As any founder will tell you, there is not a single, straightforward path that must be followed to build and grow a successful start up. There is no formula to grow your company. However, many would probably agree that there are a few things that should be focused on from the beginning in order to set the company up for success.
Read on to find out what some of our fantastic portfolio company founders think are the most important foundational steps that need to be taken to build an enduring company.
Oren Yogev, Co-founder and CEO of Blink
While a principled founding team can create a great company and guide the vision, an enduring company requires a disciplined leadership system that is implemented very early in its history. The system should enable the delegation and distribution of decision making throughout the organization. It is rooted in people practices that help a company recruit, develop, and retain leadership talent at all levels – and make decisions that align with the company’s visions and values.
At Blink, bedsides Gilad Drozdov and I as founders - we brought in two leaders from day one who have made a huge impact. Tsahi Mizrahi and Artyom Borzin are the company's backbone, and they make a lot of the day-to-day decisions and keep things running smoothly.
First and foremost, hiring the right people and creating a good culture. A team that brings skills and a great attitude to work every day is key to a successful company. It requires continuous effort to foster good culture - daily behavior, respect, diversity, work satisfaction, balance, communication, etc. It's hard to write culture down, but it is essential to practice it every day, and others will replicate it by observation.
Next is the product itself - the magnitude and importance of the problem, clarity of the needs and size of the target market, the competitive differentiation, and the sellability - messaging, sales process, pricing, and adoption. When the right problem is solved well, the customer reaction can be highly satisfying and uplifting.