LEAP FOR SUCCESS 4 Building An Unlimited Entrepreneurial Future. Continuous Renewal In this 4th session of LEAP Mr. Santosh Nair explains about the strategies to be implemented by an entrepreneur to be successful in the long run. He addresses two types of entrepreneurs, Money Oriented entrepreneurs, and Growth Oriented entrepreneurs. Money Oriented entrepreneurs: Solely focus on money and do not experience real time happiness in their business. They do not invest in people development, systems, processes or any such activity. This leads to “Disease” i.e. dis-ease means one is not at ease. Growth Oriented entrepreneurs: Have growth in their DNA, they need not make any special efforts to succeed in their business. They will automatically keep growing. In order to manage the performance dilemma i.e. growth v/s profit war, an entrepreneur has to focus on both profit and growth – “First Profit….Then Growth”. Such profitable growth is only possible by Continuous Renewal, which refers to a dramatic transformation of an organization through an evolutionary process brought by renovation and innovation. The Continuous renewal process requires renewal oriented managers. It is achieved through the following steps. Step 1 – Leaders should be ready to cannibalize the firm’s products. Step 2 – Make core competencies obsolete. Step 3 – Retire physical capabilities and resources that are not needed. Step 4 – In-house disruption. The Blended approach which refers to organic growth, acquisitions and strategic alliances which are the complementary means for implementing the four renewal strategies, i.e. protecting & extending the core, transforming the Core, leveraging the Core, building the Core to achieve profitable growth. Having done continuous renewal, every entrepreneur would be in a position to enjoy sustained profitability and take another step towards the much desired LEAP for Success.