Network is the real Net-worth!!

Networking has always proved to be beneficial in almost every situation related to business since decades. Dennis Waitley states that “If you are not networking that means you are not working”.

Networking can be defined as activities or process through which one can interact with others to exchange information and develop professional or social contacts (Goldberg, 2015).

As an entrepreneur networking is must not because it’s good to be familiar with various people but becomes crucial in finding the right people which can benefit your business. Apart from finding the right people suitable for your business, networking helps the business in various ways such as marketing through word of mouth, penetrating the market share, finding suppliers and even finding your customers in many cases.

More importantly, networking is not only about formally talking with different people at various networking events but is all about developing long term relationships with people who can mutually benefit each other. It can be linked with the relation we share with our friends we share and the main difference is that they are our business friends as they are related with our business interests and operations.

One of the thing which I really like about networking is that it provides with a opportunity to talk and listen to different people which allows you to learn various things about yourself and your business and ultimately develops our feedback process.

Networking has always played a vital role in my life and has also helped in tackling complex situations more smoothly.

It has also helped me in finding efficient business partner for my start-up idea which I will soon implement in the coming future. In addition, I have been benefited from various networking activities as it has helped me in developing relation with various people who can benefit my business in long tern.

Additionally, It has also provided me with crucial knowledge on various topics which I was not familiar before.

Various networking events and activities have proved to be beneficial at some extent and will continue to provide various useful inputs and outputs in the coming future as well.

 

Useful links:

 

 

 

 

 

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Doing something for the society.

All these years since I have grown up I have done things which have directly or indirectly benefited my personal life and almost majority of us tend to do so. Perhaps, this is going to change in my personal life in upcoming future for sure.

Two years back when I was confused in selecting my course for my postgraduate study I decided to spend some time alone in order to reflect on my personal views and beliefs internally before making any further decision.

This was the most astonishing as well as a challenging phase in my life. Internal reflection allowed me to understand myself more deeply and highlighted completely different views which I was not aware of myself before. After, the internal reflection process I came to the conclusion that I am a person who believes in benefit of the society instead of any personal benefits. This is probably because of my upbringing and the values taught to me by my family since my childhood. My parents who have worked hard in their lives have taught me “Always give more than you expect to take or actually take in return irrespective of any situation in your life.”

Jack Ma whom I personally admire the most as one of the most successful entrepreneurs has also mentioned “You don’t have to work hard in search for success just do something for the society and the society will give everything back to you which will indeed make you successful.”

Working for the people and society is the prime thing which motivates and inspires me to work harder before any personal motives and allows me to tackle the problems more efficiently. I always prefer to reflect on the problems faced by the people in real life before creating a solution and this is the thing which allows me to back myself and think accordingly. In addition, thinking for the people provides me with the responsibility of doing something for the betterment of the people which is an indeed legacy itself in my personal opinion.

There have been various phases in my life where I got opportunity to serve for the people and luckily I was successful in fulfilling the needs which helped in developing sympathy towards the society and developed me as a a responsible individual.

After realizing my personal motives and strengths the next big thing I did was I made a decision to become an entrepreneur with a mind-set of contributing to the society along with my personal benefits.

Lastly, doing something for others has always provided me with a huge amount of satisfaction and will definitely continue to provide me with same in the future.

 

 

Blockchain- Building future

 

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What is blockchain? What are its features? How authentic is it to use? Will it take on the future? How to implement it in various sectors?

These are some questions which have gained a lot of attention these days and interestingly  lot of money and time is been spent by various multinational companies and national governments  to research more on the technology and overcome the challenges in order to implement it in various sector as soon as possible.

Blockchain means bitcoin!! This is a common misconception which most of the people have in terms of blockchain technology.  Well, I also thought the same before I attended a lecture on blockchain at my university last Tuesday.

After attending the lecture I understood why people call it the “Internet of the future”.The one thing which I had never heard before the lecture was about the application of blockchain in various sectors except bitcoin.  Interestingly, it has potential to disrupt many industries such as banking,  Supply Chain Management, tracking of food products, real estate, insurance etc. in the coming future.

This topic has built a tremendous level of curiosity within me because of its ability and potential. As an entrepreneur is it very crucial for me to develop and adjust according to the future and this is the prime reason why I want to learn more about this technology. To be honest I don’t know much about this technology in the detail as I have only attended one lecture in relation to the topic.

Nevertheless, I have understood various basic things about the technology such as it is a  decentralized platforms spread across various computers and operates with the help of digital ledgers. One of the key feature if the blockchain is that one can track every  transactions and records and cannot be altered retroactively. Meaning, it shows the entire history of alterations made on the platform by the users.

However, it is almost impossible to hack the technology as it is decentralized and operates with the network of computers based in different locations. In, addition its transparency helps in gaining trust which can be tracked when and where ever you want.

This are some of the unique features which has attracted me towards the technology and hence I  look forward in learning more about the technicality and applications of the technology in detail over a period of time.

 

 

 

 

 

 

 

 

 

 

 

My first trade fair……

What all things we need to for the trade fair?  How can we design an unique stand design? What will be the  sales strategy?  How can we add value to the trade fair?

These all questions seems confusing and specially for a person like me who has no experience of displaying product/services at trade events. For me 24th Jan, 2019  was quite fascinating as well as  challenging because  this was for the first time where I along with my team ‘Omni’ had to display and sell our designed product to the students of Kingston University on  in our business school atrium trade fair. This was challenging for us as no one from our team had any previous experience of trade fairs except the visits we made as a normal visitor at various trade events.

Well, based on my experience after the completion of our trade fair I must say that you have to prepare a lot in order to display you and your products at trade events. 

For this trade fair, we displayed a MVP for our product in the form of booklets and templates which included activities encouraging personal connections. To be honest, I feel didn’t do well enough despite of winning best sales pitch award for the trade fair.

There were certain areas which needed a lot of improvements. We eventually ended by messing up our value proposition till the end of the trade fair.

One of the common mistake we all tend to make is that we directly jump on  value proposition when it comes to selling of our product (Rackham, 1998). In addition,  various studies have found that despite of designing products that fulfills the needs of the customer, various businesses find it difficult to sell their products because sometimes customers have not formulated their problems which are solved by the product  although they are facing the problems in their day to day lives (Castleberry & Tanner, 2011). However, at this point of time it becomes very crucial for businesses to communicate their value proposition in such a way that makes conversation interesting allowing to  emphasize the needs and wants of the customers using open and closed probes, unlike usual sales pitch which are boring and start with highlighting the features and benefits of the product.  We committed the same mistake and directly started highlighting our value propositions.

Secondly, we noticed that despite of designing a product which was a unique solution for very crucial issue known as “Loneliness” ,  we found it challenging to communicate our message to the customers because most of them were not ready to accept the fact  of feeling lonely at times openly . Hence, this challenged our existing marketing strategy and were forced to think different ways of promoting our product in such a way that  can encourage the flow of the customers towards us without negatively highlighting the problem we were solving.

Nevertheless, despite of making fair amount of mistakes in this trade fair, this experience proved to be  quite fruitful to us as it provided us with valuable insights which were not only helpful for our start-up but can be crucial at various stages of my career.

Hopefully, we will figure out the challenges till the next trade fair which is at Eden Street by the end of February and will come up with a finished product soon.

 

 

References:

  1. Castleberry, S.B. and Tanner, J.F., 2011. Selling: building partnerships. McGraw-Hill/Irwin.
  2. Rackham, N. and DeVincentis, J., 1998. Rethinking the sales force: Refining selling to create and capture customer value. Pennsylvania, NY: McGraw-Hill.

 

 

 

 

 

 

 

 

Body-storming…..

Body-storming is a part of set of toll which we use for our Design Thinking and Start-up module. Well you might have heard about Brainstorming on number of occasions but body-storming might be the thing which you haven’t heard of before.

Body-storming is a simple technique which is generally used by the designers and in order to develop a creative idea. It includes imagination of product if it would have existed, later to act like it exists in a place where it is designed to use.

It involves a cyclic process involving involves preliminary research, solution design, testing (more research), tweaking the design and then testing again until the design specifications are finalized.

The most important thing of this exercise is that it gives the opportunity to designers to see the problems or things from the user’s perspective which can ultimately help them in designing an efficient solution to the problem.

Apart from identifying  the views and perspective of the  user it also has contributes in various ways such as:

  • Builds Empathy

Physical experience and observation which is a part of this exercise helps in building an empathy towards the user or customer which can positively influence your solutions.

  • Reflection

The process gives the opportunity to reflect to the the main problem and can also help in designing efficient solutions.

  • Build Relationships

It also helps in connecting designers with users or customers which is must in any sort of business operation.

  • Physical experience.

Gives the designers an opportunity to  not only observe but experience the users’s challenges, behavior, trigger, resolutions etc.

 

Hence, as discussed above it is an interesting tool which can be used to understand the behavior and problems of the customers through physical experience and also contributes to various business activities.

Hope you enjoy it and see you soon!!!!!!!!!!

Lean Canvas model

What is a Lean Canvas model?? Have you heard of something like that?

This is the first question which I asked to my group mate Dishant when I heard about it for the first time in our Design Thinking for start-up lecture.

Before getting into the discussion regarding the lean canvas model I would like to ask you what is the difference between a business plan and a business model?

Well, business plan is the list of actions you need to do in order to make a business operation more efficient and successful. Whereas, business model is a blueprint of the source of your revenue. In short it describes the way through which the business can earn revenues and profits.

Coming back to Lean canvas model,  it was originally invented by Alexander Osterwalder in the year 2008. The lean canvas model is one- size -fit all model which covers 9 different categories which are necessary for all kind of businesses.

Blank(2013) states that lean canvas model is can change everything in the business and can help you to identify the factors which can make your business activities more efficient and fruitful.

Various categories of lean canvas business model are:

  • Customer segments

Identifying who is your actual customer. For whom you are developing a product or service. This is no doubt one of the most important category in the model and also in real life business operations.

  • Problems.

Identify the problem is the basic thing because it will help to understand your customer more efficiently and will help you in creating various business ideas.

  • Solution

It includes the way through which you are solving the problems you have identified.

  • Unique value proposition

It refers to the value the business is adding to the problem. It should justify that why the customer should use your product/service.

  • Channels

It refers to the channels through which you will see your product/service in the market.

  • Revenue Streams

It includes the sources of the revenue. How will the business generate money??

  • Cost Structure.

It refers to the cost which is necessary to maintain the success of the business.

  • Unfair advantage.

It refers to the unfair advantage which would rise due to your business activities or operations.

  • Key activities

It includes list of activities you need to do in order to make your business more successful.

 

How to use it?

Please refer to the link below which tells how to efficiently use the lean canvas model with suitable examples:

 

Hope this is useful and see you again!!!!!!!!

 

 

 

 

Future Starts here!!!!!!

Future starts here!!!!!! This was the first thing which I saw when I entered the gate of the Victoria and Albert Museum on 9th Oct, 2018. It is obvious that everyone is excited and curious when it comes to anything in relation to future . Well, I cannot assure it on behalf of everyone but I would definitely like to state that my excitement and curiosity jumped to next level as soon as i saw these words on the mirrors of the coffee shop just inside the museum.

It seems confusing to me as well when I write the above few lines. To clear the confusion I am taking about the my first visit to an exhibition named “Future Starts Here” at Victoria and Albert museum.

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I am pretty much sure that this was first and one of my most memorable visit since I joined Kingston in Sep, 2018. There were other reasons as feel when I talk about my excitement regarding this trip. First and primary reason was the exhibition which was regarding the innovation of the future. Secondly, it mas my first visit which was part of my course and lastly i was very excited as our classmates who were certainly my new friends were going outside for the first time since we meet and had decide to explore central London post exhibition.

Certainly, after we all meet at the decided entry spot it was time to enter the exhibition and level of my excitement and curiosity was continuously increasing. I was totally in disguise as soon as I entered the hall of the exhibition. I would specifically describe my first felling which was an entry into a world which was new and unusual as well. It seemed that I was in the world of imaginations and dreams.

As soon as started seeing the various products/services displayed inside the museum the level of surprise also kept on increasing. For the first time in my life i was experiencing and seeing the things which I had not even imagined of using it in my dreams.

There were a lot of things which was interesting but I would specifically like to describe about one particular thing which I liked the most.

It was none other than an service which was named as:

  • Self organised emergency service

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It is an exceptional service which can be operated through a mobile application and offers a help to people who are in emergency situation and want to contact their family, friends and relatives without involving the police. This service can be very useful in today’s world where anyone is often a victim of police brutality and racial discrimination.

Lastly, I would like to conclude by stating that it was a very good and fruitful learning experience and of course I had a great fun in and after the exhibition as i learned about various future trends and concepts and enjoyed with the friends later as well.