Would You like a feature Interview?
All Interviews are 100% FREE of Charge
The opinions expressed by Entrepreneur contributors are their own.
A search for “Company Success Formula” on Amazon returns about 1,000 results, mostly self-help books. I do not claim to have discovered an elusive formula, but after analyzing the top companies currently operating on the market, I believe that certain characteristics help achieve success.
I’m the founder of a deep tech company that’s pushing the boundaries of what’s possible in computing. For me, it is important to follow these principles to achieve this ambitious goal. However, I believe that these principles are not specific to any particular field or industry and can be applied to any company that wants to prioritize and use them as a development tool.
Related: 5 Key Leadership Principles to Drive Growth
elegance
Elegance is more than just aesthetics. It is the embodiment of beauty in every aspect of the company. What does beauty consist of? To be honest, everything. If the founder wants to ensure the elegance of the product, he should pay attention to the structure that should be observed in all processes of interaction with the company. These range from how employees introduce themselves at networking events and in-store to the speed with which your support team helps customers. This not only brings consistency to your brand, but also makes it more appealing, as humans are aesthetic creatures.
When you think of elegant products and packaging, one of the first brand names that comes to mind is probably Apple. Elegance is evident in every aspect of the brand’s approach, from the logo to the in-store décor. In your business, the elegance aspect is clearly different from theirs, but their role is the same.
focus on goals and values
Focusing on results is especially important for technology companies, especially those developing new technologies, because it allows them to deliver on their promises to both themselves and their customers. Most importantly, this allows you to focus only on the aspects that are truly important and relevant to your end goal. Achieving this requires detailed planning, choosing the best path from thousands of possible options. Additionally, thousands of hours of research and hypothesis testing are required before any action is taken, all of which must contribute to the company’s goals.
according to Gartner’s 2019 Product Manager Survey, only 55% of new products launch on time, and the remaining 45% are delayed by at least a month. This highlights the importance of founders not only setting realistic goals, but also communicating them clearly to both customers and employees. Furthermore, companies must not deviate from their original purpose and must always keep their end goal in mind. To stay on track, you need to prioritize a few things, like good time management in both life and business, and preparing contingency plans in advance. These tools allow you to proactively and adaptively respond to unexpected obstacles and move smoothly, or at least steadily, toward success.
Starting and ignition
While it’s important to be aware of the market and its latest trends, it’s important to use this information to create new trends rather than simply following existing ones. To follow this approach, business owners must create and keep in mind a clear picture of how their business differentiates itself from its competitors to seize the opportunity to become an industry leader . The problem with using trends as a foundation for your company is that their cycles inevitably lead to obsolescence.
Netflix is a prime example. was born as. 1998 DVD mailing serviceOnly a year after the DVD player was introduced introduced in America Before they became necessities for every household. The company not only competed with Blockbuster, the largest rental chain at the time, but also introduced new ways for consumers to use its services, revolutionizing the rental process by introducing a subscription model in 1999. brought. Netflix enters his year 2000 300,000 subscribers, currently this number has reached 247.2 million people. why? Because they were able to come up with a really unique service idea.
pursuit of excellence
One of the biggest enemies of an entrepreneur‘s long-term success is three words: “Enough is enough.” This phrase not only affects you as an entrepreneur, impairing your abilities and limiting your potential success, but it also affects every aspect of your business. The pursuit of excellence doesn’t mean you should avoid releasing anything until everything is perfect, but it does suggest that everything you do should be done to the highest quality possible.
The pursuit of perfection, or lack of it, is why the aforementioned DVD rental chain currently only has one store left in the United States. When the market started to expand and Netflix came in; Blockbuster had a chance to grab it.However, Netflix passed on it, claiming it was too niche a business. Blockbuster was against online streaming and was unable to innovate due to the fact that they remained stagnant and content with the same, even as a whole new industry was evolving.
Related: 5 Key Leadership Principles to Drive Growth
accept the challenge
Given that technology has advanced more in the past two centuries than at any other time in human history, the possibilities for further development and creation are limitless. When creating something new, it’s not uncommon to run into a myriad of problems, especially at first. However, business owners should not avoid working on their own products and services and looking for innovative solutions just because of potential problems.
It may seem obvious, but the easiest way to approach a challenge is to test your hypothesis. When faced with a seemingly impossible problem, the most important thing is not to be intimidated by it. This may result in stagnation or inability to deliver promised products or services. Hypothesis testing allows you to generate and test many possible solutions to avoid stagnation and start making progress. This not only widens the range of possible solutions, but also enables companies to create truly superior products and services by allowing them to accomplish things that have never been done before.
positive influence
In the 21st century, it is essential to prioritize more than just profit, especially as we experience rapidly increasing climate change and other alarming events. We are at the pinnacle of technological development. 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 pay close attention to this detail and believe that positive impact is essential when running a company like that, and a genuine drive to make the world a better and safer place. A real chance to create a thriving business. Of course, this principle is not limited to just one industry. For example, food delivery and ride-hailing services are more likely to be successful if they are inclusive and convenient for everyone. If you have the opportunity to impact the world with your business, remember that you have hundreds, if not thousands, of options, especially today.