Lessons in Business Building from a Young Nation

As I write this post today, I’m in Singapore visiting with my family and friends. Singapore is where I was born and raised so I have family, many friends and associates here.

Yesterday, Singapore just celebrated it’s 40th birthday. While this is nothing in comparison with “older” countries like the UK or United States. As a Singaporean, It’s hard to imagine that it’s been that long since this little country (which really is about the size of a little island) became an independent and sovereign nation.

What’s even more amazing is that it managed to florish into a first world economy with no resources (drinking water, water, oil, minerals, metal, manpower, technology, etc) of it’s own and very little financial resources to begin with in a region surrounded by poorer but resource-rich neighbors. As a nation, they’ve truly exceeded all expectations.

So, what’s this got to do with business building and how is nation building similar to business?

Business and nation building have a lot in common. While the details may be different, the fundamentals and principles remain the same.

The first key to success is applying the principle of modeling. Modeling is where you apply proven and time-tested strategies, techniques, and methods.

When Singapore was working on being a first-world economy, it didn’t attempt to use unproven technologies, untested systems and unknown methodologies. Instead, it followed the model which made America great. It became an industrialized nation by deploying a combination of educating the eventual workforce through the creation of needed higher-level technical study programs, building the infrastructure, and attracting big name companies like IBM, HP, Microsoft, etc into investing here. The latter two makes a big difference in how quickly you build because it maximizes your leverage.

It started on a major manufacturing push – a route that China is now taking and using with great success. Manufacturing allows an economy to hire many workers, increases the need to upgrade skills, and raises educational level of the masses.

As a business owner, you can employ the same strategies. Utilizing the same techniques and learning from proven business masters will yield fantastic results. You will not need to reinvent the wheel, creating untested, unproven, and never before used techniques. This is also where <a href=”http://www.billionaireintraining.com/businesscoaching/”>business coaching</a> is so powerful. We guide you by showing you who and what to turn to for the time-tested advice. Let’s face it: There are millions of books, video, audio, self-help and training programs available. Sifting through all of that information and finding the gems you really need will take many lifetimes. Rather than creating something new, we use the exact time-tested strategies used by successful business people. As an example, the field of advertising has been around for centuries. Using the same marketing techniques the famous copywriters both past and present used, we can develop marketing that works without the guesswork and lost money. Studying masters like John Caples, David Ogilvy, Jay Abraham, and Carl Galletti, you will be on the fast track to business growth success.

The second key is a clear vision of the future – what is being built, how it should look like, when it will be completed. In order to drive the engine that is put in place, fuel must be added to the system. In a nation being built, that fuel is a big and inspiring vision of what’s to be. By empowering others around them and inspiring them with a clear vision, it led many to improve and build upon current systems. In business building, a clear and purposeful vision of the future makes a significant impact on team morale, motivation, and clarity of purpose. It brings meaning to the workplace and becomes not just another hum-drum place to work. In <a href=”http://www.billionaireintraining.com/teambuilding/”>team building</a>, a shared vision is powerful in building a team that can perform on their own without your need for micromanagement. Once you have an inspired team in place, your business will virtually be unstoppable.

The third key is attracting and retaining the brightest and best minds not only from within but from around the world. Instead of being afraid of the possibility of someone outshining another, an environment was built such that these people could be nurtured, groomed, and retained for the future. For business owners, this single factor alone could make a major difference to their bottom line. Some business owners are afraid of looking “dumb” in front of their team members and therefore never hire anyone smarter than them. They see smart people as threats to their business, possibly stealing know-how and techniques from the business. While there are unscrupulous people out there, a wise business owner and a true entrepreneur will build a team of trusted experts around them who they will turn to for advice. Henry Ford, the creator of the Model T and founder of Ford Automobiles, was once accused of being an ignorant fool. When questioned on a series of company matters, he simply replied, “I don’t know”. After the series of questions followed by the same answer, the attorney proclaimed, “There, you see! Mr Ford is indeed an ignorant fool.”. He knows nothing of what’s going on. In his defense, Mr Ford said, “On the contrary, I don’t need to know all these matters you ask of me. On my desk are a series of buttons. When I need to know something on accounts, I press this button and in the door comes my chief accountant. When I have a question about engineering, I press this button and my chief engineer shows up. These are all people I turn to when I need any information. Why store all that information in my head when I have all these smart people to turn to?”

Instead of being a jack of all trades and a master of none, Mr Ford focused on being the consummate businessman. He acquired the skills and mindset needed to succeed as the CEO and not the skills and mindset needed to build great automobiles.

In business building, you CAN grow and develop a business very quickly if you take note of the keys mentioned above.

[dels]business vision, business planning, building a business, business mission statement[/dels]