Guest Column| Building narratives to foster collaborations, boost business
By integrating improvisation, entrepreneurs may become more adaptable and collaborative. They would be better equipped to navigate complexities of modern business by honing communication skills and espousing spontaneity in responses and decision-making. Collaboration and friendly interaction may become their defining values rather than conflict and trade-offs.
Elon Musk is often rated as the richest man in the world. Do you know how much he earned last year and what his business revenues are? Practically no one knows these facts, though most of us are aware that his business turnover or profits are nowhere among the largest.
Falguni Nayar started a business of online sale of cosmetics in India under the Nykaa brand in 2012. She came out with an IPO in 2021 that was oversubscribed 82 times. In November 2021, her business had a debut public valuation of ₹95,000 crore, and she achieved this roaring success with a turnover of ₹2,483 crore and a profit of only ₹61 crore.
Steve Jobs was known for his charismatic presentations, and he created compelling narratives around Apple products. His popular phrase “stay hungry, stay foolish” created a perpetual image for brand Apple that it would generate new experiences for users, and it would not hesitate to take risks. Steve’s persona and imagery remain integral to Apple’s brand value that outshines the traditional metrics.
Howard Schultz built Starbucks as a “third place” beyond work and home. He created a unique customer experience that changed how patrons started using Starbucks not as a short coffee break from routine, but as a part of their daily hangout for meeting people or for working with their laptops.
Indra Nooyi, the former CEO of PepsiCo, is often cited for her innovative strategies and commitment to sustainability that went along with emerging ideas of individual health and public welfare among youngsters. She introduced the “performance with purpose” initiative in PepsiCo, which highlighted a commitment to sustainable growth by investing in a healthier future. In line with the public discourse and focus among the social influencers, she reformulated PepsiCo products to reduce sugar and unhealthy fats content in them.
These examples show that the present business landscape is more dynamic and uncertain than ever before. It is full of opportunities, and at the same time it faces higher risks. Success is reflected not just in growth of turnover and profits, but also in capturing public imagination and discourse. Additionally, technology that is reaching a tipping point with the introduction of artificial intelligence has made ability to adapt, innovate, and collaborate more crucial for survival and growth of business.
Integrating ‘business improv’
If the future of business is in loosely framed start-ups that must work in close cooperation with community and public institutions, then integrating “business improv” can significantly enhance readiness of businesspersons for the real-world challenges. The prospective business leaders may foster creativity, build trust, and optimise teamwork in any setting by learning and experiencing core principles of improvisation.
Imagine a stage where two stand-up comedians are performing an improvisational scene. Each actor builds on their partner’s contributions with a simple acknowledgment: “Yes, and.” This principle encourages joint creation of interesting and laughable narrative that is shared with the audience, rather than shutting the raconteur down with “No, but.” Now visualise a brainstorming business session, where team members toss around ideas, and each build on the last. One person suggests a new marketing strategy, and instead of criticism, another colleague builds on it, “Yes, and we can implement the new strategy with a digital campaign that targets the millennials.” This generates an environment where innovative solutions are articulated and new ideas flourish.
Counter intuitively, Airbnb has emerged as a viable alternate to the hotels in the last decade and a half. Airbnb hosts invite visitors to enjoy local culture through their unique home stays. In 2015, Business Insider reported that Airbnb’s summer reach had grown 353 times in the last five years. As of 2023, Airbnb has seen double the number of bookings in the last five years, with over 448 million nights and experiences booked and it generated $9.9 billion of revenue. The company went public in December 2020, with a successful IPO that valued it at over $100 billion. The success of Airbnb is partially attributed to the marketing slogan, “belong anywhere.” It generates curiosity and adds substance to their business model that emphasises the idea of belonging and living with the local community. Airbnb’s marketing focuses on stories of hosts and guests so that the traveller gets to experience the exclusiveness of the place of visit and the host learns of rare experiences of other places from the traveller.
Connect and collaborate
By integrating improvisation, entrepreneurs may become more adaptable and collaborative. They would be better equipped to navigate the complexities of the modern business world by honing their communication skills and espousing spontaneity in their responses and decision-making. Collaboration and friendly interaction may become their defining values rather than conflict and trade-offs. They will accept diverse ideas and modify them through language of “Yes, and” rather than “No, but”. How nonverbal cues add to spoken communication is also a part of “business improv”.
Understanding body language and facial expressions as well as attentive listening may allow businesspersons to interpret the emotions and reactions of other partners to their proposed endeavours. By honing their nonverbal communication skills, entrepreneurs can enhance their ability to connect with others and build business narratives that may foster stronger collaborations and boost their business.
The writer is a former civil servant with a PhD in collaborative governance of finance. Views expressed are personal.