FP Entrepreneur asked six of Next 36’s grads what questions they were dying to ask serial entrepreneur Reza Satchu. Today, Tandem asks when the time is right to pivot
Source: Startup grads ask an expert: When should we pivot our product based on feedback? | Financial Post
Global firm Gensler has completed a university building in Kansas that consists of volumes clad in concrete, glass and weathering steel, and interior spaces intended to promote unexpected interactions (+ slideshow). (more…)
Every company wants to improve its business accuracy; however, mistakes are going to happen—it’s just a fact. When mistakes do happen, the following actions or inactions will take place:
When a business reviews its past mistakes and proactively changes processes or procedures associated with the mistake, potential problems can be prevented from recurring in the future. Taking a proactive approach to mistakes changes the thought process from a temporary fix to a permanent fix.
The following are six approaches to eliminating or reducing mistakes:
1. Eliminate error factors—Redesign processes and procedures where errors have occurred, and eliminate factors that are prone to having mistakes happen again. Workflows should be reviewed to find areas that are weak or outdated to reduce potential errors; areas can also be combined with other processes or procedures to increase overall operational efficiency. Although total error elimination might not ever be achieved in a business, error elimination and error reduction should be a goal.
2. Replace one process or procedure with another—This action involves substituting a process or procedure with a more reliable one. Using new and improved equipment allows technology to achieve more reliable results instead of simply relying on human intervention. A passive approach to processes and procedures is to keep the status quo; a proactive approach—substituting one process or procedure with another—leads to error reductions.
3. Practice prevention—By eliminating or reducing potential errors, “negatives” can be turned into “positives.” For example, safety guards on machines can prevent employee injuries; online forms can have field limiters and checks to ensure accurate data input; computer programs can ask for a confirmation before an item is deleted. Practicing prevention can be implemented in any business. It produces positive outcomes as it prevents costly accidents, increase accuracy and accountability, and improves operational efficiencies.
4. Simplify to improve—Facilitation helps make it easier to not make mistakes. People love simplicity over complexity; the easier a task, the better it will be understood. An example of avoiding confusion in an office might be to color code different forms—print expedited requests on red paper so they don’t get lost in the shuffle with other documents. Data entry can be simplified by using “check-the-box” choices and on-form instructions. There is no need to make something difficult if it can be made easier.
5. Detect first—Detection warns of possible impending problems. For example, parking garages have entrance and exit signs, as well as height warnings; road signs warn of impending danger. Advance preparation through the use of various detection measures can help reduce errors from even happening in the first place.
6. Mitigate adverse effects—Mitigation alleviates the effects of something going wrong. One business might have an automatic shut-off switch for electricity, water, or a specialized piece of machinery; another business might have a computer lockout after a number of incorrect password attempts. Although everything can be done in a business to prevent errors, mitigating the effects of an operational failure is important when an error does occur. Forward thinking rather than emergency fixes is a prudent business philosophy.
Total involvement of everyone in a business—from owners to employees—can stimulate creativity to figure out ways to prevent errors from happening. Observation, group discussions, and open communication can correct many deficiencies in a business before something goes wrong. Prevention now—peace of mind later!
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There are a number of reasons why customers may decide to abandon your product or service. But if you don’t find out why—and fast—you’ll never know how to keep new customers from sticking around in the future. That’s why we asked eight successful entrepreneurs from Young Entrepreneur Council the following question:
Ask yourself what their reasons are for leaving. Is your service or product frustrating or difficult to use? Is it too expensive? Is there a superior alternative out there? Then, create an approach to address the most common concerns. You can learn a lot from a simple, honest conversation or email exchange with a customer who is leaving. —Volkan Okay Yazici, Stonexchange
In my businesses, I’ve found that picking up the phone and calling clients goes a very long way–it trumps email any day of the week. Ask people how things are going, what you can do to help, and what problem areas they have that need your attention. You’ll learn so much about your product offering and company in a very short period of time, and customers will really appreciate the one-on-one attention. —Alex Miller, Upgraded Points
Look at your available data to see when, where, and why the decline happened so you can pinpoint a particular set of actions or communications that put customers off. While you can ask them why they decided to leave, it’s important to sift through your data for any patterns in the decline and better understand the problem from inside the organization. —Angela Ruth, Due
Are you attracting the wrong types of customers? Are you unable to retain good customers because your product inadequately meets their needs? Or is there a fundamental problem with your approach to customer service? Before you start interrogating customers about why they are abandoning ship, find out first if this is an internal problem you can solve quietly. —Firas Kittaneh, Amerisleep
Incentivize past customers to complete exit interviews or surveys by offering gift cards or raffle entries in exchange. When someone makes a decision to leave, it’s usually final. But figuring out why they left and fixing the problem can prevent other customers from leaving. Consider the “price” of getting people to do exit interviews/surveys as an investment in keeping your current and future clients. —Dave Nevogt, Hubstaff.com
Use periodic customer satisfaction surveys and discussions to find the reasons behind your churn rates. Hire account managers that have experience with account/crisis management. Set realistic expectations on what you are capable of doing so that you have the ability to wow them. Under-promise and over-deliver. —Deepti Sharma Kapur, FoodtoEat
Using analytics and other data sources, look for trends to determine the cause. Oftentimes, numbers will share the story behind the decrease in customer retention. Then perform an audit of your current processes, products, and services to identify how you can improve. This includes competitors since they may offer the same thing for less, or something better. —Marcela De Vivo, Brilliance
While it’s true that you should talk to customers to understand why they’re leaving, there’s a step I’d probably take before that, which is to dial down or turn off marketing spend. Most likely, you’re spending with a certain customer lifetime value calculation, and now that’s changing. So don’t overspend. —Fan Bi, Blank Label
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By Esperanza Denise
Are you suited to be an entrepreneur? Too often, people start businesses not aware they do not have the right entrepreneurial skill-set—they may be too complacent, laid-back, or cautious to take up on the multifaceted role of entrepreneur—which can lead to the failure of their ventures.
Being aware of your entrepreneurial style before launching a startup can help you determine if you’re suited for entrepreneurship.
Do you love experimenting with new ideas? If yes, then you are probably a creative soul who loves original ideas. This type of entrepreneur has a knack for blue-sky thinking which often results in creating or inventing revolutionary products. Steve Jobs is one example of an entrepreneur who changed the face of computing with his out-of-the-box approach of thinking.
This type of entrepreneur is not afraid to make bold decisions in their business. They take risks as a way to challenge their own methodologies or strategies, and to grow as an individual. With their courageous mindset, they are able to successfully grow their businesses and stay ahead in the game. If you have the ability to face challenges, this may describe you.
You desperately want to be a successful entrepreneur but you seriously lack the talent and abilities to become one. You live in a fantasy world of one day having your own business, but you don’t do anything to get started. You are happy reading success stories about entrepreneurs or watching shows about successful business people and visualizing yourself in the same role. If you identify with this type of entrepreneur, then it’s time to wake up.
You are serious about starting a business, but you want to be absolutely ready before you take the plunge. It’s important to you that everything is in order, and you want to make sure that the process goes as planned. Much of your time is spent in research and planning, and you’re constantly seeking validation from the people around you. Your constant search for information and second opinions keep delaying from getting started, and in the end you never launch your dream business.
Day dreamers are the kind of entrepreneurs who are only seduced by the glamour of entrepreneurship. They don’t want to be bothered with the laborious parts of launching a startup and only want to dwell on what it feels like to be their own boss. They have mental images of fancy offices and luxurious private jets. But they do not do any real work to convert their dreams into a living reality.
These entrepreneurs are always searching for new opportunities for starting businesses. They do not build castles in the air, but they instead look for opportunities to build their business. They will also keep in touch with influential people in their industry to get help, even if it comes in the form of financial help or volunteering.
This hardy type of entrepreneur belongs to group of strong-willed people who never give up, no matter how difficult the circumstances are. Even if finances are a problem, they never lose sight of their vision and keep progressing towards their goals. Through their determination and resilience, they manage to find solutions.
There are entrepreneurs who are dependent on others to make their entrepreneurial dreams a reality. They are not willing to launch their businesses until they can find the right partners to work with. Therefore, they oftentimes keep delaying their ventures and sometimes end up giving up in the end.
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From the architect. Xixi International, located on the periphery of the traditional business area in the west of Hangzhou city, is only 0.5km away from the Xixi Wetland. It is designed to extend the sight-gallery of the wetland to the north hoping to put the central axis of the garden together in a coherent manner via introversive type and ecological architectural language so as to build the garden into a compatible and open landscape garden.
The garden type office concept we want to express is actually an exploration of humanized office mode which pays attention to integration of office and scenes of life. The transparent facade design blurs the boundary line of interior and exterior space and integrates the buildings and landscape into one in an invisible manner. Therefore, we can feel the freshness and coziness of the nature even when handling business affairs in the office.
In the project practice, we complete the integrated design from planning to building, interior and landscape for the first time. Based on deep mining of potential demands of users, we expect to create a quiet, elegant, modest and humble atmosphere in the garden. In design, we make a perfect explanation of the idea of architectural and ecological development from different levels through laying emphasis on the openness and public character of bottom elevated corridor and providing perfect supporting facilities. It is the fully integrated design mode that enables our design concept to penetrate into everywhere of the garden, which brings about hard-won integrality of the final completion effects.
The road system of semi-separation of man from vehicle is integrated with the landscape axis into one, which is considerate and convenient for users.
Six main buildings distributed in a scattered manner, mix together with the central courtyard to form a spatial pattern rich in hierarchies.
Simple and transparent facade design blurs the interior and exterior boundary line. You can enjoy the green scene even when handling business affairs in the office.
The design of elevated connective corridor of the first floor puts all functional groups together in a coherent manner to form a continuous visual corridor in the garden.
The open and shared courtyard design provides people with ramble touring experience.
The entrance full-height atrium design creates infinite possibilities of visual collision and communication.
Based on integral architectural view, gad adopts the integrative design mode from beginning to end of building of Xixi International and finally realize the idea of garden type office. In various designs of us, high-level residences or commercial office buildings, we always make efforts to create more significant works for the city in our own way.
Sig Nordal 