Tag: Startup advice

  • What if the very clarity you seek for your future is actually holding you captive? We’ve all been told to define our ambitions, to become a specific “thing,” but this widely accepted wisdom might be a profound limitation. Imagine a path where not knowing opens doors, rather than closing them. It’s a counter-intuitive truth that reshapes our understanding of purpose and potential ❕

    Oscar WIlde Quote

    The Illusion 🎭 of Long-Term Business Planning

    Illusion of planning

    Business planning is guesswork, it’s as simple as that. Unless you’re a genuine psychic or fortune teller, long-term planning doesn’t make any sense. You’ll unnecessarily spend hours working on something that’s based completely on fantasy, guesswork, and countless assumptions.

    For in business as in life, there are endless variables that are simply out of your control. So rigid business planning is pretty useless, and if you’re one of those who say “If you fail to plan, you plan to fail,” then I ask you to show me one business plan with bad projections or a business plan that seemed stupid but people – unless they’re nuts – started that business anyway.

    And as you research that, you’ll find out that there are hundreds of business plans that seemed great on paper but failed in execution because of some unforeseen event or change in the environment. So business planning is guesswork, and let’s leave it to that! And that will relieve a lot of pressure when you’re planning something.

    Now it’s true that planning might work sometimes, and you’ll get the results you expected. However, in the long run, the desire for too much control will drive you crazy; it’s a pretty suffocating way to live. It’s much easier to ride the chaos than to control the chaos. So why not ride the chaos? Embrace it? Use it to your advantage rather than fight? This is key to a truly agile business strategy.

    Embracing Agility and Present-Moment Action ⚡

    Agile to its very best

    Furthermore, planning stops you from being fluid and being able to pivot and adapt to the changes because you’re taking present decisions based on past judgments: “We will do this because this is what we said we’ll do!” This gives you a false sense of certainty even while you’re making bad decisions. Who hasn’t heard someone saying “This is how we have always worked!”?

    “When I let go of who I am I become who I might be”

    If you can’t change fast enough, you’ll lose. This has caused giants like Kodak and Nokia to collapse. So it’s necessary to let go of the decisions of the past and be here in the present and act in the present. Don’t plan for the next 5 years, but decide what you want to do this week and act on it. This is the essence of flexible business strategy.

    And if it doesn’t bring the results you expected, learn from it and evolve on the go. Take yourself lightly; anything you do is beautiful when you don’t pollute it with expectations. Find your true expression and regard yourself as a cloud or a wave. Have you seen a badly shaped cloud? An ugly wave?

    Just flow with things, not against them, and this will give you confidence. You’ll feel the ground underneath your feet lifting you up instead of climbing. And this will allow you to use any situation to your advantage. It’s like what the founder of Judo, Jigoro Kano said: “When They Push You Pull! When They Pull You Push!” This mindset is vital for adaptability in business.

    Even when things don’t turn out as you anticipated, you’ll be able to use them for your benefit. It’s like sailing instead of rowing. Even if you want to go against the wind, you use the wind to go against the direction of the wind; you don’t fight it! You tact!

    This doesn’t mean you should be completely disorganized or shouldn’t have a strategy to deal with unforeseen events, but you don’t have to pressure yourself too much about it, and you certainly don’t need to spend weeks and months writing it down.

    Purpose-Driven Strategy and Small Bets 🧭

    Purpose drive strategy and approach

    So, what to do instead? The first thing to do is be driven from within, to be driven by a purpose, not a plan, perhaps a set of values or loyalty to some vision of the future without worrying too much about the details. This is the foundation of a purpose-driven business.

    The second thing you might do is to be quick and place small and safe bets and learn from them. There’s an old maxim that says “measure twice, cut once.” While this works fine in an operations setting, when the goal is creating an as-yet-unseen future, there isn’t much to measure. And spending time trying to measure the unmeasurable offers temporary comfort but does little to reduce risk. It’s wiser to treat each decision as a hypothesis and learn from that, testing the waters before going all in. This is the core of a small bets business approach.

    “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”― Sun Tzu, The Art of War

    As I’m typing this article, I couldn’t help but think about the movie Forrest Gump. Forrest Gump is a simple man with a low I.Q. but good intentions. He’s running through childhood with his best and only friend Jenny. His ‘mama’ teaches him the ways of life and leaves him to choose his destiny.

    While Forrest isn’t particularly gifted intellectually, he does the task at hand with utmost sincerity and resilience. Forrest joins the army for service in Vietnam, finds new friends called Dan and Bubba, he wins medals, creates a famous shrimp fishing fleet, inspires people to jog, starts a ping-pong craze, creates the smiley, writes bumper stickers and songs, donates to people and meets the president several times.

    However, this is all irrelevant to Forrest, who can only think of his childhood sweetheart Jenny Curran. When he finally reunites with Jenny, an ambitious and smart girl since her childhood, we could see that she had completely messed up her life despite being significantly smarter and seemingly better at life. This forces one to think about what did Forrest do that others around him didn’t. This offers valuable Forrest Gump business lessons.

    One of the things you’ll quickly notice is that Forrest had an open mind with which he seized on every opportunity, and he did so without any pride or prejudice. And he kept on doing that over and over again.

    So, while it’s true that to a man who doesn’t know to what shore he sails no winds are favourable, it’s also true that if you’re too picky about the shore, you’ll spend your last days surrounded by sea and will be eventually swallowed by it. But a man who uses each situation to his advantage, the one who knows when to pull and when to slacken, always gets his heart’s desire in some way or another! This approach leads to true business growth and resilience.

    Endnote-Your Business Superpower: Agility, Not Just Plans! 💯

    So, my incredible readers, if there’s one glorious truth I want you to carry in your heart after reading this, it’s this: Your business journey doesn’t have to be a rigid blueprint; it can be an exhilarating, joyful dance with destiny! 💃🕺🌟

    Seriously, let go of the pressure to have every single step mapped out! That’s old news, a dusty scroll from a bygone era! 📜🚫 Instead, embrace the beautiful, wild, unpredictable chaos of being an entrepreneur. Trust your gut intuition like it’s your superpower ✨, lean into your deepest purpose like a comfy armchair 🛋️, and remember that every tiny, courageous step you take is a masterpiece in the making! 🎨 masterpiece!

    You are not a static noun, trapped by past plans or dusty forecasts. 🚫 You are a powerful, flowing verb, constantly adapting, learning, and becoming! 🚀 You are like the majestic wind in a sail, not fighting the roaring current, but using it to propel you forward to uncharted territories! 🌬️⛵🗺️

    So, go forth and flow with all your amazing energy! Make those small, smart bets with a wink 😉, learn like crazy with an open heart ❤️, and pivot with a confident smile! 😄 Your future isn’t about perfect predictions; it’s about perfect presence and boundless, sparkling possibilities! This isn’t just about business; it’s about a richer, more vibrant, and undeniably joyful way to live and create! 🌈🥳🎉

    Ready to ditch the rigid plans and truly live your entrepreneurial adventure with pure joy? Let’s make some absolute magic happen, together! 👇💫

    What’s the one “guesswork” rule you’re going to bravely break today? Drop your thoughts, dreams, and breakthroughs below! 👇💖 Comment, share, and spread this ecstatic message like wildfire if it resonated deep in your soul! 🔥 Let’s ignite a whole movement of purpose-driven, adaptive, and utterly unstoppable rockstars! 🚀🌟💖🥳👑

  • Before we begin with the prevalent innovation myths, it’s necessary to truly understand the fact that “Any successful innovation is actually a business model innovation.” This core concept is vital for understanding innovation beyond common misbeliefs.

    According to the Business Model Innovation Lab, a leading authority on innovation concepts: “Innovation is about learning from others and reinventing your own business model.” This provides a clear definition of innovation from a practical standpoint.

    What’s a Business Model? Understanding its Definition 🎯

    Business model inetgration

    A business model is a company’s core strategy for profitably doing business. To achieve successful business models and drive business growth with innovation, it’s crucial to grasp its components.

    Greater value can be captured by looking at the four fundamental components of a business model simultaneously, which helps in defining innovation in a tangible way:

    ➡️ Who are you selling to? (Target Customer)

    ➡️ What do you sell? (Value Proposition)

    ➡️ How do you create and deliver it? (Infrastructure)

    ➡️ Why it is commercially viable? (Revenue Model)

    A business model innovation can be achieved by modifying any two of these four dimensions, offering a practical path to strategic innovation. Now let’s move to the innovation myths as promised!


    Myth #1🔍: Innovation Stems from Novel Ideas! (Debunking Innovation Myths)

    Strive for new ideas & Innovation dont be adamant on rigid ideas.

    One of the greatest pieces of advice when it comes to how to innovate successfully is to “Overcome the ‘not invented here’ syndrome.” This common innovation fallacy often hinders innovation best practices.

    Consider these real-world innovation examples:

    🌟 Google didn’t invent search engines.

    🌟 IBM didn’t invent computers.

    🌟 Apple didn’t invent the mp3 player.

    🌟 Amazon didn’t invent online bookstores.

    🌟 Facebook didn’t invent social media.

    Yet, all these companies achieved immense success because they understood people and their underlying needs, leading to a superior business model. They excelled at learning from successful companies and learned from the mistakes of their predecessors, showcasing effective innovation strategy. This highlights a key innovation principle: adaptation and improvement often outweigh pure novelty.


    Myth #2🔍: Big Success Requires Big Resources! (Innovate with Limited Resources)

    Stay small until you figure out what works for your business and then let the business work for you.

    This innovation myth often paralyzes businesses with genuine potential. Big resources don’t make big companies!

    💡 Cisco had a non-existent R&D resource but they were able to beat AT&T’s Bell Labs.

    💡 When Elon Musk was asked how they learned to make rockets at SpaceX, he famously replied he read many books on rocket design, demonstrating startup innovation tips and resourcefulness.

    💡 Apple was started in Steve’s parent’s garage – a classic example of innovation with limited resources.

    This myth busts the idea that innovation obstacles are purely about financial backing. It’s about ingenuity and leveraging available knowledge.


    Myth #3🔍: Innovations are Based on Revolutionary Technology! (Overcome Innovation Challenges)

    Choose the road of innovation do not replicate others.

    According to a study conducted by the BMI Lab on innovation research: 90% of successful tech corporations merely adapted, refined, or combined existing ideas and business models. Only 10% or less were based on disruptive technological breakthroughs. This dispels a significant innovation misconception.

    Successful innovators learn & recombine, whereas pioneers often “get eaten by wolves.” To start something that’s not even remotely close to something existing or previously tried is one sure way to flop the business. This advice is crucial for avoiding innovation pitfalls and choosing a more robust innovation strategy.

    Moment of reflection 🕯️

    This article is an absolute game-changer! 💡 It’s not just about busting myths; it’s about empowering all of us to truly innovate, whether we’re seasoned entrepreneurs 📈 or just starting our journey. 🌱

    The idea that innovation is truly about business model transformation 🔄 and not just groundbreaking tech or massive resources is a lightbulb moment. 💡 It reminds us that the biggest successes often come from learning, adapting, and deeply understanding people, just like the giants we admire. 🚀 Apple, Google, Amazon – they didn’t just invent; they reinvented the how. 🍎🔍📦

    This isn’t just theory; it’s a heartfelt call to action to look at our own potential differently. You don’t need to reinvent the wheel ☸️ or have a bottomless budget 💰 to make a massive impact. You just need to innovate smartly! 🧠✨


    Feeling Inspired? Share the Spark! ✨💖

    If this article resonated with you as much as it did with me, imagine how many others it could inspire! 🤩 Let’s spread this vital message about true innovation far and wide. Hit that share button 👇 and empower someone in your network to rethink what’s possible! 💪 Let’s build a future where every idea, big or small, has the chance to thrive and shine. 🌟 Your share could be the catalyst someone needs today. Go on, make a difference! 🌍➡️💖

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