I have been reflecting on my career. If you had asked me 10 years ago where I saw myself in 10 years, I would not have been able to describe my career as it is today. I find that beautiful.
As I reflect, I've identified several things that’ve served me well, and I'd like to share them with you. Let us call them the career progression principles. I would love to know which principles you would add to this list.
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Recently, Walmart announced that it will have to increase its prices due to the tariff wars. This announcement received a harsh response from President Trump, who demanded that Walmart "Eat the Tariff." At the same time, Home Depot has announced that it will not change its prices.
Today, I would like to talk about which companies will be able to “eat the tariffs” and which will pass them on as price hikes. Whatever companies decide, it will hurt consumers. I will cover that at the end.
Navigating college can be tough. Kyah shares with us how one student's encouragement to attend Econ Club helped her build community. Must listen for all soon to be graduates.
My mentor reminds me often that my job is to create value for my organization and the people around me. The value I choose to create will vary across responsibilities and situations, but ultimately, my job is to improve the world. The same is true for you.
The challenge many professionals face isn't just creating value—it's ensuring that value is recognized and properly compensated. This brings us to an important economic concept that can help frame how you think about your value and contributions to your organization.
Jerome Powell, the Federal Reserve Bank chair, recently reported that the U.S. economy is at risk of experiencing slowing growth coupled with persistent inflation. This economic predicament is what economists call stagflation—a stagnating economy that simultaneously faces rising prices.
Powell's candid assessment was met with sharp rebuke and even threats of termination from the administration. This political pressure comes at a critical moment when the Supreme Court is evaluating whether the president can fire chairs of independent agencies, including the Federal Reserve. The timing couldn't be more consequential for our economic stability.
In an increasingly competitive and uncertain job market, the difference between those who thrive and those who merely survive often comes down to one factor that business schools rarely teach—building and maintaining your professional support network. Over decades of mentoring, I've observed hundreds of careers. I've identified a clear pattern: those who intentionally build what I call a "hype team" consistently outperform equally talented peers who try to navigate their careers alone.
But, how do you develop this team?
Learn more here.
The current administration is breaking all of its policy rules when it comes to eggs. Their new approach can teach us a lot about the role of government and remind us why government is important.
The market has seen a 50% surge in egg prices due to an avian influenza outbreak. In response, the federal government plans to introduce a five-pronged strategy.
I have a note in my Notes app called "Thoughts." This is where I collect ideas throughout my day. It's nothing fancy, just a collection of random things that I find interesting:
Join Dr. A as we explore critical issues in economics education. This episode highlights:
Discover how stereotype threat affects learning outcomes and learn practical approaches to foster equity in economics education. Essential listening for educators, students, and anyone interested in improving diversity in economics.
On Tuesday, 45,000 dockworkers went on strike for the first time in decades, impacting 36 U.S. ports from Maine to Texas. This strike highlights a growing tension between technological innovation and job security, a conflict that will likely affect us all. At the core of this issue lies a fundamental question: How can we embrace innovation without sacrificing workers’ livelihoods?
Today, we explore the role of innovation in economic growth, the fears associated with job displacement, and the responsibilities of government and corporations in creating an environment that welcomes disruption while protecting workers.
Today, I want to explore a topic that often goes unnoticed: how language can be used to exclude people from "being in the room." This is why I'm so passionate about teaching my students the language of professionalism and economics—it's the driving force behind this newsletter and our podcast.
More resources in the newsletter www.WithDrA.com
Summary
In this conversation, Dr. A and Matt Frey discuss early career advice and how to navigate the transition from college to the workforce. They emphasize the importance of networking, being authentic, and strategic thinking. Matt shares his insights on the application process, including the need to understand the changing labor market and minimize information asymmetry. He also provides advice on how to succeed in a new job, such as being prepared, disciplined, and willing to say yes to opportunities. They discuss the importance of continuous learning, staying informed about industry trends, and maintaining relationships with your network. The conversation explores the importance of gratitude and nurturing relationships in personal and professional life. It emphasizes the value of expressing gratitude and giving credit to others, as well as the impact it can have on building and maintaining relationships. The conversation also discusses the significance of maintaining relationships through regular touchpoints and finding ways to connect with others. Additionally, it highlights the importance of academic success and finding a balance between extracurricular activities and academics. The conversation concludes with reflections on the growth and success of the Hale Fellows Program and the goals for its future.
Takeaways
Networking is crucial for career success. Invest in building relationships and maintaining connections.
Be authentic and true to yourself in the workplace. Let your personality shine through.
Strategic thinking is important. Plan ahead, be proactive, and make decisions that align with your career goals.
Stay informed about industry trends and developments. Read articles, follow industry experts, and listen to podcasts.
Document your accomplishments and progress. Keep track of your work and share it with your manager to showcase your value.
Don't be afraid to reach out to people for advice and guidance. Audacity and confidence can open doors and create opportunities.
Continue to nurture old connections and maintain relationships. Share your success and show gratitude for their contributions to your career. Expressing gratitude and giving credit to others can strengthen relationships and brighten someone's day.
Regular touchpoints and nurturing old relationships are important for maintaining connections.
Finding a balance between extracurricular activities and academics is crucial for academic success.
The Hale Fellows Program has grown and evolved, and alumni are encouraged to give back and support current students.
Attending conferences and networking events can provide valuable experiences and opportunities for personal and professional growth.
Chapters
00:00 Introduction and Discussion on Notre Dame
02:06 Introduction of Matt Frey and Topic of Early Career Advice
04:11 Navigating the Transition from College to Career
07:29 The Importance of Networking and Authenticity
10:24 Strategic Thinking for Career Success
16:38 Staying Informed and Continuous Learning
19:12 Documenting Accomplishments and Progress
22:24 The Power of Reaching Out and Maintaining Connections
25:38 The Power of Gratitude and Giving Credit
28:23 Balancing Extracurricular Activities and Academics
36:02 The Growth and Success of the Hale Fellows Program
43:01 Attending Conferences and Networking Events for Personal and Professional Growth
Keywords
early career advice, college to career transition, networking, authenticity, strategic thinking, application process, labor market, information asymmetry, success in a new job, continuous learning, industry trends, maintaining relationships, gratitude, nurturing relationships, expressing gratitude, giving credit, maintaining relationships, touchpoints, academic success, extracurricular activities, Hale Fellows Program
This week, we explore economic research and career development with Ben Reynolds, the first Haile Fellow. Now a senior research analyst for the Council of State Governments, Ben's journey showcases the versatility of economics skills across industries. He emphasizes the importance of effective communication in research and the value of combining quantitative and qualitative methods.
Ben's experience pursuing a master's degree in economics at the University of Essex during the COVID-19 pandemic highlights the benefits of international education and building a global network. His advice to students: focus on personal connections and problem-solving skills – crucial for success in any economics-related career.
Chapters
00:00 Introduction
01:03The Haile Fellows Program and Ben's Experience
03:18 Building Connections and Learning Through Problem Solving
04:19 Advice for Fellow Students on Data Cleaning and Analysis
05:37 Having a Question and Applying Economics Skills
06:16 Leveraging the Fellowship for Internships
07:33 Transitioning to Work at Triad and Grad School
08:09 Translating Skills for New Internships
10:03 The Variety of Career Paths in Economics
12:10 The Importance of Communication in Research
14:01 Presenting Information for Different Audiences
15:26 The Fun and Variety of Ben's Current Role
16:36 The Impact of Local Policy and the American Rescue Plan Funding
19:15 Ben's Passion for History and its Synergy with Economics
21:02 The Role of History in Economics Research
22:05 The Importance of Quantitative and Qualitative Methods
24:59 Pursuing a Master's Degree in Economics Abroad
29:34 Challenges of Completing a Degree During COVID-19
33:39 Building Personal Connections and Problem-Solving Skills
Today, we sit down with Becca Wilson, an NKU Haile College of Business alumna, former Haile Research Fellow, and current employee at 3CDC.
Key Takeaways:
(03:10) Becca credits the Haile Fellows Program for opening up new career paths and opportunities she wouldn't have considered otherwise, like working in a nonprofit organization
(10:24) Reflection is crucial for personal and professional growth; Becca suggests having verbal discussions to process reflections and share with others for support and guidance
(20:47) Transitioning from college to a full-time job can be challenging, especially adjusting to a consistent work schedule and maintaining optimal brain function through proper sleep and nutrition
(27:36) Building a strong support system and staying connected with peers who are going through similar experiences can help navigate the challenges of post-graduate life
(32:26) When faced with multiple career options, prioritize moving forward and learning what you don't like; choose opportunities with managers who invest in your growth and development
(39:15) Becca believes her future lies in academia but values her current experiences in the business world to develop her beliefs and collide with new ideas
(48:49) Advice for current Haile Fellows: connect with alumni, be confident in your strengths, take on new opportunities even if you're unsure, and lean into your passions
Guest: Brooklyn Stephens, NKU Economics alumna, former Haile Research Fellow, adjunct professor, and MBA graduate from the University of Kentucky
Key Takeaways:
• (05:28) Brooklyn shares her most memorable experience as a Haile Research Fellow, presenting at the Kentucky Economic Association conference amidst challenging personal circumstances
• (07:57) The support and empathy from Dr. A during this difficult time greatly influenced Brooklyn's leadership style and teaching approach
• (12:35) Brooklyn's research experience enhanced critical thinking, communication, and presentation skills that have been invaluable in her career
• (14:54) Brooklyn and Dr. A collaborated on an international consulting project on financial literacy education after she graduated
• (17:17) Brooklyn's research paper from her time as a Haile Fellow was published in November 2023
• (22:04) Brooklyn chose to pursue an MBA at University of Kentucky to have a new experience at a larger school, but values her undergraduate experience at NKU
• (37:04) As an adjunct professor at NKU, Brooklyn taught ECO 309 (Data Tools for Economic Analysis) and inspired students like Brandon Hester to become curious and engaged learners
• (45:07) Brooklyn advises students facing personal challenges to build connections with faculty early on and communicate openly about their situations
• (48:26) In your twenties, it's okay to break societal "rules" and expectations when following your passion; rely on your network and community for support during times of uncertainty
Discussion Topics:
• (24:05) Navigating the decision between entering the workforce or pursuing graduate school after completing an undergraduate degree
• (26:26) The importance of having a supportive network and seeking out empathetic leaders
• (29:53) Leveraging research experience for career opportunities and skill development
• (34:42) Sharing student stories to showcase the diverse experiences and successes at NKU
• (39:24) Balancing personal challenges with academic and professional responsibilities
• (41:42) Building relationships with professors and being open about personal circumstances affecting school
• (50:42) Normalizing changing career paths and prioritizing personal well-being, even if it goes against conventional expectations
In this episode of Economics with Dr. A, Dr. Abdullah Al Bahrani interviews Tyler Kent, a graduate from the class of 2019 and a former participant in the Haile Fellows Program. They discuss Tyler's experience in the program, its impact on his career, and his advice for current fellows. The conversation highlights the importance of experimentation, curiosity, and having fun in the learning process. Tyler emphasizes the value of research and developing skills such as coachability, critical thinking, and persistence. He also encourages fellows to be open to new opportunities, be vulnerable, and trust in the process.
Takeaways
The Haile Fellows Program provides a valuable opportunity for students to engage in research, develop critical skills, and differentiate themselves in the job market.
Being coachable, having a growth mindset, and persisting through challenges is essential for success in the program and beyond.
Research experiences can lead to higher earnings and open up new career opportunities.
Overcoming the fear of failure and vulnerability is key to personal and professional growth.
Trusting others and being open to new opportunities can lead to unexpected and rewarding experiences.
Long-term thinking and taking calculated risks can lead to personal and professional development.
Sound Bites
"Being vulnerable is a good thing."
"The camaraderie of the group was key to the program's success."
"Research and writing a paper was instrumental in launching my career."
Chapters
00:00 Introduction and Welcoming Tyler Kent
03:00 The Value of Research and Developing Essential Skills
08:11 The Importance of Camaraderie and Trust
13:32 Research and Career Development
29:28 Trusting the Process and Seizing Opportunities
39:18 Advice for Current Fellows and Conclusion
In this episode of Economics with Dr. A, we sit down with Sophia Hermosilla, a recent graduate of Thomas More University and a former fellow at the Zembrodt Center for Entrepreneurship and Innovation. Sophia shares her journey from Panama, her home country, to pursuing her undergraduate degree in the US. She has decided to continue her education with a graduate degree at George Washington University.
Key Takeaways:
Sophia's passion for international relations and political science stems from her high school experiences with public speaking and campaigning as a youth deputy in Panama.
The power of mentorship is evident in Sophia's relationship with Mrs. A, who has been a constant source of support, encouragement, and guidance.
Asking questions and building connections are crucial for success in both academic and professional settings.
Being true to oneself and embracing vulnerability is key when applying to graduate school and navigating new challenges.
Maintaining a strong network, such as the one Sophia has built with her fellow students and mentors, is essential for personal growth and success.
Sophia's story is about determination, passion, and the importance of surrounding oneself with supportive mentors and peers. As she embarks on her graduate school journey at George Washington University, she carries the lessons learned and connections made during her time at Thomas More University.
Chapters
00:00:00 - Introduction
00:02:08 - Sophia's journey to Thomas More University
00:04:32 - Sophia's choice of major and passion for international relations
00:06:54 - Sophia's driven and motivated nature
00:09:17 - The power of asking questions and seeking help
00:12:23 - Sophia's most prideful moment of the year
00:14:47 - The importance of Mrs. A's mentorship
00:17:12 - Sophia's connection with Mrs. A and the safe space she provides
00:19:14 - The importance of building connections and asking questions
00:21:16 - Sophia's dependability and initiative
00:23:28 - The decision to pursue a graduate degree
00:25:53 - Applying to graduate school and being true to oneself
00:27:57 - Sophia's choice of graduate school and excitement for the future
00:30:16 - Transitioning from a small community to a large one
00:32:40 - The importance of leaning on a network during challenging times
00:34:53 - The impact of fellow students on Sophia's journey
00:37:18 - Dr. A's parting words for Sophia
00:37:50 - Mrs. A's parting words for Sophia
00:40:15 - Conclusion and upcoming episodes
Summary
In this powerful episode, Dr. Abdullah Al Bahrani sits down with Mrs. Jeni Al Bahrani and Erin Preston, a graduating senior at Thomas More University, to discuss Erin's experience as a fellow at the Zembrodt Center for Entrepreneurship and Innovation.
The main themes include professional development, mentorship, and the importance of community. Erin shares her journey of initially hesitating to join the program but eventually embracing it and finding success. The conversation also highlights the impact of mentorship and the power of taking on uncomfortable opportunities for personal growth. Erin discusses her job search process and the role of personal relationships in finding employment.
00:00 Introduction to the Zembrodt Center and its focus
03:13 Professional Development and Mentorship at the Center
09:09 Embracing Uncomfortable Opportunities for Growth
13:06 The Power of Personal Relationships in Finding Employment
26:46 Education is About Relationships
35:26 Expressing Gratitude and Conclusion
1. The fellowship program focuses on professional development and mentorship, with fellows learning to be both mentees and mentors.
2. Despite initial fears and uncertainty, Erin chose to join the fellowship program, which she describes as her favorite experience at Thomas More.
3. Erin emphasizes the importance of being true to oneself and using role models as inspiration rather than trying to emulate them.
4. Mrs. A highlights the mutual benefits of the mentor-mentee relationship, noting how much she has learned and grown from working with Erin and the other fellows.
5. Erin's most proud moment was representing Thomas More at a panel discussion on entrepreneurship programs, where she overcame her nerves to articulate the value of the fellowship program.
6. The power of relationships and community is a central theme. Erin secured her post-graduation job through her connection with Mrs. A and her involvement in the local business community.
7. Dr. A and Mrs. A express their pride in Erin's growth and willingness to embrace discomfort for personal and professional development.
ChaptersTakeaways
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Dr. Abdullah Al Bahrani welcomes Grace McConn, a graduating Haile Fellow, to reflect on her experience in the program. Grace is the commencement speaker for her upcoming graduation and a Haile Fellow. We discuss the five things she learned while working as a Haile Fellow.
5 Key Things Grace Learned as a Haile Fellow:
1. The Power of Community (04:23)
2. Teaching and Being a Professor (13:45)
3. The Power of Storytelling (17:12)
4. The Power of Reflection (22:30)
5. Adding Value to the Team (28:38)
Advice for New Fellows (35:28)
Conclusion (37:20)