A lot of entrepreneurs are emerging with visionary ideas and products that have the ability to change the world. If you are someone who is starting fresh and looking to build a company that can last the test of time, then here are some lessons that we can learn from companies that are considered visionary. Here are six things you need to do if you want to build a company that has lasting success.
Having the right people first
It is often said that you are only as good as the people you surround yourself with. This is especially true for work places and start-ups. There is a close link between success and the ability to build an effective team. “First who, then what”
“Great things in business are never done by one person. They are done by a team of people” – Steve Jobs
When you work with a mediocre set of people, that’s the output you get. The right people are self-motivated from the start so you don’t need to waste your energy trying to motivate the wrong people.
Choose a Successor
“Hire great people and give them freedom to be awesome” – Andrew Mason. Founder. Groupon
Identifying someone who can gradually take over your current role is actually a smart thing to do as it allows you to move on to other important aspects of the business. This is a different approach than incorporates where you don’t want to hire someone better than you because you fear they will outperform you.
Always be curious
“We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths” – Walt Disney
Life is all about asking the right questions. Even though we start off with a seemingly good idea, if we don’t keep reinventing ourselves, there is a high possibility of becoming redundant. (A great example is Nokia). So we need to maintain our curiosity to keep learning and improving.When you meet new people don’t try to be interesting, be interested in what they have to say and ask the right questions.
Have strong value system
“Corporate culture is the only sustainable competitive advantage that is completely within the control of the entrepreneur” – David Cummings. Co-founder. Pardot
What separates a company that lasts vs those who didn’t is their core set of values the company is built on. What are the ideals of the founding members, what’s the vision and mission of the company? As a founder, it is your job to instil a great culture and values into your company.
Be Bold and disciplined
“Assume the best but hire paranoid people” – Evan Williams. Co-founder.Twitter
The need to have self-discipline can’t be stressed enough. When you cut corners in order to get things done, you are only setting yourself up for future disasters. As an entrepreneur, risk taking is part of the job, but the risk is always backed up by preparation. In an increasingly competitive environment, always do the right preparations, cross check systems we are dealing with an unforgiving environment. It’s important to have a checklist in place when tackling even the smallest aspect of your business.
Deliver no matter what
“We have a culture where we are extremely self-critical, we don’t get comfortable with our success” – Mark Parker. CEO. Nike
In the age of social media we are able to get instant feedback from our customers. It takes a lot to build a positive image and only one mistake can destroy that. So it’s important for new companies to treat every client as their only client. That’s the kind of attention they must receive in order to be wowed. A company that always deliver wins the trust of its consumers. So when you make a commitment, make sure you honour it. Otherwise just say NO. Having a reputation for over committing and under delivering is a mistake.
Conclusion: Building a company that lasts is perhaps a goal most entrepreneurs fail to set for themselves. Striving for this from the very start will gives you an upper hand. Start by studying the stories of companies that have managed to break through the clutter and learn from them.
My Reading Recommendation – “Built to Last – Successful habits of Visionary companies” by Jim Collins and Jerry Porras . This book gives an insight and practical guidance into what it takes to build an organisation that lasts the test of time.
Exciting news -In an effort to provide more such insights, I am starting a Video Blog Series “”Summit of Women who Walked their Dreams” where I will be interviewing women entrepreneurs who have made their dreams a reality. There is so much to learn from those who have walked before us. Stay tuned to this space for more. You can subscribe to my You Tube Channel to watch more Motivational videos and content.
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