5 Core Elements to Form a Strong Startup
In most sports, trainers stress the importance of a strong core. A strong core is a key element to ensure superior performance in athletics. It often drives many of the movements within the activity, which makes sense because by definition the core is at the center of the body. Much like in athletics, a growing business needs a strong core as well in order to ensure long term success. The core defines the central beliefs of a startup and how it is going to grow. In addition, the strength of the core represents how much pressure and hardship an enterprise can withstand and continue to survive. There are five main elements that must shape the core of a startup:
A strong core starts with a strong vision. It is important for entrepreneurs to understand the purpose of their business. They need to ask themselves why they exist and what problem they solve in the status quo. In order to be successful, entrepreneurs need to have clarity on the vision of their ideal company. This clarity will ultimately lead to smart decisions in hiring, fundraising, and executing important responsibilities.
Entrepreneurs need to have a central value to their company. A value is a trait of their company they can isolate as one of their strongest. It is one that they advertise to consumers and stress consistently. Examples of values include speed and exceptional customer service. Strong values provide the blueprint for future hires and for the future success of the company. Ultimately, values help to establish the culture of startups.
Product and Engineering
Effective sales and marketing used to be the foundation of great companies. However, in the 21st Century there is a greater stress on product performance. Consumers are becoming more concerned with the engineering of the product and if it is capable of providing a service that is relevant. Overall, companies that sell an effective product with sound engineering have the greatest chance of success.
A startup can be compared to a web where the company, its customers, and its business partners are all connected. The core of the enterprise relies heavily upon seamless communication among these components. Every interaction within this web creates a small feedback loop. Overtime, the sum of these interactions help to evolve the core of the company.
A strong core relies heavily upon resilience. The more endurant a core is the more likely it can evolve and survive hardship in the future. Successful businesses will be resilient and continue to push forward no matter how low sales are or how hard competition is pressuring them.
Overall, a strong core is the foundation of all successful businesses. It provides a baseline upon which these enterprises can evolve and create future growth.
Iskold, A. (2015, November 18). 5 Elements That Shape the Core of a Strong Startup. Retrieved June 12, 2019, from https://www.entrepreneur.com/article/252754