Posts Tagged ‘vijay peduru’

Plan C for your business

by Vijay Peduru on October 27, 2009

Big C Armband - yellowA new entrepreneur almost always gets an idea and thinks it is the coolest and the greatest idea. He safeguards it and when someone asks him he would say we are in “stealth” mode.  He dreams of how he would be on the covers of Fortune, Fast Company and Inc when his idea clicks and takes off.  The truth is no one really knows whether the idea will click or not.   About 50%of venture backed firms fail.

So, how does an entrepreneur increase his chances of Success.  He needs to Accept Change as normal and Be willing to Evolve. Nobody can escape change… the way I see it – Either you will confront change OR change will confront you. You choose. The best way is to accept that change happens and take advantage of it rather than be bogged down by it. Humans and a lot of other species on this planet survived and thrived by evolving themselves as the surroundings changed. Similarly, the best companies can survive, if they can adapt with the surroundings and evolve.

We would not have heard about Google, Hotmail or Paypal  if they stuck to their initial Plan (Plan A).  The founders quickly evolved their companies. They tried a business model and if that didn’t work, they changed it immediately and tried another. For Paypal, Plan A to Plan F didn’t work. Plan G as we know today worked marvelously and the rest is history. Google grew and could introduce so many products because it encourages a culture of experimentation and Failure. All these and other successful companies evolved by looking for opportunities caused by change in the marketplace and encouraging change and experimentation within their business.

This can happen only if the team is willing to make mistakes, Learn from it and move on. Our school system has trained us not to make mistakes and view mistakes are failures. This view might prove useful for someone working in a large corporation which has lots of restrictions to change, but for an Entrepreneur, mistakes need to be learned from, quickly, and then move on from.

In the old days, when a missile is fired, it had a fixed destination.. “Ready, Aim , Fire” .  Nowadays, thanks to modern technology, a missile , can be fired and then it’s course can be corrected midway. Tom Peters has a saying that goes – “Ready, Fire! Aim”. It is the same with a business. When we start the business , the business model is different and if it does not work, we correct course as we move.

Get ready to “Ready, Fire! Aim”…


What can Entrepreneurs learn from Ants?

by Vijay Peduru on July 31, 2009

Hard-Work-Ant

Yes, ants are tiny enough indeed to go unnoticed. However, if we pay close attention and watch them, we find that they possess numerous habits that successful entrepreneurs display. Here are three of them:

#1: Never Quit:

When you place an obstacle in their path, ants will always find another way. They will climb up, down or around to get to where they want to go. This is what an entrepreneur does, as well, when faced with an obstacle. Throughout the startup journey and especially when things do not go well, an entrepreneur overcomes the obstacles and finds a way to keep on going… even if it means redefining the problem, sometimes!  For example, PayPal changed its business model half a dozen times, before the current model became successful. Another example is Flickr, which started as a multiplayer game and ended up as a photo sharing site.

#2: Always look ahead:

Ants gather food in the summer and store for the cold winter months – They plan for known contingencies and are “looking ahead”. Similarly, an entrepreneur’s journey is strewn with problems that they can anticipate ahead of time. Successful entrepreneurs learn to anticipate what can go wrong in the future and prepare for these situations

#3: Do all you can:

Ants never cease to work. They work tirelessly to gather as much food as they can. They are absolutely focused and dedicated to achieving their goals. Entrepreneurs are not very different. They work tirelessly to give shape to their dream. Of course, it’s simply not possible to know the future; the best one can do is do their best and perhaps switch to something else… and do your best at that, if the original one does not work!

This quote from Andy grove, founder of Intel, sums it up well:
“I think it is very important for you to do two things: act on your temporary conviction as if it was a real conviction; and when you realize that you are wrong, correct course very quickly.” —Andy Grove

Special thanks to Jim Rohn, whose teachings inspired me to write this article.

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How much does your IQ matter?

by Vijay Peduru on July 17, 2009

eq_iceberg… apparently not that much! according to Daniel Goleman in his best selling book “Emotional Intelligence“; in which he says that success is 80% Emotional Intelligence (EQ) and 20% Intelligence Quotient (IQ).

Our success in life and business for the most part, depends on how we manage ourselves and our emotions rather than how much IQ we have… and how we manage our emotions depends upon our emotional stamina!

Think about it – When we are happy and joyful, we think clearly and solutions to our problems seem to flow effortlessly. When we are angry or upset , our whole mind and body is tensed and our thinking is clouded and we make weak choices for the future that we are trying to create.

For most people, coming out of bad emotions may take somewhere from five minutes to a few hours… some take days and some even longer! That makes sense, since each one of us is shaped differently through our experiences in the world. The problem is: Our life is wasted during the time we wobble in those bad emotions. To be highly effective most of the time, we have to learn to build our emotional stamina.

So, how does one build emotional stamina? I have a 2-step process that I’d like to share with you:

1.Become Aware of the emotions : When an emotion strikes us , we become one with it. Our whole mind is filled with that emotion and our body reacts accordingly. When we are angry, our mind is filled with the emotion we call “anger” and our body shakes. When we are happy, our mind is filled with the emotion we call “happiness” and our body is relaxed. With the knowledge that the posture our body automatically assumes is a result of the emotion we are “in”, we can begin our journey towards awareness towards our emotions. We begin with taking notice of our body… not do anything, just watch! For example, any stress in the body, contortions in our facial expression, clenching of teeth – all are tell tale signs of brewing anger. Give it a shot with this simple exercise (you can do sitting in the comfort of your home): Watch your emotions when you watch a movie. As soon as you feel you’re getting “into” the movie, pause it and reflect on your emotions. You will notice the different emotions that are produced in your body.

2.Handle the Emotions to work for you, not against you: Once we become aware of our emotions, then slowly, we can learn to change them. To change them, we have to know what emotions we need to change them to. When we are dejected, we can start being optimistic by remembering a quote or by starting to read an inspirational book. Like any other habit, this takes a while to master, but once mastered it increases our effectiveness in our business and in all other areas of our life.

Now that we know about the “EQ”, here’s an idea on how to use it: Once you become aware of your emotions and learn how to handle them to be in your favor, you can start noticing the emotions in others including your team members and can even change their emotions, so that not only you, you can even help your team be highly effective!

So, the next time someone tells you about how it is all about the IQ, gently remind them of the bigger chunk of the iceberg that floats under the water… hidden from common sight… called the EQ!

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