eBusiness Weekly
Arthur Marara
This past week I started a conversation on the questions that business leaders need to ask themselves in order to stay and grow in business.
If you missed the first part, please visit www.ebusinessweekly.co.zw and search for the article. Quality conversations shape the quality of actions and results that we get.
Let us go to the next question that you need to constantly ask.
Question 2 — What fundamentals could disrupt your industry?
This question may appear the same with the first, but they are actually not. This question is different from the first one. What does disruption look like? Let us take some common examples that illustrates this point.
To get an idea of what disruption looks like, let’s mention of a few examples.
AirBnB — What industry did it disrupt?
It put almost everyone in the world with a spare bedroom into the hotel business.
There is even an increase in the number of people who are converting their homes into AirBnB locally.
People can make their money from the space that they have.
Uber / Lyft — What industry did it disrupt? The former, more than the latter, has so seriously threatened the taxi cartel to an extent that the affected parties have had to litigate internationally.
These applications have changed the landscape. They are not necessarily bound by the rules that govern those in the conventional taxis business.
Those who drive recognised taxis are subject to different rules than the recent upstart. There is a limit to what you can legislate. If your business model relies on legislation to thrive, you are ripe for disruption.
In this race, the disruptors eventually win. The entrepreneurs will figure out a way to make their idea work.
This explains why you cannot stop a true entrepreneur.
It is a mind-set. They think and see things differently.
Virgin — What industry did it disrupt? The name is familiar with many interventions and innovations.
One of the areas that it disrupted was the aviation industry. Richard Branson spent some time with Freddie Laker, learning about the industry and how the “big” boys had defeated him.
With insights Richard Branson started a new airline with one leased aircraft. Virgin Airlines is one of regular leaders in the field, and now even holds rail contracts in the UK as well.
The curiosity of everyone is how did he start? At the age of 17, Richard Branson started a student magazine and a student advisory centre — a helpline that enables people to get the help they need anonymously.
Soon thereafter, he began to produce records for much less than the mainstream companies.
The name Virgin came from the acknowledgment he and his other colleagues were virgins in business.
One of the things you need to constantly keep in mind is the fact the greatest threat to your business will not come from people that you know, neither will it come from the people who play by the rules.
It is the people whom you do not know, and possibly the people that you have ignored in the past, or possibly never cared about.
The disruptors are those people who are willing and ready to ignore the rules. These are people who rewrite the rules, and change game altogether.
Disruption will come from those people who will ask themselves how the industry could be improved if there were no rules.
This should be your focus as well, how can you improve the way things are done, and possibly even redefine your particular field.
You really got to understand every aspects of your business. And if you don’t understand, seek advice before you are driven out of business by the disruptors.
What is your strategic
focus on?
You need to constantly need to reflect on how you are leading the organisation. Where are you focusing most of your energy on: operationally focused, making sure you don’t do anything wrong; or strategically focused, making sure you’re aware of your surroundings, planning ahead in the right direction.
Where you put your energy and time is very important.
Take time to review past board (or management team) minutes and establish how much meeting time is focused on:
Clear strategic priorities versus conversations about operational things;
Justifying why things won’t work versus conversations about how the world is changing, and how the credit union must adapt to survive;
Consistently rewarding operational (process) excellence versus rewarding entrepreneurial and strategic excellence (there is nothing wrong with rewarding both, but your team knows what their leader really values — make sure it’s thinking strategically).
To survive and thrive, your thoughts must be strategically focused. The primary goal is to serve your clients and, over the long term, the only way you can ensure that you do it is to be more focused on remaining relevant and less focused on making sure we don’t do anything wrong. In fact I once did an article that, “failure is an option”.
The reality is that the world we live in is more than ever, is in flux. The things that worked yesterday and may be working today will be replaced by the realities of tomorrow.
Your mind-set and receptiveness to change is in your hands. Operational processes are important and should not be overlooked, but there is need to strike a balance.
Constantly think strategically and have the discipline to adapt. This will strengthen your relevance and will leave your business better when you step aside.
Part III – coming next week . . .
Arthur Marara is a corporate law attorney, keynote speaker, corporate and personal branding speaker commanding the stage with his delightful humour, raw energy, and wealth of life experiences. He is a financial wellness expert and is passionate about addressing the issues of wellness, strategy and personal and professional development. Arthur is the author of “Toys for Adults” a thought provoking book on entrepreneurship, and “No one is Coming” a book that seeks to equip leaders to take charge. Send your feedback to [email protected] or Visit his website www.arthurmarara.com or contact him on WhatsApp: +263780055152.
