MISTAKES THAT CAN HAMPER AN ENTREPRENEUR

 

Mistakes are common; in fact they’re inevitable. They also can make you a more cautious and wiser businesspersonAll entrepreneurs make at least one expensive mistake when setting up a new business. But some mistakes are so costly they can sink a cash-strapped new company.

Following is list of crucial startup stumbles. Even if an entrepreneur is doing everything else right, committing even one of these mistakes can seriously damage the startup’s credibility and chances of successful launch.

1.Client communication failures

One of the most common mistakes a growing professional services firm makes is failing to effectively communicate with clients. According to a recent study, client communication is the most important factor influencing the success of a project. But this is often easier said than done.

Ninety percent of survey respondents selected email as one of their top three methods of communication during projects, but email is built for private communications between a few individuals, whereas delivering successful projects is a team endeavor. For most professionals today, relying on email means entire chains of communication are put in silos between teammates, withholding valuable information in their inboxes that’s inaccessible to both colleagues and clients.

With growing teams and bigger projects, it’s impossible to keep track of every small detail using traditional manual approaches, such as copying and pasting or multiple all-hands meetings. While new collaboration tools are trying — unsuccessfully — to replace email entirely, the real solution is to use project management software that integrates with email automatically, tracking conversations and treating the content of their messages as assets to share across the team.

2.“We don’t have any competition.”

As you brief potential advisors, investors and partners regarding your startup, you want to convey how exciting, ground-breaking and unique you are, right? But one of the silliest things you can say is, “We don’t have any competition.” Even if you have a new, dramatically better solution for addressing a certain customer problem, your customers do have another way of currently addressing that problem or issue. It’s crucial to address how you’re going to steal share from the established players — the current way of doing things.

3. “Build it and they will come.”

Inventors and innovators often tend to minimize the importance of marketing and sales. They get caught up in just how cool their solution is, and just assume that, once it’s available on the market, customers will simply stampede to buy it. Good luck with that.

Even though every Entrepreneur comes up their own innovative solution, they do not last long without proper sales and marketing technique.

4. Overly optimistic market penetration assumptions.

Another serious business planning chaos is claiming that your new startup is going to conquer the majority of its addressable market, from scratch, in just three to five years. Think about it: even the most heroically successful new market launches in history, such as the iPad and the iPod, achieved no better than 30-50% market penetration in 7 years. And those are extremely successful outliers. Are you going to do better than that, as a startup with limited marketing resources?

5. Choosing the wrong team. 

This is the most expensive startup mistake, claims Bill Aulet, managing director of the Martin Trust Center for MIT Entrepreneurship and author of Disciplined Entrepreneurship.

Pick your team carefully and base your choices on the skills you need, common values and trust. Don’t let friendship cloud your judgment.

6. Take advantage of every opportunity to network.

It’s not just who you know, it’s who knows you. Your calendar may be booked from sunrise to sunset, but even 30 minutes at a networking event will pay off in the long run. Visibility is the first rule of networking. Make sure you have your presence at all social networks. . In order to promote your business, it’s essential to see and be seen.

FEARLESS ENTREPRENEUR.

Becoming an Entrepreneur became more common than ever after Modi’s Startup India campaign. Yet most of those entrepreneurs are no longer in business. Every day we read about startup ventures crumbling to soil. It can make you think twice about giving up on the 9-6 lifestyle.

It’s natural to feel dubious about your decision. No entrepreneur is a born badass who would nail every target and aim of the organization. They fall, they crumble and they learn. What is important is to remember your lesson. Because your fall will help you learn how to fly.

Giving up is not an option for a passionate Entrepreneur. Success isn’t a result of spontaneous combustion. You must set yourself on fire. To become a fearless Entrepreneur, one must always remember these lessons:

  1. The journey is the best part.

It’s easy to look at that mountain and shy away from the hard work. It’s intimidating to begin with. But along the journey, you embark on something new. This journey is the most enjoyable part of the process.

All successful entrepreneurs look back on their respective journeys with a great fondness. Don’t be afraid of the journey embrace it.

  1. Cherish what drives you.

What drives an Entrepreneur isn’t money alone. It’s what they can do with that money. For you it might be that big house, that fast car or that dream vacation to Hawaii. Embrace what drives you. Use that to get you through the hard times.

Make sure to keep your aspiration in front of you all the time. Nothing can motivate you more than knowing what you want.

  1. Mistakes are tuition. Learn from every one you make.

It’s quite simple. We will make mistakes. Some are incredibly expensive. Don’t go out of your way to make mistakes but learn from every one you do make. Set aside some time to reflect on why you made that mistake and what you can do to make sure you don’t make that same mistake again.

  1. Adapt or perish.

Entrepreneurship is competition on a landscape that is always changing. They must either adapt or die. It’s that simple. Constantly monitor your competitors and your market. Enjoy your success without ever becoming complacent.

Always be on your toes.

  1. Never, ever, ever give up.

Malcolm Gladwell popularized the idea that it takes 10,000 hours to master a complex skill.

But the real key of mastering a complex skill is grit; the ability to stick with something long enough to log those 10,000 hours.

People with grit are like anti dilettantes. Rather than flit from thing to thing, gritty people pick something and stick with it. They’re tenacious, dogged, persevering, and they absolutely refuse to give up.

The grittiest people don’t just work longer and harder, although that is part of the equation. They keep a laser focus on their goal and say, “No, thanks,” to anything that gets in their way.

Be a true fearless Entrepreneur. Don’t listen to anyone other than yourself. Stay focused. And never give up on your goal.

 

TO SAVE THE WORLD, START SMALL

“A society grows great when old men plant trees whose shade they know they shall never sit in.”
— Greek proverb

Global warming has increased in vast increments in the last decade. In fact, in the last 50 years, the earth’s global temperature has increased by 3%. Pollution caused by the release of carbon dioxide into the air creates a blanket over the atmosphere. Global warming can cause a whole chain of events to rupture ecosystems, weather patterns, and a variety of other factors. We all play a part in our future.

To save the world, there is no need of any committee or agreement. We can do this by simply altering our lifestyle a little. Take small steps that won’t change our life but make a difference to the world.

Replace Regular Incandescent Light bulb: Replace regular incandescent light bulb with compact fluorescent light (CFL) bulbs. They consume 70% less energy than ordinary bulbs and have longer lifetime.

Go Solar: Many people have caught the energy efficient band wagon of solar energy. Having solar panels installed is something readily possible and available. Incentives and discounts given by government agencies and energy companies make solar energy something to look into.

Reduce Waste: Landfills are the major contributor of methane and other greenhouse gases. When the waste is burnt, it releases toxic gases in the atmosphere which result in global warming. Reusing and recycling old items can significantly reduce your carbon footprint as it takes far less energy to recycle old items than to produce items from scratch.

Use less Hot Water: Buy energy saving geysers and dishwasher for your home. Avoid washing clothes in hot water. Just wash them in cold or warm water. Avoid taking frequent showers and use less hot water. It will help in saving energy require to produce that energy.

Plant a Tree: Planting trees can help much in reducing global warming than any other method. They not only give oxygen but also take in carbon dioxide, during the process of photosynthesis, which is the main source of global warming.

Reuse Towels: Hang towels to dry, instead of popping them back in the wash after a few uses.

Spread the Awareness: Always try your best to educate people about global warming and its causes and after affects. Tell them how they can contribute their part by saving energy that will be good for the environment. Gather opportunities and establish programs that will help you to share information with friends, relatives and neighbors.

By being just a little more mindful, we all can play our part in combating global warming. These easy tips will help preserve the planet for future generations.

FOOD FOR THOUGHT

Earth is getting hotter.

Not something we are unaware of.

From Agriculture to Infrastructure to how humans consume energy, the National Climate Assessment Development Advisory Committee spotlights how a warming world may bring widespread disruption.

Agriculture feeds and clothes the world. Although the long-term effects of climate change are still largely unknown, scientists can observe short-term effects of climate change on crops and animals. In addition, scientists can prognosticate about the changes that are likely to occur in agriculture if global climate change causes changes in temperatures and rainfall. Farmers will see declines in some crops, while others will reap increased yields.

With rapid climate change, aside from yields, climate change will also affect food processing, storage, and transportation—industries that require an increasing amount of expensive water and energy as global demand rises—leading to higher food prices.

The future course of global food production will depend on how well societies can adapt to such climatic changes, as well as the influence of other pressures, such as the competition for land from biofuel production. The IPCC concluded that in the poorer, low-latitude countries, climate change could seriously challenge the capacity to adapt for a warming of more than 3°C. The richer, higher latitude countries are likely to have a greater capacity to adapt and exploit changing climatic conditions.

But we can’t ignore the potential for “surprises” down the line. There are many uncertainties in such predictions. The world has not seen such changes in climate for millennia, and so it is impossible to know how our agricultural systems will react in the real world.

 

IF OPPORTUNITY DOESN’T KNOCK, BUILD YOUR DOOR

If you don’t come across the opportunity you want, you have to take the initiative to increase your chances of getting that opportunity.

Creating opportunities for yourself is the door. The particular opportunities you want and the plan for getting them depends on what vocation, market or personal interest you are pursuing. The opportunities you need to create can depend on developing personality, personal attributes or simply mechanical steps such as filing a resume. If you want to be an actress, you have to take a film test and try out for a role after having gone to theater school or gotten some relevant experience. These steps might be considered building the door more literally. Without a door, opportunity has nothing to knock on. The specific door you should build depends on what sort of opportunities you are interested in.

For Entrepreneur things are no better. Entrepreneurs take action in their own hands instead of waiting around for success to just come around the corner. They become successful because they strive for success. They open window of opportunities, instead of just waiting until it opens for them.

And like the quote above said, “If opportunity doesn’t knock, build a door.” This just shows that you mustn’t leave your business’ success to chance. You have to take the necessary steps in order to reach your goal. In business, there’s no lucky break. It’s all about the preparations and the opportunities you make. You base how much work you’ve done by the results.

Success is never just handed out to entrepreneurs, we work for it. But most of all, we make them happen through our actions, preparations and the opportunities we make for our business and ourselves. Think about it.

Have you created great opportunities lately?

 

CLIMATE CHANGE IN INDIA

It is a controversial question to learn whether the emerging war with Pakistan and China poses a greater threat to India or the changing climate. No one can answer what future they hold for India.

We might not be familiar with what future holds but we do understand that currently global warming is causing loss to Indian environment. The reality can be seen in melting glaciers, disintegrating polar ice, thawing permafrost, changing monsoon patterns, rising sea levels, changing ecosystems and fatal heat waves.

Scientists are not the only ones talking about these changes. From Kashmir to Kanyakumari, every part of India is struggling with the impact of climate change.

But this is just the beginning. We need to act to avoid catastrophic climate change. While not all regional effects are known yet, here are some likely future effects if we allow current trends to continue.

Impact on Indian economy:

  • Late or Early monsoon affect the agriculture. And if agriculture affected whole Indian economy is affected. It is the major demand generating sector. So, Low production will lead to shortage of food, inflation in food, change in interest rates, low sells of items like TV, mobiles, car, bike and so on because of people need food now, not luxury. So, every sector will be affected, hence they will also lower their production. It may also start job cut.
  • Floods (because of manmade reasons, urbanization etc. affect the climate) can lead to destruction of roads, railways and many other infrastructures. Its renovation prices are in billions. So, direct impact on GDP and account from any natural hazard. And life loss is also there. It also leads to short term inflation because of shortage of food. Climate change can cause a decline of 9% of India’s GDP.
  • Heat Wave or extreme rain may lead to stopping the daily production in factories and holidays in companies. Direct impact on production.
  • Due to climate change, many tourism places are also affected.
  • More usage of fertilizer and all that because of decreasing fertility of soil.

Never before has humanity been forced to grapple with such an immense environmental crisis. If we do not take urgent and immediate action to stop global warming, the damage could become irreversible.

 

INTERNET ENTREPRENEURS

The internet is one tool that has revolutionized the way we do everything in this world. The speed and connectivity offered by the internet has made the world smaller, and has brought people closer together. In fact, the internet has made us realize the fact that we now live in a global community and that everything we do affects the world around us.

Today as buyers we all aim for easy shopping. And with growing internet trend it’s not difficult either. With our smart phones we can shop while traveling or at midnight. So as a consumer internet has been a blessing.

But what about Entrepreneurs? Is internet a blessing in disguise or some masked devil?

Online tools revolutionized social interaction and have set the tone for the way businesses interact with consumers. To stay competitive, traditional companies have sprinted online, rushing to assemble virtual communities and tune in to their dialogue. Wiki-innovation seems to be the wave of the future, but what does the online movement really mean for the future landscape of business? One possible trend is the rise in entrepreneurship rates, despite a stubbornly sad economy. Another may be a shift in the old power profile, as young minds take a new and leading role in the economy.

The internet helps entrepreneur’s unique ways. With the internet, you can have all the information you need at your fingertips. This means that you practically have the whole world at the palm of your hand. Because of this, entrepreneurs have access to every piece of information that can affect their business ventures. We all know how vigilant one must be of things that one cannot control. The market is a very erratic factor in business, with people changing their preferences all the time. Through the internet, entrepreneurs can be prepared for any possible event.

The internet helps entrepreneurs by making opportunities easier to access. This means that entrepreneurs can keep a constant lookout for any chances of expanding their businesses. The earlier you learn of an opportunity, the better your chance of getting it. So, in general, the internet helps entrepreneurs’ home businesses by giving them an edge. The internet speed things up and allows you to save time on making business-related decisions.

With this trend Entrepreneurs have a wider scope to diversify and explore. Increased market range leads to more potential customers and more profit for Entrepreneurs.

 

CLIMATE CHANGE TO HINDER AFRICA’S GROWTH?

 

Africa has been dealing with the impacts of climate change since the 1970s. The most recent report of the Intergovernmental Panel on Climate Change (IPCC) described the African continent as the one that will be most affected.

The economic landscape of most Africa countries depends essentially on the dynamics of climate change. Key sectors driving their economic performance and livelihoods such as agriculture, forestry, energy, tourism, coastal and water resources are highly vulnerable to climate change. The geographical location of most African countries on the lower latitudes has already put the region at a disadvantage where about 80 percent of damages from climate change are concentrated.

Over the past five decades (1960-2009), many countries in Africa (e.g. Sudan, Chad, Uganda, Botswana and Tunisia) have experienced substantial rise in temperature – ranging from 1o to over 3o Celsius. The increasing knowledge that the continent contributes least to carbon finger print but experiences the most severe impact of climate change provides incentives for Africa to understand the costs of climate change to its economy and development prospects with a view to informing policy decisions. This is not only as a result of losses to the economy that might be linked to reduced agricultural productivity and labor losses but also from increases in morbidity, mortality and social instabilities. These indirect impacts such as death and disabilities associated with climate change have irreversible economic and welfare consequences. When countries spend some resources to adapt to climate change, they incur opportunity costs of not spending it on research and development and capital investment (e.g. infrastructure) that is a binding constraint to growth and development.

IMPACT ON AFRICA:

  • Between 75-250 million people exposed to water stress in the next 10 years, and as many as 1.8 billion by the end of this century.
  • Agriculture fed by rain could drop 50% in some African countries by 2020. The IPCC report predicts that wheat may disappear from Africa by 2080, and that maize—a staple—will fall significantly in southern Africa.
  • Arid and semi-arid lands are likely to increase by up to 8%, with severe ramifications for livelihoods, poverty eradication and meeting and maintaining the Millennium Development Goals.

In future, whether the issue is climate change or development at large, the challenge is the same—human capacity is critical. One perquisite for this is good, solid internet connectivity. And for the depth and breadth of challenges that Africa faces with climate change, the country desperately needs frontier/leap-frog science and entrepreneurship.

CONFIDENCE IS AN OUTFIT.

 

Confidence is the only outfit one cannot buy.

Many individual think self-confidence is all about ignorance and arrogance. However confidence focuses on having a sense of purpose, positive outlook and faith in yourself.

Without confidence becoming an Entrepreneur is nearly impossible. If you want to become an entrepreneur, or you are an entrepreneur that wants to improve your ability to be successful, you need to begin focusing on building confidence in yourself.

Confidence is a key part of success in business. There is the difference between having faith in yourself and feeling scared out of your wits. It is about having trust in what you know and your abilities to handle the unexpected events that life puts in your path. It is also a belief you are the one in control of your life and your goals. It is that unexplainable and untouchable attribute that allows you get in touch with that inner self that allows you to express yourself fully.

“Confidence comes not from always being right but from not fearing to be wrong.”  Peter T. Mcintyre, Philosopher

Entrepreneurs who have no basis for their confidence are doom to failure. Unbridled confidence is often a sign of someone who is lacking the whole package. Self-aware entrepreneurs base their confidence on their experiences, including their various mini venture.

Similar to a musician, entrepreneurial skills are honed and refined over time by putting them into practice. Legitimate entrepreneurial confidence is derived from one’s ability to execute, just as a musician gain self-assurance by practicing their instrument.

 

ARE POLAR BEARS NEXT IN LINE OF EXTINCTION?

Polar bears evolved from brown bears over 38 million years ago. Today there are around 19 known species of them around world.

We all know polar bears live only in Arctic region where they use sea ice as a platform to walk and hunt. Now imagine that platform dissolving in sea water. How are they going to survive?

Simple, they’ll adapt to land just like their brown cousins. Right?

Wrong.

The first problem is time. They took over 10,000 years to evolve from brown bears to big, white ice dwelling creatures we know today. Even if they do somehow “Re-adapt”, the pace would be too slow compared to the warming climate trend.

This brings us to second problem. Polar bears are highly specialized, both physically and physiologically, for a world of sea, ice, and meat: shorter, stockier claws to better grip prey and ice; smaller, more jagged molars and larger, sharper canines, better serving an almost exclusively carnivorous diet; all-white coats to provide camouflage while stalking prey; larger, thicker bodies to increase the ratio of surface area to body mass, helping the bears conserve energy and body heat; and a more elongated body, skull and nose to enhance streamlining and better enable the bears to thrust their heads through snow and ice into seal denning lairs and breathing holes.

These changing adaptations are affecting their reproduction system.

A female polar bear can give birth only once in every three years. And if the female bears are stressed regarding living environment or lack of food, they do not engage in reproducing at all. And at the top of that, 60% of the cubs do not survive more than a year due to changing climate. In 2001-2010, their population has decreased 40% from 1500 to 900. Today there are less than 25000 polar bears in the world.

Ultimately, whether polar bears can adapt to land may be irrelevant.  Polar bears are defined by the sea ice ecosystem they inhabit.  Without it, polar bears will cease being polar bears.  Even if they could somehow manage to persist on land, they would quickly encounter and hybridize with their brown neighbors (as they have already begun to do), and the iconic, white sea bear we recognize so readily today would disappear.  For all practical purposes, the species would be lost.

Fortunately, NRDC and others are working hard to prevent that from happening, by combating climate change, protecting polar bear habitat, and working with the international community to ban the global trade in polar bear parts.  Through these efforts, we hope to curb rising temperatures, decelerate the loss of sea ice, and buy these emblematic bears as much time as we can.

Will polar bears adapt to land? Or they will just disappear in next 100 years?  Let’s do everything we can to make sure we never have to find out.