At a certain point in time, companies and organizations were carrying out studies and research on how fascinating the millennial generation was. Some businesses strived hard to earn the loyalty of millennials, and of course, their highly influential powers. Also, it was a large percentage of the population during the study of millennials. Now millennials are no longer the target, welcome Gen Z.
The focus is currently on the latest generation known as the Gen Z-ers or Generation Z. After all, they already account for 30% of the global population.
Gen Z is now the biggest consumer cohort in the United States, accounting for $143 billion in the United States. In China, they are the generation most willing to spend. An average Chinese Gen Z spends $7,000 a year on luxury goods and technology even before they turn 21.
Furthermore, close to 90% percent of today’s parents believe that their children are influencing household spending, and now it is time for brands to invest in an in-depth understanding of this large impact generation.
Research on generation z suggests that their buying power revolves around certain factors. These factors include:
Also, as stated in the previous point, they depend on reviews online and opinions of the online communities to determine any purchase they make. Note that they have the voice and platforms to be heard.
They are all about seeing the realness in marketing, and this includes proof plus a culture to back up their claims of company values.
They go for smaller groups of close-knit followers and not searching for a large following.
To Wrap It Up
Gen Z is already one of the most powerful consumer population in the world. In terms of spending, they have already topped the millennials. With their power and willingness to spend, companies should pay more attention and cater to Gen Z's desire.
We always have heard and read that demand is created and it is not an inborn instinct. Humans are rational beings but it is extremely easy to drive them with their instincts and please them to attain or achieve something. When it comes to desires and wants, it is really easy to convert their desires and wants into needs and necessities. Therefore, we have an entire system in our society or in today's world that is pushing us indirectly to consume and get what we desire. Do we often think of how these desires are created and how influencing these ideas can become in our life? Let's see what the entire story about desires and its creation is about.
Who Are Consumers?
Consumers are those people who consume certain products and services. They are the ones who personally use the product or services. They can be the customers and users of the creators. Let's take a simple example to better understand consumers. A mother is searching for a reliable brand of diapers for the baby. The baby is the user because the baby uses and wears a diaper, not the mother. The mother is the customer or a shopper who pays for the diaper. Similarly, consumers can be customers as well. If you want to have a can of coke, you will simply go to a store, pay for your drink and then drink it there and then. This is how you are a customer that is you are paying for your drink and a consumer because you are drinking coke yourself. Consumers always think about their priority and they are always struggling to achieve and attain satisfaction. But in reality, consumers are never satisfied. They are always in search of things that give them happiness and satisfaction. Even a slight change of mindset or a change in lifestyle might give this happiness. That is why we have creators in this world. These creators help consumers to fulfill their desires as soon as possible. Consumers are all somehow dependent on the creators because they are the ones who drive the instincts or creators and develop an urge to increase demand.
How Creators are Impacting The Consumers:
Creators are the major driving force that creates an urge among the consumers. The creators develop or create those things, products or services that fulfill the need of the consumers. They portray happiness in different forms that push consumers to attain happiness as soon as possible. Eventually, consumers start considering this happiness their necessity and make these creativities a part of their life. Creators do face real challenges as well. Since every consumer has a different insight, a different mindset, and perception, therefore it is extremely difficult and challenging to caret for every individual with their preferences. It is really important that creators know the insight of the consumers and then satisfy them accordingly.
Creators need to create great products and advertise them in a way that ensures the consumers how this certain thing will give then happiness and fulfill their needs. Demand grows when creators communicate to their consumers to get the product or service by spreading more awareness and coming on top of the mind.
Stoicism was found back in the early centuries by Zeno in Athens. It is a school of philosophy of personal ethics informed by its system of logic and its view on the natural world. It laid a deep emphasis on accepting one’s fate in situations where one needs to acquire the courage to deal with extreme hardships. Zeno had this belief that some power ruled the entire world and there was a divine plan which has been followed. He defined the unpredictability of the world, and how significant it is to remain strong and steadfast. Moreover, he discussed that everything exists for a reason, human beings or any living organism in nature. Stoicism stresses the importance of religion and its belief, which may lead to help people out with their miseries in life. Stoicism was used to solve the problems of people and their issues at a time of crisis. The practices of Stoics are known as spiritual exercises. Now, there is a need to know how Stoicism works during a crisis.
Change Hindrances Into Opportunities:
People often make perceptions about things depending upon how they look at it. If they tend to not look upon things as obstacles, they will rather consider them as an opportunity to practice virtue. It maintains an optimistic view of life and getting over the unhappy state.
Embrace Everything Which Happens Around You:
Try to accept and welcome things that happen around you, which may or may not have much significance, but adore every little detail of life. You might control a few things only. By knowing that whatever happens in life to us was meant to be there for us, your life will be more content and will go effortlessly happy.
This highlights one of the most helpful and deeply emphasized practices of Stoicism. One should think of the worst before it happens, that is, the possibility of one facing all the bad situations in life. This makes it easier for one to cope up with the hardships with courage when they encounter any of the problems in life. You might not lose hope then and stay calm in various situations.
Try Being Mindful:
You should have a clear plan of action of what you are thinking of doing. There must be a reality check which you need to maintain instead of getting too much into emotions. Have a brief analysis of your actions daily so that you could learn and give your self a chance to improve. This makes one able to get better with the rest of the decisions in life.
Few of the exercises listed above are a good way of practicing stoicism. Although many people tend to believe that Stoics are unemotional and indifferent from the rest of human beings, which isn't true. Some people think stoicism is cynical, which also, isn't true. They just simply keep rationality first and know how to cope up with emotions. Stoicism tells everything how to be good to mankind and this branch of philosophy helps us to make our thought process better.
Idealism and pragmatism are very much needed in any startup. Well, there is an obvious difference between idealism and pragmatism, especially in the business world. Idealism and pragmatism can hold different perspectives as well. Idealism is what you need as motivation to start a business to change the world, but pragmatism is what will keep your startup into becoming a part of the world to drive sustainable change. Therefore, in this article, we will discuss what actually idealism and pragmatism is and what are the major differences between these philosophies.
What is Idealism?
Idealism is pursuing often unrealistic ideals that are often unrealistic at the time of chasing. Idealists are often driven by a set of strong moral beliefs and those moral principles are a must to be adopted and accepted to become a part of our life. The idealists focus on their end goal and seek a higher vision for their goal. They are always ready to go and take on risks to reach their vision because they think that their vision is well worth it. They are ready to suffer for a better future because they say that the decisions they have made are always right. They are determined to achieve long-term goals and that is why in the business world the idealist leaders always create a long term vision for their big idea. They are always working hard to attain long-term goals and sustain their business for a longer-term. They could be rigid and determined. It can be a bit difficult to please or to convince the idealistic leaders for any tweaks to their vision.
What is Pragmatism?
Pragmatism is acting realistically with the current circumstance. People who are pragmatic normally only consider the practicality of life and spends their lives based on practicality. They reject idealism when it feels that idealism is hindering their way. Since pragmatism is all about focusing on what is practical that is why the pragmatics or the pragmatic leaders in business focus on what they have in their hands right now. They don't ask the dealers to change their cards at a poker game, they work on maximizing their cards. They utilize the best option that is available at the moment. Therefore, the pragmatic leaders in business focus to achieve shorter-term goals as a means to an end. Due to this, they at times create a negative picture of them.
Differences between Idealists and Pragmatics:
Idealism and pragmatism could be opposites but they could both be applied in a startup. If you are an idealist and your cofounder is a pragmatic kind of guy, instead of coming up with conflicts, you should find a solution to work together. We cannot ignore practicality as well as morality in our companies as they are both important.
Every type of business needs a leader whose thought process must be followed. These leaders can be either pragmatic or idealistic. You can choose which approach you want to follow. Idealistic approaches could be great but at the end of the day, one could be burned out from being too idealistic. Typically, in businesses, the pragmatic approach seems more effective as opposed to the idealistic approach. There are times to be idealistic, but day to day business operations requires a more pragmatic approach.
Pragmatism refers to being able to derive results using practical and logical actions. The main focus of this ideology is to get to the result and answer questions regarding how to get certain things done. There are certain ways how you can practice pragmatism for your business and how it’s beneficial for you.
How can you be pragmatic for your business?
Advantages of practicing pragmatism for your business
Many people believe that pragmatism is not an effective approach to take on when conducting business. They might be right because a pragmatic approach is a system. It is a system to get things done while your idealism is used as motivation to get you there.
In this fast-paced world, we need to solve our problems quickly so we could move on. If there is one thing that could help us to solve our problems quickly and thrive is great customer service. Many businesses invest in other things to attract buyers when the real investment is having a customer service that compels buyers to remain loyal to your brand. After all, your business should be there to solve a problem for your customers.
Instead, businesses seem to be in a constant rat-race, overlooking customer satisfaction and trying to bring new customers to buy their products when really their focus should be retaining the ones they have. Here’s why customer service should not be given the backseat and why it still matters:
Customers Will Come Back
Customers tend to come back when they are satisfied with their purchases and their complaints are heard. Great customer service will lead to a relationship of trust between the seller and the buyer and so loyalty of customers can be easily won over by satisfying a customer. A company with good customer service compels people to continue investing in their brand which is also less expensive than trying to acquire new customers each time.
Higher Quality of Product
When customers trust a brand, they are likely to become a recurring customer allowing you to put their money for product development. Companies usually emerge with newer products when their roots have become strong and they have many loyal customers. When this happens, customers tend to buy from these brands even if they become pricier because they become convinced that these brands will always deliver the best without disappointing and fix anything that is less satisfactory.
As a Medium of Communication
Customer service is usually the only medium of communication between the buyers and the sellers and therefore often a customer’s opinion and judgment are formed by the customer service provided by a company or brand. When customers know they have an avenue where they can voice their complaints and they will be heard, they feel more secure and so have a positive perception about a company.
Customers Will Unconsciously Advertise
When customers are happy with a brand and feel comfortable voicing their queries and complaints, they tend to refer other people to brands with better customer service as well, unconsciously or consciously promoting the said brand and bringing more customers to buy from them and hence widening the business and prompting more people to purchase from those brands.
Minimizes Chances Of Business Failure
When businesses fail, one of the largest contributing factors is poor customer service. Customers stop buying from and coming back to brands when they are responded to very late when their requests and suggestions are disregarded or their problems are left unanswered. On the other hand, good customer service will leave the customers happy and therefore chances of complete failure will be close to none.
Hence, customer service is a vital part and determines largely the success of a business as it helps retain customers, creates a good impression of a brand and maximizes success. Moreover, it urges customers to be loyal and is the backbone of most businesses.
Coworking is all about different professionals coming together and working in a shared space. It is becoming a popular choice for smaller companies, startups, nonprofits, freelancers, and consultants. Coworking comes with some general etiquette that one should follow. Following these etiquettes would help one not only be well-liked in a coworking space but also make a coworking environment more productive.
Coworking is beneficial in many ways including being able to establish your network easily. You have access to different types of professionals some of whom can be turned into friends and acquaintances. You want to make sure to have a positive and friendly stance to make connections. This may also help you in your career sometime in the future.
Be careful of what you say
Your access to different professionals means you need to be able to talk to them that is respectful not coming off as rude or ego-centric. Initially, you don’t know what kind of temper the other person has. In order to avoid issues, make sure you think your conversations through. Do not say things that make upset someone. Humor is a good thing but use it only when you know whether the other person would appreciate it. Don’t be going around trying to be funny and offending those around you!
Respect everyone’s personal space
Keeping your nose out of other people’s business is considered a good trait. No one wants you to overstep your boundaries while making conversation with them. Respect your coworker’s personal space and privacy. They will appreciate you for this trait and would be more comfortable in making connections with you.
Keep your volume down
The general rule is to keep your volume down in every business setting. Your coworkers do not want to hear what you’re talking about on the phone. Make sure to avoid a loud tone as you might be disturbing someone.
To maintain a good relationship with everyone, make sure you adopt a courteous tone. Have a gentle tone when talking to people and ensure that you listen to them patiently. This creates an understanding between you and those around you which leads to higher morale and productivity. Put in the effort and maintain good gestures by greeting them politely or opening the door for them.
Avoid using strong scents
Strong smelling perfumes are a big no when it comes to coworking. You aren’t aware of what preference the other person has. There is a possibility that someone may be allergic to a particular scent. Make sure to avoid using obvious and strong scents. Go for lighter scents or no perfume at all if your coworkers are not okay with it. You can also always ask your coworkers whether they’re okay with you using a particular kind of perfume.
Working with other people can be an extremely pleasant situation when certain etiquettes are followed. It doesn’t have to be a hostile scenario where people don’t like each other. Coworking etiquettes are easy to follow as they are general concepts that should also be followed everywhere. Keep the mentioned etiquette in mind to have a peaceful and happy coworking environment.
In the 90s, Jeff had established a startup to sell books. In 2019, this startup sells everything and anything he wants. He has an inspirational success story on how he delivered the idea of e-commerce and grew it to such an extent that it had started a trend. He can set this new idea for the newbies and now we all can see the growing future and competition of e-commerce. He laid the foundation by building a successful e-commerce business and now this company has taken all over the world. It has become a worldwide company, catering to all the products in the entire world. But his company's story is fueled by passion as well as failures. It's the passion that motivates you to achieve your goal and work hard for it and the failures that teach a valuable lesson. Jeff Bezos now tells his life experience to the new business leaders so that they gain some tips on how to be successful in their life. Let's discuss below what life lessons Jeff Bezos gives from his experience.
5 life lessons which you can learn from Jeff Bezos:
Leave your comfort zone and get up:
Bezos delivers this lesson by recalling his dark time. He recalls the time when he was working as a vice president at Wall Street Hedge Funds. He was earning good money but this is the time when he realized that he cannot only collect paychecks for this entire life. There has to something else besides that. That was the time when he decided to leave his comfort zone and step into the challenges and risks. He simply questioned himself if he was going to regret in the future of what he did not achieve in life. Well, this was a push and a reality check. He decided to quit his job of corporate slavery and do something of his own. He stepped into the land of challenges and got out of the comfort zone to not to keep any regressions in life. He did not want to look back and regret what he was not able to do.
Always accept criticism about you; face the real you:This is human nature to not want to accept any kind of criticism on us. We have a fear of facing our actual selves. Jeff says that it is the most difficult thing for a business leader to face criticism. It gets intolerable when they get to know the harsh reality. Do not live in deception. Come out from the fake world and fake self, try to look yourself in the mirror. Sit in solitude and assess yourself where you stand wrong in your life. Be flexible enough to change yourself if the criticism is correct. Keep your ego aside and always be ready to learn from your mistakes. Never hide them, always confront them and accept them in front of the world.
Make efforts now to minimize regressions in future:Jeff always explained this through his experience and thoughts. He always said, "I do not want to look back and regret my life on the things which I was unable to do when it was my time." He states he does not want to regret it when he turns 80 years old on things which he missed. That is why he chose to start with Amazon which he always dreamt of doing. Regressions will always make you a failure. It only brings demotivation and emptiness inside.
Always stand firmly on your vision:Always set a higher vision in your life. The higher our goals are set, the more determined we will become to achieve them. Jeff says it's better to have a higher mission and fail rather than accomplishing a small vision. Always stand to it firmly and it will make you stronger to face the challenges. Own your visions to achieve them.
Show passion in what you do:Passion is the key to success. You need to enjoy what you are doing. Always be passionate about your goals, even about spending every hour of your life. Without passion, you are just going with the flow and not living with the moment. You'll find a spark in every tinniest task you perform. Everyone can easily find a passion for their work. It all about interests and how much do you enjoy it.
No one is perfect. We all learn lessons from our mistakes. We realize the best way to achieve something in life after is through failure. We learn that success needs experience. It asks to fail and then get up with a new experience and then again fail and get up. And this is the entire system through which we can also become successful in our life. That is why it is said that no one is learned and skilled by birth. You need to struggle hard to achieve your goals. Life asks for hard work and passion. You need to have that kick in you which motivates you to achieve your goals. It's alright if you fail. We all fail somewhere in our life. You need to be strong and persistent enough to face failure and deal with it with positivity. Those who dare to keep their ego aside and then learn something will always be successful individuals one day.
Check out The Everything Store by Brad Stone if you want to learn more about Jeff's life and the founding of Amazon.
Stress is one of the most significant things that can damper your creative sense. Stress can be caused by many different reasons and it can block or disturb your creativity in equally different ways. Creativity is intensely based on our mental capacity. When we feel stressed out then that affects our mental capacity as well. This eventually affects our creativity. To stay creative, we need to keep ourselves calm and relaxed. It is very important to understand the relationship between stress and creativity.
Sometimes a person feels like he/she has a lot of ideas but it feels very difficult to implement those ideas. You feel like some hurdles or obstacles are stopping you from implanting those ideas. This is due to the stress in your mind. You have an idea, that’s your creativity but you not being able to implement it is the blockage occurring because of stress. People sometimes go blank right after they thought of a good idea. This sudden loss of creativity is also the result of stress.
The time when you get trapped behind the barrier of stress, it occupies your mind and doesn’t let you think wisely. Stress tends to block your mind on a certain thing. You feel like you are stuck. Moreover, it blocks your expression and prevents you from thinking out of the box. We all might have heard that stress is the enemy of creativity and it’s true.
Stress Barriers for Creativity
Stress barriers for creativity are all factors that can cause the blockage of creativity due to stress. These factors can be emotional, mental or even physical problems. If we face any emotional trauma or personal problem we are bound to get stressed out which in turn makes us less creative. It does not mean that the person isn’t creative or that they don’t have any good ideas. It is just that at that moment, they are unable to implement those ideas.
Creativity Needs Freedom
Creativity is all about being unique. You cannot be creative if you are easily pressurized by others. Creativity demands to be free. You need passion and determination to be creative. If your mind becomes a slave of stress and anxiety then you take that freedom away from creativity. This eventually makes you lose all hope in yourself.
It Can Make You Lose All Hope
Carrying on from the last point mentioned above, stress should always be controlled and mitigated. When people feel stress, they start to lose hope in themselves. Stress leads to anxiety and depression. Sometimes the depression can be so intense that the person starts to lose all hope in him. Which means that he becomes unable to make any good decisions?
Fight or flight response
Another very important factor that accelerates the stress factor is the fight and flight response. During such a response we become narrower minded. During stress as our brains are accustomed to focus on one thing at a time that we make us unable to see various ideas. Creativity might come from within but it can take influence from a lot of different areas. If you don’t accept to observe and check out different ideas then you will never be able to control your stress levels and be creative in life.
Stress Hijacks Your Brain
No one likes to be controlled whether it is by other people or by any other thing. Stress is one thing that can easily hijack and control your brain. It can make you do things that you might regret in the future. People need to overstress otherwise it can overtake your entire brain and kill your sense of creativity.
Overcoming Stress Accelerates Creativity
We are sometimes unaware of how deeply our sense of creativity is being affected by stress. Stress blocks our immediate thoughts and can affect the flow of creativity. Another thing that blocks our creative sense is overthinking. Overthinking an idea can be problematic. Higher the stress less will be the rate of productivity. So to produce a good piece of work one should overcome all fears that lead towards stress.
How Can You Stop Stress from Killing Your Creativity
Stress should in no case be taken lightly. It can be the root cause of many other issues, especially mental issues. Hence people need to take stress seriously. Stress can not only kill your creativity, but it can also cause you a lot of other mental and physical problems as well. If you occasionally feel stressed out then it’s time for you to improve your diet and hit the gym. Consuming a healthy and balanced diet helps a lot in relieving stress. The same way morning exercise is also very good for people suffering from high levels of stress.
Stress-free people are more likely to come up with unique and innovative ideas. In addition to that, they are more likely to implement those ideas effectively as well. You can be a very creative person but as long as stress has your brain is hijacked, your creativity is useless. People need to help improve their mental capacity so that they can come up with better and more effective ideas.
Stress affects both the mental and physical capacity of a person. A person can never be creative if his thoughts are blocked by stress and other mental pressure. Daily workout routines and a balanced diet can all result in better health which can eventually lead to more creativity. As you start to reduce your stress levels, your creativity starts to increase and overflow so try to reduce your stress if you want to experience your creativity to its full potential.
It is quite obvious that the world of work is in a tremendous state of flux and this is causing anxiety with people and for a very good reason. There is a rising polarization of labor market changes between:
The role of technology is important in the present and the future of work. Currently, the top technology and business executives are merging in a bid to research how technology can deliver value and advantage in business.
Furthermore, technology innovation is swiftly transforming the pace, scope, and scale of work.
All of these disruptions come in diverse forms ranging from competitors making use of technology at scale down to the industrial IoT (internet of things). The IoT is only getting to get more relevant with the appearance of the 5G network.
Even manufacturing would transform into a state that we have never seen before.
Changes In The Role of Technology
In the past, technology was only used to maintain excellence in operations, however, in this digital age, the plans of integration of businesses and technology are now entwined.
While technology is evolving to aim at hand in hand collaborations, business on the other hand functions to co-create values. Most of the jobs that humans can do, we can have technology doing them.
Some managers have suggested making use of technology because while a human can take breaks from time to time, machines can work daily on a 24/7 basis without rest. Also, there are fewer errors with machines.
There is an increasing demand for swift and effective delivery of capabilities and low friction experiences. As it stands, most technology teams are moving from the local projects and process-targeted operating models down to projects that much more productive and outcome-centric.
Workers are wondering where exactly they stand if technology turns out to be the future of work. Additionally, technology is moving from mere service delivery up to value delivery.
Cloud and automation models taking powerful roots and speeding up IT delivery and transforming how technology teams and business operations work and merge to create value. It is also helping businesses to eliminate some of their operational works and moving the remaining to service and machine providers. This makes the future of work a lot more efficient.
Technology is bringing in more value to businesses and not just the services they are known to deliver.
Not to forget, the cost is technology is reduced daily so although the initial cost of integrating technology is high, eventually, it would become close to nothing.
To Wrap It Up
The future of work would become more technology-centric. This might be terrifying to hear as one could imagine robots replacing human workers. But imagine the next wave of workers. They might be millennials and Gen Z who have been used to technology at work. They have grown up with technology all their lives and are comfortable with the technology adjustment in their workplaces.
As technology and work plans are merging, the technology functions as a co-driver of innovation and a co-creator of revenue to be driven by technologic investments. If one wants to optimize work, one must leverage technological advancement.