In a recent news item I read that India has close to 5 Crores (50 million) youth who are unemployed. Read this article to see this alarming trend: http://economictimes.indiatimes.com/articleshow/37623861.cms The rate at which we are churning out graduates from our education system, this number will bloat. And this will happen gradually that we won’t notice it, until it happens. Can you imagine what will happen if they simply stay jobless for a few years? Our entire demographic dividend will become a demographic liability. Hence we need to create jobs and at a real fast pace.
Entrepreneurship is really a key tool in this process. Policy makers need to think and apply entrepreneurship in a larger context. Especially from within the educational systems. Most universities in India are still focussed on job creation. With jobs being far and few, this model of education is becoming archaic. We need more discussions on entrepreneurship within campuses. Students need to expose themselves to new trends, new careers, job technologies, etc so that they can explore taking up entrepreneurial initiatives.
It is not necessary that all of them start-up, but they can do things that are different, which can give them interesting jobs, create careers that never existed in the past decade, and may be provide for a few more jobs in their new found space. This approach is essential for society to resolve this ticking time bomb – Youth!
To avoid this time bomb from exploding an turning the much touted dividend and making it a disaster, entrepreneurship should be treated as a socio-economic tool. I am sure this alone will not solve this big challenge, but is going to be a sure tool in heading towards a solution.
Lets all think about this, because while the policy makers come up with a plan, we can do small changes in our own small ways: as parents, as teachers, as friends, as well wishers, as ecosystem players.
A good ecosystem will only enable healthy growth – let’s contribute our part.
Think about it!
How is that for a deal? The base pay for all people should be made USD 2800. Read news here: Base (unconditional) Income for all adults: http://www.reuters.com/article/2013/10/04/us-swiss-pay-idUSBRE9930O620131004 All you have to do is simply live and you will get USD2800. This has been an interesting referendum proposed recently in Switzerland. Why are people asking for such a basic pay? It looks like a challenge not only for people in Switzerland, but all over the world – reducing jobs! Why? I think the problem is automation. With more and more activities being automated and slowly robots taking over most mechanical tasks, too many people have not much to do. At the least, the volume of effort has come down, leading to much needed reduction in labour force. Read this article: Machines will do most of the work: http://www.innovationexcellence.com/blog/2014/06/27/the-coming-workless-future/#sthash.DFY39hP3.uxfs
Increasing competition and economic slowing down has caused many organisations to reduce workforce and invest in technology. Everyone wants cost savings. But is all this sustainable? Only time will tell. But in the near term, will governments be able to bear increasing social security costs? If developed countries have this problem, the bigger problem with developing countries is beyond cash – it is about what to do with the young minds. Can you imagine having millions of energetic youths simply sitting at home spending time playing games, tweeting, and FB’ing friends? Sadly that’s beginning to happen. Where’s the end?
Its time policy makers start thinking! Enabling entrepreneurial living and teaching people the spirit behind this is probably the only hope!
Think about it!
The biggest deal so far in the Indian media industry. But it is another small part of the conglomerate called Reliance Industries. Why is there so much of a mixed opinion with the recent acquisition of Network18 Media by Reliance? While there seem to be many reasons to be worried about media independence, it also seems stretched. Here is a link giving reasons why media independence may die: http://www.forbes.com/sites/meghabahree/2014/05/30/reliance-takes-over-network18-is-this-the-death-of-media-independence/
Reliance has a heavy balance sheet, heavy with cash. Hence it is a big responsibility of its management to constantly seek new opportunities. Mukesh Ambani is known to be a very entrepreneurial businessman, trained personally by his dad, the legendary Indian Entrepreneur, Shri Dhirubhai Ambani. With the acquisition of the potential to launch 4G services across India (a few years ago), it was quite imminent that Reliance will need some solid content strategy. With data services expected to explode over the next decade, they have positioned themselves for this ride. So, in many ways it also seems like a interesting strategic fit for the company to have identified and picked up Network18. Here is another story showing how this deal happened: http://www.medianama.com/2014/05/223-how-reliance-industries-acquired-network18-a-detailed-timeline-of-events/
Reliance has had a competitive advantage – the ability to conceive of and implement large scale strategic projects on-time and within-costs. This makes the new 4G rollout best placed in their hands. While this will propel the data services industry to grow leaps and bounds, make people across India gain the power of information on their handsets, will it restrict the media to not speak its mind – only time will tell. But one thing that consumers can look forward to, is competitive rates for data usage in a market that seems to be exploiting consumers of information on their mobile sets. Reliance did that earlier with the launch of the mobile phone schemes; will they do it with the data revolution that is just about beginning?
Read, think and watch for only time will tell. But with more speed and possibly at a lower cost, people will be able to consume a lot more information and a lot more easily. Won’t that open up a lot more opportunities for entrepreneurs in the digital space?
Think about it!
MOOC (Massive Open Online Course) – http://en.wikipedia.org/wiki/Massive_open_online_course
Are MOOCs scaring traditional models of business education? Though the number of people enrolling for these courses seem to be on the rise, the number actually completing and gaining a certificate seem to be a let down – 3% – 5%. Here is a study that talks about this and some rather surprising trends on how MOOC’s are faring and how they may impact traditional education. Link: http://knowledge.wharton.upenn.edu/article/moocs-upend-traditional-business-education/
There are important lessons from the study for both receivers and providers of online content. It doesn’t seem like pricing for certification with the content delivered free has been a very interesting revenue model so far. But it is also important to not miss the fact that the volumes may over time justify the revenues, especially the margins.
It also looks like MOOC’s if used well could bring to business schools a fresh set of students who may add diversity to a good program. It will bring improved class discussions, perspectives, as well as greater markets to business schools. Hence it does seem a worthy experiment for most business schools to offer some form of MOOC or online courses, that students can take prior to choosing a business school. It seems like a real differentiator!
While there are no final words out on the matter of whether people would prefer to stay at home or continue in their jobs and take courses online to complete higher education – but assuming that this will be the future, seems far fetched! At least in the current context, especially in a developing country context.
It doesn’t seem like MOOC’s will replace traditional business schools in developing countries for a long time. But will B Schools use these channels as sources of drawing in more students, creating more markets for themselves is something worth watching as a trend.
Think about it!
Every start-up today wants to know how to use social media as part of its marketing strategy. But what most miss is that web based social media is not just another channel which seems relatively inexpensive. This misunderstanding leads them to use the same strategies that have been used in other channels and apply it on social media channels. There is a need to understand many more things about how people interact on social media, what kind of conversations go on there, why people connect on such media and what role these conversations can play in enabling our product / service.
Since it is an emerging area there is need for more research and experiments in this space. But as with any experiment it requires courage from the entrepreneur to try out different approaches knowing fully well that failure is an inherent part of any experiment. In this light the below referred article provides a different view to looking at social media marketing strategies.
Moving from digital media strategies to social media strategies on social media platforms is the crux of the message that Professor Misiek Piskorski seems to highlight in his new book titled “A Social Strategy: How we profit from social media”. Here is a short peek into what the research was about and what readers can expect from the book. http://hbswk.hbs.edu/item/7545.html
Think about it!
Apple has iTunes Radio, but it has not kept pace with services such as Spotify and Pandora. Should Apple have re-built iTunes Radio instead of buying out Beats? This is a question only time can answer, but for now there are a lot of things that can be read from the acquisition.
Apple started its foray into the consumer electronics business with music and it knows that music is an important aspect of their future business as well. Hence music is going to be an important component of Apple’s strategy. Here are two articles discussing the acquisition:
How the deal almost got cancelled? http://www.fastcompany.com/3031194/most-innovative-companies/apple-buys-beats-electronics-for-3-billion
Interview with Wharton Professor Peter Fader: http://knowledge.wharton.upenn.edu/article/apples-beats-buy-desperation-opportunity/
But some interesting insights from the acquisition are:
- Apple has generally bought really small start-ups (well before they became large brands)
- Apple’s acquisitions have been low key affairs and so it is this time around too
- Apple usually builds the best products / services itself, but accepting that someone else has got it right is a rare instance; it is a rarity or a change in strategy to keep up with the changing times!
- The hardware part of the Beat’s Business seems like a good fit with Apple’s positioning of its products, as it is unique, stylish and premium positioned
- The software part of the business is not the largest in the space, but seems to be in line with the general trend; will the acquisition give it the chance to scale?
- More than the valuation paid for the purchase, the act of purchasing a company to strengthen its services seems to be a new trend (I think it started with maps)
- Is Apple keeping pace with change – by not attempting to make everything itself in an open innovation world?
Will Apple open itself up as part of its growth strategy? Will Apple’s entry into the music streaming space bolster the trend away from music downloads? All these are interesting for all those who admire and watch the brand called ‘Apple’. But for now, I think what most fans of Apple want is a larger screen iPhone? While we all speculate on what Apple should do next, the best thing about Apple (historically) has been that it leaves everyone wondering: What will Apple do next?
I spend a large portion of my time with entrepreneurial enterprises, start-ups and entrepreneurs. Even last saturday I was with about 40 entrepreneurs at Bangalore and the question of how to build trust and how to build a brand kept coming up. Even though many people make suggestions, the truth is that for a young company, division or brand, only one thing can help build trust – being consistent.
So, when I saw this article, I loved it instantaneously! How is it that the truth always seems so simple that we miss it? Read the article here: http://www.mckinsey.com/Insights/Consumer_And_Retail/The_three_Cs_of_customer_satisfaction_Consistency_consistency_consistency
What can start-ups learn from this survey results?
- Consistency is key to customer satisfaction
- Consistency can be built only if we know the customer journey with the company / product
- Consistency in experience at different points in the customer journey can lead to building trust
- Consistency can be easily incorporated in communication
- Consistency is about showing up
- Consistency means making promises and keeping promises
Consistency is an important tool for entrepreneurs to build a brand for their start-ups. Entrepreneurs must make promises and deliver on those promises. If start-ups do this consistently, they are bound to build trust amongst their early customers. As more people experience this trust, they all start associating the product / service with the start-up. This leads to brand creation.
“Consistency” is hence key to a start-up’s growth journey, both for revenue growth as well as for brand creation.
Three C’s of Customer Satisfaction: Consistency, Consistency, Consistency!
Have you built consistency into your start-up and/or yourself? Start it today! Someone is watching!