As of 2014, Google had 200 Terabytes (TB) of data. (1 TB = 1024 GB.) That’s just 0.004% of the total Internet! What this means is, the amount of information in this world is beyond our human comprehension. But, strangely enough, our probability of success is dependent on the quality and quantity of information we posses.
Tell me, then, how can a single person, even, think of being successful, on his own?
My mother had taught me/ forced me 😉 to share, when I was a child. I would ask her why; and, she’d just say that, that is what good people do. Intuitively, she knew that this behaviour will help me in the future.
And, she was right.
Sharing is a vital component of COLLABORATION. And, collaboration is the only method by which businesses can achieve greatness in current times.
You can easily hold a small thing in your own hand. But, if you want to hold a much larger thing, you need multiple hands (collaboration). This applies to business, too.
A great business requires insights from different fields coming together to implement a common vision. Even at Placetime, our vision to build: “a world where majority people create great memories for others” can be achieved only by collaborating with great businesses and individuals who share this vision.
Not to mention, the invention of many great products that we enjoy (without, perhaps, giving due credit) is a result of collaboration.
- Google (Larry Page and Sergey Brin)
- Airplane (Wright brothers and others)
- Automobile (Gottlieb Daimler and Wilhelm Maybach)
- Ice-cream (Ben Cohen and Jerry Greenfield)
- many more…
Even the proper functioning of a human body is a result of collaboration among millions of microscopic organism living inside our bodies!
Levels of collaboration
The basic level that a business can leverage collaboration is within itself. A business should build a workplace suitable for collaboration:
- Team-mates should be requested to cooperate with others, and compete, only, with themselves.
- Everyone should be treated equally. (For this to be effective, hire only great people.)
- Ideas should be analyzed, not criticized.
- Create a safe place for people to be able to feel comfortable sharing anything.
As mentioned earlier, our probability of success is dependent on the quality and quantity of information we posses. Considering we are just humans, we can’t do this effectively without having external partnerships. If you are a small business, the college student who put up your website is your partner. So is your vendor, software providers, etc.
There is a famous saying: “Do what you know the best, outsource the rest” – Peter Drucker. It’s all about promoting collaboration. So, how can you collaborate effectively:
- Build mutual trust.
- And, trust is a result of shared values and beliefs (Personal culture).
- Communication should be transparent and truthful.
- Do not hesitate to show vulnerability (this helps to create strong bonds).
Now, you may ask, how does this make sense if you have college students or such “part-time professionals” for partners. This leads to my next point. In today’s world, it is wise to partner with the experts in a field. The amount of value they can offer, in the long run, would be hundreds of thousands of times more valuable than the cost-benefit that the part-time professionals may offer.
2nd industrial revolution
There is a Ted-talk which talks about the future of businesses. The speaker says that the 1st industrial revolution replaced human power (now, electricity is doing what humans used to do earlier). The 2nd industrial revolution would replace human intelligence.
The vast information on the Internet cannot be processed by humans, even if we bring together millions of people to work on it, 24/7. But, the same thing can be done, easily, by few computers using Artificial Intelligence (AI). A software that can read through piles of documents and come up with inferences. A software that can help you to identify whom to pitch when. The possibilities are endless!
Essentially, every business of the 21st century, who wants to remain in business for a long time, must implement some aspects of AI (especially, Machine Learning). Or, at least, they should collaborate with great partners who could help them with it.
So, are you ready for the 2nd industrial revolution? Or, do you have a partner who can help you?