The Money Slant

For many Americans, the Covid-19 pandemic is becoming a life-changing event. As millions of jobs openings go unfilled, thousands, if not millions of American workers are quitting their jobs and seeking more rewarding opportunities; some of the workers claim that they are striking out on their own to start a business. As marketing classes taught those of us who went to business college, “find a need, fill it.” Business college also taught how to evaluate a market as well as determine what to charge your clients. A few numbers for the quitters to consider: Fifty percent of new businesses close within five years, and lack of management experience is the number one reason that small businesses fail.

In a very disturbing article by Noah Smith in “Bloomberg Opinion,” Smith seems to be of the mind described in the article’s title, “Too Many of America’s Smartest Waste Their Talents.” Smith cites a lawsuit by a group of students who call themselves Students for Fair Admissions, the lawsuit alleging that Harvard University used “highly subjective personality ratings to penalize Asian applicants.” By definition, subjective means “based on or influenced by personal feelings, tastes or opinions.” Welcome to the world, Students for Fair Admissions.

One of the most painful lessons of Life is that your accomplishments might mean nothing to someone making a decision to give you an opportunity, but if it is any consolation, they will tell you how much you impressed them in the rejection email they send you.  

For the past decades, corporations such as Toyota, General Motors, Walmart, and others have practiced a supply chain blueprint called Just In Time. The Covid-19 pandemic has changed many things, and the Just In Time practice (which will be referred to as JIT in this article) is one of them.

JIT began with Toyota, manufacturing automobiles. The JIT supply chain model is where the assembly plant receives the parts for the automobile in a manner that is just in time, that is to say, the delivery of parts comes just when needed, and the parts are used in the assembly of the automobile within hours.

The JIT model saved millions (some say billions, but whenever I asked them to show me the actual figures, they declined) of dollars in warehousing parts as well as the managers and personnel required to maintain those warehouses. Thousands of parts all arrive and within just a few hours they are assembled into the finished automobile.

The JIT model became a blueprint for logistics managers all across many industries. I dare say that many of these JIT-educated managers never managed a fleet of a trucks, never handled crates on a forklift, or tackled a complex assembly process by hand on the factory floor.