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The 5 tasks of an entrepreneur
May 18, 2012
Being an entrepreneur is never just about having an ingenious concept or product that the market will surely love. Being an entrepreneur means more – it is about having a business with an aspiration, a goal, and one that will be sustainable.
In his business book, marketing expert Josiah Go discusses the core five tasks that an entrepreneur must accomplish in running a business. “The We Entrepreneur: Understanding the Five Tasks and the Five Treasures of Every Entrepreneur”, the 11th book authored by Go and his wife, Chiqui Escareal-Go, shares valuable lessons about entrepreneurship and the things that really matter.
“This book is not for entrepreneurs who just want to survive and be just one of the many faceless people in the market place. It is about understanding the critical building blocks of entrepreneurship to attain significance – on a business level as well as on a personal level,” writes Go, chairman and chief executive officer of Waters Philippines and chief marketing strategist of Mansmith and Fielders, Inc.
Divided into two parts, Go discusses the Five Tasks of an Entrepreneur while Chiqui shares her insights on the Five Treasures of an Entrepreneur. Located in the center of his cross-like diagram is an exciting vision and mission surrounded by enduring cash flow, compelling value proposition, manageable execution issues, and attractive profit.
All five tasks, according to Go, “require attention simultaneously without compromise” as they will affect the business both in the short term and long term.
Task 1: Vision and Mission
“Vision is what you want to be. It is inspirational and is a positive affirmation. The content of the vision statement must be important, meaningful, and challenging in order to be a relevant vision,” Go says.
Vision, according to Go, must be much bigger than you at the moment that it actually makes you excited and proud. “All good leaders have an exciting vision for themselves and their organization, which they articulate to their people,” Go adds.
Mission, on the other hand, is the reason for your existence for others. It is not about gaining more profit but about you sharing your profit with others.
“Think not just of what business you are in at present but what business you want to be in. What will make you a top guy and give you happiness at the same time?” Go says. The vision puts the business on track while the mission is the heart of the business that gives its existence a purpose. As Go puts it, without vision and mission is like running without a destination.
Task 2: Compelling Value Proposition
“A value proposition is a combination of product, service, and price offered to your target customers and consumers,” Go notes. “It is the initial step in formulating the entire marketing program and is within the control of the entrepreneurs.”
Product and price are fundamentally inseparable to the consumers that if you keep talking about the price, they are bound to ask about the product, while if you keep talking about the product, the consumers will eventually ask about the price.
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