A businessman exuding extraordinary patience

So often said that business strategy is all about being right on products and markets. Meaning that if the business strategy does not get down to product/market priorities, the enterprise doesn’t have anything. Applies to entrepreneurs and others in business as well.

This business strategy is better explained by an actual case. Let me share with you the success story of the great Japanese entrepreneur, Konosuke Matsushita, a Japanese industrialist who founded Panasonic. Many of us are familiar with Panasonic, one of the biggest Japanese consumer companies.

Matsushita typifies Japanese entrepreneurs/businessmen who are pictured in the world business scene as businessman who exude extraordinary patience in developing and marketing their products.

Sometime in 1918, Matsushita was a starting entrepreneur. He invested his life savings of 100 yen in importing electric sockets. He was confident the product will sell well in this age of electricity. He was wrong. Things got worst. Matsushita’s first entrepreneurial venture flopped. The story does not stop here. Instead of getting discouraged, Matsushita visited all the shopkeepers who refused to buy his product and candidly asked them: “Is there anything I could do to change this socket so you will buy?” Many of the shopkeepers gave Matsushita their suggestions – like the sizes they want and the color. Matsushita did the unthinkable thing. He tinkered with the sockets he had and even made some prototypes. Then he returned to the shopkeepers. Matsushita tried again and again to come out with other different prototypes. As often as there were new prototypes, he visited the shopkeepers and other potential customers and offered his products. Others would have run out of patience and just discontinued the whole project. Not Matsushita. He repeated his routine of going back and forth to his customers. Not making any profit… until one day Matsushita came out with a wonderful invention: The world’s first electric double socket. Initially, Matsushita was unsuccessful because he was so focused on selling and not on what the customers really wanted. His business success hinges on a small basic fact – namely, to ask the customers what they want and to sell them what they want. This oldfashioned business strategy of Matsushita still works miracles today!

For eighty-five years, Matsushita’s old fashioned business strategy has been the competitive advantage of Matsushita Electric and its famous brands like Panasonic and National. The rejection of the old electric sockets by the shopkeepers was Matsushita’s blessing in disguise.

From 1950 to 1973, Matsushita's company grew to become one of the world’s largest manufacturers of electrical goods, sold under well-known trademarks including Panasonic and Technics.

Incidentally, Matsushita, who died at the age of ninety-four (94) was not successful only in business. In retirement, Matsushita focused on developing and explaining his social and commercial philosophies, and wrote 44 published books. One of his books, entitled “Developing a road to peace and happiness through prosperity”, sold over four million copies.

Staying focused on customers and products should be a regular activity of entrepreneurs. Not just an occasion activity. It is actually the key to the survival of businesses including entrepreneurial activities. Others call this the “what of the enterprise.”

Have a joyful day! (For comments/ reactions please send to Ms. Villafuerte’s email: villafuerte_nelly@ yahoo.com)