Tom's blog

Topic 1: Potential Problem Solved by AI

Artificial Intelligence (AI) has great potential to address many current and future challenges in a wide range of industries. Healthcare is one important sector where AI has the potential to have a big impact. AI-powered solutions have the potential to improve patient care, treatment planning, and diagnosis due to the increasing complexity of diseases and the growing demand for medical services. Large volumes of medical data can be analyzed by machine learning algorithms, which can then be used to spot trends and forecast illnesses, allowing for early diagnosis and treatment. An example of a recent event that took place was the deployment of Elon Musk's first Neuralink patient. But first, what is Neuralink? Neuralink is a neurotechnology company founded by Elon Musk back in 2016 where it aims to develop a brain-computer interface technology that will allow the brains of patients to directly communicate with digital devices. As for the aforementioned Neuralink patient, Noland Arbaugh, a 29 year old patient whom, after a diving accident, was paralyzed below the shoulders. After coming out of the surgery, Musk's company Neuralink, livestreamed its very first patient playing online chess just by essentially using his mind! Arbaugh also added that he had given up on playing an online video game called Civilization VI, but after receiving the implant surgery, “you all [Neuralink] gave me the ability to do that again and played for eight hours straight.” -Noland Arbaugh

As we can see, this one example has already set a very high benchmark on what AI is capable of doing. Of course, Neuralink did not 'cure' the permanent paralysis of its patient, but what they did do was something that the current traditional healthcare system could've never dreamt of achieving in 10's or even 100's of years.

https://youtu.be/LfwzfP8cp3A

Citation:

“like using the Force”: Neuralink patient demonstrates how he plays chess using brain-chip. YouTube. (2024, March 21). https://youtu.be/LfwzfP8cp3A

Topic 2: Developing Essential Entrepreneurial Skills

Creating fundamental entrepreneurial abilities is pivotal for people looking for victory within the competitive world of commerce. These aptitudes envelop a wide run of capacities and properties that empower business visionaries to recognize openings, explore challenges, and drive advancement. One fundamental ability is imagination, which permits business people to think exterior the box, produce novel thoughts, and imagine inventive arrangements to issues. Inventiveness fills the entrepreneurial prepare, empowering people to create one of a kind items, administrations, and commerce models that separate them from competitors. Another basic expertise is strength, as business regularly includes confronting mishaps, disappointments, and impediments. Versatile business people have the capacity to bounce back from misfortune, learn from their encounters, and drive forward in interest of their objectives. Moreover, compelling communication abilities are essential for business people to communicate their vision, convince partners, and construct connections with clients, speculators, and group individuals. Solid communication aptitudes empower business visionaries to express their thoughts clearly, arrange successfully, and inspire others to connect their journey. Furthermore, versatility may be a imperative aptitude within the fast-paced and ever-changing commerce environment. Business people must be able to rotate rapidly in reaction to advertise flow, rising patterns, and unexpected challenges. Being versatile permits business visionaries to seize openings, overcome deterrents, and remain ahead of the competition. Finally, viable time administration and organizational aptitudes are fundamental for entrepreneurs to prioritize assignments, meet due dates, and maximize efficiency. Creating these aptitudes prepares business visionaries with the devices they got to oversee their time viably, assign obligations, and keep up center on their key targets. In conclusion, creating basic entrepreneurial abilities is basic for yearning business visionaries to succeed in today's energetic trade scene. By sharpening their imagination, flexibility, communication, flexibility, and time administration capacities, business people can improve their chances of building fruitful wanders and accomplishing their entrepreneurial objectives.

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Successful hazard administration is fundamental for business people to explore the instabilities inborn in commerce endeavors. At its center, hazard administration includes distinguishing potential dangers to the trade, evaluating their probability and affect, and executing methodologies to relieve or minimize their impacts. Key concepts for viable hazard administration incorporate chance distinguishing proof, appraisal, moderation, and checking. Business people must to begin with distinguish dangers by altogether analyzing both inner and outside variables that may posture challenges to their trade goals. This includes conducting comprehensive appraisals of advertise conditions, competition, administrative prerequisites, budgetary steadiness, and innovative headways. Once dangers are distinguished, business people evaluate their potential affect on the trade and prioritize them based on seriousness and probability. Utilizing apparatuses such as SWOT examination, situation arranging, and chance registers makes a difference in this handle. With a clear understanding of the dangers they confront, business visionaries create and execute custom fitted moderation methodologies to address each hazard successfully. These procedures may incorporate enhancement of income streams, possibility arranging, protections scope, money related supporting, and legally binding assentions. Persistent checking and survey of dangers are vital to guarantee that moderation methodologies stay important and compelling over time. Furthermore, cultivating a risk-aware culture inside the organization advances open communication, proactive hazard recognizable proof, and representative strengthening, improving the organization's capacity to adjust and react to changing circumstances. By grasping hazard administration standards and utilizing suitable devices, business people can expect challenges, capitalize on openings, and accomplish economical development in their wanders, exploring the complexities of the commerce scene with certainty and flexibility.

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Effectuation, at first created as a system for enterprise, can without a doubt be connected inside set up companies as well, especially in regions such as advancement, key decision-making, and organizational alter. Whereas it begun within the setting of new companies and modern wanders, the standards of effectuation can be adjusted to different commerce settings to cultivate inventiveness, adaptability, and flexibility.

The key contrast between effectuation and other approaches in enterprise lies in their crucial suspicions and strategies. Effectuation centers on leveraging existing assets, shaping partnerships, and grasping instability to form openings, though conventional causal approaches ordinarily emphasize prescient arranging, showcase investigation, and risk mitigation based on accessible data. Effectuation acknowledges that long-standing time is dubious and looks for to make esteem by iteratively investigating conceivable outcomes and co-creating results with partners, instead of basically foreseeing and reacting to advertise patterns.

Effectuation and causal approaches are not fundamentally commonly select; in truth, they can complement each other in certain settings. Whereas effectuation empowers experimentation and adjustment within the confront of vulnerability, causal approaches can give profitable bits of knowledge and systems for understanding showcase flow and competitive scenes. By coordination components of both approaches, companies can adjust advancement with hazard administration, leveraging their existing qualities whereas investigating unused openings.

Opposite to the misguided judgment that effectuation implies "not arranging," effectuation isn't almost abandoning arranging through and through. Instep, it includes a different approach to planning—one that centers on leveraging what is inside one's control, shaping associations, and remaining adaptable within the confront of instability. Effectuation energizes business people and intrapreneurs to begin with their implies, instead of setting predefined objectives and working in reverse to attain them.
Effectuation and the Incline Startup technique share a few common standards, especially in their accentuation on experimentation, client input, and iterative learning. Both approaches advocate for a flexible, versatile attitude and a readiness to turn based on showcase insights. While they may vary in their particular techniques and phrasing, Effectuation and Incline Startup can be congruous and complementary systems for cultivating advancement and driving trade development in both entrepreneurial and corporate settings.

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Topic 7: Problems faced while living in an urban city

There are many problems faced while living in an urban city. Few examples that can be listed out in an instant would be pollutions (environmental pollution, noise pollution) and unemployment/poverty. For pollution, big cities tend to output more waste as it is the area with the most activity/demands more resources in every sector compared to rural areas. Moreover, there are many causes of urban air pollution, i.e., manufacturing, combustion engines, motor cars, cooking firewood, the construction industry, and dust. These sources emit poisonous gases into the atmosphere such as particulate matter (PM2.5), CO2, CO, SO2, NOX, and PM10. (Wang, 2023). Urban waste management is important but in order to maximize the efficiency as such, everyone has to collectively put in the effort of practicing good waste management and pollution-reducing practices such as carpooling, installing catalytic converters in their cars, reforestation/mini-reforestations and more. 

Unemployment in the other hand is a rising issue for many large cities currently. Let's take New York for example, in 2022, at 7.6%, the city’s unemployment was among the worst of major cities. It also lags behind neighboring Northern New Jersey and Long Island. The jobless rate jumps to 11.1%, not seasonally adjusted, in the Bronx, the highest of New York’s five boroughs, and even higher for Black New Yorkers, who were disproportionately impacted by job losses during the pandemic. (Diaz, 2022). Along with the pandemic, the increase of migrant workers has also impacted the unemployment chart for New York. As businesses tend to side towards hiring migrant workers due to their cheaper labor, this would directly impact the chances of non-migrant workers in securing a job, or New Yorkers that are actually from America. The only possible solution to unemployment would realistically be to increase job opportunities that require more labor-intensive work.

Citation:

- Diaz, A., & Tanzi, A. (2022, March 21). Why is New York City’s unemployment rate so high? Bloomberg.com. https://www.bloomberg.com/news/features/2022-03-21/nyc-jobless-rates-double-u-s-averages-in-struggle-with-post-covid-recovery 

- Bikis, A. (2023, January 30). Urban air pollution and Greenness in relation to public health. Journal of environmental and public health. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9902165/#:~:text=Moreover%2C%20there%20are%20many%20causes,NOX%2C%20and%20PM10.

Topic 8: What is; What if; What wow; What works 

Let's start with what design thinking is. “A human-centred innovation process that emphasizes observation, collaboration, fast learning, visualization of ideas, rapid concept prototyping, and concurrent business analysis” (Menon, 2020). The success of GrabFood in Malaysia largely depends on the principles of “What Is”,”What If”,”What Wow”, and ”What Works”. “What Is” is what keeps GrabFood moving – an already established platform with user-friendly application, convenient delivery system, and vast restaurant network which makes it a favorite option for take-away. “What If” is designed to advance innovation within the business by allowing GrabFood to diversify its services using subscription models and partnering with local farms for fresh ingredients supply among other initiatives which have enabled it to stay ahead of competition. “What Wow” concentrates on creating exquisites that satisfy customers’ curiosity. They may include such features as live order tracking, personalized proposals, and exclusive discounts from popular restaurants thereby promoting customer interaction and making them loyal. "What Works" means identifying successful strategies that can be constantly improved. The success of the company comes from leveraging data insights, understanding and keeping up with customer's expectations, constant responses and actions towards feedbacks, and enhancing user experience. The implementation and usage of these 4 factors have shown GrabFood's dominance in the local food delivery landscape. Along with it's strong foundations, GrabFood continuously explores innovative ideas to stay ahead of the curve. At the same time, GrabFood to this day is still polishing its strategies and operations basing it off the 'tried & tested' method. With this approach, while infusing it with a well-established presence, forward-thinking mindset, customer-centric focus, and continuous improvement, has been instrumental in GrabFood's ability to maintain its market-leading position in Malaysia's food delivery industry.

Citation:

- Menon, G. (2020, June 10). Use design thinking to solve any problem. Medium. https://menongaurav.medium.com/use-design-thinking-to-solve-any-problem-815f4a86b4df

Topic 8: "How Might We" for Virgin

Virgin Atlantic Airways as well as the Virgin Team, started by the visionary business owner Sir Richard Branson have actually browsed a rough landscape of difficulties as well as chances throughout their trip. Among one of the most powerful obstacles encountered by Virgin Atlantic has actually been the extreme competitors within the airline company sector. This increasingly affordable sector is controlled by reputable gamers like British Airways as well as an ever-growing visibility of low-priced service providers all trying a share of the marketplace. To stick out plus bring in consumers, Virgin Atlantic has actually needed to distinguish itself via cutting-edge solutions, one-of-a-kind brand name experiences along with an unrelenting search of client complete satisfaction.

Before the start of Virgin Atlantic, Branson had an independent record company but at the same time, to begin the growth of Virgin Atlantic, he needed a financial jumpstart. Eventually, he presented himself with an ultimatum. He had two choices: Sell his record label or risk the failure of his airline. Emotionally, selling Virgin Records was like casting away a piece of himself, says Branson — but it was established and successful enough to keep thriving under new ownership. (Huddleston Jr, 2024). In spite of the extreme competition, Virgin has actually likewise existed with a remarkable chance -- its worldwide identified brand name. The Virgin brand name is identified with advancement, high quality and also a customer-centric method, cultivating a deep-rooted brand name equity that can be leveraged to intrigue clients along with increase right into brand-new markets or sectors. This brand name acknowledgment has actually shown very useful permitting Virgin to develop a dedicated consumer base as well as command costs rates for its solutions. Additionally the Virgin Group's diversity technique venturing right into industries like songs, mobile solutions and also room tourist has actually opened brand-new opportunities for development and also supplied a barrier versus industry-specific declines, additional solidifying the business's durability despite difficulty.

Citation:

- Jr., T. H. (2024, April 29). Richard Branson says this decision helped build his $2.5B net worth: “I don’t think I would have gone to space” otherwise. CNBC. https://www.cnbc.com/2024/04/29/richard-branson-tough-business-decision-helped-me-build-virgin-group.html