Late Bloomer or Seasoned Pro?

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d48ed900e79fa9547169c26138b4cd8d_XLEvery entrepreneur at some point looked in the mirror and said, “Lots of other people have succeeded…and so will I.”

I believe in myself especially because I am willing to work hard and persevere and I have years of experience to prove it. So I too looked in the mirror and said to myself, “Start putting all that to work for my own endeavor and not for someone else.”

An article in Inc. Magazine now sheds new light on older entrepreneurs like me with statistics that prove my experience, my skills, my connections, my expertise, and yes, my age, are on my side.

A 50-year-old startup founder is 2.8 times more likely to found a successful startup as a 25-year-old founder.

And if you want a really fun statistic:

A 60-year-old startup founder is 3 times as likely to found a successful startup as a 30-year-old startup founder and is 1.7 times as likely to found a startup that winds up in the top 0.1 percent of all companies.

There are plenty of reasons, but one key factor is the difference between ideas and execution. 

Ideas are great, and I have plenty of them, but execution is everything. The same is true with strategy: Strategy matters, but tactics–what you actually do–is what helps companies grow.

It’s much harder to execute well when you have limited experience. It’s much harder to develop a sound strategy when you have limited experience. It’s much harder to make smart tactical decisions–especially when you need to make a number of decisions every day–when you have limited experience.

Think of it this way: People love to say, “You need to know what you don’t know.” The only way to decrease the number of things you don’t know–and have a reasonable grasp of which things you do well, and which you don’t–is by gaining experience.

That’s especially true where leadership experience is concerned.

So what about those who succeed later in life – the late bloomers.

Is it better to be an early achiever or a late bloomer? That’s the same as asking if it is better to start Facebook at 19 or IBM at 61?

For the world at large it does not matter. Perhaps Facebook could never happen if IBM did not exist. Should Charles Flint have felt himself too old when he organized IBM out of a time-card punching technology firm at the ripe age of 61? Those time card punchers turned out to be early prototypes of computers.

Perhaps you have not heard much about Flint, but the device you are using to read my blog right now is possible in part because of what Flint started at 61. A later bloomer? Perhaps. Too late for him at 61? Never too late.

So, if you’re in your 50s and you want to start a business, do it.  And even if you’re in your 60s…do it.

Successful entrepreneurs don’t have some intangible entrepreneurial something (ideas, talent, drive, skills, creativity) that we so called “seasoned” professionals don’t. Their success only seemed inevitable to me in hindsight.

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The Weather and Big Data Equals Big Business.

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The weather has a significant influence on almost one-third of the world’s buying everyday. “The old paradigm of business and weather was cope and avoid,” says The Weather Channel’s vice president for weather analytics. “With [big data] technology, the paradigm is now anticipate and exploit.”

The Weather Channel (TWC) is an American basic channel and satellite television company, owned by a consortium made up of Blackstone Group, Bain Capital, and NBCUniversal located in Atlanta, Georgia.

The channel has broadcast weather forecasts and weather-related news and analysis, along with documentaries and entertainment programming related to weather since 1982.

TWC provides numerous customized forecasts for online users through its website, weather.com, including home and garden, and event planning forecasts. Third-party web analytics providers Alexa and SimilarWeb rated the site as the 146th and 244th most visited website in the world respectively, as of July 2015. SimilarWeb rated the site as the most visited weather website globally, attracting more than 126 million visitors per month.

That massive web traffic is exactly how The Weather Channel has turned ‘Big Data’ into a completely new business.

TWC is before all a technology platform operator, which developed an extremely high-volume data platform, collecting and analyzing data from 3 billion weather forecast reference points, more than 40 million smartphones and 50,000 airplane flights per days, and serves 65 billion unique access to weather data each day.

TWC collects terabytes of data everyday and uses it not only to predict the weather in millions of locations, but also to predict what consumers in those locations will buy.

In a very savvy move TWC married more than 75 years’ worth of weather data with aggregated consumer purchasing data. For example, air-conditioners sales increases during hot weather, but folks in Atlanta suffer three days longer than people in Chicago before running out to buy one. Such analysis has created a whole new business for TWC – ‘Selling ads based on big data analytics’.

For example, P&G Pantene and Puffs brands buy ads based on TWC’s weather and consumption analytics. A women checking The Weather Channel app in a humid locale receives an ad for Pantene Pro-V Smooth, a product formulated to tame frizzy hair.

Checking the app again on low humidity day or drier area results in seeing an ad for a volumizing product instead. Similarly, a consumer looking at a high pollen forecast receives an ad for Puffs facial tissues, with the message, “A face in need deserves Puffs indeed.”

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Currently, TWC is generating half of the company’s ad revenue to the business using web analytics.

Big data and web analytics helped TWC maintain an extensive online presence at weather.com and through a set of mobile applications for smartphones and tablet computers. These services are now administered by The Weather Channel’s former parent company, The Weather Company, which was sold to IBM in 2016. The Weather Channel continues to license its brand assets and weather data from IBM.

TWC’s case is the epitome of how effective use of big data and web analytics can lead to marketing opportunities. It also demonstrates how today’s big companies can advance through ‘Digital Marketing’ which can also help them to diversify and strengthening their business portfolios.

Lenovo, The Only Chinese Official Global Partner of the 2008 Olympic Games

I thought that since the world was coming to Beijing for the Olympics it might be interesting to introduce people to Chinese brands that will someday be exported to the world from China.
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Has anyone heard of this high powered brand? Lenovo is the largest Chinese PC manufacturer, and the third largest in the world, providing products to more than 160 countries around the world.

In 2005, it completed the acquisition of IBM’s PC business and by the end of 2006, more than 60% of Lenovo’s turnover came from markets outside Great China.

The company is focusing more on transactions with individual and SME customers, and this transformation is paying back in the U.S. market where it showed profitability in first quarter of 2007.

Though Lenovo faces declining margins for the whole PC industry and fierce competition from HP, Dell, and Acer, the
brand managed to grow its value by almost 60% this year.
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We attribute this growth to a huge investment in marketing and branding activities,including replacing IBM to become
the only Chinese official global partner of the 2008 Olympic Games. As one of the most successful brands in China,
Lenovo carries high expectations from Chinese people and can do more to more clearly assert its brand differentiation.
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Lenovo has also announced a brand new laptop, seemingly, in preparation for the 2008 Beijing Olympic Games. Straying from their usual business themed thin black notebooks, Lenovo has went with red plus spiral motifs around the Thinkpad. Though internal specifications are not present yet, inside information hints that this notebook will sport a 12.1-inch XGA display and Intel’s L2400 Core 2 Duo.