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5 lessons on how to succeed in business : Business : Nigerialog.com - Nigeria's Premier Online Forum

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5 lessons on how to succeed in business

By: Ramjoe (M) |Time : January 10, 2018, 01:52:46 PM
For years, conventional wisdom has told young entrepreneurs and investors that an MBA is their ticket to success. Indeed, more people are pursuing a formal business education than ever before, with an MBA now ranking as the most popular post-graduate degree in the world. But the business world is changing -- and fast. The old rules no longer apply. Nigerialog has compiled five top lessons about how to succeed in the 21st-century economy that you won’t find in any MBA coursebook.


Give Back

Chasing your bottom line, goal or aspirations shouldn’t be your only priority. Increasingly, businesses are focusing on how to not only grow their profits but how to do so while generating social or environmental good. Giving back can drive strong, sustainable growth, with studies showing that social impact-focused businesses tend to beat the market. In fact, one of the main reasons money managers are expanding into social impact investments today is client demand. And, of course, giving back also gives us the opportunity to feel good about being part of something bigger than ourselves. We can give back by donating thousands of pro bono hours a year to one cause we believe can change the world (if not time, we can give back money by helping create a better world). This involves the strengths of our entire team and each person feels personally committed.

Your Competition Can Be Your Biggest Ally

One of the oldest business school myths is that our competition can crush us, manipulate us and destroy our businesses. Experience is showing us the opposite. Cultivating a community of positive competition both gives us the opportunity to inspire others (and be inspired!) to be stronger, better entrepreneurs and managers and to create symbiotic relationships with other enterprises in similar spaces.


Create Communities

Many business schools encourage a “go it alone” mindset that applies not only to competitors but to clients. We’ve found that the old-school way of thinking of businesses as “webs” (that is, entities that attract customers but don’t create interaction between their clients) isn’t always best. Instead, we should think of our business as a hub -- an organization that brings together clients around a shared lifestyle or ethos.

Businesses of all sizes and in all industries can benefit from creating customer communities. A company may offer shared experiences, perks and retreats for members -- in effect, reformulating the set up as a club, rather than a simple vendor of goods or agents of service.

Creating customer communities can be fun. Get creative: host dinners, create monthly retreats, offer regular hikes or friendly sports games. The point is to find ways to unite your customers (as well as workers) and help them find meaning in shared interactions, whether it’s emotional support, contributing to the greater good or building skills. These communities can be a core part of a company’s business and marketing strategies: You get the opportunity to build an enduring brand that represents far more than the product or service you sell.

Remember The Human Touch

Our digital world has left us all craving more human interaction. It's no wonder then that the sharing economy has dominated the 21st century. Peer-to-peer companies let us connect with our most human elements: trust, experiences, communication. At the same time, many are hugely profitable, with the overall market on track to top $300 billion in value in the next several years.

That doesn’t mean you should be rushing to design the next Uber or Airbnb or rent out that extra space in your attic. But it does mean that there’s an advantage to striving to make emotional and personal connections where possible. Ultimately, we’ve found that most clients are buying the relationship you can offer them, and not simply your product or service. So, go the extra mile to build connections and develop trust. Building real, human connections is the first step to building lasting, long-term customer base.

Chase Your Mission

Business schools tend to measure success using balance sheets, income statements and cash flow statements. But what they often forget about is that value isn’t just measured in naira, dollars, pounds, yen or any currency in the world for that matter. We've noticed that entrepreneurs who pursue a mission they believe in are more successful than those who focus only on driving a profit. Creating something that aligns with your vision of the world, whether that’s female empowerment, a more sustainable ecosystem or income equality, makes you more likely to show the grit and passion needed to ensure your business thrives.

Nigerialog advises that life is a big school without wall, only you can restrict or limit yourself.

Re: 5 lessons on how to succeed in business

By: princepoint |Time : January 11, 2018, 03:00:31 AM
nice  info

Re: 5 lessons on how to succeed in business

By: Ramjoe (M) |Time : January 11, 2018, 04:48:32 AM
nice  info

I think the goal shouldn't end with money. It should be much more

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