Personal Notes On Business / Entrepreneurship – 1 [Unofficial]

  1. Analyze all possible alternatives before taking decisions. 

 

  • Which product? Which set of features should the product have? If the features {e.g., features of a website/app} are going to be released in steps then in what order? Which set of marketing channels? In what order? Long term plans? Brand? How to utilize resources {capital, people, technology} in the best possible way?)  Pick the ones (among each set of alternatives) that seem the best (at least for the moment). One can try other alternatives if the current choice doesn’t work. (Data, Marketing, Strategy, Economics, Systems, Network Science)

 

 

 

  1. Gather and analyze as much market data as possible.
  2. Use quantitative/computational methods as much as possible. (Data science, Network science, Analytics, Operations research, Statistics, “Model thinking” [1] tools) Be creative. Devise your own method.
  3. Think from the customer/consumer point of view.
  4. As a manager, bring out the best in employees. Make them feel as part of the company. Make sure they take pride in company’s success, impact of its products in the real world. Introduce schemes so that the employees grow themselves. Everyone has to keep learning to keep up with the rapid pace of innovation. [Remember: really smart, dedicated knowledge workers are 10, 20, 30 (or even more) times better than the mediocre ones.]
  5. Employ wikinomics. Outsource. Delegate.
  6. Solve problems that people face and/or consider what makes people’s lives better/easier while designing products. Identify problems/inefficiencies.
  7. Employ gamification elements (both within the company among employees {Create an environment so that they enjoy working.} and among customers/consumers). (Even religions have elements of gamification like point system.)
  8. Employ wikinomics – get access to global talent, use open source software and hardware. Utilize cloud computing – get cheap computational and storage resources. With even small teams and limited investment, you can now accomplish things that were once possible only by governments and large organizations. It’s getting increasingly cheaper to prototype / try out new ideas. [1 (Followups)]
  9. Study and analyze economies to find opportunities and ideas. (Marketing, Strategy, Economics, Systems, Networks)
  10. Competitive advantage: Advanced innovative technology, Product design, Business planning – market analysis – strategy, Wikinomics, Data Analysis – Mining, Enchantment, Motivated workforce, AI – Automation.
  11. Data Science + Human Psychology. 
  12. Organization, Operations Management 

 

  • Automation (of repetitive tasks)

 

 

 

  1. Lead with “LUV” [2]. Create emotional relationship with both employees and customers. Emotionally charged up work-force.
  2. Create a tribe around your product.
  3.  
 


 
References:
 
 
Followups

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