EAE News
The entrepreneur's responsibility goes beyond their business venture
03 de July de 2019
EAE's Alumni Community had the chance to broaden their business perspective with an online session on responsible entrepreneurship.
Juan Ramón Rufo, the CEO and Founder of Pixel Ratio, gave a webinar for the EAE Alumni Community entitled "Workshop for responsible entrepreneurs" in which he shared some valuable tips for launching an entrepreneurial initiative and turning a business idea into a reality, while minimizing the risks.
Entrepreneurship, defined as the capacity to turn dreams into reality, and responsibility, in the broadest sense of the concept, took centre stage in this session run in English. The webinar started from a smaller perspective and steadily expanded, beginning with the entrepreneur's commitment on an individual basis, but also to the people around them, to the partners with whom they get their venture up and running, and to the team who work for them on the project. Moreover, the concept of responsibility goes much further and encompasses other stakeholders related to the business activity, such as investors, society and the planet.
In the online workshop, Juan Ramón laid the foundations of entrepreneurship with respect to two aspects: the development of a minimum viable product (an MVP to test the viability of the business) and the creation of metrics of KPIs to strategically measure if the objectives are being achieved. In this initial phase, the entrepreneur bears the liability for the project, which has further implications and extends to his family. Therefore, the expert advised carrying out good diagnostics, controlling the risk, not falling in love with the idea and being objective. While it is important to have a passion for the business and develop a value proposition, if things don't work out, it is better to put the project to one side and look for new opportunities.
Responsibility also extends to their customers as they are the source of revenue and, thanks to them, we can measure the profitability of a business. "Companies have to be 100% focused on the customer. Therefore, we have to try to generate loyalty through good, efficient service" explained the speaker. In this section, he highlighted methodologies such as the Lean Process -data, ideas and product, and Business Model Generation, with the application of the Empathy Map and Canvas Model for making strategic decisions.
Companions of the adventure of entrepreneurship, partners form the third stage of responsible entrepreneurship: "Complementary partners share objectives and values," emphasized Juan Ramón. Signing a partners' agreement, being honest and basing the relationship on trust were some of the key aspects covered in this section. The next level involves the team, "the true driving force behind the company". Thinking of integrated groups with diverse members, focusing on the development of ideas within winning teams, the expert emphasized the importance of the company culture and taking care of and listening to your employees.
The next step for a responsible entrepreneur is the selection of the right investor, which primarily mean the person who best suits the entrepreneurial venture. Choosing this stakeholder broadens the responsible perspective of the venture towards society, projecting a business image that embraces corporative social responsibility and a commitment to the environment, in order to have "a solid argument that sets you apart from the competition", explained the Founder of Pixel Ratio. In short, he concluded, it is a matter of "treating other people as you would like to be treated".