Unlocking Business Potential Through External Stakeholder Support

1. How Can External Stakeholders Help a Business Grow? Entrepreneurs are the kings of their kingdoms. They relish the freedom of building their own enterprise, regardless of its size. But, if the king wants to expand the kingdom into an empire, he needs to think and act bigger. One major obstacle that a king may face in his quest to build an empire is his own thinking. Growing from small to big requires a shift in thinking because it is about transitioning to a wider orbit. And this expansion in thinking may rarely come from a single mind. There is only so much a person can think and achieve alone. Beyond a certain level, some external help is needed. So, should entrepreneurs seek help from outsiders like investors, mentors, coaches, business consultants, advisors etc.? One young, successful, third-generation business leader put it this way: "In my business, I did not need external capital, but still, I sought external investors and advisors. This ensured the validation of my idea. Also, it brings in discipline. The fact that we are answerable to someone, exerts a kind of positive pressure on me and my team and forces us to think and act rationally. We act far more responsibly." "It is a great place to be where you have your own capital to invest in your brand but it can also be your biggest curse. We encounter different types of problems on our growth journey. On our own, we may tend not to think through the situation and develop a habit of solving problems we do not understand by throwing money at them. With external help, we may get another perspective and a more effective way of handling such situations." And, in a journey from a kingdom to an empire, many situations may arise when we and our organization can be helped better by more options and viewpoints from many minds before making decisions. “While driving on a regular route, we are familiar with the road and the terrain and hence driving alone is easy. But, when we embark on a longer journey on an unknown path, having a co-pilot https://smebusinessguide.com/navi-mumbai

2. helps. His view from the other side can be invaluable to avoid the blind spots our eyesight cannot reach.” Moreover, at various stages of an enterprise, its challenges vary and so it may need different types of help. So, getting a co-founder or a partner for that purpose may be expensive because that may entail parting with equity. So, seeking time-bound help from the relevant experts is a wiser option to navigate the situation at hand without diluting one's stake in the company. When our two eyes cannot comprehend a situation in its entirety, it is advisable to get one more set of eyes to help us get a more wholesome view. An outsider, who is not a part of our system, may help us get that fresh perspective. -Sanjay Shah SME Business Coach https://smebusinessguide.com/navi-mumbai