The only way you can become a STRATEGIST is when you stop trying to fit into someone else’s shoes.
I choose to be blunt here because that is the only way I can make my point to all the aspiring or might I say dreaming entrepreneurs. You cannot just follow a well-worn path and hope to get there. You must go your own way, and make your own decisions to carve out that niche space on the map of today’s business world.
Pick up any successful entrepreneur’s example and the one thing you will notice is that they have their own way of doing things. The world today needs someone to break the mold and be different, to make a change.
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You may have heard of Zuckerberg and Jobs, but these are just two common examples, and many may think that not everyone has the luck to be born with the DNA of these two.
But you do not need to have such a gene match in order to be successful – what you do need is an out-of-the-box way of thinking and an appetite for taking risks.
Take the example of author and optimist Simon Sinek.
Sinek’s book “Start with Why” is a huge success, and his TED Talk has more than 14 million views on YouTube.
He shared his golden rule – to start every endeavor with the question “Why?” Sinek then converted the write-up into a speech which helped him become a victor in the field. I am sure Sinek too must have thought beyond his predecessor’s business strategies – and that is what made him a world leader.
It is indeed a big deal to become a champion strategist, but for that, one needs to clear the hurdles first. Here are 5 ways to counter the opposition and become a World Champion of Business Strategy:
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Understand your Strengths
The first and foremost is to identify your strengths and to understand what you are good at. This is not that difficult. Your strengths may look feeble to you in the beginning but trust me, that is not the case. The idea is to find out what drives you. Once you know that, you can begin maximizing that potential.
Take the example of the world’s chess champion Garry Kasparov. He took up the game of chess when he was just three years old, won his first tournament at the age of 13, and became a grandmaster by 1986.
Chess is a game of psychological advantage. The player must outmaneuver his opponent and Garry developed this skill very early on.
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Business strategy uses the same skills. The idea is to outmaneuver your opponent and start strategizing early. The process sounds complicated, but it is not that hard if you know what you are good at and are realistic about your approach.
Work on your Weaknesses
Understand this – the only hurdle standing between you and your goal is a lack of knowledge. You cannot know everything, but you should understand what your weaknesses are and work on them.
For instance, if you are not good with numbers then hire someone who can handle that aspect for you. Do not ignore any weakness – it will cost you in the end.
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Take for example the advertising giant Ogilvy & Mather whose weakness was the old school concept of advertising-making. They were able to overcome this by buying a digital marketing agency and creating new operational models.
Though the amount of success achieved is still somewhat debatable, the approach to accept and start working on the weakness is what I wish to highlight here.
It is good to follow others, but it is best to custom build your own plans. You are the best judge of the situation and you know your team and customers better than anyone.
It is important to be open-minded, but you should also have a clear vision of what you want to achieve and be ready to make the necessary changes in your planning.
I’d like to give my company MSys Group’s example here. In this time when the world is shut and markets are lying low, we realized the need to come up with a plan to ensure that the company’s operations would not stop.
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What tech giants like Google are applying now – the “Hybrid Workweek,” is what MSys was practicing since the beginning of last year. The result is the company’s stability and sustainability, which has attracted many clients for us.
Build an Inclusive Work Culture
It is incredibly important to have an inclusive work culture. It means everyone can grow and learn in a supportive environment that is also action-oriented and goal-driven.
Having an inclusive work culture helps in nurturing new ideas and facilitates work and progress. One very good way to introduce an inclusive work culture is through diversity & inclusion training.
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This consists of identifying and overcoming biases, barriers, and inequities that exist within the workplace to create a place where everyone feels comfortable.
I have a lot of regard for the way Deloitte works on inclusive work culture.
In the introduction to their diversity and inclusion training, they mention that “We are committed not only to embracing our differences but also celebrating them. We’re committed to being open-minded, tolerant of different viewpoints, accepting of individuals’ unique qualities or gifts.”
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The key point to note here is that inclusive work cultures become the platform for planning and developing innovative business ambitions.
Don’t Be Afraid to say NO
I have often heard the phrase, “yes-person” and I know that this is not a good thing.
Being someone who started as a software engineer working for someone else, I too had to go through the – ‘Whether or not to agree with my boss’ dilemma.
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But thankfully I realized early on that I knew my strengths and weaknesses better than anyone else. It was a great feeling to have the confidence, knowledge, and the ability to say “No” confidently when faced with an opportunity or request for which I lacked the skillset, in order to not jeopardize myself or be seen as “unprofessional.”
I applied the same experience when it came to first building and then executing business strategies for my own company. I knew my strengths, and acknowledged my weaknesses as well, and that helped me stand my ground in front of the venture capitalists.
And anytime I get stuck or am in a dilemma I just remind myself of one of my favorite quotes:
If you are working on a new project or idea, take the time to identify what makes it unique and how that could impact success in this market space. Once you have identified these points of differentiation, tailor your strategy for each opportunity accordingly so as not to waste resources by trying something that may not work well with the goals of the company.
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Finally, do not forget about building inclusiveness into all aspects of your offerings – from product design to customer service representatives and beyond.
The more inclusive we can be when designing our products and services – both internally (within employees) and externally (to customers) – the better off everyone will be.
Sanjay Sehgal has been the Chairman, and CEO of the MSys Group, MSys Technologies since 2007. MSys Technologies is one of the most consistent and trusted companies for its product engineering services, and digital transformation projects for its ISV and Enterprise clientele.
Electric vehicle manufacturer Rivian has been slapped with a lawsuit which alleged that the company misled the investors with false claims regarding its business, operations and prospects.
The class-action lawsuit made a number of allegations which included overstating the demand of its Electric vehicles and also not making it clear how it will handle the negative and near-term macroeconomic impacts.
The lawsuit also revealed that Rivian’s business was experiencing reduced demands as well as increased customer cancellations precipitated by inter alia, high interest rates.
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The orders had significantly reduced and this has significantly reduced the profits and the manufacturing of vehicles in 2024.
Rivian Faces New Class-Action Lawsuit Alleging Deceptive Statements
The lawsuit also alleged that the Company’s public statements were materially false and misleading at all relevant times.
Rivian’s stock, like all other EV startups, has been tanking and this has angered the investors who saw a major portion of their investments eroded and a number of law firms like Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.
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The lawsuit stated that the EV manufacturer had violated the Securities Exchange Act of 1934 and has asked investors who had bought shares of Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.
The company’s stocks have fallen and one of the primary reasons was the high interest rates. Rivian’s products are beyond the reach of an average income household.
The Rivian’s Electric vehicles target customers were wealthier clients and the spurt in order cancellations means this class is walking away from Rivian’s product.
The stocks of the company were popular for the investors but the reduced demands caused by higher borrowing cost have hit its stock prices badly.
The price war has also affected the EV sector and the company also with its competitors like Tesla has been uniformly affected.
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The EV sector marked value has tanked by more than 57% year-to-date.
The chance of a fall in interest rates is not expected since the Federal Reserve will not lower the benchmark interest rate since it could lead to a bout of hyperinflation.
Also another factor which will discourage the Federal Reserve to lower interest rates is the soaring energy prices caused by the war in Ukraine and the Middle East.
Kennywood’s Steel Curtain roller coaster will not be available this 2024 season, and this has miffed a Kensington man to the extent that he has filed a lawsuit against Kennywood and its parent companies, alleging that the officials had known this fact long before but withheld it to boost season pass sales.
Lawsuit Against Kennywood
The lawsuit, filed in the Allegheny County Common Pleas Court by Joshua Miller and his attorney, John A. Biedrzycki III on Monday, alleges that it was a deliberate attempt to hide the fact to accrue financial benefits by boosting season pass sales.
The lawsuit alleges that Kennywood has created advertising campaigns targeting consumers like Mr. Miller and others to purchase the 2024 season pass under the belief that the benefits included myriad park attractions, including the Steel Curtain.
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In the lawsuit, it was revealed that Mr. Miller bought his season pass under the assumption that all rides would be operational.
However, on April 17, three days before the park opened for the season, it was revealed that Steel Curtain would be closed for the season.
The announcement was made by Ricky Spicuzza, the park’s assistant general manager, and the reason for the closure was cited as the coaster undergoing an “extensive modification project.”
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Ricky Spicuzza said,
“We understand the frustration many of you have felt not being able to experience the Steel Curtain. On behalf of our entire team, we absolutely share that frustration with you.”
However, the lawsuit contends that the fact was known long before last week that the 220-foot-tall coaster would be out of commission.
The lawsuit states,
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“The company withheld this information from season pass purchasers so as not to lose season pass customers, or, alternatively, so as not to offer a discount on season passes due to the unavailability of the Steel Curtain.”
The lawsuit also details numerous violations of the state’s unfair trade practices and consumer protection law. This includes failure to disclose the Steel Curtain’s closure with the full knowledge that the consumer believed that it would be functional for the 2024 season.
The park offered varied passes, which ranged from season passes priced from $109.99 to $239.99.
The lowest endowed pass was the bronze pass, which provided unfettered admission except on certain blackout dates.
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The premium range included the platinum pass, which offered year-round admission to Kennywood, Sandcastle, Idlewild, and Palace Entertainment’s Dutch Wonderland in Lancaster.
Additionally, it also offered free parking, discounts on food and retail, and three free guest tickets.
Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.
Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.
New Lawsuit Against Prime Hydration
The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.
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The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.
The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.
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Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.
Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.
