At the Sage ‘Future of your Business’ event last week Emma Jones founder of Enterprise Nation offered tips to start-up and growth businesses. Emmanuel Marchal Acunu.com VP Services and founder of BigDataLondonshared a interestingly fact that London has the second highest concentration of Big Data experts after Silicon Valley.
Emmanuel explained that ‘Big Data’ is just a buzz word, “big data is about finding what is invisible and extracting a signal out of a lot of noise”. Businesses that have extracted well like WhatsApp texting 80 billion messages, which was recently acquired by Facebook for $19bn, then there is Google 2 million searches and 204 million emails sent every minute of every day. Have you ever thought of the technology that enables this much noise?
Emmanuel said “there is either a big data problem or a big data opportunity;” he describes big data in terms of:
- Big – Volume too big that it cannot fit on one computer
- Fast – Velocity old technology not able to process the volume of date in a millisecond
- Diversity – Variety of different technology to analyse different types of data.
I was stuck by Emmanuel’s view on privacy stating that “it all comes down to how much value and benefit you deliver to your customer only then” will your customer accept the intrusion of personalisation. I speak about relationship building in key account management and this is key if you are to offer your customer what they want. The result of big data enables us to make offers useful and relevant to our customers, it allows us to get closer to the customer to give them more of what they value and want.
Both Emma and Emmanuel agreed businesses should start-up lean, research and focus on a small niche and scale globally once the business model is substantiated.
Emma said she was not going to talk about why failure was good for business as listed, but in not talking about it she expressed her view, stating “we should stop talking about failure in business, the more we talk about failure the less people will start businesses.”
I disagree with Emma’s view; I believe we should talk about failure, the more we talk about failure the less of a stigma it is. I have had a business failure and I have learnt more about myself, my resilience and my capacity than at any other time in my life. Sara Blakely founder of Spanx and the world’s youngest self-made female billionaire tells the story of her father asking her ‘what have you failed at in school today’ eventually she caught on that her father was encouraging her to test her boundaries and failing was demonstration of this.
A great deal can be learnt from failure; many times we cannot learn the lesson without the experience of failure. Ralph Thomas Edison the investor and businessman who developed many devices which continue to influence the world today said “I have not failed. I’ve just found 10,000 ways that won’t work.” Even big data is an process we are failing and learning our way around.
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Janice B Gordon: The Problem Solver, Business Growth Consultant, Mentor, Broadcaster and Speaker. Janice support business owners to stay on track to achieve their goals; she runs a 12-week a business transformation programme for ambitious, motivated, small business owners. http://buff.ly/1gOnijZ. Download your FREE eBook ‘How to Stand out from the Crowd’ http://buff.ly/1dK5Ejk