Capitalism Rewards The Best

Capitalism is designed to reward the best. The best lawyers get to charge the most. The best players get the most lucrative contracts. The best actors make the most money.

There are many good lawyers, good players and good actors. They would survive, but probably not flourish. In any field, the best always make orders of magnitude more than the good. You could be good at many things – but you are playing against the very design of capitalism if you are not the best in any one. Capitalism acknowledges the good – but rewards the best. Really, it is as simple as that.

If you are the best search engine, you get to become Google. If you are the best online retailer, you get to become Amazon.

Do one thing really well. You will succeed for one simple reason – Capitalism Rewards The Best.

(Image Source: https://socialanxietyinstitute.org/sites/default/files/Focus.jpg)

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Don’t Let Complexity Stop You

The title is from Bill Gates’ Harvard Commencement address (2007) – different context, but strong message. If you are searching for Google-scale problems to solve, here is the one thing you need to remember – the subconscious has a natural tendency to be scared of complexities. Complexity clouds the Hope Vs Fear equation. The mind needs to be trained carefully to not exhibit its default behavior when faced with complexity.

Don’t let complexity stop you. If you succeed in that, you just need to Run Upstairs.

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Why Isn’t Someone Building This Service?

Sometimes, you will see that users of some popular product/service are “inventing” new uses for existing features, to help them achieve something that they need. When that happens, it is a clear indication that a product/service that does just that “newly invented” piece potentially has a solid number of users right off the gate.

Let us take some examples: real time status updates – users were trying to use offline messages in messenger services – “stepping out for lunch” – an indication that a real time status update service was needed (the company that solved that would be worth a cool 10 billion dollars tomorrow). Foursquare and check-ins are another example.

We do have two examples that are open right now – Reddit’s AMA (Ask Me Anything) is probably a good standalone service. And the fact that Pinterest is used to pin things that are not really pinnable – there are many services waiting to be tapped there.

The Reddit AMA piece for sure is a startup waiting to happen. Why isn’t someone building this?

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Data-Driven ‘Everyday’ Decisions

Here is a trend we cannot run away from – very soon most of our decisions would be data driven. If you think that is already the case, you are mistaken. Today, data plays an important role in our decisions, but does not drive our decisions. And most data is incomplete in multiple ways and our gut feel fills in for all the inaccuracies and gaps. But that is changing – and very rapidly as well.

Fairly soon, the smartphone and the data that it could bring up would drive our decisions. That famous example of deciding between which route to pick on the way back from office – decisions like that would soon be decided by “what is the probability that if I pick Route A, I would reach faster” rather than by your gut feel, or incomplete traffic data. That’s the new world. Get used to it.

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

What The World Did Not Learn From Twitter

140 characters. Enforcing a limit like that on what you can say, enforces thought, efficiency and better communication for a much stronger impact than a verbose equivalent. That is one thing we did not learn from Twitter – why can’t we apply that to so many other communications and domains? For example, reviews, feedbacks, sales calls, marketing messages, product overviews …. why have we not shortened all these things?

Constraints breed innovation. That it applies to communication is (now) a no-brainer. We had written about this before – The One Understated Benefit Of Twitter’s 140-Characters Limit.

And yes, we could have said all of this in 140 characters :-)

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Wait A Minute. Apple Has No Data

We spotted this statement today (we could not locate the link – apologies) – ‘Apple Has No Data’ and it registered immediately. Partly because in the relative scheme of things, this statement is so true. In a world that tracks what you see, click, like and buy, being the tech giant it is, Apple has no data. Not even in Music – Spotify knows your music preferences more than Apple does, probably.

Data is the currency of the future. If that is true, it is time for Apple to maybe move some of its resources into some huge data collection effort (disguised, like everyone else, as some social stuff or something like that). Crucial junctures demand big decisions. Remember Why Calling Steve Jobs ‘Lucky’ Would Be A Sin?

Wake Up, Apple. People are using your devices to send data to everyone else’s servers. Those bits are the dollars of the future. Maybe that is what Wall Street is telling you: “Wait A Minute. Apple Has No Data”

(Image Source: Norebbo)

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Meet India’s Uber: Autowale.in

What cabs are to the US, auto-rickshaws are to India. So India’s Uber is definitely not Uber – it is Autowale.in.

“As citizens that relied on finding an auto-rickshaw on time, locating a driver that was willing to take them to their destination without having to argue over fares especially during the night or non-peak times, they learned there were thousands of dissatisfied commuters that like themselves faced problems with getting a rickshaw when they needed one.

On researching the situation further and conducting some in-depth surveys, they not only found what annoys customers the most but also learnt the auto-rickshaw drivers were unhappy about not being able to find enough customers, find stability in their earnings and more.

Turning a problem into an opportunity Mukesh and Janardhan set to work brain storming on how they could use technology, communications, IT systems and services that could bridge the gap between commuters and rickshaw drivers.

Meet India’s Uber: Autowale.in

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Paul Graham Vs Albert Einstein

Paul Graham:

“Empirically, the way to do really big things seems to be to start with deceptively small things. Want to dominate microcomputer software? Start by writing a Basic interpreter for a machine with a few thousand users. Want to make the universal web site? Start by building a site for Harvard undergrads to stalk one another.

Empirically, it’s not just for other people that you need to start small. You need to for your own sake. Neither Bill Gates nor Mark Zuckerberg knew at first how big their companies were going to get. All they knew was that they were onto something. Maybe it’s a bad idea to have really big ambitions initially, because the bigger your ambition, the longer it’s going to take, and the further you project into the future, the more likely you’ll get it wrong.”

Summary: Find the tiny thing that turns into the giant idea. Find the dinosaur egg (Source)

Albert Einstein:

“One should not pursue goals that are easily achieved. One must develop an instinct for what one can just barely achieve through one’s greatest efforts.” —Albert Einstein (Source)

‘Building a site for Harvard undergrads to stalk one another’ does not fit Einstein’s description, obviously.

Maybe research and business are two different things, after all?

(Image Credit: Choosetoawaken)

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

A New Heuristic For Startup Ideas

We have discussed about heuristics for startup ideas earlier – we spotted a new heuristic today.

Sometimes, you will see that users of some popular product/service are “inventing” new uses for existing features, to help them achieve something that they need. When that happens, it is a clear indication that a product/service that does just that “newly invented” piece potentially has a solid number of users right off the gate.

Let us take some examples: real time status updates – users were trying to use offline messages in messenger services – “stepping out for lunch” – an indication that a real time status update service was needed (the company that solved that would be worth a cool 10 billion dollars tomorrow). Foursquare and check-ins are another example.

We do have two examples that are open right now – Reddit’s AMA (Ask Me Anything) is probably a good standalone service. And the fact that Pinterest is used to pin things that are not really pinnable – there are many services waiting to be tapped there.

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Make a Mental Model of Your Domain

As you spend more time in any given vertical, your mind forms a model of how things work in your vertical. This is extremely valuable – nothing can really substitute this model. It has so many unquantifiable elements, that it is mathematically not possible to replicate the model even with the most comprehensive set of inputs.

Make a conscious effort to develop and nurture this model. Over time, it would turn into an intelligent information processing engine with solid predictive capabilities – something that you can use to test your hypotheses and concepts. It would tell you where the inefficiencies are, and what solutions could possibly work.

The most successful people in any domain are not competing with each other. Their models are competing with each other. If you think about it, that is why ‘The Daily’ failed. The models need to be nurtured and adapted, in real-time if you are in the information domain.

For Interesting Statistics Everyday, Find Statspotting on Facebook and Follow Statspotting on Twitter

Page 1 of 1312345...10...Last »