Great Minds

Being Innovative #GreatMinds

/ Great Minds, Motivation

As little children – we all were very creative, but our creative instinct started getting eroded as we grew older. To remain creative, we must try out new things, learn to fail and re-learn from each failure, and always try to take the path that was less travelled. We can learn to be creative in many different forms. Remember that if you want something which you have never had, you must do something that you never did. Creativity is one of the most important traits we possess as human beings – and this trait can lift up our personal and professional lives by several notches.

Here’s what Albert Einstein, a German theoretical physicist, widely acknowledged to be one of the greatest of all time, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

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Build your company’s reputation #GreatMinds

/ Business, Great Minds

There are two very important assets of your business that your balance sheet does not show – these are your reputation as an entrepreneur and the reputation of your business. There are chances of your incurring losses because of practices or incidents that are perceived as dishonest, disrespectful, or unethical. The term, “reputational risk” is used to describe the risk of a serious loss of confidence in an organization. The entrepreneur therefore must make relentless efforts to build and sustain his own as also his organizational reputation at any cost.

Here’s what Warren Buffet, an American business magnate and investor, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

Build your company’s reputation #GreatMinds Read More »

Money is a function of Value Creation #GreatMinds

/ Business, Great Minds

According to my personal belief – the entire art and science of business can be summarized as – creating value, communicating value, and delivering value to all the stakeholders of the entrepreneur’s business. Somehow, I always found this definition of a business to be the best. Alternatively, we may say that the purpose of any business is to create value (through work), sell or trade it to customers, and capture some of that value as monetary surplus that results in profits for the entrepreneur.

Here’s what Robin Sharma, a Canadian writer and leadership expert, best known for his The Monk Who Sold His Ferrari book series, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

Money is a function of Value Creation #GreatMinds Read More »

Embrace the Change when necessary… #GreatMinds

/ Business, Great Minds

We all know the adage that change is the only constant in life. Before accepting and implementing change, we must consider the tangible impacts of change including the impact on people who will be affected and their journey towards working and behaving in new ways to support the change. Approaches to managing change vary widely, from organization to organization and from project to project. Many consultants and experts are available who provide toolkits, checklists, and outline plans to manage changes successfully.

Here’s what Kent Beck, an American software engineer and the creator of “extreme programming”, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

Embrace the Change when necessary… #GreatMinds Read More »

Building a customer-centric organization #GreatMinds

/ Business, Great Minds

Building a customer-centric organization will comprise: mapping the customer journey and life cycle; incorporating customer feedback into processes and behaviours of our marketing and sales team personnel; refining operating model to enable customer centricity; aligning technologies and processes to support and drive customer engagement, integrating contrasting business unit cultures; and transforming culture from top to bottom.

Here’s what Howard D. Schultz, chairman and CEO of Starbucks, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

Building a customer-centric organization #GreatMinds Read More »

Let the Vision pull you! #GreatMinds

/ Great Minds, Motivation

Your intention is the most important trigger in what all you do or plan to do in your personal or professional life. It helps you set a vision for your distant future and then put all your energies, passion, and resources into it to ensure that you realise your dream.

Here’s what Steve Jobs, a co-founder of Apple Inc., has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

Let the Vision pull you! #GreatMinds Read More »

No risk, no gain #GreatMinds

/ Great Minds, Motivation

In all my business and management sessions with students and entrepreneurs – I am always particular about sensitizing participants to the critical needs of identifying, managing, and mitigating risk in business. There is no business or any such money-making endeavour in the world where one will not find RISK. As an effective entrepreneur – you must take a calculated risk to cross/overcome many hurdles, dangers, and uncertainties in your pathway of planning, executing and operating your business. Remember that taking a risk cannot be avoided but then you can always have effective risk management to mitigate risks.  

Here’s what Mark Zuckerberg, an American media magnate and co-founder of Facebook, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

No risk, no gain #GreatMinds Read More »

Conducting daily business operations #GreatMinds

/ Great Minds, Motivation

Dear Entrepreneur – after you have completed the implementation of your business idea/plan – you wear a different hat. You are now a business owner and should work towards profits and wealth creation by creating, communicating, and delivering value to all your stakeholders. Leave no stone unturned to ensure that you deliver an excellent operation performance on these 5 operational performance criteria, namely, controlling the cost of production, ensuring that you attain the best product and process quality, enhancing the speed of performance (ensuring fast and prompt deliveries), building flexibility and dependability in our dealing with customers. Take good care of your customers, look after their specific needs, and fulfil your commitments and promises to them.

Here’s what Michael Porter, an American academic, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

Conducting daily business operations #GreatMinds Read More »

As an Entrepreneur, how do you execute a project? #GreatMinds

/ Great Minds, Motivation

I have 3 important suggestions to give to all those entrepreneurs who are now working on the execution of their business plans. In other words, they are working hard to establish their businesses so that they can soon commence normal operations and earn profits.

Such entrepreneurs must adhere to the following rules:

ONE – Strictly follow the timeline of the event or the project, do meticulous monitoring of all activities, and go all out to ensure that your event or project does not slip into the time overrun. 

TWO – Like schedule, also run through every single item of your budgeted project (or the event) cost and do not allow any cost escalation under any head. Minor cost variations here and there can be absorbed under the contingency margin already provided in the total cost budget. In the end, you must ensure that there is no escalation in your total project cost. 

THREE – And finally, ensure that you do an excellent scope control for your event or the project. Be strict and do not allow any changes and/or deviations from the original business plan. If you frequently agree to change/modify the original plan – you will unavoidably overcapitalize your project and face several problems later.

Here’s what Rory Burke, author of “Project Management Techniques”, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

As an Entrepreneur, how do you execute a project? #GreatMinds Read More »

Ready for change #GreatMinds

/ Great Minds, Motivation

Change is the only constant in life. As entrepreneurs, we must accept and embrace the change as soon we recognize that change is necessary. You should look upon “change management” as the process of preparing your organization for growth and dealing with a marketplace that is dynamic and fast-changing. An effective “Change Agent” will strive to build an organization that is prepared to meet the challenges of his/her industry.

Here’s what Barack Obama, the 44th president of the United States, has to say:

WHAT DO YOU THINK?

Let me know in the comments section.

In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.

Ready for change #GreatMinds Read More »