The Business Navigator

Entrepreneurs are risk takers who start a business based on their gut feelings. Though this is a common phenomenon to entrepreneurs all over the world, we in India cannot afford to take risks because of the socio-economic conditions and the emotional set backs we suffer in our business’s success and failure.

Yes, business is very risky but since there is no definite limit to this general statement, I am convinced that from this assumption we can work towards avoiding a failure by setting limits to this risk taking.

Therefore, the first step an entrepreneur should take is to assess the risk and to know when to stop or exit. Technocrats or managers, who presume and assume more skills than they posses, take bold steps on this presumption, and start a business hoping to improvise during their journey. Most of the times, the failure is due to their lack of experience in managing the business after it is started. A college degree and a few years experience in business may give them some headstart, but the experience required to face business situations in the long run cannot be gained fast and in reality it takes more time than one may assume.

Also our curriculum does not include practical training on running a business and one learns by experience which may prove costly sometimes.

While there are coaches for training in arts, crafts and sports, there is hardly any coaching worthwhile when it comes to business startups and expanding a business.

Business Coach, a western terminology for consultants and trainers of businessmen is not yet popular in India.

In India most of the businessmen call on consultants only to fix certain problems. Auditors and advocates assume the role of consultants in the Indian context, since the need is felt mostly in finance, accounting, taxation and legal matters. Very few consult in areas of organization, staffing, marketing and vision building.

For entrepreneurs who have just started or are in their first few years of business expecting growth and continued success, it would be advisable to appoint experienced professionals on a full time basis.

Consultants can be appointed as navigators in the business, with a new role definition made very clear from the start of their engagement.

A navigator is a person who reads the map and gives directions. If one has watched (patience permitting)a cross-country motor race, there will be the driver and a navigator. Though the driver is the main participant in the race on whose skills the ultimate victory rests, the skills and the contribution of the navigator is equally important.

Businesses can be compared to a cross-country race, where the route to success encompasses different terrains and surprises. Business plans are the maps, which the managers cannot be reading everyday while running the business, to be on track.

Having got into the race, businessmen particularly in the small and medium sized enterprises whose skills of running business in today’s high speed environment are in question, hiring a navigator to guide in the race would be a good option.

In running a business, the entrepreneur/ CEO would come across many crossroads, which are difficult to foresee, and this is where a navigator would help since his job is to foresee the problems ahead. Also, as the navigator, with his wider vision, can foresee the blocks ahead and plan accordingly. The navigator due to his closer position to the scene of action can prevent jams and accidents, which are always a possibility in the race of business.

A mentor’s association is more at a personal level and with a more respectful position, a consultant is the one who throws light on a new subject or offers value addition in term of extra knowledge and information.

The Navigator, on the other hand would be a professional who maintains an unbiased position unaffected by internal politics and is able to give sound advice.

The Business Navigator would

1 Motivate the owner

2 Set realistic goals and guide to achieve them.

3 Eliminate rather than tolerate the negatives.

4 Focus on results.

5 Accelerate development of a business plan.

6 Provide alternatives as and when required without waiting for a request.

7 Recommend specific future actions.

8 Think and communicate on behalf of the entrepreneur/ CEO when required.

9 Act as a wise-captain to the management team.

In today’s environment, the chances of business failures are very high and the skills required to manage the business are demanding. Most entrepreneurs admit that they have failed in spite of having consultants and advisors. In reality, consultants stop at advising and maintain a distance although they are not averse to taking credit for successes and ignoring the failures. Though business navigator is a new concept to most in India, this set of professionals, by their role definition claim a closer proximity to the entrepreneur/ CEO and being a part of the journey / race can be a safer bet to ultimate success.

(The author is Director, Do More Financials & Consulting Pvt. Ltd)

Issue BG27 June03