In evidenza

Entrepreneurship is enlightenment

enlightenment

On Christmas Eve light blossoms everywhere, even in the most unexpected places.  The same should be not just all around us, but in our spirits.

Entrepreneurship too has definitely something to do with light.

Entrepreneurship can a way of taking steps to find enlightenment: reconsidering the past without judgement for instance is a step in this direction, through moulding it into a repeatable experience that you can share with everyone.

But a step to enlightenment includes for sure looking for a positive environment: every good entrepreneur craves being in the kind of positive environment that creates firstly the incubator for their own growth and then for their firm.

And last but not least, looking at entrepreneurship as a road to enlightenment means being able to do other two important things.

The first is the ability to appreciate and enjoy details; while performing such an hard task as being an entrepreneur, every little light on your path is something worthy of your consideration: always accept it as a sign of confirmation that will help to keep you on your path.

The second is to cope with difficulties: where everybody sees failure, enlightenment pushes you to see endless possibilities, where everyone sees defeat, try to see understanding.  Light will lead you to come across as seeing the “silver lining” in anything. Pollyanna’s “glad game”, in the end wasn’t silly or mindless at all: teaches all of us to become aware. Aware of the potential of our optimism. If you stay tuned with light, (sometimes) magic happens.

Best wishes to all of you!

Annunci
In evidenza

Doing business through listening

orecchio

We only see what we know” said once Goethe.

In entrepreneurial terms we do often the same. But, even more important we do often “listen only to what we like”. And, if we do, the chance of remaining what we are or, even worse, to fail, is very high.

Listening is entrepreneur’s very first friend, because is a powerful way of processing ideas, intuitions, emotions. Seeing sometimes can be immediate but also misleading, whereas listening can’t. It involves time and patience.

In conducting business, you’ll be busy with almost constant change management and with lots of people pretending their expectations to be taken into consideration by your business model. Both of these processes don’t involve at first speaking/pitching, but (apparently) the contrary: developing a deep listening attitude.

There are so many obstacles between a normal and an outstanding listening skill.

Many entrepreneurs and managers see their potential stakeholder like a mere on-demand moral support and reconfirmation service: as not so careful listeners they “download” from their words and messages only what they like and assume that counts as a reconfirmations of the ideas they already have.

More difficult, challenging and useful is being ready to analyse and listen even to those facts and consideration that at a first sight clearly contradict their own theories, being also prepared to change perspective for a while in observing reality.

So if as a human being and an entrepreneur you may learn to switch perspective and use for a while somebody else’s eye, your  listening skills and techiniques  instead are probably what more deeply personal and unique there is in your own identity. Nobody can listen the way you do nor you can ever do it in somebody else’s way. Therefore is so important and can make the difference for your startup project

Skilled listening, is a way of generating and testing new business ideas: it means in facts being able to pay attention to phenomena, eliminating background noise, and get the essential feedbacks from stakeholders, summarizing the content of their word. Mirroring, but in a creative way. (Then probably the better firms are the ones that are able not to mirror but to match, compensate and sometimes even counteract stakeholder messages, but that request time and starts anyway from a good listening phase)

In the end, that’s what a business plan represents: an entrepreneur is someone that find an original way of listening and then of creatively paraphrasing customers’ messages and statements in a way that both sound inspiring and reassuring.

What is essential is invisible to the eye”…but most of the times it can be well perceived by the ears!

 

In evidenza

Is it beautiful?

 

nike.PNG

Is there enough beauty in your firm?

What’s the real motivation behind starting a business up nowadays?

We all know is difficult, hardly successful, time consuming and sometimes lead us to ruthlessy confront with our weaknesses.

Is probably because a real entrepreneur is somehow like an archaeologist, relentlessy looking for some hidden beauty.

Beauty tends to feel like something that must be found in special places—like museums and galleries.

There is neither a ISO standard about beauty, nor a spreadsheet. But the very first question every entrepreneur should ask himself before starting a new business is exactly this one “Is it beautiful?”

Look at the market nowadays: every firms wants to be customer-centric, adapt as much as it can to customer taste, make customer happy: only beautiful things have this ability, because beauty is talking an universal language, neither classic nor modern, able to communicate with everyone. And it may represent a promise of happiness.

Therefore beauty may represent a success- detonator for your business, being able to open the way to happiness, because happiness in the end is strictly related with interaction with beauty: observing something beautiful, experiencing something beautiful, creating something beautiful.

Keep you customer in contact with beauty, and he will be certainly happy: the big seven factors commonly addressed as happiness markers, such as wealth, family relationships, career, friends, health, freedom, and personal values will come right after.

Moreover, most of startuppers look for an efficient organization, able to offer not just effective/efficient performances, but also able to easily adapt to circumstances (and, theoretically, to almost every customer’s request) and to be memorable: there again, beauty plays a role, because what they are really looking for is a way of designing beautiful processes.

Every process in the end is a flow chart, like every painting is made of colours, but there is a slight difference between the Mona Lisa and a forgery.  So, be creative in designing your business, even with the elements that seem “cold”: beauty is contagious so even a flyer, a visiting card, am office, a presentation, a logo, a packaging may represent an important fact.

bruco farfalla

Nowadays, there are firms that created in their organizational chart the role of Chief Happiness Officer, in its essence, an HR Manager with the task of engaging employees, motivating them and raising performance levels through the enhancement of their happiness level. We believe instead that putting managers in charge of searching/pretending from their resources non just a high performance but a beautiful performance, and training people to always look for some inspiring beauty all around them, even in the small details,  is even more important.

In evidenza

Making your pitching seem larger than life

 

piching larger than life

There are endless recipes in order to make the best out of your pitching experience.

Collecting the experience of some recent pitching events with startups, let’s go back to basics.

We won’t mention strategy for today, we want just to lay low. The devil is in the detail, especially in pitching, and you shouldn’t throw away the chance of making a good deal, or just putting the right foundation of your journey to success as an entrepreneur.

There are a few simple things that really can make the difference. Details, you’ll say. But they can make the difference: you know, exactly the difference between a room where it’s all quiet and everybody is listening and instead one where public complains or simply can’t care less (even worst!).

  1. Slide show: please be clear. Drop on the slide a few concepts to talk all around, but be merciless in eliminating the not useful concepts. A few words and crystal clear (sometimes with a skilful use of facts & figures) this is all you need as to why they should remember, in order to make it stick. In facts, what public read shouldn’t be what they listen to. Slides are most of the times too crowded, simply unreadable.

  2. Infrastructure: where are you planning to pitch? It will be organized for a large public, in a small room, or just a few persons? Try to have under control beforehand parameters like: a) distance to public, b) facilities available in the room (fi. Kind of videowall) c) pitching indoor/outdoor d) presentations file format (ppt, prezi, etc). Pitching environment is important, sometimes decisive.

  3. Always respect time: is always one extra point gained for your pitching. Time keeping means respect for the audience, respect the following pitchers and…for yourself. In facts a god pitcher is a superb listener. So having time left means having time to answer questions and interact with public. People identifies (and recalls later on) much more with contents and concepts connected with Q&A moments. Because Q&A is like a game, where your ability to communicate and winging it can also be tested.

  4. The power of a word, the power of your silence: as well as for point 1, don’t fill in your speech with too many words. The time you should give to the audience to adapt to your way of thinking (especially if you are discussing some difficult/highly specialistic subject and/or about some radical innovation) is directly proportional to the magnitude of your innovation. So don’t forget to use short and clear sentences (especially if you are pitching in a noisy or crowded environment) and use frequent effect pausing (that can be used also to test the effect of your words on the audience).

  5. Talk, looking everybody in their eyes, don’t read.

  6. The next 48 hrs: if you were able to break the ice and establish promising contacts with someone, don’t forget to write an e-mail within 48 hrs, providing further information about you and/or about some of the issues you have been asked about

In evidenza

Disruption, fintech and CSR the 3 mantras for islamic finance

wibc second day

 

Convened by Middle East Global Advisors – a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets and in strategic partnership with the Central Bank of Bahrain, the forum is spurring a series of discussions focusing on “Islamic Finance & Sustainable Economic Growth in the Age of Disruption”, a theme that resonates with the conference’s steady vision to serve as a definitive check point for the global Islamic finance and banking industry.

Islamic finance may play an outstanding role in global economy especially if able to leave its comfort zone, with the help of new technologies in front end (improving customer experience) and most of all in backoffice processes.

Showcasing his support for Islamic finance entities to thrive and grow globally and stressing on the way forward for the industry, the Governor of Central Bank of Bahrain, in his address mentioned, “Islamic finance has followed a fragmented growth pattern since the start with various countries in the Middle East and South East Asia taking the lead. These country specific models have achieved reasonable success as measured by the share of Islamic finance in the respective markets. I would like to argue, however, that the reduced pace of growth suggests that we cannot hope for a new growth paradigm while maintaining the status quo. If the developments in the conventional finance industry are any indicator, it is reasonable to expect that regional and global cooperation can open new doors for the Islamic finance sector. The magic of such global cooperation works when some pre-requisites are in place, namely, leadership, standardization, good governance and risk management & compliance.”

“Shari’ah standards, accounting standards, prudential standards and best market practices, all need to be developed for the Islamic finance industry with the global audience in mind. AAOIFI has been doing excellent work on Shari’ah and accounting standards while Islamic Financial Services Board (IFSB) has developed risk management and capital adequacy standards which conform to global best practices. International Islamic Financial Market (IIFM) has made valuable contribution towards standardizing money and capital market contracts as well as financing contracts. The recent endorsement by the IMF of the IFSB’s proposed core principles for Islamic finance regulation and their assessment methodology for financial sector assessments is a great news for the global acceptance of Islamic finance. What we need now is to convince regulators and market players to adopt AAOIFI, IFSB and IIFM standards in their respective markets”, added Mr. Maraj stressing on the need for standardization to enable global growth.

Commenting on the changing face of financial services due to the advent of digitization, Dr. Sami Al-Suwailem, Head of Financial Product Development Centre, Islamic Research & Training Institute, Islamic Development Bank in his keynote address stated, “The size of e-commerce is about three times the size of the Islamic financial industry. This means that there is an ample room for the industry to invest and to participate in the digital revolution. Moreover, e-commerce will be a very good channel to manage the liquidity of Islamic banks. This is a challenge that has long been waiting for a solution. E-commerce seems to be a promising sphere. With the fintech revolution, online sales can seamlessly meet the requirement of Islamic finance. If Islamic banks invest in this area, they will be able potentially to reap lucrative returns from a growing large sector, manage their liquidly efficiently, and participate in real economic growth and development.”

The conference also played host to an exclusive interview of H.E. Khalid Al Rumaihi, Chief Executive, Bahrain Economic Development Board, which focused on emerging projects and financing, the value added tax which will be implemented in the Kingdom in addition to the benefits and risks of digitization.

H.E. Khalid Al Rumaihi discussed the Government’s integral role in supporting the continuous development of the local economy; encouraging constant collaboration between the public and private sectors, as well as creating an ecosystem that is conductive to the success of startups and entrepreneurs, in order to ensure the Kingdom maintains its lead at the forefront of its competitors in digital transformation across industries. Mr. Al Rumaihi also mentioned the key milestones achieved by the GCC countries during the past three decades, and how they have employed the bilateral cooperation as a factor to promote brotherly countries and unite efforts to succeed in the initiatives and plans set in this regard.

Ahead of the panel session on economic growth & sustainable finance, Adnan Ahmed Yousif, President & Chief Executive, Al Baraka Banking Group, said, “The World Islamic Banking Conference, has, over the last 25 years, established itself as a key global forum for in-depth discussions on the facets of the continued global growth in Islamic finance. The Islamic Financial Services industry has shown tremendous progress as one of the fastest growing asset classes in the world. The industry continues to expand in many emerging and advanced markets and introduce new standards that should further help develop products and attract investors. The industry’s global appeal continues to grow and attract remarkable attention, including from the UK, Europe, Asia, Africa and North America. In order to for Islamic banks to expand their geographical footprints further over the coming years, they must be able to compete more effectively and tackle a number of key challenges facing the industry, including delivering cost efficiencies, building greater talent pools, enhancing corporate governance; leveraging digitization, delivering innovative products that meet genuine market needs; and ensuring risk management systems are up to par. For the Islamic finance industry to build a solid foundation for the next phase of international growth, the industry must undergo transformation in a number of key areas. The 25th Anniversary World Islamic Banking Conference (WIBC 2018) is a key platform for industry leaders to put a spotlight on the challenges, innovations, latest developments and technological solutions essential for further growth of the global Islamic banking and finance sector.”

The conference also saw a Keynote Address by Aziz Elkhyari, Head of Business Development, Casablanca Finance City Authority who spoke about Fostering the development of Islamic finance in Africa and the role of financial centers. This was followed by the joint launch of Casablanca Finance City (CFC)-Thomson Reuters Report – Islamic Finance in Africa: The upcoming frontier that provides an industry landscape of Islamic finance in African countries with an overview of the industry development in 5 African countries including Morocco.

The conference proved to be the ideal launchpad for a number of key financial intelligence reports and also saw the launch of The Global Report on Islamic Finance – 2018: The role of Islamic finance in financing long-term investments by Islamic Development Bank that highlights how Islamic finance could help mobilize long-term funding for development programs.

Other key highlights from the day include the panel discussions focusing on economic growth and sustainable finance, the Fintech Panel on the Digitization Journey of a Global Bank and the Region Round Table focusing on Africa. Leading industry experts analyzed the challenges at hand and focused on coming up with effective suggestions with the ultimate aim of developing a convergence roadmap for the Islamic Finance industry at large.

In evidenza

Mismanagement 2: some further antidote

 

 

torre d'avorio

 

Due to the interest on the previous article (Mismanagement) here some further clarification and (hopefully) useful “mismanagement predictors

  1. Communication: many ISO standards and reporting guidelines too are concerned with concepts like “stakeholder engagement”/ “communicating with stakeholder”. Make sure that managers into your organization do not operate in vacuum: management is certainly made of a personal vision and some important beliefs, but is mainly about keeping a constant contact with reality, and performing as many “reality checks” as possible. Therefore, in this field, the sooner the better; introducing and using such standard as ISO 9001:2015; ISO/IEC 20000 and guidance or reporting guidelines such as ISO 26001 or GRI (https://www.globalreporting.org/Pages/default.aspx) forces even the most reluctant manager to have an (official) dialogue with representatives of the “real “ world. To hear their voice, to answer their questions, makes more difficult mismanagement and unrealistic or just selfish behaviour to take place. Keep also in mind that the above mentioned standards are based on a widespread concept of sustainability: it means getting used to evaluate managers not just for their immediate results, but also based on how sustainable those results are;
  2. Training: training means empowering people; it means also knowledge sharing: being most of the companies nowadays based on knowledge, having in place an advanced training program is certainly a powerful message. It means that your company is creating the preconditions for reducing information asymmetry between different organizational levels, and, most important, the preconditions for supporting change through the creation of a new (internal) generation of managers. Generally speaking, organizations that support individual change show aòso a much better overall organizational readiness to change at all levels;
  3. Permeability: sometimes, an organization loses the capacity of timely transmitting the right signals through all the different organizational levels, like it happens in a body when nerves get damaged. That equals to slowly insulating managers in an ivory tower. Mismanagement can therefore occur as a result of a not intentional behaviour, but instead of an organizational pathology that drastically reduces firm’s sensitivity for changing environmental conditions;
  4. Customers: in many innovative business models, customer is CEO, being able to determine product/service changes, influence company’s marketing and communication, etc. A possible antidote to mismanagement is to renovate from time to time the extensive survey on “customer’s needs/voice” that surely every founder performed at the very beginning of its entrepreneurial journey. Just because you were once able to listen carefully to your customers, it doesn’t necessarily mean that now it has to be always the other way around (customers passively adopting your smart product/services);
  5. Suppliers: yes, suppliers are very important partners. Sometimes even irreplaceable. But suppliers are firm too, and exactly like clusters and networks of firms can suffer the effects of mismanagement resulting in an irrational or dysfunctional decision-making outcome that discourages critical evaluation of alternative viewpoints. So from time to time, experiencing and testing new approaches, experimenting new partners starting from non-critical processes can provide to the management an healthy internal benchmark. In fact, not always relying on the usual solutions is a good antidote to mismanagement too.
  6. Organizational climate: Yes, is very important to enjoy a positive organizational climate. Everybody knows that. But a two things should be stressed more than others:

a)The importance of a mistake. The ability of management to address and communicate with examples, because it seems that especially managers are afraid to set the right example by openly admitting they did something wrong (not understanding that there is much more to learn from a mistake than from a success), but if they do, they develop antibodies to mismanagement and so does the organizations they lead, because they are permitting a person to do things incorrectly or make errors of judgment without consequences, empowering themselves and learning how to take and handle risks. Mismanagement occurs where and when an organization is not taking risks anymore;

b) Organizational Forgiveness: it’s an important antidote, because it means being able to accept conflict, accept different point of views, leading the organization objectively and without taking revenge on those standing on the other side of an issue and opposing a change.

In evidenza

Mismanagement

virus

Mismanagement is a virus affecting all kind of organizations, in every state of their growth. Mismanagement is a real plague of entrepreneurship,

Mismanagement can be seen as a degeneration of leadership, when leaders stop producing added value for their firms and literally feed on their own organizations, sometimes causing its death.

Why is that?  There isn’t probably a specific reason, but a combination of many causes.

Bringing competition inside the organization instead that concentrating outside is one of them; excess of self-confidence is another: just because once you were  successful, that doesn’t make you all of a sudden a world’s expert on everything. (Know one’s limit is the key for success: as a manager and leader you should know that is exactly there, reaching the limits of your abilities, where you should find partners and teammates ready to help you integrating your skills)

Mismanagement is often connected with the trend of over-simplifying problems; not considering possible alternatives and assuming that compromise in necessarily negative.

As a matter of fact, a good manager, a leader, is one able to recognize a mistake, and transform it into an opportunity of improvement: sometimes instead is easier to blame someone else for your problems, bring into play “external factors” for misfortune (Yes, Napoleon used to ask, before promoting someone at his service “I know he’s a good general, but is he lucky?”, but I think that a manager should mainly be architects of their company’s fortune).  This is very often associated with ambiguous internal communication/talking company’s jargon: then communication within the company is meant only for initiated members, excluding the rest of the world.

Finding/inventing an (imaginary) enemy” is a common strategy adopted when motivation or enthusiasm is on the wane, but this is good only if we are discussing about healthy competition. Healthy competition provides motivation but this is not the case if a leader is constantly managing the firm against something or someone looking for destruction rather than construction.

Somehow this is about self-deception; mismanagement uses information asymmetry inside the organization to focus the attention of middle management and human resources towards fake targets; it’s always easier to deceive ourselves than someone else.

But the “find an enemy” syndrome attacks the organization too: mismanagement brings into the organization the culture of suspicion, an overall and contagious lack of confidence in each other’s skills, and this is sometimes able to jeopardise company’s ability to take decisions; Due to this general feeling of mistrust is easier:

  • Taking too quick decision, trusting only your own faction opinion;
  • Deciding not to decide, when in doubt that a certain decision might be favourable to “internal enemies” (the other faction);
  • Looping the decision process

When an organization breaks up into factions, you are missing the big picture: instead always act (professionaly) local but feel global: give the best highly specialized contribute to your company, but never miss the big picture. Just because you’ve got done properly your piece of the puzzle it doesn’t mean your job is over. Final success depends also on how conscious and respectful you are of the colleague who’s in charge of putting the last piece.

Let’s put this way: “Don’t ask what your company can do for you, ask what you can do for your company”!!!

Mismanagement has sometimes huge consequences:

  1. Improper use of resources;
  2. Bad (or even impossible) strategic planning;
  3. improper use of datas;
  4. Loss of company’s identity .

Here a test to perform in order to avoid mismanagement practice and discover its early symptoms:

  1. Is internal training efficient? There are enough investments on this process? And in measuring effectiveness of delivered training?
  2. Management invest and improves internal communication? How long it takes for bottom-up communication? Hoe many “filters” there are? (f.i. is possible that a message/suggestion form the base reaches the attention of CEO?)
  3. Is company investing in R& D as it happened before? What happens next to projects? Is the time to market of relevant ones in line with the past?
  4. Is management conducting routine company’s organizational climate surveys?
  5. Is company measuring (when possible in many active and alternative ways) customer satisfaction and listening to the “voice of the customer”?
  6. How you will define overall company’s transparency?
  7. Is turnover trend under control in your company?
  8. From time to time, is company performing surveys on suppliers/evaluating possible new ones?
  9. Concerning communication and decisional processes: is possible to define and to keep under control an overall “crossing time”, expressed as time needed for an information to be delivered crossing all company’s organizational and decisional levels or for an authorization to be given to someone into the company? Is this time proportional to the importance of a certain decision?
  10. Is your organization feeling comfortable with the concept of recognizing a mistake? F.i. is taking care of internal and external claims? There is space for submitting complaints or simple suggestions? Is internal communication using only words like “success”/“challenge”/ or also words like the concepts of “issue”; “difficulties”, “experience”; “challenge”? Sometimes apologize is an act of courage and true leadership.

In evidenza

“No” just means “Next”.

by William J. Rossi

ADVISORY BOARD

Powering Up Your Team

The quality of a management team is the single most key determinant of business success.  Following are some tips to assessing, restructuring and powering up your business team.

The Importance of the Management Team. 

First, of the things that most attract investors to a company, a quality management team is nearly always quoted as the most key element.  It trumps product and market in almost every survey.  The reason: a great team can take a mediocre product and make it successful, while a mediocre team can fail with a great product.  A survey conducted by Profit Dynamics among 262 professional investors evidences this notion.  When asked in this survey what factors most influenced the decision to invest, management quality ranked #1 among all responses.  Others like market size and proprietary technology were seen as important, but paled in significance to management quality.  When asked the reasons that most drove the decision to decline investment, again lack of an experienced management team ranked #1 by a wide margin in the response of these investors.

So, what constitutes a quality management team?  The response of these professional investors was overwhelming: it means experience, track record.

While other qualities were mentioned like integrity, vision and dedication, only 17% of respondents did not include successful experience as one of the most key components.  While it’s clear that experience counts the most, those starters among you who haven’t yet achieved that track record should not be discouraged.  A flexible management team, one that recognizes its shortcomings and is willing to recruit the right team members, was quoted a close second. 

Fine Tuning the Team.

The first step in upgrading a management team is to assess both your current talents and your needs.  This has to be an honest assessment.  Remember, investors want to know either that you have the requisite experience, or that you know that you need it and are flexible to get it.  If you find that current talents don’t meet your needs, consider the following in restructuring the team.

  • Be expert in your industry. Focusing on whether you have significant, demonstrated experience in your industry is especially valuable.  Lack of recognized expertise is killer both in terms of directing the company and in securing investment.
  • Drive diversification of disciplines. No company can survive with only techies.  Even Apple has marketing and finance people.  Make sure that the functional disciplines requisite in your business are resident on the team.
  • Mix and match thinking types. Try to incorporate both linear thinkers along with visionaries. Visionaries are creative people and come up with initiatives to take the business in new directions.  Linear thinkers will concern themselves with what has to be done this month to insure that you are there next month to do all those cool, visionary things.
  • Encourage disagreement. While it might be comfortable to have people who always agree with you, make sure you have people who are willing to disagree with you.  Challenging the current thinking of any management team is always healthy.
  • Arm yourself to attract the right, new people. In talking to prospective team members, sell the company and its value proposition.  Remember, this is an investment.  While investors invest their money, new team members are investing their careers.  Sell the current team as this is marriage of sorts.

Advisory Board – Power in a Package.

 An advisory board is not a legal entity, and has no fiduciary or financial responsibility.  It simply operates at the discretion of the company to advise the company in its areas of expertise.  This a critically important, collateral element of the management team, and can provide powerful leverage in both operating and financing capacities.  Populated with people of recognized experience, your board brings instant credibility to the company.

In terms of recruiting an advisory board:

  • Mine your contacts for introductions. If you knew the right people to get, you wouldn’t need contacts.  But, most don’t.  So, rely on your contacts.
  • Don’t be bashful. There’s nothing wrong with cold calls to identified prospects.  The worst that can happen is that the prospect says “no”.  Like in sales, “no” just means “next”.
  • Aim high for demonstrated experience, but be reasonable. Apple’s Tim Cook likely won’t have the time to help you.

Finally, once you have an advisory board, use it.  Have regular meetings and listen to your advisors.  If you decide against taking a suggestion, (since, of course, it’s your business) explain why so that they know you are paying attention and their guidance is valued.

In conclusion, the quality of the management team is critical for both company direction and financing.  Experience counts the most, but willingness to recruit the right team is a close second.  An advisory board can be a powerful addition to any business team if populated and used intelligently.

William Rossi is Professor Emeritus of Entrepreneurship at the University of Florida, having taught at both in the undergraduate and graduate Entrepreneurship Program there for 15 years.  Prior to teaching, Professor Rossi initially held several senior level positions with Ford, Goodrich and Picker International.  After relocating to Florida in 1986, Rossi worked in executive management positions in smaller entrepreneurial companies and was a principal in several.  Rossi holds a Master of Science degree in Operations Research from the University of Massachusetts and an undergraduate degree in mechanical and industrial engineering from Ohio University.

In evidenza

New!!! ISO 19011:2018….finally auditing becomes really viable for startups!!!!

iso 19011 2018As you know, we are convinced that ISO standard represents an opportunity and a real added value when starting with a brand new firm.

And moreover, is not necessary to wait for approaching ISO standards that one or more of this  (traumatic) events happens:

  • Some regulator, an important industry partner or an international tender suddenly requires a certification (then the only thing entrepreneur wrongly perceives is that ISO is just a paper work, or even a …”chip” necessary to play at the casino and nothing more);
  • A major problem/incident takes place (ISO 9001 as a sort of “punishment” for the company’s staff or as a sort of  “process cleaning” product)

The recently issued standard ISO 19011:2018 “Guidelines for auditing management systems” represents instead an opportunity for startups in order to:

  • Finally approach and apply the auditing concepts into their processes, for focusing on risk and constantly improving them:
  • Reduce auditing costs (either internal and second/third party)

The standard provides a comprehensive guidance on how to conduct a management system audit and is applicable to a really wide range of users, including, among others, organizations that need to conduct internal and/or external management system (MS) audits and manage audit programmes (cfr also our article https://massimilianobellavista.wordpress.com/2018/07/17/is-9001-2015-viable-for-startups/

And therefore id useful also for startups who are willing to:

  • Transform the costs of receiving an external audit into an opportunity of growth and achieving the appreciation of their stakeholders and partners

tipi di audit

  • Fix errors in an earlier phase
  • Prove their capacity of documenting and controlling their processes
  • Show that they can adapt with large company culture (auditing is a most of the times a mandatory process to have the access to the support of financial and funding parters, large groups/clusters, incubators, international business partners)

The ISO 19011:2018 standard has undergone a certain number of changes. Why is so? Because the new standard finally considers auditing process as a continuous, risk focused and  IT- supported process.

The most relevant new points for startups are at least as follows:

-the audit process is not anymore just a conformity audit; this is important because it means that auditor shouldn’t look anymore for mere compliance with the standard ( very often a self -referential and not value adding process from firm’s point of view ) but mainly for effectiveness and performance

remote auditing. Audits can now be fully and easily (and with much less costs  involved) performed on-site, remotely or as a combination. (“On-site audit activities are performed at the location of the auditee. Remote audit activities are performed at any place other than the location of the auditee, regardless of the distance. Interactive audit activities involve interaction between the auditee’s personnel and the audit team. Non-interactive audit activities involve no human interaction with individuals representing the auditee but do involve interaction with equipment, facilities and documentation.”)

virtual audits.Virtual audits are conducted when an organization performs work or provides a service using an on-line environment allowing persons irrespective of physical locations to execute processes (e.g. company intranet, a “computing cloud” ;“A virtual audit follows the standard audit process while using technology to verify objective evidence”, this represents an opportunity for aligning auditing processes, sometimes perceived as “old-fashioned” by young startuppers as an up-to-date management and control process.

Take a look to the standard structure: it may represent a chance for growth