After a two-decades stint in a large corporate, followed by a decade in academics coupled with advising businesses as Director on their board or consultant, I turned entrepreneur with my new venture -CimplyFive. With a little more than passion in my kitty, I went through all the stages of romance, in my entrepreneurial journey. There was the exciting courtship, followed by blissful honeymoon, leading to the advent of anxiously awaited but demanding customers. I exited the business handing it over to the new owners, with two of the five stages yet to materialize: of providing investors a periodic return and ensuring that the society’s resources are not wasted by seeing the business turns profitable.
I saw when and how each stakeholder engages with a new business and their primary concerns. Entrepreneurs by starting the venture realize half their dream. Seeing the idea materialize, they are elated at overcoming their apprehensions and taking the plunge. Birth of a venture is just the start, keeping the new venture afloat is the second part of their dream. Money is the oxygen for business, and a venture’s ability to attract employees and vendors is based on their perception of the venture’s ability to survive. While entrepreneur’s passion can attract them, it is only money visible in assets like an impressive office and other artifacts like advertisements that creates the sustaining glue.
Of the three stakeholders who bring in money to the business, customers are the most demanding for they have the least patience. Customers not only bring in money, but they also validate the business idea and vote with their cheques on a business’s right to survive. With customer patronage, investors who trusted the promoters initially and wait patiently can be rewarded. Finally, though not a legally binding obligation, a successful venture that ensures resources are used gainfully is honored by giving the business a louder voice that is heard in shaping the societies future.
In short, a business marks the attainment of different stakeholders’ goals when it progressive reaches these milestones:
- On commencement, an entrepreneur’s dream is realized,
- On continued survival, its vendors, lenders and employees’ goals are met,
- As it grows, its customers’ needs are satisfied,
- On turning profitable, its investors aim is reached, and
- A sustainable business ensures that the society’s resources are productively used.
Like romance in entrepreneurship too, courtship is exciting, honeymoon blissful, customers’ needs challenging, investors patient but demanding, and the society overtime honoring.
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