Transformation of Entrepreneurs

Transformation is based on the assertion that the future is generated through actions taken in the present moment. The prerequisite for transformation is a willingness to identify the facts, fundamental beliefs and cognitive constraints that underpin a corporation’s relative competitive success.

It is vital for an entrepreneur to transform themselves to the changing times. Some of the key points towards transformation are:

Maintain proximity to your customers and competitors:  It is important that you maintain a close relationship with all your customers as this enables you to understand their requirements better. Only when the customer needs are known accurately, will innovation happen and we can keep pace with changing trends. The first step for any entrepreneur is to listen! Listening to the consumer, be responsive to his demands and be flexible to adapt.

Hire smart: The smart hire brings on board phenomenal energy and creates a conducive environment for the team to work. As they say, the best way to lead is by example.

Passion with Economics: The passion and commercials go hand in hand, as otherwise it will not sustain. It is crucial for any business be economically viable to have #economics and scalable for it to be able to expand and grow

Focus on Core Competencies: The best entrepreneurs become laser focused on the things they do best and outsource the rest. Many a times we have noticed that we diversify into domains which are not expertise and dilute the focus business area. An entrepreneur should partner to domain specific partners to meet the various needs of their business be it technology, infrastructure, legal and regulatory compliance. This enables more scale, flexibility and rapid growth.

Digitalization: Digitalization is not characterized by creating mobile apps and having a social media presence. It is an entirely new approach to business. leveraging technology to create an exceptional customer experience, become agile and unlock new value.

Have a question? Connect with us: askxanara@xanaradvisors.com