Bootstrapping – the thorn in the side of the startup vocabulary. Even the very mention of the word can put chills through your idea before it even leaves your lips. The concept behind BS’ing is “to pass the hat – ROUND – of funding”, calling on family and friends to get involved financially in your “Industry 4.0 plot to change tech as we know it” or whatever it may be. The ability to BS (now now, you know the acronym I’m referring to here), from the get-go is essential, as investments from angels or VCs may be a mirage on the horizon only seen by your hunger to succeed. It may feel like a negative force but in my opinion, BS’ing can be fundamental to the longevity of your startup.

The days of unique ideas that gain investment overnight are few and far between – superseded by conceptionally similar, but more efficiency in delivery. This results in both angels and VCs doing intensive due diligence on any potential investment, as inevitably the more players in the game can mean less ROI.

What always raises my level of interest on the startup circuit is hearing the words, BS’ing has got us this far, which shows me the founders are true believers in what they are trying to achieve. This, in turn, gives them the ability to present their pitch with clear forecasts based on sales already achieved in their target market. Therefore, resulting in an appreciation of money as a prerequisite for maintaining a healthy burn rate.

This is evident when you speak to a startup with no BS’ing V’s BS’ing experience. One common denominator will be the different variations in funding required. In most cases, you can expect a more detailed configuration on the financials from the BS’ing startup, as they have a precedent to work from for their calculations.

Also Read: Bootstrapping your startup: 4 easy ways to grow faster

My top three benefits of bootstrapping:

Educational value: BS’ing provides a steep learning curve for you and your team, leaving you with a deep grasp of the knowledge required for rollout. From logistics to accounting, regulations to market research, basically all the dynamics associated with your startup which all fall under this “CEO crash course” remit.

Customer relations: As you will be entering the market with a “soft launch”, full of trials and tribulations, whether it’s a product or service, you will have limited customers. Remember when your BS’ing, your customers become your basis for feedback. Tweaking your concept to adjust to your customers demands here will accelerate your B2B or B2C sales. If you can polish what it is you are bringing to the market led by customer feedback, this data to you is priceless. In a sense, your customers are also your VCs as they are investing in your product/service, validating your concept.

Commitment: BS’ing soon filters out the commitment levels of your core team. Their involvement will mean financial sacrifice in lieu of equity. Some will stay and some will go. They are not be judged for jumping ship, as people have lives to lead and bills to pay. It will be a stressful time so it is imperative that all cornerstones are dependable.

Also Read: Bootstrapping or Venture Capital: The pros and cons every startup should consider

Helpful tips for BS’ers:

• Engage local business support services in your area. There are entrepreneurs in most communities or online today who would only be too happy to offer insights. Reach out to them which in turn also improves your networking skills.
• Check out what government initiatives are within your region as many are free and will have the ability to help you accelerate or scale.
• Use your social platforms to broadcast your message, you will be surprised how many companies start like this, as not only does it give you an entry point in to the market but it also gives you an indication as to how your product or service is being perceived.

To Summarise: The BS’ing journey can be long and feel draining not just on your wallet. As remuneration for your time and hard-earned cash, know that you are obtaining certain skills that will set you on a trajectory for success. You should gain some inspiration knowing that the likes of GoPro, SPANX and many more started the bootstrapping way!

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A previous version of this article first appeared on nfinitiv.

Image Credit: Kelly Sikkema on Unsplash

The post The essence of bootstrapping! appeared first on e27.

In mid-2019, Indonesian state-owned Bank Rakyat Indonesia (BRI) made headline when it launched a corporate venture capital (CVC) firm —BRI Ventures.

The launch of the CVC firm was the latest in the ongoing trend of local banks and mega-corporations dipping their feet into tech investment. Even William Gozali, VP Investment at BRI Ventures, admitted that BRI was “a bit late to the party.”

But the decision to enter the VC scene this year was not without consideration.

“Being late to the party enables us to learn from others’ experience,” he speaks to the press at the sideline of Nexticorn International Summit on Friday in Bali.

“Now is the right time for us to launch as we can move with calculated risks … With everything that we have learned, we should be able to catch up,” he continues.

Launched with a US$250 million fund in tow, BRI Ventures is aiming for startups in the Series A and B stage. The firm is looking for companies with a working business model and product, with the potential to collaborate with BRI.

Also Read: Creative Ventures launches US$50M fund to bring deep tech to Southeast Asia

It is currently focussing on fintech and fintech enabler companies. However, next year, it will start investing in other verticals such as the creative industry (including fashion), agriculture and maritime, education, healthcare, and travel.

“Agriculture and maritime are on the list because they have been in BRI’s DNA since a long time ago,” Gozali points out, referring to the bank’s subsidiaries such as BRI Agro, which invested in the agriculture industries.

By working with BRI, startups will have the opportunity to leverage the company’s existing assets, such as its 80 million customer base in Indonesia.

“It will be more efficient for the startups as they do not have to prepare an extra budget for customer acquisitions,” Gozali says.

This is also the reason why BRI Ventures is focussing on later-stage investment.

“We don’t want the startup’s server to crash as it handles our large customer base. We need to see if they are ready [to work at this capacity],” Gozali explains.

This year, one of BRI Ventures’ most notable investments is LinkAja, the e-wallet platform formerly known as TCASH.

Also Read: Intudo Ventures debuts with US$10M+ fund, wants to bring talents back to Indonesia

On the unicorn hype

At the Nexticorn International Summit, which ran from November 14-15 in Bali, one of the most talked-about topics is the recent IPO failure of coworking space giant WeWork.

It has sparked discussions on how the Indonesian startup community should view the unicorn phenomenon.

“Even before the case [that happened to WeWork], we have always been prudent,” Gozali says.

“Bubble happens because of overhyping and too much confidence, combined with a lack of good governance. This is why we try to implement BRI’s level of discipline to BRI Ventures. At the end of the day, it’s all about business. And business is all about making value, not valuation,” he elaborates.

When it comes to burning cash, which seems to have become the go-to method for a startup to acquire its users, Gozali has his own opinion.

“Startups in Indonesia are relatively young. We just went through our first decade, with lessons to implement in the next decade. [It is understandable] to burn cash as they need extra effort to educate the consumers,” he says.

“But we notice that even some of the biggest players are putting more focus on profitability. It is a great trend because we do not want price wars. We want to see the best product wins,” he continues.

Also Read: Fundnel builds bridge to India with Anthill Ventures partnership

The venture capital game

BRI Ventures is not the only initiative that BRI made to tap into the digital era. The bank has run hackathons and incubator programme; the CVC firm happens to be the initiative it launched to target later-stage startups.

“The most exciting thing about working in VC is that no two deals are the same. Nothing is predictable. What works in the US may not work here … and it is actually the other way around today: Uber is trying to copy gojek’s super app concept,” Gozali says.

“We need to both learn and unlearn,” he closed.

The post Meet the VCs: Why BRI Ventures puts emphasis on creating value over valuation appeared first on e27.

Computers, internet, and mobile phones

The earliest known citation on the Internet is dated to 1986. It was attributed to Thomas J. Watson and posted in the signature of a poster from Convex Computer Corporation saying — “I think there is a world market for about five computers”. “Baloney. Do our computer pundits lack all common sense?

The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works” — argued by Clifford Stoll, a computer scientist in a featured article titled “The Internet? Bah!” published in Newsweek magazine. The go-to mobile business plan of Vodafone projected could sell only 1 million phones.

All these prove that there is a tendency to underestimate the real impact and commercial potential of technologies as there are no existing realistic use cases developed, or the technology is not mature yet to unleash its true potential.

Likewise, blockchain’s true potential is yet to be discovered. Despite still being in its early adoption phase, blockchain is being used in prominent case studies to bank the unbanked, to revolutionize the remittances market with even negative fees, to guarantee transparent voting process, or even to replace national currencies issued by governments. 

While the road towards blockchain mainstream adoption offers fascination for what it comes,  concerns are still expressed by corporations that wish to adopt the blockchain technology. We are still in the early infrastructure-building era, while new players are populating the market with cost-effective and scalable blockchain infrastructure platforms which fire the “battle” of blockchains. 

In this article, we attempt to clarify one of the key questions when it comes to blockchains as it pertains to the dilemma between private and public infrastructures. For this purpose, we will try to demystify the characteristics, advantages, and drawbacks of each blockchain type before making a decision. 

One of the most typical questions addressed is the difference between public and private blockchain. 

Positioning	Public Blockchain	Private Blockchain
Problem Statement	How to build an unstoppable X which is not managed by centralized entities.	How do I make business more efficient & compliant?
Network Participation	Unrestricted block creation Validators	Gated Participation/Restricted Roles
Participants’ Identities	Unknown by default	Linked to known identities
Throughput	Network-wide bottlenecks	Scalable throughput
Governance	Open governance tools like DAOs- smart contracts and digital communities	Governance by a known entity
Network Fees	Fluctuating depending on demand for the network/gas fees	A contract which is dependent on the “consumption”
Popular Platforms	Ethereum, Cardano, Harmony	HyperLedger, Ripple, Ethereum Express Coin

 

Private blockchains

Private (permissioned) blockchains allow different levels of permissions for users, so access can be restricted, and information can be encrypted to protect confidentiality. While private blockchains are faster and more scalable, their nature is more centralized which constitute them prone to potential manipulation from malicious actors. 

When it comes to permissioned blockchains, we refer to a small group of participants that control and maintain the network. Examples of private blockchains include but are not limited to HyperLedger, Corda-R2 Alliance, Ripple or the latest generation of projects such as Ethereum Express. 

Among the key characteristics of private blockchains is the transaction finality settlement, which is critical when we refer to financial transactions since there is no risk of a hard fork. 

Synopsizing the key benefits of private blockchains:

1. No 51 per cent attacks or hard forks

2. Faster and scalable

3. Transaction privacy

4. No orphaned blocks

5. Smart contracts can evolve, while more developer diverse programing language could be utilized 

Among the secondary benefits which might be important for decision-makers is the predictable nature of the pricing since they are mainly offered with a billing cycle and are not affected by the fluctuation of digital currencies which is known as a gas fee. There is enhanced control over the network’s participants, and more clear platform governance. 

Popular private blockchains: 

HyperLedger

The HyperLedger project launched by the Linux Foundation in an effort to standardize and democratize blockchain within the business world. Most of the people think its an individual blockchain, while in fact, it’s a group of blockchain projects with pseudonym a hyper ledger. The most widely used project is the FABRIC which is primarily built for enterprise use-cases. 

While HyperLedger has a huge developer community, developers still struggling to instantiate smart contractors. To solve that challenge, IBM introduced a package extension for visual studio code IDE (integrated development environment). All of them are non-currency projects and industrial applications.

IBM has a great influence on the development of the project since it’s holding 6 out 11 Technical Steering Committee. The Hyperledger TSC is responsible for creating working groups to focus on technical issues, approving projects and reviewing updates.

Today Hyperledger has more than 250 members with premier members to include but not limited to Airbus, Cisco, Deutsche Bank, American Express, SAP, Intel, and J.P. Morgan! 

Corda-R3 Alliance 

Corda is a Distributed Ledger Technology — some engineers might say this is not even a blockchain. This is also the comparative advantage of Corda which allows the platform to perform better when it comes to financial transactions. Built by US blockchain software firm Rin 2017, Corda it is at once a private network designed to record, manage and synchronize data between partners, and an open-source platform which can be used to build apps for financial institutions on top of it. 

Corda allows the creation of immutable records for financial events. But unlike other blockchains, the transactions are done privately in Corda. Financial institutions choose to use a Distributed Ledger Technology that utilises known identities to inject trust into the system and keeps transactions private between interacting parties, with the goal to reduce the effort required to maintain data consistency while still allowing it to handle a higher volume of transactions.

A new generation of permissioned blockchains:

Ethereum Express
Ethereum Express is an innovative project which differentiates significantly from permissioned blockchains are the Its developers found a way of using the Proof-of-Authority consensus algorithm to allow users to become validators and maintain their reputation by ensuring the successful throughput of blocks.

The platform is based on of the Ethereum blockchain architecture but removes inherent scalability limitations to Ethereum which cannot proceed more than 15 transactions per second. By enabling the community to make decisions through authoritative voting and capital appreciation, the EEX ecosystem intends to reach a whole new level of social significance and influence for society.

The speed and number of transactions offered by the project are 10 times higher than that of the Ethereum network. EEX operates on the principle of giving its users the ability to vote with their capital and authority. While the project is still new and tests are positioning to the markets, Ethereum Express project announced the launch of two pilot projects that will encompass over 15,000 users.

The first project in question is Mining Express, a mining company that was in need of a viable and technologically advanced solution for facilitating interaction with end-users. The second project that is using EEX’s technical solutions is betting company MYMI aiming to make the process of online entertainment more transparent and understandable for its users. Given the increasing volume of gambling-related transactions on blockchains, the need for better throughput and more streamlined solutions is becoming a pressing matter.

Public blockchains

Public blockchains are those networks that allow access for anyone. No one controls or limits the information, while no member can change the protocol of blockchains according to the users. There it’s safe to say that users of a public blockchain can put their complete trust in a third party.

Speaking about Bitcoin, anyone can create bitcoin’s cryptographic keys, anyone can be a node, join the network, and even become a miner to seek a reward for safeguarding the network.

Miners can walk away from being a node, return if and when they feel like it, and get a full account of all network activity since they left.

Synopsizing the key benefits of public blockchains:

1. Trustless

2. Secure

3. Open and Transparent

4. Pricing depends on the network’s demand

5. Decentralization 

6. Anonymity

7. Auditability

Public blockchain technology has the potential to disrupt current business models through disintermediation. In addition, there is no need to maintain servers or hiring system admins, which radically reduces the costs of creating and running decentralised applications.

Popular Public Blockchains: 

The most notable examples of Public Blockchains are Bitcoin, Ethereum, Litecoin, Monero and others. 

A new generation of public blockchains:

The new generation of public blockchains aims to solve the “blockchain trilemma” which stands for scalability, security, and decentralization. A few add a fourth layer, which is no other than privacy. 

The new generation platforms aim to build an open platform without sacrificing performance, without delegation to a central entity, and with verifiable security. Let’s not forget that a permissionless network is operated and governed by a large community.

Among the notable initiatives is Harmony Protocol — a San Francisco startup which is building a blockchain-based on a system called deep sharding — the process involving breaking up a large database into smaller, more manageable segments in order to speed up transactions on the network.

Harmony is already among the most decentralized operational PoS blockchains with more than 1,000 nodes operators and a notable selection of projects building on the network like Lympo, Quidd in a joint acquisition with Animoca Brands, SafeHaven, Carbon Money, Kamix, and more.

The battle between public vs private blockchains: is there a winner yet?

The public and private blockchains can co-exist and each of those to work in different industries by adopting approaches depending on the use cases.

It seems likely that financial institutions and closed consortiums might find private blockchains more appealing, while Decentralized Finance and projects that serve bigger communities they will find their safe havens in public blockchains.

 

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Image Credit: David McBee

 

The post The battle between private and public blockchains appeared first on e27.

 

Sometimes the only way to truly understand a thing is to compare it to something else. Live in the same place for long enough and you’d be forgiven for forgetting that anything significant actually exists outside it. We adapt to our environment, allowing it (some more than others) to shape our thoughts and behaviours. While I’ve lived in China for a little over 10 years, it’s only been in the last two to three years that I’ve done any significant travel inside or outside the country.

In December 2017, I was invited to Italy to mentor for a China market entry program at HFarm, an accelerator and innovation consultancy. In April, I got the chance to speak at the Russia Internet Conference, an annual government-sponsored conference, in Moscow about the Chinese ecosystem and recent developments in blockchain. More recently, in June, I was invited to TechSauce, a conference held in Bangkok every year, as a moderator. Living in China breeds a certain arrogance about the rest of the world, an arrogance made clearer with each new country I visited.

In each country, I was able to witness a different manifestation of the fundamental ideal that forms the foundation of every tech-driven entrepreneurial environment: we can make the world a better place by creating great businesses. This was especially apparent at TechSauce. I had the pleasure to talk with entrepreneurs testing the limits of what can be done in Thailand and Southeast Asia, from working with regulators to deliver better insurance schemes to microfinance solutions for blue-collar workers who easily find themselves in debt they can’t handle.

It wasn’t until about a year ago that I started seriously studying China. I’ve tried my best to balance inputs from the local entrepreneurial ecosystem, various tech and non-tech media, as well as serious non-fiction. With all the new information, I’ve been trying my best to figure out how it all fits together. Visiting other countries and cultures has helped me put some of this in perspective.

The power of history

To steal a phrase from Dan Carlin, I’m no historian. I am, however, continually amazed by how much can be explained by historical forces and trends. In China, I still struggle with many aspects of the culture: the lack of basic politeness in public spaces, the dog-eat-dog/find the greater fool/screw or get screwed mentality, the consistent reminder of my alienness no matter how well I speak the language or understand the culture, and a pervasive cultural chauvinism that manifests itself both as an odd friendliness and strident pride. I came to China for an idealised escape from Western failings, I’ve stayed for reasons mundane: family, friends, and career.

Also Read: Taiwan’s travel experience e-commerce platform KKday raises funding from Alibaba to expand to China

Completely unplanned, over the last six months I have been in two countries scarred by a Marxist upheaval (China and Russia) and two with very well preserved cultural lineages (Italy and Thailand). A very good case can and has been made that we need to overturn the past to discover the future and increase human flourishing. Indeed, any contemporary entrepreneur worth their salt is doing exactly that. However, both China and Russia serve as warnings that some kinds of historical disruption are not only disastrous but can also change the people and culture in ways that isolate them from the rest of the world.

In both countries in the 20th century, a revolutionary view of the world was used to reshape politics, economics, and cultures. Past structures were only meant to justify the dominance of the ownership class and the oppression of the worker class. In China, this meant Confucianism, Daoism, and Buddhism (integral parts of the culture for thousands of years) were not only irrelevant but also antithetical to the new order; they were to be deleted as soon as possible. It’s hard to imagine what this must have been like for the people of China, supporters or not of the change.

Of course, this isn’t to say that current idiosyncrasies of Chinese culture are due solely to its recent history. Many current cultural phenomena were accurately described in the early 1900s by a Chinese author trying to explain Chinese culture to foreigners, including the propensity to treat everyone not family or friends as distrusted strangers, as well as the tendency for women to enact very feminine gender roles.

China is crazy entrepreneurial

Compared to the rest of the world, China is [insert expletive] insane. Lack of work-life balance is the norm and now, with instant communication tools, even personal time is consistently intruded upon by the demands of the employer. The post-90s and late-80s generations are changing some of these expectations, but human resources are still cheap until proven indispensable.

Even with these changes, including flaunting the fruits of their labour with well-framed and photoshopped pictures of lavish meals and exotic places, the basic economic and financial assumption in China is that there is money to be made and if you’re not making money somehow, you’re an overcautious fool.

Also Read: Today’s top tech news, June 22: Thailand tops ASEAN IoT exploration, Matrix Partner China raises US$750M

This is not new: the Chinese diaspora the world over proves the point. Ethnic Chinese in Southeast Asia consistently have greater economic affluence than much of their “local” counterparts. Looked down upon in Confucian ideology, the merchant class has now basically expanded to the whole of the country. “To get rich is glorious” is no longer just a slogan, but has become a fundamental axiom. And mobile-first business models have exacerbated this trend: WeChat shops, Taobao villages, and the dream of becoming a KOL. Combine this with a status-driven culture where hierarchies are still somewhat plastic and you have a potent mix.

China is not international

Of all the countries I’ve visited so far, Thailand was the most international, with TechSauce being the most international conference I’ve attended outside China (I would say the same about RISE, but they’re in Hong Kong, technically part of China). This makes sense given the country’s relatively small size and reliance on tourism, but a tourist destination is more than just the place, it’s also the people.

The number of people who could communicate effectively (not necessarily fluently) in English was surprising. In China, every university graduate spends at least 12 years learning English and yet the number of people who can actually speak is dismally disappointing, revealing a fatal flaw in Chinese education. Not only are the children disciplined with medieval pedagogical methods, but they are rarely exposed to any English outside the classroom.

And it’s not just English. The entire educational system seems designed to keep its students looking inward, focussed on the result (exam scores) rather than enjoying the process of learning.

China is slowly returning to its old ways. The reform and opening-up period was more a blip than a trend and all those who thought China would liberalise have been proven wrong. Now that it has gained prominence on the world stage and become a “moderately prosperous” society, the country is slowly turning back inwards. Always quite protectionist, doing business in the country is becoming harder for expat entrepreneurs and MNCs alike.

Also Read: Today’s top tech news, June 18: Jack Ma meets Mahathir, Google makes China e-commerce play

Thailand is also quite protective of its business environment, mandating in most cases that companies must be majority Thai-owned. While certainly less favourable to foreigners in this sense, the sheer number of businesses catering to tourists and expats demonstrates a country with little concern about foreign influence in the broader culture.

Looking at the individual, one of the big issues we deal with at TechNode is how to connect Chinese founders and teams with the rest of the world. Unfortunately, even if they want that connection or exposure, if they are “too local,” cultural and psychological barriers prevent them from taking full advantage of international opportunities.

China, in this sense, is split: On the one hand, they are the most open of East Asian countries, but, on the other hand, this openness is born out of recent history and a fundamental pragmatism. They look at the success of others and do their best to emulate it, but Chinese culture looks inward and prizes intimacy among in-group members. The friction created by misunderstanding and miscommunication leads to discomfort and embarrassment. For many, avoiding this altogether is much more preferable.

China is full of trade-offs

I originally came to China because I wanted to understand a culture and people that were so different from me. That sense of difference has yet to fade. Visiting other countries has made me think of greener pastures. However, as Ben Thompson and James Allworth say, there’s always a trade-off.

China is reclaiming its position as the center of the world, like it or not. However, that’s being built on the back of an educational system based on obedience, a willingness to work excessively, a deteriorating environment, and a populace who gets the majority of their spiritual nourishment comes from 15-second videos. The trade-offs abound: Speed for professionalism, result for process, status for friendship, security for happiness, hard work for efficient process. And ultimately, economic power for freedom.

Also Read: Singapore’s GIC and Sequoia China invest US$40M into Korean fintech startup Viva Republica

I find it quite difficult to explain China to people with limited knowledge of the country. It’s a huge, complicated country that will never be just one easily understood thing. As I’ve said to many people, the Chinese language became much easier for me to learn once I admitted that I will never really understand why it is the way it is.

Any time someone tries to sell you a picture of China, whether it’s the land of opportunity, a country full of shysters, or has a [insert positive or negative superlative] government, I encourage you to question whether they actually understand what they are talking about. To paraphrase Laozi, the China that can be understood is not the real China.

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The article The China that can be understood is not the real China first appeared on TechNode.

Image Credit: Yasmin Dangor on Unsplash

The article The China that can be understood is not the real China by John Artman originally appeared on TechNode, the leading English authority on technology in China.

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“Don’t break the chain.”

These four simple words helped Jerry Seinfeld become one of the world’s most successful comedians.

Seinfeld’s mantra pushed him to write new jokes every single day.

Using a wall calendar, he drew an “X” through each day on which he wrote. Once the Xs started forming a chain, his motivation grew.

“You’ll like seeing that chain, especially when you get a few weeks under your belt. Your only job next is to not break the chain,” Seinfeld told a young comedian, who had asked for success tips.

Seinfeld’s technique, which ultimately led to him landing a hit television show, is a perfect example of how success doesn’t always begin with extraordinary motivation.

Like a snowball gathering speed, sometimes the motivation builds after you get started.

Also Read: In democracy, social media is the fruit of the poisoned tree

By nature, I’m not a highly motivated person. I’m not an early riser, I don’t particularly love the gym and I don’t read two new books each week.

But somehow I still managed to launch JotForm, and slowly grow a network of over 4.2 million users over the last twelve years. And I squeeze in a workout many mornings, too.

Getting stuff done doesn’t always depend on motivation. We can accomplish great things, even when we just don’t feel like it.

Procrastination can be a vicious cycle

The more we avoid something, the higher our anxiety, and so we put it off further.

To stop the procrastination cycle, we need to first identify the reason why we’re avoiding a task. Usually, it’s about prevention or promotion.

• A prevention focus is when we avoid doing something to prevent a loss. For example, you have to create a presentation for work, but are afraid it won’t be engaging. Worried about embarrassing yourself in front of colleagues, you postpone getting started on the presentation.
• A promotion focus is when we see a task as a way to end up better off than we are now — like training for a marathon — but can’t summon the motivation to get started. For example, the running club you joined meets at 6:00 am, but the snooze button triumphs every time.

Emotions play a key role both in promotion and prevention focus.

It’s the “feeling like” part that is the trickiest, but as Melissa Dahl shared in a 2016 article for The Cut:

“You don’t have to feel like getting something done in order to actually get it done.“ This is such a critical point. It’s so simple, but often so difficult to apply.

Similarly, if you think something is boring or unpleasant, you need to take your feelings out of the equation and decide in advance exactly when and where you’ll do it.

Say, every day at 7:00 am, you’re at the gym. No emotions. There’s no lying in bed, staring at the ceiling and weighing the pros and cons of exercise. Save yourself the decision fatigue and commit to your previously-determined schedule.

Act now, feel motivated later

“Where I’d had huge success, I had narrowed my concentration to one thing, and where my success varied, my focus had, too … Success is sequential, not simultaneous.”
– Gary Keller and Jay Papasan, Authors of The One Thing

Like my morning pages routine, motivation can be the result of an action, not the cause of it. Once we manage to get started, even in the smallest of ways, momentum will keep us going.

Sustained momentum toward a singular goal creates a compound effect. Which is, in essence, the concept that consistent, incremental changes can result in fundamental changes over time.

Between the ages of 32 and 44, Warren Buffett grew his net worth by 1,257 per cent. But it’s the next 12 years that are truly astounding.

From 44 to 56, he grew his net worth by 7,268 per cent.

Slowly but surely, he started building up a chain of investments and never stopped.

Don’t break the chain

The power of momentum can be explained with the idea called the Physics of Productivity, which is Newton’s First Law applied to habit formation:

Objects in motion tend to stay in motion. Once a task has begun, it’s easier to continue moving it forward.

If we start with a small action — putting on our running sneakers or finishing the presentation introduction — chances are we’ll find it easier to continue.

This is where routines come in handy — to eliminate the decision-making process and decide not only when you’ll do something, but also the exact steps.

Say you want to publish a new blog post but can’t muster the motivation to get started. Commit to completing just one paragraph each day until it’s done.

And to take it one step further: create a ritual to go with the activity. Pour a fresh cup of coffee, practice a couple minutes of mindful breathing and then get started.

Some of the most successful people believe in rituals. Take world-famous author and motivational speaker Tony Robbins.

Every morning, Robbins “primes” his mind before he starts his day. In just 10 minutes, he performs three sets of 30 Kapalbhati Pranayama breaths, expresses gratitude and prays for help, guidance, and strength throughout the day. Then, brain primed, he starts his day.

Whatever you choose, your ritual will reduce the chance that you’ll skip the activity. In fact, sometimes the ritual helps us look forward to it — like slipping on a pair of comfortable slippers the moment we get home.

Kindling the fire

Motivation isn’t the fire that starts your engine.

Jeff Haden, the author of The Motivation Myth, writes that it’s “… the fire that starts burning after you manually, painfully, coax it into existence, and it feeds on the satisfaction of seeing yourself make progress.”

Many times, motivation comes after we start working toward a goal. The trick lies in getting ourselves to take that first step.

Also Read: Asia is a red hot arena for e-sports athlete. Find out why in this Echelon Asia Summit panel

If we beat ourselves up for not having the motivation to start a task, then we’re not making any headway.

But by figuring out what’s stopping us, and then creating schedules and rituals, progress will come whether or not we feel like it. And in turn, the fire grows.

So, decide what you want to accomplish, commit to a routine and remember Seinfeld’s advice: don’t break the chain.

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Originally published on JotForm.com

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