If one is to recon the coined term “business ecosystem” to every single entrepreneur, answers would spawn a lot of other questions for sure. People will probe you since those words are alien to them. Most will think it’s just another marketing whim rising in this millennium of trendsetters. Others might overlook the idea. Well, they might be wrong.
To give you a gist, business ecosystem refers to consumers, merchandisers, associations, influencers, marketers, and other concerned organizations that converge to collaborate with each other in order to produce first-rate products and services to develop individual or group competitive improvements. Some small and medium enterprises refuse to engage in this kind of community because they often marginalize their business’ competencies. Much to their surprise, business ecosystems are formed to accentuate the SMEs themselves. And expressing a hesitation to join an ecosystem just confines your company to seize further business opportunities. Actually, you can start building a sustainable business ecosystem for your fellow entrepreneurs. Here’s how:
First, assess your market. Supposing that your focal point in this strategy is procurement of customers, who do you think are included in your potential market? Where do you think they are headed? What are their needs? Who can help you acquire such niche? You have a lot of self-questioning to do. Understand your future customers and utilize that knowledge to help you build your business strategy foundation. And sometimes, this comprehensive market approach bridges you to your future partners who will be part of your ecosystem.
Leave all those old and traditional market-reaching schemes and start adopting a wider and extensive one for a newer ecosystem frame of mind. Reevaluate your partnership plans. Widen your peripheries to widen your market reach. Prioritize the unceasing changes and growth of your business ecosystem. Consider these things to keep you aligned with your strategy and to guide you in assembling your own community of entrepreneurs.
Undoubtedly, entrepreneurs are all around the corner. The actions and decisions made by each of them are favorably interconnected. By making these connections precise and well-plotted, forming a strategy and devising a business community could yield an effective recognition of opportunities and clearly-projected outcomes. Then soon enough, business ecosystems will not be an extra-terrestrial concept to many businessmen and entrepreneurs out there.