Entrepreneurial Challenge


We have experienced such an explosion of entrepreneurs in last two decades. There are many reasons why people are willing to take the risks of starting business. These reasons generally include the following:

  • Opportunity: Many people do not have necessary skills for working in today’s complex organizations. They do have the initiative and drive to work the long hours demanded by entrepreneurship. They are willing to sacrifice to see that their children have a chance of a good life. The same is true of many corporate managers who leave the security of the corporate life and try running businesses of their own.
  • Profit: Profit is only one reason to become an entrepreneur, but an important one. The profit potential of entrepreneurship is fantastic.
  • Independence: Many entrepreneurs simply do not enjoy working for someone else. They do not like the stress and demands of business.
  • Challenge: Entrepreneurs are excitement junkies who flourish on taking risks. They seek achievement more than power.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Let People Fail


Throughout history people who have achieved the greatest success in life have been those who were not afraid to fail. In fact, most of them failed time and again and often in a very big way.

Thomas Edison tried 2,500 times to invent the light bulb before he finally succeeded. Abraham Lincoln ran unsuccessfully for public office 6 times before he was elected president. History is replete with stories of famous people who were well acquainted with failure; people who set goals higher than what they at first could achieve and who then preserved until they became conquerors.

If a certain amount of failure is intrinsic to great success, why is it such an evil word? Why do most of us place severe limitations on ourselves in order to avoid failure, even to the point of sacrificing our dreams?

A person trained in the behavioral sciences could have a field day with this question. For our purposes here, in very simple terms, we can say that people are afraid of failure because they never learned to see it as friend. Instead of seeing it as a stepping-stone to success, they view it as a blockade.

In order for people to realize their full potentials they must be given permission to fail. When this permission is granted the element of fear is removed. Fear is the great enemy of power. As long as people are consumed by the fear of being rejected, the fear of losing face with their peers, or the fear of losing their job, they can never reach their full potentials.

When people are denied permission to fail, they play it safe. Their reach never exceeds their grasp. They set goals lower than what they are capable of achieving. The result is that the company loses valuable productivity. Mediocrity instead of excellence is the norm. business opportunities are missed. And the people are deprived of the exhilarating experience that comes from taking risks, beating the odds, and accomplishing the near impossible.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Commitment to Principles


We are increasingly convinced that there are several principles which tend to lead us to good process management. They are tough and often sacrificed.

Focus: In very competitive situations managers often go to focus; that is, they try to zero in on part of the playing field, part of the market, or part of the technology. Narrowing focus yields greater capability and a shared vision, like the power of a laser. However, in a reverse twist, focus always means we try to solve the customer’s whole problem, at least as much as we can. Ours is not a point solution. For example, product disposal is now getting attention in the design stage, and designers resist the rush to completion mentality of cycle time.

End User Drive: During technical development today, the end user’s problems are the top of every page. Technical development isn’t over until the customer agrees that we have solved the problems we began with.

Productivity: Everyone seems to agree that we must destroy oppressive bureaucracy in the new products operation. Any organization, however, even on a kid’s baseball diamond, needs some bureaucracy, and even ventures teams that have been spun out from their firms need a little. It is a glue, and its policies reduce the time spent on routine decisions.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Investing in Success


To get profit without risk, experience without danger, and reward without work is as impossible as it is to live without being born. Succinctly, there is no success without sacrifice. But is sacrifice bad? Like many words, the word “sacrifice” is misunderstood. To most people, sacrifice means giving up time or money, or enduring hardships, or doing something unpleasant. Now, it is true that sacrifice may mean those things. But that is only half the definition. The other part of the definition, the one that is almost always overlooked, is to gain something even more valuable.

The complete definition of sacrifice is give up something of value – money, time, or energy – to gain something of even more value – more money, a higher standard of living, better education for the kids, or other valuable considerations. Sacrifice means give up a little now to receive more later.

Sacrificing then means investing. We give up something today so we will have more of something tomorrow. Anyone who wants to achieve maximum success must be willing to sacrifice or invest now for reward later. To validate this point, consider the following:

  • A majority of people reaching age 65 have little savings, investments, or other valuables – this after spending 45 adult years in the richest society ever known. Had these people in poverty and near-poverty invested only ten percent of what they had earned in one of hundreds of “sure” investments, they would be very well off financially, and the social security system could be phased out completely.
  • Many young people feel that 35 0r 40 hours a week is all they should work. Being asked to work more than that is such a “big” sacrifice, many try to find another job.
  • Millions of people performing tasks that are rapidly being taken over by robots and computers think it’s too much of a sacrifice to learn new skills that are increasingly in demand.
  • Rather than invest part of what they earn, millions and millions of people give way to temptation and buy things on a certain plan.
  • And millions of students, rather than sacrifice and really learn a subject, use every conceivable technique to pass a course except to learn the material.

On the positive side, there are some people of all ages to be commended for their willingness – and good sense – to sacrifice. Sacrifice is an investment that means more than just money. Sacrifice means deep satisfaction in helping others to find joy in this world.

Happiness, achievement, money, promotion, reward, love, and anything else of value are gained only through sacrifice. Make sacrifices. They eventually lead to success.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Yoking Technology with Market Opportunities


Developing new products that cost less or perform better has always been crucial for any technically based company. In our increasingly turbulent business environment, developing the know-how to keep pace with or even ahead of technological developments and competitors’ moves is more important than ever for several reasons. First, exploding technology is spawning new products and processes at an accelerating rate that threatens almost every product and process in place. Second, competition continues to intensify from abroad and a plethora of new startups and many substitute technologies that encroach on established products and processes. Third, product innovations that result in superior performance or cost advantages are the best means of protecting or building market position without sacrificing profit margins. This is especially true in today’s world when many industrial markets are flat or slow growth and excess capacity is commonplace.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight

Supplier Partnership


An organization spends a substantial portion of every sales on the purchase of raw materials, components, and services. Therefore, supplier quality can substantially affect the overall cost of a product or service. One of the keys to obtaining high-quality products and services is for the customer to work with suppliers in a partnering atmosphere to achieve the same quality level as attained within the organization.

Customers and suppliers have the same goal—to satisfy the end user. The better the supplier’s quality, the better the supplier’s long-term position, because the customer will have better quality. Because both the customer and the supplier have limited resources, they must work together as partners to maximize their return on investment.

There have been a number of forces that have changed supplier reltions. Prior to the 1980s, procurement divisions were typically based on price, thereby awarding contracts to the lowest bidder. As a result, quality and timely delivery were sacrificed. It is stopped because price has no basis without quality. In addition, single suppliers for each item help develop a long-term relationship of loyalty and trust. These actions will lead to improved products and services.

Another factor changing supplier relations was the introduction of the just-in-time (JIT) concept. It calls for raw materials and components to reach the production operation in small quantities when they are needed and not before. The benefit of JIT is that inventory-related costs are kept to a minimum. Procurement lots are small and delivery is frequent. As a result, the supplier will have many more process setups, thus becoming a JIT organization itself. The supplier must drastically reduce setup time or its costs will increase. Because there is little or no inventory, the quality of incoming materials must be very good or the production line will be shut down. To be successful, JIT requires exceptional quality and reduced setup times.

The practice of continuous process improvement has also caused many suppliers to develop partnerships with their customers.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight