Millennials are about to make the biggest impact of various generations before, a technological impact, fueled by new innovations. The 80M Millennials are set to inherit and earn tens of trillions of dollars in the coming decades. They currently make up $600B in spend in our marketplace today, which is poised to grow to $1.4T by 2020. The banking industry in particular needs to be on the cutting edge, or they risk missing one of the biggest waves in history that will simply be driven by Millennials, Data, AI and our Mobile Devices.
From the open web, wikileaks, to our own media, Millennials have at their fingertips, all the data that makes them attuned to the banking industry's strengths and shortcomings (as well as other businesses, not just including banks). Over 30% of millennials think that the rise of new innovative Fintech business models (according to the Millennial Disruption Index, a 3 year survey of 10,000 Millennials), banks won't be needed at all. 60% feel like banks fail to keep up with the personalized needs that Millennials truly need, resulting in the belief that financial institutions will not exist as they do today, within their lifetime. Millennials don't want an ordinary banking experience, they want speed, agility, the ability for data and artificial intelligence to foster a valuable relationship between the Millennial and the digital realm they interact with daily.
How can banks stay relevant? How do banks produce value rather than just helping people get more into debt? How do they innovate as fast as nimble startups that want to move the dial and win over Millennials as the stream changes directions?
Millennials want new and innovative financial products and services from startups to help them get out of savings slumps and help them towards a better financial future. We value products, services and people that simplify our lives, provide automation and real financial direction. The problem is, we operate our daily lives in the fast lane with our mobile devices being the catalysts. We rely our devices to deliver to us the most relevant, factual, and meaningful data - but that is not always what we receive.
Businesses need to better understand the Millennial Generation. The Millennial generation's knowledge is vast due to how we spend our time on the open web, learning things that are not just confined the the USA or other continents. Millennials are more worldly, traveled and have had access to information without barriers, making the Millennial Generation one of the smartest generations to date. Businesses can benefit from Millennials, and Millennials from businesses by picking up on the positive trends and interactions that make us evolve towards a more efficient and effective society. It is our job and corporate responsibility as corporations to sculpt solutions that improve our health, our financial status, our efficiency and effectiveness.
To make the human condition better, we must understand the meaningful variables that exist in our environments, while filtering noise (anomalous information) to provide businesses actionable suggestions on how to make customer's (Millennials) lives more fulfilling - evolving the human condition.
Entrepreneurial Journeys and Wisdom from Wise Humans
Tuesday, December 13, 2016
Thursday, April 14, 2016
Startup Problems and Decision Making
A general was to attack a base that was directly across a river. On the opposite side of the river was a 30 foot wall where infantry would fire on the soldiers as soon as they began to cross the river, leading to an easy defeat. Defeat and death seemed inevitable to most of the men that were on the front lines who would have to cross the river. Soldiers thought about their life and loved ones as they prepared mentally for the command that would lead them into immanent demise. The general could have simply made the command and attack, but he thought deeper. He recognized he was not in the optimal position to win the battle, he understood that the opponent would be looking for an attack from the rear and they were prepared for that as well. The general cared deeply for his people and would not let them die so easily, as he had family too.
That evening, the general sent a few men upstream on a covert mission. A few days passed and the men came back having completed the clandestine mission, a few were left behind upstream. The general prepared his men for attack. He commanded his men right before sundown to start retreating down river. The opposing forces saw this movement and prepared for the attack from the rear. A select few of them were commanded to cross the river downstream and begin attacking from the rear at a specific time.
Then, when the sun had fallen, and complete darkness swept over the land, he commanded his men to return to their original positions upstream at the face of the river and prepare for attack. The men who were commanded to cross downstream, starting firing at the exact time they were told, and the agents involved in the clandestine mission that had stayed behind had built a dam upstream which caused the river water to stop flowing, allowing for easy passage. With all of the opposing forces focused on the attack from the rear, all of the men crossed the river, climbed the wall, attacked and defeated the opposing forces with ease.
This general used a simple thought process of "leveled" thinking that can be translated into anything we do in business:
1st Level: Your cards
2nd Level: What does your opponent have
3rd Level: What does your opponent think you have
4th Level: What does your opponent think you think he has
5th level: What does your opponent think you think he thinks you have
In school, we were faced with problems that we were to solve within a set period of time, inhibiting deep thought. We rushed to be the first person to solve those problems, to be the first person to stand up and turn in our test, mainly because there was a time limit. Speed did not always guarantee the highest probability of success though, it just fed our human passion of competitiveness and ego. In the SAT's, we were encouraged to skip difficult problems, and come back to it after the easy one's were solved. While this is a good approach to this specific test, it does not translate well into the world of business or startups where you risk reward, your security, and name.
In business, we are faced with problems that are much more complex, that have never been solved before, that require time and patience for solving them in the most optimal way, with the highest return for the business and stakeholders. Oftentimes we all make hasty decisions, or go with whatever solution that special "someone" who has had prior success, comes up with. We neglect to dive deeper to assess all variables, which proves in to be much riskier. Maybe people make these decisions because its less painful to think deeper, or to risk the comfort of having a position or status. It seems like it is easier for many people to say "I agree" as opposed to introducing new variables into the the decision making process. Most are comfortable relying on others with PHD's, IVY league educations or those who have "been there and done that". People shouldn't rely, they should listen, collaborate, and be mentored. Those that are true PHD's "Poor, Hungry and Driven" - AJ Jaghori, see things from a completely different light. With all these people combined, people can make the best decisions with the highest return.
There are many startups that give up prior to reaching a breakthrough in thinking where success is achieved. Not all problems are solved yet, even those that are, they are not always the most optimal solution.
The moral of the story --- don't fear or accept defeat, be patient, take time, think deeper because you can solve anything you put you mind to.
That evening, the general sent a few men upstream on a covert mission. A few days passed and the men came back having completed the clandestine mission, a few were left behind upstream. The general prepared his men for attack. He commanded his men right before sundown to start retreating down river. The opposing forces saw this movement and prepared for the attack from the rear. A select few of them were commanded to cross the river downstream and begin attacking from the rear at a specific time.
Then, when the sun had fallen, and complete darkness swept over the land, he commanded his men to return to their original positions upstream at the face of the river and prepare for attack. The men who were commanded to cross downstream, starting firing at the exact time they were told, and the agents involved in the clandestine mission that had stayed behind had built a dam upstream which caused the river water to stop flowing, allowing for easy passage. With all of the opposing forces focused on the attack from the rear, all of the men crossed the river, climbed the wall, attacked and defeated the opposing forces with ease.
This general used a simple thought process of "leveled" thinking that can be translated into anything we do in business:
1st Level: Your cards
2nd Level: What does your opponent have
3rd Level: What does your opponent think you have
4th Level: What does your opponent think you think he has
5th level: What does your opponent think you think he thinks you have
In school, we were faced with problems that we were to solve within a set period of time, inhibiting deep thought. We rushed to be the first person to solve those problems, to be the first person to stand up and turn in our test, mainly because there was a time limit. Speed did not always guarantee the highest probability of success though, it just fed our human passion of competitiveness and ego. In the SAT's, we were encouraged to skip difficult problems, and come back to it after the easy one's were solved. While this is a good approach to this specific test, it does not translate well into the world of business or startups where you risk reward, your security, and name.
In business, we are faced with problems that are much more complex, that have never been solved before, that require time and patience for solving them in the most optimal way, with the highest return for the business and stakeholders. Oftentimes we all make hasty decisions, or go with whatever solution that special "someone" who has had prior success, comes up with. We neglect to dive deeper to assess all variables, which proves in to be much riskier. Maybe people make these decisions because its less painful to think deeper, or to risk the comfort of having a position or status. It seems like it is easier for many people to say "I agree" as opposed to introducing new variables into the the decision making process. Most are comfortable relying on others with PHD's, IVY league educations or those who have "been there and done that". People shouldn't rely, they should listen, collaborate, and be mentored. Those that are true PHD's "Poor, Hungry and Driven" - AJ Jaghori, see things from a completely different light. With all these people combined, people can make the best decisions with the highest return.
There are many startups that give up prior to reaching a breakthrough in thinking where success is achieved. Not all problems are solved yet, even those that are, they are not always the most optimal solution.
The moral of the story --- don't fear or accept defeat, be patient, take time, think deeper because you can solve anything you put you mind to.
Wednesday, December 23, 2015
Lessons from Wise Men and Notes to Self; Startup Essentials for HighGrowth Organizations: Volume 1
If you are thinking about starting a business, already have a small business or, a billion dollar tech company, there are 3 essentials that we can all agree that business owners should carry throughout their journey. Before I bore you, let's dive in.
1. Be agile and achieve product-market fit as quick as you can
2. Drive revenue in the shortest amount of time
3. Accept that it is never going to be easy, never stop learning and operate leanly
If your product doesn’t fit the market, and you are not agile enough to ride the waves the ever-changing market needs, you will fail to innovate, and people will not buy. The market is as ADD, OCD and ADHD as that snot-nosed kid that sat next to you in grade school tapping you with his pencil. So you MUST continuously learn and adapt to its ever-changing frequencies so that you cater your products and services to it. Use tools to analyze these trends and the market, specifically to determine what fits and what does not fit. Record and report on the processes you used along the way that proved to be successful. You will need these best practices and variables to automate the revenue generating processes next.
Driving revenue in the shortest amount of time is impossible unless you have product-market fit. If you have not already, once you have product-market fit you must quickly evolve your model further into a platform in order to automate all of your successful processes. You must record the most simple sales process that worked for you first; posting it in the shower, on your refrigerator, even in your car. Live by the processes that continue to work and make sure that everyone that you bring in as an employee or stakeholder lives by them as well. Don’t stray from what works, just be aware of your surroundings and understand that change will occur, and you will have to evolve.
Next, if it is your mindset that your entrepreneurial journey is going to be easy, think again. Most entrepreneurs are not mentally prepared to go to the extremes necessary to make it successful, and fledging business owners should be smart about pursuing their endeavor too hastily. Get a true mentor, and friend - preferably one that has done what you are doing. Find other part-time advisors to give you guidance on specific items. Don't be afraid to ask others for their thoughts, their guidance and whether they get energy from your work, ideas and passion too before you dive in yourself (make sure you get this feedback from strangers too, friends tend to tell you whatever they think you want to hear). Stay up a few many nights as well (all night), make sure that the "all-night- life-grind" you endure is how you prefer to live, because it will happen more often than not. And, if you end your day thinking you didn’t do enough, it’s probably was because you were not smart about something you did, or that you didn’t learn enough. Humans thirst for knowledge, and our consciences sometimes reflect on what we neglected to do, the negative. So use your “inner voice” in a positive way, to point your compass in the right direction. Make sure you end each day smiling because of the job you did, well done, and always have a plan outlined for the next day.
Operating in the most lean way is one of the more important lessons herein, but certainly not least. By driving revenues and operating lean, you add tremendous value, raise barriers to entry. Build partnerships, bring in customers, and drive revenue. After many contracts stack up, call in the investors and share that value which you have built up. Investors deserve value, because they will enable you to add tremendous value too. "Time + Money = Runway". (AJ)
Simplify the lessons mentioned herein, and one could make a strong hypothesis that it is the mental strength, focus, ferocity and positivity that makes entrepreneurs successful. Entrepreneurs undoubtedly will have to wear many hats, and fight through tough times in order to figure things out. The ability to slow things down, think MANY levels deeper and deeper when faced with complex problems is what separates the ordinary business owners, from a high growth business leaders. They are breed differently, without a doubt.
So, remember:
- Be Agile and Aware
- Be Hungry
- Be Resilient
Till next time, Stay Classy Silicon Valley East.
1. Be agile and achieve product-market fit as quick as you can
2. Drive revenue in the shortest amount of time
3. Accept that it is never going to be easy, never stop learning and operate leanly
If your product doesn’t fit the market, and you are not agile enough to ride the waves the ever-changing market needs, you will fail to innovate, and people will not buy. The market is as ADD, OCD and ADHD as that snot-nosed kid that sat next to you in grade school tapping you with his pencil. So you MUST continuously learn and adapt to its ever-changing frequencies so that you cater your products and services to it. Use tools to analyze these trends and the market, specifically to determine what fits and what does not fit. Record and report on the processes you used along the way that proved to be successful. You will need these best practices and variables to automate the revenue generating processes next.
Driving revenue in the shortest amount of time is impossible unless you have product-market fit. If you have not already, once you have product-market fit you must quickly evolve your model further into a platform in order to automate all of your successful processes. You must record the most simple sales process that worked for you first; posting it in the shower, on your refrigerator, even in your car. Live by the processes that continue to work and make sure that everyone that you bring in as an employee or stakeholder lives by them as well. Don’t stray from what works, just be aware of your surroundings and understand that change will occur, and you will have to evolve.
Next, if it is your mindset that your entrepreneurial journey is going to be easy, think again. Most entrepreneurs are not mentally prepared to go to the extremes necessary to make it successful, and fledging business owners should be smart about pursuing their endeavor too hastily. Get a true mentor, and friend - preferably one that has done what you are doing. Find other part-time advisors to give you guidance on specific items. Don't be afraid to ask others for their thoughts, their guidance and whether they get energy from your work, ideas and passion too before you dive in yourself (make sure you get this feedback from strangers too, friends tend to tell you whatever they think you want to hear). Stay up a few many nights as well (all night), make sure that the "all-night- life-grind" you endure is how you prefer to live, because it will happen more often than not. And, if you end your day thinking you didn’t do enough, it’s probably was because you were not smart about something you did, or that you didn’t learn enough. Humans thirst for knowledge, and our consciences sometimes reflect on what we neglected to do, the negative. So use your “inner voice” in a positive way, to point your compass in the right direction. Make sure you end each day smiling because of the job you did, well done, and always have a plan outlined for the next day.
Operating in the most lean way is one of the more important lessons herein, but certainly not least. By driving revenues and operating lean, you add tremendous value, raise barriers to entry. Build partnerships, bring in customers, and drive revenue. After many contracts stack up, call in the investors and share that value which you have built up. Investors deserve value, because they will enable you to add tremendous value too. "Time + Money = Runway". (AJ)
Simplify the lessons mentioned herein, and one could make a strong hypothesis that it is the mental strength, focus, ferocity and positivity that makes entrepreneurs successful. Entrepreneurs undoubtedly will have to wear many hats, and fight through tough times in order to figure things out. The ability to slow things down, think MANY levels deeper and deeper when faced with complex problems is what separates the ordinary business owners, from a high growth business leaders. They are breed differently, without a doubt.
So, remember:
- Be Agile and Aware
- Be Hungry
- Be Resilient
Till next time, Stay Classy Silicon Valley East.
(Big thanks and shout out to thank AJ Jaghori and other advisor's and mentors who contributed the wisdom herein, to aid in our journey. Thank you to my father / family too, who has worked longer and harder than I, and who have taught me to never give up. If an advisor or influencer is not mentioned throughout this blog post, they will be mentioned in the near future.)
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