- Business Lessons from Andy Ruiz’s Defeat
Anthony Joshua defeated Andy Ruiz to reclaim his WBA, IBF, WBO, and IBO titles on Saturday in Riyadh, Saudi Arabia after a stunning knockout loss in New York in June.
Despite Andy Ruiz been the favourite in the rematch, the former champion lost by a wide margin and just doesn’t have the leg to cut the ring and go after a more tactical Anthony Joshua.
While Andy Ruiz had won the first bout despite having about a month’s preparation, he failed to produce the same result with three months’ preparation, more money, better equipment and global support.
The question is why? Below are business lessons from Andy Ruiz’s defeat.
Don’t Get Too Comfortable
Successful people don’t stop working, they leverage on past wins to conquer future challenges. Not relinquish it.
Immediately Andy Ruiz defeated Anthony Joshua in New York in June and became the first Mexican heavyweight champion of the world, everything changed. He partied more, attended more events and purchased luxury items that further distracted him from a rematch announced in the same ring he had won.
At a point, Manny Robles, Andy Ruiz trainer, said the former champion failed to show up in training as agreed. According to him, he needed to start working on his weight before training camp so that the focus would be solely on strategy and approach when the camp finally open. Rather than heed warning, the former champion kept saying he has Anthony Joshua number and insisted the now two-time heavyweight champion of the world couldn’t fight backward.
Ruiz got too comfortable against a man that has fought better oppositions, knows how to be a champion and successfully defended his title six times.
Even Mark Zuckerberg, the 5th richest man in the world with over $75 billion net worth, is not comfortable despite Facebook, Instagram and WhatsApp’s success. He continues to push the limit and presently working to be the face of a global digital currency, Libra.
Outwork Your Competitor
Abel Sanchez, a fellow Mexican-American and former trainer of Andy Ruiz, one of the very few people that picked Anthony Joshua to win, said because Andy Ruiz doesn’t like training, ‘therefore, Anthony Joshua wins the rematch.’
Anthony Joshua started training three days after his first defeat, punching heavy bags and generally preparing his body and mind for a rematch that has no date or location at the time.
He understands the importance of hard work and dedication even in one of the sport’s most devastating defeat, millions of people would have given up following the criticism that trailed his defeat and several calls for him to retire.
Joshua knew only himself could right his wrongs and the tool to a successful outcome was to outwork his competitor. He got started three months before training camp open and entered training camp in fight shape. The three months training camp was spent on approach and strategy, that way he was able to adjust effectively to his huge weight loss, footwork and jabs that eventually won him the rematch.
Anthony Joshua knew if he could outwork Ruiz, he would beat him. So he outworked him.
Success is an Ongoing Process
Aliko Dangote, the richest black man alive, is presently building 650,000 barrels per day petrol refinery and other petrochemical products project value at an estimated $14 billion in Nigeria despite his success in Cement Manufacturing and other businesses.
Dangote, like other successful people, knows success is an ongoing process and refused to be defined by his success in cement making, Dangote sugar, rice, etc.
Ruiz was satisfied with his achievements as the first man to defeat Anthony Joshua and the first Mexican heavyweight champion, while Anthony Joshua knew the defeat was an opportunity to become a two-time heavyweight champion of the world.
The difference, Anthony Joshua didn’t just want to win the rematch but also write his name among two-time heavyweight champions like Wladimir Klitschko, Mike Tyson, etc. So he worked his way into history.
According to Joe Frazier, Champions aren’t made in the ring, they are merely recognized there. What you cheat on in the early light of morning will show up in the ring under the bright lights.
BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021
BUA Cement Plc, Nigeria’s second-largest cement manufacturing company, on Thursday reported a 22.7 percent increase in revenue in the six months ended June 30, 2021.
Revenue rose from N101.261 billion recorded in the first half (H1) of 2020 to N124.278 billion in the first half of 2021.
The company disclosed in its unaudited financial statements release through the Nigerian Exchange Limited and seen by Investors King.
As expected, the cost of sales inched higher by 19.1 percent from N55.539 billion in H1 2020 to N66.158 billion in H1 2021. While gross profit expanded by 27.1 percent to N58.120 billion in H1, up from N45.723 billion.
The cement manufacturing company grew other income by 52.3 percent from N47.653 billion filed in H1 2020 to N72.6 billion in H1 2021.
Administrative expenses rose to N4.17 billion in the period under review, representing an increase of 57.9 percent when compared to N2.643 billion recorded in H1 2020.
Operating profit increased by 23.8 percent from N40.809 billion in the corresponding period of 2020 to N50.524 billion in the period under review.
Profit before income taxes rose by 26.9 percent to N49.700 billion in H1 2021 from N39.165 billion in H1 2020.
The company paid N6.3 billion in income tax in the first half of 2021.
Therefore, profit after tax stood at N43.396 billion in the first six months of 2021, an increase of 24.6 percent when compared to N34.819 billion achieved in the same period of 2020.
Seplat Energy Appoints Dr. Emma FitzGerald as an Independent Non-Executive Director
Seplat Energy Plc has appointed Dr. Emma FitzGerald as an Independent Non-Executive Director of the Company, the company disclosed on Thursday.
Dr. FitzGerald will replace Lord Mark Malloch-Brown who retired from the Board of the Company on 1st August 2021.
Dr. Emma FitzGerald Profile
Dr. FitzGerald is a seasoned executive in Energy & Water, with hands-on experience in transformation through her many years of working at Shell, ranging from building its lubricants business in China to running its Global Retail network.
From 2007-2010, she was accountable for Shell’s Downstream strategy and played a key role in reshaping Shell’s renewables strategy including the creation of Raizen, a game changing biofuels JV with Cosan. From 2013 to 2018 she ran gas distribution and water & waste networks for National Grid and Severn Trent where she successfully
positioned them as sustainability thought leaders in their Industries.
Most recently Dr. FitzGerald served as CEO of Puma Energy International, a global energy company owned by Trafigura and Sonangol, which is focused on high potential developing markets in Africa, Asia and Central America. In 2020 she set up Puma’s Future Energies division to play a critical role in helping customers and communities find the right energy solutions to support the energy transition. Over the last 10 years she has served on various Boards in executive and non-executive capacities and currently sits on the board of UPM Kymmene, an international paper & biomaterials business focused on innovating for a future beyond fossil fuels.
Commenting on the appointment, Dr. A. B. C. Orjiako, Chairman of SEPLAT Energy said: “The Board of SEPLAT Energy is indeed delighted to have Dr. Emma Fitzgerald on board as she brings vast knowledge in important areas such as the energy sector, renewables and sustainability. SEPLAT Energy has a great future ahead and looks forward to the enormous contribution she will make towards its continuing global success.”
Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B
Stock and crypto-trading app Robinhood has secured a $32 billion valuation via its initial public offering (IPO) and is set to debut on the Nasdaq exchange on Thursday.
According to a press release on Wednesday, Robinhood has priced its offering at $38 per Class A common stock share.
The pricing is at the lower end of the $38-$42 per share price range the company had targeted and had planned on selling 5.5 million shares targeting a $1.89 billion raise.
Net proceeds from the sale will go toward working capital, capital expenditures, funding tax obligations, hiring efforts, customer support services, among others.
Shares will be listed on the Nasdaq Global Select Market on Thursday, according to the release.
Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app — a view some consider to be a risky gamble.
Known for its zero-fee trading structure, the company has continued to endure hits to its image as well as legal and political ramifications stemming from the fallout of the GameStop saga and limitations to users trading crypto.
The company is trying to reshape that image and is reportedly working on a new feature that will help protect users from crypto price volatility while hiring a former Google alumn to improve its overall product design.
“Robinhood intends to use the net proceeds for working capital, capital expenditures, funding its anticipated tax obligations related to the settlement of RSUs, and general corporate purposes including increasing its hiring efforts to expand its employee base, expanding its customer support operations and satisfying its general capital needs,” the firm said in the announcement.
Robinhood filed the public offering prospectus on July 1, noting at the time that 17 percent of its total revenue in Q1 came from crypto trading transaction fees, which represented a big jump from the 4 percent in Q4 2020.
“While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34 percent of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4 percent for the three months ended December 31, 2020,” the firm said in the initial filing.
Still, the company’s CEO Vlad Tenev is staring down allegations from the Financial Industry Regulatory Authority over his failure to register Robinhood Financial relating to compliance issues.
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