Written by Emma Jane | July 28, 2021
Stakeholders, which can be an individual, a group of people, or an organization. A stakeholder is one of the most commonly used terms. However, not everyone fully understands the meaning of this concept. So what is a stakeholder? Why does Stakeholder determine the success of a project? Follow our article content below to equip you with more useful information.
In simple terms, a Stakeholder can be an individual, a group of people, or an organization that is interested in the operation and success of a project.
Stakeholders can include the following groups of people: suppliers, members, internal employees, customers, external investors, or regulators...
Determining the right Stakeholder is one of the factors that determine the success of the project. If the stakeholder is not sure, your project is unlikely to succeed. So, right from the start be wise when choosing the Stakeholders to join your project.
For example, if you are working on a coupon strategy project, you need to identify who your suppliers or brands are? Who are your potential customers, investors in this project coupons, as well as employees and project internals, etc? That is to identify Stakeholders. Let's go through some knowledge related to Stakeholders so that you as well as your project can get the most reasonable strategies, and create good results in business.
The role of the Stakeholder in each project is different because it depends on the title and responsibilities of each party when participating in the project. Stakeholder active participation is crucial to the success of every project. Without the cooperation of Stakeholders, it is very difficult for the project to operate sustainably and develop.
In a project, there will be decision-makers, direct managers, financial investors... In any phase of the project, if there is cooperation, investment Stakeholder investment will help reduce risk, time as well as money, while the return is also more feasible. That's why in Business People Call Stakeholder “The Holder of the Pillars”?
How many types of Stakeholders are there?
Depending on the nature and characteristics of each project, there will be different Stakeholders. There are many different types of Stakeholders, but to classify Stakeholders, there will be 2 main types:
Key Stakeholders: These are the people who directly influence the success or failure of a project. It can be shareholders, investors for the project, customers, suppliers, employees working for the project...
Secondary Stakeholders: These are individuals and organizations outside the project and indirectly affected by the activities of a project. It can be the Government, associations, communities, important organizations (Pressure Group)...
To ensure the success of a project, it is necessary to clearly define the Stakeholder at the very beginning of the project, the earlier it is determined, the higher the efficiency will be. Moreover, the Stakeholder’ suggestions in the process of developing the project's operational strategy will help your project be more effective. Especially when working as soon as possible, Stakeholder support will be higher.
As shared above, the Stakeholders have a very important role, deciding the success or failure of a project. Stakeholders of the project are the indispensable people throughout the operation of the project. Information needs, inputs, outputs, and Stakeholder decisions will directly affect the project.
Having a strong stakeholder team means that you will have a strong resource, even those who are in a position to stay committed to the project, fight to get your project to work properly, and achieve the desired effect.
Especially the capital to maintain the project is also in the Stakeholder, this is the nurturing resource for the project and the lever for your success. Please note that your project will be very difficult to succeed if you do it alone. There will be many difficulties and challenges that may occur during project implementation that you alone will not be able to handle. Therefore, consider before implementing a project, if possible, call for cooperation from Stakeholders to realize your project.
Especially with some projects that spend a lot of money related to big and terrible sales such as Black Friday Sale, or Happy New Year Sale, Stakeholders play an important role in making strategies as well as reasonable business policies, as well as provide solutions to market problems. This is considered as the key point to determine the success of any program or project. Knowing this, your business as well as your project will have the ability to succeed as well as expand and develop better.
In short, Stakeholders are those who are involved and have great influence and importance. Hope the information shared can help you define why a Stakeholder is. Why in Business People Call Stakeholder “The Holder of the Pillars”?
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