Part 1 of STEM article series
INTRO to MBA TOOLS
These Entrepreneurial Leadership STEM Articles are like taking your Masterclass in Strategic Entrepreneurship that will serve as a strong business and entrepreneurial management learning framework for you and become a Strategic Entrepreneurial Manager by understanding the 3Ps (People-Process-Profit). It aims to enable you to understand the significance and relevance of Business Management and Entrepreneurship (Profitable Decision) in business creation and development amidst a disruptive world. The key take away is for you to always gain and sustain your competitive advantage.
You will be guided through each P-topic that will be instrumental in your journey as an entrepreneur whether as corporate, start up or creating new strategies for your business. All these 3Ps are strategic in nature and will serve as a strategic management tool for you whether you are looking for new and innovative business strategies, the right business opportunity, starting to set up a business, looking for new products and services or looking for new strategies to expand its business. After reading the 3Ps, you are expected to:
1. Create a strong Brand Value that offers unique business propositions in gaining and sustaining your competitive advantage.
2. Continuously develop and strengthen PULL strategies in positioning your products and services to the right market.
3. Strategically position yourself as a Strategic Entrepreneur knowing both the seller and buyer process to build brand loyalty to customers.
PEOPLE
There are 3 things I would like to share to you when it comes to People or sometimes called your Human Capital. When starting your own business enterprise consider the people who will form part of your organization. Over the years, I have the 3 important “S” that you need to consider to have a strong Business Foundation. And these are the following:
1. Structure. Just like any other building, whether it is low rise, mid rise or high rise, Structural Integrity or its basic foundation comes first. Same with any business, big or small, its structure, its people should come first. So the question is how do you build a strong foundation? How would you know this is the right team for your business? The answer. You need to match their WHY and your WHAT (Company Vision) so the HOW (you and them) would come easier and will just be the end result day in day out.
During the interviews, ask them directly as to WHY do they want the job, what is their short term and long term objective? If they can answer this passionately and it directly relates to your VISION, which is your WHAT, hire them immediately. They are more than your employees. They are your generals who are willing to go the extra mile and make things better everyday and serve your customers with passion and integrity.
2. System. What is a system? By definition, a system is a set of things working together as parts of a mechanism or an interconnecting network. Applied in business, it is basically when people assigned to do a task deliver results perfectly.
Imagine a watch. A watch, whether ordinary or extraordinary is composed of thousands of mechanisms that have to work together perfectly every second to give the right time. It is the same in doing business. The biggest mistake you can do is to give job responsibilities to the wrong person in the organization. It is the system that will determine the success of your business.
Nowadays, it is just no longer a question of how good your product or service is but more so a strategic positioning of the kind of Business System which relies heavily on how you match the right system with your structure. Wrong assignment of duties and responsibilities to good people will ruin the whole system. So better design a system that works best with the kind of people you have. If dealing with people is not their strength, do not assign them to customer facing duties, else, it will look like a System Failure and you will not attract customers.
In the next articles, I will be sharing with you the remaining 2 remaining Ps of the STEM Article which are the 3 Potential Impact Areas critical to your business and entrepreneurial journey.
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Jonathan Oboza Petalver is the Founder and CEO of Petalver Management Consultancy Services. He is also the President and Dean of One Global Academy U.S.A.
