Renowned ICT Expert, Dr Tomi Davies has provided a new approach to succeeding in business.
Speaking at The Land Is Green August Special/Book Launch which held on Thursday August 13, at the Lagos City Hall, and which had thesheet.ng as a Media Partner, Dr Davies said a successful business has to follow a process called POEM.
According to him, POEM is an acronym that epitomizes the attitude of a success-bound entrepreneur.
He said: “POEM is what works the magic for entrepreneurs who want to go far in business and who have success as a driving force”.
Dr Davies explained that POEM stood for Proposition, Organization, Economy and Milestones.
Making further clarifications, he said a successful business is first built on a sound Proposition which is the value it has to offer. He said people look up to businesses that have solutions to their problems and so a good proposition must possess a value that has a solution to a striking problem in society. He then said Proposition, no matter how good, would be nothing without Organization. According to him, Organization refers to the structure of the business.
“When I talk of structure, I mean the machinery in place for accomplishing the Proposition. I’m talking about the people who are involved in the process that delivers the Proposition. The question then bothers on whether you are working with the right people and whether they are following the right processes in doing what they do to achieve the purpose of the business”.
Dr Davies went on to talk about Economy.
“Economy is also what I call the Economics of your business.” He said “It talks about generating cash and costing the expenses. The organizational expenses generate more value propositions which in turn generate revenue.”
Talking of Milestones, Dr Davies explained that it is “taking one step at a time and setting the pace with each step. It is the absolute determination to excel, to achieve something new!
“Milestone measurement is measured in Time. Economic measurement is measured in Naira.
“So, summarizing everything about POEM, I will say that a good proposition that has a great organization will lead to a sound economic model that will bring about milestones in the business”.
Dr Davies then enjoined the participants who were mostly entrepreneurs or aspiring entrepreneurs to strive to be the best versions of themselves because in the end that is what really matters.
Dr Tomi Davies is the CEO of TVCLabs, a Technology Business Incubation Company based in Lagos, Nigeria and sits on the Boards of Sproxil, Baas Online Properties, MBO Capital, Strika Entertainment, TechnoVision Communications and PeoplePrime.
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