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Entrepreneurship Advice From The Best Business Leaders

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The road to success might not be as simple as you think. You go through several hurdles and the path is full of bumpy rides.However, at the end of the day, hard work pays off.
The following words of wisdom from some of the best entrepreneurs are inspiring, motivating and enough to create a zeal in your heart to go on and chase your dreams.

1.Don’t just identify a problem to solve, pick something you truly feel passionate about.

Let us start off with the advice of the very famous Mark Zuckerberg. The man behind the revolutionary social media app, Facebook, says “Don’t set out to build a company, he advised. Rather, “start with the problem that you’re trying to solve in the world.
The best companies that get built are things that are trying to drive some kind of social change, even if it’s just local in one place.”

2. Having a co-founder helps get through the ups and downs of working at a start up.
The Flipkart Co founder Sachin Bansal advised regarding the setting up of a startup.
He said “The biggest advice I have given to entrepreneurs is not to start alone. I always tell them to find a cofounder with whom they have good chemistry and with whom they share similar goals and vision for the venture.”

3. Take Risks even if it risks your life, at the end of the day it will all be worth.
Elon Musk is not your ordinary Billionaire. Unlike most Billionaire’s Musk made billions of dollars multiple times with entirely different businesses. He recommends taking risks when you are still young as obligations only increase over time. With greater risks, such as those needed to carve out a new niche, comes the potential for far greater rewards

4. Be missionaries, not mercenaries.
Jeff Bezos is the founder of the famous E-commerce store Amazon. He is an exponential entrepreneur. He says “I tell people that when we acquire companies, I’m always trying to figure out: Is this person who leads this company a missionary or a mercenary? The missionary is building the product and building the service because they love the customer because they love the product because they love the service. The mercenary is building the product or service so that they can flip the company and make money.
One of the great paradoxes is that the missionaries end up making more money than the mercenaries anyway. So pick something that you are passionate about, that’s my number one piece of advice.

5.Failures help you build character.

Kunal Bahl, CEO of Snapdeal says failures help you build character. He failed numerous times and that arduous journey of failures takes you to a successful destination. So never be afraid of failures as it only makes you stronger and motivates you to move ahead with courage and confidence.

Henceforth, in order to achieve your goals and dreams, you need to keep in mind a few pieces of advice from the best entrepreneurs.

 

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Entrepreneur Stories

Orkut: The Rise, Fall And Eventual Death Of Google’s Social Media Arm

Smruthi Kishore

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Orkut had a strange birth story. Back in the day (not very long ago,) Google was trying to break into the social media world by trying to buy the then popular platform, Friendster, for $ 30 million. However, Friendster was not ready to sell and this move by Google backfired. With no other platform ready for a buyout, Google decided the time had come to open its own platform. Enter Orkut.

The birth of Orkut 

In the initial days of Orkut, it was an invite only platform, where people could join only if they were invited by their friends. While this attracted a trickle of users from North America, a majority of Orkut users were based out of Brazil and India! By July 2004, the ratio of Orkut users was 2 Brazilians to every one North American user, a case study which quickly created a demographic for this social media platform.

Orkut was so popular in countries like Brazil and India, a majority of the population from these countries thought Google was a subsidiary of Orkut and not the other way around. In fact, even the then CEO of Orkut said as much during an interview in 2009, “If you go to those countries (India and Brazil,) they often think that Orkut owns Google. And you talk to people in Brazil, they’re like oh, Google, you mean the subsidiary of Orkut?”

The rise in digitization and use of social media platforms in India and Brazil happened in tandem with the growth of Orkut. However, despite the numbers being increasingly high in these countries, the popularity just did not reach the rest of the world, a problem the makers didn’t think was possible when they launched Orkut.

The growth of this particular site also happened at a time when the middle class sector of developing countries started discovering the internet and could afford desktops. Unfortunately, the reach was just not as high as it was supposed to be and very soon, a short decade after its launch, Orkut started facing massive problems.

The fall of Orkut 

The fall of Orkut fall can be attributed to the rise of other social media networking platforms like Facebook and Twitter. While Orkut did have an early launch edge (it launched a month before Facebook,) it just didn’t see growth the way these other platforms did. The moment Facebook launched, it realised the best way to compete with Orkut was by increasing its user friendly side.

Looking at the massive popularity Orkut had in India, Facebook realised the best way to get a hold in a country with a 2.2 billion population was by introducing user friendly languages, thereby making communication easier. With the rise of Facebook came the subsequent increase in Twitter’s popularity, giving Orkut extremely tough competition.

The final blow of sorts came to Orkut in 2011, when Google’s highly talked about Google Wave started going through a major landslide. A data breach scandal was all that was needed for Google to start losing its edge, a backlash that hit its other subsidiaries as well. Finally, with the severe negative reaction Google kept receiving, the company decided to finally shut down its social media arm, Orkut.

Google decided to shut down Orkut in September 2014, a decade post its launch, attributing this closure to the rise in users of its other platforms, namely Google Plus and Blogger. However, the shift in users to Facebook and Twitter was not cited as a reason, giving Orkut a gallant and respectful exit story.

Orkut’s rise to popularity, failure to keep up with the times and subsequent death is nothing short of a riveting cautionary tale. Stick with the times and grow with the trends. If not, then face the sure axe of death!

 

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Internet of Things: All You Need To Know

Smruthi Kishore

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Best Startups in India 2018, Featured, History of Internet of Things, Internet of Things, Internet of Things Challenges, IoT Gadgets, IoT News, Latest Startup News India, startup stories, Technologies Used in Internet of Things, Technology Platform for Internet of Things, Why IoT Growing Now

The world is buzzing about the Internet of Things (IoT) and about what it entails. However, not many know what this phenomenon is or what it truly stands for. In very basic and simple terms, the Internet of Things can be defined as a series of connections that connect your devices to each other through the internet. Still don’t understand what it means? Worry not because we are here to break it down for you!

What is the Internet of Things?

The Internet of Things, also known as IoT, refers to the multiple devices around the world connected to each other through the internet. By sharing and collecting data and through affordable processors and wireless networks, the global connection of the world through the internet has now made it possible to turn literally everything into IoT. While we may not consider ourselves to be IoT users or think we own IoT gadgets, the Internet of Things is definitely a quickly growing phenomenon.

For a while now, being connected to the online world meant being connected to each other through devices like phones and laptops. However, the Internet of Things is a brand new revolution in the sense that it has extended this connection above and beyond what was thought possible. IoT talks about a world where just about anything is a part of this wireless world and where different devices can have intelligent conversations with one another without any confusion.

The fact that information can now be shared over the internet has made it easier for people to operate and control several day to day gadgets by using a common interface. From the lights at home to controlling the thermostat, literally everything now has a unique language for communication, thanks to the Internet of Things!

Why IoT is growing now 

When your device is connected to the internet, this essentially means that you can send or receive things and while this in itself is a really good thing, the sharing of this information on a large scale is what makes the Internet of Things so great. IoT can be described as something that enables the following three things:

  • Collecting and sharing information
  • Connecting multiple devices to one another
  • Making your home a complete smart home

The fathers of the internet discussed the ideas of connecting things to the internet way back in the ’80s. However, due to absence of technology like what is available today, this feat seemed impossible then. With more than 8.4 billion devices connected to each other over the internet, the world is very, VERY soon going to be run through the internet, with a brand new language developed for the Internet of Things.

IoT is a revolution and whether one is ready or not, the change is definitely coming. Are you going to jump on the bandwagon now, or wait for the world to be completely digitized? Comment and let us know!

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Lyft And Its Drive Through To Success

Smruthi Kishore

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Lyft And Its Drive Through To Success,Startup Stories,How Lyft Drives Growth Through Purpose,Lyft CFO Brian Roberts On What Drives Success,How Lyft Can Better Engage Customers with Content,Tips and Tricks For Success with Uber and Lyft,Lyft Scales the Success of Hyper-Regionalized Social and Search Campaigns

Even though Uber is looked at as one of the key ride sharing facilities being offered in almost all the countries in world, not many know about Lyft. With a revenue of over $ 700 million as of the 2016 financial year, Lyft secured the second position for itself in this particular section, standing neck to neck with Uber. With an extremely impressive marketing strategy and a plan that surprised everyone since the moment of its launch, Lyft has seen major growth from its inception to date.

The origin of Lyft 

Lyft was initially known as a Zimride and was founded by Logan Green and John Zimmer in the year 2007. The two met through a common friend, when John Zimmer posted on the said friend’s wall, saying he was looking for opportunities in the ride sharing business for long trips. Logan Green’s interest was immediately aroused and he knew he could not sleep till he contacted Logan.

When the two started working together, the first thing they did was to create a business model for Lyft. Green and Logan decided Lyft would be the go to service for people looking at sharing rides when they were travelling out of town. People would hire drivers to use their cars to transport them to their destination and after the drive was completed, riders would automatically be debited for their journey. 80% of the money would go to the person doing the driving while the rest was allocated for Lyft.

Initially, Logan and Zimmer introduced Lyft as a subsidiary of Zimride, without giving it a complete identity. However, looking at the rising popularity of a car service as this, the two founders dropped Zimride altogether and Lyft was the only service they marketed in the year 2013.

The reason for Lyft’s popularity 

One of the major reasons Lyft became so immensely popular was that not only did the founders create a new ride sharing format, they also encouraged community building. Drivers were asked to put fuzzy mustaches on the front of their cars while riders were encouraged to sit in the front with the drivers. This method was not used by Uber so far and because of this unique ride sharing concept, Lyft took off with unexpected popularity.

Growing everyday, Lyft became so popular that by the year 2017, the service announced it would be adding a further 100 cities of the United States to its continuously growing roster. In an industry that was for so long dominated by classic styles and clean cuts, Lyft made a splash with its shiny cars and bright logos.

From changing the way people drove around to turning ride sharing into a community affair rather than just another app like Uber, Lyft has created a niche for itself in this sector. Despite facing several regulations and restrictions just like its contemporaries, Lyft has managed to grow through the years and turned into a billion dollar company not through luck but through its no nonsense and purely business attitude!

While the bright pink mustache may have disappeared from Lyft’s logo, it still plays an integral part in the journey of this innovative ride sharing service. From introducing female drivers for the first time in this field to becoming a unique community, Lyft has really lifted the way people share rides!

 

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