admin2024, Author at Welingkar Bangalore

Why startups fail

Posted on October 3, 2019 by admin2024

[vc_row][vc_column][vc_column_text]The Silicon Valley’s of the world have witnessed innumerable success stories of startups that made it big. The bitter truth however, is that most startups fail to succeed and their end is often mysterious or goes unnoticed. In a competitive environment such as that of a startup industry, it becomes difficult to thrive and prosper, which leaves entrepreneurs in a cloud of complete misery. The most common reasons that surface would be the inability to get appropriate funding at the right time, or a completely disorganized business structure or lack of market analysis. Welingkar Institute of Management Development would attribute the failure of most, if not all startups, to management mistakes. WeSchool believes that entrepreneurs play the most significant role in the making or breaking of any organization. A few reasons why startups might fail due to the top level management’s incapabilities are discussed below:

Lack of Focus

Focus as we know, is critical for the success of entrepreneurs. Lack of focus can cause them to prioritize insignificant things, thereby leading to a downfall. It is important to keep the goals aligned both, of people as well as processes. Unfocused entrepreneurs tend to lack the drive to execute. It is essential for budding entrepreneurs to have clarity, direction, desire and drive to overcome obstacles objectively.

Lack good mentorship

Entrepreneurs sometimes lack having a good mentor to guide them on numerous key business aspects. Understanding new concepts, ideas and technology along with the way to deal with obstacles, is what makes an entrepreneur successful. These lessons can only be learned from an experienced professional, a senior in the industry and someone who has the experience and insight to take a business to it’s maximum potential. Mentorship, is therefore an essential part of helping a startup to succeed and attain the next level.

Lack of general and domain specific knowledge

Entrepreneurs often feel that leaders would be making quick decisions in the face of ambiguity. Although this is an important trait, managers and entrepreneurs need to focus on developing domain-specific knowledge or take opinions and advice from people with expertise in that relevant field. Each domain like finance, marketing and operations require a varied skill set. It is impossible for one individual to overlook functioning of each domain with expertise; hence it is advisable for entrepreneurs to be open to acquire knowledge. General knowledge about a specific busines cannot take the business too far, without domain expertise and in-depth knowledge of the industry.

The reasons why startups fail in any industry could be numerous. WeSchool focuses on providing mentorship and knowledge to new entrepreneurs, helping them develop adequate skills to steer a business entity forward. For more information about our courses, please visit our website: www.welingkarexedp.com[/vc_column_text][/vc_column][/vc_row]

How to apply Design Thinking in your organization

Posted on October 3, 2019 by admin2024

[vc_row][vc_column][vc_column_text]Design Thinking is defined as a human-centeric and prototype-driven process for innovation that can be applicable to any product, service or any kind of business design. In the words of Rolf Faste, it is “a formal method for practical and creative resolution of issues, with the intention of an improved future result”.
The very concept of Design Thinking is continually evolving, just like the creativity it is trying to foster. The process consists of several stages like empathizing, defining, ideating, prototyping and testing. This human-centered methodology enables individuals to quickly identify, build and test new concepts and innovative solutions. WeSchool’s Design Thinking program is specially tailored for executives, helping them with the opportunity to incorporate these concepts in their day-to-day functioning. The few ways to apply the basic elements of Design Thinking are as below:
Research and Definition of the problem
Design Thinking seeks to solve a problem. This user-centered research technique emphasizes on the importance of empathy. It becomes essential to understand one’s customers and users, before designing a product or service. Customer satisfaction must invariably be at the helm of a Design Thinking approach.

Ideate
This phase helps in generating ideas that represent potential solutions. It could include the use of various techniques such as brainstorming, mind-mapping and sketching to help individuals to come up with a creative solution to a complex problem.

Prototyping and Iterating

After identifying a creative idea, the next step is to make it tangible. Prototyping helps in pushing ahead, the making process that is ideal for Design Thinking. It is imperitaive to create prototypes to demonstrate and validate the output of any ideation process. These prototypes can be in varied forms, but it needs to convey the flow of the experience.
A Design Thinking process helps organizations to become collaborative and customer centric. It allows for decision-making and provides new perspectives and opportunity windows to organizations.
For any organization to thrive, they have to transform into a company with a design-centric approach. WeSchool empowers executives, managers and senior leaders of organizations to develop a customer-centric approach that would help the organization to meet its goal. For more information on our design thinking and innovation programs, please visit our website: www.welingkarexedp.com[/vc_column_text][/vc_column][/vc_row]

Ideation for everyday design challenges

Posted on October 3, 2019October 3, 2019 by admin2024

[vc_row][vc_column][vc_column_text]Ideation is defined as a process of generating a broad set of ideas on a given topic, with no attempt to judge or evaluate them. It is a phase in the Design Thinking process that allows individuals to translate the knowledge acquired during the inspiration phase, which is the initial step of the Design Thinking process. This model gets every team member involved in the process as they can experience, evaluate and brainstorm various challenges related to innovative ideas. The focus of ideation is quantity not quality, as the wide number of choices increases the likelihood for one of the ideas to be the seed for a great design solution. It is important to understand various factors before embarking on the journey of ideation and WeSchool helps participants understand these factors and how to make optimum use of the same. Here are a few fundamentals of the ideation process:
Brainstorming
The brainstorming part of the ideation phase allows individuals to debate and discuss different ideas, to create a bank of ideas and solutions. This bank can be filtered and analyzed during the later stages of the Design Thinking process. The brainstorming session needs to be free of negativity and biases. This can be achieved if the facilitator keeps the session neutral.

Reversed Brainstorming
In a complex situation, when there is a dearth of creative and inefficient ideas, the team is encouraged to employ the reverse brainstorming mechanism. In this method, the members of the group reverse their mindset, they focus on creating the problem rather than the solution or make existing problems more complex.

Lotus Blossom Diagram
This mind-mapping tool allows individuals to organize ideas and visualize the categories of each one of them. It is an organized form of mind-mapping. The Lotus Blossom Diagram, looks like the following image:

The main problem needs to be addressed in the centre of the diagram.
The eight themes related to the problems needs to be addressed in the squares around the central problem.
Each of the main themes need to be separated in a new subset and used as the core for a new set of ideas.
The process needs to be continued until ideas are visualized and linked.
Leading innovation projects in large organisations is challenging, but the ideation process allows the team to build on hidden opportunities, revenue streams and ideas. WeSchool understands that the main quality of the ideation stage is that it is collaborative and participatory. We realize the creative potential of each individual and encourage them to put forward innovative solutions to tackle the problem effectively. For more information on our design thinking program, please visit our website: www.welingkarexedp.com.[/vc_column_text][/vc_column][/vc_row]

Why everyone needs Design Thinking

Posted on October 3, 2019October 3, 2019 by admin2024

[vc_row][vc_column][vc_column_text]The most prominent thought that occurs when one thinks of a creative organization is probably a design firm, advertising agency or a tech startup. Building a creative workforce is important to every industry and this creativity requires a mindset shift that begins with leadership. Leaders need to allow each and every employee to participate creatively and invent new solutions. While venturing into the unknown together, it is important for both leaders as well as the combined team to hold a curious mindset in order to generate, embrace and execute and be open to new and innovative ideas. It is the role of the leader to unlock the creative potential within an organization, in order to stay ahead of the game.

Leaders often tend to reject creativity and ingenuity, in favor of more practical and safe models. The consequence leads to a loss of ideas that could generate long-term value and new ideas. Design Thinking however, plays a key role in decision-making and delivering value to stakeholders. It helps build ideas from scratch, by meeting customer needs through creative and insightful solutions, with consumer-based strategies. Design Thinking therefore offers the best possible outcome to set a competitive advantage in the ever-emerging market. Regardless of the work environment, it is imperitive for all employees to develop and practice Design Thinking. Weschool understands and stresses on the reasons below:

Design Thinkers are problem solvers

Design Thinking is a concept that is applicable globally, across organizations and all industry verticals. It helps to provide solutions to various problems through means of a structured and well thought-out framework. Design thinkers are capable of thinking effectively, by building and expanding their concepts to provide highly efficient and out-of-the-box solutions. It does not fall in the pathway of traditional problem solving methods, as design thinkers tend to create solutions based on iteration and learning.

Innovation becomes a part of life:

The Design Thinking approach can help individuals create new, different and innovative ideas that are novel to a situation – be it at work, or in personal life. It helps businesses to differentiate from one another by bringing new and innovative ideas to the forefront. Design Thinkers focus on creating new markets with new possibilities to gain a competitive advantage.

Beneficial for leaders

Design Thinking can be used as a key driver of organizational strategy to overcome business problems and gain a good amount of customer insight. When one is encouraged to think creatively, they develop several leadership qualities like rapid processing of information, flexibility and the ability to rethink, evaluate an idea and restart a task.

Welingkar Institute of Management Development encourages all members of the workforce, irrespective of the industry or organization to undertake Design Thinking Learning. WeSchool believes that in today’s times, thinking creatively is the only way to exist in a technology-driven world. The training we provide equips employees with tools to make a tangible difference across various scenarios. To know more about out Design Thinking and Innovation Program, do visit our website: www.welingkarexedp.com for more details.[/vc_column_text][/vc_column][/vc_row]

Top 5 common negotiation mistakes and how to overcome them

Posted on October 3, 2019October 5, 2019 by admin2024

[vc_row][vc_column][vc_column_text]Negotiation is a term that makes many of us uncomfortable and uneasy, but, excites the rest of the folk. Why is this a coveted skill? Why do some of us fear it and the rest embrace it? Veteran negotiators refer to negotiation as an art. They claim that anybody can become a skilled negotiator with the right set of tools. You need to use these tools repeatedly in real-life situations in order to crack critical deals. Before we learn the solution to the problem, we need to understand the problem in detail. Below are the top 5 common negotiation mistakes we have identified along with simple solutions for each of them:

Mistake #1: Lack of preparation

“Failing to prepare, is preparing to fail”

This popular quote by Benjamin Franklin holds true in negotiations. You need to be completely prepared to not only answer questions, but also ask questions on the subject. If you’re not completely prepared and if you mention incorrect information, your client won’t take you seriously and your credibility will be highly affected.

In case your entire team is present for the negotiation, you can have a mock negotiation session and decide which team member will discuss which point. This way you can present a united front during the negotiation.

Mistake #2: Lack of confidence

The effect of a negotiation conversation ends up with most people either fumbling, losing their trail of thought, feeling insecure or obligated, or at a loss as to how to participate in the conversation, thereby either saying something wrong, or not saying anything at all and maintaining silence.

Most of us relate to these emotions and actions during a negotiation. The root cause of all these emotions is the lack of confidence in such situations. We either tend to overlook a vital piece of information or we are overwhelmed by the magnitude of the deal. Due to these factors, our confidence levels tend to dip drastically during a negotiation.

In order to avoid such situations, you need to predict the favorable outcomes for both parties beforehand, identify your opponent’s weak points, and anticipate the sensitive subjects. When one is prepared with facts, figures and numbers, the confidence level boosts tremendously, as the ground work is already done and you feel prepared for the conversation. One can also gauge the kind of questions and terms the client may set during the negotiation. Having the counter responses for these before hand puts you at ease before the meeting, as you already know what you are going to discuss.

3) Brief listening skills

Veteran negotiators agree that the easiest way to lose a deal is by not listening to the other person and talking endlessly about your requirements. By speaking continuously without listening to your opponent, you are being aggressive and this quality can put off even the most voluntary client.

Consider negotiation as a conversation between your opponent and your team. Listen intently to the points made by your opponent and then put forward what you have to offer. This way, you can understand your opponent’s point of view and negotiate accordingly.

4) Revealing vulnerability

In a negotiation, it is imperative to stay calm and keep emotions in check. It is synonymous to a poker game. You shouldn’t reveal all your cards in the beginning itself. When you show a sign of weakness – impatience, overconfidence, irritation or even angst, your opponent can use it to their advantage. This can also affect your thought process of reaching an amicable decision.

In order to prevent ending up in such a situation, you need to take a few deep breaths, reflect on your points and then continue the negotiation. You can also request a short break to freshen up and take this time to think about your next step.

5) Hesitation to walk away

The primary concern most of us have while entering a negotiation is that we have to strike a deal, come what may. This mindset can stop us from tapping into our potential and obtaining the best deal for the organization. The desperation to close the deal can at times lead us to unfavorable situations.

You should never succumb to the opponent’s pressure and conclude the deal based on their terms entirely. Instead of settling for their offer, politely state a number that works for you and inform them that it will be difficult for you to go below that. You can also adjust and alter your deliverables according to the price the client is willing to pay during the negotiation. Sometimes, instead of reducing the fee, one can include more deliverables as part of negotiation. This ensures that the client receives more than what he asked for, and you still get the money you asked for.

If you are looking to master negotiation skills professionally, WeSchool Bangalore is one such business school that offers the Negotiation Program to working professionals, leaders, entrepreneurs and business owners. The 2-day program is conducted by veteran negotiator Mr. Abhay Dixit, who is an expert at the art of Negotiation. To know more about the the course details, click here.[/vc_column_text][/vc_column][/vc_row]

How to ace a negotiation?

Posted on October 3, 2019October 5, 2019 by admin2024

[vc_row][vc_column][vc_column_text]Negotiation is a crucial skill that can accelerate your growth parth at your workplace. Companies are always making deals with other companies, governments, individuals and interested parties. So, if there is an individual who can crack deals in favor of the company, he/she would be a real asset to the company.When broken down into simple steps, negotiation seems like a piece of cake. But, it is not so. Negotiation is an art that requires a set of tools, and guidance from a veteran negotiator in order to master it. Remember that nobody is a born negotiator. It is a skill that is developed over time.

There are five vital ways in which you can ace any negotiation. Some of these are:

1) Relationships

In order to convince your opponent to let you have your way, you need to develop a bond with them. This can be done by asking them simple questions allowing them to reveal their plan. Maintaining a positive relationship with your opponent is necessary to get them to agree to your terms of the agreement. Remember, most of the times, business is converted because of the positive relationship between the two parties.

2) Plan

This is a crucial part of the negotiation. Without a plan, it will be difficult to close the deal. You need to have a thorough plan on the different scenarios that can pan out during the negotiation. Homework should be done on all the details and background about the opposite party, the industry price points, expectations and demands, etc. Being ready before a negotiation conversation is always better than an impromptu conversation, as you have better leveraging power with facts.

3) Goal

Always remember that the sole purpose of getting into a negotiation is not to have your way alone. There is a possibility that your opponent can throw in a surprise condition that may prove to be profitable to you. Therefore, set a goal as to how low you’re willing to go in terms of commercials based on the scope of work, man hours, timelines, expertise, etc. Then based on the circumstances, understand your opponent’s conditions and renegotiate, such that it is a win-win for both. Entering the negotiation with a solid goal in mind gives you a sense of direction through the process.

4) Pitch

If you’re unable to deliver a firm pitch in the beginning, you have already lost the battle. In order to ensure that you have the upper hand in the negotiation right from the start, draft a firm pitch that clearly describes your intentions, requirements, and your offerings. Be confident about it but, do not be arrogant. Your aim is to showcase confidence, not arrogance. Remember to perfect your pitch before your meeting with the right attitude and tone of voice.

5) Mental Preparation

You can gather all the vital information, plan the possible scenarios, have endless discussions with your team but, at the end of the day, if you’re not mentally prepared to ace this negotiation, then your chances of closing that deal are slim. Get into your zone – be tough, observant, and determined. Don’t get into a negotiation conversation with the mindset that you owe your opponent. You’re an equal partner in the deal and you should close the deal in a manner that favors both parties involved.

Negotiation is a valuable skill that can enable you to progress in your career at an enhanced pace. To do this, you can enroll for the negotiation program offered by WeSchool Bangalore and become a certified negotiator. In this program, a veteran negotiator will teach the various tools that are necessary in order to ace a negotiation. We also offer business management programs and corporate training in Bangalore.
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How to build trust as a leader?

Posted on October 3, 2019 by admin2024

[vc_row][vc_column][vc_column_text]A leader’s role is pivotal to the growth of any organization. He/she always executes well- defined strategies, communicates efficiently, has a efficient team and aims for long term goals. However, what happens if the team members don’t trust their leader? Will they follow his way? Probably not. The root cause in such situations is that few leaders believe that trust is an element that they receive along with their title. This isn’t the case in most scenarios. Trust is a leadership trait that is earned.Though the aforementioned situation is undesirable, you can overcome this adversity by building trust over a period of time. In order to achieve this goal, you can display charismatic leadership and take the following steps:

1) Lead by example

One of the most effective ways to show that you can be trusted is by demonstrating the ideal leadership skill of leading by example. If you want the team to be more disciplined or complete a particular task before the deadline, then ensure that you’re doing the same.

2) Share knowledge

According to a popular survey by Harvard Review, it was found that employees are interested in understanding how their leaders are able to do their jobs. As a team leader, when you share your knowledge with them, they know that you have handled their responsibilities in the past and that you’re the right person to lead them.

3) Keep a promise

If you aim to be a trustworthy leader, when you make a promise to your employees, see it through. One of the main qualities of a good leader is the ability to keep a promise. For example, if you take feedback from your employees about a program or service, take some action with that feedback.

4) Be Transparent

Transparency is a key leadership quality that should be present in the workplace. Your employees tend to trust you when you are transparent about the company’s strategies. You will have to share the company’s achievements as well as the areas that are a cause for concern. This way, employees believe that they are a part of the team.

5) Contribution

Actions speak louder than words. This is true in the workplace as well. You could be a compassionate leader or could have undergone leadership training from a reputed institute but, if you’re unable to deliver the promised result, your employees will not be able to trust you.

6) Connection

It is common knowledge that people tend to trust a leader who is genuinely interested in them. Hence, be more interested in your employees and consider them to be more than their daily tasks. You can attain this quality in many ways. Attending a leadership development program or a leadership course would enable you to meet leaders from various walks of life. You can share insights on how various situations at the workplace are handled amicably.

Building trust among your employees is the first step towards being a great leader. You need to possess and showcase impeccable leadership styles that inspire your employees to be a better version of themselves. WeSchool Bangalore – the best b-school trains you develop leadership skills through our leadership program. The Welingkar PGDM is a reputed PGDM course offered by WeSchool. WeSchool is also considered as one of the best business schools for business management courses and corporate training in Bangalore.[/vc_column_text][/vc_column][/vc_row]

What are the leadership challenges in the modern world?

Posted on October 3, 2019 by admin2024

[vc_row][vc_column][vc_column_text]In today’s digital world, as technology evolves, so does business. Due to this, the challenges faced by top leaders in a company have also become dynamic. A good way to gauge the leadership challenges in the 21st century would be to conduct a survey amongst leaders from different countries.
The Center for Creative Leadership* did exactly this. They conducted a survey on 763 leaders from various countries such as India, China, United Kingdom, Egypt, Spain, Singapore, and United States. After diligently completing the survey, they identified the leadership challenges. Here is the essence of the survey.Team building: Most of the leaders find it difficult to steer their team in the direction of success.
Encouraging employees: Developing one’s subordinates to put in more effort and improve their skill set is a common challenge.Change Management: Leaders, today find it difficult to adapt to new changes and also motivate their employees to adapt to the same.

Internal politics: The leaders who were surveyed admitted that it was not easy to cope with internal politics and get the work done in most scenarios.

Job-satisfaction: In a tense environment, it is as task to inspire employees to work harder and also to ensure they are satisfied with the job at hand.

Managerial efficiency: As mentioned earlier, keeping up with the ever-evolving scenario can be difficult. Even leaders at top positions can fail to cope up with it. Updating skills in terms of time management, prioritization, and decision-making were the key areas that leaders found difficult to manage.

Leaders understand that there is a problem and realize that they need to fix it at the earliest in order to avoid a corporate catastrophe. There are many ways to do this:
1) Enroll for a leadership development program
2) Hire a mentor

For many companies, the former option is more feasible than the latter. Hence, in order to help leaders cope with the leadership challenges at the workplace and to help upcoming leaders who are new to the role, WeSchool Bangalore has launched the Leadership Development Program specially suited for corporate and business leaders. All the different problem-solving techniques, innovative thinking, leadership styles, skills and the qualities of a leader are mastered and developed in this course.

Unlike other leadership courses, at this business school, the reputed faculty will guide and mentor the participants at every stage. Most of the popular MNCs trust WeSchool for their corporate training in Bangalore and also encourage their employees to join the leadership development program in Bangalore. The Welingkar PGDM is also a popular course among working professionals.[/vc_column_text][/vc_column][/vc_row]

How does a leadership development program benefit an organization?

Posted on October 3, 2019October 3, 2019 by admin2024

[vc_row][vc_column][vc_column_text]Leaders are the most integral part of any organization. Without an efficient leader, an organization cannot function accurately. In most scenarios, a leader is capable enough to lead the team without any hitch. But there are times when they don’t possess the right skill sets to solve a sudden crisis. In such times, a thorough leadership course or a leadership development program can aid the leaders in effectively resolving a situation.

As they say – prevention is better than cure. It is always better to train the leaders in your organization beforehand and equip them with the right skillset, instead of losing capital and precious time during a crisis. A majority of the companies in the world believe in the benefits of a leadership training and often enroll their employees in such activities. Yet, there are many who are unaware of its benefits.

The key benefits of undergoing a leadership development program are:

1) Innovation

In this ever-evolving world of business, the only way to stay ahead of your competition is by introducing innovative products and creating innovative solutions for a problem. In order to motivate and encourage your employees to think outside the box, they need to be led by their managers. It is a manager/ leader’s responsibility to create an innovation culture wherein employees can freely delve into new opportunities and arenas. It might be difficult for a manager to suddenly make this switch. You need to be equipped with the tools and techniques required to make cultural changes in an organization. That’s how one can display efficient leadership traits.

2) Coaching

Traditionally, all team leaders are used to only managing their subordinates and not providing them with essential guidance and expertise. A coach, on the other hand understands each team’s strengths and weaknesses completely and provides them with the necessary guidance and means to complete a task at hand. This not only improves the work culture within the organization, but also inspires the employees to work for the betterment of the company, instead of merely completing a task for the day. The issue at hand is that most corporate companies do not know how to train their managers to do this and others aren’t prepared to invest their time and money into such training programs.

3) Team Engagement

In order to feel invested at the workplace, an employee has to feel engaged. They need to feel like they are an asset to the organization and that their work is a vital component of the project. If the employees are disengaged or are least interested in completing the project, it can adversely affect the final outcome of the project and deflate the morale of the rest of the team members as well. Therefore, the leaders need to possess certain leadership skills to handle such employees and promote team engagement. In a leadership program, leaders undergo thorough people orientation skills which teach them to be more empathetic and helps them to boost the team spirit and create a motivational factor.

4) Employee Satisfaction

Most of the employees feel appreciated when they receive a praise from their manager. This is possible only when the manager has an interpersonal relationship with the employee. When a manager is not trained or hasn’t undergone a professional training course that helps them build leadership qualities, they tend to not understand the value of employee satisfaction. A person who displays charismatic leadership is one of the vital factors that leads to employee satisfaction. If an employee is satisfied with the job and knows that he/she is appreciated, it automatically leads to better work and an increase in profits.

Now that you are aware of the key benefits of developing unique leadership styles, it is time to enroll your employees for such traning programs. One of the best leadership programs in Bangalore is offered by WeSchool. In this business school, we offer classroom sessions wherein leaders from a particular organization can interact with other leaders and enhance their skills. Our corporate training programs in Bangalore also use case study methodology to explain the concepts distinctly, thereby bringing in real-world application.

For more information about our business management courses or our PGDM course, visit our Weschool, Bengaluru website: www.welingkarexedp.com[/vc_column_text][/vc_column][/vc_row]

Author: admin2024

Why startups fail

How to apply Design Thinking in your organization

Ideation for everyday design challenges

Why everyone needs Design Thinking

Top 5 common negotiation mistakes and how to overcome them

How to ace a negotiation?

How to build trust as a leader?

What are the leadership challenges in the modern world?

How does a leadership development program benefit an organization?

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