Technology is at the forefront & catalysing the changes in the world. The physical world is getting transformed into a digital one. The technological innovations are creating a new world and solving challenges at a massive scale. Here we look at the top 10 emerging technologies  based on a report from WEF & Scientific American magazine. This report analyses emerging technologies that have the impact to transform the society, governance and industries around us. 

2020 has been a year dominated by healthcare agenda. The study looks at options and viabilities of using technological advancements for fast tracking vaccination. The report looks at technology as an agent of change, the opportunities they bring and the potential risks posed by them. For e.g. how can digital replicas help in making clinical trials safer and faster for patients? Is it possible to replace human volunteers with digital replicas for clinical trials? Here’s a look at some of these innovations and technologies that can impact the world around us:

1. Microneedles for Painless Injections & Clinical Tests

Microneedle devices are painless ways of injecting patients and drawing blood samples. The micro sized needles typically moving towards commercialization for rapid and painless blood sampling for diagnostics, clinical trials and healthcare monitoring.

The US & Europe have approved a blood collection device, which can be used by lay people to collect blood samples without any medical personnel. People can take their own blood samples and send them to labs for clinical trials.

Research is also progressing on integration of microneedles and wireless communication devices. Microneedles are integrated with wireless devices to measure a biological molecule from blood samples, prescribe a drug dose and then deliver that dose to the patients. This could help in advancing personalised healthcare services.

Ofcourse, this field requires extensive results, accuracy and methodology to find its way into our day to day lives. Theranos, a company founded by Elizabeth Holmes, had a peak valuation of $10 billion. The company made many claims around blood testing technology, which proved to be false. The company had to shut down in 2018 and Elizabeth is indicted for conspiracy & fraud.

2. Sun Powered Chemistry

Many chemicals are made by using fossil fuels. However, a novel approach of using sunlight to convert waste carbon dioxide into useful chemicals. This could reduce the emissions considerably. Climate change is an important issue that needs to be addressed by industries and governments around the world. Use of sunlight activated catalysts, or photocatalysts is reducing the need for using fossil fuels & using unwanted Carbon dioxide gas as a raw material for producing chemicals.

This essentially helps in creating solar refineries for producing chemical compounds that can serve as raw materials for several industries. These molecules and compounds are helpful in creating products  like medicines, detergents, textiles and fertilizers.

3. Virtual Patients 

People have been waiting for the Covid-19 vaccine for quite sometime now. They want the clinical trials to be faster and safer, so that they can have the access to the vaccine when they want it.

Virtual patients are replacing humans for clinical trials. The simulations are helping with faster and safer trials. The algorithms are able to diagnose diseases with greater accuracy. The images from patients are being used for detecting diseases. There is a growing case of doctors being assisted, if not replaced by technology very soon. 

Even for under trial patients, technology can be quite useful. It could save lives, speed up trials and fast track preventive vaccination. The virtual organs simulate human organs by feeding anatomical data drawn from high resolution data of the actual organ into a mathematical model that governs the organ. It is complex with several algorithms running into the equations, data & mathematical modeling that represent the functioning of human organs. Computer based diagnostics are gaining new momentum and will see more developments in the near future as regulators approve its commercial usage.

4. Spatial Computing

Spatial computing is the convergence of physical and digital worlds. It represents emerging technologies that integrate physical objects digitally using smart sensors and devices. Factories can use spatial computing to build automated manufacturing capabilities using robotics, industrial engineering and the internet of things. 

The spatial mapping could add new capabilities that power our day to day lives. For e.g. Alexa devices controlling the home appliances, LEDs etc. This technology will help people and machines interact in a smart way. It’s finding great applications in healthcare, transportation, manufacturing and homes already.

5. Digital Medicine 

The case for digital medicine has got stronger in 2020. Digital medicine is a combination of use of apps and software for treating patient’s physical disorders. For e.g. mobile apps are able to diagnose and prescribe preliminary treatment for patients usings symptoms like users’ voices, locations, blood, sugar levels and texting activities etc.

Today smartwatches are able use sensors to detect & alert people for conditions like atrial fibrillation, an anomalous heart condition. The digital medicine technology received a great booster with Covid-19, a case where millions of people received recommendations on their mobile devices. 

6. Electric Aviation

Air travel had a share of 2.5% in global carbon emissions in 2019. A number projected to triple by 2050. Electric aviation could be a very effective approach to counter this problem. Several companies like Airbus, Ampaire, MagniX etc are working on electrical flights.

While some airlines have started offsetting their contributions to atmospheric carbon, significant cutbacks are still needed.

The electric airplanes could cut down carbon emissions. The electric propulsion would also cut down fuel costs by up to 90% & maintenance costs by nearly 50%. The electric airplaces will also eliminate noise by approximately 70%.

A strong reason for airlines to invest in this technology lies in potential savings in operational costs. The environmental benefits will also be quite notable.

7. Lower Carbon cement 

The global construction industry requires cement for building our world. Yet, it produces 8% of the total carbon dioxide produced by humans in the world. Cement production is one of the largest producers of carbon dioxide. As per Chatham House report, 4 billion tonnes of cement are produced every year. The figure is expected to rise to 5 billion tonnes over the next 30 years.

An approach developed by Rutgers university is being used by a New Jersey based construction firm. This reduces carbon dioxide footprint by 30%. It uses more clay, less limestone, and less heat for making cement. There are other techniques which use bacteria and other chemical components like steel slag to reduce carbon footprint during construction. While it may not be possible to do away with traditional concrete in construction, alternate approaches are being used for building pavers, facades & temporary structures.

8. Quantum Sensing

Quantum sensing could be a disruptive technology. It could power self driving cars and autonomous vehicles. The quantum sensors could be used in vehicles to see around corners, it can also help with underwater navigation, detect volcanic activity, earthquakes and monitor a person’s brain activities.

Quantum sensing technology can be used in many fields including medical and defence applications. Governments and private investors are throwing their weight behind quantum sensors to build industry ready applications for mass scale. Case in point being the UK governments £315 million fund for Quantum Computing Programme.

9. Green Hydrogen 

Green Hydrogen is produced through electrolysis. It produces hydrogen and oxygen with no other by products. The energy companies around the world are looking at ways to build renewable sources of power.

A consortium of companies has been working on a project called Gigastack. It will be used to produce green hydrogen and an industrial scale.  The Energy Transitions Commission, says green hydrogen is among the four emerging technologies necessary for meeting the Paris Agreement goal, which requires decreasing more than 10 gigatonnes of Carbon dioxide every year from mining, construction and chemical industries.

10. Whole Genome Synthesis

Whole genome sequence is an exciting development. When Coronavirus was spreading, Chinese scientists uploaded the genetic sequence of Coronavirus to genetic databases. Swiss scientists were able to synthesize the entire genome sequence and even produced the Coronavirus from it. It means the virus was teleported without the physical movement.

This is just one of ways how the whole-genome is advancing medicine & other fields. Researchers use software to construct genetic sequences. These are introduced into microbes to do the desired work. For e.g. making a medicine. The software algorithms are being devised to write larger genomes.

The future will see the synthesis of assembling large DNA sequences, which can help in curing genetic diseases. The next decade will be exciting to see where genome sequencing will take us.

Employee feedback can be pivotal to guiding an organisational strategy, improving its performance and attracting a great talent pool. Employee feedback has become a quintessential way to gauge how your company is performing for its workers. It can give you great insights to unlock your team’s potential and help your company make the right moves.

According to research by Kronos & Future Workplace, 87% of HR leaders consider employee retention as a primary concern. Employee feedback is a potent weapon to enhance employee experience & guard against attrition. Organisations that hear what their employees have to say can build stronger team bonding. And it has become easier to take inputs from employees with online surveys and tools. Here’s a look at the ways your company can solicit feedback from its employees.

1. Onboarding Employees

When new employees are onboarded, it is a time to seek their inputs to see your organisation from a fresh perspective. Many of these new joinees would have worked for other companies and can bring in a good cultural mix. The new employee assessment and surveys can be done regularly in 1 month, 3 months,  6 months and 1 year time frame.

The right surveys can help your organisation answer some of these questions:
Is your organisation providing the right tools for employees to perform? Is your culture adaptive enough for people to gel with others? Is your interview process, performance measurement tools and working environment up with the best? What are the areas where employees need help? How can you improve as an organisation? Are tools & technologies measuring up with the latest industry trends?

2. Team Offsites

Office may not always be the best place to connect with employees and get their honest feedback. Many companies make it a priority to organise events, team gatherings and offsites. These events help build team bonding and employees can communicate in an informal manner. A lot of their concerns and honest opinions may be revealed during these events.

The feedback from these events can be used for course correction. When employees are heard, they feel empowered. They feel a sense of responsibility and belongingness which can augur well for the company. Not all employees will fit into your company culture. But those who stay with you must be heard and taken care of. 

3. Action on Feedback

After taking inputs and feedback from employees, it will do no good if your organisation doesn’t act on it. The employees will feel valued once they see that their feedback leads to a positive and visible change.

Not all feedback will be useful or implementable. The management team needs to ensure it can prioritise feedback and incorporate the most meaningful inputs. These inputs can help the employees as well as the organisation.

A feedback report can be created with an actionable plan for implementation. The report needs to address basic questions for taking decisions as highlighted in the High Output Management by Andy Grove, former CEO, Intel:

What decision is needed?
By when?
Who should be consulted?
Who decides?
Who ratifies or vetoes?
Who needs to be informed?

4. Indirect Approach

A direct approach to employee feedback can put them in a defensive situation. Most employees will never be comfortable to speak their minds with their CEOs or the board members. Often, companies adopt a middle men approach to solve this problem. They use managers and HR representatives for this task.

The managerial staff can take feedback from the employees & feedback can be confidential. Technology driven surveys, suggestion boxes etc. can also be helpful. The idea is to identify the core reasons for improvement and not for targeting people. 

5. One to One Meetings

One to one meetings are typically weekly or monthly meetings between a manager and an employee. These meetings could be anywhere from 30 to 60 mins. These meetings are very powerful ways to build rapport, assess performance and bring out issues that need urgent attention.

One to one meetings can help leaders understand the motivation of their employees. They can help them understand the needs of an employee, what he needs to increase his competence & achievement. By connecting and engaging with employees, organisations can help them perform at their best and coach them to increase their competencies. 

One to one meetings were popularised by Andy Grove. They have been widely appreciated by the likes of Ben Horowitz, Marc Andreessen and several other leaders. 

6. Exit Meetings

Outgoing employees can be a very good source of figuring out attention areas for your organisation. Employers and organisations can take feedback with exit meetings from employees.

When employees are quitting, they are honest and candid in their feedback. These issues can be discussed with an open mind leading to organisational growth and better retention strategies. Work life balance, learning and development, salary, location, job progress, and career development goals are some of the common issues due to which employees switch jobs.

Good organisations invest in career development of individuals, understand employee motivations and frustrations. Dale Carnegie, “the only way to influence people is to talk in terms of what the other person wants.”

7. Address Changes & Follow-Up

Employee feedback like their performance reviews is an ongoing process. When an organisation creates an actionable feedback report and incorporates meaningful and pertinent changes, it can again engage with relevant employee groups. A continuous improvement and ongoing engagement strategy can be developed for lifelong learning by organisations.

This strategy can give forums and representation to the teams to engage with management. The management can proactively create forums for feedback and seeking inputs to get progressive ideas for the organisation.

The Wrong Approach to Employee Feedback

Employee feedback needs to strike the right balance between what is useful and things that need to be ignored. When organisations become a political battleground, it can create a doomsday situation for talent and creativity. Employee feedback doesn’t work well, if your company takes a wrong approach to it:

i) Not Approachable

An open door policy builds trust, but when people have no way to communicate, they suffocate. A management team needs to be open minded and encourage communication in line with their organisation and team goals. An open door policy establishes confidence in people to talk about their concerns, ideas and even bring in new initiatives. Changes must be done proactively before you are forced to make them.

ii) No Action
The value of the feedback lies in its successful implementation. Organisations that devote time to collect feedback must be able to prioritise is implementation too. Companies that are averse to employee feedback or take no measures for incorporating them eventually discourage people from speaking up.

iii) Discuss Positives   

Employee feedback is not only about the negatives or improvement areas. Infact, it can be a great way to discuss the things that are working well in the organisation. Employee feedback can reinforce the positive aspects of a company. Teams can use this as an opportunity to thank their management and show gratitude towards the best aspects of their company.

Overall, employee feedback is an effective way to learn about things that are working well in your company, build an employer brand and uncover new opportunities for employee & company growth.

Continue reading “Delivering Happiness by Tony Hsieh | Former Zappos CEO’s book | Delivering Happiness Summary” →

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Job satisfaction is gaining prominence for companies and its employees around the world. Nothing matters more to employees than being in a job where they feel they are truly making a difference, adding value to themselves and the organisation. Job satisfaction is the new frontier for the employers who want to build a loyal workforce that is engaged in world transforming products & services. 

While the pandemic has allowed employees to work from home. Many have started missing the office environment and their work. Employers are looking at job satisfaction levels among employees to retain them longer. Higher job satisfaction leads to lower attrition and increases competitive advantage for companies.

Work Relationships for Job Satisfaction

Research shows that the most important thing for job satisfaction is the relationship with people you are working with. Your colleagues and boss are important for your job satisfaction.

“To be satisfied with a job, you don’t have to worry too much about finding a perfect fit for your interests because we know other things matter too,” according to Levin Hoff, an assistant professor of psychology at Houston University.

He further elaborates, “As long as it’s something you don’t hate doing, you may find yourself very satisfied if you have a good supervisor, like your coworkers, and are treated fairly by your organization.”

Interest & Job Performance

When your focus is on the things you are doing, you will naturally excel at them. It helps you improve your performance, which leads to increase in pay and promotions. “Being interested in your work seems more important for job performance and the downstream consequences of performing well, like raises or promotions,” says Hoff.

Hoff and his team have conducted a study by analysing 39,600 interviews over the course of 65 years. The study was conducted using data from 1949 to 2016.

“In popular career guidance literature, it is widely assumed that interest fit is important for job satisfaction,” Hoffman says.

“Our results show that people who are more interested in their jobs tend to be slightly more satisfied, but interest assessments are more useful for guiding people towards jobs in which they will perform better and make more money.”

The study shows a strong correlation between interest and job performance. When people are doing things they love, they can often go the extra mile to create excellence. They also perform better, get promoted and make more money when the job interests them. 

Job Satisfaction Factors
As organisations are looking to improve on the job satisfaction scores, a study done by Society for Human Resource Management examined 43 aspects of job satisfaction and 37 factors for employee engagement. The key findings and contributors to satisfaction are as follows:

Respect 

Respect for employees at all levels was cited as the most important factor to their job satisfaction. 67% of the respondents in the SHRM report cited this as very important for job satisfaction. When employees at all levels are respected and embraced, it creates a winning culture in companies. 

Compensation

Compensation is the second highest factor contributor to job satisfaction. As many as 63% employees cited good compensation very important for their job satisfaction. Competitive pay helps employees lead a financially secure life. It helps them focus on their work and not look for jobs elsewhere. It is also an important metric for making employees feel valued & part of the organisation.

Overall Benefits 

The overall benefits of employment were rated by 60% employees as very important to job satisfaction. Today, organisations are coming up with innovative policies for keeping their employees happy. The benefits and policies are driven to attract talented people and keep them engaged at work.

Job Security

The job security was rated by 58% employees as very important to their job satisfaction. The job security is even more important during turbulent times and transitions like the pandemic. Employers that exhibit care and job security for their teams are able to earn their loyalty for a longer period compared to those that don’t. 

Trust

The trust between employees and senior management is among the top five factors for job satisfaction. 55% of the employees rated trust between employees and their senior management as very important. Given the uncertainties of the workplace, it becomes paramount for senior management to build stronger trust with their employees.

Skills & Abilities

Opportunities to use your skills and abilities at work was the sixth factor contributing to job satisfaction. 55% of employees rated it a very important factor. Employee growth is dependent on their abilities to develop new skills and abilities. The organisations that provide opportunities for employees to showcase their skills and abilities help them grow and develop. Employees excel when they are challenged and given freedom to show their skills and talent.

Higher job satisfaction will be an important metric to build the future of companies. The remote working options and automation is creating flexibility for employees as well as organisations. Working with the first choice employers often brings out greater productivity and best results for employees. They spend more time engaged in their work and do things that add tremendous value.

The companies that invest in job satisfaction and keeping employees happy tend to attract quality talent. They are able to reduce their employee turnover, increase productivity, profits and loyalty. When the job satisfaction is high, employees want to be part of the company’s mission and growth. They feel connected and contribute to the organisation’s long term success.  

Airbnb has captured the imagination of the world like no other company, especially in the travel domain. The company has skyrocketed to a valuation of close to $100 billion on its trading debut. The market value of share was $146 per share at one point, before closing at $144.71. The Airbnb had a market capitalisation of $86.5 billion on its first trading day. The Airbnb success story is the stuff dreams are made of, it has been a journey that has changed the world, it has changed the way people travel and connect with each other.

Renting out your apartment, your home to strangers sounds crazy enough and Airbnb managed to build a company with a market cap close to $100 billion with this. The rental accommodation site started by Brian Chesky, Joe Gebbia & Nathan Blecharczyk in 2008 has become a synonym of the shared economy. Jokingly, the founders call Airbnb the worst idea that ever worked. Many sceptics and experts wrote them off when they started.

The Airbnb idea was conceived when Brian Chesky and Joe Gebbia moved to San Francisco from New York. They had trouble paying their rent, at the time they weren’t employed. There was a design conference in San Francisco that attracted many visitors. But the hotel rooms recommended for the conference were all booked. So, the duo decided to share their Air Beds and breakfast for $80 per night. They received three guests for their service. And that is how the idea of rental accommodation was conceived.

Joe & Brian then created a very simple webpage that provided Air Beds and Breakfast booking options for people. They received three guests for their services with this simple website. The conference week validated their business model and showed them the potential in their idea. They asked local bloggers for backlinks, used craigslists hacks for acquiring their user base & created a smooth user experience that ensured growth for Airbnb.

Focus on Design & User Experience

The Airbnb success story has been built of user experience and design has played a key role in it. People who wanted to rent their accommodation uploaded photos that weren’t exactly attractive for the users. The people who wanted to book the accommodation were not able to see clearly what they were booking. Joe and Brian went as far as clicking pictures of apartments themselves and having professional photographers to upload pics that resonated with the users.

The Airbnb team used the portal and booked accommodation services to see the details of how everything works for the end users. They picked up small but important aspects that made a big difference to the user experience.

Reid Hoffman mentions in his Airbnb reflections that the founders of Airbnb approached things from the ground up. They worked towards improving the user experience and not just the Airbnb website. For e.g. the first thing someone does in a new place is look from the window. So, what can you do to make a good first impression? A window treatment doesn’t change the view, but a clean frame can improve the experience better.

The Struggles

Earlier this year, Airbnb had the toughest times it faced probably since its early days. As per Brian Chesky, “We spent 12 years building Airbnb business and lost almost all of it in a matter of four to six weeks.”

Airbnb is a travel based business and with Covid came its sternest tests. Earlier this year, the Airbnb bookings dropped between 41% & 96%. The company had to lower its valuation from $31 billion to $26 billion. It also considered delaying its IPO. The cancellations on the site made matters worse. In May, the company decided to let go 1,900 employees or 25% of its workforce spread across Americas, Asia & Europe.

The company helped its employees to find new jobs for many of its employees that were laid off. Airbnb had a series of cost cutting initiatives that included down sizing, suspending new hiring, reducing marketing, cutting down executive pay to save $800 million this year.

Bouncing Back Strongly

The company has bounced back strongly with its IPO in December 2020. The company had a targeted price at $68 per share. The company ended up raising $3.5 billion as the stock closed at $144 on its opening day. Airbnb has been able to defy the odds, it was one of the most widely awaited IPOs this year at the US Stock exchange.

While Airbnb was looking to sell 51 million shares at $56 to $60 per share, it ended up doing far better. Initially they had a target of $44 to $50 per share for Airbnb. This was also the biggest IPO at the US exchange in 2020.

The travel bans, COVID restrictions and precarious state of affairs around the world in 2020 didn’t deter Airbnb from registering a resounding entry at the Nasdaq. Infact, Airbnb had raised $1 billion in April at a valuation of $18 billion.

The valuation of Airbnb at $86.5 on its opening day makes its market cap greater than the top three hotel chains combined. Marriott, Hilton, and Intercontinental are the world’s top three hotel chains and their combined valuation on 10th December 2020 was $84.1 billion.
Infact, as per Business insider, Airbnb has more total listings worldwide than the top five hotel brands combined.

The Secret Sauce

The company has come a long way since its early days in 2008, when it was forced to sell cereals. Airbnb was low on cash and the founders had to resort to selling cereals and breakfast using designer boxes. The theme was based on the US presidential election with Obama & Mccain on the cereal boxes. It helped the startup raise around $40,000 much needed at the time.

The company now provides accommodation services through its portal and app in 200 countries around the world. It covers more than 81,000 cities and is making a serious economic impact with its presence. Airbnb has promoted cultural tourism, strengthened bonds enriched the travel experience of millions. It has also made travel cheaper and is eating into the revenue of the biggest hotel chains.

Reid Hoffman, Founder, LinkedIn & early Airbnb investor mentions, “Airbnb story is that it demonstrates how when you win a winner-take-most market with strong network effects, it can be not just industry-transforming, but world-transforming.”

Airbnb’s success story is one to savour. With so much that has gone off track in 2020 for the travel and hospitality sector, Airbnb emerges as a strong player. It shows resurgence, hope and novel ways people will travel, connect and explore the world in the future.

Continue reading “Tools of Titans: The Tactics, Routines and Habits of Billionaires, Icons and World-Class Performers” →

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Making the right choices can be a daunting proposition in the world of changing priorities and dynamics. Many people struggle to make the big choices in life, they give in to the regular and mundane pursuits that consume them. But when it comes to the richest person in the world, Jeff Bezos, he has a clear framework that guides his choices.

Jeff Bezos is one of the most successful entrepreneurs and forward looking leaders in the world today. He is well respected for his personal qualities and approach that has helped him build Amazon into one of the most valuable companies in the world. He has often reflected on the principles that guide him to make decisions.

Your choices make you the person you are. In the long run, it is not the zeroes in your bank account, but the choices you’ve made that will define who you are.

Bezos said, “When you are 80-years-old, and in a quiet moment of reflection narrating for only yourself the most personal version of your life story, the telling that will be most compact and meaningful will be the series of choices you have made.” Here’s a list of questions that Jeff Bezos thinks you should think deeply and answer for yourself to guide your choices.

1. How will you use your gifts?

We are all blessed with certain gifts and the onus is on us to make use of these gifts. We can opt for the choices that help us build something bigger than ourselves with our capabilities. We can use our gifts and talents to create a compelling story for our lives.

2. What choices will you make?

It is the everyday choices, the decisions and the things that we do that shape our lives. Great achievers are long term thinkers, they think ahead and develop a long-term perspective of things. They are not short sighted and are able to develop the habits that help them achieve what they want.

When Jeff Bezos wanted to start Amazon, he thought about possibilities of failure, but went ahead because he didn’t want his life to end up in regret of not trying.

3. Will inertia be your guide, or will you follow your passions?

One of the biggest hurdles for talented people is that they are too busy to change anything. They are driven by the state of inertia, not willing to risk any action unless they’re compelled. Following your passions and dreams requires action and hardwork.

4. Will you follow dogma, or will you be original?

It’s always been like this is a mantra that leads to stagnation. People who are original are able to think through things and evaluate their actions. Are you a person who understands things or is happy following the regular course without thinking about them? Great things start with curiosity and willingness to try.

5. Will you choose a life of ease, or a life of service and adventure?

We can always choose the default state and have a comfortable life. But great leaders and achievers are driven by something higher. They are driven by a mission or a wrong they want to correct. They are willing to stretch themselves, endure and do whatever it takes to achieve their goals.

6. Will you wilt under criticism, or will you follow your convictions?

It is easier to find faults and criticize people for what they are doing. But it is hard to do things that make the difference. Many people are easily discouraged and give up what they want to achieve in the face of hardships or criticism. The top achievers learn to focus on what matters to them.

7. Will you bluff it out when you’re wrong, or will you apologize?

Your character is revealed in the moments you make a mistake. It is easy to bluff others, but you can never bluff yourself. If you have made a mistake, apologize and follow a corrective course of action. Deceptions will lead you astray and lose your credibility too.

8. Will you guard your heart against rejection, or will you act when you fall in love?

Jeff Bezos like many other successful people have mastered the art of rejections. They know that a systematic approach to experimentation, improvement and relentless efforts leads to success. Bezos has made the biggest bets of his career based on this ability to learn from failures.

9. Will you play it safe, or will you be a little bit swashbuckling?

You don’t get a second shot at life. We all have limited time and energy to make things happen. We can either go for our dreams or live in fear of failures, rejections and let life fizzle out. Successful people take chances, face the challenges and evolve with time.

10. When it’s tough, will you give up, or will you be relentless?

Everyone who decides to take the road less traveled has to face his share of struggles and challenges. Make no mistake about it. Successful people develop an inner compass that guides them through their struggles, they are able to endure longer and achieve things that they want.

11. Will you be a cynic, or will you be a builder?

Our energy creates the things we do. Jeff Bezos and top achievers spend more of their energy in building something, doing constructive things and not in merely fault finding. It is easier to be a cynic or a critic. But the glory goes to the doers, the achievers.

12. Will you be clever at the expense of others, or will you be kind?

Are you doing things that will make you proud? You can get ahead at the expense of other people, but that will not last. It will not create a legacy that you will cherish. Doing good, being kind and living your highest values will never hold you back in life.

Time is a scarce resource, especially for entrepreneurs. When you are constantly bombarded with things that need your time, attention and energy, it is a challenge to prioritise things. Successful entrepreneurs learn the art of using their time most effectively.

As Warren Buffett once said, “Time is the friend of the wonderful business, the enemy of the mediocre.” How entrepreneurs use their time is akin to their growth and development.

Great entrepreneurs develop practices, routines and habits that help them get in the right frame of mind to get things done. They learn, unlearn and relearn new ways of doing things more prudently and in the process create value for others.

Entrepreneurs like Richard Branson have adopted a cool and casual approach to business administration. He often spends time talking to people from his travels around the world, takes adventurous expeditions around the world, but keeps an idea diary to note his ideas and keeps in touch for following-up with people whenever needed.

Phil Knight, Founder of Nike, used to find energy from his late evening runs. He spent time running, gathering his thoughts and ideating while on the run. Often, he would go for a 5-6 mile run at the end of his day. Warren Buffett is famously known for spending most of his day reading, building and updating his knowledge base.

Successful entrepreneurs and professionals are able to experiment and find a strategy that helps them make best use of their time. Here’s a look at some of the effective strategies adopted by successful entrepreneurs:

1. The 15 Minute Rule

Anthony Trollope was a author who wrote 47 novels, 18 non-fiction books, 12 short stories and 2 plays, in addition to a huge volume of articles and letters. This was back in 1847. No computers, Google and not even typewriters.

So, how did Anthony Trollope manage to write so many books. He revealed his secret, which was highlighted in the book, Daily Rituals by Mason Currey. Trollope managed to write in 15-minute intervals for three hours everyday.

He set himself a target of writing 250 words in 15 minutes. He mentioned, “It had at this time become my custom,—and is still my custom, though of late I have become a little lenient of myself—to write with my watch before me, and to require of myself 250 words every quarter of an hour”

Trollope further elaborates, “This division of time allowed me to produce over ten pages of an ordinary novel volume a day. If kept up through ten months, would have given as its results three novels of three volumes each in the year”

Trollope had mastered the art of productivity. He used short bursts of 15 minute intervals to measure his progress and achieved great results. It is a simple, but very effective strategy.
When entrepreneurs are focused and make use of their time, they can do a lot more work.

Smaller intervals are focused time periods that make people focused. The shorter time intervals focuses the mind towards priority targets, sets the pace for work and measures the results achieved.

It divides the work into smaller manageable units. For e.g. writing 10 pages sounds overwhelming, but writing 250 words is a more manageable proposition. It sets you into action mode, helps you develop the right momentum and confidence to complete your work for the day.

The pace of work improves significantly when work is measured in small intervals. When smaller tasks are completed with efficiency, it adds up a lot of value for a day. The best entrepreneurs learn to divide and manage their tasks.

2. Measure Speed & Impact

When work is allocated small units of time, it sets the pace for the day. There is progressive work and focused energy to achieve the tasks. Parkinson’s law states that “work expands so as to fill the time available for its completion.” It’s very true, especially when you have a distracted day.

Great entrepreneurs learn to measure the speed at which they are doing things. They make the best use of their time by measuring progress in short intervals like Trollope. By allotting the smallest intervals to complete a task, you can do more focused work and even do it with better quality due to fewer distractions.

The best entrepreneurs invariably share one common trait & it creates a massive difference. This is about focusing on work that maximises impact. As an entrepreneur it is not enough to measure the speed, infact, you may be good at things but you shouldn’t be doing them at all. You must choose and pick the things where you can create maximum impact for the organisation.

The top professionals figure out the core focus areas which will create the maximum impact in their work, they measure and improve these areas. And they leave everything else to focus on these areas.

3. High Performance Environment
Your environment is very important. As an entrepreneur, you can often decide how your environment should be. The best entrepreneurs create an environment, which helps them maximise their talents and abilities.

They do things that create maximum value for them and the organisation. They eliminate distractions and build routines that deliver great results for them. The successful entrepreneurs learn to separate themselves from all the noise around them and do meaningful work.

Your inner environment is also an integral part of your overall performance. When you are in a pleasant state, happy and focused in your work, you can achieve much better results compared to a stressed state. Entrepreneurs need to set the tone for themselves and their teams. The best entrepreneurs create an environment to maximise the efficiency of not just themselves, but everyone involved with them.

4. Time Blocking Schedule

One of the secrets behind successful entrepreneurs is their ability to devote time to things that they value the most. Elon Musk is famous for his 5-minute rule. Elon is known for his 5-minute blocks for different activities.

So, if he has to reply to emails, he uses the email block of 5 minutes to do it. He eats a meal in his scheduled block of 5 minutes. He divides his whole day into smaller blocks of time devoted to activities that maximise value for his day.

He avoids doing any activity that is not scheduled for the time. For e.g. he wouldn’t pick up calls that are not scheduled or meet people when he is in the middle of work.

The time blocking schedule is a very effective strategy that helps you pour all your energy into things you are doing. It helps you block time for things you want to do and eliminate everything else.

While it may not be possible for you to have 5-minute blocks planned for everyday. You can still adopt smaller time slots and schedule activities for your day. It will help you increase your productivity, concentration and avoid additional hours for your work.

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