BlackLiveMatters and Startup Learning Points
What are takeaways for a startup?
A world without borders is almost what the term global village is referring to. According to this theory, the world is viewed as a single community/home to all people interconnected through electronic media. In such a world, no discrimination is supposed to exist based on race, sex, color, national origin, etc. Although living in this kind of society with all its positive aspects may seem like a dream, a world of justice is the only solution to avoid conflicts and tensions, as the movement we have recently witnessed in the United States is the negative consequences of discriminatory measures by the governments.
Black lives matter (BLM) is a global movement against racism, violence, and discrimination towards people of color. It might be interesting for you to know, the #BlackLivesMatter was first created by Opal Tometi, a Nigerian-American author and strategist, and today it can be regarded as the global symbol of non-discrimination in all areas.
The real nature of a corporation, an enterprise, or a Startup resembles a small business society. Consequently, an entrepreneur or executive will be successful only if he pays attention to this very principle of non-discrimination in his startup company and not repeat the mistakes of some politicians in his entrepreneurial activities.
An entrepreneur must then ensure all employees are employed without discrimination of any kind based on their race, religion, sex, color, language, political views, nationality, place of birth, etc. In other words, every Startup is suggested to employ mainly based on an individual’s competencies and skills. Focusing on this principle and investing in a structured HR, a Startup can grow faster and achieve its goals, mission, and vision easier. Here are some vital startup learning points:
As an Entrepreneur You Need to Have Specific Characteristics
— Although all individuals, including business owners, are unique, certain characteristics help an entrepreneur succeed in his entrepreneurial activity. To be successful in his business, an entrepreneur is supposed to have the following features:
— S/He should be patient because it helps him survive tough times and not give up.
— S/He should be determined and self-confident because an assertive entrepreneur can rescue himself and his enterprise from an uncomfortable situation.
— S/He should be loyal to his customers and employees because otherwise, sooner or later, he will experience business failure.
— S/He should be passionate about his work because he loves his job and is willing to do anything or go any measures to make his business succeed. Passion is principally the driving force behind any success.
— S/He should be a disciplined person because such an entrepreneur is not easily distracted from his objectives and can take steps toward achievement.
— S/ He should be a flexible person because such an entrepreneur is open to new ideas, and he welcomes changes in processes.
Never Start a Business without a Good Idea
Every Startup starts with an idea, and without a good idea, no entrepreneur can begin a successful business. Since people with different cultural backgrounds, educational status, age, experiences, abilities, etc. think differently, they can have a unique impact that can stir the company’s direction into a more desirable path.
Having a good idea, however, does not necessarily mean an entrepreneur can launch a successful Startup. He must be ready to take all steps properly to turn his idea into a profitable business. He needs to know what he exactly wants to do and how to take action on it to develop his sense.
Never Forget to Write a Business Plan
After developing a worthwhile idea for the business, it is time for the entrepreneur to make a good business plan. A business plan is like a roadmap that shows us the way, and so starting a business without a plan is like traveling without knowing the destination.
A proper and well-written business plan can adequately describe the objectives and strategies of a Startup and help the entrepreneur make better decisions. Also, building a business plan increases the chance of success, so when starting a new business, an entrepreneur is first recommended to formulate his business plan.
Never Ignore the Role of HR Department in a Startup
In our era, one of the most critical challenges every Startup faces is attracting the right and most talented employees and then retaining them. Although there is a myriad of reasons for the failure of Startups, ignoring the importance of a Human Resource Department is a terrible mistake an entrepreneur may make. As recent studies have emphasized the decisive role of HR in the success or failure of any startup, the significance of this department should never be neglected by the entrepreneurs.
Among the key responsibilities of a human resource department which include recruiting, training new employees and legal compliance issues, etc. hiring is one of the areas any Startup must focus on. Hiring is typically a time-consuming process and needs a specialized skill. Since growing any business depends on the right people who are employed and work for a company, the employees are considered the most critical asset of a Startup.
Another excruciating challenge a Startup may encounter begins after the right people were employed. An experienced human resource manager must use different HR techniques for the retention of the employees. The reason is that other sources in an enterprise might be arranged quickly, but replacing a trained employee can be extremely costly for the Startup.
Enhance your Startup Organizational Culture
In the early days of running a startup, many entrepreneurs or founders are so busy concentrating on the growth of their businesses that they usually underestimate corporate culture’s importance. Nowadays, in small businesses, creating an optimal lifestyle for a Startup is considered a great challenge by many entrepreneurs.
There are different views on the origin of culture in startups. Some believe that since a Startup is commonly managed by a small group working closely together as a team, the Startup’s culture is formed by the values, interests, and personalities of the whole team. That is, every individual as part of this system can contribute to the culture of the Startup. In this case, the culture is very much related to the organization’s value, namely, the team’s values and beliefs.
On the other hand, some hold that since a corporation is founded by an entrepreneur, he may unconsciously impose his values, beliefs, and cultures on the organization. In this case, it is believed that the culture in a startup is highly influenced by the founder. In this work environment, the staff has to respect the founder’s values and beliefs, and it prevents the organization from reaching its objectives and mission.
Accept Failure as Part of the Process of Starting a Business
For an entrepreneur, getting his Startup company up may seem like an intimidating and daunting task. Like any new business, launching a startup needs financial support, dedication, hardworking, risk-taking, and, last but not least, accepting failure.
According to the latest data obtained from the Bureau of Labor Statistics, roughly 65 percent of newly minted businesses fail during the first ten years, and it might be interesting to know only 25 percent of them can continue working after fifteen years. Based on a poll carried out by CB Insights, the most significant reason for the failure is the lack of market research.
Failure is inevitable for entrepreneurs because all new businesses fail at some point. Any prosperous entrepreneur who claims he has never failed in his company is lying. A successful businessperson must know there is something to be gained in every failure, major or minor. Similarly, he should keep in mind that failing is not fatal, but he can use it to his advantage.
A vast majority believe in luck and its influence on external events. They mistakenly attribute the success of a startup to good luck, but in fact, it can be stated that good fortune comes to those who have worked hard and followed the success principles. An entrepreneur, therefore, is recommended to develop the habits and traits of successful people. Also, he should come up with a good idea before starting his business. After that, he is required to write an outstanding business plan, and this way, he should notice the value of an experienced human resource. Finally, he should pay attention to the Startup organizational culture and never let failure despair him and prevent him from succeeding.