Greetings people, Larry C. Farrell just had an “ Entrepreneurial Talk” in Seminar Hall A, Convention Centre, UUM on 14 September 2011. It’s definitely our honor to have Mr. Farrell to educate UUMers on the true means of Entrepreneurship (The power of getting entrepreneurial for young people). Despite, share his personal experiences in entrepreneurship (something inspiring !!).
Well people, Welcome to the New Entrepreneurial Age !
Entrepreneurial plays the most significant role in this age. Why ?? Because as we all know, entrepreneur create jobs. For your information, worldwide job creation has became a ” race to the bottom ” . This is chiefly because job creation seems to go to cheaper labor ( Vietnam, Cambodia, China, India ..etc )
Therefore, K.T. Li had proposed a ” Job/ Baby ” ratio. According to K.T. Li if we tend to create more babies, we have to create more jobs!
Why people, companies, and countries all need ” it ” ??
This is mainly for the people, companies and countries to survive the 21st century, downsized and uncertainties, even global economy. In order to fend yourself in a downsized and uncertain world. Looks entrepreneurship as one of the career options, especially in this golden entrepreneurial age =) Therefore, indirectly put in the plain words ” why some countries are richer than the others” .
Let’s move further to ” Entrepreneurial Basic ” ( This would be what Mr. Farrell keep mentioning throughout the talk )
Sense of mission
Feeling what you’re doing is important!
This is the most important words in business.
Understand the customers, that what’s matter — Steve Jobs
Moving quickly is the secret of entrepreneurship – Akio Morita, founder of Sony.
This could be explained by the “creation” of Sony Walkman that “ruled” the entertainment years back. And now, we have ” iPad, iPhone ..etc
One of the factors that could distinguish Entrepreneur from the Manager would be; Entrepreneur loves their product. They understand the consequences if they don’t have “something” to sell, they have no ” cash ” to feed their family. Entrepreneur ever thought of ” do it to get rich“. They believe bad performance = bad consequences. Entrepreneur lives life like this. How to possess self-inspired behavior? Of course, with higher commitment, would eventually leads to higher performance =)
Managing is the easy part. Inventing the worlds next great product is what’s hard.
A woman, with 3 children, no husband, without higher education; yet she’s the first Self-made woman millionaire !
If she has Nothing to do Something, I believe we can Do even More.
Do you remember when you were a kid? A kid, and you thought you could do anything?
You still CAN. Because a lot of what we consider impossible is easy to overcome, because in case you haven’t noticed, we live in a place where One individual can make a difference.
Want proof? Just look at the people who built our country: Our parents, grandparents, our aunt n uncles, even immigrants, newcomers, they are Ready to make their mark. Maybe they came with very little, or perhaps they didn’t own anything except for a Single Brilliant Idea. These people were doer, innovators. Until they came up with the name – Entrepreneurs!
They change the way we think about what is possible. They have a clear vision of how life can be better for all of us, even when times are tough. Right now, it’s hard to see, when our view is cluttered with Obstacles, but Turbulence creates opportunities for success and achievement and pushes us to discover new ways of doing things.
So what opportunities will you go after and why? If you’re an Entrepreneur, you know that risk isn’t the reward. No. The rewards are driving Innovation. Entrepreneur change people’s lives, create jobs, fuel growth, and make a better world!
Entrepreneur are everywhere, they run small businesses that support our economy, design tools to help you stay connected with friends, family, and colleagues around the world. And they’re finding new ways of helping to solve society’s oldest problems (Social Entrepreneur).
Do you know an Entrepreneur? Entrepreneur can be anyone even.. YOU.
So, seize the opportunity to create the job you always wanted. Help heal the economy, make a difference =) Take your business to new heights, but most importantly, remember when you were a kid, when everything was within your reach, and then say to yourself quietly, but with Determination: It still is .. =)
With Facebook and Twitter only a distracting click away, it’s easy to take a break from your job and say,
” Argh, I’ll do it later. “
How to Kick off Procrastinations ??
Understanding the causes and temptations of procrastination is the first step to eliminating it.
1. Schedule you time in smaller increments
On your study week, there is a difference between saying, ” I’ll study one chapter in 2 to 3 days than saying, I’ll study four chapters in a week.”
2. Create hard-and-fast deadlines
Instead of thinking you will work on your tasks for three hours every morning, determine when you want certain tasks completed.
3. Map out all your deadlines on one calendar
That way, you’ll see that your tasks are all interrelated. If your task today affects your task tomorrow, you will experience an “urgency to act.”
Hang out with people who inspire you. They’ll infuse some of their drive and spirit into your work ethic.
5. Hang out with people who already living in your dream
Connect with people who have already achieved your dream and seek advice on how they accomplished it.
6. Announce your goals to others
If your friends know about your goals, they are bound to ask you about them on a regular basis — serving as an accountable reminder.
7. Reward yourself
If you spend too much time on something, you may start to resent it. Realize that hard work should be rewarded =)
Take a step back and decide what it is exactly that you want to achieve and what steps you should take to get there.
Never leave that till tomorrow which you can do today
– Benjamin Franklin
Ric Elias – A man who faced ” death “
Kick procrastination to the curb for good =)
Source: Business Insiders
Analytical Tools and Frameworks
How do you break out of this Red Oceans of bloody competition to make the competition irrelevant? How do you open up and capture a Blue Oceans of uncontested market space?
To address these questions, we turn to the strategy canvas, an analytic framework that is central to value innovation and the creation of Blue Oceans.
The value curve, the basic component of the strategy canvas, is a graphic depiction of a company’s relative performance across it’s industry’s factors of competition. To set a company on a strong, profitable growth trajectory in the face of these industry conditions, it won’t work to benchmark competitors and try to outcompete them by offering a little more for little less.
Therefore, to reconstruct buyer value elements in crafting a new value curve, Blue Oceans have developed the four actions frameworks.
Which factors should be reduced well below the industry’s standard?
Which factors should be raised well above the industry’s standard?
Which factors that the company take for granted should be eliminated?
Which factors should be raised well above the industry’s standard?
These 4 actions I find it kinda important as the author keep mentioning it throughout the book =)
Next, Blue Oceans proposed Three Characteristics of a Good Strategy
Every great strategy has focus, and a company’s strategic profile, or value curve, should clearly show it.
The company that applies Blue Oceans always stand apart . By applying the four actions of eliminating, reducing, raising, and creating, the company differentiate their profiles from the industry’s average profile.
A good strategy has a clear and compelling tagline.
All these three characteristics of a Good Strategy shown by Southwest Airline. Find out more from the book peeps =D
Source: Blue Ocean Strategy by W.Chan Kim, Renee Mauborgne
Creating Blue Oceans Strategy
Red Oceans represent all the industries in existence today. It’s a Known market space;
Whereas Blue Oceans denote all the industries Not in existence today. This is the Unknown market space.
Although the term blue oceans is new, their existence is Not.
Value Innovation: The Cornerstone of Blue Ocean Strategy
The companies caught in the Red Oceans followed conventional approach, racing to beat the competition by building a defensible position within existing industry order. The creators of Blue Oceans, surprisingly, didn’t use the competition as their benchmark. Instead, they followed a different strategic logic that we call value innovation. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space. Value innovation places equal emphasis on value and innovation. Value without innovation tends to focus on value creation on incremental scale, something that improves value but is not sufficient to make you stand out in the marketplace. Innovation without value tends to be technology-driven, market pioneering, or futuristic, often shooting beyond what buyers are ready to accept and pay for.
In this sense, value innovation is more than innovation. It is about strategy that embraces the entire system of a company’s activities. Value innovation requires companies to orient the whole system toward achieving a leap in value for both buyers and themselves.
Red Oceans Vs Blue Oceans
Red Ocean Strategy
- Compete in existing market space.
- Beat the competition.
- Exploit existing demand.
- Make the value-cost trade-off.
- Align the whole system of a firm’s activities with its strategic choice of differentiation or low cost.
Blue Ocean Strategy
- Create uncontested market space.
- Make the competition irrelevant.
- Create and capture new demand.
- Break the value-cost trade-off.
- Align the whole system of a firm’s activities in pursuit of differentiation and low cost.
Source : Blue Ocean Strategy by W. Chan Kim, Renee Mauborgne
Hi Everybody, I’ve currently finished ” Guns, Germs and Steel ” by Jared Diamond and would definitely like to share the book review =)
This book attempts to provide a short history of everybody for the last 13,000 years.
The question motivating the book is :
Why did history unfold differently on different continents?
We all know that history has proceeded very differently for peoples from different parts of the globe. In the 13,000 years since the end of the last Ice Age, some parts of the world developed literate industrial societies with metal tools, other parts developed only non-literate farming societies, and still others retained societies of hunter-gatherers with stone tools. Those historical inequalities have coast long shadows on the modern world, because the literate societies with metal tools have conquered or exterminated the other societies. While those differences constitute the most basic fact of world history, the reason for them remain uncertain and controversial.
Let’s up to the starting line, fossils indicate that the evolutionary of human had achieved a substantially upright posture many years ago, then began to increase in body size and in relative brain size (Ancient people tend to have smaller brain size). The protohumans are generally known as Australopithecus africanus, Homo habilis, and Homo erectus.
And now, let’s proceed to the questions about the rise of food production. Where, when, and how did food production develop in different parts of the globe? Only a few areas of the world developed food production independently, and they did so at widely differing times. The people of areas with a head start on food production thereby gained a head start on the path leading towards guns, germs, and steel. How can we explain these geographic differences in the times and modes of beginning of food production? (Find out more from the book peeps! hehe .. )
Since the book have traced how food production arose in a few centers, and how it spread at unequal rates from there to other areas; The book then explore how ultimate cause of food production led to proximate causes of germs, literacy, technology, and centralized government. Personally I think, it’s fascinating to actually explore the origin of human civilization. For instance, when it starts, how it starts, where it starts ..etc. Questions on how China became Chinese, how Africa became black (out of curiosity)
World history is indeed such an Onion! But that peeling back of the onion’s layers is fascinating, challenging – and of overwhelming importance to us today, as we seek to grasp our past’s lessons for our future!
Hi Everybody ..
What will you do with your future ?
It ain’t the first time I’ve been exposed to the same question.
Japheth Lim always ask ” what do you think yourself going to be in 5 or 10 years time? “
I would say I’m still in the progress of “searching” .. I’ll keep looking for my passion and direction which are going to contour me (what I want myself to be) in 5 to 10 years time.
Anyways, I would like to share something from John Von Achen’s seminar — How To Create Your Best Day Ever
John Von Achen has a question for you ” What will you do with your future? “
You have two choices really ..
- You can choose to just Survive
- You can choose to live with Value
If you choose to live with Value, and decide to prosper , and commit to focused goals. Anything is possible .. (with well-planned)
The best can still be in front of you ..
your future is in your hands..
inside you is untapped potential..
you have unlimited value..
you are unique and special..
You can achieve what you put your mind to !!
So choose to :
Enlarge your vision
Retrain your brain
Increase your confidense
Attract the good around you
Seize the profitable opportunities in your path
Step forward daily
Positively engage relationships
Unleash your maximum wealth
[ And don’t forget to ..]
Decide what you want !
Prepare for your future ..
Believe in yourself
Plan before you do
Ask questions and question everything
Avoid the negatives
Move outside of your comfort zone
Let go of the past
NEVER GIVE UP !
Well, all these are wide-ranging inspirational quotes .. and I perhaps Most of us had heard pretty much about it already. Giggle
Somehow, I would like to share it again, here in my blog .. To “Remind” you =D
Have a nice day !
Hi Everybody, do you think you have adequate qualification to whine about what you’re having now is incapable to fulfill your desires?
Watch this video ..
Are you still complaining?
Observe around you and be thankful for all that you have in this transitory lifetime. We are fortunate; We have much more that what we need to be content.
Let’s try not feed this endless cycle of consumerism and immorality in which this “modern and advanced” society forgets and ignores the other two thirds of our brothers and sisters.
Does studying annoy you?
They starve from hunger ..
They die from it..
Does your parents care tire you?
They don’t have any..
Bored of the same games?
They have no option..
Aren’t thankful for a bed to sleep in?
They’d wish not to wake up..
Someone got you Adidas instead of Nike?
They only have one brand..
Are you still complaining?
If you have time to whine and complain about something then you have the time to do something about it ..
Give gratitude in all circumstances .. Shouldn’t we feel contented?
Hi Everybody, have you ever wonder how “they” actually started Global Brands? Well, I would like to share a lil bit or more about the book that I’ve currently read – How They Started Global Brand.
This book is about 21 businesses that began by someone acting on their idea, making the decision to start a business. These businesses then grew to be incredibly successful and world renown! (You’ll be amazed and fascinated by many of the stories behind these businesses.)
Let me list some of the brands here =)
Without delusion, reading this book will generally trigger thoughts. It is captivating to learn why some of the products we take for granted actually came about. Just how much was carefully planned, happened by pure chance ?? It’s intriguing to wonder how things might have been without some of those twist of fate. One factor that makes this more interesting is the speed of growth of some global businesses, like Google and Bebo (Millions of people using it regularly). That’s the nature of the world we live in, with technology speeding up the rate at which some businesses can grow.
Whatever reasons for reading this book, it delivers what I want to know about the stories behind some of the world’s biggest brands, including :
- Where the idea came from
- How the brand names were chosen
- When the businesses first started
- The challenges the founders faced
- Secret of brand’s success
Two significant values I’ve learnt from the book were: Passion for the idea, and the determination to find a way through no matter what problems are encountered.
Specifically, it is very rare for a business to succeed that is founded by someone whose passion is just to make their fortune (none were set up by someone just keen to make big bugs); The majority were founded by someone who were passionate about their offering.
Do what you love to do, the Passion’s what keep you going.
What ideas is your company fighting for? What values does your company stand for? What purpose does your company serve?
Anyone who’s running a business has to figure out the higher calling of that business, its purpose! Purpose is about the difference you’re trying to make – in the market place, in the world. If everybody is selling the same thing, what’s the tie-breaker? It’s purpose!
Southwest Airline has become such a mass-market icon. However, the company does not offer first-class service or in-flight meals like the other airlines. What differentiates Southwest Airline is that the company sticks with it purpose – Keep the fare low & customers are free to move about the country.
Low fare in Southwest Airline doesn’t mean bad service! Quite the opposite: the company’s gate agents, flight attendants, even its pilots, are famous for their flashy smiles, showy personalities, and of course corny sense of humour =)
Anyone who has flown Southwest on special occasion (Halloween..etc) .. had almost-blessed holiday at the fun-loving airline. This is an airline that flies on a “different kind of fuel from its competitors.” Indeed, Southwest Airline would be one of the helpful examples ever of the power of strategy as advocacy. This is a company whose differentiate value system, rather than any breakthrough technology or extraordinary business insight, explains its rival success !!
The strategic lessons behind Southwest Airlines remarkable flight path – Southwest didn’t flourish because its fares were cheaper than the other Airlines or because its service was friendlier than the not-so-friendly Airlines. Southwest flourished because it re-imagined what it means to be an airline. It purpose is to “democratize” the skies – to make air travel as available and as flexible for the average customers ..
A good purpose should serve to guide and inspire the organization for years, perhaps a century or more.
Well, the term- PURPOSE not just apply in any business yet it applies in our life too !! The values you stand for serves as your “own-brand”. It differentiates you from the others =)
The Taj Mahal – Symbol of India , architectural jewel, monument to a grand passion. The Taj Mahal was built in the 17th century by Shah Jahan, the king of the world, ruler of India mighty Mogul Empire.
This great warrior king gave the world an architectural masterpiece of a kind that never seen before. This is how it came to be made. It’s also the legend of his queen, the beautiful Mumtaz Mahal, and of their love too perfect to survive. The chosen one of the palace will have her final resting place in the world’s most beautiful building. With the magnificent chamber of the Taj Mahal hide a secret. Shah Jahan will pay a terrible price to complete his life work and the turning point in India history.
Today, Taj Mahal was one of the Worlds’ greatest tourist distractions. Every year more than 3 million people come to see humanity loveliest building with their own eyes. But for the Indian nation, Taj Mahal is much more than an architectural masterpiece.
This is one of the monument makes India what it is. It gives the people their identity, it makes them proud. The building is the symbol of whole nation. The Taj Mahal was built in the most glorious period in Indian history. This creator, a man who dedicated his life to a dream, great Mogul Shah Jahan. The building that emerged from his plan, perfectly combined grace and scales, power and beauty. The Taj Mahal, crown of the palace. The inner sanctum of the Taj Mahal is the tomb for Mumtaz Mahal, the love of Shah Jahan’s life. In her memory, the great Mogul created this eternal love poem in stone.
The building of the Taj commenced in 1632, an army of elephants began dragging construction materials to the Mogul capital. This would be the biggest building project of the age. In a few short years, the shell of the Taj Mahal is complete, ready to be clad with flawless marble. Taj Mahal complete with a work force of more than 20,000 men. It was finally finished in 1653 at a cost of 32 million Rupee or $400 million in today’s prices.
The location of the Taj at the banks of the Yamuna River was a special challenge; rarely find ground solid enough to build them.
So, have to dig down until you hit hard dry earth. They came up with the brilliant solution to this problem. They decided to build a well foundation that was revolution idea for those times.
The great Mogul engineers dig deep well to build the water table, then they fill them up with rocks and water. On this space, the master builder erects stone columns links together by massive arches. The result, a solid mountain of stone to support the foundation of the building, protecting the Taj from the currents of the Yamuna River forever.
Everyday, countless visitors come to visit. Partly because the Mogul architect use some remarkable optical tricks. The first view of the monument was framed by the main gate. As the visitor moves closer, the Taj Mahal seems to get smaller. It seems to grow bigger if you walk away. The guide here says, when you leave, you take the Taj with you, in your heart.
The four tall pillars bring another advantage. In an earthquake, the pillars will collapse outward spearing the Taj and its mighty doom.
Today, we have other options, we can build giant supporting structure and steel for tomb like that .We have the other materials, but they have to solve all the problems in stone !!
There is the extraordinary appeal the Taj makes to our senses. Shah Jahan had the entire tomb faced in white marble.
Every hour, as the sun moves across the sky, the light changes the colour of the marble. Before dawn, it is a pearly grey, which quickly turns to pink as the sun rises. In the mid-day sun it is a dazzling white which turns to fiery gold as the sunsets.
In 1666, at the age of 74, Shah Jahan dies. His chronicle ends with the words
The King of the world has died, the body was taken by the river to the magnificent tomb of the late queen Mumtaz Mahal. Shah Jahan is reunited with his chosen one of the palace. The legacy will make them immortal. The most perfect building in the world.