Big Opportunities for Special Effect Masterbatches

to understand this community called entrepreneurs. I like the articulation by the North-Eastern University, D’Amore-McKim School of Business:

l An entrepreneur is defined as anyone who founds or organises a business, then continues to be an active participant in the operation of that business. In other words, an entrepreneur is anyone who launches and continues to run their

own company.

l They further say that there are 4 types of entrepreneurship models: small business, scalable startup, large company and social entrepreneurship.

Entrepreneurs are a large and key part of the value chain of large organisations. They are the backbone of the Indian economy. I am not planning to bring many statistics to validate this actuality, as that would be preaching to the choir, but I do want to highlight some data. According to msme.gov.in:

l The Micro, Small and Medium Enterprises (MSMEs) produce over 6,000 types of different products.

l They are 50% of India’s total exports.

l They contribute to 45% of India’s total industrial employment.

l And, represent 95% of all industrial units of the country.

The entrepreneur community have been game-changers for the Indian economy; not only for their ideas, but also for their vision, gumption, imagination and grit. They have innovated, kept pace with the times and adapted to new concepts and tools to stay competitive. They have grown their businesses and are extremely successful. They are sharp and on top of their game. They have the relationships, the brand and the equity, which have been nurtured with utmost care. They have clarity of their purpose. Entrepreneurial spirit as a leadership trait has a place now in the corporate world.

Understanding Entrepreneurs

What caught my curiosity is, what does this community of entrepreneurs do to get their relationships, brand and equity to serve them better and claim that rightful space?

Let’s use 3 questions to set the context to this conversation on how this community manages their reputation.

The 1st Question I Always Ask is, “How Did it All Start?”

I like this question. There is always an inspiring story here, sometimes spanning generations. It’s always unique, as there are so many pegs around which the story of any start-up can be written. The core narrative is kind of institutionalised.

The 2nd Big Question is, “Who Are You Serving?”

They have their arms around their value chain - be it customers or the extended stakeholders. I have met them in customer seminars, trade shows and in policy meetings. They also have a plan on who and what they would like to include next in their game plan.

The 3rd Question is, “When Did You Start Investing in Building Your Equity?”

Whatever their offering, they have integrated reputation management as one of the building blocks of their business early in the game.

Business is all about relationships. How well you build them, determines how well they build your business. - Brad Sugars

Reputation Management: A Strategy

Knowing your pillars of reputation management helps create competitive advantage! Reputation can be defined by two characteristics, whether for individuals or companies: Capability and Character.

According to me, both are needed. Reputation is also made of defining moments: which are not isolated events, but endemic. Building an intangible asset like reputation, requires listening, empathy and care. It requires being authentic about who you are as a company. It is the way an organisation is experienced by its stakeholders, consistently over an extended period of time.

My observations say that most of the measures for reputation building used by the entrepreneur communities are intuitive. ‘FIND’ is my acronym for reputation management and fits in well with what they have been doing. Under each of the pillars, I have shared some indicative measures. This is not by any means an exhaustive list.

Foster Trust

l Entrepreneurs appreciate that they themselves are the chief ambassadors of their companies.

l They understand being consistent and proactive with their presence, engagement and communication is important.

l They have many unique stories to share of their legacy, business, vision, people, product, challenges, opportunities, coincidences, failures, wins, values, solutions, innovations, and more.

Invest in Relationships

l They align and rally people around their company’s shared purpose.

l They strive for win-win solutions to create long-term equity for their company.

l They consistently identify and navigate their stakeholders to the value they bring.

Nurture Networks – The Obvious and Not So Obvious

l They are on the front foot looking

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