Being an entrepreneur is not an easy job. Their mission of bringing innovation comes at the cost of facing various challenges – be it raising funds, building a team, or cracking the market. So, when an entrepreneur’s journey starts, having a guide to navigating the waters efficiently can be quite helpful for them. These are the three key pillars that lay the foundation of their success.
1. Vision
According to a McKinsey survey, 82% of employees believe that organizational purpose is important.*One of the distinct qualities of entrepreneurs is that they have a vision. While starting their entrepreneurial journey, it’s crucial to let that vision be the driving force. It also needs to be effectively communicated to all the stakeholders, be it employees, investors, partners, etc. It’s the vision that instills values and objectives, hence, its percolation to the entire system is important so everyone works towards a common goal.
2. Talent
If there’s one thing that entrepreneurs cherish the most, it’s the skill and talent required in the team. They go above and beyond to find exceptional talents from various fields, like tech experts to develop their products/services, a strong business development team to accelerate growth, etc. Hence, investing ample time to build an ideal team is crucial, especially in the nascent phase since they become the company’s founding team.
3. Strategy
A good business strategy excels on the trifecta: product, brand, and business model.**
Establishing business strategies becomes quintessential to tread continuously towards growth. A strategic approach means having a framework to understand:
– Value of the product/service offered
– Market and customers
– Evolution of business to incorporate growth
– Systems to make business more efficient
– Scalability of the model
– Assets for the business plan
As they say, ‘well begun is half done.’
It’s important that budding entrepreneurs establish these key pillars early in the system, as it helps them adapt to new challenges in their journey.
Citations:
*Organizing for the future: Nine keys to becoming a future-ready company
**3 Pillars Your Company Needs to Master in Order to Succeed