Strengthening SMEs to fulfill their Ambitions

We all know of a successful restaurant that starts a second restaurant in another location, and then fails. There are others which go on to become a nationwide chain. What is the difference?

Every business starts small. Most are able to grow and some make it to Rs 10 crores. Some become Rs 100 crore businesses and a smaller number cross Rs 1,000 crore. What allows some to grow faster than others? One of the key areas is the ability to scale.

When a business is small most of the important information resides in the CEO's head. As it grows bigger, there is a need for automation, but mostly that is solved by a basic spreadsheet. At the next stage of growth the company invests in financial services software. Unfortunately, for many organisations this is where the journey stops.

This impacts the ability of the organisation to scale and replicate. Today, even a moderate size business can have over 1,000 transactions per day. It is important to be able to capture this information and retain it, in order to be able to learn from it. Are they repeat customers? Can we give them an incentive to return? There is so much of knowledge buried in the transaction data. In the absence of a data-centric strategy, it is likely to remain a buried treasure. Mr J C Jha, VP Manufacturing, National Engineering Industries comments that "In today's age of competition it is impossible for our business to run without SAP."

So, why do enterprises hesitate to make the leap? In the past, in order to have automation or CRM software implied a large investment in hardware. The software also required a fixed outlay. More than the investment, many smaller enterprises, more so those outside the metros, were hampered by the lack of skilled technical resources. All of this conspired to keep businesses from unlocking their true potential.

To quote Mr K L Jain, Secretary General, Rajasthan Chamber of Commerce, "With SAP solutions, Rajasthan state will surely benefit and will also help in further expansion of SMEs."

What's changed? What makes it possible for firms to now cross the IT barrier to grow their revenues 10x? One is that the cost and complexity of hardware has dropped dramatically. The second is the advent of hosted (cloud) solutions. This allows the software to be hosted remotely and also managed easily. These options cut time to go-live and also reduce costs considerably. And added advantage is that cloud solutions are built on a gold-standard process, so just by adopting them you can get a leap ahead in quality of process too.

Of course, accessibility may still be a concern, which is why efforts such as SAP's Innovation Express that is completing a tour of 12 cities across 4 states is a great initiative. To quote Mr Arun Kumar Bagaria, Executive Director of Mayur Unicoaters, "We were extremely amazed to see the bus. It really helps to understand the solutions first hand and in such quick time."

Read More

You'll Never Hear Successful People Say These 15 Phrases

If you want to become more successful as an entrepreneur or in your career, you can start by making a habit of talking and thinking more like the people you know or read about who are already successful.

Here are some phrases you’ll never hear a successful person say:

1. "We can't do that."
2. "I don't know how."
3. "I don’t know what that is."
4. "I did everything on my own."
5. "That's too early."
6. "That’s too late."
7. "It's too bad we couldn't work together."
8. "Let's catch up sometime."
9. "I'm sorry, I'm too busy."
10. "That was all my idea."
11. "I never read books."
12. "I'm not good enough."
13. "It's OK." (over and over)
14. "If our competitors don't have it, then we don't need it."
15. "Time off is for suckers."

One thing that makes people and companies successful is the ability to make solving their customers’ problems and demands their main priority. If a need arises repeatedly, the most successful people learn how to solve it as quickly as they can.

Instead of automatically shutting down solution-finding, successful people learn what they can in order to succeed in a project or in their career. For example, you would never see a truly successful international business consultant who travels to Italy multiple times per year refusing to learn Italian.

Pleading ignorance doesn’t make the problem go away. It just makes the asker find someone who is able to work with them to solve the problem. While’s it’s always good to be honest with those you interact with, finishing this phrase with “but I’ll find out” is a surefire way to become more successful.

The best people know to surround themselves with others who are smart, savvy and as dedicated as they are. What makes this work is always giving credit where it’s due, as due credit to you will always come back in hand. Recognize those that have helped you or made an impact and you’ll continue to earn success and recognition yourself.

You would never hear Benjamin Franklin or someone such as Steve Jobs say, “that is too early for me to be there.” If there is a networking meeting, project launch or interview opportunity at the very beginning of the day, the most successful people do what it takes to be there. Part of being successful is being at the right place at the right time, no matter if you’re a morning bird or night owl.

Along the same lines, if you’re asked to a 9 p.m. dinner by a potential business partner, and you can make it, definitely go. You may be tired the next day, but the connections you will make during a small dinner or after-hours meeting can make all the difference when it comes to your career or next project.

Truly hitting it off with someone can be a rare occurrence, but if you truly connect with someone and want to work with them, find a way to make it work. Finding people that you really enjoy communicating with don’t come along too often, so whether it’s a case study or a new business, successful people know that working with those who truly align with your personality and interests are the path to true success.

Many times, this phrase is said as filler, without any true follow up. Successful people know that if they really want to catch up with someone, they follow up to make it happen. This also builds on the idea that the most successful people have worked hard to build genuine connections and relationships within their network, without any hidden agenda. Nurturing your network means being thoughtful of others, while keeping your relationships with them on top of your mind.

If an opportunity comes their way, successful people do what it takes to make it happen. Sure, this might mean longer hours occasionally, but if you want something to work, that is what it takes. After all, according to Lao-Tzu: "Time is a created thing. To say ‘I don’t have time,’ is like saying, ‘I don’t want to.’”

Again, as mentioned in number four, the most successful people spread the wealth when it comes to doling out praise from a successful project. No idea is truly one’s own -- it’s a sum of their experiences from interacting and building off of collaborative ideas with a team. Doling out praise and encouragement is a crucial part of building a successful company and culture.

Tom Corley of Rich Habits found that rich people read (and listen to) books at a much higher rate than poor people: “63 percent of wealthy parents make their children read two or more non-fiction books a month vs. 3 percent of poor.” Also, “63 percent of wealthy listen to audio books during commute to work vs. 5 percent of poor people.” Reading non-fiction (as well as fiction) can help reduce stress, enhance creativity and boost your memory.

Part of being successful is having a high sense of self-worth. Being yourself is one trait that promises success in business and your personal life. Follow your true interests. What you would do in your life if you didn’t need money?

Successful people know when to walk away and stop taking excuses from others. If there is a bottleneck and something (or someone) is preventing you from completing a project on time, build up your business, or move you forward in your goals, then it’s time to set boundaries and decide to limit your involvement.

Copying competitors is one of the many possible deaths for most companies. True innovation comes from the flip side: figuring out what competitors aren’tdoing and fill that niche to answer a need in the industry.

True success should be seen as a well-rounded approach, one with vacations, weekends with friends and family and hours of downtime on the weekdays. While workload varies for everyone at times, taking vacation can make you better at your job.

Sometimes to get to where you want to be, the best and easiest thing to do is to simply follow the examples that others set for you.

What phrases are you going to eliminate from your day-to-day conversations and thinking?

Read More

How Old Is Too Old to Start a Business?

Yes, Mark Zuckerberg started Facebook at 19. But Charles Flint launched IBM at 61.

While Hollywood may love the story of the college kid who starts a billion-dollar business out of his dorm room, that’s only one story. For many, life as an entrepreneur begins much later.

Consider: Legendary wedding-dress designer Vera Wang didn’t start designing clothes until she was 39. Home decorating goddess and business czar Martha Stewart didn’t get into home decorating until she was 35. And San Francisco-based angel investor and founder of business incubator 500 Startups Dave McClure didn’t invest in a single startup until he was 40. That’s all according to a pair of infographics, embedded below, created by the information designer, Anna Vital, at startup organization Funders and Founders.  

When it comes to launching a business, what a person may lack in youthful energy comes back multiplied in experience. Reid Hoffman started the ultra-popular career networking site LinkedIn when he was 36; Sam Walton started Wal-Mart when he was 44; and Joseph Campbell started Campbell Soup when he was 52.

Have a look at the two infographics below. Be inspired. And stop counting the grey hairs on your head.   

Read More

Things Remarkable Startups Have In Common

Why do some startups succeed and others don't? Here's a hint: It doesn't have to do with if an idea is good or bad. Indeed, the successful entrepreneurs are able to run with amazing concepts and pivot otherw when needing. There are a few more tried and true principles that can contribute to the success of your new company.

Among other things, these are four things remarkable startups have in common.

1. Founders are insanely passionate about the idea. Don't start a business without passion. You won't be able to see it through if you are not really into your idea. Founders of most successful startups started searching for solutions to a problem they cared about and made it their focus.  

"You have to be burning with an idea, or a problem, or a wrong that you want to right. If you're not passionate enough from the start, you'll never stick it out," Steve Jobs has said.

Founders with great passion tend to inspire others to greater success, and they look out for those traits in new hires. According to best-selling authors and workplace strategists Kevin and Jackie Freiberg, passion enables innovation and creativity and makes employees want to stay in their jobs and contribute, even when they’re not feeling their best.

2. They don't try to do too much at once. Laser focus is immensely crucial for the success of every new business. What is the one thing your startup is known for?  Your startup should be focusing on the one thing that makes you stand out. All the successful and well-known startups you know today are doing the one thing that makes them stand out.

For instance, Snapchat knows a picture is worth a million words and have allowed users to send photos and videos that disappear a few moments. Dropbox wants to be the go-to solution for uploading and sharing files in the world.. Most great startups start out to provide simple services or products, but as they grow customers and users tend to demand more, the company needs to improve and make solutions even better.

"The most important things for startups to do is to focus. Because there's so many things you could be doing. One of them is the most important. You should be doing that. And not any of the others." says founding partner of Y Combinator Paul Graham.

3. They value their customers and take great care of them. Does your startup know how to design and deliver great customer service? Successful startups are constantly seeking to satisfy their customers. The importance of reinforcing awesome customer service should be made clear among your employees. Design your products with the customer in mind. Remarkable startups listen and respond to their customers' evolving needs and expectations.

Strive to make your customers feel that signing up with you was one of the best decisions they ever made, and you will likely have their business for a very long time. As your product changess, the best opportunity you have at delivering the best service is a close relationship with your customers that value their feedback and user experience. Your customers are the people that support you, trust you and most importantly, rely on you for the service or product you offer. They could have chosen your competitors, but they chose you. Make them a part of your evolving development process. Startups that grow with their customers ultimately win.

4. Entrepreneurs don't forget the importance of culture. Successful startups establish and maintain some the best company cultures that promotes and motivates employees. The team behind a product or service is one of the most important factors for a successful business. The first people you hire for your startup are critical to your startup's success. And cultural fit is as equally important as competence when hiring your best people.

People with the right skills and personality are more likely to influence your small team to greater heights than just competent hires. Culture takes time and effort to build, but as long as you don't lose sight of it, you are on a journey to building a great company. It is well known that Google has a unique culture and some of the company's success can be attributed to this culture. 

source : link

Read More

What to Expect When You're CEO of a Successful Startup

Leading a startup is analogous to being a first-time parent. You can read books and articles, you can talk to others that have been through it, but no one can ever fully determine what it’s like until he or she experiences it first-hand. Since joining Sumo Logic as a first-time CEO in 2012, it has been quite a ride.

Boiling down the experience of my first two years as a CEO of Sumo Logic, I have found eight tenets that I want to share:

1. Few will understand your process or state of mind. Many will try, but few will succeed in understanding the investment of time, emotion and energy associated with leading a start-up company. Though it is difficult, accepting the isolated nature of being a leader is important. This acceptance will embolden you to move forward with your work rather than exert energy to seek the understanding or acceptance of others. It’s lonely. Get over it.

2. Listen to your gut. Entrepreneurs receive a landslide of advice from well-meaning colleagues, friends and family  – even total strangers offering advice in columns such as this one. But, even the best advice can prove worthless when it is heeded in the wrong situation. So while it is important to appreciate good advice, it is also critical to trust your gut. Often your first idea is the best and your first inkling is correct. Furthermore, if things go wrong – you will have no one to blame but yourself.

3. Ban the phrase “other people’s money (OPM).” Every entrepreneur should always behave as if the money they are spending is theirs. People often become lackadaisical when they internalize that they are using OPM. And a startup cannot afford to be frivolous with resources.  

4. Believe in karma. I’ve seen many people sabotage their careers with arrogance. You never know how people will enter, exit and re-enter your life. Especially in Silicon Valley, where the entry level engineer today is tomorrow the startup founder on the rise. It is important to plant your feet firmly on the ground, keep a level head and be courteous to everyone you meet. As the old saying goes, “Keep your words sweet, you may have to eat them one day.”

5. Listen more than you speak. You don’t learn too much while you’re speaking. However, I learn many things during brainstorms with my team. A good leader listens first and speaks last. This will allow you to see all sides of a situation before weighing in. Silicon Valley is home to some of the brightest people in the world. What is the point in hiring them if you do not make time to listen to their ideas?

6. People matter. Though technology is a focal point of many businesses, people are still the foundation of the business. People are still the decision-makers. So it behooves the leader of a company to find the best people and create an environment they want to come to every day. Balancing the needs of people with the needs of the business will go a long way when scaling the business.

7. Your investors are a great resource. Working with high-quality venture capitalists (VCs) can change everything for a startup company in Silicon Valley. Their access to customers, top talent and strategic partners is invaluable.

For Sumo Logic, our VC partners, Greylock, Sutter Hill Accel and Sequoia, have been instrumental in bringing us amazing talent and marquee customers. Venture capitalists make a living on identifying the right markets with the right teams with the right momentum. Markets and momentum can swing though, so be sure to secure funding when you are on the way up.

8. Belief in your mission inspires. As unoriginal as it sounds, you must believe in yourself and your company more than anyone else. If you are not passionate, your employees, investors and customers will not get passionate about your company. In many ways, enthusiasm and belief in your vision is the most important asset of any entrepreneur.

Read More