The very first thing that strikes our mind when talking about grounding off startup is passion. Passion definitely drives you throughout your long long journey but passion alone is not enough to guarantee the success of your business; it determines how motivated and resilient you’re going to be. Use passion as a multiplier for success. Along with passion, it requires you to have some area of expertise which you can term as talent. Another big thing that comes into the picture is market need. ‘Make sure you have an addressable market’ may look like a no-brainer recommendation, but over a third of startups fail because there is no market need. As a minimum starting point, when developing your Minimum Viable Product (MVP) you should have identified what the market needs and the problem that needs solving. This, in turn, will help you gather data to answer questions such as:
- Is the product/service you are building useful to potential customers? (How) would they benefit from it?
- Do they have a budget for it?
- How big is the market you are addressing right now? How big could it become in the future?
An idea without the mix of talent, passion, and the addressable market is not going to work anyhow. There are many other factors at play like adequate funding, a solid business plan, old-fashioned hard work, and a bit of luck. Yet, the following aspects will help to create a solid foundation from which to launch and grow almost any business.
Let me organize the idea for you in 6 simple aspects of the holistic approach. And here is why each one is so crucial to getting your business off the ground.
The idea should provide innovative solutions to real-life problems and challenges. It can be something new or a change made to an existing product, idea, or field.
Innovation Helps Organizations Differentiate Themselves. You can innovate in your product, process, or marketplace.
In terms of businesses, scalable refers to a system that is able to grow as well as it is the capability to cope and perform well under an increased workload or market demands.
Scalability is essential in that it contributes to competitiveness, efficiency, reputation, and quality. Small businesses must be particularly mindful of scalability because they have the biggest growth potential and need to maximize the return with resources. Although numerous areas in a company are scalable, some are definitely not.
For example, some tech companies have a fantastic ability to scale quickly, making them high growth opportunities. The reasoning behind this is a lack of physical inventory and a software-as-a-service (SaaS) model of producing goods and services. Companies with low operating overhead and little to no burden of warehousing and inventory don’t need a lot of resources or infrastructure to grow rapidly.
A scalable company has effective tools for measurement, so the entire business can be assessed and managed at each level. This management leads to efficient operations to grow without being hampered by its structure or available resources when faced with increased production.
3. Inclusiveness and diversity:
Challenging underlying assumptions and transforming work culture. Diversity and inclusion is a company’s mission, strategies, and practices to support a diverse workplace and leverage the effects of diversity to achieve a competitive business advantage. Companies that create diverse and inclusive work environments are more adaptable, creative, and become magnets that attract top talent.
Companies that embrace diversity and inclusion in all aspects of their business statistically outperform their peers.
– Josh Bersin
The interesting thing to note is that employees perceive their company as diverse and inclusive based on practices that aren’t even directly related to diversity such as a focus on innovation and creativity.
Instead, these best practices are ones that are desired by everyone in the workplace.
4. Economic impact:
Delivering measurable developmental gains. Startups may be small companies but they can play a significant role in economic growth. They create more jobs which mean more employment, and more employment means an improved economy. They improved employment patterns providing job opportunities to both experienced and young professionals. In a 2017 report by the Progressive Policy Institute, the private sector job growth is significantly higher where the startup activity is high. In contrast, regions with few startup activities experience less than half the job growth.
5. Environmental impact:
Responsible businesses that have pervasive sustainability practices are subjected to be rewarded in the long term. Sustainable practices not only help to conserve the environment it also helps sustainable entrepreneurs cut their costs and improves the quality of the workplace for employees.
6. Social impact:
The most important aspect of any business is giving back to society, solving key community issues, and encouraging a paradigm shift.
To start off with, a socially responsible company will attract socially aware and responsible employees. When employees feel as if they’re contributing towards something that they’re passionate about helping, there will be an increased motivation to be productive and contribute to the company’s success. In fact, 60% of employees say that a company’s sense of social purpose is the reason they chose to work for them, revealing that the success of a company is largely synonymous with its ability to be philanthropic.
Another solid benefit that giving back to the community brings is the ability to build a connection with customers. Socially responsible companies pride themselves on their philanthropy, and consumers often take note of that; when a consumer does something to support the company, it feels like they are also contributing to whatever cause the company is supporting and making them feel like they are also doing their part. Statistically speaking, about “84% of consumers would switch to a brand affiliate with a good cause,” and more significantly, “95% think that it’s a good idea for companies to support [social] causes.” Ultimately, this only emphasizes how important giving back to the community is, for both ethical and economical reasons.
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