{"id":851894,"date":"2020-04-29T09:00:47","date_gmt":"2020-04-29T07:00:47","guid":{"rendered":"https:\/\/www.ie.edu\/insights\/?post_type=articles&p=851894"},"modified":"2020-10-30T14:36:21","modified_gmt":"2020-10-30T13:36:21","slug":"the-entrepreneurship-maps","status":"publish","type":"articles","link":"https:\/\/www.ie.edu\/insights\/articles\/the-entrepreneurship-maps\/","title":{"rendered":"The Entrepreneurship Maps"},"featured_media":850937,"template":"","meta":{"_has_post_settings":[]},"schools":[29,33,35],"areas":[16],"subjects":[417,422],"class_list":["post-851894","articles","type-articles","status-publish","has-post-thumbnail","hentry","schools-business-school","schools-human-sciences-and-technology","schools-university","areas-competitiveness-growth","subjects-entrepreneurship","subjects-innovation-and-technology"],"custom-fields":{"wpcf-article-summary-enable":["1"],"wpcf-article-summary":["In today\u2019s business environment, organizations need to adopt the habit of entrepreneurship to achieve the best possible results. Entrepreneurship is about more than just good ideas; it is about constant action, which can be charted in a series of four maps: vision, deployment, execution, and energy. The company\u2019s vision for the future can be translated into improvement initiatives described in the deployment roadmap. The execution map focuses on designing teams and centers of responsibility, drawing up budgets, and controlling and monitoring projects to maximize the success of the proposed changes. Finally, the energy map reflects the fuel that powers the machinery: the energy of the company\u2019s professionals, culture, and leadership."],"wpcf-article-leadin":["Entrepreneurship is about more than just good ideas; it is about constant action\u2014a habit that organizations and professionals should adopt to meet the challenges of today\u2019s complex and demanding environment and take advantage of every opportunity. The four entrepreneurship maps can help you consolidate this habit."],"wpcf-article-body":["Today\u2019s complex and volatile environment has substantially modified the challenges that businesses face. Over the last few years, simple technical decisions have given way to strategic<\/a> decision-making, which involves greater uncertainty.\r\n\r\nTo maximize results, this situation demands the constant practice of adaptation and improvement\u2014in other words, entrepreneurship<\/a>\u2014on the part of organizations and their employees.\r\n\r\nBut entrepreneurship<\/a> means more than just having good ideas. It requires continuous action, which can be charted in a series of four key maps. These maps can then be used to detect areas for improvement and develop the best response to the challenging environment.\r\n
The first step in reflecting on an organization\u2019s future is to correctly diagnose the strategic environment.<\/blockquote>\r\nVision of the future<\/strong>\r\n\r\nThe process begins with a vision map. The first step in reflecting on an organization\u2019s future is to correctly diagnose the strategic<\/a> environment and understand its main features.\r\n\r\nThis diagnosis should consider various key issues: the impact of the laws of digitalization, including interconnection and the Internet of things; the possibility of establishing alliances with other companies; the growing challenges posed by automation; and the sharing economy and the \u201cUberization\u201d phenomenon, whereby large companies like Uber or Airbnb, which have virtually no assets of their own, manage assets owned by others in every corner of the world.\r\n\r\nOnce the diagnosis is complete, the second step is to detect opportunities for the organization. Any of the main features of the environment has the potential to challenge the business from a technological<\/a>, economic, legal<\/a>, political, environmental, or social point of view. The ability to identify challenges in a timely manner is the key to acting early.\r\n\r\nThe third step is to develop concrete initiatives and translate them into projects, not only for the long term, but also for the short and medium term. In this strategic<\/a> area, we must think about how to reach the market niches to which most demand has been transferred. The key concept in this regard is the long tail<\/em>. How can you encourage consumers\u2014who now play an active role in creating value propositions\u2014to share their contributions with your company?\r\n\r\nInitiatives should always be implemented from the perspective of profitability and return on investment. This requires an analysis of economic and financial<\/a> impacts, as well as possible repercussions in areas such as the environment, culture, and society.\r\n
Control and monitoring are essential, since they make it possible to detect failures and make the necessary adjustments.<\/blockquote>\r\nDeployment and execution<\/strong>\r\n\r\nOnce the vision of the future has been developed and the initiatives have been defined, it is time to get more specific. The deployment roadmap should contain the financial<\/a> model, the customer strategy<\/a>, and the strategic resources underpinning the specific project.\r\n\r\nFrom a financial perspective, this map should take into account the five main levers of profitability. The first lever is the generation of growth<\/a> and business volume. The next three levers have to do with profitability itself: product contribution margins, structure of fixed costs, and asset rotation. Finally, the fifth lever is financial leverage, which makes it possible to generate greater value through external financing<\/a>.\r\n\r\nAs for customers, we should begin by analyzing the various profiles that make up the customer portfolio. From there, areas for improvement can be identified with regard to the target segment and the differentiated value proposition. The business model and the critical internal processes of service provision must be adapted to increase customer satisfaction, thereby improving expectations. This is how engagement and profitability can become a reality.\r\n\r\nFrom the standpoint of strategic<\/a> resources, the pillars for generating long-term value include employee talent<\/a> and commitment, innovation<\/a>, information, customer-oriented culture, and the political capacity to form alliances and reach agreements.\r\n\r\nAfter the deployment roadmap, next up is the execution map. One of the first steps in developing this map is to analyze the centers of responsibility\u2014that is, the organizational model and the teams that need to be created. Bear in mind that companies with a flatter structure and empowered, transversal teams are more agile in their decision-making.\r\n\r\nKey factors pertaining to execution include a budget with a clear, predefined orientation and the constant revision of projects already underway. Control<\/a> and monitoring are essential at this stage, since they make it possible to detect failures and make the necessary adjustments.\r\n
Companies with a flatter structure and empowered, transversal teams are more agile in their decision-making.<\/blockquote>\r\nEnergy map<\/strong>\r\n\r\nThe three maps described above would not be possible without the energy of the company\u2019s professionals, culture, and leadership\u2014the fuel that powers the machinery.\r\n\r\nThe company\u2019s people need to be dynamic, committed, and passionate enough to take action and generate ideas for change. The internal culture and the new roles filled by senior managers are constantly evolving. Nowadays, leadership has to face the challenge of managing increasingly diverse teams.\r\n\r\nFor a project, a transformation, or the business itself, the ability to define the right profiles for team members can mean the difference between success and failure.\r\n\r\n \r\n\r\n\u00a9 IE Insights."],"wpcf-article-extract-enable":["1"],"wpcf-article-extract":["By Gonzalo Real L\u00f3pez<\/strong>. Entrepreneurship is about more than just good ideas; it is about constant action\u2014a habit that organizations and professionals should adopt to meet the challenges of today\u2019s complex and demanding environment and take advantage of every opportunity. The four entrepreneurship maps can help you consolidate this habit."]},"_links":{"self":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/articles\/851894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/articles"}],"about":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/types\/articles"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/media\/850937"}],"wp:attachment":[{"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/media?parent=851894"}],"wp:term":[{"taxonomy":"schools","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/schools?post=851894"},{"taxonomy":"areas","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/areas?post=851894"},{"taxonomy":"subjects","embeddable":true,"href":"https:\/\/www.ie.edu\/insights\/wp-json\/wp\/v2\/subjects?post=851894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}