In my opinion the three key elements necessary to building any successful enterprise is having the right mixture and balance of these three elements highlighted in the venn diagram above namely:
- People
- Business Process
- Technology
Without the right balance, an enterprise will struggle to find its voice and also difficult to stick it all together. The intersecting cirlces labelled ‘A’, ‘B’ and ‘C’ are the results of having the qualities of the two intersecting circles without the third e.g. ‘A’ is the result of having a solid business process and using technology as an advantage while placing little or no emphasis on people. The intersecting circle labelled ‘D’ is the result of having high standards of all the three key elements.
People
Is there anything worthwhile we can achieve without the help of or through people? I don’t think so. People are the only living things involved in building any successful enterprise. They are our customers, our employees, our contractors, our partners, our family, our friends, our government leaders, our spiritual leaders and so on. People can also be the referred to as community which we ourselves are part of.
Business Process
Although this is a topic better left to MBA graduates and CEOs, business process is basically the process by which a company manages her assets and employees to accrue profit to herself to foster growth and sustainability. There are a million and one definitions but I am comfortable with that.
Technology
This refers to the right application of technological innovations to the operations, services and products of an enterprise. With ever increasing technological inventions, enterprises need to keep an open mind, pay attention to these inventions and apply the right inventions when appropriate.
A) Business Process + Technology = Unsatisfied People (Customers and/or Employees)
With the focus only on the business process and technology, the enterprise is bound to leave some people unsatisfied and unhappy. For example, an enterprise that does not pay attention to the needs of her customers runs a high risk of offering a product or service which their targeted audience is not interested in. Another potential effect is having unhappy employees which of course leads to lesser productivity an commitment of the workforce.
B) Technology + People = Unsustainable (runs at a loss)
Without attention placed on the business processes, the company is definitely going to mismanage her people, assets and resources. The processes involved in the operations of the company has to be reviewed regularly to find and determine more efficient and effective alternatives to the current model of operations.
C) People + Business Process = Obsolescence
Can you imagine doing business or communicating in a world without computers, mobile phones! internet, emails, telephones etc.? Even with the appropriate focus on people and the business process, without technology a company can not function at its maximum capacity and speed. Technology if used to an advantage can help an organization deliver more products and services in quantity and quality with a lesser input than her competitors who dont have access to the same technology.
D) People + Business Process + Technology = Successful Enterprise
With all these three key elements mixed together in the right proportions and I believe an entrepreneur can build a successful enterprise.
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