On the one hand I see a very good number of start-up companies in social media communities sharing immune enthusiasm and great ideas. On the other hand I see again a great number of Techies and Business Development experts with an “Entrepreneur Tag” across communities. But the question now is how many of them are really successful? And how many of them are still able to live with the “Entrepreneur Tag”?
Now there are lots of questions to address
1) Considering the increasing number of start-ups and new companies in this Global crisis and with strict labor polices across the globe, are we still managing to get enough business?
2) If not globally then, has any country got huge potential to meet demands of new start-ups and Entrepreneurs?
3) If the above two are the barriers then how about competing with the market leaders who keep increasing the market share day by day and empowering the leadership?
4) And finally, how to secure the ideas because no idea is a fresh idea tomorrow, they are immediately manipulated and duplicated
After all these if any of the startup or an entrepreneur survived, the only question to them is for how long?
One positive thing about the startups and people with Entrepreneur tags are that they are confident about their skills and very positive about the market. Through this blog I have tried my best to improve their pulse.
For any startup to become successful the following skills are very important
1) Expertise in business
2) Sense of Ownership
3) Invention and innovation of process in business
This should be the heart of any business; if you closely watch any employee’s Dream Company they will have the above three as the heart of their business. I meant Dream Company because not every successful company becomes the employees Dream Company.
Expertise in Business:
What I often observe with the average startups and Entrepreneurs is that they are specialists and not experts. To make this point clear, a product specialist can easily develop the product in no time and he can address any question around the product, where an expert is also a specialist, who can clearly define the road map for the product, identify which industry the product caters to, what the right target group is, the market pain points and clear insight on Go To market plan.
This doesn’t mean specialists are not capable of survival, they are capable but they cannot be as successful as experts.
How to become an expert:
Cross-learning is the only option here; a technically sound specialist does not have enough knowledge about business development. Sound Business Development people do not have sound technical knowledge. You cannot identify a person with both personalities, if you found one, being a startup you cannot afford one either as they may be already a successful entrepreneur or they may be holding a great position in a great organization. “As the whole world knows great employees make a great organization”
The only option left out for a specialist to become an expert is to learn the opposite skills but once you announce yourself as company, learning by mistakes is not an easily affordable task considering the huge payouts in the current market trend.
Do not mind spending for the right resource where cross learning becomes critical:
“Hire opposite skills like BD for technical and vice versa, attack as a team but do not forget cross-learning”
Sense of Ownership:
This one word decides any organization’s victory and failure. Even one resource’s failure to have this attitude is a huge loss to any organization. The core responsibility of any management team is to develop the “Sense of Ownership” to the rest of the employees. “Love your job not your company”, love to your job will not come unless there is a feel of ownership. Fine, now who creates this? Is this self-driven or company-driven? Being an owner of any organization, if you start arguing, the argument will never end. So accept it is always management driven, to accept this is a starting point for a failure
How do I create Sense of Ownership in everybody?
1) Hire a specialist and make him an expert
2) The moment he becomes an expert he will feel proud to be in the organization
3) The moment he feels proud he will start to deliver a great job
4) Any great job is a great product
5) Any great product is a great customer satisfaction
6) Customer satisfaction is always a Success story, and the story continues…………..
Invention and innovation of process in business
These two words are the most powerful words for any organization. The only way to survive crisis is to preach the above two word mantra because you have to remember as a start up you are not the pioneer in the industry. If you are not different from your competitor, you are not a competitor. And this is why there is a huge difference between the great companies and small companies. If there is no room for invention, then innovate. If there is no room for innovate the product, then innovate the process of business and thinking. Always remember the birth ISO’/CMMI/Six Sigma is an example of innovation of thinking.
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