Tales of performing entrepreneurs

Last week, we featured the new master entrepreneurs (ME) whose extraordinary feats signified business well-being, notwithstanding uncertain times. Why they performed better than the rest is the essence of their competencies–self mastery, situation mastery, and enterprise mastery.

* One ME in the textile dyeing businesses could not turn a profit by just serving its affiliates’ dyeing and printing volumes. He pursued outside business by serving clients’ needs on a very personalized basis. Sales grew by over 50% and started to break even–something the business never did since its inception.

* Another ME relocated a branch of a home-made and reasonably priced food chain. This was the result of a lesson learned in choosing locations and target markets. The new location was more accessible to the primary target market. Sales of the branch has been outstanding since it started the middle of this year.

* For decades, this ME’s company served the manning needs of international shipping clients. After focusing on the other needs of the clients, he discovered other opportunities in the areas of accounting and human relations management. This gave this ME an increase in revenue of over 200%. By the way, this was in dollars.

* A 50% increase in net income was the reward of an ME who applied his learnings in his food booth business. He looked into all aspects of the business and straightened all operations from top to bottom.

* Similarly, a 50% increase in net income was also the impact to the business of an ME in the publication business. This ME came up with new titles that catered to specific market niches. This attracted a new set of advertisers.

* An ME in the cell phone dealership business increased revenues by over 60%. He expanded the number of branches by 50% and improved his inventory tracking and ordering system.

* Using product line analysis, an ME in the ready-to-wear business found out there were greater margins in wedding-related products. The new focus doubled his revenues and net income

* One ME, who primarily served the government market, refocused company resources from the manufacture of new equipment to their repair. The result was a 100% increase in revenues and better net incomes.

* Another ME saw an opportunity to offer better dormitory facilities to seamen transacting business in the port area. He developed the service based on a market research he made. The market-oriented facility hit over 50% occupancy in the third month. The impact of this initial success lay in shortening the payback period by one year.

* Operating efficiency improvement was the cornerstone of the improvement of another ME in the logistics game. Even if there was high market share, operating efficiency improvement was used to increase volumes from customers. The result was a more than 50% increase in revenues (due to volume) and a more than 50% increase in net operating income (due to efficiencies installed).

Why do master entrepreneurs perform better?

The results are not as important as the reasons behind the performance. Time and again, we have said that AIM’s Master in Entrepreneurship program not only transforms the business but also transforms the entrepreneur to be the best that he/she can be under any circumstance. And we reiterate that mastery entails the balancing of the mind of a business person, the heart of a development manager and the spirit of an entrepreneur.

The master entrepreneur’s attitude goes: Difficult things are easy to do; the impossible just take some time. These new master entrepreneurs have performed well in a situation that many people may call difficult and, given the crisis environment, most people would even label impossible. In the last 18 months, they have taken time out to tackle the impossible and have gotten rid of the difficult things along the way.

(Alejandrino Ferreria is the associate dean of the Asian Center for Entrepreneurship of the Asian Institute of Management. For further information/comments, you may mail him at: [email protected]. Published "Entrepreneur’s Helpline" columns can be viewed at www//:aim.edu.ph)