Tag: business

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How many sacrifices have you made?

I was talking to a start-up, last week… whom shared with me, that one of the core team members was giving up his job at Ikea to concentrate on the start-up.

That’s great news! – I said.

Then we had a discussion about… what is needed, to be successful.

There’s various elements – but it comes down to a few things. Which i’m not going to discuss here, but we did establish – being totally honest, there’s a minimum cost of living that’s required. A minimum amount of money they’ll need to make to survive. And they’ll make the necessary changes to their lifestyle to reflect that…

And, you know what… I believe them.

Now, not everything is going to be easy. I’ve known these guys for a year or two… and it’s not been easy. There’s been some ups… and some downs.

Bit like sport… some you win, some you don’t.

But the key thing is you learn.

People can teach you – but until it happens to you, until you actually experience it… then you’ll really appreciate it.

Now, i’m going to be honest. A little sad he’s leaving Ikea, was hoping to get a discount on a new home office desk I was looking at for some time.

But anyhow… it’s great that they’re focussing. And that’s the key thing here. Focus.

If you know what you want…. then you’ll most probably do anything, you can… to achieve it.

Take Elon Musk…. and this infographic… (did you know, he showered at YMCA and slept in his office!)

Sacrifices. That’s what it comes down to. What are you willing to give up… what are you willing to do… to achieve that dream of yours.

Now, i’m not suggesting you all start sleeping in the office… and showering at the local YMCA. But what I am suggesting is, look at the luxuries in your life… or look at the things in your life, that you’re willing to give up or do without for a short period of time, just so you can focus.

Focus and sacrifice. That’s what it comes down to. Ambition and passion.

I know this start-up will make it. Make it big. Because they’re a) very intelligent, b) have a great work ethic and c) have some really good ideas.

It’s to that point c… they’ll really achieve success. Because when you have an idea… you need time. You need time to develop, work and build on it.

If you’ve got various commitments, you can’t spend the time required. You can’t focus. You can’t win.

I’ve had a number of great ideas in the past. Some really good ideas. Some of them I put into action… and did really well. Some I put into action and… didn’t do so well. Some, I’ve written down… and waiting for the right time.

The right time for me? – well, when I can focus and spend quality time on the idea. Don’t want to rush it, don’t want to waste the opportunity. Will make a few sacrifices to work on them… but when i’m ready.

And that’s the last point I wanted to make. This start-up, have made all their decisions themselves. Amongst them, they’ve decided to reduce the numbers of the core team. They themselves have decided what they want to do… and how they want to do it.

So, do you have an idea? Want to work on it? – look around and think, what are you willing to sacrifice, in order to have time & money to spend on it.

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Mother Nature’s Son…

I had a very relaxing Easter. From my twitter feed, you’d have noticed, I spent most of the time eating, drinking… and more eating.

I also, managed to watch some TV. And on TV, there were some re-runs…. of some old sitcoms, like Keeping up Appearances, Last of the Summer Wine and Only Fools and Horses.

For those outside of the UK… and wondering, Bal… what are you talking about, the latter of these sitcoms was… and is, a classic! (Mind you, all of them are – but the latter being more popular)

It was based around 2 brothers… Del and Rodney, who’s only goal in life was to become rich. Their famous saying… “this time next year, we’ll be millionaires’.

They tried their hand to everything… and I mean everything. Every opportunity they were given, they took it and tried it… to make some money.

So, over Easter… the episode called, ‘Mother Nature’s Son’ was on.

For those who remember Only Fools and Horses… it’s the time when they hit big with ‘Peckham Springs’.

Yep – you’ll indeed be laughing… with the memories of that episode.

For those unsure, I’ll run through the story line – then I thoroughly recommend you find the episode online (YouTube, Vimeo, etc…) and watch it.

In this episode, Del Boy becomes a land owner. I say land owner, he… owns an allotment. Now, Del Boy… who’s always looking for an ‘opportunity’ has an idea.

One of Rodney’s friends, has a shop – that sells all naturally sourced products. And is very well connected. Del Boy makes friends with him, and invites him to the allotment, to give advice on what he can do with it.

Rodney’s friend does indeed come down to the allotment, and has a look around – but also notices a fresh spring… which Del, let’s him know.. has been there for ages and is called Peckham Springs.

Uncle Albert provides a sample of it to Rodney’s friend – for analysis.

Cut the long story short – the ‘spring’ was made by Del Boy. It’s not been there for years, but was an idea that Del had, when he saw people paying a lot of money for water in a bottle, he thought if he could have it endorsed by Rodney’s friend, there’ll be money to be made!

As Uncle Albert… (who didn’t ‘really’ take a sample, just poured some water into a sample kit for Rodney’s friend to test) was part of the plan – it all went quite smoothly.

Before you knew it, it’d been endorsed, orders had come in… and Del Boy was filling bottles of water… with water!

The episode was absolutely brilliant!

As my nephew and I watched it… I mentioned to him, there’s a few lessons that can be had from this episode for young entrepreneurs and business minded folk today…

1. Look for Opportunities – Del Boy, was always looking for opportunities. The allotment in this episode, was an opportunity – not to grow vegetables and have organic foods – but to see what he could do, with what he has, to make money.

2. Understand Trends – What’s the latest? What are people looking into purchasing? What can make you money? Understand the latest trends, and be quick to react and make it work for you.

3. Look at your network – It was Rodney’s friend who was able to help, I say help…, in the loosest meaning. Del knew Rodney’s friend could help him test, certify and allow the opportunity to sell water in a bottle.

Nephew, I hope you take these learnings onboard and keep watching Only Fools and Horses…

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Monday Motivation

Monday Motivation

Today’s motivational quote comes from Alina, who for some reason… is always making me spend my money!

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Why everyone needs a Mentor…

If you’ve read a little about me, you’ll know, I started my career at Kodak.

That’s right, Eastman Kodak, the giants of Photography…

Well, when I joined Kodak, I joined on the graduate scheme. I had a mentor, and at the time, she was ok. She gave me advice but I was fairly strong minded back then, that I listened but was insistent on doing what I had in my mind and wanted to do.

It was only when I joined a small team on the Harrow, UK site.. who were doing some lean activities. And it was within this team, I met my ‘real’ mentor.

Mark Chamberlain. He’d come from Toyota. Knew vast amounts about Lean. But the key thing was, he never taught me. He always took me with him to Gemba and various site walks. Showed me, asked me questions, but never told me the answers. I had to figure them out myself.

Yes he guided me, and taught me some of the lean principles… but it was the simple things that I learnt from him.

For example… we had a cupboard for our overalls. All the overalls were white. But they had our names on the inside. So… when you’d open the cupboard, you’d spend a minute or so, looking for your overall amongst all the others.

One day, I opened the cupboard, and there was a bright red sticker on one of the hangers. It was Mark’s. I thought, why’s he done that. Didn’t ask… just spent some time looking for my coat, found it and left.

Later that day, I was sat at my desk, and saw Mark go to the cupboard. he opened it, and immediately, got his coat and walked away.

It was at that moment, the penny dropped.

Visual controls. He opened the cupboard. Saw a red sticker. Immediately knew where his coat was, got it and went. No time wasted.

Genius.

I want to learn from this guy.

And so I did. During my time at Kodak, I kept on learning.

There were various instances, where we’d walk into a room which had boxes and some scales, and he’d ask me what I saw… and i’d tell him. He wouldn’t say anything. Which at times frustrated me. Then a few weeks later, we’d walk into that same room, and this time… I said, I see inventory… I see… and he paused me. Smiled. And we both walked away.

I’ve kept in touch with Mark. Often reach out for advice, not as often as i’d like… but I know he’s there.

And that’s my story about my mentor.

So, why do you need one?

Well… someone to guide you. Someone to show you. Someone to not give you the answers… but someone to ensure you will achieve the best you can.

Where do you find a mentor? Well… start by looking within your company, your organisation or network.

If there’s someone you look up to… ask them. You could be in the music industry, and look up to some musicians… ask them. What’s the worse that could happen? – they say no… then you either keep asking… or find someone else you look up to. Either way, if you can find someone to show you…. you’ll learn so much… and that’s only a good thing in your journey.

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Is this the Start of the End of the High Street?

We’ve seen Toys’R’Us announce they’re closing stores.

We’ve seen it with Maplins… they’re also closing shop.

I’ll be honest – I’m surprised Maplins kept on going so long with their physical stores. Most of the ‘tech’ items you can buy in there… you can probably buy at a lower cost, online.

I remember, a few months ago – I went in there. Can’t remember what it was that I wanted, but the staff were really helpful, and they said – we’ve not got it in store, but it’s available online.

I left, went to my computer – had a look – and he was right, there it was online. But then, I thought, how much is it with Amazon (other online retailers are available). And you probably guessed it – yes, it was a little cheaper with Amazon, and being a Prime customer, I also had the option of free next day delivery.

Yesterday, in the news – it was announced that shares in Carpet Right and Mothercare fell – concerns that they’ll follow the same path as those mentioned above.

Mothercare is in the midst of a store closure programme. Their shares fell 12%. 140 down to 80 stores they have proposed… now that’s a lot of store closures.

Then there’s Carpet Right. They have 409 stores across the UK – and have been struggling and under-performing.

So the question is… Is this the Start to the End of the High Street?

Well… it’s all about change. As Darwin said, it’s not the strongest that survive.. but those who are most adaptable to change. Now admittedly, he was talking about species… but you can apply the same thinking to businesses.

Have any of the above evolved over time? Have they introduced or used, new technology to help their customers?

I feel, there’ll always be a need for a physical presence of a store – depending on what they’re selling – and a great example of this is Amazon and their new physical store they are trialing out.

It’s a shame to see these great big stores close. But if you can buy it easier, cheaper and with less hassle… elsewhere (be it online or in other stores) then why not?

All businesses should be thinking – what do I need to do, to ‘future-proof’ myself?

What technology can we use to make the life of our customers easier? – Look at Ikea and how they’ve evolved… now using Augmented Reality… or should I say, are offering within an app, Augmented Reality, so you can see what furniture looks like, in your home…

What is the overall process our customers have to go through – that we can understand better, and help them to make their decisions quicker and ensure we offer everything to them…. because it’s all about the customer.

High street shops & companies must adapt.

Otherwise – this is the start, of the end… of the High Street.

 

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Stack ‘em high… sell ‘em low…

Mass manufacturing. Build, build, build…. sell, sell, sell… introduced by Henry Ford. The move was from Craft Manufacturing… where cars, were individually built for the customer.

Highly unlikely would it be that there were two cars that were the same.

Henry, saw this, thought… damn! – this is expensive, what if we made 100 doors, the cost would drastically reduce… combine that with the production line and hey presto, you had mass manufacturing.

Today, we’ve moved a little back into craft – were many folk, do like individualisation and are willing to pay for it.

Manufacturers are also using techniques to manufacture low batches and more variety.

But then, there’s industries, whom are looking at stacking them high… and selling them low. Take the airline industry. Norwegian Air are squeezing folks onto their plane…. and offering them a no-frills, low-costs ticket, to a number of destinations.

Now, why is this working?

1. You want to get from A to B… without paying too much. There’s many folks who’d happy, go backpacking, a holiday with their friends, and when cost comes into the equation – having the option to spend more on beers and sightseeing, and minimum amount on getting there – well, the maths is quite easy.

2. No frills is fine – It’s like having the basics and then you bolt on top, what you want. Like a car, you get the basic, and pay for extras. Maybe a friend wants that reversing camera but you want a heads-up display.

3. Close by…. the airports that Norwegian are less expensice then well known and the ones used by major airlines – hence they can keep the price down, but the good thing is, they’re close by. In this example, Gatwick. Not a million miles from Heathrow. Once again, depends on the final destination – there’s plenty of trains and shuttles from Gatwick to London. Central.

So it looks like there’s a mix between mass and craft…. in the sense, there’ll be lots and lots of people on the plane… but then you’re all individually adding on the extra’s you want. Which works. That’s why many of the low cost airlines are seeing it work. Now… for long haul… would it work?

Why not?… new technology, new planes… allows more options.

Just like the introduction of the production line by Henry, which had the cars going down one line faster than ever before… means, airlines can use aircraft that holds more people… travel longer distances… use less fuel… be more efficient… Yes – there’s a big outlay for a new aircraft, but then… just like Henry, you can stack ‘em (the people) high… sell ‘em (the seats) low.

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Start-ups can learn from Rak-Su…

Some of you, may have been viewing the X-Factor 2017 Final… I know I was… in fact, I do most years… it’s good entertainment for a cold Sunday evening.

And i’d like to take a moment to congratulate Rak-Su for winning the competition.

I’ll be honest. I’ve been watching it – from the moment they (Rak-Su) first walked into the audition room, to them performing when they’d won.

There’s been a few things I’ve picked up on… that I think, made them favourites quite early on… to win.

And these attributes, I thought, could be related to business… and especially start-ups. Because… start-ups are in a similar situation when they enter the market – or in X Factor words… ‘the audition room’.

There’s alot of competition. Everybody wants to win. Everyone is ‘new’.. and this is the start-up scene!

Everyone wants to be noticed. Everyone wants their product to stand out. Everyone wants investment.

So, there’s a lot of similarities between the X Factor Audition Room… and the Start-up scene. But what makes a small company, a start-up a success… well, let’s see what Rak-Su did, and if we can learn anything from them.

  1. Rak-Su sang their own song. 
    • Rarely done – especially in the previous years auditions, but in 2017 as a whole, many of the artists up’d their game, and sang their own songs.
    • Points for originality and points for standing out and not singing another Ed Sheeran cover.
    • What can we learn from this  – Well, it’s simple… stand out by making sure you are original. You’ll have a higher probability of being remembered and noticed, if you are doing something new…
  2. Rak-Su had their own style
    • When they performed, there was more rapping, subtle choreographed dance moves, each member had a unique offering, but the group performed very well together.
    • I’ve mentioned before, let’s move away from the Minimum Viable Product… you should be working on the Minimum Loveable Product.
    • What can we learn from this – Well it’s simple… don’t look around and copy.. .bring your own style and flavour to the game. Ensure you have the diversity and the subtle moves that will make you, a ‘MLP’.
  3. Rak-Su stood in a line.. and waited.
    • You got to be in it… to win it!
    • Just like all the other contestants, Rak-Su stood and queued in a line… got their numbers… and then auditioned. They followed the process… 6 chair challenge… live shows… etc… before being named as the winners.
    • What can we learn from this – Well it’s simple… have some patience. Go network, stand in a line and meet some interesting people. Investment, success and customers may not come over night… keep working towards the goal… and importantly… keep growing… keep learning. (By the way, Rak-Su were quickly able to have their songs on iTunes and it was charting quite high up – early on – due to the publicity via the show).

So there you go, a couple of things to think about from Rak-Su… & their journey to winning the competition.

Now… at the start, I did say… some folk may have not watched it… and I know, many folk from around the world – who read this blog – may have not had the opportunity to see Rak-Su.

For you guys.. here’s one of their performances. Enjoy.

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And the Winner is…. no, not you Bal… sit down please.

You may remember, I shared with many of you how I was selected as a ‘Finalist’ for the Nachural Entrepreneurship Awards 2017!

Like always, I was going for the win… and by reading the title of this blog, you’ve probably already guessed…. I didn’t win (crying emoji!)

That’s right. Saturday night, I got suited and booted and headed over to the Awards ceremony in Leicester, UK.

So, there I was… when the category was announced, to get up… collect the award and have a few photo’s taken.

Unfortunately, that didn’t happen.

I was announced as a finalist… and then, well, I remained seated.

I would like to take this opportunity to say, Well done to the winner.. in fact, all the winners on the night.

It was a lovely evening…

…just slightly disappointed, that I wasn’t walking away with the award.

I shared the news with my son in the morning – that I didn’t win. This is what he said… (he didn’t use bullet points or numbering, I’m just doing this so it’s easier to read)

1. Dad, it’s the taking part that counts – That is absolutely right. I’m forgetting for the moment, that I was a finalist. How do those people feel,  who were not even selected as a finalist!

On top of that, being at the evening, I was able to meet Sir John Peace – listen to him and have the opportunity to talk to him afterwards, also – meet some great people from various other businesses and organisations.

2. You’re still young – That is absolutely true! – I’ve got time to do some more great work, share it with people… & continue to learn  and grow.

That’s right – if there ever was a challenge for me… it’s to continue, to learn. Learn more by reading, collaborating, sharing and exploring.

For example, Colonel Sanders was in his late 60’s when he was bringing KFC to life….

3. There’ll be more Awards – I know.. there’ll be more. It’s just the waiting. It’s one of the 7 wastes (Muda – Toyota… Google it). But it’s true. This isn’t the one and only, and the last award evening i’ll be attending.

So with that.. I was optimistic. Already thinking, about my achievements so far… and how I can add to them.

So for the moment, i’ll have to leave my twitter bio to ‘Award Winner….’ not, ‘Multi-Award Winner’…. but don’t worry, I’ve got it saved in draft 🙂

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Bal's Friday Thought

Bal’s Friday Thought…

Go do it… don’t talk about it.

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iPhone X… Should I buy one, Bal?

That, is a great question.

Should I buy an iPhone X?

Before I answer that… you may recall my blog post about the comparison of the new iPhone X and how it was the same price as a BMW 3-series with beige interior. Obviously, I wasn’t comparing apples to apples…

So, back to the question – should you buy one?

Well, it depends on a number of factors. Main one being, do you really need it?

There’s plenty of reviewers out there – who review. And they’re the ones that would compare it against existing iPhone models, old iPhone models, and non-iPhone models. I also encourage folk to look at these reviews before making an informed decision.

The problem here is – whilst i’m sat in a very cloudy and fairly cold, London… I’ve not been able to get my hands on the latest iPhone X. Therefore, unable to conduct a review and share it with you on this blog. But that’s ok… that’s absolutely fine, because my friends at The Verge… were able to review and make a little video for you…

 

So, back to the question… should you buy one?

Really goes back to the point of, do you really need it? – with all it’s functionality and capabilities… do you need all of them? – if the answer is Yes – then go ahead, and buy one. If the answer is, not really.. then look at the iPhone 8… which i’m sure will serve all your current needs.

And I say that, because technology is advancing and so are needs of the customer. Take Augmented Reality for example, it’s come leaps and bounds in recent years… so much so, it’s in the hands of everyday folk, like you and me…. knowing what to do with it, is another thing.