Pile On Motivation

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Category: Entrepreneurial

  • What is “Fogg Behavior Model”?

    In the book named “Hooked” , Nir Eyal makes a mention of Fogg’s Behavioral model that goes a long way in helping product manufacturers design habit forming products.

    The formula is B = MAT  where behavior of an user is a function of the following three parameters
    B = behavior , M = motivation , A =ability of the purchase & T = trigger provided

  • Responsibility of product manufacturers who have “Hooked” customers to their product

    In the book “Hooked” by Nir Eyal , the author reminds all product manufacturers their ethical responsibility while trying to “hook” customers into their habit forming products.

    Since nefarious intentions towards creating “habit forming products” can lead to far reaching effects in the lives of these users hence it is of prime importance to remind the developers , employees , entrepreneurs of the “Manipulation Matrix” before designing such habit forming products.

    A Manipulation matrix is a plot between ” Whether the maker would like to buy and use the product” v/s “Material life changing benefits provided by the product. When both of these are positive the indication is towards creation of a ethically driven habit forming product that would serve the society at large.

  • “Hook Model” – How to “Hook” a customer to a product?

    “Hooked” by Nir Eyal makes a mention of the Hook Model and ways to ingrain a product in the mind’s of a customer.

    To hook a customer to a product , the product should get ingrained with the habit of the customer.The following are important takeaways:

    1. Hook Model – Start with and move subsequently a) Trigger b) Action c) variable Rewards d) Investment
    2. Habit Zone – A product should start as a vitamin(nice to have) and should end up being a pain killer(must have).When the frequency v/s Perceived utility crosses the Habit Zone threshold the customer cannot live without the product e.g. FB , Instagram
    3. Habit formation is a  key for a product’s high performance and repeat value in the mind of a customer.

  • Carmine Gallo’s analysis of Tim Cook’s Tulane speech 2019 – Key Takeaways

    Please find below the full analysis of Carmine Gallo.

    A few key takeaways –

    1. Tim Cook , operational genius never wanted to copy Steve Jobs.He wanted to be a better version of Tim Cook.
    2. Find your purpose and you will find your voice
    3. To be a better speaker , find your passion and build your message around it.

    Finally a transcript from the speech that caught my attention –

    “Don’t waste time on problems that have been solved. Don’t get hung up on what other people say is practical. Instead, steer your ship into the choppy seas. Look for the rough spots, the problems that seem too big, the complexities that other people are content to work around. It’s in those places that you will find your purpose. It’s there that you can make your greatest contribution.”

  • 4 Steps to a “Habit Forming” Product – Key Takeaways from “Hooked” by Nir Eyal

    “Hooked” By Nir Eyal mentions of 4 steps every company takes in order to create “habit forming” products. The steps are as follows:

    1. Trigger  –  Internal followed by external to cause a craving
    2. Action – Take action after getting enticed by the trigger
    3. Variable rewards – These make dopamine to flow through our veins
    4. Invest – Invest once convinced with the rewards

  • “Predictably Irrational” by Dan Ariely – Some irrational habits

    Lot of food for thought after having read this wonderful book.

    A look at some of our irrational habits – 

    1. Seller always values his possessions much higher than the buyer anticipates
    2. A high priced items always seems more lucrative to solve a problem than a similar but discounted item e.g. medicines.
    3. Having too many choices makes us indecisive and more prone to making wrong choices.

  • Some key takeaways from Predictably Irrational

    Dan Ariely’s Predictably Irrational is a true masterclass and shown below are some of the key takeaways from Predictably Irrational.

    1. Decoy effect – Introducing a –VE of something , as a decoy , can influence choice/human behavior  when that something is pitched against some other option.
    2. Anchor effect – First impression is always the best impression , and can influence all our decisions relative to that impression.
    3. Gravitational pull of FREE – We agree with it or not , all humans have a natural inclination towards something offered for FREE even though that product/service being offered is not something that we desire.

  • “Schmoozing” for entrepreneurs

    The term “schmoozing” is related to forming more social connections and contacts so important for entrepreneurs of start ups.

    In his book “Art of The Start” Guy Kawasaki makes a mention of “schmoozing”  and the need of it wherein :

    The most important thing is NOT WHAT WE KNOW OR WHOM WE KNOW , IT IS WHO KNOWS YOU.

  • “Answer the SMALL man” – Art of pitching

    “Art of the Start” by Guy Kawasaki mentions some very important points on “pitching” for entrepreneurs.

    One such concept is “Answer the Little Man”.

    When you are trying to make a point , be it in a presentation to a venture capitalist or to an audience , always imagine a SMALL MAN sitting on your shoulder and asking the question ” SO WHAT “ after every point is made.

    This way we would make more relevant & easily understandable comments.

  • Kinds of people whom we recruit – “Art of Start” by Guy Kawasaki

    The following are two kinds of people we end up recruiting –

    1. Ones those who do NOT have any MAJOR WEAKNESSES – NEITHER do they have any MAJOR STRENGTHS
    2. Ones those who HAVE MAJOR STRENGTHS – THEY MAY HAVE MAJOR WEAKNESSES as well.