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Archive for November, 2008

Crisis for some, Celebration for others

Posted by vishalsinghal on November 24, 2008

Yes. This is happening right now while you are reading this post after a long time. Whole world is undergoing financial termoil and thus financial crisis taking place all over, especially USA. This is giving rise to legal jobs like mergers, acquisitions, closures etc. But to deal with all this huge man power is required which anyway US firms are cutting down. Thus, quiet a few companies in US have outsourced whole of legal processing job to India and thus it’s celebration time for Indian LPOs (Legal Process Outsourcing) companies. In USA legal jobs cost anywahere between US$ 200-300/ hr. where as in India the same job is done in mere US$ 25 – 30/ hr.

Even after offering 20% discount as a further cost reduction way, companies in India are flourishing and opening up new offices and hiring more employees all over.

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The 12 Steps to Practical Problem Solving for Start-Ups

Posted by vishalsinghal on November 5, 2008

The 12 Steps by Polak to Practical Problem Solving for Start-Ups:

1. Go where the action is. “Spend significant time with your customers. This is how you learn what they need,” he says. Not hours, days. Polak lived with his farmers for 6 months.
2. Interview at least 100 customers a year. You do it. Not an employee. Listen to what they have to say. “Too many entrepreneurs build the product they want to build — not the one that’s needed.”
3. Context matters. If your solution isn’t right for the context, for example, if it costs too much for the customers you’re trying to serve, you won’t succeed.
4. Think big. Act big.
5. Think like a child.
6. See and do the obvious. Others won’t, which is opportunity for you.
7. Leverage precedents. If somebody has already invented it, don’t do it again.
8. Scale. Your business must have potential to scale. Remember, your market must include at least 1 million customers.
9. Design to specific cost and price targets. Not the other way around. (Celeste: it means — Do not price to your design, design to the price you need to hit to make your product appropriate to your customer.).
10. Follow practical three-year plans. Two years is too short. Ten is too long.
11. Visit your customers again. And again. “Any successful business in this country is based on talking to your customers all the time. A good CEO spends half his time ‘in the field.’”
12. Stay positive. Don’t be distracted by what other people think.

(Source Credit: Pop!Tech)

Posted in Business, Education, Training & Seminars, Entreneurship, Main Page, Startup | Leave a Comment »

Strategy as understood by Many

Posted by vishalsinghal on November 4, 2008

People and companies both in some way or the other are facing atleast some sort of hit by the global melt down. And it’s interesting to see that some companies around the world are adjusting their strategies to compensate for the current economic conditions, but if “strategy” is the long-term blueprint for an organization, why change it for temporary insecurity?

Michael Porter, Harvard Business School professor and Strategy Guru, recently told the senior-level executive audience at school’s World Business Forum that many leaders are misinformed about how to develop long-term competitive strategy plans for their companies. They often confuse strategy with some type of action, such as merging, internationalizing or outsourcing. Other flawed concepts are strategy as aspiration (becoming the “tech leader” or to “grow”), and strategy as mission/ vision statement. “Companies spend days arguing over which six words go in the sentence. It’s a concept. Don’t confuse it with strategy,” said Porter.

A simple, yet accurate, way to test whether your organization is on the right strategic track is to see if your entire management team would be able to independently articulate the same thing. If they can’t, Porter said, you don’t have a true strategy.

There are five tests of a good strategy, Porter outlined:

  1. A unique value proposition. “If you don’t have one, you’re competing on operational excellence but unlikely to achieve superiority.”
  2. A different, tailored value chain. “If not, you are competing on operational excellence — who can do the same thing better?”
  3. Clear tradeoffs, and choosing what not to do. “If you choose what to do, you have to also choose what not to do because they are incompatible. It’s very hard because tradeoffs limit opportunity.”
  4. Activities that fit together and reinforce each other. Porter said to harness the synergies across the value chain instead of discrete advantages.
  5. Strategic continuity with continual improvement in realization. “Strategy takes about three years to kick in. If you shift strategy every year, year and a half, you’ll never get there.”

As the economic markets fluctuate by the moment, the senior leaders who presented at another CEO Leadership Forum in early October also had long-term strategy on their minds, and one CEO summed it up best:

“If you are not in a crisis, assume you are.”

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Food Fact

Posted by vishalsinghal on November 3, 2008

A garlic can cut by half, the risk of catching a winter cold.

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