“How to grow companies in post-industrial history” is a fascinating series of articles at the Center for Economic and Business Research at the University of London. This Center for Economic and Business Research at the University of London seeks to enhance business skills and knowledge across all sectors of the business world. As an example, this Center for Economic and Business Research at the University of London relates the case study of two companies in Nigeria. These two companies, Ikoyi Gold and One World Corporation had similar economic models; however, the nature of their ownership model was quite different. This article takes on the task of how to grow companies in post-industrial history.
In looking at how to grow companies in post-industrial history, the Center for Economic and Business Research at the University of London identifies two important concepts that are required by any successful business: a clear vision of where the company wants to be and effective, good business practices. As the example of Ikoyi Gold shows, a clear vision is necessary for any successful business, not just visionary, but also realistic, and capable of realizing that vision. Likewise, business practices that are not based on good, realistic, and effective business practices are bound to fail. It follows that successful business owners need to learn and apply good business practices.
Finally, it must be noted that for any business to grow it must be able to raise its share of market share relative to other companies in its industry. This can only be achieved by a company that effectively maximizes its existing competitive advantages. For instance, in the case of Ikoyi Gold, its competitive advantage was its ownership structure whereby shares were issued from a newly created limited liability company. In effect, this gave it the opportunity to buy high quality raw materials at low prices and resell them at a higher price when the demand for them increased. This strategy worked beautifully and it resulted in great success. Hence, a company must be able to raise its share of market by developing new products and adopting strategies to maximize its competitive advantage.