> The reason for this blog is simple…
I
want to share the knowledge gained from my few startups, and from amazing group
of entrepreneurs and activists I have met along the way that I've learned so
much from, and still do.
It’s never been
easier to start a business. Gone are the days when it took weeks, months, and a myriad of
forms to get your business started. Now if you can buy a domain name and
register your business online, you're in business. However, staying in
business is a much more complicated matter. While
business expertise was once an expensive and time consuming endeavor, you can
now find experts online for many questions that you might encounter.
There is help
to starting an online store, for example, for getting business cards and
marketing materials – all at a very reasonable cost. The ease of starting
a business creates a much broader level of competition. You might find
different business competing for each product you sell and new business that
focus on a single item and spend all their time and focus on being the very best
at just one thing. This increase in overall selection and more focused
completion will make it more difficult for businesses of all sizes to retain
customers who can change their suppliers with the click of a
mouse. It’s a battle of perception, focus, and marketing. Business owners who master these elements
and provide a great customer experience will win the sale.
Business
owners and executives are spending more time figuring out how to go above and beyond
to keep existing customers, while at the same time figuring out how to
cost-effectively reach new customers — without competing solely on price,
which always ends up to be a race to the bottom.
Entrepreneurs must start to think out of the box, I mean waaay out...
Focusing on the customer will matter more than any other strategy imperatives - with the consumers’ expectations evolving, at breakneck speed.
Click
on link: http://thefuturebiz.blogspot.com
Success
is a byproduct of passion:
The most common challenge, and very often the most important decision any entrepreneur will be faced with is figuring out what he or she is really passionate about doing, the relevance thereof to the consumer and other key stakeholders, a prerequisite for a lucrative, resilient, agile and sustainable business venture with the ability to survive and succeed in a highly competitive and volatile global market.
Sadly, many of
us go about finding our passion in the wrong way - How? By thinking-about it!
We’re
habituated to use our minds to analyze, rationalize, and figure things out.
It’s natural, yet so torture-some. Here's the problem, passion are fanned by
engagement, not thought.
Here’s what I mean: No matter how hard you
try, you cannot figure out your passion by thinking about it. You need to
take action and feel your way to your truth, from the inside out.
The endless and debilitating chatter
in our in our minds often tries to talk us out of what our hearts are
yearning to explore, e.g., a person who has always dreamt to become a singer,
would think " It sounds exciting, but singing as a career is crazy and
irresponsible. There's no money in that. I studied law, and should do something
more stable and related to what I know.
Real passion will only fully emerge, when we
take physically action, and stop thinking about it. Embrace
this key idea and it will change your life: Clarity comes from
engagement, not thought. This is the fastest, most powerful way to
turn what you love into a business or career that can sustain you.
A startup needs
to be relevant and stay relevant.
The entrepreneur must develop
his action plan, with a clear "road-map" around the answers to the following vital
questions:
What is the
problem you want to solve?
How will your
company solve it?
Outline, from
start to finish, exactly how your company will function from a user’s
perspective.
Then, outline
exactly what you need to do to create that reality from the company’s
perspective, today and going forward.
Walk people in your target market through
your vision. Take their feedback into account and look for patterns. Your
concept may make a ton of sense in your mind, but it may not make sense to
customers. If they don’t “get it” or see value in it, chances are they
won’t give you money – which is what you’re typically after.
You don't always need to talk to experts; sometimes
the consumer that might just be your neighbor or acquaintance is your
best consultant. No matter how convenient it is to phone or e-mail to reach
people in remote areas, sometimes the most important task is to show up
in person.
Of
course, relevancy doesn’t work if you don’t have a winning
business model. In the traditional business environment, this means the
priority is an adequate return for your stakeholders, but today it also
means your company should provide a material positive impact on society and
the environment
Great companies
recognize that there are now multiple interdependent stakeholders,
including customers, business partners, and social groups, who need to
be part of your equation since they can drive or limit your success, in
addition to management and stockholders.
In other words,
your startup needs to be a “conscious” entity, constantly aware of the
complex eco-system around it, and the factors driving change and evolution.
This requires conscious leaders who are passionately
committed to personal and professional growth, as well as the greater
good of society. These leaders then cultivate the consciousness of their
team members.
The equalization
of social service work with non-profit balance sheets became sacrosanct (sacred
/ holy). In order to do good, common practice and wisdom told us that we could
not also do well. Now, the notion is being turned on its head. Not
only do social investors believe that it is possible to do good and do
well, other aspects of the old Mindset are falling away.
The
opportunity to create economic value through creating societal value will be one of
the most powerful forces driving growth in the global economy. This
thinking represents a new understanding of customers, productivity, and the
external influences on corporate success. It highlights the immense human needs
to be met, the large new markets to serve, and the internal costs of social
and community deficits, as well as the competitive advantages
available from addressing them. http://BizPPP.blogspot.com
The great
Idea, all on its own will not do the thing, things like ideas don't matter,
and execution does. Don't waste to much time telling hundreds of
friends your business ideas, just get out there and go and do it.,
Always do what is best for your business, even if it might hurt feelings, one golden rule that has served me well over many years "Be hard on Issues but soft on People" If you can learn to put work ahead of having fun, you’ll do well in life… especially if you are a hard worker. You just have to be patient as you won’t see the benefits of this in the short run.
All of us and especially business leaders find great discomfort in uncertainty. Because of global debt and economic struggles, uncertainty is more pronounced today than in the past. The sad news is that uncertainty leads to a short-term focus. Due to uncertainty, companies tend to shy away from long-term planning in favor of shorter-term goals. While this might feel right, a failure to strategically plan five to ten years into the future can end up destroying value.
Businesses
must learn to balance the need for a more reactive, short-term focus
with the need for informed, long-term strategies. Uncertainty
tends to put many into a general malaise – unable to get anything done. The
ever-running news cycle leaves everyone feeling a bit on edge. This causes
business owners and executives to hunker down and customers to stop
spending. You need to shut out the world ending news and get back to
work.”
We are in an
era of high volatility and uncertain outcomes, driven by
accelerating technologies, shortened product cycles, fast changing information,
an increasingly mobile workforce, more demanding customers, and many other
factors that ad to the layers of uncertainty to all future possibilities.
While
most believe that good management requires better prediction of the future and
better planning, I believe the best way to manage effectively in an uncertain
world is through the conscience application of flexibility -
an ability to absorb constantly shifting variables and adapt quickly. The
venture must be able to survive and thrive amidst disorder, agile and
adaptable, resilient enough to cope with disruption and emerge stronger than
before.
Some investors seem to focus wholly on the strengths of the management team, or a sustainable competitive advantage, and in reality these are the core attributes for every funding equation. While these may be necessary for funding, they may not be sufficient to make your startup the great success embodied in your vision.
During
the last couple of years, perhaps in reaction to some business atrocities
leading to the recent Recession, I am seeing a renewed focus on other
less tangible attributes which can set your startup apart.
Whether you
aspire to be an entrepreneur, finance professional, consultant or business
manager, understanding the sustainability perspective of value creation is
critical because it is now shaping the business and investment world and will
continue to do so for years to come.
Sustainable business is about creating a system of business capable of sustaining itself indefinitely while enhancing the quality of peoples’ lives. The definition of good business is increasingly aligned with sustainable economic development, which is a growth strategy designed to deliver high marks not just on profitability but also on other performance metrics such as ecological system protection, human health, social equity and community cohesion. Never before has the need for promulgating sustainable business practices been more important.
Sustainable business is about creating a system of business capable of sustaining itself indefinitely while enhancing the quality of peoples’ lives. The definition of good business is increasingly aligned with sustainable economic development, which is a growth strategy designed to deliver high marks not just on profitability but also on other performance metrics such as ecological system protection, human health, social equity and community cohesion. Never before has the need for promulgating sustainable business practices been more important.
The world’s
population will grow from 7.1 billion today to a staggering 9.5 billion by
2050. To feed 2.4 billion new mouths and deliver on the material and energy
needs stemming from an increase in goods and services from $21 trillion
to $56 trillion for an emerging global middle class requires
that our ability to generate agricultural and industrial output increase
dramatically.
At the same
time, resource use that neither permanently depletes existing natural capital
nor overwhelms us with pollutants needs widespread adoption. However, companies
that engage in sustainable business practices need not do so solely for the
purpose of creating a better world, but can generate increased revenues
and improved profitability as they create innovative products, services,
and processes; gain access to new technologies and markets; engineer
collaborative supply chain practices; and drive costs down through efficiency
measures.In
reality, your people are the consciousness and relevance of your
startup, and your customers judge your startup as they would judge a person. No
relevant company can afford to focus on short-term wins over the
long-term effects of its behavior on other stakeholders. How much time and
how many measures has your startup applied regularly to determine the level of relevance?
One of the most
important jobs of every entrepreneur, and definitely one of the toughest, is to find
and nurture people who are smarter in their roles than you. Find the right
staff, retaining them, and ensuring they buy into the vision of the business.
I’ll freely admit that I have no magic answers here. In fact, if someone could
develop a formula for recruiting and engaging the right team members, they
would make millions. A small business is almost like a family, and, like
many families, they can work well, or they can be dysfunctional. In big
companies, the human resource challenge is politics and fit in the workplace,
but when it comes to small business, its personalities and skill. When
you work in a small environment, each team member’s personality can have a huge
impact on the harmony.
When you are
looking for a potential business partner, count on building a relationship over
several months, before you really know the person. The business relationship at
that level is just as important as a personal relationship before marrying
(no overnight affairs).
In my view, one
of the most important aspects of being a successful entrepreneur is
surrounding yourself with people smarter than you. Don’t let your
ego get in the way. It’s the best way for you to grow the business, as well as
yourself.
I know to get
things done we need to involve the " go to " people, it's all about
reaching out to the right people, with the right message, for the right
reasons, individuals with both the willingness and capacity to create
ripples and much needed momentum
Some
entrepreneurs are so in love with themselves (narcissistic) that
they insist on answering every question, and making every decision. That’s not
only impossible, but also counterproductive. Effective entrepreneurs
team with or employ people who can provide the answers directly,
pertinent to their particular area of expertise.
In short, if
you can find people with more passion, more knowledge, and more desire
to succeed than you have, it will push you to be better and take the
organization to new levels.
True
leaders also know how to move out of the way to let others
do what they do best. If you’re working too many hours and following up on
every detail you may want to look closer at your team to ensure you’ve
surrounded yourself with the right people.
Very often a
crisis is a process of transformation where the old system can no longer be maintained."
We are operating in the era of “talent” and that talent as a whole will not be
mistreated in any way. They walk out every day and are not tied to anyone.
Everyone within the organization has to buy into the concept of helping
each other, with no place for the 'blame game ' centered around two words that
causes so much angst in many organizations, the dynamics of blame and
credit that is percolating 24/7.
Instill a
culture where innovation is encouraged, in every aspect. Not just
technology, gadgets and food but services and operational procedures too.
Entrepreneurs are more likely to be successful if they go about their
businesses, in an innovative way.
While the
adoption of sustainable business practices requires a different consciousness
among business leaders, it also represents a unique opportunity for
financial investors to capitalize on a new frontier of innovation. The
precursor to sustainable investing was socially responsible investing which
screened out “sin stocks” in the alcohol, tobacco and gambling industry.
However, sustainable investing has evolved significantly since then. Click on the link below to view article: http://BizCSI.blogspot.com
Today, in
addition to these negative screens are rigorous positive, solution-focused
criteria and the expectation that companies will outperform their competitors
because of good financial, environmental, social and governance practices
combined. An analysis of a company’s record on social issues reveals its true
character and, we believe, is a significant indicator of its long-term
financial viability. Data increasingly supports the proposition that
companies with strong positive social and environmental policies often have
lower turnover, higher productivity, better brand reputation and customer
loyalty.
On the
governance front, characteristics such as transparency — to
stakeholders and the public — and appreciation of the gains from
employee diversity and ethical conduct throughout supply chains are
associated with superior performance.
The $3 trillion
in assets under management in sustainability-informed investment
strategies (i.e. assets invested in companies with sustainable business
practices) highlights that the process of alignment
Never before
has it been so important to position our futures with companies poised
for long-term, sustainable growth. Many companies
now employ sustainability frameworks and tools and as the overall business
environment moves in this direction, business leaders in this field will
benefit from early mover advantages and a wealth of institutional knowledge.
However,
sustainable investing is still not a mainstream investment philosophy.
Dated assumptions that financial returns must be sacrificed if a firm
seeks economic and social benefits for a broader set of stakeholders
unfortunately are still prevalent. An increasing body of investment
research, however, suggests that integrating economic, environmental and social
considerations into traditional financial analysis offers investors a more
comprehensive view of companies’ value creation potential and leads to better
informed investment decisions. But I'm convinced that it's only a
matter of time before sustainability metrics become a key part of any
fundamental investment philosophy.
The narrow
conception of capitalism has prevented business from harnessing its
full potential to meet society’s broader challenges. Businesses acting
as businesses, not as charitable donors are the most powerful, and
unparalleled vehicle for meeting human needs, improving efficiency, creating
jobs and building wealth.
Nothing will
surpass the benefits of a profitable business, with leadership and employees
who fully understand the long term value of a business with “integrity "
.Business has never faced the type of moral challenges that it faces in today’s
global economy. Everyone is struggling to be more successful, to make the
next quarterly earnings estimate, to keep their job, to earn a big bonus, or to
compete effectively.
The temptation to cut corners, omit information,
and do whatever it takes to get ahead occur every day. Many business
employees and executives succumb. Sadly, the theme becomes highly
infectious and soon people actually start to feel like laying a little, or
stealing a little, or deceiving others, is just “a part of business”.
These practices erode the trust that needs to exist between employers and
employees, between business partners, between executives and
shareholders. Without trust, the business will not be able to
compete effectively and it will eventually fail.
GRATITUDE BUILDS TRUST AND STRENGTHENS
RELATIONSHIPS,
GRATITUDE OPEN DOORS WHERE DOORS DID NOT EXIST.
Laugh often,
and love much.
Win the respect
of intelligent people, and the affection of children.
Appreciate
beauty, and find the best in others.
Earn the
appreciation of honest critics, and endure the betrayal of false friends.
....This is to
have succeeded.