SHRI RAM COLLEGE OF COMMERCE

GLOBAL BUSINESS OPERATIONS

NAME: SHIROHI GOVIL

COURSE: PGDM GBO BATCH OF 2017
COLLEGE: SHRI RAM COLLEGE OF
COMMERCE
EMAIL ID: shirohigovil18@gmail.com
LinkedIn:
https://in.linkedin.com/in/shirohigovil

CONSULTING IN THE AGE OF ENTREPRENEURSHIP

Both the domains of consulting and entrepreneurship require enterprising

individuals - the degree is contingent on the ownership aspect. Whereas
entrepreneurs are focused on the micro-level activities, attuned to real-world
contingencies with an eye on the bottom line; the consultants are the analysts of
macro-level scenario.
Lets look at how entrepreneurship and consulting go hand-in-hand:
A.ENTREPRENEURIAL THINKER FOR CONSULTING:
Key entrepreneurial traits of professionals in a management consulting, IT
Consulting, Investment or Accounting consulting firm include the following: Problem
solving, Team and Project Management, Learning aptitude with adaptability in
ambiguity, Solution centric and Relationship Builder.
Firms may require consultants with specialized knowledge in analysis of
profitability/growth potential, competitor landscaping, market and consumer
segmentation; as also they may require expertise in certain sectors like
pharmaceuticals, power, energy, chemicals etc. and certain areas like process
automation, ecommerce, brand management and value proposition.

B.CONSULTANT turned ENTREPRENEUR:

After working with various top notch consulting firms, professionals start their own
consulting practice. It could be in the industry or sector where they have
demonstrated unrivalled expertise established over a period of time and where they
can put their next couple of years with an infectious enthusiasm ready to battle the
grind of entrepreneurship. The challenges faced by such a consultant-managerentrepreneur include business development, talent acquisition, and knowledge
management all this while competing with the established players for the clients
and projects.

C. SIDE HUSTLE: Since consulting is knowledge intensive, a discernible trend

which comes to the fore is that professionals have started working for more than
one management consulting organization; one of which may involve moonlighting
for a small business or startup in the boutique consulting space which enables them
to leverage their consulting expertise and guide the business onto the path of
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growth and process -oriented transformation. While juggling work in two

organizations is a task, it could prove to be an enriching experience with the correct
mix of people, projects and processes.
Impact: It leads to optimum utilization of the experience in the consulting world for
charting out roadmap for a small business in the consulting space. It also goes on to
provide flexibility to the consultant in terms of ratcheting up their resources and
resourcefulness customized to their career growth and proclivity.
For entrepreneurial consulting, some of the key developments include:
1. Digital Transformation and Technological Disruption:
The solution to most business strategy initiatives hinges on a digital element.
Digital is viewed as an integrative force and not as a separate entity.
Case: Deloitte
Deloittes foray into their launch of the Deloitte Digital offering and their use
of Uberminds mobile technology are examples of embracing technology in
order to provide continuously innovative solutions to clients. These
technologies are additive and complement the skills of the consulting firms
professionals.

2. Provision of Consulting to SMEs:

Smaller consultancies tend to specialize in niche sectors. Large consultancies
tend to go for plum projects. The result is a polarization of large global and
small niche players, leaving a lack of service to the SMEs that are not
attractive clients to both of these groups. This under-serviced middle
segment creates three options:
a) Large consultancies could develop effective ways to operate in this sector;
b) Small firms could network to fulfill the complex needs of SME-clients forming
ad hoc virtual medium-sized consultancy on a project basis;
c) There could be a renaissance of the real medium-sized consultancies.
3. Sustainability as a strategy or Green Consulting:
The business of impact consulting is booming. And EY, one of the Big Four
professional services firms, wants a slice of the pie. Its climate change and
sustainability team is trying to align sustainability with core business
priorities. This is a growing issue for chief executives, according to a survey of
Fortune 500 firms by Deloitte. With the UNs Millennium Development Goals
and the COP21 climate talks in Paris, there has never been a better time for
businesses to take a look at sustainability. As a result, firms like EY need
talent to advice companies on things like CSR, carbon pricing or impact
investing.

Case: Accenture
Accenture Strategy, a vast wing of the $70 billion professional services
company Accenture, is in the vanguard of responsible business. The firm
helps organizations, such as Unilever and most of the Fortune 500, pivot their
strategies to drive profit while delivering a positive economic, environmental
and social impact.
Such triple-bottom-line thinking is what gets the consultants juices flowing.
The sticking point is the circular economy a way of doing business that
tries to decouple economic growth from the overuse of resources. This
approach is one of the most disruptive forces as also a $4 trillion-plus market
opportunity.

4. Data as a driver and an enabler:

Data is almost the currency of the future. That makes for a huge growth area
across all industries and markets. Its that data that is helping us shape and
develop digital strategies. Data helps to establish a digital strategy, so data is
driving digital.

5. Knowledge Management:
a) The traditional, procedural knowledge strategy is Codification which has
off-the-shelf type solutions. These are easier to communicate
extensively because the message is established, repetitive and already
refined. This can be done by less experienced staff, utilizing chiefly IT
resources. Example: Accenture
b) The more stylized consultancies, for example McKinsey - offer more
bespoke solutions and require experienced staff in more personalized
forums to communicate their features and potential. This knowledge
strategy is known as personalization and enables higher fees from smaller
teams with lower leverage ratios.

References:
http://www.business2community.com/business-innovation/top-5-businesschallenges-management-consulting-firms-01165944#FvXyC7zESSce5Pmq.97
http://www.themanager.org/Resources/Consulting%20Industry%20II.htm
http://www.infodesk.com/consulting-industry/key-trends-in-2016-for-the-consultingindustry
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http://blog.summation.net/2011/02/entrepreneur.html
https://www.entrepreneur.com/topic/consulting
http://www.businessbecause.com/news/mba-careers/3814/inside-view-eysustainability-consulting
http://consulting-ideas.com/learn/knowledge-management-consultancies