Change, they say, is the only constant, and it has become increasingly true in the economic context. The rapid evolution and adoption of newer technology by businesses have changed how we live, work, and transact. Hundreds of new business enterprises are set up each year, but perhaps just as many go out of business. Some traditional establishments struggle to keep up with new start-ups, while others completely transform their business model. So what is it that sets a successful business apart? Most people will agree that the business leader’s vision helps any organization survive and thrive through the changing face of the economy. So let us take a look at some of the advantages of having a visionary entrepreneur at the helm.
- Visionary leadership and business culture
Vision is what sets the tone for organizational culture. Some of the biggest companies in the world, such as Facebook (now Meta) and Apple, are known for their vibrant culture. The vision of leaders like Mark Zuckerberg and Steve Jobs has created the perfect environment for these organizations to inspire innovation. This is why both Meta and Apple remain the top valued companies in the world. A visionary entrepreneur takes a top-down approach, setting values like support, integrity, communication, and transparency. These are woven into the fabric of company culture and influence how they function for years to come.
- Transformation through vision
The change in technology and economic climate makes it necessary for organizations to remodel themselves from time to time. This may need an industry-wide change or simply adopting the latest technological tools. For example, the Indian financial services sector weathered this urgent need to stay relevant in the face of an increasingly digital economy by adopting a much-needed upgrade. The chairman and managing director of Bajaj Finserv, Sanjiv Bajaj, initiated an organization-wide transformation by banking on mobile and web-based applications that had the potential to bring financial services to the less-serviced rural regions of the country. From customer outreach to debt management, the company has managed to go digital in every way, adding 5-7 million customers each year. The visionary leader helps the organization survive in a changing environment.
- Staying relevant
Staying relevant is a major challenge for most brands and business organizations, especially when delivering the same products or services for several decades. Let us take the example of the iconic sporting brand Nike. Despite exceptional quality and recognition, the brand has constantly renewed its relevance. The launch of sub-brands such as Nike Hypervenom, Nike Grind, and Nike+ Fuelband has been the company’s way of remaining at the edge of innovation. In addition, industry thought leader and Nike CEO John Donahoe’s visionary leadership is propelling the company to enter the Generation Alpha market.
- Attract talent
Visionary leaders help their organizations attract talent. In the current scenario, the greatest asset of any business entity is its pool of highly motivated, innovative, and dedicated employees. Talented resources, however, need space and encouragement to improve on skills and the ability to take on bigger better roles. This makes it essential for them to choose workplaces with successful entrepreneurs stirring the organization in the right direction. Under the visionary guidance of Vijay Shekhar Sharma, one of the country’s top ten entrepreneurs, One97 Communications and its brand PayTM have managed to attract the best talent in the country.
- Risk, growth, and success
Business organizations are increasingly dealing with risk mitigation, growth profiles, and success parameters. This involves intricate growth metrics based on several parameters, some of which are very subjective. For example, one company may rate success and growth based on turnover, while another may decide that geographical outreach is the key to development. One organization may focus on stakeholder communication, brand building, and transparency, while another may place employee satisfaction higher.
Global thought leadership is all about decoding these various analytics and using smart decision-making skills to take the business organization to the next level. This is where a visionary leader comes in. They are the organization’s greatest asset. Much has been said about visionary leaders in recent times; examples have been studied, methods compared, and career paths compared. What is important for a new entrepreneur is to develop the skills needed to adapt to a changing environment. Vision comes from understanding the changes in the economy and being able to learn and upskill oneself constantly.
A famous visionary leader is the greatest asset of any business organization. From being able to look at macro trends that will steer the industry and the economy in times to come to inculcating values that will create the very fabric of organizational culture, visionary leadership is indeed the key to surviving and thriving.