At the recent Business Vision 360 forum organized by the International Chamber of Commerce of Entrepreneurs IECCUS in Miami, we had the pleasure of attending an inspiring lecture by Jimmy Pinto, Head of the Department of Business Administration, Accounting, and HR Management at Millennia Atlantic University. His speech, rich in insights and strategies, is a testament to the university’s commitment to excellence in business education. Below, we will break down the key points addressed in his presentation, which not only illustrate the evolution of business teaching but also how these principles can be applied for business success in the real world.
Educational Innovation at Millennia Atlantic University
Millennia Atlantic University has established itself at the forefront of the business field, offering programs ranging from Bachelor’s level to specialized master’s. The recent inclusion of careers focused on entrepreneurship and e-commerce highlights its adaptation to global trends and market demand. Pinto underscored the success of these programs, reflected in the high rate of graduates who have made a significant impact in the business sector, whether by climbing in large corporations or launching successful startups.
The Heart of Entrepreneurship: Minimizing Risks
One of the most resonant messages from Pinto was the redefinition of entrepreneurship. Far from being a bold bet without direction, true entrepreneurship is about minimizing risks to ensure success. This principle is taught through the development of robust business plans, where theory meets practice. Pinto emphasizes the importance of personalized guidance in this process, tailoring the strategy to the specific needs and objectives of each company.
Three Pillars for Business Success
The lecture highlighted three critical areas every entrepreneur must master: marketing, management, and accounting. A deep understanding of the product and target market is fundamental in marketing. It’s about effectively communicating value and segmenting the market to customize the approach. Internal management, on the other hand, involves optimizing resources to maximize productivity and efficiency. Finally, accounting is not only crucial for financial tracking but also for long-term strategic planning.
Marketing: Beyond Promotion
Pinto broke down marketing into its essential components: product knowledge, consumer identification, effective communication, and tailored promotion strategies. This multifaceted approach ensures that all marketing actions are aligned and consistent with the product’s central message, avoiding consumer confusion and strengthening brand loyalty.
Customer Relationship Management (CRM)
Customer relationship management was another crucial topic addressed. In the digital age, CRM tools are abundant, but the selection of the right one depends on the specific needs of the industry and company. This system not only helps to maintain customers but also to better understand their needs and behaviors.
The Importance of Internal Management and Accounting
For Pinto, a company should be like a well-oiled clock, with each part working harmoniously towards a common goal. This requires clear daily procedures and effective management of human resources. Additionally, he underscored accounting not only as a tracking tool but as a pillar for strategic planning, including tax management and the legal structuring of the company to optimize tax burden.
Conclusions and Reflections
Jimmy Pinto‘s lecture at the Business Vision 360 forum was a masterclass at the intersection of education and business practice. It highlighted that, beyond technical knowledge, business success requires a deep understanding of entrepreneurship principles, a well-orchestrated marketing strategy, effective internal management, and strategic accounting planning. These elements, combined with a clear vision and a focus on risk minimization, can set the stage for prosperous and sustainable businesses in today’s dynamic business landscape.
For both emerging and established entrepreneurs, Pinto’s insights offer valuable perspectives on how to navigate the challenges of entrepreneurship with wisdom and strategy. At Millennia Atlantic University, the next generation of business leaders is being equipped not only with knowledge but also with the mindset and tools necessary to transform ideas into successful businesses.
Transcript:
Thank you very much to the International Business Chamber for inviting me. Firstly, I want to talk a little about Millennia Atlantic University. We are a business school and, given the emphasis you place on education in this area, we focus exclusively on business, particularly in its management.
We offer several degrees from the Bachelor’s level, including Human Resources and Business Administration. Recently, we have launched two new degrees focused on entrepreneurship, both at a global level and in a realm we call IDEO, distinct from traditional retail, as it centers on e-commerce. We have had great success with these initiatives.
Furthermore, we offer several master’s degrees; in total, we offer six: a Master in Business Administration with a specialization in Services and Accounting, a Master in International Trade, a Master in Logistics, a Master in Human Resources, and a Master in Global Finance. All this demonstrates that, after several years in the business administration sector, we have trained many students who have achieved notable success in the business world, whether by obtaining employment in large companies or creating their own with excellent results.
This leads me to talk about our graduates, who have founded their companies and have prospered significantly. I teach one of the most important classes, the last course, which focuses on how to start a company and develop a business plan.
It’s important to highlight that an entrepreneur is not simply someone who decides to start a business to see what happens. A true entrepreneur is one who minimizes risks to ensure the success of their company.
How is this achieved? It starts with a good business plan. I always tell my students that a business plan book can be found anywhere, whether by buying a physical book, downloading one from the internet, etc. However, the crucial aspect is how that information is used.
A book, by itself, will ask you a series of basic questions. But the important thing, as I tell my students, is that I guide them; I don’t know the company, so it’s up to them to explain to me what they want to do so that I can appropriately guide them.
In this guidance, I always focus on three key areas of any company, regardless of its size: marketing, management (or administration), and finances. These three areas are crucial, and the entrepreneur must handle them well and understand what they want to do in conjunction with the consumers who will buy their product.
All this must be worked on by the entrepreneur. And, for me, the most important thing, in being a marketing professor, is marketing, since that’s what generates revenue. However, I can have excellent marketing, but if I don’t have good management of my company or adequate accounting, everything can fail.
So, I also need to address company management, which corresponds to the realm of management. Management involves directing the company from an internal viewpoint, using the resources at my disposal to make it effective and productive. After all, the objective of a company is to generate money, something every entrepreneur pursues.
Accounting is also crucial, as it allows for tracking revenue, how it’s distributed, and how resources are managed to verify if productivity is being achieved. Therefore, these three areas are fundamental.
What then does an entrepreneur do? They must manage these three areas effectively. An entrepreneur doesn’t just work in what is commonly understood as work but is almost 24 hours a day aware of everything that happens in their company, especially in these three key areas. Starting with marketing, I’ll talk a little about its importance.
Marketing is crucial because it’s what generates revenue. But what’s important here? First, it’s essential to know your product: what it is, what it’s for, and what benefit it offers to the consumer. Consumers buy because they perceive a benefit, utility, or value in the product.
Therefore, the first step is to identify these aspects. Then, the second step in marketing is to determine who is interested in our product. It’s not about targeting everyone indiscriminately, but about knowing who the buyer is. This involves segmenting the market to identify our target market.
Once we’ve identified our consumers, the next step is to decide how to communicate with them, and how to let them know we have the product they need so they come to buy it. Here is where marketing plays a crucial role, using promotion strategies.
We start by determining how to present the product: what colors and shapes to use, adjusting to the preferences of the identified target market. Then, we consider the pricing strategy, which is also fundamental since the consumer’s perception of the product’s value is influenced by its price.
Another aspect is distribution (place), which refers not only to the physical location of the product but to how to make it reach the consumer in the most effective way. There are various strategies for this, including exclusivity, aiming for consumers to come to us.
Finally, there’s promotion, deciding what means to use to reach our target market. For example, if our target audience is teenagers, using Facebook might not be effective, as this demographic tends to prefer other platforms.
So, we have to identify the promotion. The four parts must convey the same message about the product. If there are discrepancies, such as in price relative to the product’s value, this can create confusion in the consumer, and a confused consumer does not buy. Therefore, it’s crucial to maintain consistency.
The last part of marketing involves knowing how to keep our consumers. This is called Customer Relationship Management (CRM). If you look on your mobile phone, you’ll find countless CRM applications. Deciding which is the most appropriate depends on you and your industry.
Having addressed marketing, which will attract customers and generate revenue, how will we organize the internal part of our company to make everything productive and effective? What tools will we use, how and when will we employ them, will we have internal or external employees, and how will we manage those human resources to maximize their effectiveness?
It’s essential to establish daily procedures within the company. Without a clear plan, we won’t get anywhere. Internal management is, therefore, crucial.
We’ve covered marketing and management; now, let’s move on to accounting. This is fundamental; we need to know what comes in and out of the company. If we’re looking for a loan, what should we present? An accumulation of accounts receivable can indicate problems. It’s also vital to manage inventory properly.
In accounting, it’s important to carry out annual projections. I always advise my students to make a projection for the first year. At the end of this, strategic planning is carried out, comparing what was done with the objectives for years two and three. Personally, I work with my students on projections for up to three years.
This planning is vital for the entrepreneur to understand what they’re doing and how they’re doing it. Another important aspect of accounting, especially in the United States, is taxes. We must pay Uncle Sam.
We should also consider how to structure our company to minimize taxes while ensuring it’s beneficial to operate that way. Whether we’ll have employees or not, and how we’ll legally structure the company, are key decisions. There are several options available.