Month: August 2019

Categories
Motivational

Learn Stress Free Life Tips!

Introduction

  • Does your performance decreases due to stress?
  • Are you not able to manage stress in life?

Today, stress has become an inevitable part of our life.

You have various commitments and responsibilities towards your family and work. While fulfilling these responsibilities, you might get stressed. This will directly affect your performance.

The following are some of the stress free life tips.

Tip #1: Event has no meaning; you give meaning to the event

It is one of the stress free life tips.

Any situation of our daily life is called an event. Examples – you incurred huge business loss or some loved one passed away in your life.

An event is good or bad depends on how you see it. An event is meaningless in itself. You give meaning to an event and behave accordingly.

For Example:

Your boss shouted at you publically. Is it a good event or bad?

If you give it a positive meaning, you will have positive behavior.

If you give it a negative meaning, you will have negative behavior.

This same event can make you or break you.

What is the reason of stress?

Stress is either due to people or your past experiences. Whenever you try to change the people or your past, you become stressed.
To manage stress in life, you should give new or positive meaning to the event and your behavior will change automatically.

Tip #2: Things turn out best for those who have made the best out of the way, the things have turned out

Your behavior depends on your reaction to the events or things. A positive reaction will result in positive behavior and negative reaction will result in negative behavior. It is also one of the stress free life tips.
When you change the way you look at the things,
The things you look at will change.
? You cannot change the people or your past, you just need to change the way you look at them.
So, you have to change your outlook to see things to manage stress in life.

Tip #3: You don’t behave based on what has happened to you, you behave based on what you feel has happened to you.

You don’t behave based on somebody abusing you, you behave based on what do you feel about somebody abusing you. Here, how you feel is the driving force behind your behavior. It is also one of the stress free life tips.
According to a Shloka of Bhagavad Gita:
Upadrastanumanta ca bharta bhokta mahesvarah
paramatmeti capy ukto dehe ‘smin purusah parah
Krishna is Overseer and Permitter. He looks at an event or situation from a distance and does not get involved in it. Therefore, he is not affected by any situation or event.
You should also become overseer and permitter like Krishna. Look at a situation or event from a distance and have a better understanding of the event before reacting.
This will help you to manage stress in life.
 

Do not get involved in a situation because existence and experience are different. You need to look at things from a different perspective.
Categories
Finance

How to Recover Money from the Market?

Introduction

  • Is your money stuck in the market?
  • Are you not able to recover your money from the market?

In this article, you will learn how to recover money from the market on time from any type of customer, whether they are distributors, wholesalers, retailers, resellers, or franchise partners.

To know how to recover money from the market, you just need to follow the 10 tips to recover money from the market given below.

Tip #1: Check the Payment History of Your Customer

Check the payment record of your customer. It is one of the tips to recover money from the market.

If he timely pays the other vendors, there are chances that he will pay you on time as well.

If he is not paying other vendors on time, he won’t pay you on time as well.

Tip #2: Use the Well Written Contract

Every sale you do should be governed by a written contract and crafted by an Attorney.

One of the tips to recover money from the market is to use a well-written contract.

It means your deliverables, time frame, dispute handling, and payment expectations should be mentioned clearly in a contract.

If the language of a legal contract has some mistakes and weak statements, then you can face some problems in the future.

Tip #3: Use a Delivery Acceptance Letter

It is also one of the tips to recover money from the market is to ensure acceptance letter on the delivery of goods and services.

It works as a Proof or Record for your delivery services.

You can also use this paper in further communication like Time of Delivery, Name of Recipients, Invoice, etc.

Tip #4: Issue Clear Invoices to Your Retailers

While giving the invoice to your customer, mention all the Terms & Conditions clearly.

You should also ensure that the invoice should be received by the right candidate.

Tip #5: Follow-up with the Clients Regularly

To maintain regular Cash flow and Profit, there is a need for consistent follow-up or continuous communication through e-mails, business chat messages, calls, etc.

To run a successful business, cash flow is very important. It gives you the purchasing power and helps you to sustain in the market.

Tip #6: Handle Dispute Professionally
“Professionalism is a key to success”.

Your tone and voice should have a nice Verbal, Vocal and Visual Effect.

It is helpful in resolving the issue related to Product, Project Objection, and Market Competition.

So, handling disputes professionally is one of the tips to recover money from the market.

Tip #7: Incentivize the Early Payments

If your customer pays you early, then give him/her extra benefit. This benefit will be considered as an incentive and not as a discount.

So, incentivizing the early payments is also one of the tips to recover money from the market.

Tip #8: Charge on the Late Payments

If your customers make late payments, then you can also impose charges i.e. late payment fees so that same behavior shouldn’t repeat in the future.

Tip #9: Know When You Need External Help

When the above mentioned tips to recover money from the market does not work or it is not easy to get back your money from the market; you can also take either help from Recovery Agencies or Legal support.

For Example:

Banks take help from recovery agencies to recover its loan amount or pending bills of Credit card from the customers.

Tip #10: Relation and Reputation is the New Currency

If you know the art of making good professional relations or communication and have a good reputation, you can better negotiate and it will work like a powerful currency for you.

These tips to recover money from the market will help you recuperate yourself from losses and once again take your business on the track.

Categories
Marketing

How to Measure Customer Satisfaction?

Introduction

  • Do you know whether your customers are dissatisfied or satisfied with you?
  • Do you know how to measure customer satisfaction?
  • Do you know the Net Promoter Score calculation formula?

All this is Very Simple!

To know how to measure customer satisfaction, you need to first understand how to take feedback from the customer. Companies used to take customer feedback through feedback forms.

You need to bring a little change in your feedback form to evaluate whether your customers are also your potential unpaid business developers.

Are they your potential promoters?

Are they positive, neutral, or negative about you?

You can determine this by taking feedback from the customers on a scale of 0-10.


How Your Customers Rate You?

  • People who rate you between 0 and 6 are detractors – These are those people who are not at all happy with your company, goods or services. They will post negative things about you on social media. They will write various negative things about you in your customer feedback forms. These people will never recommend you to anyone. They will never allow their family and friends to go to you. In their personal, professional, and social life, they will make sure that nobody goes to you.
  • People who rate you between 7 and 8 are neutrals –  If someone goes to these people and ask about their experience with your company, goods or services, they will say it was ok or it was fine. These people will neither promote you nor defame you. They will not allow you to put their reputation on stake to be used to favor your brand.
  • People who rate you between 9 and 10 are your unpaid promoters –  Whenever somebody asks them anything about your industry, they will recommend you strongly. These are those people who will always try your new products and services. Whenever any of your new products come to the market, they will buy it. It is very likely that they can buy your products even at higher prices.

For any organization, it is important to calculate Net Promoter Score (NPS).

(NPS) Net Promoter Score Calculation Formula:
Suppose, if out of 100 people, 40 people give you a rating between 0-6, 10 people have given you 7 and 8 ratings, and 50 people have given you a rating between 9 to 10, then your Net Promoter Score calculation formula will be:

NPS = Promoters (P) – Detractors (D) [+/- Neutrals (N)]

= 50 – 40 (+/- 10)

As neutrals will have no effect on your NPS score, so:

NPS = 50 – 40 = 10%

So, your NPS is 10%, it means that out of 100, 10 people will promote you.

Your NPS should be higher and positive.

Net Promoter Score calculation formula will help you to figure out your current customer satisfaction level, brand loyalty level, and brand loyalty measurement index. This figure will help you to strategize your future plans.

Measure your detractors and make a note of the complaints.

According to the new management strategy, the complaint is a gift. So, catch it because it will help you to strategize in the near future.

Neutrals will always remain neutrals. Try to engage promoters strategically and use them for your Brand Promotion.


You should listen to your detractors and solve their complaints otherwise they will keep on speaking negatively about you.

With the help of strategies of how to measure customer satisfaction given as above, you can understand what your customers’ needs, and scale up your business.

Categories
Process & Business Expansion

How to get J-Curve in Business?

?Introduction

  • Are you worried about continuous loss-making in your business?
  • Do you want your business to get J-curve growth?
  • What is J-curve in business?

No business has ever become successful without having committed any mistake. 

They became successful through bringing in continuous improvements in their businesses.

In essence, they adopted J-curve growth strategy to turn around their business.

J-Curve in Business

After continuous failures, when a business makes a remarkable re-entry into the market in a new avatar, it is denoted as J-curve growth in business.  

J-Curve in business is a situation when a business makes a steep upward movement after the persistent downfall.

Let us understand J-curve growth in the business world with the help of some examples.

Instagram
   

It started as a mobile gaming application named Burbn but failed as it was a heavy application to run on mobile phones.

However, people liked the function of uploading photographs by taking selfies.      

It was re-launched again with the name ’Instagram’ with full features of photo uploading and sharing and it gets J curve in business.

YouTube
     

It started as an online dating site. It failed. It was bought by Google in 2006 and it converted it into a video search engine.

Today, it has become the world’s largest video sharing platform. It gets J curve growth in business.

Flipkart and Amazon
      

They started as small online book stores. After learning from mistakes, they brought extensive changes in their business model and finally, they get J curve in business.

Paytm
        

J-curve effect could well be understood by how Paytm became India’s number 1 payment transfer platform over the night. 

It started as a small online mobile recharge website, which was a failure.    

With astounding J-curve growth, it bounced back and became India’s largest online payment platform.

Facebook
    

It started as an online dating site, named, Hot or Not
. It failed because people did not want to be disliked by others in public.

Learning from previous experiences, Mark Zuckerberg launched Facebook that became the world’s biggest social media platform. 

Shopify

It was started as a snowboard equipment venture. It proved to be a failure.    

It was launched as an online platform for budding entrepreneurs to use this to customize their online store, build a new sales channel, manage unlimited inventory and track your sales and growth trend. From this online platform, it gets J curve in business.

Groupon

It was initially launched as an online socially responsible platform to mobilize people towards any social cause.

It was converted into a category crusher, where a group of people come for heavy negotiation and discounting and it got J curve in business.

Twitter

ODEO was a mobile application used to search and subscribe podcasts. It could not sustain itself in the market against Apple’s iTunes. It was launched again as Twitter and today it is the world’s biggest microblogging platform.

Starbucks

Till 1983, Starbucks sold coffee beans and coffee machines.

While traveling to Europe, Howard Schultz, the founder of Starbucks got an idea to sell brewed coffee to customers.

Today, it is the largest chain of coffeehouses across the world.

Android
        

Similar was the story of Android which was launched by a group of people in California in 2003 as a platform to connect the camera with the computer.

It got J-curve growth when Google acquired Android in 2005 and brought significant changes in it. Today it is the single largest mobile operating system in the world.

In the above example, you can observe that no business became successful in the first attempt. They had to taste the failure, before becoming successful.

Your first product is never your final product.

Your first product is meant only for testing. So, if you get failed, then do not worry. Learn from the mistakes you made and build an improvement cycle.

Categories
Private Equity Funding

How to Get Funding For Startup?

?Introduction

  • Are you unable to get funding for your startup?
  • How to get funding for startup through PE/ VC/ Angel Investor? 

Being an entrepreneur the most essential things is getting funding for your startup. 

So, let’s understand how to get funding for a startup with four significant stages as given below-

Stage #1: Start-up Stage of Business

In this stage, you arrange money from family, friends, and fools (FFF).

Friends
– They are always ready to help you and mostly become the first investor in your start-up business.

Family
– Next is your family members, who can be a valuable support to get funding for your start-up business.

Fools
– (who comes easily in your words without analyzing the future scope of your business) – If you have convincing skills you can also collect funds from such people who can easily believe in your business model.  

Stage #2: Early Stage of Business

In this stage of business, Angel Investors supports you. Angel investors refer to those investors, who invest less and gain less but they work like a necessary supplement to your business and help to move your business to the next level.  

Stage #3: Growth Stage of Business
 

Venture capital (VC) is the major source to get funding for your startup. ’VC brings seed capital to your business.’  VC invests in your idea.  

Important Facts about how to get funding your startup from VC –

  • VC investor usually invests only in Software, Technology or Biotech Business. 
  • VC starts with low investment in the business. 
  • VC focuses on Topline in P&L account, sales or big market share. 
  • VC determines the valuation of a company. He roughly calculates the potential of a company to jump from Rs. 1 crore valuation to Rs. 100 crore. And his money will become Rs. 30 crore from Rs. 30 lac.  
  • VC is a fast mover and works on valuation so he invests in the business.
  • From the very start, VC works at high risk. 
  • VC exits through another investor. 
  • VC invests in many companies and knows very well that out of 100 companies at least 10 companies will give him desirable profit so he focuses on those 10 companies, which are growing rapidly.

Stage #4: Maturity Stage of Business
 

  • Private Equity helps you get funding for a startup when your business expands on a vast level. So ’Private Equity brings a growth capital in your business.’ 
  • PE will invest in your business when he will found Profit / Compounded Annual Growth Rate (CAGR)/ Stability in your business. 
  • PE investors focus on every stable business. 
  • PE can go inside portfolio i.e. Manufacturing, Retail, IT and FMCG business because he is in the search of stability in the business.
  • PE starts with high investment. 
  • PE expects to profit from the business and focuses on the bottom line of the P&L account. 
  • PE is stable and wants both profit and expansion in parallel. 
  • PE works at low risk. 
  • PE exit through IPO.

Loan (Debt Financing) and PE (Private Equity) invests in business in the same stage, when operations, sales, and profitability of the company are stable. At this stage, you can take a loan and private equity both for the expansion of the business.
If profitability and cash flow are very good in your company, then don’t invite Private Equity. Better you take a loan on the nominal interest rate. And if you feel risk in your business also unable to pay EMI, then invite Private Equity.
This essential information about how to get funding for your startup will give immense growth in your business, and no one can stop you from reaching the top position in your industry.
Categories
Finance

How to Do Cost and Benefit Analysis in Business

??Introduction

  • Are you facing difficulty in taking a decision?
  • Do you know the importance of Cost Benefit Analysis?

In any business or in your personal life, decision making plays a very important role. A decision can lead you to prosperity or failure.

Often, you would have come across questions like whether to change the house or not; whether to change the job or not; etc.

But the question is ’How to take a decision’?

Herein comes the concept of Cost and Benefit Analysis, which is essentially a great decision-making tool. It includes the analysis of Cost (the amount of money, effort, and time spend to perform an activity) and Benefit (the Outcome associated with that activity).

Cost and Benefit Analysis Definition

Cost and benefit analysis is an economic evaluation in which the non-financial cost should be considered as a financial cost and non-financial benefits should be considered as financial benefits.

For Example:
?

Many BPO, IT and Non-IT companies give an increment of only 5% in salary but add other small benefits like- Pick & Drop facilities, Snacks during break time or in the evening, etc. 

Actually, many big companies try to touch their employees’ nerves or play with their mindset through cost and benefit analysis by giving a high level of comfort so that they cannot think about switching anywhere else.

In other words, the employees in these companies are not able to do the Cost and Benefit Analysis and hence, not able to take a decision to give a boost to their career growth.

’It is better to join a small startup, where you’ll get the high opportunity of Learning, Leadership, Salary, and Growth.’  

– Jack Ma (CEO, Alibaba)

Evaluate the Economic and Non-economic Cost

Brainstorm all the costs and all the benefits-

First, add cost and then measure benefits

COSTS
–   Add value of (Direct Cost + Indirect Cost + Opportunity Cost + Tangible Cost + Intangible Cost) 

Vs.

BENEFITS
– Add value either in monetary terms or in terms of increased or decreased efficiency (Production + Employee Safety + Team Unity + Sales + Customer Goodwill + Brand Equity + Environment Protection + Turn over + Efficiency + Errors + Client Satisfaction + Enthusiasm + Global Expansion + New Markets + New Partners + Enjoyment)

  • Now check which one is more
  • If Cost is more than Benefits- Don’t take the decision.
  • If Benefits are more than Cost- Take the decision.

Example

Suppose you need to purchase machinery- 

Add the following costs-

Costs
– (Price of Equipment + Transportation Cost + Manpower Training Cost + Electricity Cost)

Vs.

Benefits
– (Efficiency of Manpower+ Utilization of Time + Increase in Production + Morale of Employees)

If Cost is more than Benefits- Don’t Purchase that Machine.

If Benefits are more than Cost- Purchase that Machine.

Categories
Motivational

How to Develop Positive Attitude in Life

Introduction

  • Is your negative attitude a hurdle in your growth?
  • What is the role of a positive attitude in your growth and success?
  • Do you want to develop positive attitude in life?

Attitude plays a vital role in our growth and success. Attitude comes from the seed of the flow of desire that we have developed.

The higher you go in an organization; people use 90% attitude and 10% skills.

However, if you go lower in an organization, people use 90% skills and 10% attitude.

For Example:

The CEO of an organization always uses attitude but less skill whereas a carpenter or shopkeeper uses more skills and less attitude.

So, for your growth, it is necessary that you develop positive attitude towards your life and career.

Seed Pattern and Flow of Desire
You have multiple types of seed patterns and the flow of desires that form your attitude.

Let us study the creative thinking patterns of replacement.

According to the Shloka 2.59 of Bhagavad Gita:

viṣayā vinivartante

nirāhārasya dehinaḥ

rasa-varjaḿ raso ‘py asya

paraḿ dṛṣṭvā nivartate

Lord Krishna says that you have to develop a higher taste to discard the lower one. This is called alternative thinking philosophy.

You have different seed patterns. So, you can choose a seed pattern.

Life is the result of choices you made.

For Example:

If you give sweet dishes to a pig, he will not eat it. But, if you give him feces to eat, he will like to eat it. This is because he has not developed a higher taste.

Similarly, we also develop certain lower mental patterns, we get conditioned with them and we develop a belief system about them.

But we are not an animal; we have a possibility to choose a new seed pattern.

How can we do so?

We can do so by developing a higher taste and discarding a lower one.

Question arises-

How to develop a higher taste?

Whenever you get into a negative situation, do not get dumped too easily.

You should create new roots, new options, new choices, new creations, and new alternatives for yourself to develop positive attitude in life.

You should choose positive roots, positive options, positive choices, positive creations, and positive alternatives.

A shloka related to this is as follows:

vitarka badhane pratipaksha bhavanam

It means that whenever a negative thought acts as a roadblock in your life, develop a positive thought.

Do not get stuck into a circle of difficulty, better to develop a circle of possibility.
Allow yourself to think differently, in a new creative pattern, and have a new flow of desires.
You can develop positive attitude in life by adopting the following steps:

#1: See the Pattern of Your Existing Desire.

How you react in a particular situation?
In a particular situation, you behave in a particular manner and you repeat this behavior when a similar situation occurs in the future.
You need to find out about this situation and your behavior in this situation.

#2: Take a Decision to Process and Dissolve this Existing Pattern.

So as to develop positive attitude in life, first, you have to believe that you are ready to change. Then, allow yourself to change.

#3: Replace and Reinforce a New Pattern.

  • First, replace your old pattern. Then, reinforce the new pattern and consciously hold on these new positive thoughts.
  • Start thinking from a new perspective.
  • Cultivate a new seed and your new life will be started from here.

When you take a new action, new behavior develops. This new behavior turns into a new attitude. In this manner, you can develop positive attitude from negative attitude.
Categories
Motivational

How to Deal with a Difficult Boss

Introduction

  • Do you keep on switching your job?
  • Do you know how to deal with a difficult boss?
  • Are you not satisfied with your job?

If YES, then here are a couple of magical tips pertaining to how to deal with a difficult boss that is going to be your support system in your job journey.

Tip #1: Connect, Convey & Convince

For dealing with a difficult boss, you need to apply the technique of Connecting, Conveying, and Convincing. If you are connected with your boss, then even if you convey less to him, he will be more convinced. But, if the case is opposite, no matter how much you convey, the boss will not be convinced at all.

But, connecting with the boss is not easy.

The 2nd tip will help you how to deal with a difficult boss by developing a connection.

Tip #2: Needs, Interests & Concerns

  • Are you an employee, who speaks his needs, interests, & concerns to the boss? or
  • Are you an employee who listens to his boss’s needs, interests, & concerns?

As your growth is directly linked with your boss’s growth, learn to dealing with a difficult boss by-

  • Understanding his needs, interests, & concerns
  • Understanding his top three priorities
  • Understanding his top three goals in the present year

Seek to understand first, then to be understood!

Tip #3: Listen, Acknowledge, Clarify, & Explain

If your boss is an insecure person, then-

  • Try to make your boss feel more secure.
  • Listen and acknowledge your boss’s ideas, his difference of opinion rather than explaining your concerns first.

Do not listen to your Boss to clarify or respond but listen to him to understand & acknowledge his concerns.

Tip #4: Give Your 110%

Are you giving 100% in your job?

If YES, then even that is not enough. So, start giving 110% as this little 10% extra is the key to influence, inspire your boss.

Tip #5: Develop a Loving Relationship With Boss

Even the most difficult boss is still a person, not a position.
  • Boss is also seeking for right employees around him.
  • Boss is also looking for a more secure relationship with employees.
  • Your good intent will automatically give rise to good content along with improving your credibility. So, always remember-

“If you don’t distinct, you will extinct.”

Tip #6: Never Equate Your Potential with Salary

  • Your salary may be X but your potential may be 100X. Because you are equating yourself with your salary right now, therefore you are not performing well.
  • Some people say-

“Raghupati Raghav Raja Ram, Jitni Tankhwah Utna Kaam”

“रघुपति राघव राजा राम जितनी तनख्वाह उतना काम”

  • Even some people believe in the Principle of-

“Do bar Punch, Ek bar Lunch, Life hai Tunch”

  • Despite being manifold talented, people are not able to justify their position or role in the organization. If you are also one of them, who are equating an existing potential with salary or who do not want to explore his potential, leave this tendency.
  • Try to become Navratna of your boss. Be the one who works beyond potential, who is different, who works to work not just to earn.

“Unleash your potential right now, be the creator of your own destiny.”

Implementing these tips on how to deal with a difficult boss in your professional life will help you understand his concerns and excel in your career as never before.

Categories
Strategy

10 Tips on How to Create Monopoly in Business

??Introduction

  • Do you have an entry barrier in your business?
  • Do you know how to create monopoly in business?

Replicating a successful business idea of others is an old-fashioned way of doing business, which may not every time give you expected results. A business should be so unique and powerful that no one dares to enter into it. 

You should create a monopoly in the market create an entry barrier for competitors entering into it. 

Now let’s understand how to create monopoly in business with given 10 tips-

Intellectual Property Protection

You can create a trade secret of your business that no one knows in the market except you.
 

For Example:
?

1. Coca Cola created a trade secret of their beverage that no one could copy in the market so far. Coca Cola didn’t reveal the method of preparing their beverage, which prevented others from producing it.  

2. KFC also created similar trade secret with their recipe for making a chicken burger, which created an entry barrier for others and scaled up their business across the world.

Patent and Licensing

Patenting and Licensing gives you special right that prevents your competitors from making a similar product.

For Example: ?

In the pharmaceutical sector, two types of medicines are produced- Generic and Molecule. Generic medicines can be made by anyone without any patent rights.

Whereas, molecule medicines are those specific medicine made by a company through their research and development. 

It gives you a monopoly over pricing as it is produced by you only while barring others from entering into the market.

Distribution Network

A strong distribution network gives you an upper hand over your competitors in monopolizing the market.

For Example:
?

Though Nokia’s had a huge distribution network across the country, it didn’t build good relations with retailers, as it gave them very less margin which made their survival difficult. 

When retailers were unsatisfied with Nokia, Chinese manufacturers Oppo and Vevo made a remarkable entry in the Indian market and snatched the tag of the largest distribution network from Nokia. 

Retailers became loyal to Oppo and Vivo as they gave them the highest margin in the market, which automatically became an entry barrier for competitors.

Exclusive Rights

Getting exclusive rights to sell an international product automatically creates a monopoly in the market by creating an entry barrier for others. 

Flipkart and Amazon have exclusive rights to selling products of some of the biggest international brands in India, which disrupts the business of others.

For Example:
?

Flipkart has 70% exclusive rights of selling international products, while Amazon possesses 30% exclusive rights of such products. Only they get exclusive rights of special sales and deals in India.

Economies of Scale

Another powerful method to monopolize the market is increasing your sales so high that it automatically finishes the competition in the market. 

Although it reduces your margin, it increases overall profitability massively on the sale of products.

For Example:
?

Walmart, DMart and Big Bazaar work on this model, where they purchase a huge amount of inventory on heavy discounts, and sell it at very lower prices, without decreasing their profitability. This method gives them an advantage over others, who don’t work on economies of scale.

High Capital Investment

This technique is used by conglomerates to monopolize the market through massive investment in innovative products.

For Example:
?

Reliance Jio used this technique by investing 2.5 lakh crore on new technology which incumbents didn’t have. It left competitors working on old technology out of business.

Jio monopolized the mobile networking market so extensively, that, it led many companies to merge with each other’s to save their existence, reducing the total number of mobile networking companies from 13 to only 3.

Proprietary Technology

The problem-solving technology that only you have in the market, without significant efforts make you only in the market.

For Example:
?

With a 90% gross margin, Bill Gates’s Microsoft Windows has 90% market share in the world.  Nobody could make windows that could compete with Microsoft for decades.

Excellent Customer Service

Domino’s Pizza, with more than 60% market share in the organized industry, has emerged as an excellent customer service provider through its ’30 minute or free’ offer in India. 

This excellent experience by Domino’s created an entry barrier as no Pizza company could compete it so far. 

Brand Equity

Synonymous branding is a unique way of registering your product’s image into the customer’s mind that it comes up first when they talk about that particular product.

For Example:
?

M-Seal, although its product’s name is epoxy compound, became massively popular among customers as M-Seal, through ad campaigns that its name became synonymous to product type.

Loyalty Beyond Logic

In some particular region or community, loyalty beyond logic can be created by providing the products and services that connect with their belief system.

For Example:
?

The health care company Hamdard became so famous among practitioners of Islam in Hyderabad, that they never used products of other companies, even when they sold at discounted rates. 

Once when Hamdard stopped making products due to strike, although they began using products of Baidyanath, returned to Hamdard as soon as it restarted manufacturing products due to their loyalty beyond logic.

Implementing the above given 10 significant tips on how to create monopoly in business will certainly help you become king of the market by creating an entry barrier for competitors.

Categories
Motivation & Mind Control

Understand the Power of Your Thoughts

Introduction

  • Do you want to bring positive changes in your life?
  • Do you know the power of your thoughts?

A powerful thought has the potential to change your entire life in a fraction of second.

Your actions are the result of your thoughts brewing up in your mind. It means that your actions are governed by the power of your thoughts.

’Your life is directed where your thoughts go. Wherever your actions go, your life goes.’
Life-changing actions are first born in one’s thoughts.

The Way you think Determines Your Actions

The Indian scriptures to proclaim the power of your thoughts which reflects in your actions.

According to the Bhagavad Gita Chapter 8 Verse 6:

yam yam vapi smaran bhavam tyajaty ante kalevaram

tam tam evaiti kaunteya sada tad-bhava-bhavitah

Here, Lord Krishna explains the power of thoughts to Arjun at the battlefield of Kurukshetra saying that, ’The way you direct your thoughts, so, will be your actions.’

  • One’s actions depend on the thoughts going inside his/her mind.
  • Thoughts are the first step before performing anything in the physical world.
  • Whatever you see in the world like big skyscrapers, powerful gadgets, airplane, bridges, cars, bikes, ships, and streamers, everything which is created on planet earth by human being actually first came in the mind of a person and then they are able to make these things.

Change Your Thoughts to Change Your Life

  • Your thoughts make your words, and your words get converted into your habits; your habits make your actions and your actions make your character and your character will take you to your destiny.
  • You become what you think.  Hence you have to watch your thoughts to change your destiny.
  • The transformation in your attitude begins with a change in thoughts.

Power of Your Thoughts

  • Anything which is created outside within the cosmic manifestation was also created before in somebody’s mind. It was first created in the mind, before taking the shape of a tangible thing visible to everyone.
  • If you make a bridge or a flyover without having a clear map in front of you, you might end up doing a lot of mistakes. Similarly, when you make a big mall, it is created twice, first in mind and then in the physical world.

The power of thoughts and feelings is immense. We need to understand it and use them as a tool to get success in life.

Success is not by Chance, It’s by Choice

  • Success is never achieved by chance, it is achieved by choice.
  • You can choose your success by choosing the right thoughts.

The power of thoughts and feelings will help you to succeed in life.

Greatest inventions in the world were created first in the thoughts than in the real world.

 

Watch Your Thoughts

  • You can change your life by changing your thoughts.
  • You can creatively and consciously choose your thoughts.

When the being improves, the doing improves, when the doing improves, results improve.

If you want to change your life, don’t change it by changing your actions, but by changing your thoughts.