Why you need to keep strategies simple
Plus, Oasis tour demand may eclipse Taylor Swift, Starmer on mission to mend ties with EU, airfares in decline amid cost-of-living crisis and fake it till you make it
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Business Thinker
Deep dives on business and leadership
🛑 Founder CEOs who have stepped down in the past year
A fascinating list from Sifted of businesses where the founder has stepped down in the past year. These businesses include those where the founder has stepped down as part of planned transitions to a new chief executive (like marketing group Charles). But it is mostly about founders who were forced out due to deterioration in the performance of the business. These businesses would clearly have benefitted from an external founder being brought in earlier.
Where does strategy-making end and execution begin? That is a question asked in a new analysis by Harvard Business Review, which warns about the dangers of businesses rushing into strategies when people aren’t clear about their role in delivering it. Steve Jobs, the co-founder of Apple, once said: “Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.”
🛠️ How Anthropic built Artifacts
The inside story of how Anthropic, one of the leading AI developers, built a new tool called Artifacts that is causing excitement in the tech world. Artifacts allows you to create websites or documents with a single prompt. The team behind it shares how they built it in three months with a distributed team.
Business Agenda
A summary of the most important business news
By Sarah Vizard
1. Sir Keir Starmer is in Germany today as he seeks priority access to its economy amid what he has called a “once-in-a-generation opportunity” to fix the UK’s relationship with the EU. He is holding talks with German chancellor Olaf Scholz, saying closer working with Europe is “crucial” to boosting the economy. You can read more here.
2. The challenger bank Oaknorth has received approval from regulators to open a representative office in New York, paving the way for it to expand further into the US. The authorisation means Oaknorth can proactively market its offering from its US office while it explores the possibility of acquiring a US banking charter. You can read more here.
3. The Oasis reunion is expected to give a boost to the UK economy in much the same way Taylor Swift’s tour did earlier this year. The series of gigs in Cardiff, Manchester, London and Edinburgh should cause a spike in demand for hospitality and accommodation. Swift’s tour is estimated to have brought a £1bn boost. You can read more here.
4. Ryanair expects airfares to continue to fall over the winter months amid the ongoing cost-of-living crisis. Its CEO Michael O’Leary says fares are likely to have been down by about 5 per cent between July and September this year and that he expects that to be the case until spring 2025. You can read more here.
5. Kurt Geiger, the luxury British footwear and accessories brand, increased sales by 9.4 per cent as it benefitted from consumers switching to its more affordable luxuries and a move into the US market. The company has cut the price of its handbags by 5 per cent compared to three years, despite many other luxury brands increasing their prices. Underlying profits rose 34 per cent to £40.4m on sales of nearly £361m. You can read more here.
Business Question
What percentage of medium-sized businesses have experienced a cybersecurity breach or attack in the last 12 months?
A. 70 per cent
B. 64 per cent
C. 51 per cent
D. 43 per cent
The answer can be found at the bottom of the page.
Business Quote
Inspiration from leaders
“If people are doubting how far you can go, go so far that you can’t hear them anymore.”
– Michele Ruiz
Business Leader
The best of our content
Fake it till you make it
Speaking at the Oxford Union, Caspar Lee reflects on his battle with impostor syndrome and the powerful motivator behind the aphorism “fake it till you make it.”
Through personal anecdotes and examples from industry giants like Apple and Airbnb, Lee explores how early manual efforts and self-confidence can drive success.
However, he warns of the fine line between confidence and deception, underscoring the importance of authenticity and ethical behaviour in achieving lasting success.
You can read the article here.
Other popular pieces
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And finally…
Social media was alight yesterday following the confirmation that Oasis is reuniting. The band’s 14-date tour of the UK and Ireland in 2025 has some experts saying that demand could “dwarf” Taylor Swift’s Eras Tour dates.
Big events like this bring out the best in social media humour. You can find a collection of some of the best reactions and memes here and here. A special shout out to The Times’s cartoonist Morten Morland for this absolute cracker:
The answer to today’s Business Question is A. 70 per cent.
