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Richard T. Ferrer
Business Planning and Entrepreneurship
Prof. Eric Villegas
Reaction Paper Beans
"Beans" is a story of how The El Espresso does business. The author talks about the four + 1 Principles for running a business in good times or bad. The principles in business discussed are Passion, People, Personal, Product and Eye of Intention. Passion is described as your dedication and the love you put in what you are doing, whether on your work or on your business. People, is to have and hire the best people in your business. Personal, is treating your customers as your friends. Product is how well we pay attention to the quality of it. And lastly the Eye of intention, is your concern on what really brings you to the business, your purpose, your meaning and your direction. All of these five principles, according to the author if followed and weaved in a business would ensure success.
The key learning that I have in this article are
1) "When you totally love what you make, its just natural that your customers will love it too"
This statement is applicable in anything we do. Oftentimes, if we don't like what we are doing, the result often suffers. In our work, if the work doesn't interests us, we don't have about the result and output that we make. We just leave each day because of the pay. Thus the output will suffer.
) "Employees are the heart of his business. Their variety of personalities is what makes a business unique.."
This statement often neglected by the companies. Especially in service business where the primary contact in customers are not product but personal service.
) "Work is more than the money. It's about enjoying what you're doing. It's about what you're doing being a natural extension of yourself and fulfilling a need you have."
Work, as the term itself, it is a means to earn money. It is a way to earn a living. Most of us is guilty of working just for the sake of the paycheck. But I think, people working for money will not be able to get any enjoyment in their work and will result in fatigue and stress in work. Most of the time, absentee and tardiness are symptoms of employees who don't enjoy much of their work. To be able to enjoy the work, I think the most important factor is work, job and responsibility match. In any organization, the employer should focus carefully on the job match of the work to the employee. I have experienced this in my organization. As a professor, I believed that teaching is a passion. Not everyone has a passion and patience on teaching. Thus, a job match is needed to be able to unleash the full potential of each employee in any organization.
4) … look for potential employees who first and passion and second had the right attitude."
I think, every employer should focus on this in hiring their employees. The skills should be rd priority in choosing employees. Oftentimes, employers just look on the skills and experiences of the person who applies on the job. But failure to find and know the passion and most importantly the right attitude toward work, though a very intelligent and very skillful person may not be able to contribute well in the organization.
5) "I trust my people to do the right thing instead of being afraid they won't. Because trust is a stronger force than fear."
Trust, a very strong and important word in our lives and in any organization .People work well if other people trusted them. Who wants to work in any environment where your superior doesn't even trust you? People only release their full potential and energy if they are being trusted.
6) "When employees lose their loyalty, it's hard for them to be selfless with the customers."
Loyalty, a very important but the hardest thing to get in any person or in any employee in an organization. I believe that loyalty is not a single event; it is a process that leads to loyalty. Loyalty is earned through integrity, honesty and transparency.
7) "What seems to happen is that a company starts out with a good product and they became successful with it and then they start to focus on profits instead of the product and the service.
This statement is evident in most of the organizations. Its sad to say that most product in the market are only good during the introduction. Especially in restaurants. During the opening and initial stages, the food is really good, but as time goes time, they failed to maintain the taste and quality of the food. The common reason why this happens is that managers tend to focus more on cost cutting and on their profit. Thus they fail to concentrate on what really gives them profit.. their product quality.
8) "… I like that fact that they know my name and what I drink. It makes me feel like I belong…
Feeling of Belongingness. I strongly believe that most people, the feeling of belongingness are one of our basic needs in life. We feel good if we belong. Like in our own family, we love our home, our family because this is the only place where we truly belong, and being taken care off. This strategy in business is very effective to be able to maintain the loyalty of customers.
) .. if they want to be successful in business, the first thing is they have to get the fundamentals right.
Fundamentals are often neglected in businesses. Oftentimes, we are being preoccupied with other things. Failure to really look deeply on our fundamentals-our product, will result in wastage of our efforts towards productivity.
10) "Your clients- your customers- have remained loyal because you have never compromised on quality." .. That Product Quality it's everybody's responsibility. Employees should take ownership, accountability, and responsibility not only for their actions but for the quality and consistency of the product itself.
Quality is oftentimes being looked as an end product. But current trends nowadays are looking at quality as an end product. In construction business, we often look on quality as the end product, and we usually hire a person to take care of the quality, like a quality control engineer. I think that to be able to really focus on quality, construction firms should work toward achieving quality as a serious matter and the responsibility should be given to all the people in the business process. From the supplier, to the delivery down to the actual performance of the labor.
11) If you don't know where you're going in business or in life, or what you intend to have happen along the way, you can't effectively decide what to do next or if you're even on the road of success.
Purpose, Meaning and Goals in life. These words will serve as our inspiration in our life. But oftentimes, we are guilty of living this life without even deeply thinking of our purpose, meaning and goals. As a result, we try to move on different jobs and to decide on things day by day. I believe that success can only be achieved if we are to have a focus in life, our goal and our purpose.
1) "Before you can become successful in your work, you have to define for yourself what success means to you."
Success is very subjective in nature. Success is defined in different ways. For others, success is an End, a terminal achievement of their goals. But for others, success is a process, an experience. Just like Jack in this story. He thinks that success is be able to share and help others to be successful. Success is the process of day to day experience with his employees and with their valued customers. To me, success is not an end. Success is a process.. to be able to learn from mistakes and be able to live life to the fullest and be able to unleash and find out my own capabilities and strengths is success.
Conclusion
For the 4P's that is discussed in the article. I believe that what really matters in any business is be able to identify their specific drivers that drive the profit of the company. The drivers that is really adding value to their business. Nowadays, companies look on their financial ratios as the key to their performance. But few companies really look on their non- financial measures, such as what discussed in the article, the four P's.
In any company, the capacity to identify its specific 4P's is the key to really understand their business. After knowing the real drivers of their business, the next step is now focus on these key drivers (such as the four P's) and be able to derive value on it. Through this, companies will not be wasting their time anymore on things that doesn't add up any value on them.
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