Human VenturesFiled under: businessThree Things Every Business NeedsSome recent self-reflection and mentoring of soon-to-be alumni of my alma mater, St. Olaf, have caused me to think hard about those traits that make a person successful, regardless of the road they pursue.
Reading Amar Bhide's "The Origin and Evolution of New Businesses" has prompted me to think about what assets might allow a business to be successful, no matter what road it pursues, both initially and over time. Here is a try at three:
Human Capital - Intelligent and open-minded people are more capable of adapting to the major external changes that determine the life or death of a company, both initially and when it is well-established. Execution and process-oriented people ensure that an organization (profitably) realizes whatever vision it sets out to achieve. Hire and retain people like this, and you'll be well on your way.
Social Capital - This all about reputation and relationships. Build a strong brand, and do good by your customers, vendors, and employees. If you do, your ability to introduce new products and transform your business will be greatly facilitated.
Financial Capital - Money, like people and relationships, is fungible. If you can build a strong cash base and/or develop the reputation and relationships required to readily raise money, you can be much more strategic and planful in your execution.
Technology is Always a Complementary Strategy@Justin_Bacon shared this fantastic blurb from Seth Godin on social networking yesterday.
Seth comments:
"The internet this giant cocktail party with all these people swarming around connecting because they're keeping score[...] Networking is always important when it's real and it's always a useless distraction when it's fake. What the internet has allowed is an enormous amount of fake networking to take place[...] What matters is, Where are the real relationships?"
It sounds a bit reactionary, but he makes a great point, and one that I tried to convey in a short talk that I recently gave to a class at a local business school. While Godin is cautioning people against seeing online social networking as a cure-all, I was nudging an audience of relative non-users to get online as a way to complement their offline networking strategies. Our goals are different, but messages are very similar.
Here are a couple of the images I used to make my point. Hope you'll find them interesting/useful.
Which B-School is Best Prepared to Lead a Globalized World?The Financial Times is not exactly transparent about how "International Experience" is calculated, though it sounds specific to students and their time during the MBA program. If these rankings are any reflection of reality, it's amazing to see just how poorly many top US schools and, specifically, Harvard Business School rank. Are we preparing people to lead in an increasingly globalized world? Gary Hamel: The Hole in the Soul of Business
via blogs.wsj.com
So many fantastic bits of wisdom in this one post. Awesome. Some similar thoughts in a SocialEarth.org post here. |
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