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Think like a startup in these four steps
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The advancement of technology infrastructure has facilitated the growth of more digital startups and it turns out these companies tend to share a similar style in conducting their work. (Shutterstock/File)
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orn out of the heart of innovation, Silicon Valley, the emergence of digital startups is a business trend that is increasingly being adopted in different parts of the world. The advancement of technology infrastructure, particularly broadband and the devices that connect it, makes the spread even more significant.
Such progression has facilitated the growth of more digital startups and it turns out these companies tend to share a similar style in conducting their work. Be it in terms of mindset, work ethics, or how culture is integrated into the work environment, below are four main points regarding startups' inspiring practices according to French entrepreneur and blogger Loic Le Meur as compiled by dailysocial.id.
Finding bright ideas and solutions for real-life problems
The working environment at Silicon Valley attunes to the notion stated by Buddhist monk Shunryu Suzuki: “In the beginner’s mind there are many possibilities, but in the expert’s mind, there are a few.” In there, meditation and mindfulness is paramount to center upon thoughts and freshen the mind. Such a clear mental state can give birth to brilliant, novel ideas.
Moreover, business ideas and concepts should be focused on consumers, as they can develop product qualities that are measurable. The Lean Startup, written by Eric Ries, indicates that the maximum potential of a business is best when focused to benefit the consumer -- beyond that will be something less crucial.
After all, Uber grew from the shortage of operating taxis in Paris, while Airbnb started from the inconvenience of the lack of available hotels during peak seasons in San Francisco. Jamie Siminoff, CEO of digital home security company Ring who initially strove to realize three of his startup ideas in his own home garage to curtail crime in neighborhoods, now employs a staff of 1,000 people.
Although startups begin from a variety of processes, there is a keyword that can be extracted from all different stories of origin: discovery. From unfinished problems, to finding a way, until discovering an idea that can be applied and work hand-in-hand with self-competency. The reality shows that many startups arose from very simple ideas.
(Read also: Operating and innovating at the speed of startups)
Making life easier
The CEO of SpaceX, Elon Musk, initially only wanted “more electric cars on the road”. This draws upon an apparent trait of millennial entrepreneurs: They do not want to own everything, yet they have a prideful urge to create something that can make life easier by offering a solution to social issues encountered in public through new approaches or by refining existing approaches.
They do not really care about competition in the process of creating ideas that are similar to each other, but they would always want to ensure that their startup is better. For instance, existing companies with similar services that manage to thrive are Lyft and Uber, or social media platforms like Instagram Stories and Snapchat Stories. Hence, competition does not rise from originality as it is more about inventing a system that is most comfortable and fitting for users.
Investor insights and digital workspaces
Today, Silicon Valley entrepreneurs seek something beyond capital or financial support from investors. They need insight from investors, preferably seniors, to not only accelerate the expansion of their businesses, but also to refine their startups' internal structure.
As a result of this digital era, founders now choose to manage their businesses in virtual work spaces, in which employees can work remotely. Such a style of conducting a startup can enhance the efficiency of a working system, in which employees are pushed to work faster and more effectively.
(Read also: Industry risks startup bubble)
Confronting issues and limitations can pave the way
Despite facing rejection at the brink of their establishment, Go-Jek and Uber continued to operate and even expanded. Entrepreneurs will always find a way out, not only through the efficiency and efficacy that they bring to a consumer’s life, but also from the transparency of their platforms: Users can rate the quality of a certain service or product. This eventually leads to greater consumer loyalty toward businesses.
The freedom and versatility of startups today enables them to thrive and globalize because no unseen motives would drive the business -- it is not fixated on a particular policy; there is no obligation for quality assurance, no politics and sometimes no marketing expenditure. This allows digital entrepreneurs to learn through experience; they fail, get up instantly, pivot and try to improve. An ideal example would be the failure of Glitch that led to the creation of Slack.
Therefore, it does not matter if a business is two or 50 years old, having the mindset of a startup can fulfill its utmost potential. (mra/kes)
