New VR and AR technologies and products continue to come to market, making new environments accessible to the masses. Virtual and augmented realities give us choices for a new reality and what you want to choose is entirely up to you. Let your imagination, and your readiness to try new gear, enhance your experience! Alone or blended together, augmented and virtual reality have opened real and virtual worlds which were once only accessible in movies and in the dream world!
What started off as an online site to buy books has become one of the biggest ecommerce firms in the world, making its founder Jeff Bezos the world’s richest man.
The CEO of Amazon, Jeff Bezos spent a major part of his life creating and conceptualizing the first online business platform, thereby revolutionizing the ecommerce ecosystem. Today, Amazon has a market capitalization of $707.32 billion and Jeff Bezos became the first person ever with a net worth of $116.6 billion.
Here are some business lessons everybody can learn from ecommerce baron!
Learn From The Right People
Learning is a continuous exercise. Surround yourself with those people who will help you learn and grow instead of pull you down. While hiring people for your company, make it a point to hire those who work well with others and have the necessary emotional intelligence to work well in a team and individually. More importantly, hire people who can teach something new to you and to your team.
Customers are King
Ever since the beginning of Amazon, Jeff Bezos has given more importance to the consumers and the consumer experience over everything else. From return policies to delivery and packaging, he has believed only if customers have a happy experience will they ever come back. Bezos has made it a point to obsess over the customers and not the competitors. While everything else is equally important, if the customers of the company are unhappy, no company will be able to survive.
Listen To The Critics
Any person who is thinking of starting a company or is the founder of a startup should have the ability to tolerate critics. Listening to criticism can help you formulate plans to develop the weaker aspects of your company and increase efficiency and effectiveness. Although it is difficult to take criticism, using such feedback will only help your company grow.
Create A Reputation
The only way to build a reputation is by doing the hard things well. Not everybody is able to get the hard things right. Work on creating a reputation in the society and not just building a brand. A company’s reputation speaks more than its brand image.
Create, innovate, invest, invent, discover and evolve. A company that is not focusing on innovating itself constantly can become stagnant and start to rot. Keep up with the technology, lead the industry with bold changes and take the risks. Sticking to the same old ideologies and strategies can be very dangerous for a company. A startup that is not constantly reinventing itself is not moving forward.
Hire leaders and not just employees
When Amazon was first incorporated, the company had close to 600 employees. Today, Amazon is one of the biggest companies around the world with over 230,000 employees. Work on hiring versatile and talents employees who can become the leaders of tomorrow. The success of a company is affected by its ability to attract and retain a motivated employee base each of whom must think like, and therefore actually be, an owner.
Make A Difference
It’s not enough to just build a big company. Use that company and your influence to make a positive difference in the society. While the world’s second richest man, Bill Gates, set up a foundation for this purpose, Jeff Bezos along with Warren Buffett and the CEO of JPMorgan and Chase, Jamie Dimon recently announced they will be working on giving US workers and their families a better option on health insurance. As of 2017, the three companies combined have close to 840,000 employees. The three giants will be pooling their resources to significantly change the health care industry in the United States Of America. Along with helping the health care system, Jeff Bezos also donated $33 million to a scholarship fund for young “dreamers,” or immigrants brought to the United States illegally as children.
Five Ways To Build An Effective Startup Team
No matter how strong your idea is, the ultimate fate of your startup lies in the strength of your final team. It takes only one weak member to topple all your hard work and in order to avoid that, it is extremely important to make sure you have crossed all your T’s and dotted all your I’s. Here are a few tips you could follow to get the perfect team for a startup which could change the world.
1. Identify The Positions
Before you start the hiring process, identify the positions you need for your startup. Be sure to prioritize. Figure out which position to fill first and balance out the hiring. It does not make sense to hire five project managers and not a single programmer. Be sure to have enough money or customers to pay for staffers before you start hiring them.
2. Envision The Bigger Picture
When you go out to hire people for your startup, let your vision drive you. Why were great thinkers like Steve Jobs or Verghese Kurien so successful? Because they had a dream and they let the world know their dream. The people they hired believed in their passion and because of that, their companies are still rock solid.
3. Adopt A Game Management Approach
Great cricket, football and basketball coaches always talk about watching films and studying the competition. As a new startup founder, you should do the same thing. Identify the competition. Understand where their strengths and weaknesses are. This helps get a clearer picture of where you are as a potential game changer. Just like our favourite coaches and quarterbacks, having a head start always helps increase your chances of winning!
4. Get A Consultant
Every movie has the main guy and the Right Hand Guy to help with the more serious work. A consultant is also just like that. They will tell you things you do not want to hear and they will get the job done for you whether you like it or not. Get one! Play the game safe and play it right.
5. Post Hire
Once the entire process has been finalised, it is important to do a background check on the people you are hiring. What if they look really good on paper but have serious flaws within? To avoid issues like hiring an employee with a police case or a fraud case on them, do a background case and avoid all the hassle.
Your company is as good as the people you hire. Hire the right kind of people and who knows, you could become the next Microsoft or Swiggy!
The Difference Between Augmented Reality And Virtual Reality
In the recent times, the virtual world and real world have been so interlinked, drawing a distinction has become extremely hard. One of the major technology boons is the development of different worlds of reality like augmented reality and virtual reality.
Augmented reality and virtual reality have one thing in common. They both have the ability to alter our perception of the world. Where do they differ then, you ask? In the perception of our presence. In simple words, virtual reality transports users to a different place.
Virtual reality (VR) alters our perception of the world, even if it is only for a short time. VR blocks out the room and puts our presence elsewhere. Through our senses, we are allowed to experience a world which is completely different from anything we are we know.
On the other hand, augmented reality does not take away our current state of reality. Instead, it adds to our existing reality. It does not move us elsewhere. It simply “augments” our current state of presence, often with clear visors. Augmented reality (AR) is a technology that layers computer-generated enhancements atop an existing reality in order to make it more meaningful through the ability to interact with it.
The debate came to the front because for a long time now, reality displayed in these forms was only imaginable by scientific writers. As early as the ’30s, writers, dreamers, inventors and creators dreamt of an environment where you could escape from reality through art and machines. Through the years, when inventors finally had the guts to do something extraordinary, technology evolved into giving us access to brand new worlds.
With VR, you can jump, ride, run, jump and skip. You can experience worlds by just sitting in one place. On the other hand, with augmented reality, you can literally see a shark jump out of your business card!
Reasons For Why The Customer Is Not Always Right
Have you had those moments where you had to grit your teeth, take a deep breath and tell your self that it is okay because the customer is always right? Have you had those training sessions where your employers have told you that you cannot say anything to the client because the customer is always right? For some reason, we have had the “customer is always right” motto drilled into our brains from the day we start working.
The problem is, the customer IS NOT always right, and always thinking otherwise can result in a serious disservice to you, your employees, and your customers. Here are the reasons why this is true.
1. Money Is Not Everything
When you say the customer is always right, then you give your client the idea that their money matters more than your employee’s happiness. Clients like this always demand more, always ask for more and always demand more resources than you have. At the end of the day, you need to realise money is not be all and end all. So learn to say no to your clients when you need to!
2. These Customers Are Bad For Business
Most businesses think “the more customers the better”. However, some customers are simply bad for business. They put your team members down, they are derogatory and at the end of the day, the quality of the work which goes out is not the best it can be. Over demanding customers are never good for your business and just for this reason, drop them like a hot iron plate!
3. Results In Poor Customer Care
The number of clients and work you take on, the more you realise this is not the kind of work you want to do. Customer care is affected and you end up losing clients you actually value at the end of the day. When this attitude prevails, employees stop caring about service. At that point, real good service is almost impossible and the best customers can hope for is mediocre service at its best.
4. Sometimes. The Customer Is Just Wrong
To believe that a customer is right regardless of circumstance is perhaps the greatest betrayal management can perpetrate against their staff. Sometimes customers are just wrong. To create equality in your work place, it is important to put out the message saying your employees first and then customers come next. Make sure this message is sent out loud and clear and tell your employees it is okay to say the customer is wrong.
5. Employees Remain Unhappy
At the end of the day, it comes down to the simple fact that your employees are unhappy. Is it okay to run a business where the employees are unhappy but the customers are not? To avoid this, send out the message clearly to your employees and to your customers, saying your employees come first and then come the clients.
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