E-Summit ’17 IIT Bombay — Experience

E-Summit is the flagship entrepreneurship event organized by IITB. The two-day annual summit promises to be an amazing meeting ground for industry experts, business leaders, investors and entrepreneurs and of course, students, many of whom are aspiring entrepreneurs.

I attended this event in its 2017 edition and had mixed feelings on how the whole thing turned out holistically. There were some good parts and some not so good parts, but as a whole the event was worth attending.

There were many small talks spread on a 2 day course. Obviously, you can not attend all the talks, you have to select few of them according to the schedule and feasibility.

I personally realized that choose a topic that you are not familiar with as talks are pretty basic and don’t go to great depths.

Following are the talks and keynotes that I attended.

Day 1 :

  1. Keynote by Raj Jaswa :

First event of day 1 was keynote by Raj Jaswa. Most prominent thing he said in a nutshell was areas in which one should look for business opportunities.

Some being,

  1. Cloning and localisation
  2. Long tail business
  3. Adapt an existing business model to a new sector.

2. Digital Marketing :

This talk was presented by founder of E2M, a digital media company. I found this talk too basic aa I had already taken a course online on digital marketing.

Some topics discussed were,

  1. SEO
  2. PPC
  3. Social Media
  4. Emergence of mobile platforms

3. Brembo Company Presentation :

Brembo is a breaking technology company and a dominant force in the market. A manager from Italy presented the company’s operations in India.

He quoted a quote from the founder of Brembo that I found very captivating,

“Anyone can do simple things, but only few can handle difficult ones. We have to do difficult ones”.

4. Chat with Rahul Yadav :

Next session I attended was a Q&A session with Rahul Yadav, the founder of Housing.com.

It was nice to see him talking about his mistakes and telling people not to repeat them.

5. Wealth creating through financial planning :

This was conducted by Reliance Mutual Funds. In a nutshell it was all about SIP.

6. Keynote by Rajat Sharma :

The day ended by keynote by Rajat Sharma. He discussed his journey and his humility and wisdom was notable and inspiring.

7. Stand up comedy by Vipul Goyal and Sapan Verma

Nice performances by both of them always.

Day 2 :

Day 2 of the event was more power packed. I found the speakers and the talk topics, both to of higher level.

  1. Building a brand that indians love :

This was presented by an ISB professor. Basic point conveyed in the talk was that business customers have two currencies that they spend : time and money.

Thus, trigger point of all the businesses must be how customers are spending these two.

2. Protecting your brand : Trademarks, Copyrights and Patents :

I had no prior knowledge of patents and thus decided to attend this talk.

It nicely packed info on what, when and where to file the patent.

3. Startup Scaling : Overcoming key operational challenges :

Pressing issue of this talk was the resource visibility issues that startups face.

The speaker was from a company called OutThink LLC. They advocated that such challenges can be overcame by businesses collaborating and providing services to each other instead of doing things completely by themselves in isolation.

Here is where OutThink helps its customers by what they call at SRM : Strategic Resource Mapping.

4. Most Common Startup Budget Mistakes:

This talk was presented by a startup investor and mentor from Ireland.

The talk revolved around funding sources, funding advice and bootstrapping.

5. Final Keynote : By Bibop Gresta : COO Hyperlopp TT

The most exciting event of the summit was final keynote by COO of Hyperloop. He presented us with the overview of Hyperloop and how it is planning to carry its operations in India.

It was notable how fit and fun he was at the age of 40. Something that we can all learn from.

Conclusion :

To conclude, the summit was a thumbs up. It was not entirely the standard that I was expecting it to be, but still was Ok.

It was great if you have networking as the primary goal in your mind, not so good if you wanted hand on knowledge on topics.

Finally, it was nice to see other aspiring and existing entrepreneur facing the problems that you are also facing. Makes you feel that you are not alone and if that can pull it off, you can too.

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The Blue Ocean Strategy : How To Create Uncontested Market Space and Make the Competition Irrelevant

When Henry Ford made cheap, reliable cars people said, ‘Nah, what’s wrong with a horse?’ That was a huge bet he made, and it worked.
The whole idea of The Blue Ocean Strategy is to create uncontested market spaces that creates new demands and make the competition irrelevant.

The book describes Red Oceans as known market places that have bloody competition among businesses trying to win customers. Here there is a fixed existing demand of which every company wants a share.

The Blue Ocean on the other hand is an uncontested market place that creates demand for itself, which is not known to others. This makes competition irrelevant. Focus is on creating, not competing.

Value Innovation :

Value innovation occurs when company align innovation with utility, price and cost positions. Instead of using competition as the benchmark companies focus on taking leaps ion value for customers.

Idea behind value innovation if to break out of Value-Cost trade off.

Reducing Costs :

Reduced costs for the products are achieved by eliminating and reducing the factors that the conventional industry competes on.

Best example to illustrate this is the case study of Ford Model T.

Ford eliminated all factors like multiple colors and design variants and focused only on creating better cars for the masses.

Identifying Blue Oceans :

Identifying blue oceans needs managers and strategists of the company to brain storm on the strategy canvas. Where each manager holds his/her department accountable.

The strategy canvas’ focus must be shifted from competition to alternatives and from customers to non-customers.

Reconstruct Market Boundaries :

The author proposed a 6 step framework for identifying blue oceans in new market places :

  1. Look across alternative industries
  2. Look across strategic groups within industries
  3. Look across complementaries
  4. Look across the chain of buyers
  5. Look across functional and emotional appear to buyers
  6. Look across time

Reaching Beyond Existing Demands

To reach the customers in new markets, think of non-customers before customer differentiations.

There are 3 tiers of non-customers :

  1. Jump Ship : These can switch to competitors on any moment.
  2. Refusing : These are using competitors products.
  3. Distant : Product doesn’t appeal to these customers.

Examples of Blue Ocean Strategies Implemented by Famous Companies :

  1. Ford :

Ford standardized the car and made the options limited. This increase the quality of the car and brought the price point down.

2. GM :

General Motors found their blue ocean in making the cars fun, fashionable and comfortable.

3. Watson :

Watson computers introduced tabulators for businesses for the first time. They also introduced leasing pricing models which made it easy for businesses to own a tabulator.

4. Apple :

Apple created Apple II and tapped the new market for ready-made, easy to use personal computers.

5. Dell :

Dell on the other hand, found its blue ocean by changing the purchasing and delivery experience of the buyer. It allowed customization of the machines according to the needs of the buyer.

It is evident from the above examples that blue oceans are not unleashed by technology innovation per se but by linking technology to elements valued by buyers.

Strategy for Blue Ocean Implementation :

Two views on industry structure are related to strategic actions.

  1. Structuralist View :

Based on market structure to conduct and performance. This view on strategy deals with making sure that the company is making money in the red oceans.

2. Reconstructionist View :

This view is based on endogenous growth. It focuses on creativity not systematic approaches.

This view is responsible to find blue oceans for the company.

Both the views towards strategy are necessary to assert the company is making money is also exploring new markets to remain competent in future too.

How to Win Friends and Influence People : Reading Experience and Summary

How to win friends and influence people is an all time classic book. I got to know about this book from the Goodreads recommendations and instantly decided to read this one. It starts stating that leadership is 15% technical skills and 85% skill to manage human relations. This sentence alone suffices the need of this book.

What you can get out of the book?

  • Gives you new ways to carry on meaningful conversations.
  • Make lasting connections with people by influencing them.
  • Win new clients, customers and team members.
  • Increase your confidence while approaching people.
  • Make you a better salesman, entrepreneur and leader.

This book is filled with historical examples that the author uses that just exemplifies the principles stated in the book. This is not a light read and taking notes is necessary to get the most out of this book.

Here is the summary  :

PART 1 : Fundamental techniques in handling people

Chapter 1: Fundamental Techniques in Handling People

  • Don’t  criticize people or blame them for anything. It makes them go defensive.
  • Criticism hurts their pride and sense of importance.
  • “I’ll speak ill of no man and speak all the good I know” – Benjamin Franklin
  • Even Abraham Lincoln made it a point not to criticise anyone not even his commander who made a big blunder during war.
  • Principle 1 : Don’t criticize, complain or condemn. 

Chapter 2 :  The big secret of dealing with people

  • “The only way I can get you to do anything is by giving you what you want”
  • Biggest craving in humans is to be appreciated, to be complemented.
  • Fill people with encouragement and give them an incentive to work.
  • Sincere appreciation is one of the secrets of success of handling men.
  • Know the difference between flattery and sincere appreciation.
  • Flattery is selfish and counterfeit. Appreciation is from the heart.
  • Principle 2 : Give honest and sincere appreciation

Chapter 3: He who can do this holds the whole world with him. He who cannot walks a lonely way

  • Only way to influence people is to talk about what they want.
  • Try to see things from other person’s point of view.
  • Convince person how something that you want them to o can benefit them.
  • Arouse in other person an eager want.
  • Self expression is dominant necessity in human nature.
  • Always let the other person think that it is their idea.
  • Principle 3  : Arouse in other person an eager want

Part 2  : Ways To Make People Like You

Chapter 1 : Do this and you’ll be welcome anywhere

  • Try to be interested in people, not to make them interested in you.
  • Always be grateful and interested in customers in business.
  • Principle 1 : Become genuinely interested in other people.

Chapter 2 : A simple way to make a good impression

  • Show people by expression that you are happy to meet them.
  • Preserve the attitude of courage, frankness and good cheer.
  • Principle 2  : Smile

Chapter 3 : If you don’t do this, you are headed for trouble

  • People are more interested in their names than all the names put together.
  • Always make effort to call people by their name.
  • If you are executive then you have remember name.
  • Even Charles Schwab said that he tried to call his employees by their names.
  • Principle 3  : Remember that a person’s name is to that person the sweetest and most important sound in any language.

Chapter 4 : An easy way to become good conversationalist

  • Be a good listener and encourage people to talk
  • Stop everything and listen whole heatedly to people
  • Listening gives people a feeling of importance
  • Principle 4 : Be  a good listener. Encourage others to talk about themselves. 

Chapter 5  : How to interest people

  • Talk about thing they treasure the most
  • Author gives as example how appreciating a clients office got him the deal.
  • Principle 5  : Talk in terms of other people’s interests. 

Chapter 6  : How to make people like you instantly

  • Talk to people about themselves.
  • Talk about things they admire the most. This will make them feel important.
  • Principle 6 : Make the other person feel important and do it sincerely.

Part 3  : How to win people to your way of thinking

Chapter 1 : You can’t win an argument

  • Avoid arguments like you avoid rattlesnakes.
  • Arguments are futile to change someone’s mind.
  • To avoid arguments : welcome disagreement, distrust first instinct to go defensive, control your temper, listen first, look for areas of agreement,  apologize for your mistakes, promise to think over your point, thank opponent for their interest, postpone action to think.
  • Principle 1 : Only way to get most of an argument is to avoid it.

Chapter 2  : A sure way of making enemies and how to avoid it

  • If you are going to prove anything, don’t let the other person know it.
  • “Be wiser that the other people if you can, but don’t let them know it”
  • Never tell a person straight away that they are wrong.
  • Principle 2  : Show respect for the other person’s opinions. Never say “You are wrong”

Chapter 3  : If you are wrong, admit it.

  • Criticize yourself before some else does that.
  • This will make temper of the other person cool down
  • Principle 3 : If you are wrong admit if quickly and emphatically 

Chapter 4 : A drop of honey

  • “A drop of honey catches more flies than a gallon of gall”
  • Always begin in friendly way and appreciate the other person.
  • A renter wanted his rent reduced so he first praised the apartment in which he was living.
  • Principle 4  : Begin in a friendly way.

Chapter 5 :  Secret of Socrates

  • In talking to people don’t begin by discussing things that you differ on.
  • Ask questions that makes your opponent say yes yes!
  • Principle 5  : Get the other person saying yes yes immediately.

Chapter 6 : The safety valve in handling complaints

  • Let the other people talk themselves out.
  • Even if you disagree don’t interrupt.
  • Principle 6 : Let the other person do a great deal of talking

Chapter 7 : How to get cooperation

  • People want to be consulted about their wants.
  • People want to buy/accept something on their own accord, not to be sold.
  • Make people believe that the idea is theirs.
  • Principle 7 : Let the other person feel that the idea is his/hers.

Chapter 8 : A formula that will work wonders for you

  • Always try to understand why a person would say something like this.
  • Try to think with the person’s point of view.
  • Principle 8 : Try honestly to see things from other person’s point of view.

Chapter 9 : What everybody wants

  • People are thirsting for sympathy – give it to them.
  • When a person is debating with you remember to react differently than the others.
  • Principle 9 : Be sympathetic with other person’s ideas and desires.

Chapter 10 : An appeal that everyone likes

  • Show the person the motives that sound good.
  • Principle 10 : Appeal to the nobler motives.

Chapter 11 : The Movies Do it. TV Does it. Why Don’t You Do it?

  • Stating truth is not enough. You have to dramatize them.
  • Make it vivid, impressive and interesting.
  • Principle 11 : Dramatize your ideas.

Chapter 12 :  When nothing else works try this

  • Make the work exciting and challenging.
  • Schwab invoked a challenge among morning and night shift workers to increase the efficiency of the factory.
  • Principle 12 : Throw down a challenge.

Part 4 : Be a Leader: How to Change People Without Giving Offense or Arousing Resentment

Chapter 1 : If you must find fault this is the way to begin

  • Say something pleasant before criticizing.
  • A barber always lathers a man before he shaves him.
  • Principle 1 : Begin with praise and honest appreciation.

Chapter 2  : How to criticize and not to be hated for it

  • Never use the word “but” after appreciation. It makes appreciation looks fake.
  • Use other words like “and”.
  • Principle 2 : Call attention to people’s mistake indirectly

Chapter 3 : Talk about your own mistakes first

  • Admit and talk about your own mistakes first before criticizing the other person.
  • Principle 3 : Talk about your own mistakes before criticizing the other person.

Chapter 4 : No one likes to take orders

  • Give suggestions instead if orders and you’ll hit the person’s pride less.
  • Involve people in the decision making by asking them questions.
  • Principle 4 : Ask questions instead of giving direct orders.

Chapter 5 : Let the other person save face

  • “I have no right to say or do anything that diminishes a man in his own eyes. “
  • Don’t belittle a person.
  • Principle 5 : Let the other person save face.

Chapter 6 : How to spur people to success

  • Praise every little improvement in the person.
  • Be hearty in your approbation and lavish in your praise.
  • Charles Dickens was once praised by a editor when he was poor little boy and it changed his life.
  • Principle 6  :  Praise the slightest improvement. Be hearty in your approbation and lavish in your praise.

Chapter 7 : Give a dog a good name

  • To change the person’s behavior give him a good reputation to live up to.
  • Example : “You are one if the best worker. Lately you’ve been slow. We know there is a reason. Let’s discuss it”
  • Principle  7 : Give the other person a fine reputation to live up to.

Chapter 8 : Make the fault seem easy to correct

  • Praise the person’s good point and make them feel that their faults are very minor.
  • Other wise you’ll destroy their will to improve.
  • Principle 8 : Use encouragement. Make fault  seem easy.

Chapter 9 : Making people glad to do what you want

  • Make people happy and excited about their job.
  • Show the person the benefits of the job.
  • Ask yourself what the other person really wants.
  • Principle 9 : Make the other person happy about doing the thing you suggest.