Starting a new business needs a well thought out idea based on intense research.
While the journey of every company from start-up to success is different, there are some steps that every business must go through.
1. Believe in your product:
Buy into your own vision and don’t waiver it just for a pay check. You know your vision better than anyone else, and if you lose sight of it, the world will too. “It is your vision that will give you success, not your venture capitalist’s vision.”
2. Produce something of use:
Build the best product you can, and make sure it has long-term value. if you get into business solely to make money, you won’t. If you try to make a real difference, you’ll find true success.
3. Invest in what's going to scale your business:
Identify exactly what you need to grow your company. Is it technology, engineering, infrastructure? “Don’t put people on the ground for that sake of putting people on the ground.”
4. Hire the right people:
If you get the input right, the output is far easier to manage.
5. Give everybody equity:
Shared stewardship leads to collective responsibly and increased passion. If you empower your employees to believe in the company like it’s their own, it's hard to fail.
6. Think globally:
Ensure your product is world-class and can compete with any competition, anywhere. But don’t just go global for the sake of it.
While it’s necessary to centralize your business structure in the beginning so that you can run a tight ship, it’s not scalable if you want to be global. To be successful in different markets your company needs to work on local time, understand local geography and culture, and attract the best local talent.