Enduring Companies
10 Elements of Enduring Companies
Starting a business is rough. Most startups fail. Your best chance to thrive is to find the right community, the right partners, and the right network of support from the very beginning.
The tech giants of today started as one or two person ideas not long ago. Startups with the following characteristics have the best shot of becoming enduring companies.
Clarity of purpose. Summarize the company’s business on the back of a business card.
Large markets Address existing markets poised for rapid growth or change. A market with large potential allows for error and time for margins to develop.
Rich customers Target customers who will move fast and pay a premium for a bespoke offering.
Focus Customers will only buy a simple product with a singular value proposition.
Pain Pick the one thing that is of burning importance to the customer, then excite them with a compelling solution.
Challenge conventional wisdom Take the contrarian route. Create novel solutions. Outwit the competition.
Company Culture A company’s DNA is set in the first 90 days. Choose your first few hires wisely.
Agility Stealth and speed can beat slow incumbents.
Resilience Hone your ability to bounce back and keep trying.
Frugality Focus spending on what’s critical. Spend only on the priorities and maximize profitability. It also forces discipline and focus.
