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3 Key Elements Of Every Successful Business!

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While every business has elements that are unique to it, every successful business shares common characteristics with other successful businesses.
The first element of a successful business is a clear concept of what the business is, its aims and ambitions. This concept includes more than the idea of a product or service or technology. This includes the market need and opportunity to have the potential for profit.
 
It is never easy to define the business concept in the initial stages or understand the true market potential of your business model. However, you can identify such elements through observation, trends or personal experience. These elements include these three fundamentals.
 
Executive Summary:
An executive summary is a snapshot of your business plan. If your company is a startup, then focus on your background. If you are better established, make sure to include details such as when the business was started, the names of the founders and their roles, how many employees you have and where your operations are situated. Key elements that should be included in the executive summary are
 
*Business Concept: This describes your business, the products and the market it serves. It speaks about what will be sold, to whom and why the business will hold a competitive advantage.
 
*Financial Features: This gives you the financial points of the business including sales, profits, cash flow and returns on investment.
 
Business Description:
Explain what your company does and how it stands out from the competitors. List major customers as well as markets you plan to target in the future. You will have to include competitive advantages, such as expert personnel you hired or the location.
 
You should also provide information on any new products or developments that will benefit your business in the marketplace. Using all the reliable data and appropriate information regarding the company, you can also approach investors for funding. Apart from describing the business, you should also concentrate on structure and all the necessary legalities. This information should include whether the business is a sole proprietorship, partnership or corporation and its principals.
 
Market Analysis:
It is crucial to understand the market you plan to enter. Find out who your competitors are, then analyze their cash flow, profit margins and research technological developments in the industry.
Analyze your customers based on how much they spend on products and create a general market consensus. For instance, if the distribution of your product is confined to a specific geographical area, then you can further define the target market to reflect the number of users or sales of that product within that geographic segment. Once the target market is ready, further determine the total feasibility of the market. This will help you understand the portion of the market that can be captured within the environment with very little competition.
 
Such key elements help companies come up with solutions that will enable brands to make more informed marketing decisions and, ultimately, increase sales.

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Different Types Of Chatbots And How To Use Them

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If you were under the impression that there is only one kind of chatbot, then think again. Although the basic forms of chatbots are the ones used the most frequently, there are different types used for different scenarios. Chatbots use chat mediums and come in a series of types, each designed to benefit your business in the best possible way. If you are looking at the different types of chatbots best suited for your brand, then here’s our most preferred list!

1. NLP based chatbots 

Picture credits: chatbotsmagazine.com

At its very core, chatbots show how artificial intelligence works. NLP chatbots go a step further from the generic chatbots in the sense that they use a combination of AI technology and Natural Language Processing (NLP.) By using a combination of these two forms, this type of chatbot identifies the intent of the use, classifies the messages and then gives answers depending on the language of the texts. In short, NLP chatbots help in creating a uniform communication between your brand and the customer.

2. Menu based chatbots 

Picture credits: smashingmagazine.uk

Similar to the automated menus on phones, these chatbots increase interaction and ensure that when you are looking for the answer, you dig deeper than you normally do. While they may be among the slower form of the chatbots, they help in answering 80% of the questions people usually ask. From helping you answer the basic form of questions to giving you the option of finding the right answers, these type of chatbots help in finding the exact answer for your question.

3. Keyword based chatbots 

Picture credits: chatbotsmagazine.com

Unlike NLP and Menu based chatbots, Keyword based chatbots are extremely user friendly. By using a combination of customizable keywords and AI technology, these chatbots help determine the response which is best suited for the user. Faster and quicker to use than most chatbots, Keyword based chatbots also help in answering questions that basic chatbots don’t have the ability to.

4. Service/Action chatbots 

Picture credits: chatsbotmagazinecom

The best way to describe service/action chatbots is by looking at how they work. By asking and collating data from the user asking the questions, these chatbots answer questions based on what people ask. These type of chatbots are best used by companies in the airline and clothing industry. Compared to the other type of chatbots, the service chatbots are tailor made to answer the users to the best of its abilities.

5. Context based chatbots 

Picture credits: freerangeic.com

Of all the chatbots mentioned in the list, Context based chatbots are the most advanced. By using a combination of machine learning and artificial intelligence, these chatbots not only have meaningful conversations with users, they also remember previous conversations. For example, if you are trying to order pizza from a place you frequent, the chatbot remembers your address and also remembers the last order you made on the app. Using data and user based information is one of the biggest advantages of context based chatbots, giving users a complete experience of how the app works.

Chatbots are designed to improve the user’s experience with the app and help in making your experience with the store that much easier. If you think we missed out on any other chatbots like these, comment and let us know!

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How To Boost Your Self Confidence At Work

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There is no one who doesn’t lack confidence. There is no one who always has a handle on all the things in life. There are times in life, especially when you are at work, when you are at your absolute lowest level of confidence and it is at these times that you have to look at how to boost your confidence. Check out these tips for the days when you are at your all time lows and have the Monday blues for the entire week!

1. Work on being the best version of you

Napoleon Hill once said, “What the mind can conceive and believe it can achieve.” Sometimes, when you feel like nothing is going the way it is supposed to, think about where you see yourself. When you are at the lowest level of confidence possible, you tend to have a bad perception of yourself. In order to make the most of the situation in which you are, work at bettering yourself one thought at a time. Keep telling yourself that you can achieve your goals, no matter what and the more you tell your mind what it wants to hear, the more you push yourself to achieve the impossible.

2. Do one thing which terrifies you every day

Often times, there are certain tasks you do in a day which scare you so much, you cannot think of doing other things. In order to get over the hump of low confidence, start your day by doing the task which terrifies you the most that day. The moment you push yourself to do the unexpected and the moment you jump over the fear, you realise, nothing in life is difficult. Push yourself and get out of your comfort zone because there is nothing better in life than believing in yourself.

3. Stop the self bashing

One of the biggest roadblocks people have when it comes to get over the self confidence issues is that you start doubting who you truly are. Stop the self bashing and start giving yourself positive reinforcements. Keep a jar of the positive and negative thoughts and every time you feel really low, take out a note from your positive jar.

4. Learn from your mistakes

They say practice makes one perfect and one of the ways you can improve the growth charts, is by learning from your mistakes. The moment you realise you can actually do better at the mistakes you have made, you instantly improve your self confidence and become better at who you are as a person. Further, this also helps in building your strengths and improves your overall confidence levels.

5. Use the 100 ways of rejection challenge

Jia Jiang, known for coming up with the 100 ways of rejection challenge, has been an inspiration to people all over the world. Becoming famous for making crazy requests to people just so he can get rejected, Jia Jhang worked at desensitizing himself to the idea of rejection in itself. Despite the idea not working in Jia Jiang’s philosophy not working in his favour, the idea proved that no matter what, you have to keep your confidence up and going!

6. Keep learning something new

Every time you get to a point where you think you can’t do any better, it is time to start learning something new. Often times, one falls in a rut because they don’t know how to move beyond their low points. When you are feeling like you don’t know what you are doing and can’t get to the good place, think of how you can learn new skills. Keep pushing yourself to learn something new every day and the more feathers you have in your hat, the more you start feeling better about yourself! Positive affirmation is always the best way to get around the bad times!

7. Focus on your positives

Sometimes in life, you forget all the positive things you have picked up and done in life. Remind yourself that you haven’t always failed in life and that you have done things which have earned you recognition through the years. Every success is the best version of who you are as a person and no one can take those away from you.

The Monday blues are not easy to shake off. However, positive reinforcements and reinstating belief in yourself help in boosting one’s confidence. If you have other tips to make yourself feel better, comment and let us know!

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Leadership And Life Lessons To Learn From Tim Cook

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For years, the world received impressive leadership and life lessons from Steve Jobs, one of the founders of Apple. However, when the time came for Tim Cook to take over Jobs’s mantle, the lessons learnt were also different. Here’s taking a look at some truly inspiring leadership and life lessons from the man who made Apple the first trillion dollar valued company!

1. Be true to who you are

One of the reasons Tim Cook is remembered for being great is because he never tried being Steve Jobs. He was always true to who he was as an individual first and then thought about the job. In fact, he believed in himself so much, he even came out of the closet despite there not being a gay CEO till that time! Cook was the first ever openly gay CEO on the Fortune 500 list!

Picture credits: thehill.com

2. Listen to those who speak to you

While Steve Jobs was always loud and boisterous, Tim Cook is quiet and reserved. He knew, in order to make his voice heard through the crowd, it is important to listen and take note of what people are saying. The more you listen, the more you learn and the more you start paying attention to what is happening around you. Always giving the impression of reading between the lines, Cook gives one the impression of being a Tibetan monk when someone’s having a conversation with him! This is why he has the capacity to grasp things which aren’t really said out loud as well!

Picture credits: theguardian.com

3. Learn to take risks

Risk taking is but what is expected from an entrepreneur and Tim Cook follows this principle in everything at which he tries his hand. According to Tim Cook, taking risks is equivalent to breaking stereotypes and when you break stereotypes, you achieve the unexpected. While the world of business may be a terrifying one, it is important to remember yesterday’s risks are today’s norms! To take a page from Cook’s book, Apple wouldn’t have been the great force of nature it is! Despite everyone telling him not to release more than one phone at a time, Cook still pushed the Company and today, Apple is known for being the most innovative company in the world.  

Picture credits: theguardian.com

4. Accept the mistakes you make

Often times, people immediately jump to becoming defensive when they make a mistake. Tim Cook follows a simple rule of thumb: when you make a mistake, admit that you have done something wrong and one of the best ways to rectify the mistake is by first accepting the mistake. This works all the more when you as a leader accept where you have gone wrong and in order to lead the right way, there can be no bigger lesson! One of the biggest mistakes Cook made as the CEO of Apple was perhaps by hiring John Browett as the head of Apple stores shortly after the death of Steve Jobs. Browett’s lack of experience and mishandling of the entire company almost drove Apple to the ground and as a CEO, this was perhaps one of the things which went against him the most.

Picture credits: mashable.com

5. Encourage a diverse culture

One of the greatest lessons one can learn from Tim Cook is, the more you encourage diversity, the more creative and innovative your ideas are. Learn to listen to other people, take inspiration from their ideas and grow with them, no matter what they have to say. Push your boundaries, accept that everyone is different and realise, at the end of the day, people always have something informative to say. With offices all over the world, Apple has people from various cultures working at their offices and by promoting a unified front, Cook has ensured the continued growth and acceptance of Apple all over the world!

Picture credits: mashable.com

6. Be responsible

When you’re leading a company, you realise there is a lot of responsibility riding on your shoulders. You have to realise your employees have limitations and that people can’t always deliver what is expected from you as a leader. Be responsible, think ahead and give your employees a leader to look up to and you will definitely be respected! Leading the way for his team, Cook has shown time and again that one of his best skills lies in how he juggles both his professional and personal life!

Picture credits: bussinessworld.co.uk

As a leader, Tim Cook steered Apple to a new era and with the way he leads the Company, there is no doubt that he is a truly great leader. If you think we missed out on any other life lessons from Tim Cook, comment and let us know!

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