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Artificial Intelligence is becoming more and more popular buzzword in modern business circles. There is a lot of hope and scepticism associated with this field, however, the impact on small and medium businesses will be significant.
While Microsoft and other companies are expanding the reach of their AI solutions beyond the corporate ecosystems here is an article looking at the potential of this field in common business terms.
While there are many tech entrepreneurs donning the Idol crown, the leadership fundamentals one can learn from Sam Walton is timeless and all-pervasive. Here are some new insights into the master’s model; a true inspiration for the rest of us!
Sam’s model is closely aligned with what we recommend as fundamentals in our consulting practice.
An excellent read from the Google research, applicable for all workplaces and teams. People power is the cornerstone asset of all businesses, very critical for the leaders to build an ecosystem where the potential of the employees are stretched and maximized.
Burnout is a serious challenge faced by business owners which in turn result in business impact leading at times to business failure.
An interesting look at burn out by The Economist across multiple facets.
It is important to keep growing, though with so many challenges every day – how can one still manage to do the most important self-investment?
Here are some helpful insights from Forbes for a balanced approach to personal growth. For balanced business growth, check out the nine areas for focus which will ensure no surprises in your business. Reach out to us for more.
Amazon remains one of the best examples of focus, belief in fundamentals and perseverance!
Jeff Bezos inspired his team with his unflinching principles, which they personalized and made into a culture and now truly a historic company.
Here are the 14 fabled principles,
1 – Customer Obsession
Leaders start with the customer and work backwards. They work vigorously to earn and keep customer trust. Although leaders pay attention to competitors, they obsess over customers.
Leaders are owners. They think long term and don’t sacrifice long-term value for short-term results. They act on behalf of the entire company, beyond just their own team. They never say “that’s not my job”.
3- Invent and Simplify
Leaders expect and require innovation and invention from their teams and always find ways to simplify. They are externally aware, look for new ideas from everywhere, and are not limited by “not invented here”. As we do new things, we accept that we may be misunderstood for long periods of time.
4- Are Right, A Lot
Leaders are right a lot. They have strong judgment and good instincts. They seek diverse perspectives and work to disconfirm their beliefs.
5- Learn and Be Curious
Leaders are never done learning and always seek to improve themselves. They are curious about new possibilities and act to explore them.
6- Hire and Develop the Best
Leaders raise the performance bar with every hire and promotion. They recognize exceptional talent and will move them throughout the organization. Leaders develop leaders and take seriously their role in coaching others. We work on behalf of our people to invent mechanisms for development like Career Choice.
7- Insist on the Highest Standards
Leaders have relentlessly high standards – many people may think these standards are unreasonably high. Leaders are continually raising the bar and drive their teams to deliver high-quality products, services and processes. Leaders ensure that defects do not get sent down the line and that problems are fixed so they stay fixed.
8- Think Big
Thinking small is a self-fulfilling prophecy. Leaders create and communicate a bold direction that inspires results. They think differently and look around corners for ways to serve customers.
9- Bias for Action
Speed matters in business. Many decisions and actions are reversible and do not need extensive study. We value calculated risk taking.
Accomplish more with less. Constraints breed resourcefulness, self-sufficiency and invention. There are no extra points for growing headcount, budget size or fixed expense.
11- Earn Trust
Leaders listen attentively, speak candidly, and treat others respectfully. They are vocally self-critical, even when doing so is awkward or embarrassing. Leaders do not believe their or their team’s body odour smells of perfume. They benchmark themselves and their teams against the best.
12- Dive Deep
Leaders operate at all levels, stay connected to the details, audit frequently, and are sceptical when metrics and anecdote differ. No task is beneath them.
13- Have Backbone; Disagree and Commit
Leaders are obligated to respectfully challenge decisions when they disagree, even when doing so is uncomfortable or exhausting. Leaders have conviction and are tenacious. They do not compromise for the sake of social cohesion. Once a decision is determined, they commit wholly.
14- Deliver Results
Leaders focus on the key inputs for their business and deliver them with the right quality and in a timely fashion. Despite setbacks, they rise to the occasion and never settle.
An outside-in look at how this focus helped Amazon’s incredible journey and how this continues till date.
Fitness fundamentals stay the same if you are a super busy leader or a drifter!
– Eat right
– Stay well hydrated
– Discipline in Exercising
– Adequate sleep
Glad to share some tips on how best to make it happen for the busy bees,
Defend the family tradition and focus on stability or risk innovation to scale rapidly catering to modern business changes?
A very relevant question for the small and medium family business of today, especially given the rapid displacement in the market!
Interested in rapid modernization and scaling? We can help you reach your desired state faster while helping you manage the change.
Online reviews are helping small business to scale rapidly by focusing on the fundamentals and with a laser focus on the customer!
It is truly tragic that many small and medium business do not utilize the immense potential of the internet to take the quantum leap!
Send us a note, if you feel you would like to review your business model to scale
New Year’s resolutions for 2018!
A very timely message by Forbes for all Small and Medium sized business owners
An expanded view on 4th Industrial Revolution from World Economic Forum with some of the leading minds of the modern world.
What are the common traits and skills among some of the most impactful entrepreneurs of the modern world?
Very insightful summary of an extensive study by Stanford University.
To be an Entrepreneur or a Business Owner is to be a true hero, for there are not many as brave as an Entrepreneur.
Here is a brave soul sharing his learning from his failures, for sure any business owner can relate with many of these.
#1: I Almost Quit
#2: Trying to Become CEO Too Early
#3 Trying to Take Advice from Too Many People
#4: Not Knowing How to Ask for Advice
#5: Forcing Vs. Influencing
#6: Living the Dream Too Early
#7 Trying to Sell Too Many Products as an Entrepreneur
#8 Thinking I Knew it All
#9: Partying Too Hard
#10: Acting Like a Boss Instead of an Employee
#11: Not Having a Schedule
#12: Not Knowing the Value of a Business Plan
Would like to repeat, number 3 is critical – be super careful on from whom you take your advice!
A simplistic look a what makes Elon Musk, pace well ahead of his peers and be an impactful (and controversial) visionary. Key takeaways – Dogged perseverance in the face of failure – Life has to be about solving problems – Having an inspiring vision about greater good
It is amazing how much the fundamentals of business ownership and scaling is surprisingly simple and universal.
Wisdom from the east, Jack Ma, who was refused a job in KFC, went ahead and started Ali Baba and is currently worth US$ 48 billion. His advice to business owners in Africa is a universal message and fully aligned with Warren Buffet’s message in the video quoted below in this page.
Four things a business owner can keep in mind to succeed remarkably
– learning from setbacks and adapt.
– delighting customers every day and making extraordinary relationships –
– multiply your ethos through your people, they keep your business thriving
– surround your self with people you can learn from and will inspire you to be a better you
Much better to the guru of business say it live.