by Rakesh Malhotra
There is no doubt that with the ever increasing competition, entrepreneurs need to devise smart strategies to stay ahead and conquer new boundaries. They will face numerous obstacles in their path. However, if they plan strategically and focus on the three factors which are skill, scale, and speed, then there is nothing that can stop them.
What We Mean by Skill, Scale, and Speed
For entrepreneurs, it is extremely necessary to know that they have their entire enterprise or startup to run. And every company, no matter how big or small, has its own set of employees. These employees need to be managed properly, trained every now and then, and made sure that they perform adequately. This is what we mean by skill. It is in terms of the diverse range of talent that you have hired within your organization and whether you are managing that talent properly or not. If you do not do anything with your talent, they are likely to not produce efficient and optimum results.
As far as speed is concerned, entrepreneurs need to realize that they need to be quick about their decisions, implement ideas, plans, and policies fast, and make sure whatever they produce reaches the market on time. If they work and implement at a slow pace, then chances are that competition will very soon overtake them and they will be left far behind.
Scale means the critical mass that an organization will need to succeed. Achieving critical mass is especially important for startups so that they can sustain themselves well and have the ability to stay in business. It might be in terms of the amount of people or money required for a business to start or function properly.
Think of it this way; the best organization is one where employees have the required up to date skills to do their job, the organization always encourages their employees to think outside the box, and the organization is quick to implement new strategies.
If entrepreneurs were to start thinking in these terms, they would make a lot of progress.
The Implementation of These Factors is Highly Critical
If you are thinking of starting your own business, why not implement this strategy and see what happens? If you are a slacker, indecisive all the time, or not very prompt with getting your work done, then chances are that your new business will not survive its first month. You need to develop a good and concrete work ethic and strategy, and always aim for the stars. You probably have all the resources available with you: a great team, a good plan, and all the capital you need. However, if your execution is bad, or you fail to train your employees periodically, then chances are you will be left far behind in this crucial race, trailing behind intense competition.
Have these three elements pasted on your wall or engraved in your memory, because this mantra is likely to come in handy for a long time to come, and you will benefit a lot from it.
Contributed by Rakesh Malhotra, Founder of Five Global Values (www.fiveglobalvalues.com) and Author of “Adventures of Tornado Kid, Whirling Back Home towards Timeless Values”. Passionately determined to uncover the mystery of human behavior, his fascination with the influence of core values on human behavior stems from a career which has seen rise from an entry-level sales job to that of a seasoned CEO. Having worked, lived, or traveled to more than 40 countries, he has been able to study performance and human behavior across all cultures.
Melissa Stewart is the founder of SheOwnsIt.com. She is a Purveyor of Possibility, Entrepreneur Advocate and Coffee Addict. She believes that behind every successful woman is her story. What’s your story?