Driving Growth With a Difference and People as the Fulcrum Driving innovation is imperative to any organisation looking for 'growth with a difference.' The thrill of working with a diverse workforce is both stimulating and challenging

By Ashwajit Singh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

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.

5. Teambuilding

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.

6. Stress

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.

Ashwajit Singh

MD - IPE Global

Related Topics

Starting a Business

4 Hard Truths You Must Accept to Become Successful

As you buckle up for entrepreneurship, remember – it's not just a journey but an epic adventure towards enduring achievement in the dynamic business world.

Side Hustle

Getting Laid Off Allowed Him to Focus on His Sentimental Side Hustle. Now He's on Track to Earn Over $700,000 in 2024.

Alaa El Ghatit wasn't fulfilled at his day job. So he started LifeOnRecord to help people record memories and well wishes.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

Marketing

5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.

Social Media

With This LinkedIn Algorithm Change, Your Best Posts Could Reach New Readers for Months

It's one of many new features rolling out on the platform in 2024.