Tin tức

The foundation of startups

Viết bởi: Le Quoc Chon, 09 06 2022
Start a business venture is highly risky, in fact most startups fail. To increase the likelihood of success, startups must have a strong foundation, including good partnership, loyal and skilled employees and excellent investors.

Good partners

Work alone is extremely hard to build a great company. Alone, you can create masterpieces-of-art in literature, music or art, but in business you really need a team to build great business. In other words, you need partners those who work together to start a business. They should have not only distinctive technical abilities, but also complementary skill sets which bring competitive advantages to the business in a way that the synergy is much more valuable than the sum of all parts. But that requirement is not enough; they should know each other well and can work well with one another because startups will encounter inevitable obstacles and conflicts or fights. If the founders cannot live with each other in spite of their differences, the business will be seriously damaged. Best of all, founders should share a prehistory before they start a company together. When they know each other well, they can get on well with each other and tolerate the differences. This tolerance sustains the lasting partnership and commitment to the business.

Recruit good employees

For startup is risky, few employees want to work for startups for short-term benefits; they want long-term advantages in terms of equity. Employees should devote 100 percent to the startup and work to create value for the future. In order to motivate employees over long period of time, they must be compensated fairly for their contribution and opportunity cost. The compensation can be distributed through cash as salary and through equity. The latter reinforces commitment of employees for the future; they work not just for the short-term salary but also for their equity.

Financial reward is essential, but not enough. Good people want something else too; they want good personal match with the company. That means they can work well and build lasting relationship with coworkers, turning colleagues into friendship and kinship.

Good people also want to devote their time and energy for important mission which should be the reason for your startup existence in the first place.

Good investors

Investors pour money into the startups, giving startups time to test ideas and grow. Investor expect high return in the future, normally 5 to 10 years. Because startups are risky ventures, investor want to own equity which may be extremely valuable if the startups succeed. Good investors not only fund the startups, they provide good advice and network for good employees and management and business development opportunitiesIn addition, investors should work well with founders and tolerate fouders’s mistakes. Deep intervention of investors may mislead the startup and destroy startup momentum or synergy of effort.
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