Tonight I had the opportunity to see Dr. Jaime Alonso Gomez speak at a colloqium at Northern Illinois. Besides having an killer mustache and an even more impressive CV, he did an amazing job presenting on “Business Opportunities in a Global Context.” While there is a lot to take away, Im just going to post my notes in a hope to remember everything and maybe provide some comments. It probably won’t make much sense and will be fragmented.
He started with a story which recounted a dinner conversation he had with a bank executive. He asked, “What do you look for when selecting members of your executive team?” The executive replied, when I was in my 30s, I would have said knowledge. If I was in the 40s, I would say judgement. In my 50s, I would say character which means not necessarily being popular. After dinner, the exec told him the capacity to develop trust and passion are important.
Bottom of the Pyramid (BOP) Market is a huge opportunity. It consists of nearly 4 billion people with an incredibly large buying power.
In the old world, the big fish ate the small fish. Now the fast fish wins. Speed is more important than precision.
People, Planet, & Profit are the 3 Ps that we have been taught in school. Dr. Gomez added Peace & Prosperity.
In Japan, there is 1 vending machine for every 20 people. These vending machines sell all kind of products including OTC meds which makes it easier for the BOP to access.
UN Millenium Development Goals
- We are too focused on charity instead of sustainability.
- CEMEX does a good job with Patromonial Hoy.
Take Aways
- Imagination and passion
- Gain knowledge and follow a methodology
- Develop a sound business model
- Be tenacious
“Place your bet now – start your own business.”