The 21st Century Business
By Akpobome Ejiro
The 21st Century BusinessApr 15, 2022
The Power of Delegation
Delegation is a powerful tool for effective leadership, staff training, and sustainable business management. By recognizing when delegation is necessary, matching tasks with the right people, and fostering a culture of trust and collaboration, you can unleash the full potential of your team and position your business for long-term success. You can book a free session with me via the link below
Handling Management Pressure
Amidst the intense passion for growth, managers must resist the temptation to sacrifice long-term sustainability for short-term gains. Sustainable growth entails striking a delicate balance between driving profitability and preserving the integrity of the business ecosystem. It requires a strategic approach that prioritizes innovation, customer-centricity, and operational efficiency.
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Industry Disruption
Industry disruption is nothing new, but in today's fast-paced world, it's happening more frequently and with greater impact than ever before. From technological advancements to shifts in consumer behavior, industries are constantly being reshaped, presenting both challenges and opportunities for entrepreneurs.
So, how can entrepreneurs not only survive but thrive in the face of disruption?
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Navigating a Startup
Commitment in business is not just about strategies and plans. Commitment is not just a destination; it's the path to enduring success in the world of business. New things are always exciting and come with lots of positive impulses. In the world of entrepreneurship, it's easy to get swept away by the excitement of a new idea. You can book a free session with me via the link below
Temptation
Temptation in business is not just about getting quick wins but building long-term relationships. Tempting offers can be the initial hook, but delivering on promises and providing value is what keeps customers coming back. It's about creating a cycle of temptation, satisfaction, and loyalty
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Managing Competition
Managing competition is not just about keeping an eye on external forces. Internal competition, when fostered correctly, can be a powerful catalyst for growth, innovation, and overall success. So, to all the businesses out there, consider shifting your focus inward, because sometimes, the biggest competition and the greatest opportunities for improvement are found within your own walls.
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Brand Identity VS Brand Image
While brand identity is the internal compass, the essence of a brand, brand image is the external reflection, shaped by how the brand is perceived in the eyes of consumers. The synergy between the two is what forms a powerful and enduring brand presence.
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Effective Employee Onboarding
Employee onboarding is more than just paperwork and orientation. It's about setting the stage for a lasting and meaningful relationship between the employee and the company. A well-crafted onboarding process is an investment in your team's success. So, what should we look out for to encourage staff integration and fulfilment? You can book a free session with me via the link below
Motivation and Discipline
Whether you're an entrepreneur, a professional, or someone climbing the corporate ladder, setting clear and ambitious business goals is crucial. These goals act as our compass, guiding us through the challenges and uncertainties of the business world. But without motivation, these goals may seem daunting, and without discipline, they remain as mere aspirations.
So, how do motivation and discipline work together in the pursuit of business goals?
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The Future of E-Commerce
Taking a glimpse into the exciting future of e-commerce we can see how buying and selling is advancing… from personalized shopping experiences to the integration of AR and VR, blockchain technology, and a commitment to sustainability, the possibilities are vast. E-commerce has come a long way since its inception, and today, we're not just talking about online shopping. We are exploring how emerging technologies and changing consumer behaviors are reshaping the way we buy and sell goods.
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Understanding Buying Behaviour
Every purchase is aimed at creating a satisfaction that will improve the personality of the buyer but sometimes we all miss the part of emotional satisfaction when delivering a product or service and this leaves us at empty product or service delivery so motivation drops and buying drops. Most times we buy things with the sense of wanting to belong to a group and this may not necessarily be a need. It may just be an impulse purchase that feeds ego. This can be very deceptive because it is very temporary. It moves with trend. You can book a free session with me via the link below
Circular Economy Adoption
Circular economy is designed to keep resources in use for as long as possible, extracting the maximum value from them and then recovering and regenerating products at the end of their life. Companies can explore innovative ways to recycle and repurpose materials, either within their own production processes or by collaborating with other businesses in their supply chain. It is also important to note that this is not limited to just products. Even services can be recycled or repurposed by creating a more dynamic mix of service packages. This can encourage new customers as well as increase experience for the old ones.
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The Power of Personal Branding
Personal branding is not just for influencers or celebrities. People no longer buy products or services. people now buy people. People connect with authenticity, and a strong personal brand builds trust and credibility.
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Effective Employee Training and Development
Employee training and development are not just checkboxes on a HR to-do list. A crucial element of effective training is creating a tailored approach. One size doesn't fit all. Recognizing the diverse learning styles and needs of employees is key. Whether it's hands-on workshops, online courses, or mentorship programs, providing a variety of learning opportunities ensures that training resonates with everyone. Effective training is a shared responsibility
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Balancing Profit and Purpose
In a world where business success is often measured solely by financial metrics. At the core of this discussion is the idea that businesses can be agents of positive change..."if there was no social system or no people and it was just you, what would you call a business or how would you do business? In an open nothingness"…definitely not, so this is a responsibility. This balance is not a static destination but an ongoing journey. It's about making conscious choices or decisions that consider the triple bottom line which is made up of people, planet, and profit. By navigating this delicate dance, businesses can create a legacy of positive impact that extends far beyond financial success.
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Navigating Startup Challenges
Emerging as a startup is both an art and a science. Sometimes funding may be primary, other times it is not. you are not a startup to copy rather a startup to create. The minute you position yourself as a startup, you are also positioning yourself as a leader because you are starting something new. So you need both the spirit of an entrepreneur and that of a leader. They are both sides of the same coin.
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The Art of Negotiation
Negotiation is a skill that transcends boardrooms and conference tables. It's a fundamental skill for leaders, guiding how they collaborate, make decisions, and inspire their teams. I will do my best to uncover some secrets of negotiation and how it can shape the essence of leadership. Negotiation is not a one-time event but an ongoing process. It's about building relationships, not burning bridges. Effective leaders continuously nurture their professional relationships, recognizing that they may need to negotiate with the same individuals again in the future.
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Maintaining Brand Reputation in Crisis
Crisis is an opportunity to learn and adapt. After the storm has passed, conduct a thorough post-crisis evaluation. What worked? What didn't? Use these insights to refine your crisis communication plan for the future. If you make a mistake, admit it, and communicate your plans for correction and improvement. This approach not only builds trust but can also turn a crisis into an opportunity for positive change If you need to talk with me personally, You can schedule a free 1hour session via the link below.
Time Management
In today's fast-paced business world fueled by technological advancement, effective time management is a skill that can make or break your success in business as a leader. With multiple responsibilities, constant interruptions, and a never-ending to-do list, it's no wonder that time management can be a challenge. But fear not! In this episode, i will provide you with practical strategies to help you take control of your time and lead more efficiently.
Company Culture
The culture of any business should be leveraged on community not just internal values or ethics. At the end of the day, business is about people and people exist within a society, likewise your business. There must be a sync that connects people and your brand in the society rather than just being another foreigner doing business in isolation.
DIVORCE EMOTIONS
The business we are into is about people. People are rational by default and this includes you the founder. However the success of business is bent on that reality of being without emotion. This does not imply being insensitive. It just implies being ideal. The rule of thumb is to think community not you. At this point, any business you are into should be focused on sustainability.
Q. What happens to the business after you die?
Q. Can you set a pattern or standard that is self expansive and can drive the business 100 years after your death?
This is how a business should be and this is why you cannot afford emotions. The people, family and friends you are trying to please can never be satisfied
So treat the business as a life and give it what it needs to grow.
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COMMON SENSE VS CRITICAL THINKING
Critical thinking typically happens at a very conscious level while common sense occurs on a laminal level of thought. For common sense it feels natural. It is like accepting a cultural belief saying; this is just how it should be compared to the critical thinker who intentionally analyses the situation because there could be another angle to it. The success of critical thinking is based on the after effect of the conclusion made on an issue.
Critical thinking enables planning, assessing, calculating and explaining situations as they come up or as predictions. As a manager or business individual, a good approach to the application of critical thinking helps to navigate the degree of deliberation and concentration on the subject matter to span operations to a whole new level.
Broadcasting Your Ideal
Being misunderstood is very easy because we all have different perception. But for the aid of communication, we have been able to tell people who we are and how we like to be referred to or related with. In the same vein, our business can only be spoken of or related with as much as we have presented it or told it to other for the sake of clarity and improved business operations. This there for implies that; it is the stories you tell people hear and it is what they hear they echo and it is what they echo that others act on to define your brand which eventually determines your overall performance.
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THERE IS NO COMPETITION
Business or entrepreneurship is not for showoff. It is work. If you are not ready…KEEP OFF
Narrowing this down to decision makers like CEOs, Founders, Managers, it takes a high level of self awareness and in depth knowledge of what it takes to steer the wheels of a company not to be tossed by every market wave. It requires patience and critical thinking and analysis to achieve this.
What you consider as a competition should be a challenge and it is not supposed to be external rather internal to your company. So the next door company or foreign companies is not your concern and should never be your concern. Rather what you should focus on is building capacity such that your product competes with itself, your management competes with itself.
The Lies of Design
If design was the ideal for brand sustainability or a measure for brand loyalty as most startups and entrepreneurs feel when they invest in design then we should not have a problem with customer acquisition and retention. The most beautiful design does not guarantee loyalty.
People by nature are explorers or adventurous and this is why we always seek new things, go to new places, try new food, meet new people, create new experiences among a whole lot of other things we engage in daily.
The Stairway Theory
One thing that cannot be changed is process. It is always one step at a time. It gets very slippery when you want to go so fast. There is a high probability of coming down as fast as you went up before you could even imagine.
The effort and mental readiness to climb the stairs of a 10 storey building will make you take all you need as you go up because you don't want to come all the way down for one little important thing you forgot an din the same light, you won't want to be in haste to come down if you have to come down at any point.
Modelling this into the stairway theory which states that; the first step of your brand development journey is as important as the last step that has the capacity to generate massive revenue…revenue can only be sustained by process, innovation and consistency.
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STARTING TO RESTART
Don’t seek to start to restart. Just do what you need to do and do it right because even if you have 50bn dollars invested as capital, the business can still fail if there is no sustainability structure. So Money is not a primary criteria for business sustainability. Nobody recovers from a good start if it is sustained. This is the current state of many businesses. So they just have to stay operational until they fade off. Don’t wait for it to fade. You can still do something about it.
But be willing to risk the change. If you must restart at this point, just do it right then prepare for the flight.
i have expanded this in the episode.
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Letter to Entrepreneurs
The fact that we have been taught about option A and B or contingency planning, we approach business like its a lottery. In entrepreneurship there is no lottery, you just have to be all in or all out. This is not a seasonal business call to make money based on an ongoing trend. We create the trend, we control the trend, we innovate the trend, we keep the trend trending through dynamics. I have a disposition of approaching entrepreneurship being a career as the last option. There will be no other time, no other business, no other entrepreneur can deliver this value like you. It has to be you. You have to be the choice. Until you get to the point that this entrepreneurship endeavor you are into is your last option, then and only then you will give it what it needs to survive.
Q. Would you let it die or would you rather preserve it? Remember that every brand is a life. As it starts, it is a baby, how would you take care of a child until that child gains independence and can be responsible for his/herself without you?
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Choosing your Community
SUSTAINABILITY & COMMUNITY
Dealing With Sole Proprietorship Syndrome
MANAGING CUSTOMERS OPINION
Customers will always want to say something for or against your business.
It is in your power to determine what they have to say and how they say it.
The only thing they talk about is what they experience or heard of.
Q. what do you want them to experience or hear of?
Value that meets needs is all that is required.
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I will be more than happy to assist you scale in business