trade routes in the world, the trade route between the Arabian Gulf and the Indian Ocean. 

The location makes Oman the confluence of the African and Asian continents, which lead to various financial and business opportunities.

2.Availability of Numerous Amenities

A strong infrastructure, commercial connectivity, and security are some of the steps taken by the Ministry of Foreign Affairs and Commerce which encourages entrepreneurs to seize the investment opportunities and contribute to the development of the economy.

3.A Developing Economy

The economy of Oman has grown by leaps and bound over the years. The Sultanate has made huge social and economic improvements and has seen achievements such as multi-lane highways, equipped hospitals, state-of-the-art schools, and universities etc.

Oman is also looking to leverage its position as a beautiful country with rich cultural heritage and focus towards tourism.

4.Revenue Generation from Non-Oil Products. 

Although the discovery of oil was very crucial to Oman’s economy at the initial phase, it is focusing more towards diversifying the economy and investments in the foreign sector and incorporation of businesses in Oman are encouraged.

Non-Oil revenue for Oman is to form 16.5 % of GDP in 2019.

5.Easy Tax Rates

You don't have to pay any income or individual tax. A company only needs to pay a flat rate of 15% corporate tax after establishment.

All goods move freely across the GCC without any customs duties.

6.A Step towards the Growth of Oman (Vision 2040)

Oman’s vision 2040 strategy aims to develop multiple sectors like infrastructure, tourism, technology, hotel, transport, manufacturing, and mining industry. This initiative forecasts an increase of 31 billion riyals by 2040.

7.Ongoing Projects of Oman

For the prosperity of the economy, Oman has many projects which are ongoing or in the pipeline in different sectors. Some of the projects which are nearing completion are Salalah LPG Project, Mina Sultan Qaboos Waterfront etc.

It is very clear that there are many benefits of setting up a business in Oman.

The location, the government incentive and the future vision for Oman, all provide a very conducive environment for you to start a business in Oman and help the Omani economy.

Source: businesssetup

 

Shailesh Dash, chairman of Dubai-based, Gulf Pinnacle Logistics

The Expo 2020 Dubai event has already spurred business opportunities for various sectors, with logistics being one of the prime gainers, say experts.

With less than 19 months left for the inauguration of the Expo 2020, its organisers have further speeded up the pace of allocating contracts to thousands of local and foreign firms to ensure timely preparation of the event, which is set to be the largest of its kind in the Arab World.

So far Expo 2020 Dubai has awarded 56 per cent of contracts to small and medium-sized enterprises.

Meanwhile, more than 26,000 companies from 150 countries have recently applied to be involved in the event.

The 173-day milestone Dubai exhibition expects to welcome 25 million visitors and more than 200 international participants from 190 countries.

"When foreign companies get contracts in the UAE, they need professional support of logistics specialists with wide local and international network to move their set up and equipment to the Gulf country.

Contractors of Expo 2020, which is extraordinarily big in magnitude, therefore rely on reputable and experienced logistics players to become their strategic and operational partners.

After all, freight forwarders do much more than moving containers. We guide organisers, contractors and exhibitors throughout different customs procedures, time frames and operational complexities," said Shailesh Dash, chairman of Dubai-based, Gulf Pinnacle Logistics.

Rodney Viegas, CEO of AbdulMuhsen Shipping and So Safe Logistics, said: "Thanks to the increased momentum of Expo 2020 preparations, the logistics sector in the UAE - which according to the 2019 Agility Emerging Markets Logistics Index ranks first in the region and third globally - is witnessing a business boom, when other sectors are observing slow growth.

Expo 2020 is expected to drive the logistics and supply chain segment even further and cement the UAE's position as a global leader in logistics.

With our strong global agent network, we are equipped to provide end-to-end logistics solutions to fulfil the client's comprehensive list of logistics requirements on time."

Source: khaleejtimes

Telco's chief technology officer says 'pioneering efforts' in 5G will pave way for the 'future of connectivity'

UAE-based telecoms giant Etisalat plans to invest AED4 billion ($1.09 billion) in digital transformation, mobile and fibre networks this year, according to a senior executive.

Hatem Bamatraf, chief technology officer, Etisalat International, said the company's "pioneering efforts" in 5G will pave the way for the "future of connectivity".

Bamatraf was speaking at 5G MENA 2019 in Dubai where he highlighted Etisalat’s investments and focus on enhancing and building one of the most advanced networks in the region.

“We are stepping into an era, which marks the revolution of intelligent connectivity underpinned by ubiquitous and hyper connectivity.

This term is used to describe the powerful combination of flexible, high-speed 5G networks, the Internet of Things (IoT) and Artificial Intelligence (AI). This will have a significant and profound change on individuals, industries, society and the economy, transforming how we live and work,” he said.

Etisalat said earlier this month that its 5G network is ready, adding that the first 5G devices are likely to arrive in the UAE in June.

Bamatraf said Etisalat was the first operator to have a fully developed commercial 5G network available to provide gigabit internet services to its customers.

The network will fuel enterprises digital transformation, IoT, smart cities and the fourth industrial revolution, he noted.

He added that Etisalat’s network will also provide the most advanced digital and telecom services to Expo 2020 Dubai and its millions of visitors, supporting an expected 300,000 users on peak days.

“Etisalat’s network and infrastructure will be ready to provide the service as soon as the 5G mobile handsets are available in UAE. We are aiming to build 1,000 5G towers across the UAE during 2019 to enable 5G coverage,” he added.

With majority of 5G deployments to be implemented by 2020 globally, industry estimates indicate a projection of 1.5 billion 5G subscriptions by the end of 2024.

Source: Arabianbusiness

Saudi Arabian investment firm Kingdom Holding will put the proceeds from the sale of its stake in ride-hailing startup Careem toward $600 million in investments in the kingdom and Europe, its chief executive told Reuters on Friday.

Kingdom, which is 95 percent owned by billionaire Price Alwaleed bin Talal, sold its stake in Careem this week for 1.25 billion riyals ($333 million). It will receive 565 million riyals in cash, plus convertible bonds in Uber Technologies worth 685 million riyals.

"We have five companies on the table that are being discussed, deliberated. Hopefully we will be able to come to a conclusion on where to invest within the next eight weeks," Talal Ibrahim al-Maiman said in a phone interview.

Some of the companies are in Saudi Arabia and some are in Europe, he said. "We're talking about $600 million or so."

"We will not deploy all the cash in one go, but this is the first tranche," he added. "It's a combination of debt and equity."

Kingdom's investments will be directed 70 percent into income-generating dividend-distributing investments and 30 percent into technology and potential growth companies, he said.

Kingdom was among the first investors in Careem, the Middle East rival of Uber, which acquired it this week in a $3.1 billion deal ahead of a hotly anticipated initial public offering.

Lyft, another Uber rival, was valued at $24.3 billion in the sector's first IPO on Thursday and shares opened up more than 20 percent on Friday. Kingdom has a 2.98 percent stake in the firm.

"If we assume exit, which we cannot of course because there's a lock-up period, we've made an IRR (internal rate of return) of 53 percent on Lyft," Maiman said.

"We've made almost 100 percent in Careem, so we've done very well. It's been really a good week for Kingdom."

Maiman said Kingdom would consider raising its investments in Lyft or Uber "if we see an opportunity there".

He added: "I think it would be a while before Lyft looks outside North America... but the Middle East would probably be one of the best international markets versus, for example, South America or the like."

Source: Reuters

MATRIXX Software is a Silicon Valley-based company whose MATRIXX Digital Commerce Platform is 'reinventing' global business

Ooredoo has announced a partnership with MATRIXX Software, a Silicon Valley-based company whose MATRIXX Digital Commerce Platform is "reinventing" global business, to digitally transform the mobile experience for millions of mobile customers in Kuwait and Oman.

The partnership was announced at the Mobile World Congress in Barcelona on Tuesday.

Ooredoo Kuwait has launched ‘ANA’, giving customers complete control of their mobile plans, and the freedom to choose and customise the digital package that fits their needs.

In Oman, Ooredoo has expanded its successful Shababiah digital service to include postpaid mobile services, all powered by MATRIXX, which specialises in helping mobile customers buy, manage, share and pay for digital services.

Both Ooredoo Kuwait and Ooredoo Oman are the first operators in their markets to launch such services, which provides an all-digital, individually customised mobile product that gives customers complete control of their mobile plans and digital worlds, and makes it easier to buy, use and pay for Ooredoo services directly from their mobile phones.

Ooredoo Group Chief Executive Officer Sheikh Saud bin Nasser al-Thani said, “In line with the MWC theme of ‘Intelligent Connectivity,’ our new digital mobile services in Kuwait and Oman enrich our customers digital experiences with the freedom to choose and customise the digital package that fits their needs through features like eSIM, roaming and booster packs. Oman and Kuwait customers can create their own mobile number; make appointments, track health, pay bills, and much more. We are proud to push the digital experience boundaries for our customers, bringing the best of Silicon Valley through our partnership with MATRIXX.”

The launch of these new services reiterates Ooredoo’s position as a regional leader in digital transformation, having spearheaded many pivotal initiatives, such as the introduction of the first eSIM in Kuwait, and ground-breaking 5G trials.

Combined with Ooredoo’s award winning superfast networks, these new services from Ooredoo Kuwait and Ooredoo Oman will further enhance customers’ enjoyment of digital services.

Ooredoo is keen to use ANA and Shababiah to help empower a growing population of young, digital savvy customers with the latest technology, in line with the wider digital transformation plans such as New Kuwait 2035 and Oman Vision 2040.

Dave Labuda, founder, CEO and CTO, MATRIXX Software said, “We are honoured to partner with Ooredoo as it leads digital transformation in Kuwait and Oman. It is increasingly important for mobile operators to be able to offer their customers transparency, creativity and control.

“We are proud to have our MATRIXX Digital Commerce platform at the core of Ooredoo’s commitment to enriching their customers’ digital lives.”

Source: gulftimes

Procrastination hurts. Hitting next episode on Netflix can provide momentary relief, but it’s a fleeting high. Whether you’re avoiding a sink full of dishes, a new presentation deck, or a date with the treadmill, delay has the power to transform a simple task into a Mount Everest of a to-do list.

Research shows that in the long term, procrastination significantly decreases our health, wealth, and happiness. For example, in a survey of 10,000 people by Carleton University’s Procrastination Research Group, 94 percent of respondents said that procrastination negatively affects their happiness. A full 19 percent said the effect is extremely negative.

The flip side of procrastination is motivation. According to Psychology Today, “motivation is literally the desire to act and move toward a goal.” When you’re building a business, that desire is essential -- and it can also be infuriatingly evasive.

But success doesn’t always start with extraordinary motivation. Just like a snowball gathering speed, sometimes motivation builds after we begin. I’ve experienced this phenomenon firsthand. For example, I’m not a highly motivated person. I don’t leap out of bed at 6 am, I don’t love swinging kettle bells, and I don’t read 100 books a year.

Yet, I’ve slowly grown my startup, JotForm, into a company with over 4.3 million users and 130 employees. I usually manage to squeeze in a daily workout as well.

My point? Accomplishing our goals simply doesn’t require consistent motivation. We can achieve big things, even when we don’t feel like doing the day-to-day tasks.

End the destructive cycle of procrastination.

Avoidance gradually increases our anxiety, making us even more likely to procrastinate, and then the pattern escalates. To end this vicious cycle, it’s important to identify why we’re dodging a specific activity.

Heidi Grant Halvorson and E. Tory Higgins, co-authors of “Focus: Use Different Ways of Seeing the World to Power Success and Influence,” explain that motivational focus affects how we approach life’s challenges. “Promotion-focused people see their goals as creating a path to gain or advancement and concentrate on the rewards that will accrue when they achieve them,” Grant Halvorson and Higgins write in Harvard Business Review.

"Prevention-focused people, in contrast, see their goals as responsibilities, and they concentrate on staying safe. They worry about what might go wrong if they don’t work hard enough or aren’t careful enough.”

These two types can also affect how we procrastinate. Prevention-focused avoidance is about preventing a loss. For example, you need to hire your first employee, but you’re worried about choosing the wrong person. A mis-hire would drain time and money, so you postpone the process entirely.

Promotion-focused procrastination occurs when we see a task as a way to level up, but we still can’t summon the drive to get started. For example, you might believe that yoga would offset some entrepreneurial stress, but you reach for an espresso every morning instead of the mat.

Clearly, our emotions are tangled up in both promotion and prevention focus. On either side of the equation, the “feeling like it” part becomes a slippery slope. But as Melissa Dahl wrote in a 2016 article for The Cut: “You don’t have to feel like getting something done in order to actually get it done.”

Let that soak in for a moment. When you’d rather visit the dentist than tackle analytics or spreadsheets, cut your feelings out of the equation. Decide in advance exactly where and when you’ll dig in and then forget about emotions. Don’t think about it or weigh the pros and cons. If you planned to start at 3 pm, simply start. Commit to the schedule you created.

Harness the power of momentum.

Every morning, I spend at least an hour writing morning pages. This daily routine creates motivation for my day. I don’t summon the inspiration for this practice; I just do it, and then I start to feel excited about the projects ahead.

Once we take even the tiniest step forward, momentum will soon keep you rolling. That’s because sustained momentum toward a goal creates a compound effect -- the principle that consistent, incremental effort can produce dramatic changes over time.

Berkshire Hathaway CEO Warren Buffett is one of the world’s most successful investors, and the third-wealthiest person on the globe. He also provides a prime case study in the compound effect.

Between age 32 and 44, Buffett grew his net worth by 1,267 percent. That’s a pretty impressive number, until you look at his next12 years. From 44 to 56, he increased his net worth by a staggering 7,268 percent. He built his chain of investments, and never looked back.

Don’t break your chain.

We often hear about the “Seinfeld Strategy,” which the comedian used to hone his famous skills. Years ago, he hung a wall calendar in a prominent location and drew a big, red “X” through the day if he had written new jokes. As the X's began to pile up, his motivation grew. “You’ll like seeing that chain, especially when you get a few weeks under your belt,” Jerry Seinfeld told a young comedian. “Your only job is to not break the chain.”

Many people now use this strategy to track everything from jogging to cooking to saving money and working on their startups. Author James Clear says the Physics of Productivity -- that is, Newton’s First Law applied to habit formation -- explains why this tactic is often successful. “Objects in motion tend to stay in motion,” Clear writes. “Once a task has begun, it is easier to continue moving it forward.”

Taking initial action, like starting the job description or emailing a colleague for references, makes it easier to continue that dreaded hiring process. Routines can also enhance the power of forward motion. If you want to write a blog post, choose a time each day when you’ll write just one paragraph. Maintain this routine until you’re done.

Want to accelerate your momentum? Create a ritual to pair with the routine. Do five minutes of mindful breathing. Open a “chill out” channel on Spotify and plug in your headphones. Or pour a fresh cup of coffee, then get started.

The act you choose is far less important than the ritual itself, because daily repetition “primes” your brain to tackle the task. Over time, a pleasant ritual can even create positive anticipation around the work, rather than a death spiral of procrastination.

Sparking the flames of progress.

Motivation isn’t the fire that will fuel your success. It’s not willpower or restraint, either. According to Jeff Haden, author of The Motivation Myth, motivation is a result, not an elusive state that precedes meaningful activity. Motivation is “the fire that starts burning after you manually, painfully, coax it into existence, and it feeds on the satisfaction of seeing yourself make progress,” writes Haden.

The drive to pursue a difficult, yet desirable goal often shows up after we get down to work. The first step might be small, but it’s a massive leap toward whatever you desire. So, do whatever you can to start.

Determine what compels you to hit the brakes, create firm schedules to dodge procrastination, and establish rituals that feel good. When we get out of our own way, progress is almost inevitable. A tiny spark quickly grows into a fire.

source: Entrepreneur

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