stop Thinking, start Talking; stop Worrying and start Working!!!
Practical advice for Entrepreneurs.
This is how it goes, we first start thinking and keep thinking until it gets too boring or too big in our minds that we start doubting our abilities, or get scared that what if someone else capitalized on “my brilliant idea!”. If you are lucky and come out of your initial inhibitions and insecurities then you can start talking about it with others. It would be best if you talked about it with everybody (not just somebody)… you have nothing to loose at this point.. because idea is just that… an idea.
The more you’ll talk about it the more you’ll get serious about it. This empowers you but at the same time puts you in a vulnerable position where you might get influenced by other people’s opinions and more so by the negative opinions about your idea and your entrepreneurial dream would be crushed there…. But too much talking isn’t going to fetch you investments ($$). Therefore, at some point in time (earlier the better) start working on building a working prototype.
A working prototype will be a testament of the potential in your idea and your (and your team’s) potential to deliver. Yes, power-point and a well thought out business plan is important but not as important as a powerful-prototype. Don’t wait, just roll up your sleeves and make the best prototype out of your idea… and thank yourself later that you did that.
PS: More on the idea of inventing prototypes here.
Vakratunda Mahakaya
Original Composition inspired from a sanskrit shloka sung in praise of Lord Ganesha.
वक्रतुण्ड महाकाय सुर्यकोटि समप्रभ
निर्विघ्नं कुरु मे देव सर्वकार्येषु सर्वदा
Vakra-Tunndda Maha-Kaaya Surya-Kotti Samaprabha
Nirvighnam Kuru Me Deva Sarva-Kaaryessu Sarvadaa
Meaning:
1: O Lord Ganesha, of Curved Trunk, Large Body, and with the Brilliance of a Million Suns,
2: Please Make All my Works Free of Obstacles, Always.
Gold Nugget 6
Meditation is spending quality time with yourself <– If you like this then click on the text to learn more about “Time is Liberating”
Gold Nugget 5
Praise yourself in the silence of your inner being. <– If you like this then click on the text to learn more about “self-praise is not being egoistic”
10 tips on building strategic business partnership
Building strategic partnership is no longer a ‘choice’ but a necessity in today’s business arena. Strategic Business Partners can help you grow your business fast and more efficiently. They may even help you build better products and offer better services to your customers. They can help you free up your resources to concentrate on your core strengths and thereby make you more efficient and profitable.
Here are some tips on building strategic business partnership:
1. Have a clear objective after a SWOT analysis. <– This is necessary when you are deciding on creating a Business Partner Program.
2. Research the marketplace for players that have the potential to prosper with you and make you prosperous in return OR at-least give you room to concentrate on areas of your business that are more critical to your mission and vision.
3. Ensure that they are reputed and have a clean track-record.
4. Is it a good fit? Clearly understand what they bring on the table in terms of their technology, infrastructure, expertise, customer-base, and their Brand.
5. Identify any difference of interest and assess what you are ready to ‘give away’ as a sacrifice to ‘get more’ from the relationship.
6. Do a trial run with their services and assess their work first hand. Use this opportunity to fine-tune the identified Key Performance Indicators (KPIs).
7. Finalize your KPIs and other matrices and ensure that these are consistent across all your partners for that specific business area.
8. Once you are fully convinced that they are a good fit and the partnership would be ‘mutually beneficial’ then go ahead and finalize the contract. Make sure the contract is well thought out and written with legal’s consent. Take every possible measure to safeguard your company’s reputation and best interests. Make sure that the contract is thorough and terms and conditions are well defined and documented on paper. Remember: if its not written it doesn’t exist.
9. Have a robust Partner Ennoblement Program in place that would ensure that your partners are best equipped with knowledge and necessary assets and skills.
10. Last but not the least make sure you have a well defined exit plan for times when you or your partner decides to part ways.
Gold Nugget 4
Strategy has a lot to do with what you don’t want to do. <— If you like this then click on the text to learn more about Developing Sustainable Profitability in your business.
Developing Sustainable Profitability
Its important for companies to maintain competitive advantage over their competitors. In order to do so they need to have a “unique value proposition” that would help them establish their brand equity. Also, they need to be serving in a field that is not too crowded and/ or “general” example: airlines industry, cinema halls, sugar manufacturing etc.
Let me elaborate this a little bit: The airline industry offers the same service (transporting stuff and people), it is crowded (too many players) and thus even though the industry has made itself more and more efficient over the years it hasn’t been able to really capitalize on that due to heavy competition and lack of ‘unique value proposition’. some airlines have tried to establish that by offering higher quality customer service Example: Virgin Atlantic, Southwest airlines etc but that hasn’t helped the airline industry as a whole.
Critical Strategic Decisions:
1: Be in an attractive industry: Dont be in a business that is overly crowded, however if you already are in such a business then figure out a way that will distinguish you from your competitors. Maybe a better customer service model, maybe higher efficiency (driving lower cost) etc. Look into all the forces you’d be dealing with: from Buyers, Suppliers, Competition, Substitutes and Barriers to Entry.
2. Coherence is the key: Have a coherent strategy and dont blindly accept anything with positive Net Present Value (NPV). Strategy has a lot to do with what you don’t want to do. One critical way of ensuring this is to know which project to reject. It maybe that the project has a great NPV but the executives need to understand if those are sustainable or not, would that project/ projects fit in the overall mission and vision of the company and if it will change the perception (Branding) about the company with its current customer base. In essence you have to ask yourself.. how does this proposal fit with what we are trying to achieve.
3. Establish a unique value proposition: that will give you sustainable advantage over your competitors. Sustainable advantage has to be something that is difficult to replicate. Lion has a sustainable advantage (sharp teeth+strong jaw+powerful athletic etc) other animals in the jungle, therefore its called the king of the jungle. Make sure that your advantage is sustainable. dont be fooled to think that the fact that you have a greater bargaining power as compared to your competitors that you will enjoy that position for ever.. that is not sustainable advantage. however, if your manufacturing practices so efficient and unique that you have a greater cost advantage then that is somewhat sustainable. If you have some patented technology that makes you more efficient or productive etc then THAT surely is sustainable competitive advance.
4. Know your customer: Understand your customer’s unique needs, and their overall profile (including their buying potential). Understand what they value in your services and capitalize on that… instead of mimicking your competitor’s moves.
5. Justify higher prices with better value proposition: Find a way to justify higher prices for your products and services. maybe through more innovative designs, higher quality, convenience, financing options, after sales support/ service etc etc.
6. Make it difficult for your competition to mimic you/ copy you/ replicate you: This can be achieved if you
a. Build a system that is highly integrated (example: iTunes).. Rome was not built in a day.
b. Build a loyal customer base. sooner the better.
c. Cost advantage: Highly efficient processes, economies of scale
d. Product innovations protected by IP law.
7. Get rid of extra baggage: If you have too many products and too many lines of business it would mean that you have spread yourself out too far and too thin. This is a perfect recipient for failure since it will confuse your customers, and also your employees (including you). Its better to focus on your bread and butter and capitalize on that, this will ensure you stay in business. This doesn’t mean that you loose focus on future.. that is also important.. but you have to alive to run the race and your bread and butter is what you need for that.
8. Know when to call it quits, re-invent yourself: There is a popular saying, “change is the only constant” which holds true in business too. You have to know where the industry is heading and when is the time to exit it to catch the next wave. You have to plan your next moves at-least 10 years in advance and start planning accordingly. having a solid exit strategy will ensure that you maintain sustained competitive advantages.
4 easy steps to solving problems
When you are faced with a problem a lot of things happen and if the problem is too challenging or tasking it can lead to confusion and nervousness. Confusion and nervousness lead to anxiety, frustration and in severe cases depression and helplessness. So, here are some time tested tips for solving problems/ life challenges more effectively and efficiently. This holds good for both personal and professional life challenges for individuals and teams.
1. Recognize: there is a problem.
2. Decide: if it is worth solving at the time or there are other more urgent and important problem than this one.
3. Don’t take it personally: (Read: dont take it to your heart).
4. Step out of it: This is a very crucial step and the most important one. Step 3 was just a prelude to this 3rd step. You can do this in two ways.
a. Use your imagination: see the problem from 3rd person point of view. As if its not you who is in problem but maybe your friend.
b. If “a.” (above) us too challenging then try to ask yourself… How would this person X (who you look up to for advice or you consider is a wise person or expert in the subject) deal with this situation and then see what comes to your mind.
c. If “a” and “b” dont help or difficult to do then reach out for help from a person who you can have faith in and who is not affected by your situation. i.e. he/ she can look at your situation from outside.
If none of the above work then take a pillow and goto bed… yes forget that problem for that time and move on to something else.. maybe you are thinking too hard and need a break. Then come back to the problem after the break and apply steps 1,2,3,4 again.
Dissatisfaction is not a bad thing
Dissatisfaction is not a bad thing. Its nature of the mind to stay dissatisfied. Dissatisfaction arises from unfinished desires. Mind is the factory where desires are manufactured. Its those desires that create the need and its a well known fact that need is the mother of invention. So, in a way desires drive innovation and evolution is the result of that innovation. Nature has built our mind in such a way that it remains dissatisfied and thus we constantly keep evolving and create new experiences and stay involved (not get bored with our existence).
Knowing that the nature of mind is to feed on desires (that it generates LOL) is very evident from our own lives. When we were kids we wanted to go to the next level of class (fast), then get out of school and ‘enjoy’ college life but the moment we stepped into college our minds dropped that ‘desire/craving/wish’ like a hot rod and stretched towards another desire of getting a job, then followed better job, then marriage, kids, and it goes on and on and on. In business its the same thing have you ever noticed satisfaction in WallStreet? believe me you wont find it there.. ever! and its the same nature of our mind at work, stay dissatisfied with what you have in hand and keep running after the next goal…. You see where this is going… we keep running after that which we dont already have.. running running running until the life force in the body ends and then what?… does it end there?…. well.. not really…. Those desires will bring you back to this planet (or some other in another dimension or in this same universe) and your mind will continue to do what it does best… 🙂 OH! and what about those desires that were born in the previous lifetimes? they will have their impressions in this lifetime and will also get multiplied when you share those desires with others around you 🙂
When you have mastery on your desires you’ll know how to handle other’s desires and thereby make you a better communicator and leader. You’ll know how to manage other people much better and give them better incentives (based upon their own desires for money, power, promotion, praise etc). You will get better in strategy to decide the future course of action for your business.
The one who understands this nature of mind (as i described above) will become mind-full of it and will let the mind do its tricks.. not fight with it but see it in action and smile back at it .. sometimes even play with it but yet stay in control instead of dancing like a mad monkey jumping from one desire to another. This mindful observation of this nature of mind is sometimes called meditation.
Just Being Human... 