Keep With the Times or Your Business Will Die Trying

Today we live in a world where the products of today are likely to be outdated in just a few months time. We see this with things like the hard drive in your computer. Only a few short years ago the thought of having a relatively cheap computer with multi-terabyte storage was insane, and being able to have a laptop that ran all day was impossible. Now it's common practice. Back in the early 2000's we used to take pictures with dinky little plastic cameras like the one below. Now though, your camera is on your phone. Along with your music player, games, contact book, email, internet and a million other functions. The world moved on quickly from pictures on film to pictures in cyberspace.

Image from Amazon

This was not something which Kodak took action on. They stubbornly decided not to move with the trend and believed that their product was superior to that which was being developed. Rather than see the future, which was digital photography, they chose to invest and pursue other ways of making their films better. Lets not forget that digital photography was something that Kodak themselves invented and yet chose to ignore.

It wouldn't probably be surprising then to say that because Kodak chose not to pursue the new digital form of picture taking, they ended up going broke. While everyone else was moving forward with the new, Kodak stuck with the old and the results of doing so are clear to be seen. Kodak is now no more.

So what can we learn from this? Well its important that any company can not only develop and build new technology, but also adapt to it if they can see a shift in the market. A business should also always be open minded to the idea of changing their flagship product, or tossing it out in favour of the new and the 'better'. Any company should also encourage firm testing and analytics of not just its products, but those being developed for implementation in the future. This is so as to accurately gauge their market worth and potential to drive sales.

In short then don't be like Kodak. Embrace new technology and embrace change because in the fluid world that we now live in, keeping up with the pack is life or death for any business.

As always thanks for reading and if you have any thoughts on this, please post in the comments section below.

Why You Should Share Your Ideas

Time and again it had been made clear to me, by family and friends, that talking to people about your business ideas is a big mistake. In a world where information is so freely available and spread at light speed, we are protective of that which we can still keep secret.

For many entrepreneur and even business leaders, this is the case when it comes to business ideas. At first glance it does make sense to keep your next big product to yourself. Because somewhere out there someone is bound to take it and make it their own, right? And that's what I was told again and again until I no longer questioned it. However once you actually think about it, you will see that sharing your ideas can be one of the best things you can do for your business.

Image taken from 'Share To Make Ideas Happen' by Behance Team

In order to explain, I'll be using a Forbes article by Patrick Hull as a backdrop. Patrick has over 25 years of entrepreneurial experience to his name and his article works through some key points as to why you should be talking about your ideas.

"I’ve heard a lot of great concepts for startups. I try to work with and help the ones I really liked. I don’t try to take those ideas and make them my own. For starters, I’ve got too much else on my plate to worry about taking someone else’s idea. I think this is true for most people"

I can personally vouch for this. Through my own entrepreneurial journey I have met individuals who have the resources and know-how to take my idea and turn it into a business tomorrow. But they haven’t. Why? Because ideas are cheap and you are almost certainly more passionate and committed to you’re idea than 99.999% of the world. Talking about your idea is easy, but turning it into a real business is the truly hard part and something which most aren't prepared to do. So don't be afraid to speak to powerful and capable people about your idea. Often if these people like your idea they will want to help you to prosper and succeed, not steal it and show you the exit.

"I’ve found it incredibly helpful to bounce ideas off others and ask for their feedback. In return, I’ve gained valuable insight and perspective that I wouldn’t have otherwise received…In many cases, they might be able to connect you with someone else who can help turn your idea into reality”

If you want to be a successful entrepreneur, having a strong network is essential. No one person can do everything and so we are constantly reliant on the knowledge and skill of others. This is where the value of speaking to other comes in. Just as Patrick says, some of the biggest realizations you will have in building your business will come from others. I know that some of the most drastic changes my business has already undergone in our short few months of development have come from people’s feedback. Meetings, pitching events and informal discussion have almost always yielded valuable feedback that have lead to a more refined idea and therefore end product. Also, by engaging in conversation about your idea, you can utilize and explore the networks of those around you. For instance, I have managed to find some of the key suppliers I will need from speaking to friends and family.

Image taken from 'Facebook and the Small World Experiment' by Winnie Hsia

It is said that we are all separated by only ‘6 degrees of separation’. So can you imagine how many people you could potentially get in touch with by asking just a few of the folks you know about who they know and who they could refer you too. There is certainly big potential in it. So get out there and get talking about your ideas, because there plenty more people out there to help, than there are to steal your idea.

Thanks as always for reading and if you have any thoughts please post them in the comments section below.

For more information on the article go to: http://www.forbes.com/sites/patrickhull/2013/06/13/talk-about-your-idea-it-wont-get-stolen/

Australia Needs Better Science

For this post I thought I'd delve into politics for a bit, a change of topic from my other posts.

At its heart scientific progression requires funding. Even with ample manpower the scientific community has, it requires funds to do research, do experimentations and further current knowledge. Under the current Australian government there appears to be a deficit when it comes to the allocation of government funds to research initiatives. As a first world nation aiming to be at the forefront of research and development in all of the major fields of science, Australia needs its government to make scientific funding a priority. 

The role of scientific policy is not as influential as it should be. In the face of increasing global acceptance of climate change the Australian government needs to be able to access well documented research to make informed decisions. These informed decisions are likely to result in the reduction of unnecessary costs, particularly valuable given that Australia has at current a financial deficit. However this is difficult to achieve if the scientific community is being chocked by a lack of funding. The scientific community as a whole also needs to be given more spotlight on its contribution to society to increase awareness and build stronger relations between it and the wider public. 

If I were to provide a recommendation to increase scientific exposure, I would say that the first and most important thing this government needs to do is create an ‘untouchable’ reserve of funds far greater than the current $20 billion in place. The initial outlay of cash would, I believe, result in major future savings. Despite increased costs, as discussed by Australian Chief Scientist Professor Ian Chubb, “future generations also need a future”(Chubb, 2014) and this future requires strong scientific faculties. In medicine, engineering, biomedical fields and many more, scientific progression yields more efficient ways of doing things. In turn these improved methods and practices are certainly going to streamline production and health care, which are currently major consumers of government funds and encourage more people to enter scientific fields.

Thanks for reading and if you have any thoughts, please write them in the comments section below.

Sources:

CHUBB, P. I. 2014. Need a 'whole of government' approach to science. In: ALBERIC, E. (ed.) ABC Lateline.

Is It Ok To Work With Friends?

On the whole, yes! I remember a few months ago when I was thinking about who I wanted on my team for the business I planned to build and thinking 'can I ask my friends or is it a bad idea?'. I'll be honest, I got some mixed opinions from both family and friends as well as the suppository of information that is the internet. While those close to me believed that you shouldn't mix friends with business, the overwhelming opinion online, from leading business people, was that it can be a great idea.

Of course there will always be the issue that if things go belly up, a relationship could be soured. However having said this, if you have a strong relationship with someone and you keep talking about whats going on now and what may happen in the future, it will be easier to work through issues that arise. The benefit that I have experienced from bringing on a friend as a work partner is that you generally know each other like the back of your hand. Meaning that you don't have to waste time getting to know how each other, and can press on with converting ideas into products. Of course you will still need to see how you will work as a team, but this is not a deterrent from trying it in the first place.

Just as I said at the start of this post, It can be hard to decide if it's a good idea to work with your friends on your business idea. But from what I have seen, working with those who are already closest to you creates a more relaxed and progressive environment. It also gives you the confidence to contest ideas on the spot which makes coming up with even better ones simpler and easier to do. So if you have a friend that you want to work with, go and speak to them! You never know what might be possible.

Top 3 Things To Make The Average Working Week A More Wholesome One

We all want to live our lives to the best of our abilities. We want to share experiences with people and indulge ourselves in the little things, like chocolate or wine, that bring a smile to our face. I'd like to add a few more things to the normal week that I think will make each one more fulfilling, productive and enjoyable.

1. First is almost always the best and so the most important point on this list. Reading is one of those things that many of the most successful and prolific business men and women do on a daily basis. Apart from the obvious benefit of not having a screen in your face, which is a big no no before bed, it allows you to distance yourself from the world around you. It can be humbling and soothing to take some time out of your hectic schedule and engross yourself in a book. The topic is almost irrelevant. For instance I just read 'The Martian', which is a phenomenal read, and once I finished that I moved to a Jeremy Clarkson book. The effect though remains the same. You go to sleep more relaxed and more distanced from the issue you got into bed with that have been bugging you since you left work. This means that when you get up you're more likely to be ready for the day to come, and so the benefits accumulate. Want more reasons to read? Well here's another 10!

2. Always make time for others. When work or life gets you down its important to be able to take a step back from it all and enjoy a few casual hours with some friends. I used to think that being with my mates was sucking time out of other work I needed to do. Oh how wrong I was. Once I started to think about it I realised that being with my friends offered a get away from the other stresses in my life. It's so crucial in the world that we live in that we can get away from it all and just enjoy the company of others, away from screens and noise. You're relationships with the people around you probably hold you together more than you realise so give them (and you) the time and respect they deserve.

3. Do something a little different every week. Now I'm not asking you to try snails or go bungie jumping because that would be impractical and (subjectively) disgusting. But trying a new cafe or restaurant, seeing an old friend, even going for a walk when you normally wouldn't can make a big difference. There is a weird satisfaction that many people derive from doing something different to the norm. A sense of achievement that they have for a few key hours broken the normal progression of the week. Variety is the spice of life after all!


Thanks for reading and as always please leave a comment if you have any thoughts on this post. Maybe you have some more ideas to add or have used these points already in your own life. I'd love to hear if you have.

Be well and I'll be back in a few days with some more tips, tricks and thoughts on the entrepreneurship and the wider world.

An Arm, A Finger And A Couple Of Ears Please

Here is an idea to consider. According to Zacks.com, 3D printing is taking off at the moment, having "only just brushed the surface of its potential applications, and looks set to take off in a big way in the near future". Today and into the future we wont just be able to 3D print a scale model of you house, but something much more important and life changing. Organs, limbs and skin.

Despite advances in modern medicine people are still dying every day from diseases of their organs, or from infections of things like massive burns. These are vital and at the moment, hard to replace parts of the machine that is the human body. Take a moment then to consider the possibility that if you had a terminal disease of something like the heart that you could just order up a new one to be surgically installed. This is the reality that 3D printers, or more specifically, 3D bio-printers offer. Using live cells, new body parts and organic components will be built up, layer by layer, into an exact copy of the piece its replacing.

A piece of experimental breast tissue implant for those who have had a mastectomy being developed by QUT - Image taken from abc.net.au

The quality of life for many people with chronic illnesses or pains of joints would be drastically increased. We could print off new cartilage for those who really need it, like retiring sportspeople and the elderly. Do you have early onset liver cancer? No problem. We can just take it out before the cancer can spread and put in a new one. Finger chopped of in a workplace accident? Just copy and paste the other remaining finger and you're good as new. Waiting lists could become a thing of the past.

Now I do realise that I'm massively over simplifying the complexity of turning some cells into a fully functioning organ or piece of tissue. But for the sake of those who don't have a strong biological background or aren't that interested I have done this deliberately. The point however remains the same. Sometime in the near future it may be possible to be admitted to hospital and have life threatening diseases removed from your body by removing the diseased body part. How this will work for something like the brain is still uncertain but for those who don't need a brain replacement (although I can think of a few who do), the fairly near future looks very bright.

Thanks for reading and if you have any thoughts or comments, please post below. I'd be very interested to see what you think of this technology.

3 Ways To Be A Better Learner And Prepare For The Future

Thinking back to the year I was born, 1995, I can't imagine that half of the things we take for granted every day were even beginning to be thought of. Mobile phones with a million different functions, touch screens controlling the functions of your car, tablets, 4G mobile data, Bluetooth the list goes on. Every single one of these modern marvels requires a host of people to turn raw materials into the technological piece that they are.

If you had approached a electrical engineer at a major TV maker 20 years ago and told them that they would need to build a 4k screen, 3D imaging and Netflix into it they'd probably bend their head to the side and go 'huh'? What you can buy today is made using an entirely different rule book and instruction set to what was being built 20 years ago. can you imagine what the next 20 years will hold? To keep up with modern developments people have to re-skill and relearn to constantly stay up to date.

I can feel that some of you may be thinking 'well since we don't know whats coming how can we train for it?' and it' a fair point. But, and its a big fat juicy but, what if we could teach our children and ourselves to self educate, allowing us to be better poised to take on any new developments in the future and be better equipped to acquire the skills to take part in future industry. Here are 3 ways I think this can be done:

Image taken from Steli Efti of Quora.com

1. Instil a message that education does not end after you finish school or University. It's and ongoing process that never really ends. By doing this we can better inspire our kids to be life long learners and be open to new information later on in life.

2. Make sure that failure is seen as a positive thing because with new knowledge comes lots and lots of learning and forgetting and then relearning. Rarely do things go in the first time but need constant reinforcing and that's important to understand because it can be disheartening when you don't understand something the first few times

3. Be ready to be confused and challenge yourself. The whole reason that you learn new things is because you don't understand them. It can be quite uncomfortable feeling like you don't know something. But rather than it being a this to maybe be embarrassed about, turn it into a positive. You're going to learn something new today!

Hopefully this helps some of you in the future and I think that these 3 things are a good start towards better readying ourselves and those to come next for the future. As always comments and thoughts are always appreciated and thanks for reading!