Key traits that is required by entrepreneurs to solve the most complex puzzles of their business.
Solve the problems that matter most to you
Find purpose
Micro-efficiencies
Potential of tech
Empower others with your creation
Solve the problems that matter most to you
Create a team of like-minded & Leadership
The path towards entrepreneurship is a long journey that is filled with trials, challenges vision and dreams, most important is giving life to those dreams of building a successful business of own.
These days start ups give us the maximum number of enetrepreures who contribute to the economy with transformative ideas and giving real world solutions. But as we see around the journey is not easy.
Only handful of start ups receive funding from external investors and few counted one goes up to unicorn level either they exit. Now what remains secret to successful start up. Start-ups receive funding from external investors is a known fact.
In India we witnessed AI start-ups received $560 Million across 25 funding rounds— which is a decline of 49.4% compared to the previous year. Decline in funding happens when there is decline economic slowdown, market saturation, changes in regulations, etc. That triggers the confidence of star up owners and they succumb to pressure to exit.
What are the other factors that contribute to successful start ups and what are those entrepreneurial skill that helps a business achieve resilience in front of extreme negative situations. Surely it’s a strong skill of entrepreneurship that is most sought after.
The ability to find purpose is important. It is to live and work with purpose and this goes with all kind of jobs.
Having operational efficiencies to overcome customer demands, reach goals and profitability is surely required for a business to be successful.
A good decision maker is todays demand and business owners have hands on to technology to do that. With digital technologies and automate decision making tools it is much easier to make predictions and understand the level of demand and supply.
As per research by World economic forum they spoke to a start up named Nextail. Nextail is a smart retail platform that empowers fashion merchandisers. In 2014, the business owner said ‘our mission has been to make the retail world a better, more sustainable place. We help retailers become more agile and predictive so they can use less of the world’s resources while maintaining the same, or better, product availability. My greatest lesson has been that business truly can be used as a force for good.
In fact, it’s been easy to create a team of like-minded industry professionals with a passion for data and tech that want to make a positive, tangible impact on the world’.
Another example is of Andreas Koenig, Chief Executive Officer, Proglove. The company is a developer of smart glove. Things changed dramatically for ProGlove when co-founder Paul Günther made several critical observations during a guided tour through BMW’s central plant: Barcode scanning literally happens one million times per day and plant, and almost everybody wears gloves when working.
What if there was a way to connect the barcode scanner with the glove? This would eliminate the time needed to pick up and drop off the scanner. To make a long story short:
His answer was ProGlove’s wearable barcode scanner which saves up to 4 seconds per scan. This accounts for 4 million saved seconds per day and plant. In addition, this translates to more than $4 million saved per day because one second is worth a little more than one dollar in the automotive industry. Needless, to say the idea works almost everywhere where barcode scanning is a factor.
So, what are the learning here?
- Human centered design augments the workforce and delivers immediate results.
- Micro-efficiencies are extremely powerful because they can scale massively and are more likely to be implemented.
- Technology is most valuable when it promotes human-machine collaboration.
- Learn what you do best. Repeat
Solve the problems that matter most to you
Tania Coke, Chief Executive Officer, Tellus You Care says ’Before Kevin Hsu and I became co-founders of Tellus You Care, which aims to improve eldercare with dignity and privacy by combining advanced sensors with AI, we would meet every month or so and discuss articles, research and technology’.
From the beginning, we were focused on hardware and health technology, and it’s one of the reasons we became fast friends at Stanford. I remember the exact date, time and dining hall we were sitting in when we discussed the idea for Tellus.
What stood out from our other conversations is that we were discussing a problem we both experienced first-hand:
- How we couldn’t find suitable technology to help our aging family members.
- Look for the potential of technology
- Moving ahead in difficult times requires great teamwork.
Empower others with your creation
Charles Bark, Chief Executive Officer and Founder, Hinounou’s dream was to empower elderly people to have longer, healthier and happier lives at home, which would also bring greater peace of mind to their children who live far from their parents. This dream was born from my pain. I live in Shanghai while my mother lived in France alone. Eight years ago, I called my Mum to ask her how she was doing. She told me she was fine, and not to worry.
Afterwards, however, I got a call from my brother and learned that our mother had had a bad fall and had gotten surgery. This shocked me because I realized that I was completely blind about her health status at her home. The second thing I realized was that if my aging mother ever faced any future health issues, finding out after the fact might be too late next time.
As the third generation working in healthcare and as IT system architect, I found that this global world aging issue was a good opportunity to create an integrated health data preventive platform that collects data at home, use AI algorithms to mitigate main chronic diseases risks to promote healthy longevity.
