Choosing a start-up that’s destined to go the distance
Businesses around the world are starting to come to grips with the reality they now face as we march on towards the end of the year.
There will be no great global economic resurgence or ‘beating of the virus’ in the short term, or perhaps even in the medium-to long-term either.
But what the business community worldwide can’t afford to do now is let its more vulnerable components languish as corporate belts tighten, and the battens are secured against the oncoming storm of tough economic times.
In a previous article, I spoke about the need to support venture businesses now more than ever, and this sentiment hasn’t changed since then. If anything, it has become more pressing as around the world, thousands of start-ups have no doubt had to close their doors due to the no longer so novel Coronavirus.
The point can’t be stressed enough that this is a terrible thing for the world at large, as losing so many start-ups detracts from our ability to grow as a society.
To put it another way, think of venture businesses as, in every essence of the word, potential. Potential to grow, to do something that’s never been done before, and of course the potential to enrich lives as well. Many great ventures have only been made possible because people just like you found them early and helped their creators steer them in the right direction to greatness
Wasted potential is something we deplore in every society, it evidences a complete lack of regard for future-minded thought, something we sorely need during these troubling times.
Which is why it’s time to throw your lot in with a venture business and ensure that they reach their potential in spite of the current crisis.
Start by picking an idea.
The spark of genius is the catalyst for all great start-ups, which is why it’s important to pick an idea that inspires you, just as it did its creator.
There’s no shame in shopping around for a start-up that aligns with your personal values, as there’s nothing better than being a part of something you truly believe in. While you should always ensure that your chosen start-up has the basics such as finance and end-to-end cycles sorted, don’t be afraid to keep an eye on some ventures that are still in the primal stages of existence.
Many great ventures have only been made possible because people just like you found them early and helped their creators steer them in the right direction to greatness, as support can come in many forms other than just financial offerings.
But what makes an idea, the ‘right’ idea?
When judging whether a start-up is one worth investing yourself in, the first crucial thing to establish is always whether or not they achieve the following five criteria. Those who aren’t committed entirely to what they do are destined to fail, especially in the cutthroat world of venture businesses.
Is your chosen start-up altruistic in their vision and operations?
We throw the phrase ‘the greater good’ around far too often for it to have any real meaning in the modern-day. But the fact of the matter is that doing things for the betterment of everyone is a powerful force that can’t be ignored when picking a venture to throw your support behind.
Are the members of your chosen start-up thinkers as well as doers?
Task-driven individuals have their own specific strengths, but the ability to think outside the square and conceptualise ideas without prompting is crucial to the success of any venture. Find a start-up that values thought as much as action and allow both to guide them in equal measure.
Does your chosen start-up have enough achievers?
A venture business is only as successful as its employees are driven to succeed. As with all things, achievement must be tempered with realism, but this doesn’t mean that your chosen start-up shouldn’t always be pushing to be the best at what they do. Those who aren’t committed entirely to what they do are destined to fail, especially in the cutthroat world of venture businesses.
Is your chosen start-up one that’s run with clarity?
While proper top-end governance is essential to the running of any business, more often than not it can be forgotten amidst the glitz and glamour of a new start-up idea and the wonder of what it aims to achieve. Great leaders aren’t born, they’re moulded through experience, which makes choosing a start-up that’s headed by the right people with real-world knowledge essential to its success.
Finally, does your chosen start-up respect its investors, its contributors, and its audience?
Investing in a start-up of any kind should always mean that your input is heard and noted by those running the show. After all, you’ve carefully chosen a start-up that you believe in, and its creators and directors would be ill-advised to ignore the input of their supporters.
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