Application Of Natural Law Is Key To Success & Sustainability- Nicola Grace, Founder Mission Mastery Academy Australia
Strategy and business model piece was a great session at women economic forum 2018 to identify the traits that can lead to failure of new businesses initiative.
Humanity confronts an existential threat without historic precedent. Environmental pressures have reached such intensity and pace of change that the earth system may be irreversibly tipped into a new and unpredictable state. Bhavini Mehta, founder of Infinity business solutions shared her personal insight on how the effective strategy can help you get through the achievable and sometimes unachievable target. She has described the percentage of entrepreneurial skills that could not make it to more than five years of there starting. She has shared a massive 90 per cent failure of startups as they do not know how to make effective and efficient strategies.
The emerging global reality is, in turn, redefining overall conditions for business success. Addressing these challenges both demands and brings great opportunities for innovation. An important and sometimes neglected aspect of innovation is the design or redesign of business models, which has been identified as a greater source of lasting competitive advantage than new products and services. Bhavini has also shared a sensitive fact that out of five per cent entrepreneurs who remain alive in business other than those 95 per cent who do not make it more than five years. Hardly one per cent make it good and become successful. This sends the importance of business models. The business model has also been suggested as a new unit of analysis when discussing sustainability. However, this is still a relatively underexplored area.
To be able to design a business model that supports strategic sustainable development, it is necessary to know what sustainability is and how to develop sustainability-promoting, economically viable strategies. As Bhavini said execution and processing of business are also very important. A business strategy is at it's best only when it allows a business to run on an auto mode, where physical absence does not make a difference in business operations. Self-sustainability of a business is also a key aspect of how a business should behave in it's functionality.
Nicola Grace from Mission Mastery Academy Australia shared that it was hardly a 43 per cent chance of failure of new businesses in the early 60s. Replying to a question that population might have played a major role she said that it is true that ideas are floating more in today's connected world but around 90 per cent of business end nowhere today in comparison to 43 per cent of the 60s decade. A true example for a business model can be achieved from a 100 per cent sustainability that nature provides without losing efficiency. So, it's not the people who fail they just don't know how to materialize aspects of the business. She has also shared an example of how pharmaceutical crime in Australia and New Zealand managed to surpass government policy because the money spent to prevent malpractice and the money to continue it was equal. A natural sustainability model for business then let it get resolved in six months that took seven years for the government to identify the cause. It is finally believed that application of natural law is key to sustainability and success of any entrepreneurial initiative.
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