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Use Your Expertise to Start a Company

1/13/2020

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It is 2020, a new year, a new decade, and maybe time for a new career for you! Although the grass always seems greener on the other side of the fence, it is not a piece of cake to start a company. Every step needs time to work in the right manner. Not only is it a challenge when you are not able to find the right investors for your business, but it could also be a challenge assembling the best team. You need to implement your expertise at every stage because every stage is a challenge. But no worries, it is normal as the initial days of the business are why you might face a lot of difficulties. It would be best if you were smart enough to use your expertise and knowledge at the right time. At times you even have to face a situation where you do not know the best way to be chosen. For this reason, your accumulated knowledge will always be the best solution.
Knowledge is Always the Key to Success:
​To be active or be dead? That is the one question you must ask yourself daily. Some people spend all day watching TV instead of learning new skills. But have you ever thought that would this be beneficial in the long run? 
Well, at some point, this perception is proven to be wrong. For example, Malcolm X was arrested at the age of 19, and instead of wasting his time in prison, he chose to stay alive and educate himself in the prison library. He could've been dead and do nothing instead of learning, but he chose to study, which exposed him to learn how to read and eventually even start a movement. 
If you want to be a knowledgeable business owner, then you need to understand the importance of getting knowledge. You need to understand how knowledge can make you a skillful entrepreneur. Especially with the world-changing at such a rapid pace, you need to stay alive and learn new skills daily and be adaptable. 
Be Skilled and Use Your Expertise:
It is important to be a highly skilled entrepreneur. You need to show your expertise at every step to face all the challenges. One of the biggest and the common mistakes that most entrepreneurs do is that they do not implement their skills at the right time. Many entrepreneurs were experts in a field before striking out to start his/her company when the realization of the potential for a tremendous change for the industry crosses his/her mind. This is why it is ok to be an expert in a field before starting a company as no one knows a field better than the experts in the field. 
Build And Grow As Much As You Can:
Never miss an opportunity to grow. You are always presented with hundreds and thousands of opportunities. You need to be vigilant enough to figure them out. You need to build a strong trust for your customers. Especially if you own online business, then trust-building is extremely crucial. You should also spread your audience and grow them as much as you can. Always remember, the higher the reach, the stronger is the brand awareness. Your expertise in communication skills is a must. 
Conclusion:
Your level of expertise can make you a successful business owner. You just need to implement it in the right manner. It would be best if you determined your potentials to grow yourself. Remember, if you are dead if you stop growing

REFERENCES AND CITATIONS:
https://www.jeffbullas.com/5-resources-grow-business-around-skills-expertise/
http://infed.org/mobi/malcolm-x-on-education/
https://www.entrepreneur.com/article/295457
https://www.infoentrepreneurs.org/en/guides/importance-of-knowledge-to-a-growing-business/
https://www.entrepreneur.com/article/297899
https://www.inc.com/quora/thinking-of-starting-a-business-make-sure-you-have-these-skills-first.html
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Stash Your Ego Away and Learn from Your Mistakes

1/9/2020

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Have you ever felt that you’re superior over others just because you are at a higher post than them? That quality might be one reason why your work performance has been low. Ego plays a massive part in tarnishing your business performance, along with your relationship with your peers. It’s essential to figure out where you’re going wrong and learn from your mistakes. 
Are you unaware of how your ego is playing a part during work? Let’s look at some behaviors, so you can become aware of what your ego is doing to your work performance and environment.
How is your ego killing your business?
1. Over-estimating your abilities
You’re someone that believes they can achieve anything. Even though this is a positive mindset that one needs to have for work but don’t go overboard with it. If you set unachievable goals for yourself and your team based on your inflated ego, which will, in turn, harm your business.
2. Lack of learning
Due to the complex that you’re incredibly knowledgeable, you don’t indulge in more learning activities. You’re stuck in a paradox where there’s no learning or growth. How do you think this will affect your business? Egoistic minds, along with not trying to learn more, tend to ignore any criticism being put forward. Instead of working on being more productive, these criticisms are taken personal because of their ego. 
3. Decisions solely based on your approval
Is it possible for you to know everything? You being the final decision maker without involving other people in this process is extremely harmful to your business. 
What can you do to keep your ego at bay and learn from your mistakes?
1. Stop and think
Before reacting to any criticism or differing opinions, stop. Then, think of the pros and cons. It may be difficult to do so at that start, but you’ll get the hang of it. Be accepting of different opinions for your business to grow. 
2. Quit the blame-game
Your ego leaves you with no option but to point fingers at someone for any mishap. Learn how to stop. Evaluate the situation and figure out how to correct the problem rather than blaming others. 
3. Treat everyone equally
Learn how to be kind and respectful towards all your colleagues. Rather than pointing out differences in stature and designation, incorporate healthy conversations. This would boost morale in your business and would also result in better productivity. 
4. Take credit for success and failure
It might be easy for you to take credit for any success, but the real deal is when you acknowledge your failures. Your ego is kept aside, and you face head-on with where you went wrong. 
Ego is generally considered a negative trait to have when it comes to the business environment. Focus on what mistakes you’re making when it comes to your ego and learn how to make amends. Realizing where you’re wrong is critical when it comes to learning from your mistakes. Stashing your ego away will definitely help to create a more friendly working space for you and your colleagues. 
References:
https://careerbright.com/career-self-help/leadership-ego-may-killing-company
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https://www.entrepreneur.com/article/278901
https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2018/02/how-to-know-when-an-ego-check-is-in-order.html
https://www.entrepreneur.com/article/279633
https://www.fastcompany.com/3046831/5-ways-your-ego-could-kill-your-business
https://www.inc.com/brian-d-evans/11-ways-to-balance-humility-and-ego-in-business.html  
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Are Your Ideas Too Dangerous for the World?

12/27/2019

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Introduction
Ideas play an essential role in our daily lives. It gives us an edge to improve and excel in different fields. Ideas also play a vital and pivotal role in business too. Amazing ideas can lead a company towards better earning and growth. The key to the success of a business is to have developed and integrated designs, which might include close analysis of the competitors, targeting a specific audience as per the nature of the product, mission and visions should be indicated. Above all, everything should be well-drafted. 
There are many benefits of good ideas for the business such as creative ideas lead towards building network and associations within the market, strengthens the brand name, generate active and passive income, expands the business and strengthens the economy as a whole.
On the other hand, sometimes these business ideas can be proved dangerous for the world as well, even if they look innocent enough from the surface. Here are a few factors: 
Destruction of Humanity and Nature
The greed for maximizing profits leads to the destruction of humanity and nature. These profit-maximizing ideas are based on threats to humanity and nature, which is what most defense companies are doing. They are producing weapons, and their excuse is to protect humanity, but in reality, they are doing the most destruction. 
Polluting the Environment
Industries are polluting the environment causing health problems for the citizens. One notable example is the fast fashion industry. Most of them do not comply with environmental standards and pollute the water with their fabric dye. Even if their tags claim that they are environmentally friendly, the reality is that they are hazardous for the world. 
A Threat to Existing Economy
Remember when fax, landline, and floppy discs became irrelevant with the technology advancement? People with existing jobs became irrelevant due to technological advancement. However, one could argue that this is a great thing for humanity as things are moving at a faster pace now. 
Harmful for Human Health
Business ideas such as manufacturing cigarettes are harmful to human health. Startups who are inventing vapes need to grow their market share, and they are recruiting customers from the teenage population. Although the market to be for people who are quitting smoking, they are producing addictive fruity flavor vapes causing teenagers to be addicted to their nicotine products. A recent survey shows an alarming rate of 24.7% of teenagers is addicted to vaping. 
Creating Rivalries
Mind-blowing business ideas such as penetrating in other markets by low balling can create rivalries on national and international grounds. This can affect the economy politically, socially, and economically. It can also cause severe tensions between trading countries in the world. 
Promoting Immorality and Indecency in the Society
Some of the entertainment businesses can seriously affect and shape our society. This doesn't even need to be traditional Hollywood and blockbuster movies that affect teenagers. It was proven that social media affect teenagers, and recently, Instagram admitted that it didn't confirm the age of its users. Think about the many influencers on that platform that probably have been displaying inappropriate behavior to children under 13. 
Conclusion
Although there are side effects to businesses, some are milder or could be a better side effect than others, some are positive, and some are negative. The examples used in the effects above all look like typical businesses, but all have some serious side effects. 
There are always advantages and disadvantages of what we do and pursue. This is why it should always be kept in mind that we should always strike a balance between right and wrong. Set the year right and change the world for the better instead of being too dangerous for the world. ​

REFERENCES AND CITATIONS
https://link.springer.com/chapter/10.1007/978-3-642-39336-5_15
https://opentextbc.ca/businessopenstax/chapter/threats-and-opportunities-in-the-global-marketplace/
https://www.strategy-business.com/article/03308?gko=d78df
https://www.newscientist.com/article/2201697-destruction-of-nature-is-as-big-a-threat-to-humanity-as-climate-change/
https://www.worldwildlife.org/threats/pollution
https://www.safetyandhealthmagazine.com/articles/print/17921-number-of-teens-vaping-hits-record-high-survey-shows

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The Legend of Jack Ma- How He Grew a Company to $480 Billion Valuation and Growing

12/18/2019

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Alibaba is a unicorn in many ways. The founder, Jack Ma, had always looked like an underdog. From rejection from a hotel manager position to Harvard University, he had faced rejections almost all his life. Yet, his company became an eCommerce giant. From the latest Softbank presentation, it looks like Beyonce of Destiny's Child, Alibaba alone was holding the whole portfolio up. 
This e-commerce platform has gained the attention of millions of people across the globe. There are non-stop transactions taking place through this platform daily. 

Jack Ma's philosophies
Jack Ma was an ordinary man, an English teacher by profession, before being known as a business tycoon. Throughout his life, even after rejections, he made sure not to lose his optimism and built an internet giant.
He was hopeful when he first heard about the internet during a visit to the United States in the 90s. With the help of 17 friends in his apartment, he established a digital marketplace that connected Chinese customers with manufacturers after raising $5million. He immediately saw growth and opportunity from his websites alibaba.com and 1688.com
Then in 2000, Jack Ma took $20 million from Softbank, which turned into a $60 billion by September 2014 when Alibaba IPOed. 
This investment had helped Alibaba launch and improve many of his products, including Taobao. In 2005, when Jerry Yang from Yahoo tried launching a site similar to eBay in China, he found it defeated by Taobao. So Yahoo decided to invest $1billion to help the growth of Alibaba. 
What strategies did Jack Ma follow?
Jack Ma is known as a long term thinker. He is willing to sacrifice any short term losses over long term gains. Jack Ma also believes that one can only achieve greatness if they are passionate about their dreams. He said many times that businesses that don't have a proper mission or dream, usually tend to fail. Dream and mission are the things that could drive long term thinking. 
There are plenty of strategies that Jack Ma follows to ensure that his company reached high levels of growth. 
The most important factor that helps in growing a company, according to Jack Ma, is to not focus on hiring top executives. The growth of Alibaba lies mainly in the hands of Jack Ma and his 17 friends that helped him throughout his career in the Alibaba group. He believes in effective communication and teamwork enabled their growth and productivity. 
Another factor Jack Ma emphasizes is making sure to keep an optimistic mindset. He has been a problem-solver his entire life. After failing multiple times initially, he diversified his business to the eCommerce sector. He's taken every opportunity and made the best out of it by keeping a positive outlook. 
Jack Ma is one of the most famous examples of a self-made man. From earning $12 a month, he established a company that is valued at $480billion and growing. He recently retired as the CEO of Alibaba after setting an example of how to be the most efficient person ever. 

References:
https://www.businessinsider.com/how-alibaba-founder-jack-ma-makes-and-spends-his-billions-2019-11?IR=T
https://www.forbes.com/profile/jack-ma/#25acf2ce1ee4
https://fortune.com/2019/09/10/jack-ma-net-worth-alibaba-retirement-billionaires/
https://www.weforum.org/agenda/2017/11/jack-ma-advice-mistake-destroy-startups/
https://www.theguardian.com/business/2019/sep/10/jack-ma-chinas-richest-man-steps-down-as-chairman-of-alibaba


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Consumers vs. Creators in Terms of Psychology

12/1/2019

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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.
Conclusion:
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.
References
https://www.wired.com/insights/2014/12/future-made-by-creators-not-consumers/
https://medium.com/@jhreha/be-a-creator-not-a-consumer-ceb7cddd97ca
https://www.nielsen.com/us/en/insights/report/2018/from-consumers-to-creators/
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Idealism vs. Pragmatism- how your startup can benefit from both

11/25/2019

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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 follows long-term visions and goals and pragmatism focus on short-term goals.
  • Idealists are rigid and would fight for the ideal situation for their work, whereas Pragmatics go with whatever is in their hands.
  • Idealists could be pretty similar to extremists as they follow all or nothing. They could have a rigid way of getting things done. Pragmatics considers going with the flow and are pretty accommodating.  
Conclusion:
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. 

References
https://www.theglobeandmail.com/report-on-business/careers/leadership-lab/how-millennials-make-pragmatic-idealism-work-for-them/article26663877/
https://www.quora.com/What-are-some-key-differences-between-pragmatic-and-idealistic-people
https://www.capitalismmagazine.com/2015/05/pragmatism-is-an-impractical-philosophy-for-business/
https://www.linkedin.com/pulse/20130201215352-13561499-are-idealists-useless-in-business
https://www.strategy-business.com/blog/The-Impact-of-a-Corporate-Idealist?gko=99f00
https://www.forbes.com/sites/work-in-progress/2010/04/15/are-you-a-pragmatic-or-idealist-leader/
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Practicing Pragmatism for Your Business

11/20/2019

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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?
  • Think of how certain things see or hear can be used in real life. Don’t just believe any idea you think of or which has been given by someone else. Test these ideas to practical situations that arise in business and figure out whether these can be used.
  • Derive practical solutions to problems by looking at historical data available. With examples used from the past years, you’ll be able to figure out the best solution for your problem. 
  • Research on other pragmatists and see how they run their businesses. You can improve your stance while trying to be more pragmatic. 
  • Be flexible when implementing these practical solutions as the times are changing. In this day and age, businesses need to be changing and be up to date all times. Your business should be flexible along with being practical.

Advantages of practicing pragmatism for your business
  • Lower Costs
​When working with a pragmatic mindset, you are set on increasing profits and making sure that your costs are being reduced. It’s easier to come up with a practical solution to your problems. The more complex your solutions are, the cost of implementing them is higher. Logical and straightforward solutions make it easy for you to reduce costs which would result in higher profits. 
  • Being Ahead of the Competition
While creating a practical solution for your problems, the pragmatism concept allows you to take into account all factors. These factors include your competition and how your decisions will enable you to be one step ahead of them. You can interpret your competitor’s moves and create something more suited to what your business requires. Pragmatism suggests that your focus is on results so you will be motivated to keep your competition at bay. 
  • Immediate Results and ActionsPracticing pragmatism for your business enables you to have a quick-fix to all your problems. These problems are answered using the most effective considerations which can be put to practice. This results in you taking immediate actions against these issues. It’s easier to deal with issues using the pragmatic approach. ​

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. 
References
https://www.capitalismmagazine.com/2015/05/pragmatism-is-an-impractical-philosophy-for-business/
https://link.springer.com/article/10.1007/BF01732413
https://journals.sagepub.com/doi/10.1177/1056492604268203
https://profitableandmoral.com/pragmatism-is-impractical-why-does-it-rule-in-business/
https://www.scribd.com/document/92736679/Pragmatism-and-Business-Ethics
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5 Life Lessons from Jeff Bezos, the Founder of Amazon

11/7/2019

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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.

Conclusion
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. 

Citations
https://erickimphotography.com/blog/jeff-bezos/
https://neilpatel.com/blog/lessons-from-jeff-bezos/
https://thinkmaverick.com/15-business-lessons-learn-amazon-founder-ceo-jeff-bezos/
https://www.biography.com/business-figure/jeff-bezos
https://www.fundable.com/learn/startup-stories/amazon
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ALL YOU NEED TO KNOW BEFORE STARTING UP IN HONG KONG

10/15/2019

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Originally posted on http://www.wynd.hk/all-you-need-to-know-before-starting-up-in-hong-kong/
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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.

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Company Name and Type
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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 :
  1. Incorporation form – Form NNC1 (for company limited by shares) or Form NNC1G (for the company not limited by shares)
  2. A copy of the company’s articles of association
  3. A notice to business registration office – IRBR1
The Major Fee for Registration:
  1. Company Registration Fee – HK$1,720 (HK$1,425 will be refunded after successful application)
  2. Business Registration* Fee – HK$2,000 for 1-year; HK$5,200 for 3-year**
  3. Levy to the Protection of Wages on Insolvency Fund – HK$250 for 1-year; HK$750 for 3-year**
  4. Other relevant fees can be found on the list
*Please be reminded that the business registration should be done within one month from the date of commencement of the business while the renewal process should be finished in a timely manner, no later than 1 month after the anniversary date. 
** 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
Softcopy Application
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.
Hardcopy Application
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.

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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: 

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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.

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6 Most Creative Leaders in the Tech Industry

10/3/2019

1 Comment

 
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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
  • Are known for displaying excellent strategic vision.
  • Are experts in developing a feeling of reciprocal trust
  • Emphasize speed (testing their ideas quickly)
  • Persuasive.
  • Tend to be candid in their communication.
  • Are proficient in setting stretch goals.
  • They are passionately loyal to their organization and customers.
  • Inspire and motivate by being practical.
All these characteristics are indifferent to culture, nationality, organization or industry. There are many influential people, who are an asset to leading technology companies, which bring off the wall ideas and have an inspirational real-life story of a successful career. However, we’ll be doing a detailed inspection of the 5 most creative leaders in the tech industry:
  1. Jeff Bezos- The 55-year-old wealthiest man on the planet is also the topmost innovative leader of 2019. He founded e-commerce colossus Amazon in the year 1994 that started from his garage in Seattle. In 2018, Amazon had revenue of $230 billion and a record of $10 billion in net profit which was only $3 billion the year before. So how did he do all of it? Well, as we mentioned among many traits of an innovative leader, to be fearlessly loyal to the customers is invaluable. Bezos is focused on the customer to the extent that at every meeting he leaves an empty seat at the conference table which virtually represents his clientele. This shows that the customer is a key component in his business strategies and the most important person in the meeting room. Such a concept helps in cultivating customer value which is extremely beneficial for your company’s performance.
  2. Bill Gates- The superman of the world of technology. It is his legacy that the internet is rapidly advancing each passing year since it started three decades ago. His Microsoft Company and Bill Melinda Gates Foundation have been gigantically influential and are duly credited for revolutionizing the computer industry. His outstanding record of consistently being the richest man in the world is proof that he is a creative visionary with a unique leadership style that is inborn. Gates is known to be a transformational leader because he focuses on personal creativity in himself as well as the rest of the team. Also, he believes in supporting every individual on a singular level rather than considering it as a resource for the whole group. This is why the Microsoft Windows expert Bill Gates’ net worth in 2019 is estimated to be $106 billion even though he gave away $35 billion to charity.
  3. Mark Zuckerberg- This young Facebook mastermind in his mid-30s has got a lot of capital, monetary as well as innovatory. One of his keys to success is his passion. He follows a doctrine when hiring an employee for his company; which says that passion is more important than skill. It’s a culture at Facebook offices that employees are encouraged to pursue their interests before going for the assigned project. It is rather a true form of leadership, creating an atmosphere of motivation and engagement at one’s workplace. An employee who feels excited about his job will do his best and contribute most positively. His real-time net worth in 2019 is estimated to be $66.9 billion. He is also the co-founder and a board member of the solar sail spacecraft development project Breakthrough Starshot.
  4. Steve Jobs- The phrase “small world” is a real thing since Steve Jobs achieved what he did. A world without an iPhone seems impossible for Generation Z. Jobs is widely recognized as the man who revolutionized the tech industry with microcomputers in the 1970s and 1980s. He is the CEO and co-founder of Apple Inc., the chairman of Pixar and a member of The Walt Disney Company’s board of directors. If he was alive today, Steve Jobs would have been worth about $31.6 billion. He is famous for his exceptional leadership qualities. He believed that the following excellence is more effective than chasing money. His unique, innovative ideas made Apple a tech giant. Another thing that mattered to him was perfection. Aiming for excellence and not willing to compromise on it is what made him an accomplished leader. He said that a great leader asks its followers to express their voice as co-creators which makes employees feel emotionally invested in the project or vision. Steve Jobs has unwavering faith in his people and their power to create better things. 
  5. Reid Hoffman- LinkedIn is the modern go-to site for networking and job hunting. Reid Hoffman is an author as well as co-founder and executive chairman of LinkedIn. In 2014, along with his partners, he wrote a book called ‘The Alliance’ which talked about rethinking the relationships between employers and employees. It was written that this can be achieved by opening up, initiating communications and rebuilding trust between both parties, and LinkedIn came into being in December 2002. His net worth today is of $1.8 billion which makes him among the world’s top billionaires and a tech innovator. He believes managers should consider their employees' allies and power dynamics must be used positively.     
  6. Elon Musk- As a South African born American entrepreneur, his companies include X.com, which became Paypal, SpaceX, OpenAI, The Boring Company, and Tesla. The products of his companies include online payment, space rockets, electric cars, solar batteries, robots, and artificial intelligence. He is often compared with the Iron Man from the Marvel Comic world. It is very obvious that whatever he can accomplish what he sets his mind to.         
Not only are they all creative, but they all also share a similar fanatical devotion to their products. The sheer determination they put into their goal is purely inspiring. Feel free to read more about them with the links cited below. 

Citations
https://www.forbes.com/sites/forbestechcouncil/2018/07/10/eight-influential-tech-leaders-making-a-difference/
https://www.thomsonreuters.com/en/products-services/technology/top-100.html
https://www.businessinsider.com/stack-overflow-most-influential-people-in-tech-2019-4?r=US&IR=T
https://www.creativereview.co.uk/creative-leaders-50-innovation-in-tech/
​https://www.businessinsider.com/the-rise-of-elon-musk-2016-7
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