It’s Global Entrepreneurship Week and all over the world, people are moving their minds, hearts, and pockets to find a common goal: create wealth.
I learned about entrepreneurship and creating wealth at Babson College. Its founder, Roger Babson, wanted to create a distinctive way of thinking and acting that would lead to what Jeffry Timmons later called “the Silent Revolution.” I had the privilege of graduating from Babson’s MBA class and meeting and discussing many ideas with Jeff, whose legacy expands beyond his life. I would like to dedicate this wealth drop to Roger and Jeff.
The concept of creating wealth is fantastic because there is no way to create prosperity without sharing it. Thus, governments are quite keen on exploring this topic, and along with them investors, yes, even in today’s financial situation!. The Global Entrepreneurship Week represents an amazing international effort, led by large corporations who see a bright future ahead, and supported with enthusiasm around the globe. What a refreshing thought, so different from the distressing news about the financial markets and the crisis!
I’ve always seen my future bright and interesting, although sometimes I have seen it through a dark tunnel that I know I have to walk. Ouch!
It has always paid off. I just realized that I don’t deal with depressed people because entrepreneurs and inventors create. They are too busy discovering ways of doing things to worry about dramas or to feel victims of other’s actions. In most cases, it turns out in a different way than we plan or expected, but the use of our energy to create positive worries is much healthier than to share misery and to feel that we are like seaweed in the ocean, at the mercy of the tide. No way!
As most of my work involves Global Entrepreneurship, I want to share with you the four critical success factors of Born Global Firms:
1. Global Vision: It’s all about the people who create the vision.
People involved in the Strategic Intent of the Firm have a pre-conceived notion of globalization. They know it is possible because they’ve done it.
Experience, Knowledge, Connections are firmly rooted in the managers or founder’s previous global experiences.
As simple as: I’ve seen that before or I’ve done that before!
2. Global appeal: Offerings cross over cultural barriers.
Global Firms make no adaptation to their offerings: Products, services, marketing, etc
They have a USP (Unique Selling Proposition) that appeals to consumers regardless of culture and location.
BONUS! Having the same offering provides a systematic approach that minimizes mistakes, improves efficiencies, and provides clear message.
3. Global reach: Reach customers rapidly, effectively and at low cost.
They collaborate in local markets.
They compete in global markets.
Change of mindset from smaller economies: more is less (100% of 10 is 10), less is more (10% of 1000 is 100). Everybody wins.
4. Global Implementation: Find ideal partners. It requires a mindset to collaborate and think about your best fit.
- What do you need
- What do you require
- What is your negotiating range and what are the deal breakers?
- What is the (aligned) reward system
- How to take the dip and cut loses
- How to establish elegant ways out
Don’t depend on legal frameworks, the best contract is never reinforced. What ifs…
I could not think of better times to go global. With suppliers and part time employees and clients in almost all continents, we have system that works smoothly around the globe. There are very few barriers to global entrepreneurship, if you are reading this, you have none.
Enjoy the celebration,