An ecosystem is a biological community of interacting organisms and their physical environment. For a business, it is the network of organizations – including suppliers, distributors, customers, competitors, government agencies, and so on – involved in the delivery of specific product or service via cooperation and collaboration.
No business is an island and for your business to thrive, you need to know when to create networks that will help in achieving its objectives. You can create a healthy ecosystem that benefits people in your network per time.
To build a healthy business ecosystem:
- Be open to working with others. It’s called a collaborative environment; learn to leverage other people’s strengths and open yourself up to opportunities that can foster business growth for you and the other businesses you can partner with.
- Businesses can co-evolve in capabilities around projects/sales/services. You can outsource what you don’t specialize in. You can also collaborate with specialist businesses on other projects. What is important is to stick to your core competencies.
- You may also offer referrals (with or without commission); redirect businesses to each other’s businesses, that way you keep the funds within the network. Don’t hoard information that will be of benefit to an organization within your ecosystem. Chances are that people will do the same to you if they’ve also benefitted from you one way or the other.
Some of the benefits that will arise from such business ecosystems are accelerated business velocity and increased profitability for all the business within the structure.
It will drive new collaborations to address rising new socio-economic challenges.
Harnessing creativity and innovation to lowers the cost of production or allow members to reach new customers.
Entrepreneurs can learn new processes to effectively collaborate and share insights, skills, expertise and knowledge within their ecosystem.
For any business ecosystem to thrive, it means that the members have devised ways that enhance the flow of ideas, talents and capital throughout the system. When you give value, you ultimately get value in return.
These few thoughts are just based on personal experiences.
Perhaps you tried and your business got burnt, kindly share the experience with us in the comments section below. We’ll like to hear your personal experiences.
Have a great #MondayMarket