My Approach
I wanted touch on a more technical topic today then related to how as an entrepreneur I undertake navigating and choosing the right business project. In this industry it seems that everyone is focused on get rich quick schemes, but my focus has always been long term relationship and business development. In this post will cover the 4 steps that I follow when I evaluate a business and project proposal and decision to allocate capital. I apply this approach when I am working on Distributed Ledger and Blockchain based projects and the people are always of more importance than the project.
First Impression Have a Lasting Effect
- When approaching any new business opportunity, you need to be prepared and focused. It is best to organise your objectives and strategies in advance. People that you deal with generally can sense if you are unprepared for an initial discussion opportunity. Be that as it may I have seen some slick talkers wing it to success in certain situations but the prepared and smooth will always outperform over the long term
- When working with people I would recommend that you actively show your interest in them and demonstrate this by recognizing the opportunity and the people involved in making that initial opportunity happen. I often notice that new potential partners focus on what they can bring and do not recognize other talented stakeholder in the new business venture. Recognizing talent is very important at this stage and making it personal by summarizing all the stakeholders and their contributions is important at this junction as well.
- Assume responsibility and take ownership for your contribution to the new venture. This is extremely important as the way you treat the other stakeholders will impact your ability to serve the project and ultimately perform the portion of the project that lies in your area of competence. The Principal Issue here is that the buck stops with you as you are going to ensure to the other stakeholders that in your area of contribution you take full responsibility for outcomes and will make ensure this venture is the most successful one you have had so far.
- Lots of entrepreneur during the preliminary engagement phase of a project or business shy away from coming out and expressing to other potential shareholder their areas of competence in the project. You must reassure with confidence your potential partners that you are the right person to provide the solutions to push forward the project. This will give stakeholder the impression that you are being strait forward with them and professional in how you approach your role in the project. By expressing to them in an elegant way what your contribution will be, you will keep them informed and can very easily transition into the later part of project development together.
- Finally, always try to understand and put yourself in the shoes of the other stakeholders of a potential business venture. This is of vital importance as to build true relationship and partnership you must understand the other members role and look at the project through their eyes. By doing so you can also confirm that their intent aligns with what you see for the project and ensure that you can see yourself working with these partner until project completion.
Listening is More Important Than Speaking
We must with the help of other key Stakeholders search for and define properly the project’s or business objectives and requirements (present, future and undefined). This part of project management is all about transitioning from Engaging a new opportunity to asking very strategic questions to be able to assess the projects current/future/unstated requirements. In most circumstances a project has already defined some existing market problem or need, but once this is established we need too look further into the project and use its current objectives as a gateway into the future/unstated potential. This process at a very high level engages the various potential stakeholders into a process of goal and objective refinement and set the tone for the rest of the project initial assessment phase. The following two subpoint will assist in going through this process in a productive manner.
- We must always pay close attention and listen actively to the opinions and passions of other major project stakeholders. As you are asking questions and brainstorming objectives listen actively to answers and try to get an idea of their pains and pleasures related to the project. The biggest mistakes you can make stakeholder is to talk too much and not listen enough. You want to build a team around a project objective and listening will provide you with the information necessary to formulate solutions, this has the side benefit of making your partners more comfortable with you as well.
- As you listen to other stakeholders ensure that you reword and validate your comprehension of their contribution. It is important that when we speak to potential stakeholders we paraphrase and confirm that we understand their points before moving on. I have been in too many meetings where the direction, purpose and progression were not clear as we often do not take the time to reconfirm understanding of the key contributions of members. Once a stakeholder has provided feedback in their area of competence including how they plan to contribute to a project you must confirm your understanding by paraphrasing and acknowledging there contribution.
Good Advice is Hard to Come By
Once you have discovered the projects needs and objectives you can then proceed to make sound recommendations as to how to achieve those goals and objectives.
- We must partner now with the other stakeholders to develop solutions and options to achieve the objectives and goals of the project.
- Further evaluate and customize solutions based on objectives and requirements. You want to review with other partners the project goals and needs and tailor options to achieve objectives.
- Recommend solutions which are linked to project’s objectives and requirements. This is an ongoing feedback loop where we link the project’s needs and goals to a solution process which directly involve ongoing contribution from various stakeholders.
- One important point to note here is that when we are communicating a potential solution in our area of expertise must always use direct and simple language and not complex terminology which can be misunderstood by other stakeholders. Staying clear and concise and avoiding using confusing vocabulary when communicating with other stakeholders is so important to driving any potential business or project forward. As an example, it can be a major irritant for an accountant to be explained a potential programing solution in technical computer language. If the stakeholders cannot relate to the language used in describing the various problem and solutions your project execution may suffer as a result.
Ask and Ye Shall Receive
In this step we aim to ensure that all stakeholders are satisfied and willing to follow through on their commitment and we can now proceed to start investing and executing our business plan.
- You must request partnership and get a firm commitment from all stakeholders that the project will be funded and started. It is important to be decisive and act here as you must engage and in effect close the sale and get business consent. Requesting Partnership requires you to not be shy or hesitant in asking stakeholder for their ok or agreement to start the business. Given we have done an excellent job in understanding the project’s needs in the previous steps then linking those needs to the required market solution it is very simple and effortless to start the business at this point. Being decisive requires you not to procrastinate when advising other partners that you will be going forward with project implementation right away.
- Once the project or business is active we must continue to acknowledge further refinement of product and services on an ongoing basis. By confirming additional opportunities for the business, you ensure that you will stay up to pace with your competition and continue to grow your market share and improve your product or service offering.
- Once the business is up and running we must continue to verify that all shareholders are satisfied with progression of the business or project and we must demonstrate appreciation for the continued contribution of all shareholder and employees.
People Do Matter
For me the most important part of offering a product or service to the public is being able to follow through on my commitments to my staff, clients and various shareholders. We must continue to meet the needs of investors, employees and customers and ensure that we continue to deliver on our promises. This is how long-term business and communal relationship are formed and maintained, and because of this our work has a lasting positive impact on those that are within our community of influence.