Core Competency: Case study, highlights and first-hand thoughts
🎯Tesla became the most valuable Car company
🎯Petrol Prices rise by about 16%
🎯 Central Bank of Nigeria(CBN) devalues the Naira to 380 to the dollar at currency auction
🎯 OPay releases statement dropping majority of its business ventures
I have highlighted these events to draw attention to two business [myths]
1️⃣ A business must focus on an area in order to have core competency.
2️⃣ Having domain focus and dwelling will ensure that you dominate in your sector and become profitable as a result
Case study :
TESLA's rise to become the most valuable car company in the world is hinged on two/three or even four major business focus he has successfully amalgamed into one
b)exceptional battery technology - this also powers their energy solution for homes such as the Tesla power wall
c) Artificial Intelligence - the heart of their self driving technology
d) car software technology( they are the first car company to provide O.T.A. (over-the-air) updates that can do as much as increase the acceleration of your vehicle
A study was carried out and it has been uncovered that every company that is thriving in the 21st century has more that one sector it has ventured profitably in.
Amazon started as a book selling enterprise
🎯It is easily the largest e-commerce platform in the world
🎯About 50% of the web is powered by its cloud services
🎯Jeff Bezos the CEO also has a Space ambitious company called Blue Origin
Microsoft started as a software selling company.
Today Xbox,Azure,Teams and many more are profitable enterprise by them
Farmcrowdyi s a integrated investment farming company
But today they are pivoting into Agricultural produce processing
Moving up the value chain to capture more profits.
It is very normal that there are sectors that your core business is reliant on for functionality and also sectors that can easily be annexed to function as part of your core business
The dynamics of business in present day means it is possible to accumulate capabilities such that your core business can grow to one that is able to function across different sectors giving it the ability to overcome any possible Policy shenanigeddon
The later part of the highlights at the beginning of this post shows what happens when an economy or business relies on a few sources to survive!
As we look beyond the horizons we have created due to our very own minds
Expand your horizon
Use your CORE COMPETENCY to create more value across different other sector to the end that you develop policy proof chain of business