Moving From Strategy To Execution: Factors That Affect Entrepreneurial Success March 4, 2010

Transcription

1 Moving From Strategy To Execution: Factors That Affect Entrepreneurial Success March 4, 2010 Mr. Lawrence M. Hibbert President and Chief Technology Officer (973) x106 (Phone) ( ) 1

2 Rutgers Connection Founded by four Rutgers classmates: Lawrence Hibbert, Randal Pinkett, Dallas Grundy, and Jeffrey Robinson In 1993, launched first venture, MBS Educational Services & Training In 2001, launched second venture, BCT Partners

3 About BCT Partners Your Partner in Solutions that Matter Information Technology Services Project Management Business Analysis Microsoft SharePoint Windows Network Infrastructure Target Markets Pharm. Corps Hospitals Financial Svcs Insurance Program Management and Technical Assistance Program Management Program Implementation Program Evaluation Technical Assistance Strategic Planning Federal Gov t Local Gov t Housing Auth. Foundations Non-profit 3

4 Partial List of Clients Pfizer Johnson & Johnson Microsoft Corporation Hewlett-Packard Company Rutgers University George Washington University State of New York City of Newark, New Jersey County of Essex, New Jersey Newark Housing Authority U.S. Department of Housing and Urban Development U.S. Department of Health and Human Services U.S. Small Business Administration Ford Foundation Annie E. Casey Foundation Rockefeller Foundation United Way 4

5 Challenge to Strategy Execution In executive-level failures, the problem isn t bad strategy, but bad execution. This problem occurs 70% of the time. Ram Charan, Co-Author of Execution: The Discipline of Getting Things Done

6 Factors that Affect Entrepreneurial Success 1. Know yourself 2. Know your team 3. Know your business (value proposition) 4. Know your partners 5. Know (implement) strategy

7 Factors that Affect Entrepreneurial Success 1. Know yourself 2. Know your team 3. Know your business (value proposition) 4. Know your partners 5. Know (implement) strategy

8 Know yourself Your motivations Your end game Your role Define your success measure Understand your strengths and weaknesses

9 LEADERSHIP STYLES AND TEMPERAMENTS SJ - COORDINATOR SP - CRISIS MANAGER NF - DIPLOMAT NT - VISIONARY

10 LEADERSHIP STYLES AND TEMPERAMENTS (SJ) COORDINATOR (SP) CRISIS MANAGER (NF) DIPLOMAT (NT) VISIONARY TRADITIONALIST / STABILIZER NEGOTIATOR / TROUBLESHOOTER IDEALIST / CATALYST ARCHITECT / BUILDER Task oriented Response oriented People oriented Objective oriented Conversations for Action Conversations for Breakdown Conversations for Relationships Conversations for Possibilities Value belonging to meaningful institutions Value practical, concrete accomplishments in the here and now Value harmony above all Value competence above all Believes that self and others must earn their keep Appreciates flexibility in self and others Idealistic Can work without harmony Trust the system and procedures Live for the moment See possibilities of institutions and people A ready ability to see the big picture Irritated by ignored deadlines, nonstandard procedures, and not playing by the rules Exhibits an open and flexible style and contributes a strong reality base in discussions Phenomenal capacity for working with people and bringing out their best Excellent planners that thrive on conceptualization EFFICIENCY EFFECTIVENESS

11 Critical Skills of an Entrepreneur 1. Leadership: ability to build consensus in the face of uncertainty 2. Communication: ability to keep a clear and consistent message 3. Decision-making: knowing when to make a decision 4. Being a good team player: knowing when to trust and when to delegate 5. Ability to telescope: to focus in on the details and then move back to the bigger picture Jerry Kaplan, Stanford University, Co-Chairman of EggHead.com

12 Factors that Affect Entrepreneurial Success 1. Know yourself 2. Know your team 3. Know your business (value proposition) 4. Know your partners 5. Know (implement) strategy

13 Good to Great Leadership Level 5+ Management Team Level 5 Leader First Who Get the right people on the bus Build a superior executive team Then What Once you have the right people in place, figure out the best path to greatness A Genius with a Thousand Helpers Level 4 Leader First What Set the vision for where to drive the bus. Develop a road map for driving the bus. Then Who Enlist a crew of highly capable helpers to make the vision happen Reference: Good To Great, Jim Collin, pg. 47

14 STRENGTH IN SMALLER NUMBERS: The Continuum of Group Relationships Family Friends Inner Circle Team Partnership Business Informal Level of Formality Formal RU Eng RU EMBA Classmates NSBE Carriage House MBS AccessOne BCT Reference: Black Faces in White Places, Dr. Randal Pinkett and Dr. Jeffrey Robinson

15 Human Capital Evaluating Contributions to Financial Capital Sweat Equity Intellectual Capital Partnerships Cultural Capital Social Capital Reference: Black Faces in White Places, Dr. Randal Pinkett and Dr. Jeffrey Robinson

16 Keys to Building Your Team Get the right people on the bus Get the right people in the right seats on the bus Put your best people on your biggest opportunity Be a good evaluator of talent Hire slowly, fire quickly Set clear goals and priorities for your team Follow through Reward the doers Expand people s capabilities

17 Factors that Affect Entrepreneurial Success 1. Know yourself 2. Know your team 3. Know your business (value proposition) 4. Know your partners 5. Know (implement) strategy

18 Customer-centric Value Proposition Customer What are your customer feelings? What is your customer s reaction to exogenous factors (e.g. cutting costs, outsourcing, etc.)? What can prevent their success? Your Company Has your business adapted to meet the customers expectations? How does your adaptation compare to the competition? Can you demonstrate the creation of value with past clients? Why you? 18

19 Defining Value to the Customer Your Companies Capabilities Wants & Needs Business Objectives Customer Industry Drivers Service Value added service People / Process / Resources Partners, Technology Expertise Knowledge and Skills Customers Brand / Reputation Past Performance / References Corporate Reputation / Image 19

20 Customer Value Proposition 1. Customer Industry Drivers What are the external factors impacting your customer s business? (pressures) 2. Customer What is the customer doing to address these Business Objectives Align industry drivers? (plans) 3. Customer Open Issues What could prevent the customer from meeting their business objective? (problems) 4. Your Product/ Solution What product/services do you offer that can help resolve their operational issues? (portfolio) 5. Your Advantages How do your solution position you favorably vs. Position your competition? (perception) 6. Your References Which other customers similar operational issues have you helped solve (proof) 7. Your Unique Why should the customer prefer you? Differentiation Value How do you offer unique value? (preference) Summary of value - There is no other company that can do because. 20

21 Factors that Affect Entrepreneurial Success 1. Know yourself 2. Know your team 3. Know your business (value proposition) 4. Know your partners 5. Know (implement) strategy

22 STRENGTH IN LARGE NUMBERS: The Continuum of Business Relationships ICF Consulting Turning Leaf NJIT EDC Plexus Versatile SBE/MBE Consortium Blackwell Competition Co-Opetition Collaboration Strategic Partnership Consortium Joint Venture Merger / Acquisition Level 0: Compete Function independently Level 1: Cooperate Work closely together Level 2: Coalesce Align mutual objectives Level 3: Combine Unite to form a single entity None Low Level of Integration High

23 Higher Levels Lead to Greater Outcomes Level of Relationship

24 Factors that Affect Entrepreneurial Success 1. Know yourself 2. Know your team 3. Know your business (value proposition) 4. Know your partners 5. Know (implement) strategy

25 Strategy Formulation

26 Overcome the Barriers of Execution Review your organization s operations more frequently than your strategy Track your progress against key performance indicators Frequently communicate your business imperatives to your staff Reward success Correct deficiencies Be disciplined!

27 Factors that Affect Entrepreneurial Success 1. Know yourself 2. Know your team 3. Know your business (value proposition) 4. Know your partners 5. Know (implement) strategy

28 QUESTIONS AND ANSWERS 28

29 Moving From Strategy To Execution: Factors That Affect Entrepreneurial Success March 4, 2010 Mr. Lawrence M. Hibbert President and Chief Technology Officer (973) x106 (Phone) ( ) 29