Risk is the fear of losing something. Calculated risk is knowing the probability of losing and acting. Mitigating risk is decreasing the probability of losing. Taking risk is managing your fear of losing something.
Doing 10x efforts require a lot of patience and control to not do 1x or 0.5x things. And there has never been any clear playbook to do 10x. To do 10x, you have to only set goals you see as 10x and only do tasks that have medium or high impact to these 10x things. Framework to achieve such is very simple.
- Define your goals or KPIs you want to follow. Minimum you should do is next quarter goals or KPIs you are chasing
- Create tasks in each such goals and tag each task with impact and complexity. There can be 3 levels of impact – high, medium and low. There can be 3 level of complexities – easy, medium and hard
- High impact tasks are ones that directly contribute to the goal, medium impact is ones that contribute to something that directly contributes to these goals. Low impact tasks are ones where there is no clear visible impact that can be derived towards goals or impact is 5-6 hops away.
- Easy complexity are tasks that can be done in less than a day, medium are ones which takes 1-3 days, hard are ones which will take more than a week.
- Set timelines for each last task which will be achieved in the goal as a week before the end of the quarter.
- Now set timelines for each task so that its easy to understand what tasks need to be achieved every week.
- Do weekly planning by the above mode. Make sure you pick high impact, easy or medium tasks, and not low impact, hard tasks. If you have a high impact, hard tasks – divide them into medium or easy tasks.
And finally, God Speed! Let me know if you need any help in framework prioritization. I have started using notion.so and have templatized project management by the above philosophies already there, happy to help. Feel free to reach out over para[dot]arora[at]gmail
There are a lot of actions happening in the company, by people. People are just faces and never judge people or try to classify people. People keep growing or changing. Just keep seeing their actions and make remarks about actions, never people. Eventually, accountabilities are defined by groups of actions or directions of actions which are needed and they are grouped in such a way that logically it makes sense that since they are interrelated, it’s easier to find in a single person or a single person can grow to doing those set of actions defining a role for accountability. If they are not able to do all such actions as a collective single individual, either they are in the wrong seat or organization has misjudged all such action capabilities can be one individual and need to remove or divide them into more grouped accountability or roles. Whatever you do or practice, remember always to give direct feedback about the actions of people (oh, and never miss giving feedback) and never to the character of people or generalizing a human.
What does the future of collaboration look like? Surely not just restricted to just audio and video. Below is an image of what I collected defines presence for people I talked to this weekend:
So many unsolved problems still to solve each of these challenges in a seamless easy to way for consumers.
A successful pre-seed raise sets a lot of foundation for the eventual success of the organization. I will stay away from feedbacks of startups who conclude and are convinced that money is just money and just take it and quickly raise the round. That’s the worst thing one could do from the investor side or startup side (But when you have to do it, you do it especially at tough times knowing it might be on an ideal situation). Following are the conversation traits which should be happening in seed investors to make sense of the eventual success of the whole exercise:
Brutal facts confrontations
Are your investors talking about the brutal facts with you and how open you are discussing them? You can be a subject expert or have years of experience in your domain, but if your investor is not able to challenge you with brutal facts, you probably are going to have a hard time in your fundraising as well as have a hard time deriving great value from them. Some investors can be nice to you and really want to invest in your startup whatever you are doing, but look for traits that challenge you and force you to think, go back for homework and get back with a plan.
Do you get irritated by such confrontations or tend to ignore such investors, you probably should reconsider your decision of leading an organization and probably take some NLP course or something to help yourself before you dive into your journey.
Startups that have survived and will survive aren’t the ones that are just created based on a market opportunity. They are created by passionate individuals who have envisioned the world after a few years and know a path to go there carrying their values and articulating mission to create the perfect vision they have created.
Their current app or idea or product is not the business but an accelerator to achieve the mission. We have an interesting time right now with markets hinting a crash and excited to see startups who will do the tests of the time.
Human beings are instinctively social creatures. Social media apps, largely since Facebook, have categorically tapped into some basic elements of social interaction, and brought it into cyberspace; and it is for this reason that they’re some of the largest and most influential companies in the world – and hence also some of the most ubiquitous, publicised, and scrutinised.
Social media, in general, lays its groundwork on some basic socio-psychological phenomena, which we should certainly keep in mind if we wish to create the next big thing in this space;
Acceptance, and sense of belonging
For the most part, people are largely driven by their need to belong. Our need for social acceptance is very high, and it manifests in various ways, eg.
Sentiment analysis has recently become core part of analytics in chats between customers and brands specially in ones with measure as customers experience like in hospitality. Lot of research has been done and SaaS solutions are available for finding sentiment of a particular utterance but its hard to understand sentiment for conversations that comprises of conclusive utterances happening between two or more parties. This is an open research area and lots of advancements are needed in finding and mainly classifying interactions into states ( e.g. Greeting, Troubleshooting etc. ). An interesting analytics measure for measuring guests satisfaction will be to find transition of sentiments in utterances as they are happening in conversation.
Conversational sentiments via machine learning and rule based is easier however in goal based chatbots where chatbots are programmed to achieve a particular goal and involve transitioning of conversation from one state to another ( e.g., Greetings -> Problem Discovery -> Troubleshooting -> Conclusion ). Please share any research material you have or advice for finding sentiments for human-human conversations.
Why do you need cryptocurrency?
We have been often asked with the one big question on how to create your own Bitcoin like blockchain for solving a niche problem. My answer to such visionary entrepreneurs is to focus on building the community because that’s what matter the most when you intend to create a new crypto currency and leave everything else to us. Another important requirement when you plan to launch such a cryptocurrency is to provide an easy to adopt wallet which consumers can download and start using immediately. Mobile apps are the best solutions to achieve this along with the ability to transact over web. It should be very easy for community to adopt to create a disruptive solution.
Other than building a strong community, its very important to build strong community of crypt enthusiasts, because by working together a community of dedicated crypto enthusiasts are much better able to find and address vulnerabilities and security threats, like the 51% attack. Building such protection and showing legitimacy by open availability of code to review builds trust among the community and adopters, something that is hard to do if those involved in the currency are passive spectators looking out for their own interests.