After reading Yiwen Sheng’s blog How to build an effective team, I realized that to create a successful teamwork is not easy. In her blog, she pointed out that both personalities and skills of all team members are essential to determine the success of teamwork. I strongly agree with her. However, I also discovered that the leadership of a team is extremely crucial for developing a successful teamwork.

Speaking of leadership, there are lots of role models in the business world. For example, Google’s people-management system focus on creating a sense of belonging which makes every single employee feel that they are part of the community. Just like Yiweng mentioned in her blog, “Google announced that the secret ingredient for a perfect team is not member’s personalities but “being nice” and “joining in”. A good leader must realize that a team’s strategies for success require the combined talents and efforts. It is wise for the leader to create the sense of belongings so that all members will be more willing to contribute to the teamwork.

Another example of an outstanding leader is Bill Gates. His caring and empathy finally result in his great success of leading such a huge team. He once said to his employees: ” I hope you will reflect on what you’ve done with your talent and energy. I hope you will judge yourselves not on your professional accomplishments alone, but also on how well you work to address the world’s deepest inequities, on how well you treat people a world away who have nothing in common with you but their humanity.” Good leaders like Bill Gates understand the importance of empathy. They stay in grounded with all members and try to help each one of them dig out their potential abilities so that members will all have a better contribution to the teamwork.

From looking at two remarkable entrepreneurs, I have a better understanding of the importance of leadership within a business. Leadership is to provide motivation and help for groups of people to work towards the same goal.

The issue of increasing debt levels is of great importance in Canada today. The International Monetary Fund report shows that Canada’s debt has risen to very high levels.
The major reason for Canada’s high debt levels is the decrease of intertest rate. The original purpose of decreasing interest rate is to let people purchase houses with lower interest cost. The lower interest rates can also reduce the pressure on people who have to pay back their mortgage. However, it turns out to be really risky for Canadians to have such high debt levels that even average Canadian household do not have the ability to pay down those debts. The potential threat behind this issue is that it may lead to economic depression. 

Since last year, BC government has brought down the barrier of buying houses which provides consumer confidence to purchase houses at this time period. As a result, household debt shows a significant growth. It is mentioned in Canadian’s household debt burden hits record, “for every dollar of household disposable income there was $1.68 in credit market debt. “ The high debt levels indicate the unsustainable market and the potential threats of the market. The demand will be much more than supply in the future. In order to adjust the market, the interest rate will be increased. At that point, some people who have the mortgage will not be able to pay back, and this will lead to economic depression.

Furthermore, the decrease in supply and increase in demand are two of the major reasons of causing inflation. In my opinion, in order to control inflation and debt levels, the Bank of Canada should lower bond price and slowly increase interest rates. These two methods can help reduce money spending as people will be more cautious. When spending decreases, prices decrease, so inflation will slow down. On the other hand, people are no longer as likely to borrow money from banks because of the high-interest rate. Therefore, the debt levels is going to decrease in the long-term.

References

http://qualicuminstitute.ca/federal-debt/

https://www.romania-insider.com/romanias-public-debt-reaches-new-record-high/