Foundersbacker | Empowering corporations to embrace circular innovation

Before we get into today's topic. Here is the good news we are coming up with the first internal startup -  Upcyqlo. This is Foundersbacker's first internal startup! Upcyqlo tackles plastic waste head-on, not by recycling, but by upcycling. They aim to minimize plastic use by transforming it into something new and valuable, creating a bigger positive impact on the environment. ----------------------------------------------------------------------------------- Main Topic  Unlocking Your Potential: The Formula for Grit, Growth Mindset, and Lei Jun's Inspirational Journey The Grit Formula: Unveiling the Power of Effort and Skill The path to success is paved with both talent and effort. While natural aptitude plays a role, it's our unwavering dedication and consistent practice that truly transform potential into reality. The formula for grit, the unwavering determination to achieve long-term goals, can be expressed as: Talent * Effort = Skill This equation highlights the f...

During my recent business trip to Indonesia, I made significant progress in penetrating the Indonesian Chinese community, which controls a large portion of the country's economy. While I can't share too many details due to confidentiality, I can share some insights from my Toastmasters club speech last night. The Formula for Grit The formula for grit is deceptively simple, but putting it into practice is a lifelong journey. Talent x Effort = Skills Skills x Effort = Achievement Before reading the book "Grit," I believed that talent was something you were born with. But the author argues that talent is a combination of interest and one to two years of cultivation. This is why the book emphasizes the power of "ten years of sharpening your sword" and "10,000 hours of practice." It takes two years to find your talent and eight years to accumulate the necessary skills. Stackable Skills In my experience, skills are stackable. One of the key reasons I dec...

In the startup world, conquering the entire market at once is like a new army trying to take over a whole country. You'd get crushed! Instead, you need a beachhead market , a smaller, more manageable area to land and build your forces. This lets you test your weapons (product/service), learn the lay of the land (customer needs), and gain strength before taking on bigger challenges. It's your launchpad for future success! To find your beachhead market, ask yourself these key questions: 1. Do your customers have the money to buy your product? This may seem obvious, but it's essential to ensure your target market has the resources to invest in your solution. Consider their income level, budget constraints, and willingness to pay for your product or service. 2. Can you reach your customers? Once you've identified your target market, you need to determine if you can effectively reach them. This involves understanding their buying behavior, preferred communication channels,...

Personal Experiences I've recently encountered two scams that were so obvious, it was almost laughable. In one case, a person reached out to me online and offered to invest in my business. They then changed their story and said they wanted me to be a supplier for their company. However, all of their social media accounts were under pseudonyms, and they refused to provide me with a company name or business card. Needless to say, this raised major red flags. In another instance, an individual claimed to be under surveillance by the Chinese government, the FBI, and other agencies. They stated they could only communicate with me through Zoom and WhatsApp. However, their WhatsApp profile lacked a picture, and when I checked their LinkedIn profile, I saw they had over 500 connections, but none of them were mutual connections. Needless to say, this made me highly suspicious. Common Scam Tactics Here are some of the most common scam tactics to be aware of: Investment scams:  Scammers will...

Learn How to 'Play Bigger' with My Reading Digest It's time to investigate the world of entrepreneurship literature and explore the groundbreaking concepts laid out in the book 'Play Bigger.' As I reflect on my recent completion of this must-read book, I am excited to share with you the innovative idea of 'Category Design' and its profound impact on shaping successful companies. Join me as we uncover the three pivotal concepts from 'Play Bigger' and learn how to apply them to our own entrepreneurial endeavours. Let's begin on this enlightening journey together! The Concept of Category Design Understanding the Play Bigger Philosophy Philosophy While plunging into the pages of "Play Bigger," one cannot help but be captivated by the groundbreaking concept of Category Design . Unlike traditional entrepreneurial approaches, Category Design revolves around the continuous redefinition of problems to unleash a company's growth potential...