Monday, October 20, 2025
30.4 C
Lagos

Still on Entrepreneurship!

In the past three editions, l dwelt on the topic of entrepreneurship because readers kept asking for more. In this edition however, l consider it pertinent to showcase real-life successful entrepreneurial CASE STUDY-away from all the grammar! A case of practical example-indeed.

Konosuke Matsushita: The $73 Billion Story!
In 1917 in Japan, a 23-year-old apprentice (Konosuke Matsushita) worked at the Osoka Electric Light Company without any form of formal education.

He came up with an improved light socket system but his boss dismissed the device as amateurish. Undaunted, young Matsushita stuck to his guns, and began making samples at the basement of his home. Later, he expanded his invention streak to battery-powered bicycle lamps and other similar electronic devices.

What eventually came out of his curiosity and untiring effort was Matsushita Electric Company, which later changed its corporate identity to Panasonic in 2008. Today, Panasonic generated revenue of over $73.46 billion as at March 31, 2015.

Humble Beginnings
Konosuke Matsushita was born into a well-off landowning family in 1894. A decline in the family’s fortunes during his childhood meant that Matsushita’s education was cut short. At age 9 he became a brazier’s apprentice, then a year later a bicycle shop apprentice.

He stayed five years at the bicycle shop, picking up basic metalworking skills. At age 16, he went to work in the Osaka Electric Light Company. Inventor and Entrepreneur Konosuke Matsushita began the Panasonic’s journey by inventing a two-socket light fixture. This very important, yet elegantly simple, breakthrough led to what is now one of the world’s largest electronics companies.

Since its founding in 1918, Panasonic Corporation grew to become the largest Japanese electronics producer. One of the traits that followed Matsushita throughout his career was a willingness to take risks.

When Konosuke Matsushita began working for himself, in 1918, at the age of 23, he had almost nothing: no money, no real formal education, no connections. Yet, his small firm Matsushita Electric Appliance Factory flourished under the guiding hand of a clever, wise, and inspired entrepreneur.

In the late 1980s, Matsushita’s revenues hit a whopping $42 billion. With nearly 20,000 employees, Matsushita grew such household brand names as National, Panasonic and Technics.

Matsushita’s success has made him Japan’s biggest yen billionaire. He has also made himself the most widely admired businessman in Japan. Matsushita Basic Business Philosophy The Matsushita Basic Business Philosophy consists of three elements.

1. Basic Management Objective – expresses the corporate goals of the company: “ Recognising our responsibilities as industrialist, we will devote ourselves to the progress and development of society and the well being of people through our business activities, thereby enhancing the quality of life throughout the world.”

2. Company Creed– expresses the basic attitude of employees to their daily work: “ Progress and development can only be realized
through the combined efforts and cooperation of each employee of our company. United in spirit, we pledge to perform our corporate
duties with dedication, diligence and integrity.”

3. The Seven Principles – set the standard for the employees’ proper mental attitude for their daily work: Contribution to society; Fairness and Honesty; Cooperation and Team Spirit; Untiring Effort for Improvement; Courtesy and Humility; Adaptability; Gratitude.

Paternal Management Philosophy
Matsushita believed that a company should create wealth for society as well as for shareholders, and should always work to alleviate poverty. His business philosophy led to the Japanese “paternal management” tradition, whereby employees are viewed as being part of a “family” within the company, and are assured of lifetime employment, without fear of layoffs.

Devising a New Management System In 1933, Matsushita devised a new management system, dividing the company into three autonomous business units: radios, lighting & batteries, and synthetic resins/electro-thermal products.

Enriching the Society
To Matsushita, his mission of manufacture was to overcome poverty, to relieve society as a whole from misery, and bring in wealth.

Business and production, to Matsushita, were not meant to enrich only the business owners, investors, employees or shops, but all the rest of the society as well. Matsushita never talked narrowly about maximizing shareholder value as the proper goal of an enterprise.

Although he did speak often about generating wealth, he emphasized the psychological and spiritual aspects of being – for the good of all people. “Big idealistic / humanistic goals and beliefs are not incompatible with success in business.

They may even foster achievement, at least in a rapidly changing context, by supporting those habits, which encourage growth,” Matsushita said.

7 Core Principles of Panasonic Management Philosophy
Panasonic’s standards are still firmly grounded in the philosophy of the company founder. The Seven Core Principles of Panasonic were established by Konosuke Matsushita back in the 1930s.

These principles, which are also called the seven objectives, comprise the foundation of Panasonic’s management management philosophy. Matsushita’s powerful ideas are about the roots of life-long learning.

One can, he often told people, learn from any experience, and at any age. With ideals that are big and humanistic, Matsushita emphasized, one could conquer success and failure, learn from both, and continue to grow.

“In a changing environment, lifelong learning maybe more related to great success or unusual achievements than IQ, parental socio-economic status, charisma, and formal education… Life-long learning is closely associated with humility, an open mind, a willingness to take risks, a capacity to listen, and honest self-reflection,” Matsushita said.

One piece of advice Konosuke Matsushita gave to his employees in the early days of the company was: You may be a well-educated, clever and virtuous person, but those qualities will not necessarily make you a successful businessman. In addition, you must acquire the knack for business.

This is to be done “by giving your best to each and every task you take on, and by reflecting on your performance with an honest and unprejudiced eye. If you do this constantly, day after day, eventually you will be able to do your job unerringly.”

In other words, you acquire the secret to business success gradually by applying yourself with conscious effort from day to day.

Courtesy: www.1000ventures.com

spot_img
spot_img
spot_img

Hot this week

When Transparency Becomes Luxury: INEC and ₦1.5bn FOI Controversy

By Chike Walter Duru When the Independent National Electoral Commission...

Unity Bank Corpreneurship Challenge Beneficiaries Hit 578 as 30 More Winners Emerge

  No fewer than 578 young entrepreneurs across Nigeria have...

Polaris Bank Reinforces Commitment to Exceptional Customer Experience at Global Trade Forum in Ibadan

Chris Ofikulu, Executive Director, Retail & Commercial Banking, Polaris...

Fidelity Bank Bags Awards for Best Export, Trade Support and Innovation

  Fidelity Bank’s market leadership has been affirmed once again...

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Topics

Engr Jimi Onanuga Honoured at 93rd Anniversary of ICOBA

Engineer Jimi Onanuga (left) received Prestigious Service to ICOBA...

Virtual Africa Investors Conference to Provide Platform for Corporates, Investors

Gert Vogel Chief Executive, International Standard Bank Group  In line with current...

Business Journal Weekly Online Newspaper to go LIVE August 7

The Business Journal weekly online newspaper will commence publication...

Is It Wise to Build Your First House in The Village?

Everyone wishes to live in their ideal home. Even...

Stanbic IBTC Revamps Private Banking with Rewards via Save and Enjoy Promo

Stanbic IBTC Bank has transformed its Affluent Banking segment,...

PenCom: Pension Assets Now N18tn as Retirees Reap N3tn Benefits Since 2004

The National Pension Commission (PenCom) says pension assets under...
spot_img

Related Articles

Popular Categories

spot_imgspot_img