Lessons for business leaders
What can traditional entrepreneurs of necessity entrepreneurs learn from the traditional business leaders?
Several key ideas are emerging:
1. Trust as a strategic active
For entrepreneurs of necessity, confidence is the basis of trade relations. “I could see confidence as a business catalyst,” explains Agu. When formal contracts and institutions are low, the reputation and the establishment of relations become crucial competitive advantages. Relations count for companies of all sizes.
2. Adaptability and resilience
The ability to quickly rotate in response to changing conditions – whether political instability, infrastructure failures or economic shocks – is essential for survival. This adaptability, or agility muscle – is strongly developed among the necessary entrepreneurs. Given an increasingly volatile commercial and geopolitical environment – companies can further develop their own agility. This can be by anticipating and developing responses and contingencies to various scenarios in the context of their risk management and crisis processes.
3. Optimization of resources
Operating under extreme resources forces forces for necessities of necessity to maximize the value of minimum entries. This state of mind of innovation “ `Start by nothing and work (also known as“ entrepreneurial DIY ”in the literature) can help large organizations identify the often neglected efficiency opportunities in resource -rich environments where duplication and waste can remain not detected.
4.
Entrepreneurs of necessity often succeed by meeting the needs of their families and their communities, cultivating shared prosperity rather than extracting the value of those they serve. This approach oriented towards stakeholders, similar to what Harvard Business Review has identified as a Nigerian model for the capitalism of stakeholdersOffers information to companies looking for a longer term sustainability. It also echoes the importance of the community in the creation of wealth that goes beyond Civic wealth.
5. Knowledge transfer systems
The master-learned model provides a powerful framework for developing talents and strengthening organizational capacities. As Agu notes, “the essential is the knowledge that the master transmits to the apprentice. And if you look at the business world, it also revolves around knowledge. ”