Driving Growth With a Difference and People as the Fulcrum
Entrepreneur's New Year’s Guide
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Driving innovation is imperative for any organisation looking for ‘growth with a difference.’ The thrill of working with a diverse workforce is both stimulating and challenging.
Before starting our own venture, we are both excited and nervous at the same time. we were dreaming and taking steps towards its realisation is a great feeling. Like any other beginner, we wonder what our organisation would look like. What would be its USP? Would it be able to do justice to the aspirations and dreams of the employees? It was not going to be easy. But, with access to right information, right people and an innovative approach we can deliver and realise the dream of creating a flat organisation committed towards development. An organisation that is able to provide a platform to people to grow is a win-win for all, through its various formal and informal trainings and mentorship programmes. As, an entrepreneur if you are building up your own company, you would be facing certain challenges:
1. Put money into your business
Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers. They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.
2. Finding customers
Finding customers is only a challenge if you don’t have a good product or service. If you have a good creation or service then people will come to you, no need to spend hundreds or thousands on advertising. At least not right away. There is a certain type of person who will be your customer. Not everybody in the world is buying what you’re selling, so your job is to simply find the people who are in need of your service.
3. Hiring employees
The hiring process can take several days of your time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates to find the diamonds in the coarse. Then, you only hope you can offer an attractive package to get the best people on board and retain them long-term.
4. Marketing strategy
You don’t know the best way to market your products and services: print, online, mobile, advertising, etc. You want to maximize your return on investment with efficient, targeted marketing that gets results.
This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles — you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
There is no other way to put it; it’s extremely stressful when you don’t know when or if you’ll be paid again. Not many people in the general population understand the demands and stress associated with being an entrepreneur because they assume that we all have an enviable lifestyle of relaxing on the beach while making the occasional conference call.
While many feel that innovation can be front-ended with tools and technology, I believe it is the people who are the most crucial link and collectively drive organizational growth. Without a competent and committed team, just technology and innovation will not have the same impact. With people focus also comes innovation which needs to be equally adaptable. A company looking to expand into new geographies needs to map out a long-term growth trajectory.
As an engine driver, I can facilitate innovative development with people as the fulcrum. I can help with ideas and opportunities and push them the extra mile. But, the onus has to be with each one of us. With this in mind, there are few strategies which will help you grow:
Own the move forward movement
Define your organisation’s vision for innovation
Assume the right role at the right time
Recognise your own tendencies and shift gears
Tune up your talent engine to drive innovation
“Go and Grow” with this business model:
Mobilise the company—and its people—to embrace the new and different.
Build a pipeline of new ideas and ensure that the most promising is explored.
Invest adequate manpower and resources in “non-core” projects while still getting the routine works.
Promote innovation without putting the company’s financial viability and competitive position at risk.
Bring process and discipline to innovation.