Thursday, 8 August 2019

Entrepreneurial Taxonomy: The 5 Pillars of a Stable Entrepreneur —by Ikakke Bassey

8 August 2019 

1. Vision
Vision is a mental picture of a preferred future. With vision, you can preplay your future etc. So, in business, an entrepreneur must have a vision for his company. She/he must have a vision of his/her product and services, customers and clientele. He must see the company in 10 years time, 20 years, 30 years. Longevity is a vision. All the operational dynamics of the business exist first at the mental level before it becomes physical. If an entrepreneur cannot use his/her imagination effectively, chances of failure is high. In the business world, existence is dual; first in your mind, then in the physical. The job of an entrepreneur is to constantly compare the two worlds of existence in order to create the desired value - economic value.

2. Ideology
An ideology - in business - is the guiding culture, the corporate essence of your company. I've said repeatedly that business is not what is nice, it is what is right. So many startups are always so excited about their new ideas, as a result they shield it from professional scrutiny - a mistake they will have to pay for dearly in the future. First of all, if you love your business idea, subject it to professional scrutiny. It is during this phase that some aspect of the business that may not have been obvious to you is revealed. Allow professionals to question the idea and the model of such business. Don't try to cover up or defend obvious pitfalls. If the business can stand the professional scrutiny, chances are it will stand the market tides. For this to happen, you need a working ideology. What do you stand for in the market? What is your message? What problem (s) does your business seek to solve, or what need(s) do you intend to fill? How do you intend to carry out your operations in order to meet both your business and customer expectations? In other words, what will you be doing and what will you not be doing? What are your must win battles in the marketplace.

3. Organisation
Organisation is basically the way you arrange a task or a place for optimal functionality. In business it is how you organise yourself, your team and your product and services to serve the market efficiently. So, you'd hear terminologies like Standard Operational Procedures (SOP). 

Unfortunately, there are social disruptions today that alters many standard procedures when it comes to business. But it comes with consequences. You cannot alter a social structure without a viable alternative. Even so in business, each industry has a standard procedure. It is basically about organisation. I have been involved in helping some companies in their process design, it reveals to me that it may be the most crucial element of your business that you must have right if you're interested in speed, efficiency, effectiveness, growth and longevity. People should come into your business and find order. One of my key interest in business or any organisation is order. I will not feel safe to invest in a company or business that cannot demonstrate orderliness. It's upsetting to walk into a business premises and find things upside down. The staff do not know their reporting line; there is no problem solving sequence. Even disruption follows a procedure. So, we need to be organised. You may attract investment, client and funding just by being organised, not necessarily based on turnover. Because a wise investor can take your organisation to create revenue in a different business portfolio. Your business must be organized. You must keep the books, have a database for your customers, your debt profile must be well documented, staff payroll, tax file, pension scheme, supplier file, even your brand book - e design template of your company or organisation's identity. I should know how your staff are hired and fired. This is so because investors would want to know that you're not building your business on your temperament etc.

4. Pace (or Deliberateness)
Pace shows how you grow. It also measures the degree of your deliberateness. There are people who take core business and corporate decisions during morning prayer in their various homes. They buy into the plurality of suggestions from children, wife, nephews, cousin etc. So, if the Manager didn't greet the wife or husband the other day, they decide during dinner that the manager should be sacked. These are compulsive decisions that leads to confusion. I won't put my money and resources in such unstable environment. There is no assurance. Entrepreneurs must demonstrate deliberateness. A deliberate person has his/her emotions under control. Deliberateness is revealed in a plan. Your one year plan, two years plan, five years plan, and ten years plan. A plan shows that you're growing and you're planning to grow. "When we get to the river we'll cross it" is not an entrepreneurial slogan. No, you have to cross the river in white and black. If you can't cross it on paper, you won't cross it physically. Paper work is your published future. It is your imagination in print. A friend said; "in construction if building falls in the system during design, it will fall physically". Never start a journey you've not finished. Spontaneous acts in business isn't entrepreneurial risk. It is foolishness. Entrepreneurial risk is a known risk. So you approach it with consciousness. Not that you just wake up to take random decisions and call it risk. Pace measures the distance you've covered, and the distance you'll cover.

5. Trajectory Control
Trajectory is the path of a body as it travels...
Being in control of which path your business or company travels makes you a stable entrepreneur. You must be in control of your destination. You must not be surprised at where you end - either in success or failure. In business, there are scientific indicators pointing to your destination. If you can't read it, ask a professional. Today, Business Analytics is a viable tool in business decision making. If you can analyze your data effectively backward, you can know what the future holds for your business. At least you'll have a 90% chances of proper positioning. That's why history is a magnificent resource. To control the trajectory of your business, you must be able to take decisions quickly, sometime hard decisions.

In conclusion, becoming a Stable Entrepreneur is just a matter of knowledge, willingness and discipline. Entrepreneurship is much more than acquiring technical skills. A true entrepreneur would find his/herself operating in not less than seven to eight professional disciplines. I shall delineate on this later.

With love,

Organisational Expert & Business Development Consultant.
Chief Executive/Principal Consultant at Skil-Hub Leading-edge Ltd.

No comments:

Post a comment

***We ❤ to hear from you, Tell us Your views and opinion. Please note that comments are always moderated, Abusive comments won't be approved, and spammy comments are deleted automatically.

Your Comment Are Welcome !!!!!!