Article Written by Sandy Carter, CEO-Founder of Silicon-Blitz
From working with over 10K start-ups in over 87 countries, here are 5 things that the best startups can teach all of us about business success.
1. Obsess Over Your Client Feedback Loop.
Yes, everyone says this but the top startups really do it. In large corporations, senior executives spend less than 17% with clients due to all the other responsibilities they have. Without really understanding your client, you cannot innovate. And guess what? Many startups, after their Series A funding is closed, start to behave more like the behemoths than the agile, lean startup machine that made them who they are! The best founders obsess over the client and their needs and they don’t have it filtered by others in the organization. They dream about the gaps that exist and how to add more value. If your organization is not coming up with new innovation that is meeting the client’s need, examine your feedback loops to determine if you are really meeting a need.
2. Build An Ecosystem.
The world is driven by networks today. Building an ecosystem around your solutions is essential. That’s what Uber did with its drivers, and Tesla did by open sourcing for the electric car industry. The best of the best partner and share. They don’t try to go it alone. Julie Myer, CEO of Adriane Capital said that the next round of entrepreneur success will go to those who can figure out Ecosystem Economics. Are you building an ecosystem? If not, why not?
3. Hire the Scaling Team.
The best founders assume success and hire a team that can support that success. The people edge is the winning play. But it is not just hiring talent but talent that can scale. Most of the successful startups go for depth of skill. Instead of hiring generalists, they head straight to talent that has done something similar before, and target them to grow and scale the business. Just check out the job openings for your favorite growth company. Are you hiring for today or for tomorrow’s growth?
4. Balance Blind Faith with False Hope.
At a recent conference, I heard the analogy of successful startups and the Foo Fighters song - Congregation. The lyrics cry out …”balance blind faith with false hope.” The best startups have a balance between blind faith – pushing forward because they see a different world, and false hope, which is being able to accept and change based on valid client feedback. This skill is required for the best of the best. Do you have it? The ability to balance between the two?
5. The Pivot.
Yes, I said it and love this term. Most startups begin with one thought and then change – known as the pivot in the startup world! Their business model doesn’t work as planned and so new growth models must be explored. LinkedIn is completely different than the original vision. Paypal pivoted many times. This fact is why angels and venture capitalists say that they bet on the founder more than the idea. Are you able to change quickly and to motivate the team to transform? Can you re-imagine your assets and talents? You must learn the art of the pivot to be a success.
Being an entrepreneur is a courageous journey. I love helping startups step back and explore these 5 elements as they move along their success. Let me know about your startup lessons and how I can help!
Author Bio: Sandy Carter is the founder and CEO of Silicon-Blitz, focused on helping companies with innovation through digital ecosystems, technologies like AI and IoT, and cognitive diversity. One of the leading pioneers in the digital business revolution, Sandy Carter was a driving force of Innovation at IBM for the last decade. She is now CEO and Founder of Silicon-Blitz, helping companies, startups, and individuals alike master innovation. Sandy Carter is an international speaker who has presented in 80+ countries and author of 3 best-selling books, including “The New Language of Business,” “The New Language of Marketing” and “Get Bold” which was translated into 9 languages.
Consistently recognized by her peers as one of the most influential and powerful women in technology, Forbes named her one of their 2016 Digital Influencers, Onalytica’s Top 100 Influencer both for Cloud and IoT and a Top Channel Chief by CRN Magazine. Follow her on Twitter @Sandy_Carter.
I hope you enjoyed this great article about important business lessons that you can learn from the best startups across the globe.
Interested in more articles about successful startups?
Read My Posts:
- 5 Crucial Characteristics For Startup Success
- 5 Steps To Start Your Entrepreneur Journey
Edited & Published by Michael J Schiemer
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