Your startup’s core philosophy is the secret weapon for long-term success

Opinions expressed by entrepreneur Contributors are their own.

Startups without a clear vision often use up their resources before becoming profitable. Without clear goals in mind, it’s easy to get bogged down in irrelevant tasks or spend a lot of time hiring people who don’t support the company’s vision. The solution is to develop core goals that relate directly to your company’s vision, and base every decision you make on those goals.

A common pitfall that startups face is the desire to rapidly expand their services or products. However, this can cause them to deviate from their company’s unique selling proposition, consume their resources and decrease the quality of their offer. A company that is focused on its vision is like a sniper – it is able to project far into the future with a unique focus on the target. On the contrary, an enterprise that has no specific goals is like firing a shotgun into the air – all you get is an initial burst of noise and excitement, and you spread out in multiple directions with no specific objective.

Setting tangible and actionable goals is one way to ensure you stay on target and minimize the loss of valuable resources. Here are some reasons why you should use core goals to optimize your business for long-term growth.

See also: How Establishing Core Values ​​Drives Success

Be a determined traveler who knows his destination

In 2015, a startup focused on delivering innovative products through a public vote called Quirky sold for just $4.7 million after raising $169.5 million in funding just a few years earlier .

What led to the demise of this startup may resonate with many ambitious entrepreneurs. The lack of focus and iteration on the first initial products resulted in diminished quality and an inappropriate match of the product to the market. It lacked a concise message from the company’s brand, resulting in a loss of authority and credibility.

Every service or product you develop should be directly related to your vision. For example, can you imagine for a multinational franchise like McDonald’s whose vision is “to create delicious feel-good moments for everyone” can you imagine if the company hadn’t taken the time to recreate its famous Big Mac perfect recipe? They probably wouldn’t have a successful core product that people associate their brand with today.

Having a core vision or goal is your path to success. When you know what you want, your way forward is clear. In addition, when a startup has a sound foundation, it can operate with confidence. If it deviates from the correct path, it always has a stable fallback.

Related Topics: Is Your Company’s Mission Snuffable?

Identify your uniqueness factor and don’t stray from it

When entrepreneurs are engrossed in the day-to-day running of the business, they can lose sight of what drives the underlying success. Ask yourself why your company is doing well compared to those offering similar services.

It’s important not to settle for your success or take it for granted. Introspection or hindsight is the secret to moving forward. Finding the specific attributes and qualities that shape the company’s personality and philosophy is key to better understanding your company’s vision. Not only does this help you find the key points to build on, but it also helps you know what to look for when trying to grow your team.

For example, Starbucks’ core principle is to put people first. This applies regardless of which store you go to. Its staff strives to give you that personal touch, whether you’re being asked how your day was or asking your name on every mug. Paying $4 for a cup of coffee at another store might evoke a different reaction, but when it’s Starbucks we think the cost of the experience is worth it. This factor makes Starbucks unique and makes it as profitable as it is today.

Build a team with shared core values

Hiring and training is a time-consuming and arduous process. While finding the right talent in the form of experience and intelligence is critical to a startup’s success, one more important trait is often overlooked: chemistry. It’s important to determine if the hire is aligned with your startup’s vision and is committed to the long-term success of the business.

Keep in mind that the average turnover rate for technology companies is less than two years. Ensuring the type of attitudes that feel consistent with the company’s vision is an indicator of employee retention. Training takes time and consumes resources. Much energy can be wasted onboarding and training new employees who meet the criteria on paper but do not share the company’s mindset, personality, work ethic or behavior.

I hired people who were highly competent for the job at hand but didn’t have the same vision or work ethic as I did. It only created tensions and disagreements that stifled progress and morale. Rather than wasting valuable hours later in the process recalibrating new hires to match company values, try to identify the fit early on.

See also: How to hire someone who aligns with the company’s mission

Startups are risky and the margin of success is razor thin. Highly intelligent and capable teams are prevalent in many startups, but personality mismatches can ultimately lead to infrastructure collapse. On the other hand, a team that shares a common philosophy can usually bypass the turbulence of a startup’s life cycle.

When you hire people who embody the company’s values ​​and are committed to helping the company achieve its vision, you are likely to develop a stronger foundation and community of leaders who can help escalate the process. Always make it clear from the start what the company’s goals are and what culture you want to nurture. This can guide employees to produce higher quality results as they always have a clear direction of what they are working towards.

Entrepreneurs need to find their uniqueness factor early on and use these core principles as pillars of the company. The world’s most successful companies, like Apple, have developed precise goals around their vision and mission. That means providing the best technology and user experience. Apple has never strayed from providing the best customer service to complement its cutting-edge technology.

Developing a set of core goals can help align the team with the company’s unique selling proposition. Building your team around these goals will help your organization more productively meet its goals and achieve undeniable success.

.

Leave a Comment