Do business mindfully to receive more wins
Let's talk about the exciting success of the Emirates Mars Mission. Whilst most of the world are not able to leave the parameters of their homes, the UAE has managed to travel beyond the parameters of the planet (literally).
For those who don't know, the UAE launched their first probe to Mars last year on 19 July, 2020. But, they couldn't let it go without an Arabic flare, it made its way to outer space after the first Arabic countdown. One small step for man, one giant step for the Middle East.
The spacecraft, that was very fittingly named "Hope", will provide us the first complete picture of the Martian atmosphere, and the UAE will share it with 200 research centers once available - don't worry, I'm sure these pictures will make it onto your Instagram feeds as well!
This was a difficult project to pull off! It required 5.5 millions of work from the UAE Space Agency. Luckily, 80% of the scientific team were women - so you know they must have been great at multitasking!
Besides, a majority female-led team being a big win, why else is this a big deal? UAE is the first Arab country to reach Mars, giving it great bragging rights amongst the space-tech community globally. But, beyond the self-interest, there is a greater good cause being achieved through Hope.
This leads us onto this week's podcast topic, philanthropic and mindful investing.
Since it's Valentine's Day today, let's spread some love!
Together we discuss:
Applying mindfulness when fundraising
Benefits of being mindful when doing business
Measures of business impact
How to measure business impact
Connect with your investors throughout the fundraising process
Training your mind to be present can be a very powerful tool in the business world. A present state of mind is the basis of mindful fundraising. When you stop dwelling on the past or future "what if's", you're focused on the goals you want to achieve right now.
Though investors want to find businesses to invest in that are unique, make a difference, and give them high returns (ROI), the make-or-break factor is often the people behind these businesses. This same factor applies whether the business being invested in is for-profit or not-for-profit.
In the same spirit, when entrepreneurs connect with the investors themselves, they show that they understand people skills - how to manage clients, stakeholders, and their teams. The people you work with matter.
Understand them and why they're doing their job: Is it to make money or to change the world? Do they thoroughly enjoy their job? By observing the people you're working with, investors can evaluate whether or not the people they're choosing to invest in are worthy of their capital.
Not all impact is measured through financial returns
Investors invest in not-for-profit businesses for reasons beyond ROI. It's can sometimes be about tax breaks or improving your business' reputation. Venture capitalists often find themselves investing because they want to contribute to delivering a meaningful product to the market.
If investors or donors have concerns over the legitimacy of not-for-profit businesses, they can: (1) conduct a due diligence, (2) donate to institutions they are personally familiar with, or (3) refer to publically available financial statements.
By reaching out to organizations that are proven to be credible, investors can prioritize spending their money on businesses that give them the bang for their buck. Through such initiatives, entrepreneurs can find themselves regularly giving back to their community.
In mindful investing, investors calculate the worth of their investments in terms of the financial and non-financial impact they've made. Money is well spent when being used to power potential business ideas, improve and change people's lives for the better.
Business at all stages can apply mindful financial execution
Startups of all stages can technically donate. But, those who are early in their business lifecycle, they can consider making pledges to donate in the future once certain financial targets are met. The "Can Give" initiative encourages startups early in their journey to commit at least 2% of their earnings to charity.
How far you've come is an achievement in itself
Whenever you feel like you're stuck, remember how far you've come to motivate yourself to continue working towards your goals. Find the balance between achieving more and being content with what you've already accomplished.
Find the balance between wanting to achieve more and being content with what you have
In the business world, it is normal to be ambitious and aim high to accomplish new goals. However, it is just as important to make progress and work at your own pace. When you recognize how far you have come, you gain a better idea of where to go next.
Until next time,