Entrepreneurial Vision And Imagination
Entrepreneurial visions and imaginization or imagination are related concepts in the sense that a vision is the articulation of the image, values, directions, mission, objectives and also the goals that will guide the future of what is envisioned, as well as its realization. A vision Aad Imagination is therefore not a strategy or an operating plan. Strategy on the other hand is the result of successful integration of visions, directions, mission’s objectives and goals with strategic creative thinking.
Henry Ford built a car in 1896 with a vision that by 1916 that car shall be mass produced so that as many Americans can buy and use his products, so that he can make a huge profit while paying his workers. This is an example of strategy. Bill Gates had a vision that his “Operating System” (MS-DOS) – WINDOWS shall be so mass produced and made so cheap that anybody anywhere in a world of 8 billion people has access to product. William (Ted) Turner of United State America had a vision that the cable network television company he started can be watched by 8 billion people the world over, based on real time.
This led to the birth of CNN in 1987. These are concrete examples of entrepreneurial and business strategies all from the United States America. Vision and imaginations are also related to SWOT analysis and the identification of business opportunities. The concepts also imply the prioritization of needs in relation to the education and forming of teams and partners. Visions guide and sustain the credibility of visioners as they strive to communicate their visions to partners in order to gain commitment from all.
Vision And Imagination also determines the nature and levels of infrastructure needed for the implementation of the visions and imaginations, based on strategic thinking. Entrepreneurship is equally related to visions and strategy in that entrepreneurship results in the dramatic creation of new things and new insights, values, improvements in productivity and other creative or innovative insights in problem solving which create new processes that are central to customer’s needs, satisfaction and the core Strategic Business Units of an organisation.
Knowledge of terrain of needs analysis and the fulfilment of customers need at all the time is equally part of the visionary entrepreneurship. Creating the right environment in which people can work and perform is also a creative mass in entrepreneurship nexus.
Benchmarking all that is done in the process of implementation of entrepreneurial vision and strategies is equally important. Bench marks (as currently used by the NUC – National University Commission) Abuja, or any other World Ranking of world Universities for Benchmarking Universities – such as the AQRM – African Quality Ranking Mechanism, ARWU – Academic Ranking of World Universities; The Times Higher Education Ranking – THER or Webometrics Ranking of World Universities WRWU) aim at defining success or failure of University Systems and Institutions based on certain agreed criteria.
Benchmarking forces those who seek to change things by adding value, to aim to be the best in the World and attain World Class Status. In an era to globalization, the world has become a common market. Before benchmarking it is incumbent that an organisation or innovator undertakes the following steps;
- The development and through understanding of the process involved
- The establishment of performance target and their enforceability
- The selection of the best persons and processes available in order to achieve success and avoid failure.
- Adopting the strategy of becoming SMART by setting goals that are systematic, measurable, achievable and realizable and time specific, using all known and established parameters.
- Benchmarks chosen should relate to the best processes in the world, for example ISO 2011, 9000, 1400, British, European, Japanese or American Standardize benchmarks.
- Success can always be maintained the on a sustained bases when vision and strategies of entrepreneurs or business leaders identify with, copy and improve the BEST PRACTICES in the world; therefore staying at the cutting edge of the industry.
- Benchmarking also implies the continuous assessment and evaluation of all relevant ICT in the environment. This helps in keeping up with both the internal and external performance targets and goals of the enterprise.
Altany (1990) suggests that benchmarking is the measuring and comparing of operations products and services of an organisation against those of TOP MOST performers in the industry. What is required is that the entrepreneur or business leader who wants to succeed must identify all the secrets of success of the top most performers in the industry and their vision, creative thinking and strategic planning, aim to add value to the best of what exists at the moment.
The secret is to copy the best in your business circle, it is legal, ethical and moral. It is important to note that nothing is really new under the sun; and that most inventions or discoveries are mere improvements of what is already in existence. To benchmark is to have a baseline for successful operations, interpretations and implementations. It involves acquisition of the qualitative and quantitative information about any process in any field and all the functions that support the process. Data are there are very crucial in the process of benchmarking.
The use if BEST PRACTICES implies that the entrepreneur or business leader must aim at competing with and beating or taking over from those that are considered to be premier, world class or ultimate peers. You do not just catch up with them you beat them and improve on their products and services. (The Japanese entrepreneurs and business leaders copied American cans, went back to Japan, improved upon what was available and took over the car (automobile) market in the world. many other examples abound.
Innovations and continuous improvements are critical to successful entrepreneurial and business operations, innovations are spewed by constant brainstorming and walk out, using mental, intellectual and sensitivity exercises and other strategies that make people bold, courageous and open. The T – Group method and the University’s Survey Research Centre United States of America, are still very useful. The general aim is to allow people to spew, evince and valorised ideas without let or hindrance, ideas that will form the basis of future Vision And Imagination of successful entrepreneurs.
According to Thomas Edison the invent to of electric light bulb, to innovate means to try and do all you are capable of doing, whether you make mistakes or not. Mistakes he called vital experiences. It involves not holding yourself back for any reason, not listening to any body and not being distracted. It involves creating brand new processes for doing things; it also involves problem solving and setting the agenda for the future of an industry. In order to be an innovator in any field certain tips are worth being examined.