This is what Jeff Bezos has to say to dreamers

Inspiring Stories

19 July 2019

This is what Jeff Bezos has to say to dreamers

  • Posted by Awfis Editorial

 

Earlier this year, Amazon hosted re:MARS, an AI event for Machine learning, Automation, Robotics, and Space. The event saw eminent personalities from the industry come together to share how these fields will shape the future. While the event featured profound and insightful discussions around AI, the world’s richest man and Amazon founder & CEO, Jeff Bezos,had quite a few nuggets of wisdom to share. “Come to me if you are willing to play the gamble with me on disruptive ideas,” he said. Read on to get a glimpse of what Jeff Bezos considers as crucial to success.

  1. Dream Big

In a freewheeling firechat at the event, Bezos emphasized that he is very stubborn on big ideas. “I’m flexible on the details but I don’t like to give up on things that we’re working on”, he said.

The journey to a successful business is laid with many setbacks and hurdles. We live in times dominated by ever-evolving customer needs, where technology is creating ripples through the market every minute. Amid such unpredictability, it is a firm belief in your idea that holds your business together and motivates you to stay ahead of the market trends. In fact, according to a recent research by SmallBiz, 90% of the new startups fail while 44% hardly survive 4 years.

Your idea may seem unrealistic to you at times. Self-doubt is inevitable, but it shouldn’t give way to quitting on your idea; if anything, it should only motivate you to take your idea to the next level. Take it from the successful people; Steve Jobs, Mark Zuckerberg, Bill Gates, and Jeff Bezos, they all started with a firm belief in their ideas, and the rest is history.

  1. Customer Centricity

“If you want to be an entrepreneur, the most important thing is to be customer obsessed, so don’t just satisfy your customers, figure out how to absolutely delight them”, Bezos told the gathering.

Truer words haven’t been spoken. The market is continuously evolving, and customers have more options to choose from now than ever before. In fact, according to a recent report, 67%customers are willing to switch brands because of poor customer service. So just satisfying their demands isn’t going to make the cut anymore; you must go a step ahead and craft solutions and services that absolutely delight them.

Delighted customers are the cornerstones of a successful business, as is evident from the success of companies like Apple and Microsoft.

  1. Passion

“The number one thing is passion — whosoever your customers are. You have got to have some passion for the arena that you’re going to develop and work in. Otherwise, you’re going to be competing against people who do have the passion for that. And they’re going to build better products and services”, Bezos maintained at the event.

Passion is what drives you to do what you love; it bestows you with a unique vision of the world that most others miss out on. Steve Jobs, for instance, had the vision to create a phone with just one button on the front. Jeff Bezos was passionate about creating an online store that sold everything. Passion is the fuel that drives you to success, a core belief that keeps you going strong even when others don’t see it your way.

  1. Willingness to take risks

“The good news is”, Bezos added, “at Amazon, we still take risk all the time. We encourage it. We talk about failure. We should be failing.” He further said it is important that risk takingand customer centricity are encouraged at startups.

Nothing is achieved overnight. It takes determination, perseverance, andwillingness to tread the unknown, risky paths. Had Elon Musk not invested his last $35 million when Tesla was facing financial strain during the recession in 2008, the company would never have become worth the $2.5 billion it is today. Same goes for Twitter, which promptly rejected a buy-out offer of $500 million by Facebook in 2008; today it is valued at $26.4 billion!

Conclusion

Every successful business is built on the foundations of passion and commitment, and an unflinching vision, come what may. Take it from the world’s richest man himself: “What we need to do is always lean into the future; when the world changes around you and when it changes against you – what used to be a tail wind is now a head wind – you have to lean into that and figure out what to do because complaining isn’t a strategy.”

Why do Leaders Swear by Thinking Fast and Slow?

Inspiring Stories

27 April 2020

Why do Leaders Swear by Thinking Fast and Slow?

  • Posted by Awfis Editorial

According to Daniel Kahneman, human beings have fractional thinking – System 1 and System 2; where System 1 is the gut, intuitive thinking, and System 2 is analytical, problem-solving and reflective decision making. Overall, both aid our judgement, where for some situations system 1 (fast thinking) provides the foundation for System 2 (slow thinking). But in many conditions, these work independently – for example, first impressions are formed solely by fast thinking. However, best decisions are made when both these methods are running simultaneously.

Hence, leaders swear by thinking fast and slow because it provides multiple business advantages such as:

Error Minimisation: Leaders encourage employees to indulge in fast and slow thinking because it reduces errors. If a person applies any of the two independently, there is a higher chance of tilted decisions. For example, when a person thinks too fast, it leads to cognitive biases, leading to erroneous results. For example, A project demands the regional sales of X product. But an employee registers only ‘sale’, conducts a quick search and quotes global sales while providing no figure for region-wide sales.

Enhanced Productivity: When a person effectively balances both slow and fast thinking, productivity rises sharply. This promotes wise thinkers who analyse situations rather than rely on quick judgments. For example, in a team, two employees do not get along and indulge in ruthless competition. A leader, who applies fast and slow thinking, will adopt a sound strategy to form better relations between the two, such as joint mediations or a combined project. But alternatively, in a quick response, if a leader fires the underperformer, it will be a loss to the team.

Rational Decisions: Decision-making is the basis of management and hence, needs to be made rationally. For example, a team needs to vote for a leader. Some employees, instead of carefully assessing the candidates, might make an unreasonable judgement based on superficial qualities. This will lead to the selection of a wrong candidate, which could be avoided through balanced evaluation based on multiple factors, including appearance, attitude, career trajectory, team spirit, etc.

Quick, Calculated Response: Hasty decision making or slow thinking can both result in a disaster independently. Hence, employees need to be quick but also calculated in their responses. Assume a scenario where a client is angry, and the employee reciprocates with the same emotion or worse. In such situations, the employees should be prompt yet calculated with their replies, calm the client and ensure error rectification.

Better Negotiation: For leaders, negotiation is an everyday task. One of the most important factors that can help a leader win a negotiation is how well he/she understands the opponent. The principles of thinking fast and slow help one to better understand the opponent and ultimately win an argument.

Thinking fast and slow advocates a healthy balance of the gut and factual thinking.

How to Harness the Power of Lateral Thinking to Enhance Creativity?

Inspiring Stories

20 April 2020

How to Harness the Power of Lateral Thinking to Enhance Creativity?

  • Posted by Awfis Editorial

As working professionals, productivity and creativity come at the apex of keeping a business going. The world out there is competitive, the industry stops for no one, and innovation becomes the key. Therefore, it becomes vital to continually engage with unique techniques to produce out-of-the-box ideas. Lateral thinking can help you work those grey cells and keep the creativity flowing.

What is lateral thinking?
The term was first coined by the famous psychologist Edward de Bono. He summarized the need for lateral thinking by saying, “You cannot dig a hole in a different place by digging the same hole deeper.”
Once you are presented with a problem, how do you get to thinking about its solution? Lateral thinking can help you break the barrier of age-old solution-driven techniques that have become redundant in the modern age. While practising lateral thinking, the answer is searched in indirect and creative light. When your perception about the problem is tweaked, the solution-driven mind is forced to think of alternatives and come up with solutions that are unique to one’s experiences.
Steps to harness the power of lateral thinking
A few things that can help you execute lateral thinking perfectly are –
1. Stay curious. The only way one can look at the question/problem from a new perspective is when they are questioning everything enough. Ask yourself questions about the whole concept before working your mind towards solutions.
2. Since lateral thinking has only one rule, i.e. think outside the box, there are no restrictions on the order in which the thought must proceed. You could also ideate solutions first and then think backwards. It will help you garner creativity.
3. Switch personas. Sometimes thinking differently could be difficult. An effective technique would be to think of yourself as a different person and run your thoughts as if you were someone else.

Why should you practice lateral thinking?
There are many pros to this technique. Some of them include-
1. It pushes you towards alternatives. When you look at the problem in an unusual light, it naturally will invoke newer solutions, something that will be more creative and unique.
2. It boosts productivity. Eliminating redundancy and monotony, lateral thinking will drive impressive ideas, keeping you motivated enough to not give up and keep working.
3. It makes your solution/product a potential game-changer. Most start-ups or early-stage companies rely on products and solutions that can help them impress stakeholders, including investors and consumers. A novel and out-of-the-box idea is sure to grab eyeballs and get the ball rolling for you.
4. It can be used during interviews to test the creative potential of the candidates. A talent that can drive your business towards incredible heights must be screened well!

The Rags-to-Riches Story of Jack Ma

Inspiring Stories

24 October 2019

The Rags-to-Riches Story of Jack Ma

  • Posted by Awfis Editorial

We’re just two months away from entering a new year. And if you are looking for some inspiration to chart your journey into 2020 as a business leader par excellence, this is the story you want to read. Learn how Jack Ma, co-founder of the Alibaba Group, didn’t just dream big, but made it happen. He has rewritten the rules of the e-commerce game, become ‘China’s richest man’ and has gone on to become ‘the most flamboyant tech founder on the planet’.

Jack Ma – A man with great emphasis on learning

Born Ma Yun on 10th September 1964 in Hangzhou, China, Ma worked as a tourist guide for nine years so that he could practice spoken English. Interestingly, it was an American tourist who nicknamed him Jack when they were pen-pals. Although he was Head of the Student Council in school, college was not easy. He struggled to obtain his degree and then enrolled himself at a teaching institute to become a lecturer in English at Hangzhou Dianzi University.

 In 1994, Ma started his first company, Hangzhou Haibo Translation Agency. The following year, he visited the US with his friends for a better understanding of the World Wide Web. There he realised that China and Chinese products found no mention on the internet. This motivated him to start his second company, chinapages.com, which he registered in the US. In three years, the company earned about USD 800,000!

The birth of Ali Baba – A global inspiration

For the next few years, Ma headed an IT company established by the China International Electronic Commerce Center, a department of the Ministry of Foreign Trade and Economic Cooperation. He quit in 1999 to return to Hangzhou with his team to found Alibaba, China’s answer to Amazon. Ma firmly believed in an open market economy that caters to customer needs. Soon, his company revealed the mega potential of small and mid-sized (SMEs) businesses across the globe. In 2014, Alibaba raised USD 25 billion, the largest initial public offering in US financial history to become one of the world’s most profitable technology companies.

The rejections en route – A tale of extraordinary perseverance

Ma’s parents worked as musical storytellers and growing up, he had little exposure to the world of business. Life threw him his fair share of rejections and failures, teaching the entrepreneur important lessons in patience and perseverance. His first tryst with failure was during college graduation, when he could not succeed in clearing the Chinese entrance exams until his fifth attempt!

He applied 10 times to Harvard Business School; he was rejected every time. Ma also applied for 30 different jobs, including one at KFC, but failed to hear back from any of them! The failures only strengthened his tenacity and will to succeed. Today, he inspires people with his stories urging them to remain steadfast in the face of obstacles. An entertainer at heart, Ma enjoys singing and dancing. Did you know that he made his acting debut in 2017 with a Kung Fu short film?

 The richest man in China – More than a serial entrepreneur

Four years after Alibaba received the USD 25 billion funding, Ma announced his plans for retirement as Executive Chairman to pursue educational work. He is seen as a global ambassador for Chinese business, and a role model for start-ups.

As of October 2019, Ma is one of China’s richest men, with a net worth of USD 37.9 billion. He also featured in the Forbes’ list of World’s Most Powerful People and World’s Greatest Leaders. However, he remains frugal in his daily life, with humble hobbies like meditation, reading and Tai Chi.

In 2015, he launched Alibaba Hong Kong Young Entrepreneurs Foundation to support entrepreneurs in Hong Kong. The same year, the company funded the rebuilding of 10,000 houses damaged by the earthquake-hit in Nepal. This year, the Foundation launched the Netpreneur initiative that grants a million US dollars each to 10 African entrepreneurs annually, and launched a fund with USD 14.6 million to develop education in Tibet.