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A search for “formula for business success” on Amazon returns nearly a thousand results, mostly consisting of self-help books. While I don’t claim to have discovered the elusive formula, I believe that certain characteristics can contribute to success, which I identified after analyzing the top companies currently operating in the market.
I am the founder of a deep tech company that seeks to push the boundaries of what is possible in computing. For me, following these principles is crucial to achieving this ambitious goal. Nevertheless, I am sure that these principles are not limited to a specific area or industry and can be applied to any company that is willing to prioritize them and use them as tools for development.
Related: 5 Key Leadership Principles to Drive Growth
elegance
Elegance goes beyond mere aesthetics; It is the embodiment of beauty in all facets of a company. What does beauty consist of? Honestly, everything. If the founder wants to ensure the elegance of his product, he should pay attention to the structure that should be observed in every process of interaction with his company. These can range from the way your employees present themselves at networking events or in-store to the speed at which your support team assists customers. This not only gives your brand consistency, but also makes it more attractive, because after all, humans are aesthetic creatures.
When you think of elegant products or packaging, one of the brand names Apple probably comes to mind. From the logo to the store decoration, elegance is evident in every aspect of the brand’s efforts. In your company, the aspects of elegance are certainly different than in theirs, but their role is the same.
Focus on goals and values
For technology companies, especially those developing new technologies, it is particularly important to focus on the bottom line as it allows them to keep their promises to themselves and their customers. Most importantly, they can only focus on the aspects that are truly important and relevant to their end goal. Achieving this requires detailed planning, choosing the optimal path from thousands of possible options. Additionally, thousands of hours of research, hypothesis testing, etc. should be required before action is taken, but everything must contribute to the company’s goals.
According to Gartner’s 2019 Product Manager Survey, only 55% of new products are released on time, and the other 45% are delayed by at least a month. This highlights how important it is that founders not only set realistic goals, but also communicate them clearly to their customers and employees. In addition, the company should not deviate from its original purpose and always keep the end goal in mind. To stay on track, some things should be a priority, such as good time management, both in your life and in your business, or, for example, making contingency plans in advance. These tools allow you to respond proactively and adaptively to unforeseen obstacles, ensuring a smooth or at least stable path to success.
Initiate and ignite
While it is important to keep up with the market and its latest developments, it is crucial to use this information to create new trends rather than simply following existing ones. To follow this approach, entrepreneurs should have a clear picture of how their company stands out from its competitors so that they have a chance of becoming an industry leader. The problem with using trends as a foundation for a business is that the trend cycle inevitably leads to obsolescence.
Netflix is a prime example of this. It emerged as a DVD-by-mail service in 1998, just a year after DVD players were introduced in the United States, before they became an essential part of every household. In addition to competing with Blockbuster, the largest rental chain at the time, the company revolutionized the rental process by introducing a new way for consumers to interact with their services and introducing a subscription model in 1999. Netflix started 2000 with just 300,000 subscribers, now that number is up to 247.2 million. Why? Because they managed to develop an idea for a truly unique service.
Pursuit of excellence
One of the biggest enemies to any entrepreneur’s long-term success are these three words: “That’s enough.” This phrase not only affects you as an entrepreneur by undermining your abilities and limiting your potential success, but it also affects every single aspect of your company. Striving for excellence doesn’t mean you shouldn’t try to publish until everything is perfect, but it does suggest that whatever you can do should be done to the best possible quality.
The pursuit of perfection, or rather the lack thereof, is the reason why the aforementioned DVD rental chain only has one store in the US. When the market began to expand and Netflix came into the picture, Blockbuster had the opportunity to acquire it. but pointed this out and argued that Netflix was too niche-oriented a company. Blockbuster’s resistance to online streaming and the fact that the company stagnated and settled for the same thing while an entirely new industry developed prevented the company from innovating.
Related: 5 Key Leadership Principles to Drive Growth
accept challenges
Given that technology has made greater advances in the last two centuries than ever before in human history, the possibilities for further development and creation are endless. It’s not uncommon to encounter a variety of problems when creating something new, especially in the beginning. However, a business owner should not shy away from working on a unique product or service just because it poses problems and seeks innovative solutions.
As obvious as it may seem, the easiest way to approach a challenge is to test hypotheses. Whenever you are faced with seemingly impossible problems, it is extremely important not to be intimidated by them as this can lead to stagnation or the inability to deliver the product or service that was promised. Hypothesis testing can generate and test dozens of possible solutions to avoid stagnation and initiate progress. This not only expands the range of possible solutions, but also allows the company to create a truly great product or service because you are able to achieve something no one has done before.
Positive impact
In the 21st century, it is important to prioritize more than just profit, especially at a time when we are experiencing such a rapid escalation of climate change and other worrying events. We are at the peak of technological development and it would be irresponsible not to use it to improve the world around us or at least try to preserve it for future generations.
As the founder of a technology company, I often pay attention to this detail and believe that having a positive impact is essential when running such a company and that those who have a genuine drive to make the world a better and safer place have a real opportunity to do so to create a thriving business. Of course, this principle doesn’t just apply to one industry; For example, food delivery and ride-hailing services have a better chance of success if they are inclusive and convenient for everyone. Remember: If you have the opportunity to impact the world with your business, you have hundreds, if not thousands, of options available to you, especially today.