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Showing posts with label #newblogpost #writer #business #jamaica #focused #marketing #entrepreneurship #buyjamaica #youngentrepreneur #smallbiz #YFEchat #socialmedia #startups #B2Bchat #StartupLab. Show all posts

Sunday, 24 May 2015

Johari Window Model





Here's and article from Mind Tools about the Johari Window Model




About the Model

The Johari Window is a communication model that is used to improve understanding between individuals. The word "Johari" is taken from the names of Joseph Luft and Harry Ingham, who developed the model in 1955.
There are two key ideas behind the tool:
  1. That you can build trust with others by disclosing information about yourself.
  2. That, with the help of feedback from others, you can learn about yourself and come to terms with personal issues.
By explaining the idea of the Johari Window, you can help team members to understand the value of self-disclosure, and you can encourage them to give, and accept, constructive feedback.
Done sensitively, this can help people build better, more trusting relationships with one another, solve issues, and work more effectively as a team.
Explaining the Johari Window
The Johari Window is shown as a four-quadrant grid, which you can see in the diagram below.
From "Of Human Interaction," by Joseph Luft. © 1969. Reproduced with permission from McGraw-Hill Education.




The four quadrants are:

1. Open Area (Quadrant 1)
This quadrant represents the things that you know about yourself, and the things that others know about you. This includes your behavior, knowledge, skills, attitudes, and "public" history.

2. Blind Area (Quadrant 2)
This quadrant represents things about you that you aren't aware of, but that are known by others.
This can include simple information that you do not know, or it can involve deep issues (for example, feelings of inadequacy, incompetence, unworthiness, or rejection), which are often difficult for individuals to face directly, and yet can be seen by others.

3. Hidden Area (Quadrant 3)
This quadrant represents things that you know about yourself, but that others don't know.

4. Unknown Area (Quadrant 4)
This last quadrant represents things that are unknown by you, and are unknown by others.

The End Goal

The ultimate goal of the Johari Window is to enlarge the Open Area, without disclosing information that is too personal. The Open Area is the most important quadrant, as, generally, the more your people know about each other, the more productive, cooperative, and effective they'll be when working together.
The process of enlarging the Open Area quadrant is called "self-disclosure," and it's a give-and-take process that takes place between yourself and the people that you're interacting with.
As you share information, your Open Area expands vertically and your Hidden Area gets smaller. As people on your team provide feedback   to you about what they know or see about you, your Open Area expands horizontally, and your Blind Area gets smaller.
Done well, the process of give and take, sharing, and open communication builds trust within the group.
At first glance, the Johari Window may look like a complex tool, but it's actually very easy to understand with just a little effort. As such, it provides a visual reference that people can use to look at their own character, and it illustrates the importance of sharing, being open, and accepting feedback from others.
People who have a large Open Area are usually very easy to talk to, they communicate honestly and openly with others, and they get along well with a group. People who have a very small Open Area are difficult to talk to, they seem closed off and uncommunicative, and they often don't work well with others, because they're not trusted.
Other people might have a large Blind Area, with many issues that they haven't identified or dealt with yet. However, others can see these issues clearly. These people might have low self-esteem, or they may even have anger issues when working with others.

Using the Tool

The process of enlarging your Open Area involves self-disclosure. Put simply, the more you (sensibly) open up and disclose your thoughts, feelings, dreams, and goals, the more you're going to build trust   with your team.
Tip:
Try to avoid "over-sharing" in your self-disclosure. Disclosing small, harmless items builds trust, however, avoid disclosing personal information which could damage people's respect for you.
Another important aspect of enlarging your Open Area is accepting feedback from others on your team. This feedback helps you learn things about yourself that others can see, but that you can't. This is important for personal growth.
Tip:
Be careful in the way you give feedback  . Some cultures have a very open and accepting approach to feedback, but others don't.
You can cause incredible offense if you offer personal feedback to someone who's not used to it, so be sensitive, and start gradually.
If someone is interested in learning more about you, they can reciprocate by disclosing information in their hidden quadrant.
For example, imagine that you tell someone on your team that you're interested in going to business school to get your MBA. She responds by telling you that she enrolled just a few months ago, and then she tells you all about the MBA program that she's involved with. You reciprocate by opening up about your career goals, and you discuss how an MBA will help you achieve them.
As a person's level of confidence and self-esteem rises, it becomes easier to invite others to comment on their blind spots. Obviously, active   and empathic
listening
   skills are useful in this exercise.
The Johari Window in a Team Context
Keep in mind that established team members will have larger open areas than new team members. New team members start with smaller open areas, because they haven't yet had the opportunity to share much information about themselves.

Feedback

The importance of feedback in this process can't be overstated. It's only by receiving feedback from others that your Blind Area will be reduced, and your Open Area will be expanded.
Group members should strive to help other team members to expand their Open Area by offering constructive feedback. The size of the Open Area can also be expanded vertically downwards into the Hidden Area, as people disclose information and feelings to the group.
Also, group members can help a person expand their Open Area into the Hidden Area by asking personal questions. Managers and team leaders play a key role here, by teaching team members how to give constructive feedback   to individuals about their own Blind Areas.
Tip:
The Johari Window is often used with a list of 56 adjectives such as "kind," "clever," or "idealistic." These adjectives can be used with the group to describe the person that everyone is focused on. You can see a list of adjectives to use here.

Key Points
Joseph Luft and Harry Ingham developed the Johari Window in 1955. The tool is a useful visual representation of a person's character, and is represented with a four-quadrant grid.
The goal of the Johari Window is to demonstrate the importance of open communication, and to explain its effect on group trust. The model also teaches you the importance of self-disclosure, and shows how group feedback can help you grow, both personally and professionally.
Your Open Area is expanded vertically with self-disclosure, and horizontally with feedback from others on your team. By encouraging healthy self-disclosure and sensitive feedback, you can build a stronger and more effective team.


Its your turn Entrepreneur! Discuss four main area identified in the Johari Window Model that can affect an Entrepreneur and the Entrepreneurial Venture positively or negatively. 



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Friday, 22 May 2015

Porter's Five Forces Model

Today we take a look at Porter's Five Force Model:

Potential Entrants:
Businesses that are easy to startup and will increase rivalry and competition. For example there are many bars in Jamaica per square mile, as its an easy business to start up. Another example is an increase of vendors selling fruits (one that I love by the way) but you find that they tend to be centralized, selling side-by-side, so its good for me because I get to pick, chose and refuse but it's bad for he first individual who saw an opportunity and tried to fill a need, as now his competition rises.

Here are some key things to pay attention to when looking at Potential Entrants:

  • Brand Identity: some people stick with the brand that works for them. Why should they switch to your brand? Especially if the company has been around for years, like Grace or LASCO.
  • Switching Cost/Maintaining Cost:  do this by doing a cost structure. Look at your profit margin, then at the prices of similar products both locally and internationally, then decide if you want to keep your current price for another year to facilitate customers despite of increase in the price of your materials or do you want change or switch your prices each time a raw material goes up? At this point I suggest that you structure your cost to facilitate increases that may occur on the manufacturing end.  
  • Access to Distribution: Corporate Business have a great distribution channel and seeking to partner with with one may just be what you need. I still searching for a distribution company here. In the meantime use Sales Representatives, friends and relatives. Get people talking abut your service and products. get your little piece of the pie to aid your distribution. Spread your wings. Don't be afraid to approach businesses and individuals. Don't be afraid of rejection. Someone will say yes :)
  • Expect Retaliation: see what's coming before it hits you. Watch your competition and make preparations for their comebacks. Be ready and WILLING TO CHANGE to meet the market demands. Its like Digicel and LIME competing here in Jamaica, each trying to offer a better plan, better rates, better marketing strategies. And some things might work and some things won't. Let's use the same Companies. From my observation Digicel uses more young, vibrant and fresh faces to market their products, while LIME uses veterans whose voices are spectacular when your hear them, but not so appealing to the eyes when you see them. they should change the people we see and use the voices we hear. Digicel makes try to appeal to people from a different demography, geography and psychography, while LIME needs to improves on this area greatly. I use both service providers. But I think LIME needs to Retaliate much stronger.


Substitutes:
Substitutes are competitors. If the customer doesn't use your product or service then they will use another. Buyers tend to substitute for varied reasons, some being affordability, quality, better customer service, quantity, trends and so on. Why should a customer not use a substitute to your product or service? What makes you SPECIAL or UNIQUE?


Buyers:
Bargaining Leverage: can customers bargain with you or you with them? I know some friends who buy slippers from a vendor than from a store because they can always negotiate a price lower than the offered price. Is there credit available or not. I like layaways I think its great bargaining. So for Example at Lucky Dollar you can do a layaway (product remains in the store until your payment is completed over a given period, with no increase on the initial price). You might prefer something else, Courts offers higher-purchase which is exactly what the name suggest, you pay a 'higher' price for your product over and extended period but you get to bring it home right away. 

Buyer Volume: the more people are aware of the product the more they purchase and the closer you are to reaching your target audience. 

Buyer information: Let people know the great things about your products or service. Who? What? Why? Where? When? Are important questions to answer.

Price Sensitivity: How do you price your products or services to attract buyers?

Suppliers: 
Are there substitute suppliers? Are their prices better? Have more than one supplier of the same thing you never know what can go wrong. If you are the supplier, reliability and quality are very important.  I find it quite easy to be able to sit in my house and have suppliers deliver to me. It saves me time and money, especially if the businesses are far away. 





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Thursday, 21 May 2015

Benefits of Entrepreneurship



 Benefits of Entrepreneurship

  • Opportunity to get control
  • It offers a chance to make a difference
  • Reaping high profits, the best way towards the accumulation of wealth
  • Helps people work to their full potential
  • Offers a chance to pursue their interest
  • Promote capital formation, mobilize savings
  • Creates large-scale employment opportunities
  • Promotes balanced regional development, example roads, health care, education and entertainment.
  • Reduces concentration of economic power
  • Wealth creation and distribution
  • Improves the country's Gross Domestic Product (GDP)
  • Promotes Countries Export Trade
  • Induces backward and forward linkage
  • Facilitates overall development


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