The Blue Ocean Strategy

I have to admit that this picture brings back some good memories, for that I will be using it today in my post about the Blue Ocean Strategy.

The Blue Ocean Strategy is a book by W. Chan Kim and Renée Mauborgne. In our picture, the open sea is full of opportunities and surrounded by the borders of the present. Similarly The Blue Ocean Strategy is about new opportunities that are yet to be discovered.

According to the book,the market is divided into two parts:

• Red Ocean: Current market, many players and competition is all about lowering cost to earn more revenue, this leads to -cut throat- low prices; hence the ocean is full of blood (Red).
• Blue Ocean: New market space, value innovation, breaking the quality-cost trade off and competition is irrelevant because the rules of the game are waiting to be set.
  

The Blue Ocean Strategy was the fruit of an intensive research through unconventional success stories across many industries to look for common factors in their success stories. The authors tried to summarize these common factors as a number of systematic tools and methods that focus on creating new customers and new opportunities. Four key words are to be used; Create, Raise, Reduce and Eliminate. The good part I like about The Blue Ocean Strategy is that it is unrelated to the type of the industry, for example it can be utilized even in a circus!

A Blue Ocean example that really impressed me is CNN:
It was in 1980 when Turner created the first real time news station in this world, at that time he was trying to focus on making something different and he decided to launch a 24/7 news channel. Many people made jokes about Turner and CNN, betting he will loose very soon.
Turner said with words that are full of passion:
"We won't be signing off until the world ends. We'll be on, and we will cover the end of the world, live, and that will be our last event... and when the end of the world comes, we'll play 'Nearer, My God, to Thee' before we sign off."
CNN continues its success story till this day, it even inspired others to launch competing 24/7 news channels.

We now know where to start, google Blue Ocean Strategy and try to utilize it in your upcoming business.

* Bonus: You can use this website to order any book (including The Blue Ocean Strategy) FREE shipping to any place in the world!

Passion Leads, Profit Follows.

Have you ever wondered why this old man is smiling, and what's up with his white hair? This old man's name is Harland Sanders and he is the founder of the Kentucky Fried Chicken fast food chain. I will be writing today about the motivating story behind this man's success.

Sanders grew up in a poor family. He lost his father when he was six; so he had to take care of his younger brother and sister. One of the things he had to do was to cook and that's how he learned how to fry chicken. Years passed and our friend continued to work in several jobs until he opened his own restaurant which was a big success. Sanders discovered his passion for fried chicken and he received the Kentucky Colonel honorary title in his town.

However one day, a new highway construction diverted major traffic from the town which made Colonel Sanders close his business. He was 65, broke and about to receive his first social security cheque of $100. He lost everything but his passion for fried chicken. Sanders decided that he would not set and wait for social security cheques, on the contrary he went to sell his secret recipe to restaurants for a share in sales. More than 1,000 restaurants showed him the way to the door, refusing to even listen to him until he made his first deal on his 1,009th visit. Did he make it? The answer relies in the KFC chain which is spread nowadays over more than 100 countries all around the world!

Bottom line:

1. It does not matter what we do, but it matters a great deal that we have passion about it. Once you have passion, be sure that you will survive the bad times and good results & profit will eventually appear.
2. It is never too late, the age of 65 could indeed be a starting point!
   

Goldfingers

Goldfinger is a James Bond movie that goes back to 1964 (that's right I am a James Bond fan). However, we are going to talk today about Goldfinger(s). Golfingers is a term that I created for the group of people who are convinced in using Gold as a medium-term investment. Since the dawn of time Gold has been considered a safe haven that earned its value basically for being shiny and resisting harsh physical conditions (such as humidity). The glory of Gold continues until this day where it is still considered an excellent commodity for achieving financial security.

So, why to invest in Gold?

• Gold is a limited resource; this means supply is decreasing year after year while demand in the worst case scenario would remain the same, eventually the price would go up (Trend of average price in US$ is heading upwards over time).
• Great countries (such as China and India) did their math and they are also buying Gold in massive quantities.
• In my opinion buying Gold is somehow similar to land investments, however Gold is easier to maintain and take care of than land investments.
  
• Gold is mentioned in holy books as a valuable reward in heaven, there is no way that all of a sudden Gold will loose all of its value.
  

Besides all of the above, one of the good reasons I am truly convinced with is that research says: Gold if obtained on a regular basis can beat inflation (inflation is the decrease in the value of money over time). Think of it this way, what was the price of a watermelon before 20 years and what is the price of a watermelon nowadays? Gold lasts, watermelon decays.

Tips for buying Gold In Jordan:

• The best method would be Gold coins. The two main forms of coins are "Rashady-which weighs 7 gm, pictured left" and "Englizi-which weighs 8 gm, pictured right". Both are 21 karat Gold. Coins are good because their sell/buy difference is small compared to jewelery.
• Before buying Gold you can check current 24 karat Gold price in US$ (top left corner). 1Gold ounce = 31.1gram, 21K gram price = 0.881* 24K gram price . So for example: If the current Global Gold price is $1085/ ounce,
  
  The price of a 24K gram is $1085/ 31.1 = $34.88
  The price of a 21K gram is $34.88* 0.881 = $30.73
  The price of a 21K gram in JOD is $30.73* 0.7 = JOD 21.5
  Or alternatively use this site Gold Price in JOD.
• I recommend you go to the Gold Souq in downtown Amman which might be a fun experience. Browse ten stores randomly and check for prices, this way nobody can cheat you. Also a sharp edge of the coin is considered a good sign.
• Get a receipt for your coin; this will help you in case you intend to sell it in the future.
• Every now and then keep track of Gold news, so that you will sell/buy at the proper time.

I thought I should give priority to this post so that you can benefit from the current upward trend of Gold price (current price is $1090, analysts expect it to reach somewhere near $2000). Goldfingers are waiting for you, what are you waiting for ?!

Invest In Your First Impression

I am convinced that first impression is the first step into success.
Some argue about the importance of the first impression and would rather leave things for chance. Well, in the real world there is no such thing called "for chance". Relying on chance may eventually cost you money. For example; in the business field, if you fail to serve a good first impression you could loose a potential customer.

At all times one should be ready to give 5-star impressions; this way a good first impression will always be guaranteed.
We might meet anyone anywhere (it is a small world that we are living in, right?). Once I started my career I noticed this clearly; meeting high ranked people where you least expect them to be.

First impression is a broad term, it includes:

1. Personal care and hygiene: Make mints your new addiction, keep them everywhere (office, car, pocket..) Keep hair neat and beard under control.
2. Always wear proper dress attire: Dress to impress! When I am not sure about what to wear in a certain event, I would rather be the only one overdressed than to be the only one underdressed.
3. Always arrive on time. Tip: Add 7 minutes to your clock so that you will always have some spare time.
   
4. Know your audience/ Do a small research about whom you are going to meet (very important in case of presentations and job interviews).

So folks, you only got one first impression; invest in it!

Men Are from Mars, Women Are from Venus

Hey again! I am not that reading addict (I know, reading is good and I AM working on it) however, lately I have been reading this book "Men Are from Mars, Women Are from Venus" by John Gray. This book explains the differences between men and women as if they were from two different planets and shows how they could communicate effectively. To be honest this book can help you understand others and even yourself. I intend to present a snapshot about this book here. Ladies first; so we'll start with "Women Are from Venus".

Whenever women face problems and once they share it with men, Martians (men) automatically provide solutions for that problem. However it is not solutions what Venusians (women) are looking for; it is empathy, affirmation and good listening. For example, if she told you that she is out of time and her mind is full with 100 pending tasks:
Your not-so-good answer would be: "Try to do time management, you can use a diary to organize your tasks"
Your good answer would be: "Ouch I know how that feels, I have been through that before" or "Tell me about it, I am here listening to you".
For me as a Martians it is hard not give a solution for a problem, so I suggest that as a first step you can provide empathy and good listening. After that you may provide your solution, this way everybody is happy, how is that?

Still on Venus, women go through mood changes that the book describes as “Waves” of ups and downs. We are concerned in our post with the "downs", when a Venusian is having one of these bad times it would be as if she is heading towards the bottom of a well. OK, so what shall you do as a Martian? First, you should know that you cannot pull her out, however you do not mind joining her in the trip to the bottom. Because this state of mood is sort of a wave, this means ups come after downs, and if she reaches the bottom faster the down part finished faster and she will eventually recover faster. Hence your role would be to join her and reach faster to the bottom of the well. So if she tells you she did bad in her exam:
Your not-so-good answer would be: "Don’t worry I am sure it would not affect you that much"
Your good answer would be: "So what if you missed up this exam or even all of your exams? Just forget about it, start over, and prepare yourself for the remaining ones. You can do it, trust me!”

On Mars rules are different. In subconscious a man has an image of himself as a Superman. Every now and then he feels the need to be alone in order to prove to himself that this image is still valid and that he does not need to depend on others. This case of isolation is what the book refers to as “The Cave” and it ends when he achieves a small victory (For example: playing a basketball game, repairing broken things, or even reading a newspaper).
Women would try with men what they usually do on Venus; that is to talk, share and show empathy. However, the worst thing to do for a Martian in his cave is to try to pull him out by trying to force him to talk. On the contrary, the best thing to do would be to help him achieve a small victory by waiting outside the cave and telling him “You can make it”. Take a look at this example:
Your not-so-good answer would be: "What's wrong, why are you so calm recently?"
Your good answer would be: "I just want you to know that I understand your need for some privacy, you have my support and once you feel like talking I will be here for you”

This book is worth reading and from my personal experience it works like magic, go ahead and try it on.

Branding Yourself

Probably you made the guess, we are going to talk today about London. Well, that's true, however in addition to mentioning London we will use the red bus example to illustrate how to brand ourselves.
As the red bus is considered to be an icon or (a brand) for the word "London" we can brand ourselves by being consistent with a variety of good traits such as loyalty, good ethics, motivation, time management and the list goes on...

The formula needed to achieve this is very simple:
In my opinion, each one of us has a unique character, and even a unique finger print. Also each one of us has a good part and a bad part; hence all you need to do is to be yourself without trying to imitate others for you are already unique. Finally you may concentrate on the good part of yourself and try to eliminate the bad part of your personality. This will eventually leave you as a true one of a kind.

The DISC Personality Test

Hello! Today I will be introducing the 4 types of personalities; D, I, S and C.
Every one of us has a blend of all four types together, however one component is usually major over the other three.
The diagram below explains more;
D - Doers
Task oriented and initiative
Straight to the point; hence the D is in standard font
D type make good leaders
Example: Donald Trump who says "You're fired!" in the Apprentice TV show

I - Impress
People oriented and initiative
Like to be under the spot lights; hence the I is in red color
I are good presenters
Example: Red from m&m's

S - Support
People oriented and slow-paced
Care about others; hence the S is in the relaxing light blue color
S can be great as a family member
Example: Joey from Friends

C - Careful
Slow-paced while being task oriented
Care about details; hence the C letter appears below with extra details
C are perfect for making a research
Example: Monk


Now what's the use of DISC? DISC is very helpful when it is about dealing with other people in both professional (especially in case of direct contact with customers) and daily life aspects by understanding what others need. For example a D type person hates to be flooded with details while a C type person will be happy for getting as much details as possible.

Speaking for myself I evaluate someone's personality by eliminating the components that show least in their behavior, this would eventually leave me with one result (component).
Check this out, you can have your free DISC personality evaluation right here!

Not Written, Not Done!

Hi, today's post is about diaries. Speaking for myself, I did not imagine how useful my diary is (which is shown here) until I saw its pages full of notes, to-do lists, reminders and appointments. I realized then that all these details have been occupying some space in my mind, and after using a diary my mind became much clearer.

Once you write a task there is no way you will forget it, hence diaries may improve productivity . I carry my personal diary with me everywhere. Obviously, this is the reason why there are pocket sized diaries; so that it fits in your pocket.
I also have a larger diary which I use for work. Mainly I use my work diary to schedule future tasks and as a history log for completed tasks (very useful for the end of year evaluation).

Some might prefer to use mobile calenders or PDAs. It is up to you, however I feel that using paper is more convenient and at the same time it feels great to mark a task as done.

OK, now where to buy a diary? I recommend the following elegant yet affordable diaries (can be ordered online):
Moleskine
Castelli (can be found in Jabal Tareq Bookshop, Abdoun - Jordan)
Letts (can be found in Istklal Library, Sweifieh - Jordan)

Bottom line, hurry up and start using a diary! After all "If you fail to plan you are planning to fail".

The Pareto Principle

Have you ever noticed that you 80% of your spent time gives only 20% of your total productivity? While sometimes 20% of the time you spend achieves 80% of the desired goal! In fact what I just mentioned here is called The Pareto Principle. This principle states that 80% of the input produces 20% of the output and vice verse (20% of the input produces 80% of the output).

I am sure while you are reading these lines you are browsing through your memory, remembering examples you have experienced of this principle. Recently, I have noticed a simple Pareto Principle example. The Capital Bank places a weekly report in Al-Rai newspaper about the stock market in Jordan and guess what, the total value of 30 companies of the market is equal to 80% of the total value of the market.
So friends, from now on watch out for the Pareto Principle ;-)

The Sandwich Technique

By the time you see this delicious Turkey sandwich it would have already been converted into calories thanks to my stomach. Today I am going to write here about the what-so-called "The Sandwich Technique".
Sadly, most of us had the chance to tell bad news. The Sandwich Technique helps you in doing that with the minimum possible losses. Similar to our Turkey sandwich the below sandwich helps you understand more what I am talking about here.

First of all you say one piece of good news, after that the bad news, and once again another piece of good news. The surrounding pieces of good news (at the beginning and at the end) are there to tender the situation.
By the way, this Turkey sandwich was what I have made for my late dinner last night, Yummy!