Go where your customers take you! For example, did you know that Sony’s first product was a rice cooker? Since abandoning the rice cooker, it has merely managed to become the world’s biggest consumer electronics company.
Stay focused on the mission.
Early versions of Microsoft Word left a lot to be desired. However, to the company’s credit, it quickly learned where Word fell short, made the necessary changes, and repeatedly introduced new versions of the software.
As a child I experienced firsthand the severe effects of poverty and illiteracy, especially upon women and children. My parents taught me the importance of education and that it was a key to improving an individual’s life.
I grew up poor in India, and there were days when we struggled to find food and other basic necessities. Our mother worked odds and ends jobs to keep the family together and educate us.
How important is failure – yes, failure – to the health of a thriving, innovative business? So important that Ratan Tata, chairman of India’s largest corporation, gives an annual award to the employee who comes up with the best idea that failed.
The most frequently asked question I hear first-time entrepreneurs ask is, ‘How do I know when to launch my product?’ The answer, more often than not, should be: ‘Now!’
Success is not how much money you have in a bank. Success is how many lives you have touched.
Why is it that our young kids all across America can solve the most complex problems in a video game involving executive decision making and analytical thinking, yet we accept the fact that they can’t add or read?
I’ve been an entrepreneur all my life, and my recent focus is on finding entrepreneurial solutions to address global challenges in healthcare and education.
Just as physical exercise is a well-known and well-accepted means to improve health for anyone, regardless of age or background, so can the brain be put ‘into shape’ for optimal learning.
My children have been learning lessons about entrepreneurship since they were in kindergarten, and these lessons are paying off: even though they are only 22, 18, and 15, they have already collectively launched three nonprofit organizations and several new businesses.
My father was a civil servant in northern India where I was born. As a boy I saw the dire effects of poverty and illiteracy, especially on women and children. It often seemed that the only thing separating me from them was luck.
My own philanthropic efforts have always included an educational element, whether it’s expanding opportunities to educate a promising mind or extending the brain’s ability to learn.
Neuroplasticity research showed that the brain changes its very structure with each different activity it performs, perfecting its circuits so it is better suited to the task at hand.
Once humans traded their hunter-gatherer existences for more settled communities, we began a quest to make our lives better and more comfortable, but we’ve also been sucking precious finite resources from our environment ever since.
Our education system was developed for an industrial era where we could teach certain skills to our children and they were able to use these skills for the rest of their lives working productively in an industry.
What separates sports from entrepreneurism, however, is that in business we constantly have to overcome undefined and unpredictable challenges. Athletes train for specific events and conditions, whereas entrepreneurs generally have little idea what they will encounter along the way.
We are now living in a fast paced technological era where every skill that we teach our children becomes obsolete in the 10 to 15 years due to exponentially growing technological advances.
Let’s flip the paradigm, and begin with the imagined future state and work backward to the present. This is how we get to moonshot thinking.
A person who sees a problem is a human being; a person who finds a solution is visionary; and the person who goes out and does something about it is an entrepreneur.