“If you don’t build your dream, someone else will hire you to help them build theirs.”
―Dhirubhai Ambani, “Against All Odds: A Story Of Courage, Perseverance And Hope”
It is a well-known fact that some businesses succeed while some fail miserably. There are several reasons for successful and unsuccessful enterprises globally. As such, we will discuss some sutras and strategies to build your global business empire successfully.
To build a successful business empire, you must have a blueprint with a vision and viable execution. It is essential to ensure alignment of your products or services, customers, financial institutions, and above all, employees. It is ideal to follow the philosophy of “employees first, customers second, and shareholders third” to ensure your business empire lasts beyond your lifetime.
Innovate and Stand Out
“Ideas attract money, time, talents, skills, energy, and other complementary ideas that will bring them into reality.” ―Mark Victor Hansen
Business leaders must identify the products and services that will be in great demand in future. They must see whether there is longevity for those products and services. They must approach financial institutions that can provide capital with a low interest rate and stick with them over time. They must hire the right people for the right posts, emphasizing organizational culture because organizational culture brings people together and connects them emotionally into one platform. Alan Mulally created the “One Ford” slogan and connected all employees emotionally to turn around Ford. Once there is a healthy organizational culture, it is easy to motivate employees to produce goods and services as per the tastes and temperaments of customers and clients.
Peter Drucker once remarked, “The purpose of a business is to create a customer.” Hence, business leaders must create customers and clients for products and services. They must reinvent regularly to keep pace with the rapidly changing business environment. In this Internet world, more competitors arise quickly to copy and start businesses. Hence, business leaders must develop niche areas to stand out from others. They must regularly create new products and services with an emphasis on innovation. Apple is an inspiring example for innovation. It stood out from other global companies because of innovation. It could beat cutthroat competition due to constant innovation. B. C. Forbes rightly remarked, “If you don’t drive your business, you will be driven out of business.”
During the course of strategy execution, business leaders encounter many challenges internally and externally. It is essential to have alternative plans ready to resolve them. Internal challenges often can be handled easily, while external challenges frequently cannot be predicted but must be handled with patience and perseverance.
Agility and Adaptability
“The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.” ―Henry Ford
Competition is cutthroat globally. Customers and clients are demanding more than what they pay for. To beat the competition, enterprises must be agile and adapt to the business environment. They constantly must change their strategies, tools, and techniques to do business because what worked in a particular scenario might not work in another situation. They must be ahead of the race. To stay ahead, they must keep an eye on new developments, do research regularly, and anticipate customers’ expectations and aspirations. Only then will they be able to survive and succeed in the current dynamic global scenario. Several companies became obsolete as they failed to anticipate developments and adapt.
A Customizable Blueprint
Jack Welch once remarked, “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” Set a vision and execute it effectively. Emphasize strategy and culture. Manage internal and external challenges successfully. Learn, unlearn, and relearn with the changing times.
There is no one-size-fits-all blueprint to build a successful business empire globally. This is a basic blueprint to build your business empire. You can customize it depending on the size, scale, type of industry, and country in which you do business. Good luck building your successful global business empire!
“If you build both the moral and the ethical foundation, as well as the business foundation, and the experience foundation, then the building won’t crumble.”
―Henry Kravis
Professor M.S. Rao, Ph.D.is the father of “Soft Leadership” andfounder of MSR Leadership Consultants, India. He is an international leadership guru with 37 years of experience and the author of more than 40 books, including “21 Success Sutras for CEOs” (http://www.amazon.com/21-Success-Sutras-Ceos-Rao/dp/162865290X). He is a C-suite advisor and global keynote speaker. He is passionate about serving and making a difference in the lives of others. His vision is to develop 1 million students as global leaders by 2030 (http://professormsraovision2030.blogspot.in/2014/12/professor-m-s-raos-vision-2030-one_31.html). He advocates gender equality globally (#HeForShe) and was honored as an upcoming International Leadership Guru by Global Gurus (http://globalgurus.org/upcoming-leadership-gurus). He serves as an advisor and judgefor several international organizations, including Global Leadership Awards in Malaysia and Middle East Business Leaders Summits & Awards in Dubai. He developed teaching tool Meka’s Method; leadership training tool 11E Leadership Grid; and leadership learning tool Soft Leadership Grid. Most of his work is available free of charge on his four blogs, including http://professormsraovision2030.blogspot.com. He can be reached at: msrlctrg@gmail.com.
