CUSTOMER DELIGHT

Customer delight is seen as an exaggerated word we hear in every motivational speech. In seminars, speakers rant about Customer Delight and we do nothing but stare blankly at those speakers during their rant.

It is true that delighted customers are five times more likely to repurchase a product than satisfied customers.

If a customer complaints or is unhappy with your product or service, don’t be discouraged. If they cared enough to share their feedback, you have been given a great opportunity to better understand what is needed to delight your customer base.

First lets understand what customer delight is not! It’s not “Have a nice day” or “Buy one get on off”! It is the sense of surprising customers with the level of service you provide’, its surprising them in a positive way please!

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LOSING NEMO TO CLIMATE CHANGE

Finding Nemo is getting harder as Climate Change is making clownfish infertile.

The homes of the clownfish that inspired the hit movie are being destroyed by warming seas in the South Pacific.

It’s stressing the colourful creatures out and reducing their sex drive, decimating numbers of offspring by three quarters.

Closely related to corals, sea anemones are invertebrate marine creatures that live in symbiosis with algae, which provide them with food, oxygen and color.

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FEAR OF FAILURE

Imagine if you could do anything in the world without feeling fear or any negative feelings.

Fear of failure is instilled in us from early childhood. We’re told not to do that, avoid this, or else.

After a while you become cautious. Instead of taking action, you seek permission and confirmation.

As we grow, this belief tends to become unconscious and automatic. You aren’t aware of its presence, yet it controls you from the shadows, like an invisible puppet master.

Every entrepreneur we know is afraid of failure. It’s human nature. When we go outside of our comfort zone, we feel scared. As entrepreneurs, our ego and identity become so wrapped up in what we are doing, that when things do not go as we expect, we can literally feel like we are going to die.

What does failure do to us? We fall into a vicious downward spiral. Failure is a lot like a shot from a double barrel gun but with a difference. The first shot is like the news which explodes in one’s face. But it is the second, after a short time lag, which causes the most damage. It comprises of pain, humiliation, shame, frustration and anger. The first shot pales in comparison. It is life after the blast that causes the most hurt.

Successful people seem fearless and extraordinary, but that’s just how they’re perceived. Successful people started out very ordinary and through a combination of practice, hard work, effort, and action achieve their success. That myth of fearlessness, however, can act as a barrier to many, causing us to believe that being successful is predicated on being fearless and inherently extraordinary. But being brave isn’t living without fear; it’s living with fear, confronting it, and taking action in spite of it. It’s challenging yourself and putting yourself in places where you encounter fear and facing that fear. Fear is a very normal and inevitable part of being human; it’s one of the characteristic that define us. It’s a part of all of us. No one is truly fearless; they’ve just learned to embrace fear.

LET’S BREW IT FOR CLIMATE CHANGE!!!

Every morning the world looks grim without a cup of coffee. It is the most important beverage to get us out of our sleepy state. Coffee is like a necessity for us. But imagine this necessity turning into a luxury; only available on occasions. Imagine “Koffee with Karan” without “Koffee”. Now that would be cruel.

But this would soon turn into reality. Climate Change is threatening coffee crops in every major coffee producing region of the world.

Higher temperatures, long droughts punctuated by intense rainfall, more resilient pests and plant diseases—all of which are associated with climate change—have reduced coffee supplies dramatically in recent years.

Coffee is the most traded commodity in world, after oil. Despite of not being staple in many diets, coffee business is big. Over 259 countries cultivate coffee and over 25 million families make a living from this business. But there is growing consensus among experts that climate change will affect coffee crops within the next 80 years. By 2100,over 50 percent of the land used to grow coffee will no longer be arable. A combination of effects, resulting from higher temperatures and shifting rainfall patterns, will make the land where coffee is grown unsuitable for its production.

According to the National Academy of Sciences, in Latin America alone, more than 90 percent of the land used for coffee production could suffer this fate. It is estimated that Ethiopia, the sixth largest producer in the world, could lose over 60 percent of its production by 2050. This is only a generation away.

Additionally, warming has expanded the habitat and thus the range and damage of the coffee berry borer, a grazing predator of coffee plants. This pest is placing additional stresses on all coffee crops, as is coffee rust, a devastating fungus that previously did not survive the cool mountain weather. Costa Rica, India, and Colombia, three of the top fifteen coffee-producing nations in the world, have all seen a dramatic decline in yields.

Brands like Maxwell House, Yuban, and Folgers have increased the retail prices of many grinds by 25 percent or more between 2010 and 2011, in light of tight supply and higher wholesale prices.

If you’re one of those people who needs a cup of coffee to get going in the morning, your world may be changing. In fact, it already is. The dwindling supply of coffee is but one example of the many impacts to come due to climate change, and should be a wake-up call for us all.

 

SWIM BEFORE YOU SINK!!!

When we say sink or swim, we are not asking you to take a dive. Rather we are talking about the situation that can be equally alarming for your business.

People love to hear about startup stories. Especially one that has chronicles mishaps of first-time entrepreneurs and their eccentric founding team members.

There is a reason why some startups fail while other succeeds. Libraries are full of books on “How to become rich?” or some famous and successful Entrepreneur sharing his “Secret”. But at the end of the day the success or failure of the business does not come due to some book but rather the efforts and investment made in the business.

If you think the biggest reason for failure is short of money than BINGO!!! You are right, ultimately a business do fail because it runs out of money. But along with this, there might be magnitude of reasons why this may happen. Management teams, business models, access to markets, finance, ideas, timing and the abilities of the entrepreneur themselves are all factors that can influence the failure of startup.

Many founders tend to build solutions first and find problems to solve for paying customers later. All too often, they operate using unproven business models and ignore important questions about who their ideal customers are, how much it will cost to reach those customers or how much of their initial capital must be used to support their own living expenses. Any one of these mistakes can sink a promising startup.

Just look at TinyOwl, which shut down most of its locations in May because of a faulty business model. The India-based restaurant delivery service had raised more than $27 million in investor funds, but it couldn’t overcome the costly logistics of running the company or the oversaturation of the restaurant delivery service industry.

It’s also easy for first-time founders to get so caught up in their ideas that they dive in before vetting their concepts. That’s how companies end up with solutions that are looking for problems — and often how they fail. Inventory costs alone can consume a startup’s budget as its founders search for a fit.

Businesses that try to reach all demographics end up with generic, boring products. Instead, they should identify who will actually be interested in the offering and whether it fills a want or a need — before they sink serious money into building a product. No matter how excited people are about a product they want, they’ll ultimately prioritize items they need. Responding to urgent demands strengthens the business model and improves the startup’s chances of success.

Successful startups don’t deal in vague assumptions and unsubstantiated business models. Entrepreneurs must rely on fact-based decision-making to ensure their companies have the best chance of succeeding in competitive markets.