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.
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 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.
Originally posted on http://www.wynd.hk/all-you-need-to-know-before-starting-up-in-hong-kong/
Considering one of the best cities for building your own business, the number of registered local companies in Hong Kong has approached 1.4 million in early 2018 while around 43,000 newly registered companies are added to the list during the period of 2016 and 2017. The statistics are stunning, and it has proved the attractiveness of Hong Kong’s business environment. Further to the government resource, nearly 160,000 local companies have been registered in 2017 and the result matches the third position held by Hong Kong in the World Bank’s report on “starting a business” internationally.
Isn’t it exciting to start a new business in Hong Kong? If you have a fantastic idea wanted to start with, don’t wait until the last moment, come to know more about how to start your own business in the most competitive city in the world.
Company Name and Type
Well begun is half done. A good business always starts with a great name which is better to be precise and easy to be familiar with. You should be careful with the duplication issue and you have to check through the Companies Registry’s Cyber Search Centre or the Company Search Mobile Service to ensure the legality of your chosen name. You should also make your consideration according to the guideline from the official.
Besides, depending on your needs and requirements, you need to consider the business entities of your company. In general, there are several types of entities available in Hong Kong, including limited company (public or private), sole proprietorships or partnerships. You may select the most suitable type for your start-up after clear understanding and careful consideration. Our team (WYND Co-working Space) is always ready to help with if there are uncertainties or confusion with the registration process.
Company & Business RegistrationThe application of a company in Hong Kong has been simplified throughout the years. The following required documents can be hand in via, the online E-Registry, “CR e-Filling” mobile application in App Store or Google Play Store, or in-person to the Shroff on the 14th floor of the Queensway Government Offices :
** Details of the business registration fee can be referred to this link for further information.
Further up-to-date information for both registration processes can be found in Company Registration as well as Inland Revenue Department or you may hold a meeting with WYND team, we are eager to help and explain all you are not clear with.
After Successful Registration
With well-prepared planning, the online and mobile application for company and business registration can be completed within around an hour. Once the request is approved, the certificate can be downloaded and printed accordingly from the email received from officials.
With the hard copy application, the process of evaluation will take 3-5 working days. Moreover, the corresponding certificates will be issued or faxed out within 4 working days. If you are WYND‘s member using our address for business registration, our team can help to collect and display the certificate to avoid any delay or legal issues.
Rules and RegulationsConcerning some special business forms sat, specific permits or licenses may be required for your company, more details can be found in import and export operations or other business operations.
For start-up operators, you must be familiar with the taxation system and labor legislation in Hong Kong in order to make sure that your business is legally running with proper management with rules and regulations specified by the Hong Kong SAR Government.
Although setting up a new business in Hong Kong is relatively easy compared with other cities in the world, there are still basic responsibilities and duties needed to be understood and followed, for instance, Intellectual Property, Code of Practice on Employment or MPF system, you can find out more detailed information on GovHK. Moreover, as a start-up founder, you can also easily have the administrative assistant in a co-working space, like WYND to have professional consultation services for any problems with a start-up business.
Hong Kong as the Pearl of the Orient has its own attractiveness for start-up entrepreneurs who wish to become the most outstanding one. After your completion of the registration process, you have now become a newcomer to the Hong Kong market, yet you still have a lot of challenges needed to be faced and solved respectively.
About the Author:
WYND Co-working Space is located in Central district, in Lan Kwai Fong and near SOHO. The vicinity is the most diverse and vibrant neighborhood in the prime core of Hong Kong. It is the stronghold of international corporations and distinguished local businesses. A place where top talents worldwide gather to live their dreams in career and leisure. Wynd is a platform to synergize the talents and opportunities offered by the city for entrepreneurs, innovators, and pioneers alike.
Creative leaders are like prized possessions for their organizations. They are commonly known as innovative leaders or innovators who are the masterminds or creative thinkers of leading industries. Who are these leaders? What kind of attributes, attitudes, skills, and qualities do these personalities possess? What drives them to be innovative within an organization? Creative leaders not only think out of the box but envision a path that leads their followers to take big, bold steps to turn an innovative idea into stark reality. It is a famous quote that the creative genius comparatively holds less significance in an innovative leader’s success than the ability to form an insight around an idea or set of ideas. So before we go on a hunt to find out the topmost creative leaders of recent times, let’s first discuss what distinctive behaviors set this group apart: They
The word scrappy might sound like it is a hard and negative word but in a real sense, “scrappy” associates with companies or organizations which have been just launched and have been growing very quickly. On the other hand, the word, “startup” can be defined as the enthusiasm enjoyed by a company due to its successful fight and struggle. If a company is started to solve a problem with the implementation of the right strategies, there are high chances that it will be successful. If could be turned from a scrappy startup to a great company rather soon. There are a few ways to grow fast from a scrappy startup to a great company.
Solve a Problem with Your Startup
Your startup needs to solve a problem. Let it be an efficiency problem in an industry or climate change. Your company has a better chance to thrive if there is a real market for the product or service you are making.
Make sure the market likes the way you are trying to solve the problem so your company could be growing. You could always do a quick customer survey or an easier way to test it would be your website retention rate or your subscription rate.
Design efficient but relevant strategies
As a scrappy startup, you don't have the resources big companies have to push out a product and push for a product launch only to watch it fail. Make sure you design a strategy on how to enter a market before you launch. If a design fails, you can always rip up the piece of paper. It is a lot cheaper than having a failed product.
Encourage teamwork tradition
Starting a company the scrappy way needs a culture where teamwork is the basis of things. As there is a limited amount of resources in a scrappy startup, you need to make sure your team is not filled with divas. Make sure your team is willing to get down as there could be a problem with cashflow in a startup. Working as a team ensures that all the strategies are put into tasks and that every bit of the startup works harmoniously to meet a particular goal. Same Team, Same Dream. A scrappy startup simply can't afford otherwise.
Proper and efficient leadership
Leadership makes a good team a dream team. Leadership is very important as an effective leader would strategize, eliminate problems, guide the team in the right direction toward a goal within a set timeline, pivot when necessary, and charismatic. A scrappy startup highly depends on proper leadership.
Every entrepreneur should want to start a scrappy startup in his/ her lifetime. Leading a scrappy startup could be such an accomplishment especially when it becomes a successful company with the start of zero. It is important to value and cherish whatever little you have. It is important for you to remember that everything starts small and in order to succeed as a scrappy startup, you need to be enthusiastic and keen to detail even if you may not like the humble beginning.
The golden year is also known as the bonus years and these are that comes after your retirement. As soon as people reach the age of 65, some may become confused as to whether to start a business or just rest forever. Well, maybe it is called the golden year for a reason. It could be a golden opportunity for you to start a business.
Considering that your golden years are here, you now need to seize the opportunity and start your own business. You might think that you are too old for it since you are already retiring from your regular job but that is the perfect timing to start another life. Especially if you did not have had an opportunity to do things that you love during your sunshine years.
Here are a few reasons why:
Life span is longer than ever
The retirement age of 65 is not an accurate age to retire as the human life span is now longer than ever. Some people might not die until 100. What are you going to do for the rest of the free time if you don't start a passion project?
Starting a business is a source of satisfaction
Starting a business of your own during your golden years and especially after your retirement is very crucial as it is the basis in which you can accrue a certain level of satisfaction. It is very crucial therefore to start a business to get satisfied.
It is a source of implementing your hobbies and earning from it
Did you know that you can convert your hobbies into a business? Yes, that is very possible. For example, you might have been a huge fan of soccer and other games and as soon as you retire and enter your golden years, that will give you an opportunity where you can create things related to your hobby.
Business during the golden years is a source of extra income
Pensions are now a thing of the past. What is going to happen to your bank account when you retire? You might need to spend those golden years running a business that you started with the aim of earning something extra. Life is expensive during golden years and this calls for the need to have a business that will be a source of income crucial for supplementing your retirement funds.
Starting a business is not only limited to young people. No matter what age you are, you could always start a business. What are you starting in your golden year?
The ideal dream team is the one that works together and promotes positivity to create a learning and growing environment that can help in flourishing the company and its profitability. While the research always for such employees who can work in a team and lead it to prosperity however sometimes you might even encounter a toxic employee who basically drains the employee happiness and productivity and hinders the profitability of the company as well. No HR manager ever wants to hire a toxic employee as it is said: “One bad berry can spoil the whole basket.”
Effects Of Toxic Employees On The Organization:
A toxic employee can damage the company daily as well as in the long term. The research has shown that 56% of employees tend to leave a job because of a toxic co-worker. The toxic employee can blame the other workers for the failures of his own, bullies other workers around, or creates drama where other teammates feel annoyed and humiliated. These things make the working conditions hard for the other employees and they tend to leave the job to find a much peaceful one.
Identifying Toxic Employees:
So now, the question arises: How can one identify a toxic employee? Mostly in organizations, the toxic employees are pretty much visible if there is any. However, some of them are too clever and know how to keep themselves low key or their manipulative nature leads people to believe that it was others' fault. The basic traits of toxic employees are that they are defensive and aggressive with other workers, they do not take responsibility for their faults, and they tend to resist growth or change. You can even find them bullying and gossiping about others. No matter what they do in the organization, the result is that they damage the efficiency and morale of others on the team as well.
Dealing With Toxic People:
It is easier said than done that toxic employees should be weeded out during the hiring process especially when the core team is being built. However, some toxic people make the hire because of their resumes. They sell themselves well on a piece of paper and they are even better during the interview process as sometimes the toxic people are charismatic. However, their toxic personality often shows up after they are given responsibilities, left with coworkers or given challenges. Although, still the best way to counter such toxic employees during the hiring process so it needs to be aligned accordingly.
The interviewers should be sharp enough to ask questions which can show how civil the candidate is and what can be achieved by asking them how they will resolve conflict instead of asking them how they will handle the difference in opinion with other teammates. Make sure that during the interview you have investigated the candidate about their previous experiences at other companies and how they handled different conditions and personalities there.
It doesn't matter what kind of organization you are running, from nonprofit to startups. It is quite important for you to not allow toxic teammates to enter from the start as it can create a blockage in your growth and productivity. The best way to tackle it is during the hiring process to prevent negativity. If it still surfaces, then take action upon it as soon as you get to know. Once the employee is in your organization, you need to provide honest feedback. Maybe the toxic employee doesn't even know that he is being toxic. However, if the behavior continues, you should figure out a strategy to rid him/her ASAP.
References and Citations
Different types of unique relationships exist between people, family, romantic, business, etc. Some people might not realize, but relationships take a lot of active work, especially the relationship of cofounders. It is a lot more than even a significant other, as cofounders not only need to share the same idea and dream but also need to manage finance and build a team together.
Smart cofounders are sensible enough to give their best and look great when the occasion arises. It is very unwise to reveal the cracks that may exist in their relationship during a pitch. Cofounders make point of fixing their strain to get the best productivity out of themselves.
Numerous reasons could cause sour development in the relationships that exist between cofounders. This could be one of the determining factors that determine if they are staying together or going their separate ways.
Below are some of the ways cofounders' relationships go sour and how to fix these issues:
Here, there has to be some level of compensation and a genuine understanding of your partner’s perspective. It could be the energy level or other commitment issues. It could be health issues or another side project. These differences have to be worked on to continue that positive desired relationship.
However, if you are already into the project for a long time and there still exist some level of differences, you should consider redefining and communicating your mind.
Having a detailed cofounder agreement is also useful to help keep everyone in line. The honesty and openness that exists between cofounders help in bringing out the best versions.
Interestingly, it is not always hinged on history. It depends on how well you think you know your cofounder and your dynamic as well. Irrespective of the time spent previously, there seems to be a correlation between a deeper friendship with your cofounder and the longevity of the relationship. Earmark out time to further bond with your cofounder to develop a deeper bond.
Interestingly, your business going well and the positive profit being made does not necessarily reflect that your relationship is working. Investors always have an eye in spotting any form of strain that might exist between cofounders. This may affect the business in the long run.
Wrapping It Up
Understanding your cofounder’s perspective and effective communication is very vital in preserving cofounder’s relationship. For a longer and more productive business, cofounders have to make it work through various practices in their cofounder relationship.