Running a successful startup requires determination, perseverance, clarity of vision and perhaps a little bit of luck. Most would agree with that statement, and some would argue that there are other important things involved – intelligence, right opportunities, right timing, the right network and connections – besides hard work and a vision to follow. Here, this article will shed some light on things other than the aforementioned qualities and traits that can help you run a successful startup.
An important reason why startup incubators hold seminars and workshops is to broaden the knowledge and skills of its participants. You can usually find industry leaders and experts at these functions and events sharing their wisdom and know-how acquired from years of running successful businesses and organizations with new startup founders who are just getting into the market. At the same time, the startup founders offer new perspectives and ways of doing things to industry veterans, so learning and sharing knowledge is a two-way street. The learning and sharing of new ideas and technology is crucial for the evolution and growth of startups and businesses, as well as for the broader industry or space that they are operating in.
Startup founders and industry leaders who have a genuine passion about their business or vision will learn as much as they can and share what they know across their organization and industry, whether it be the latest trends in blockchain technology, automated AI, new IoT devices, or anything else that will benefit and enrich the company and industry as a whole. Sharing across your startup’s organization can potentially bring about new processes and improvements to how your startup works.
Sharing knowledge doesn’t need to be limited to just your startup or organization; indeed, sharing the latest ideas and developments with others in your field is just as important. Sharing important knowledge and the latest trends will help you forge partnerships and alliances that can help turbocharge your startup to success. Your allies and partners are also more inclined to share what they know with you as well, so it’s a win-win for everyone involved.
Another reason why learning and sharing knowledge is so important is because it lays the foundation for you to become a thought leader in your industry or area of expertise. By gradually building up your reputation as a reliable and trusted thought leader, new avenues and pathways to industry leadership will eventually show themselves. Working your way to becoming a thought and industry leader takes time and effort, and it’s definitely no cakewalk. However, once you attain the trustworthiness that comes with being a thought leader, new opportunities will present themselves that can do much to push your startup to the next level. Additionally, being a thought leader also inspires your team and employees so that they will work to grow the startup and themselves as well.
A challenge that startups may face is the difficulty of hiring local talent that can fulfill its needs. Sometimes it’s hard to find the right person with the specific set of skills that your startup requires locally. Hiring remotely, therefore, is a great choice for startups that don’t have a need for their teams to be physically present together. What’s more, you have just widened your pool of available candidates to encompass the global workforce, affording you the luxury of hiring the best talent the world has to offer. Managing remote teams is also possible due to the massive leaps in cloud and collaborative technologies, like Slack and Basecamp. In fact, almost a quarter of the American workforce now work remotely to some capacity, and there are no signs of this trend slowing down anytime soon. Hiring talent from all over the world also brings diversity and different ways of doing things that may improve the overall performance of your startup.
There is no fixed formula that will 100% guarantee a startup’s success. Still, by learning and sharing knowledge, hiring remotely and becoming a thought leader, the path to success for your startup is made that much more certain.