Understand yourself and Build a Successful Business

Understand yourself and Build a Successful Business Dr. Jamie Hsu 許俊宸 Former Executive Director GM Global Technology Management Professor, College ...
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Understand yourself and Build a Successful Business

Dr. Jamie Hsu

許俊宸

Former Executive Director GM Global Technology Management Professor, College of Management Lawrence Technological University

4/18/2012

Dr. Jamie C. Hsu, LTU

1

Focus of This Workshop Do the right things & Do things right Scope the big picture & Sweat the details Business Concept & Business Plan

中学为体,西学为用 Western Methodology

Win

Eastern Philosophy

Different Small Businesses East: Family Business Create business with family members West Business Family Create family with business associates

5-4

“Inside-Out” to Start Your Business C M T S S Self

B

Family Career Business Corporation Industry 許俊宸

“Outside-In” to Improve Your Competitiveness

Understand Yourself and Others Extrovert

Introvert

Intuitive

Sensing

Thinking

Feeling

Judging

Perceiving

Maslow’s Hierarchy of Human Needs and Motivation -- power of our thoughts, choices, and behaviors

Self Actualization “I am ME” Self-Esteem “I am known” Affiliation “I am part of a group” Safety “I feel secure enough” Physiological Needs “I feel comfortable”

‘Friendliness’ vs. ‘Relationship’ Friendliness Caring Sharing

Eastern Culture

Western Culture

Family Elders

Immediate Family

Relatives Friends

Acquaintants

Strangers

Relationship Jamie Hsu, LTU

9

Know the Big Rocks in your Life

Rock = Be Pebble = Achieve Sand = Do

Jamie Hsu, LTU

10

Align Your Personal & Business Vision and Mission „ A vision concerns a

firm’s future business path - “where we are going”

™Viewed more by employees and shareholders

„ A company’s mission

typically focuses on its present business purpose - “who we are and what we do”

™Viewed more by customers and community

2-11

Business Model The way to make money . . . Concerns whether revenues and costs flowing from the business concept demonstrate a business can be profitable and viable •Google model •Apple model •E-Bay model •What is for your business ?

1-12

Business Model & Value Creation Value Creation

Model I

Technology

Model M

Engineering Design

Model D

Assembly Manufacturing Sale

Service

The Changing World ¾ Diverse markets and cultures ¾ Free-flowing capital, information, and knowledge worker ¾ Reverse generation gap ¾ Catered generation with helicopter parents ¾ Shifting power to consumers & to emerging market ¾ Accelerating business and technology speed ¾ Uncertainty and complexity ¾ Scarce natural resources ¾ Power of networks & miniaturization ¾ Entrepreneur, venture capital, IPO, Private equity

Demographics

Source: U.S. Census Bureau International Data Base

Aging and reducing workforce in G8 countries Percent change in working age (20-64) population 30% 20%

15%16%

20%

16% 7%

10%

2%

2%

0% -10%

-7%

-9%

-5%

-5% -13%

-14%

-20% -21%

% change 2000-2020

% Change 2000-2050

hi na

-27%

Ja pa n

ly Ita

m an y G er

nc e Fr a

. .K U

an ad a C

U

.S .

-27%

C

-30%

Industry Analysis by Porter

Prentice Hall, 2004

Chapter 3 Wheelen/Hunger

16

Company and Personal Pyramid/Brand

Distinctive Competence Core Competence Competence Capability Resources

4-17

Know Yourself and The Environment SWOT Analysis Current Strength

Future Opportunity

Current Weakness

Future Threat

4/18/2012

Dr. Jamie C. Hsu, LTU

18

Strength: 1 2 3

Weakness: 1 2 3

Opportunity: 1 2 3

SO strategies: ? ? ?

WO strategies ? ? ?

Threat: 1 2 3

ST strategies: ? ? ?

WT strategies ? ? ?

How Competitive Is Your Business Concept? „ Assessing whether a firm’s structure and

costs are competitive with rivals „ Value chain analysis „ Benchmarking

4-20

Value Chain Analysis „ Which internal activities are a

source of Value creation for the customers „ Which internal activities are a

source of Cost advantage or disadvantage „ Where to put Resources and Talents „ How to Organize the company 4-21

Business Plan: “What is in there for me”

Owners/shareholders –return on their investment Employees –interest, benefits, career, growth Customers –reliable, safe, and valuable product or service Suppliers – equitable relationship with firms and be treated fairly Community –businesses to be good citizens in their community 1-22

Success for Entrepreneurs Understand yourself Scope the big picture Sweat the details Align Personal and business vision Manage Show starters & Show stoppers Compete with Distinctive competence and Blue Ocean strategies 7. Rigorous SWOT Analysis &TOWS strategies 8. Value creation & Risk mitigation 9. Clear value proposition for all stakeholders 10. Leverage Eastern and Western cultures 1. 2. 3. 4. 5. 6.

5-23

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