In the professional life we meet several stakeholders. As a startup planner I have worked with varied entrepreneurs where 80% of them belong to first generation. They come with a basic business idea, passion and a proposal for startup funding. The unfortunate thing in India is that many ideas go into oblivion owing to fund crisis. Thus many a bright idea goes into dustbin. Sadly there is a big gap in venture funding in India. Banks have several prescriptions to sanction loan. Government makes so many laws and when it comes to implementation there would come many blockades. The target beneficiaries of such provisions face bad music when they refer to the rules.
While the above is a common thing in India fortunately here is a technology product venture first of its kind I came across in the recent past. They hold wonderful products. Products relevant to market and products planned well. Every product takes time to evolve to the wholesome market requirements. Even market requirements are never the same. Thus the products though need certain elevation they are great in ‘as is where is’ basis. Further the promoter is a passionate individual who wear technology and who talk philosophy. The co-promoter is a dreamer with many a plan.
The three most important requirements for general well being of a business could constitute:
- Respect to stakeholders
- Clean and straight communication
- Display of humble, transparent and affable attitude when things go wrong in the enterprise
Stakeholder sustenance is enterprise sustenance. When the very stakeholders find non-transparency in interactions how could an enterprise sustain. It may sustain. But how long?
Brand identity for an enterprise starts with employees. Employees are the first carriers of brand. Any undue treatment to employees would result in bad branding. Positive relations with stakeholders are the next element that contributes to brand identity. Stakeholders such as suppliers, service providers and collaborators carry the brand image in every interaction they make with their other clients. They take with pride the name of their honorable client. In the same way when context arise they also share their displeasure about the clients. The next element is the collaborators and partners. These entities make much bigger impact in a positive brand identity. Any bad relationship with such stakeholders will obviously cause a bigger dent on the brand identity.
Is it not that such enterprises cause disappointment to stakeholders? How can enterprises forget these growth-hindering aspects?
