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What is a Stakeholder? - YouTube
Channel: Communication Coach Alex Lyon
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in this video we'll answer the question
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what is a stakeholder and we'll talk
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about why this concept matters for you
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so let's get into it
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[Music]
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hello there and welcome back I'm Alex
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Lyon and this channel communication
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coach is here for people probably like
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you emerging leaders in some
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professional setting we do videos on
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communication and leadership and lately
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we've been slowly building a library of
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vocabulary or concept terms that you can
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use to think about your leadership and
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how you can take it to the next level
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and today's concept is stakeholder this
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is a really important concept that has
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been around for several decades at least
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and it's become much more common
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recently so we're going to talk about
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what exactly it is and then what you can
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do with it as an emerging leader so we
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take this concept in contrast to the
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term stockholder term stockholder
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briefly defined as any individual who
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has a vested interest in the financial
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success of an organization so briefly
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put a stockholder is an investor that's
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somebody who literally put up money and
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wants a return on their investment from
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that organization so this could be
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someone who bought just simply stock in
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a company or it can be a major owner
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owns all or or most of an organization
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and that's a stockholder so the term
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stakeholder is obviously a play on this
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so stakeholder has a broader definition
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a stakeholder is anyone with an interest
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or concern in the organization's overall
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success that's a little more general and
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it's deliberately general because it's
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going to include many more types of
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people so let's make this a bit more
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concrete I'll give you a list of the
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types of typical stakeholder groups that
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you might expect to be interacting with
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an organization in some way so the first
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group is still the investors you're
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still going to have the people who
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actually own a piece of that money that
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stockholders and the owners the second
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group are what we might call the members
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of an organization this includes the top
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executives like all the top leaders then
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all the managers in the middle and
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certainly the frontline employees those
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are all members of one type or another
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of an organization they depend upon that
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organization for their paycheck outside
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of that you have external members or
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external groups that connect and count
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on the organization as well for example
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you have vendors suppliers and customers
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they're doing in some cases daily
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business with your organization and so
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they matter quite a bit as well then you
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have the community and this could be the
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host community where your organization
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lives so to speak and it can also be the
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larger industry that your organization
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is part of part of the accreditation
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organizations that are above your
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organization they might be a stakeholder
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if you have one of those types of
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agencies above you and certainly the
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media and that media could be local or
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it could be national or even
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international depending upon the
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industry that you are in and one level
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beyond that is the government and this
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can be local state and national so those
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are a list of partial list really of the
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types of stakeholders that we are
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talking about now I want to give you a
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definition of stakeholder theory
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provided by our Edward Freeman Edwin
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Freeman he has a video on this on
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YouTube and I'll put the link to that in
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the description below the video I
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encourage you to look at that he's a 50
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minute video all about stakeholder
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theory he's a lot of thinking and a lot
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of writing and talking about this so he
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really is an expert but here is my
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paraphrase of stakeholder theory based
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upon Freeman's stakeholder theory
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explains that to be successful an
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organization has to provide value to all
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stakeholders all of the relevant
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individuals and groups who help
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determine the success or failure of an
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organization that's really my paraphrase
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of Freeman's definition I encourage you
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to look at the original video as soon as
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you get the chance
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so having defined this and talked a
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little bit about what it is let's talk
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about why it should matter to you as an
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emerging leader and I'd like to talk
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about three ways that you can apply
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stakeholder concept in the stakeholder
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theory to your job so the first reason
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is
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that you have to think beyond just the
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financial investors you have to reframe
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the way you think about leading a lot of
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my friends and associates when you ask
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them what their real job is bottom line
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they will often talk about money they'll
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say my job is to make my boss money and
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it sounds kind of edgy and it sounds
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kind of like wow you really know what
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you're doing but it's a very narrow and
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even superficial way to think about the
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role that the organization is playing in
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the larger community so when you adopt
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stakeholder theory you start to think
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about all of the other potential
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stakeholders that you could be working
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with exchanging value with and really
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thinking about your organization much
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more as a system instead of just a
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bottom line organization that's focused
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purely on efficiency you have lots of
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different interest groups that you could
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be working with to make the organization
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successful and by the way if you neglect
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these stakeholders it can really cost
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your organization severely so if you
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take too much of a bottom line approach
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for example you might have some friction
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with a supplier or a vendor who is not
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cooperating with you the way in a way
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that's completely favorable to you like
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years ago I worked in the restaurant
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business when I was in college part time
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and I worked for a huge restaurant bar
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and they could not get along with one of
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their major suppliers which happen to be
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anheuser-busch so as a result they
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stopped paying the bill to
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anheuser-busch and then we could not get
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Budweiser on the bar or in the
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restaurants anymore now let's say you're
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a server you try to explain to your
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customers why you don't have Budweiser
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to sell them and it was this kind of
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restaurant where you really would expect
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that so they had this difficult
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relationship with a major stakeholder
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like if you're in the restaurant bar
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business and you can't get along with
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anheuser-busch then you've got a serious
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problem
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they were very bottom line managers and
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they were good at what they did in a way
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but they had a very limited view of
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their role as a leader they needed to
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think more about stakeholders not just
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about stockholders and the bottom line
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the second way we can apply this is that
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you as a leader have to play a bigger
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game in other words you can't just think
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about the pyramid in the hierarchy and
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who's above you and who is right below
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you you have to start thinking about
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stakeholders and learning how to do
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things like collaborate build positive
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relationships with them and have a
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positive influence on your stakeholder
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relationships because you can't simply
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tell them what to do it's there's a back
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and forth a mutual exchange of value and
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that requires higher level leadership
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skills not just managerial skills and
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the third way that you can put this into
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practice is really step one is to do a
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stakeholder analysis that's a great
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place to begin looking at who your
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stakeholders are so you literally just
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get out a pencil and paper and start
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making a list of all the potential
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stakeholders that interact with your
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organization on a regular basis and then
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you start to figure out what do they
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need from you as an organization from
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you as a leader and how can you begin to
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exchange that value in a mutually
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beneficial way the other part of this is
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when you're doing a stakeholder analysis
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you very quickly realize that there are
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primary stakeholders and secondary
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stakeholders a primary stakeholder are
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typically the people that count on the
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organization financially for a paycheck
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but it could include other groups and
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those are the kinds of stakeholders that
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have to be involved in discussions from
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beginning to end if you're going to make
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a big decision or launch a big project
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your primary stakeholders have to be in
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the loop the entire time otherwise you
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can get really good jammed up if you
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move too far ahead without getting
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people involved because they can put a
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halt to an important project later if
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they didn't understand it from the
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beginning and then you'll have your
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secondary stakeholders the secondary
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stakeholders certainly need to be
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involved but you might involve them when
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it makes the most sense for that
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particular project now I can't really
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give you a concrete list of primary and
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secondary stakeholders for your
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organization because it's going to be
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different every time if you work for the
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FBI for example you're going to have an
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entirely different list of prime
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secondary stakeholders than a few work
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for the Boston Celtics the basketball
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team it's a different industry different
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players a whole different set of
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priorities nevertheless these are really
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important concepts in ways that you can
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put stakeholders and stakeholder theory
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into practice and so question of the day
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for you what value do you see and
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thinking about stakeholders over
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stockholders how does this open up your
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thinking I would like to hear your
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response to that question and the
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comments section below this video and I
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look forward to reading that comment I
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read it almost every single comment and
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respond to almost every single one so I
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look forward to that so thanks god bless
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and I will see you in the next video
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hey there before we go I wanted to offer
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you a free resource it's my PDF download
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that I've created for you it's a quick
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guide to essential professional
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communication skills so you can check on
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that in the link below this video in the
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description and I'll pin it in the first
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comment in that comment section and then
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you put in your email and I email that
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to you
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so thanks god bless take care
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