In Australia, there is a real popularity with the word start-up at the moment. It seems to be coming from everyone. Politicians, industry, people on the street – many of these people are embracing the start-up philosophy – but what is this start-up philosophy and how can we can apply it to our businesses?
Start-up founders aren’t content with simply owning a small market share, they want market dominance across the globe.
If you’re going to grow your business, don’t just target 10% growth – target 100% or 1,000% growth. Simply trying to add 1 more employee or increasing revenue slightly will not have a seismic shift in your business. If you want to grow your business substantially you need to change your business model and shift your thinking.
Accept Risk is a Part of Business.
Understand risk and your tolerance of taking risks. If you are risk averse then you will never take the leap to expand your business beyond what it is today. But know yourself as well – until you appreciate that risk has a downside then you cannot take that leap. Don’t just take reckless actions in the name of growth – support your actions with solid reasons. But take many small ‘bets’ that can have huge benefits and don’t risk everything at once.
Through an IT career spanning almost 15 years it is clear to me that IT and software is extremely unique in that it can be easily replicated, automated, expanded and refined in very short periods of time. Unlike other resources in business (people/inventory/machinery) software needs to be produced once and simply monitored and improved as times goes on. It can be automated so that it runs all the time. It does not require wages and it follows clear and precise rules to produce an outcome each and every time.
Applying these start-up ideas to your business will shift the way in which you think about growing your business. It is not about being extremely risk, rather it is about being bold in your choices and backing yourself to tackle the hard tasks that impede growth in your business. Adopt 1 or 2 of these principles and see how it could impact your business for the better. Remember, doing the same things over and over and expecting different results is the definition of madness – try something different and see where this could take you.