You have an Idea and it is your Eureka! moment. You are going to change the world with your innovation and you are proud of it. The next steps you take lay the foundation to the future of your idea and changing the world.
You will need to have answers to:
– How to make your idea into reality?
– How to take it to market?
– How much money is required?
– What is the gestation time?
– When will you make money?
– If it does not work, what is the Exit?
Strategy involves Understanding, Thinking and Predicting.
Understand the present. First, look at who your competition is. If you do not have competition, Congratulations! you have taken the first step to changing the world. If you do have, identify as many competitors as you can along with their offerings and USP along with their market reach and penetration. Understanding your competition is the first step in creating a niche product offering.
Think of what your USP is going to be. For each of your competitors marketing message, have a USP of your own. This will help your consumer to easily identify you and it will give them clarity as to why they should come to you.
Predict the future, not of your idea, but your consumer. How will your consumer benefit by using your offering?
Strategy is the fundamental understanding of what your consumer needs, how are you going to provide it to him.
Winston Churchill once said “Most people think once a year, I practiced to think twice a week and that is why I am here”. So, what is so different and difficult in thinking?
Thinking is simple, but yet very complicated. If we just read what Churchill said, we can understand that there is something more to thinking what we do each day. All of us think, each day, each minute and each second. We are thinking of various things and we are thinking on how to solve problems.
We stop at thinking when we find an appropriate solutions, not necessarily the right solution. Many a times we restrict our thinking because we are given a checklist to think.
If you look at a developer, he starts coding when he receives Low Level Design and Algorithm. He will understand the problem, LLD and the Algorithm, but he might not necessarily know how to solve the problem. He has the blue print of the solution and his thinking is mostly towards writing code, based on the design and algorithm. What is wrong with this?
Limited thinking. That is the key here. Fortunately or unfortunately many of us are in this mode. We receive instructions and immediately our thinking stops. We follow the instructions. It is good and many a times it is encouraged to follow the laid out plan, but it is also very important to practice thinking and solving the problem.
In aviation, the Pilot has a series of checklists for any kind, for flying the airplane. There is a checklist for starting the engine, taxing to the runway, takeoff, crusing, decending, landing and parking the aircraft. Is the pilot not thinking then? He thinks. They are trained to think in simulations. Even though they follow the checklists, it is left to the pilots discretion as to how to handle the situation. This is checklist thinking.
I am sure many of you are aware of US Airways 1549 when Captain Sully landed the plan on the Hudson river. Take few moments to see the below videos.
What do you think? Was the pilot not thinking? He followed all the checklists and then made his judgement calls. That’s how he saved all the souls on board.
Checklist allows you not to forget simple things, and allows you think bigger.
Even though we have set guidelines to perform any tasks, what we need to practice is how to effectively solve the problem/address the situation following the checklist.
The step to sharpen our thinking is to Challenging assumptions.
Challenging assumptions is developing our curiosity quotient. How do we practice curiosity? Start by asking Why? to things around. Why are we afraid of what we are afraid of?
Let me share my story. Long ago, I was afraid of the middle sex. When ever I saw them on the road coming towards me, my heart would pound. One day when I was with a good friend of mine, she noticed it and asked me. I told her. She asked me if I reasoned as to why I am afraid? I said no. The next week on a Saturday, she invited me to come to an NGO. I went. This was the NGO which was run by the middle sex for various social causes. She introduced me and told the gathering that I would be teaching them Fundamentals of Computers. With my inhibitions, I started to teach them. Over the next 2 months, everything changed for me. I got to know them better and I realized how wonderful and nice people they are. My fear was absolutely baseless. They loved me so much that after my sessions were over, they actually called me to come back few times.
Look around, start by asking simple questions. There are mostly no questions which have no answers. We just need to spend time with the question and we will get the answer.
If you are an Entrepreneur, ask yourself why you are solving the problem. If you work for a company ask why you are doing what you are doing.
Developing curiosity enhances your ability to challenge assumptions. When you challenge the assumptions, the way you look at dealing with things completely changes.
All of us ask questions. Is there a right or wrong way to ask? I am sure once in your life you heard – “That’s a very good question”. How do we different the questions? Is there a logic behind asking what we want to ask.
The answer is Yes. There are patterns in which we ask questions. Few ask to know if the other person knows the subject or not; few genuinely ask; others ask to confirm if they understanding is correct and few ask for the sake of asking.
If you have taken a course on How to do presentations or teaching a class, you would have definitely covered the topic on how to manage your audience. Based on the tone and involvement of your participants, you know the genuinity of the question.
Asking the right question comes with the understanding of the subject. If the subject is new, the questioning pattern comes from inquisitiveness.
Based on my experiences, I identified 3 attributes which make it best.
– Start with the situation (Set the stage) – Before you ask a question, it makes it easier for the narrator/speaker to understand the context. So, highlight what he/she said and then start the question.
– Repeat what the other person said before you ask the question (Providing clarity) – After setting the stage, ensure you repeat the last line what you heard and then start with your question. This will help in connecting the story with the situation.
– Close the question with your understanding (if possible) – After the question is answered, close it by repeating what you have understood. This gives confidence to the speaker that their effort is valued.
Every flight is equipped with a Blackbox, which records all the conversations in the Cockpit and each and every instruction given to the plane. There is no debate on how this is helpful to track how the plane has been operational.
Our brain is our blackbox and it records each and every instance of our life, making us what we are and how we behave and handle our thought process. What if we decode our brain from time to time and look at how it has been processing our experiences?
Many a times, our mind takes over our thoughts. It clubs our emotions to our feelings and gives out instructions on how we react to situations. Only few of us can actually note these reactions and understand the instructions from the brain and then take action. This comes out of practice. The practice of thinking and practice of handling instructions from brain and mind.
When it is a good news or success, we celebrate. But, when there is failure, we allow our mind to rule over and react according to what it feels.
Success comes from managing this reaction. This is the reason successful people become successful. They look at their failures and downtimes, practice thinking and understand the reactions from the brain and then take action.
So, the next time you experience failure, evaluate what your feelings are and act according to what the brain says. This will give you the required result rather than just allowing your brain and mind to wander around and control you.
Times are changing. Even though you have the brightest of the ideas, investors and consumers are looking at the fact that it is not about only solving the problem, but reaching the consumers.
As entrepreneurs, we need to embrace the fact that solving the right problem is just not the only way, but what becomes important is how we message and help our consumers understand the solutions. There are two aspects which we need to consider seriously before embarking on the journey of building solutions – First, we need to understand the view of traditional logic and secondly, we have to employ the view of association theory.
What do these mean?
The view of traditional logic provides us the understanding of the problem and the kind of solutions which have traditionally been accepted by consumers. When you identify the problem, depict how consumers have accepted solutions to similar kind of problems earlier and design the solutions based on the principals of approachability.
Let us look at a simple case study of an online grocery store in India. Traditionally, the way we shopped groceries was to go to a Supermarket or a local vegetable market and purchased our daily needs. Over the period of time, it was acceptable for us to call the local grocery shop and have them deliver to us. As times changed, now, we do not even call the local grocery store, but open a website/app and select all the groceries we need and they get delivered home.
The progression happened step-by-step. First, consumers were accustomed to not requiring to go to the shop to select their goods, and then slowly, consumers have been introduced to the concept of shopping in more than one store and select what they like.
When you are designing a solution, if it is a progressive step to the daily workflow, it becomes easier for consumers to understand and use the solution appropriately.
Look at how banking has changed in India. Initially, it was ATM Cards, then Net Banking and now, API Banking, making it easier to send money by just using a mobile number. The transition was step-by-step.
This does not mean solutions cannot be radical. Few years ago, SpaceX said that they would put people on Mars and asked interested people to sign up and after their selection, they would undergo rigorous training before they are sent to mars. This is radical progression and the company was looking at not many people in their first batch, but a select few. Since the world is definitely made up of early adapters, they got their numbers.
It all depends on how you wish solve a problem and how you want to make your clients utilise your solution. Either make it a progressive approach or a radical one. But, before you begin solving a problem, spend time on understanding the progression of the domain/industry and illustrate to yourself how things have changed over the period of time. This makes it easier for you to design, educate your consumer and implement the solutions.
In view of association theory, what you would understand is the consumer behaviour. You can use various techniques and methodologies to understand this – Consumer interviews, survey’s, having conversations with potential users etc. These methodologies will help you understand what the user is looking forward as a progressive next step. To contradict this, Henry Ford famously said, “If I asked people what they wanted, they would ask for faster horses”. So, we should be very specific in what we are looking for and understand the trends and the industry before we even begin solving the problem.
The objective of this post is to help aspiring innovators/entrepreneurs ideate and provide a framework for the same.
As individuals, we think we need extraordinary powers to achieve something big. But, what are these powers and where do they come from?
The answer is simple, they come from within us.
What are these powers? These powers are categorised into two – Latent Powers and Occult Powers.
Latent Powers
Latent powers are rudimentary and they are within us and these powers usually do not mature into what we want unless we ignite them or start to utilise them.
Usain Bolt, the fastest man on earth invoked his latent powers within which helped him train and achieve what he has achieved.
I am sure all of you have heard Virat Kohli, one of Indian Cricket Team’s legendary player say “One day in the dressing room, I saw myself in the mirror and said to myself that I am not going to be a good player unless I do something about my physical fitness and that day on wards I changed my food and lifestyle habits”. He invoked his Latent powers to improve his health and fitness and the rest his history.
Do you think these individuals are different from us? Why could they achieve what they did and why can’t we achieve what we need to? For this to happen, we need to first accept our flaws and start focusing on nurturing them. That’s when good starts to becoming great.
As Entrepreneurs, we need find what it takes for us to solve the problem or achieve what need to and start focusing on them.
Occult Powers
The moment you hear this name, it is accepted that you look at it negatively mainly relating to psychic’s and people who do things which are not normal. In the west, it is related to a psychological disorder and in the East people also refer in a different way.
However, Spiritually, Occult Powers are related to using your body along with the powers in the nature to achieve control over something. For instance, igniting the 7 Chakra’s in the body with meditation, music and if you are comfortable with appropriate sloka’s in the Veda’s can help you bring more control you to body and mind and with synergies with the nature you can achieve what you wish. This is all about control.
I am sure you must have seen people doing magic and making objects appearing in their hand. This is nothing but using the powers within the body and connecting with nature to do the impossible. If you ever speak to any one who does these things, they laugh it off saying its the basic thing you can do when you start connecting your body to the nature. But, to get here takes years of practice.
As Entrepreneurs, we need to find a means to help us achieve what we want. Spending sometime to ourselves each day meditating, chanting, or anything which can help you channel your energies, it helps in enhancing the focus on what you want to do.
There are 7 kinds of leadership styles and we went into the details of each one in my last post.
The next question is what kind of leadership style should I adopt in which scenario?
Even though there is no set rules for any company to follow a certain leadership style, here is how from a big picture stand point can you identify when you can change your leadership style.
Well, am sure you have questions by now and wanting to debate or discuss as to why I proposed the way I am proposing. There are various other ways you can categorise, but this is a basic though on how to start identifying where you as an Entrepreneur or Leader is wanting to take your company.
Leadership styles can change when you are a one person company, with 10 employees, 100 or 1000 or 10000 or even 100000. Companies evolve over a period of time and what are you trying to achieve.
For instance, you can start a Pharma research company where you focus on finding better medications. When you start, you have a small team and you want to bring out the best in each one, that’s when you adopt to Democratic style and over the period of time, combine with Transformational and Coaching as the company grows.
You can be a one hotel establishment and you can adopt to an Autocratic style, but as time goes and you expand your operations, you will need to adopt to Laissez-Faire, Transactional and Servant styles. Why? Because it is important to go hands off when you have put the right people in the right place and also you will need to focus on enhancing your business and your service levels. e
You can be a technology company and you might be a handful of people when you start. But as a founder, you will need to be as thorough as possible to build the best product. You start with a combination of Democratic and Transformational styles. It is very important because you already have the right set of people in the right places. You will need to give the confidence to your team that you know what you want and also be open to listen to them because they come with a certain set of skills. Over the period of time, you will have to adopt to Transformation style because as the company is growing, it requires you to start thinking ahead on how to build and enhance your product offering. It’s a continuous cycle.
Services
Typically, service companies focus on providing end user service. When a person starts this kind of company, they already have in mind what kind of service levels you need to achieve. You start with a Democratic style and mature into transactional style to ensure you reward the people who are achieving their goals and providing you with the results. However, as the company grows, they should also consider adopting Transformational leadership style.
Product Companies / Manufacturing
Can be soft (Technology) or hard products (Water bottle to a car). These companies are designing, developing and bringing out products which can add vale to the user. To begin with founders of Product companies can follow Autocratic style, but set the milestones to migrate to Democratic or Servant styles based on the future of the organisation. As the company grows, the founders should identify appropriate teams to adopt to Transformational and Coaching styles.
Manufacturing is a very clear set. Companies manufacture a product and focus on increasing sales. At a ground level, it will be Autocratic and Transactional style because tasks are clearly set and employees are rewarded for achieving them.
As the sales increase and production increases, at the mid and higher levels, organisations can adopt to Transformational, Democratic or coaching style.
NGO
NGO’s focus on providing services to uplift the quality of life (in which ever way). They work with funds and also need to manager people to help execute ideas, come out with innovative projects to create the impact and measure the outcomes.
NGO’s need to adopt Transformational style leadership and over a period of time focus on inculcating Coaching style for the maximum impact.
Let us be honest, NGO’s (quite a few) work with limited budgets and do not have excess funds to hire the best. Hence, they compromise (not on quality, but on skills or domain understanding). For this, transactional model does not work and hence Coaching style needs to be adopted. It becomes the key to a successful outcome.
Government
I am not talking about politics here, but any Government (especially in Democratic Countries) focus’s on providing governance to people – taking care of amenities for living – Roads, Lighting, Water, Schools etc.
In any country, governance starts at the lowest body which handles a population of 1000 – 5000 (depending on the population density). In India, for instance, the ground level governance happens at the Panchayat level. At this level, citizens elect the leader of the Panchayat board. Since the number of people he or she would represent is in hundreds or maximum few thoughts, the understanding of ground level problems is important and also should be able to bridge the communication from the Government to the citizens also should be managed. This should be a combination of Autocratic and Democratic leadership styles.
At the next level, it should be transformational and Democratic.
At the state level, it should be a combination of Transformational and Servant stles. Why? Because the local and District levels are already adopting Democratic, Transformational and Autocratic (bringing the State or Country level policies to the ground level).
At the country level, it should definitely be Transformational, Coaching and Democratic style.
Closing notes
These are just my thoughts based on the outcomes I see for any organisation. There is no set formulae to follow. It totally depends on what the outcomes the organisation is looking for and what is the impact they wish to create.
Being an entrepreneur is not just about finding the right idea. Once you have the idea, developing yourself as a Leader becomes very important. You have read about many entrepreneurs being pushed away from the CEO role to a lesser role because they could not fit the investors bill or the company is unable to grow. Along with building your product or service, you should develop yourself and I highly recommend you getting yourself a Leadership Coach. All CEO’s have coach’s (might not be public information, but they do). Today, many companies are also bringing in coach’s to help mould their next level leaders.
Kinds of Leadership Styles
Autocratic
The most common leadership you will see around you. Leader feels he knows everything and anything and he does not believe in getting support or hearing to people around him.
Laissez-Faire
A leader who is hands-off. Does not provide the required coaching to his team and is predominantly hands-off which gives him time to focus on other things. However, when things don’t work, thats when problems arise.
This leadership style is suited when you have people with the right skills in responsible positions.
Democratic
A combination of Autocratic and Laissez-Faire styles. These leaders work with their teams and have a 2 way communication with respect to the functioning.
An efficient leadership style, provided the right people are in the right positions.
Transactional
As the name says, its transactional. These leaders reward people who perform or be a “Yes Boss” kind. If its the first, then its good, people who are worthy of the reward are rewarded and hence business flourishes. But if its the latter, then it’s a concern, because wrong people get rewarded thus demoralising the efficient ones.
Transformational
A transformation leaders consistently improve himself and also pushes his team and employees to push themselves. This is a very good approach, but at times employees might feel over burdened and performance gets effected.
Servant Style
A Servant style leader focus’s on helping his employees achieve their goals. This is time taking and might burn out the leader to think strategically.
Coaching
One of the best styles of leadership. The Leader identifies the key strengths and weaknesses of his team or employees and works with them to bring out the best in them thereby ensuring the success of the business.
Yesterday, I was doing a virtual session for group of school students organised by GUSEC and UNICEF. These students are in 8-12 class’s. Initially, I was a little apprehensive if i can do justice to them in walking them through Business Models. How can I relate the examples? Also, many are also from Hindi medium and I really get very conscious with my Hindi, especially when I know the other person knows the language more fluently than me ?
The session started and I have to admit, these students are much more capable and matured than most of us are.
Let me give you an example. When I ask the participants How do you generate ideas?, many give different answers and mostly they don’t get the right word. Yesterday, when I started my session with this question, one girl (probably in Standard 8 or 9) instantaneously answered “By Observing”. I was blown away. This is the first time someone gave me the correct answer in the blink of an eye. I understood this session is going to be tough. Through the next two hours, many had questions and asked without any inhibitions. Questions ranged from,
How do I know I have a powerful idea,
Can I build a business without actually having to run the business
How do I license my idea to someone and generate income.
Can you believe these questions? Trust me, I have never come across any grown adult who had these questions in any forum I have visited till date.
Now, coming to the main aspect. From the first answer i got from the little girl, I started referencing Observation during most of the session.
Observation is very important and powerful for ideators. Only when you observe do you really understand the problem and the possible solutions.
Have you watched Big Vape? Its a limited series on Netflix. Its the story Juul, the vape which created a revolution. The keen observation of James Monsees and Adam Bowen (who were friends and smokers too) led them to create something which give the kick of smoking, but without the side effects. The story of how it created a revolution and then fell is a different story, but what I am focusing here is their observation to create the pod. The design, the convenience and the ability to charge it using your laptop, made it a huge success.
What Ideators need is the ability to see through the problem, experience it and then start working on possible solutions. Without experiencing the domain, you cannot build a solution.
