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An Eye on New Media
New Media in Society, Business & Classrooms
Curated by Ken Morrison
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6 Hustles Warren Buffett Used To Make $53,000 By Age 16

6 Hustles Warren Buffett Used To Make $53,000 By Age 16 | An Eye on New Media | Scoop.it
Warren Buffett — now worth more than $71 billion — has had a hunger for wealth since he was a tube-socked teenager.

Through numerous schemes, the would-be Oracle of Omaha amassed the equivalent of $53,000 by the time he was 16, enough money that he nearly refused his father's request to go to college, because he didn't see the point.

By looking through Alice Schroeder's biography, "The Snowball: Warren Buffett and the Business of Life," we can see that Buffett has always had a gift for manipulating money — and people. 

Here are a half-dozen of his early hustles.

He delivered The Washington Post. 
Buffett's father, Howard, was elected to the US House of Representatives when Buffett was a teen, and the family had to move from Omaha to the nation's capital.

As Schroeder notes, the young Buffett immediately set to work making money with the most traditional of hustles — dutifully delivering newspapers. But by handing out The Post, Buffett was making more money than most grown-ups. 

"Just from pitching newspapers a couple hours a day, he was earning $175 a month, more money than his teachers," she writes. 

He also sold calendars to his newspaper clients, bringing in a little extra.

He sold used golf balls. 
If you wanted to get a golf ball on the cheap back in the 1940s, you could do worse than buying Buffett's at $6 for a dozen. 

Buffett's friends and family thought he scooped the balls out of water traps, but the young entrepreneur got them by ordering from a provider in Chicago. 

"They were classy balls," Buffett told Schroeder. "Titleist and Spalding Dots and Maxlis, which I bought for three and a half bucks a dozen. They looked brand new. He probably got them the way we first tried to get them, out of water traps, only he was better." 

He sold stamps. 
If you needed a fancy stamp, you could turn to Buffett's Approval Service, which sold collectible stamps to collectors around the country. 

He buffed cars. 
The teenage Buffett partnered with his friend Lou Battistone to form Buffett's Showroom Shine. The car-buffing business ran out of Battistone's dad's used car parking lot — though Schroeder reports that the duo abandoned the business when it turned out to be too much manual labor. 

He set up a pinball machine business. 
When Buffett was 17 he had his biggest money-making idea: pinball. 

He made the following pitch to his friend Don Danley: 

I bought this old pinball machine for 25 bucks, and we can have a partnership. Your part of the deal is to fix it up. And lookit, we'll tell Frank Erico, the barber, 'We represent Wilson's Coin-Operated Machine Company, and we have a proposition from Mr. Wilson. It's at no risk to you. Let's put this nickel machine in the back, Mr. Erico, and your customers can play while they wait. And we'll split the money.'

The pinball machine was a hit: Buffett counted $4 in nickels on the first evening. The pair soon set up pinballs in barbershops all over Washington. 

And he turned the horse track into a very lucrative playground. 
When still in Omaha, the young Buffett found a bull market in the Ak-Sar-Ben arena, a horse-racing track that operated from 1919 to 1995. 

He and a friend would go to the race track, and though the duo was too young to make bets, Buffett quickly found a way to make money: by stooping, which was like dumpster diving for race track tickets. 

Here's Buffett's description: 

At the start of racing season you get all these people who'd never seen a race except in the movies. And they'd think that if your horse came in second or third, you didn't get paid, because all the emphasis is on the winner, so they'd throw away [second-] and [third-place] tickets. 

The other time you would hit it big was when there was a disputed race. That little light would go on that said 'contested' or 'protest.' By that time, some people had thrown away their tickets. Meanwhile, we were just gobbling them up. 

It was awful; people would spit on the floor. But we had great fun. 

And if the boys found any winning tickets, Buffett's aunt Alice would cash them in for the boys. 

Buffett went a step further: using his love of math and of collecting information, he and a friend put together a tip sheet for bettors at the race track. Soon they were out hawking "Stable Boy Selections," a tip sheet that the boys typed out on an old Royal typewriter in Buffett's basement.

"We were in the track, yelling, 'Get your Stable-Boy Selections!'" Buffett tells Schroeder. "At 25 cents, we were a cut-rate product. They shut down Stable-Boy selections fast because they were getting a cut on everything sold in the place except for us."

Like other self-made billionaires, Buffett started early. 


NOW WATCH: Homeless-Man-Turned-Billionaire Shares The Secret To The American Dream

SEE ALSO:  9 Books Billionaire Warren Buffett Thinks Everyone Should Read

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Gartner's 2014 Hype Cycle for Emerging Technologies Maps the Journey to Digital Business

Gartner's 2014 Hype Cycle for Emerging Technologies Maps the Journey to Digital Business | An Eye on New Media | Scoop.it
The journey to digital business is the key theme of Gartner, Inc.'s
Ken Morrison's insight:

MarketingOverCoffee calls this the most important report of every year.  New for 2014
Digital Workplace, Connected Homes, Enterprise Mobile Security, 3D Printing and Smart Machines.  

 

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Biggest tech IPO filing in history, Alibaba, may happen next week

Biggest tech IPO filing in history, Alibaba, may happen next week | An Eye on New Media | Scoop.it
Chinese e-commerce titan Alibaba is widely expected to set the record for biggest tech IPO -- and it may file next week. The Hangzhou, China-based company is expected to file the prospectus for its...
Ken Morrison's insight:

The "Chinese Amazon" may have an IPO next week.

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Shop without limits - Korea's Online Shopping Wave

Shop without limits - Korea's Online Shopping Wave | An Eye on New Media | Scoop.it
The evolution of electronic commerce and smartphone technologies has no doubt made online shopping one of the most commo...
Ken Morrison's insight:

This is a well-written article that documents the growth of on-line shopping in Korea and puts it in context.  The part about the woman shopping instead of watching the presidential debate which produced the country's first female president put things in context.  After four years here, I agree that constant shopping is a huge deal.  I feel that the busy shopping malls and poor parking conditions adds to the convenience of online shopping.

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Ken Morrison's curator insight, June 7, 2013 7:26 PM

This is a well-written article that documents the growth of on-line shopping in Korea and puts it in context.  The part about the woman shopping instead of watching the presidential debate which produced the country's first female president put things in context.  After four years here, I agree that constant shopping is a huge deal.  I feel that the busy shopping malls and poor parking conditions adds to the convenience of online shopping.

Ken

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Apple vs. Samsung: Why 'Cool' Isn't Enough to Win

Apple vs. Samsung: Why 'Cool' Isn't Enough to Win | An Eye on New Media | Scoop.it
This battle won't be won by the hippest brand. As Samsung shows, hustle and hard work matter more against an entrenched competitor.
Ken Morrison's insight:

An interesting look at why #Samsung is creeping up on #Apple

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PSFK Future of Work Report 2013

Here is a very nice 70-slide overview of some of the trends and tools that are pointing the direction of the future of the workplace.


Via Linda Alexander
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Linda Alexander's curator insight, January 10, 2013 9:09 AM

Educators need to be informated as to the work environment their students will eventually be entering.  This report presents some of the key trends and "thematic takeaways".  For example, it's important that students learn to value life-long and independent learning as well as developing highly collaborative project management skills...

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Forbes - Media Information and Entertainment News - Forbes.com

Forbes - Media Information and Entertainment News - Forbes.com | An Eye on New Media | Scoop.it
Forbes is a leading source for reliable news and updated analysis on Media.
Ken Morrison's insight:

Forbes seems to be beefing up their Social Media section of their site.  I am providing a link to the section landing site.

Ken

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Insights: Traveller types based on social media and technology habits [INFOGRAPHIC] | Tnooz

Insights: Traveller types based on social media and technology habits [INFOGRAPHIC] | Tnooz | An Eye on New Media | Scoop.it
Is there a correlation between how consumers use mobile phones or embrace social media channels such as Twitter and the type of traveller they are and trips they prefer taking?
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Top Tech Trends & People of 2012 (Focus on New Media Communications)

Here is the textbook that I created/curated for teaching my New Media Technology class during the Spring semester of 2012 at Hannam University's Linton Global College. I took great effort to give credit where it is due. I aimed to show my students how they could access enough free info on the web that was of equal or greater value than the wonderful information found in expensive textbooks. Feel free to share and please support the true authors of this book in any way you can (money, likes, blog comments, links, etc.) I am simply the currator of this content.

If you would like a free tablet-friendly PDF file, just email me at kenmorrison30 @ yahoo.com (no spaces)

 

P.S. There are some typos and honest mistakes in this textbook, but I am comfortable sharing it as is. I am excited to redesign it for next semester.

Ken

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ben bernard's comment, January 9, 2013 11:37 PM
thanks ! http://www.scoop.it/t/direct-marketing-services my newly made scoop.it :)
Linda Alexander's curator insight, January 17, 2013 11:23 PM

This is a course created by fellow curator Ken Morrison.  It contains enough information on social media that everyone will find something of interest.  Thanks for sharing, Ken!

Toni Plourde's comment, February 1, 2013 2:47 PM
Thanks for the PDF ! It's great!
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The Party’s Over: How Facebook Is Forcing Brands to Buy Advertising (And What to Do About It) | Mediaite

The Party’s Over: How Facebook Is Forcing Brands to Buy Advertising (And What to Do About It) | Mediaite | An Eye on New Media | Scoop.it

FYI:  I like Mediaite, but I don't always trust mediaite.  With that said, this article is worth reading regarding the changes at Facebook that effect brand advertising.

Ken

 

Remember when brands and their managers were reveling in all the new possibilities they would have to promote themselves online, particularly on social...

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How Your Employee Social Media Policy May Violate Federal Law | DigitalNext: A Blog on Emerging Media and Technology - Advertising Age

How Your Employee Social Media Policy May Violate Federal Law | DigitalNext: A Blog on Emerging Media and Technology - Advertising Age | An Eye on New Media | Scoop.it

Does your employer's social media policy break the law?

 

All employees have certain rights under federal law that social-media policies can't compromise.

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Gaping Void Art

Gaping Void Art | An Eye on New Media | Scoop.it

I am a huge fan of Hugh MacLeod.  Actually, many days I catch myself thinking< "um, today's art and message. is barely above average."  Then I remind myself to change my attitude.  This guy creates art every single day.  And all of his art has a message that he cares about.  How many humans on earth can say that?  He also gives it away for free.  He is a very inspriational man to learn from, regardless of your career. Hugh does lots of the are for Seth Godin's books. 
Ken 

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26 Tips for Integrating Social Media Activities | Social Media Examiner

26 Tips for Integrating Social Media Activities | Social Media Examiner | An Eye on New Media | Scoop.it

I appreciate these 26 clear and digestable tips for integrating social media into your marketing efforts.  I really value my Social Media Examiner subscription (free)

Ken

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How One Startup Found Success by Making an Obsessive User Its CEO | WIRED

How One Startup Found Success by Making an Obsessive User Its CEO | WIRED | An Eye on New Media | Scoop.it
Jess Lee was once an obsessive user of the fashion hub Polyvore. She soon talked herself into a job, made the company profitable, and was promoted all the way up to CEO. Her next task: Helping turn Polyvore's army of fashion nobodies into power players in a notoriously snooty industry.
Ken Morrison's insight:

I believe that this is my first fashion post.  This is a great example of a young person following her passion and skills to success, while knowing how to ask for help along the way and hire people she needs to build her successful business.

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Charlie Dare's curator insight, November 1, 2014 11:16 AM

I have to agree 100% with Kens observations and endorse his comments~

["Ken Morrison's insight:

I believe that this is my first fashion post.  This is a great example of a young person following her passion and skills to success, while knowing how to ask for help along the way and hire people she needs to build her successful business." ]

The fashion Industry can be fickle and also a part of Pop culture so Ms Lee represents an in touch with youth culture success, along with her work ethic ,way to go~

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Marketing Triptych via @HaikuDeck BUZZING

Marketing Triptych via @HaikuDeck BUZZING | An Eye on New Media | Scoop.it

3 Internet Marketing Haiku Deck Triptych is BUZZING:

Invisible Giant: Why It's So Hard To See The New SEO (1,726 views 2wks)
http://shar.es/1nY2gX

Get Hired or Bought By Warren Buffet (132 views in 12 hrs)
http://shar.es/1nY2qu

Connection: The New Ecommerce (1,094 views in a week)
http://shar.es/1nY27I


Via Martin (Marty) Smith
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10 Things You Need To Know This Morning

10 Things You Need To Know This Morning | An Eye on New Media | Scoop.it

Business Insider is doing a great job of curating a bird's eye view of the  the most important tech stories each day.

Ken Morrison's insight:

Samsung's second quarter earnings missed expectations.

Zynga's new CEO, Don Mattrick, will earn $50 million in a combination of stock and cash. A smart watch for Dell? Qwiki, the startup Yahoo just spent ~ $50 million on, is being sued by Chaotic Moon over the app's development.

Now you can re-vine Vine videos in your stream and hide vines from the public eye. 

A lunch and photo with Yahoo CEO Marissa Mayer was auctioned off for $90,000. 

Samsung bought Boxee, a cord cutting tool for the living room, for $30-60 million. IThe iPhone 5S is coming, here's everything you need to know about it.99% of Android phones have a "Master Key" flaw.

And just for fun: A Dropbox intern and former Miss Silicon Valley has been crowned Miss California. 



Read more: http://www.businessinsider.com/10-things-you-need-to-know-this-morning-7-5-2013-7#ixzz2YDNPqb2O

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The Dawn of Modern Transmedia Storytelling: Star Wars

The Dawn of Modern Transmedia Storytelling: Star Wars | An Eye on New Media | Scoop.it

Jason Hamilton:  "It's impossible to track down exactly when transmedia began to take effect as a major form of storytelling. As with any movement, it built up bit by bit, and is still gaining momentum. However, almost anyone with any knowledge in the area would agree that one of the biggest early influences was the film Star Wars and the pop culture phenomenon it started."


Via The Digital Rocking Chair, Jenn Alevy, Ken Morrison
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Anahí Enciso's curator insight, May 1, 2013 7:42 PM

Un ejemplo claro de transmedia.

Sandra Argüelles's comment, May 8, 2013 6:09 PM
Ejemplo de transmedia desde luego!!
Reina Díaz's comment, May 8, 2013 10:13 PM
Uno de los mejores ejemplos transmedia que hay, en mi opinión. Y para mirarlo desde otra perspectiva: http://www.forbes.com.mx/sites/el-imperio-economico-de-star-wars/
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Fake users hurt Facebook 'likes'

Fake users hurt Facebook 'likes' | An Eye on New Media | Scoop.it
An investigation suggests firms are wasting money to gain "likes" from fake profiles and users who have no interest in their products.
Ken Morrison's insight:

For the sake of curation:

Here is the big article of the summer where BBC set up advertising for a  fake Bagel store to investigate the validity of Facebook advertising.

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STEVE BALLMER'S NIGHTMARE IS COMING TRUE

STEVE BALLMER'S NIGHTMARE IS COMING TRUE | An Eye on New Media | Scoop.it
The collapse of Microsoft is actually looking like it could happen.
Ken Morrison's insight:

This is a nice breakdown of why Microsoft's hopes are down.  

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The Social Climb (and the Fear of Heights)

The Social Climb (and the Fear of Heights) | An Eye on New Media | Scoop.it

Ken's Key Takeaway:

You will get many great nuggets of info in this article focusing on the continuing growth of social media and industries affected by it.

 

My favorite stat is:

Twitter is currently gaining more active users at a faster pace than Facebook.

 

Ken

 

The author's key takeaway: Get over your social media anxiety and get on the social ladder before you get left behind. The view from the ground is not nearly as thrilling as the view from the top.

 

 

We’re living in an age of connectedness like most of us would not have imagined even five years ago. We have amazing social networks available to every human and company on the planet. Brands can reach out and talk to consumers like never before.

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How to Optimize Content When You Don’t Know Jack about SEO

How to Optimize Content When You Don’t Know Jack about SEO | An Eye on New Media | Scoop.it

Ken's Key Takeaway:

Google Adwords Keyword Tool will give you a much better idea of how people actually find your page.  You may be surprised.

 

I like this plain-language read on SEO.  I also his humility and wisdom in pointing readers to SEOMOZ if they want to learn more.

Ken

 

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Social Lip Service vs. Social Customer Service: AT&T Wireless Case Study | Social Media Today

Social Lip Service vs. Social Customer Service: AT&T Wireless Case Study | Social Media Today | An Eye on New Media | Scoop.it

Here is a good example for college students to learn the value of using social media for customer service.  I like it because it is a great example of a traditional communications company embracing the value of using new media communications tool as well as standard phone calls.

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16 Creative Ways to Use Twitter for Business | Social Media Examiner

16 Creative Ways to Use Twitter for Business | Social Media Examiner | An Eye on New Media | Scoop.it

Another great resource for from Social Media Examiner.

KM

Twitter for business: Use these creative ways to bring new life and renewed business purpose to your Twitter efforts.

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A Modern Marketing Strategy – Social Media Marketing & ZMOT from Google

A Modern Marketing Strategy – Social Media Marketing & ZMOT from Google | An Eye on New Media | Scoop.it
Whether a large or small business, your marketing strategies will be changed by the Zero Moment of Truth. Download this free ebook from Google to get ahead at this critical new marketing moment.
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Infographic: America's Obsession With Mobile - Mobile Marketing Watch

Infographic: America's Obsession With Mobile - Mobile Marketing Watch | An Eye on New Media | Scoop.it

94% of American adults 18-44 have mobile phones

Half of them are smart phones

Email use from mobile has increased 30% in two years

 

Key Takeaway 4% of all search clicks came from Mobile Devices in 2011

6% came from smart phones

11% shop directly from their mobile device

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