Blog: The key to startup success…
Many of the business relationships that I have built over the last few years have been online. It’s been great in that I can talk to anyone, anywhere in the world but you can’t beat getting thein the room with people.
A few weeks ago I organised a brunch in Barcelona with an open invitation to people leading a startup or involved in the startup community. Getting to meet people face-to-face was great. I don’t need to tell you that it feels like the conversations are more useful, offer more insights and are just more fun.
I was lucky enough to spend some time with some professionals who have transformed their innovative ideas into thriving businesses despite market uncertainty. There is no silver bullet to creating a successful business but some of their experiences provide us with some useful ‘inside’ knowledge to the success of a startup as they shared some of the challenges they have overcome along the way.
There was a lot to talk about, more than I can share in this blog post so here are some of the most valuable insights:
A Solid Business Culture
A company's culture not only provides a sense of identity but also guides growth and decision-making. Staying true to this culture can be the differentiating factor between barely surviving and truly thriving.
How can we achieve this?
Define your Identity: Just as people have a unique personality, so do companies. Work out what that special something is about your company and find a way to articulate it clearly.
Aligned Team: Hire people who share and strengthen your company's culture. Yes, they need to have the skills required but if they grasp what your culture is it will reduce staff turnover and increase productivity.
Your recruitment model: Hire for skills AND culture… make sure your recruitment model is aligned to your culture and identifies what is important in addition to purely looking at your immediate skills requirement.
Talent management
It might be a cliche but In work relationships, a happy employee is a productive employee. Talent management is crucial for any successful business. And guess what! It also starts with hiring.
How do we do it?
Vision: You need to have a long-term vision, aligned with business objectives, and be aware of what skills you are looking for.
Plan: A lack of a plan or a need to adapt to unforeseen circumstances can lead to short-term hires that only cover immediate technical needs. Remember, do not neglect your internal talent. They are the engines of your ship!
Talent development
A harmonious marriage. Much has been written about it, but the metaphor between dating and a happy marriage in choosing the right talent is very evident. On a first date (interview) you don't know what awaits you. We often visualise what we think the ‘perfect’ match should be… in a rose-tinted view of the world, overlooking the reality and what we really need.
A bad marriage costs you lawyers and expensive divorces...the same happens with a bad hire. So we agreed that need to nurture and take care of our talent just as we would with the love of our life… the impact can be equally important: good or bad.
Too much focus on the technical aspect of a startup
A really common mistake is investing more time and effort in the technology and product while forgetting about other aspects. The failure of certain tech companies can be pinpointed to an excessive focus on product development, neglecting critical areas like talent, customer service, and marketing.
In addition, product maintenance and scalability, along with solid financial and cultural management, are equally vital. Failure to adapt to changing customer needs and emerging trends can result in obsolescence and insufficient innovation, potentially triggering the company's downfall. Your product may be the best, but if you neglect the surrounding context, you're doomed to fail.
Letting go of people is tough
Running a business is not just about making decisions that drive growth and profitability, it’s also the tough task of making decisions about your team. One of the most challenging decisions is deciding when and how to properly lay off people. The decision to lay off an employee is never easy, and it should be the last option after having tried other solutions such as relocation, training, or additional support. In terms of when to do it, it is crucial to evaluate whether the employee has had enough time and support to improve their performance and if their presence is affecting the morale or performance of the team.
The way a layoff is handled is equally crucial. It should be done in a respectful and fair manner, and it's essential to offer constructive feedback and support. A poorly managed layoff can have a negative impact on the work environment and damage the company's reputation. Referring to the previous metaphor...a good marriage is important but a good divorce is too!
The gender gap
Gender-based discrimination still persists in the workplace, with disparities in treatment, opportunities and pay. Women still face barriers to achieving leadership roles and being paid fairly.
Furthermore, in the professional environment, we found some women experience situations where men abuse their position under the pretext of a business relationship but in reality, it is not a business conversation they want.
Not only is this kind of behaviour disrespectful but also hampers productivity and reinforces the existing gender gap. To combat this, it's crucial to promote equality policies and a respectful environment in the workplace.
Fortunately, there are increasingly more conscious and responsible men who cannot comprehend the difficulties experienced by women but are effective allies, not tolerating inappropriate workplace behaviours which has to be a good sign.
This is a highlight of what we discussed, what I learned and where those conversations go next. As a business, we are committed to more of these conversations, over coffee, over brunch bringing people together to find out more. Brunch in Barcelona wouldn’t have been possible without some amazing people and I would like to call out:
Mrinal Naik Having worked for a number of TOP organisations, Mrinal has launched her own business Kulgana Travels. Her experience and ambition perfectly combined. Mrinal aims to revolutionise the high-end travel market by adding an exclusive touch of immersive luxury. Founded last year they are still in the early stages but have an exciting 2023 ahead of them.
Olga Shirokova An entrepreneur with an amazing technical and strategic background. She has two businesses on the go: training young developers at Arol.dev and helping women find tailor-made solutions for their well-being and female health at Kiara. As if that were not enough, she still has time left over to advise new startups and offer them mentoring to help them grow.
Pablo Calvo Is currently leading the sales activity for PayFit España with an open-minded, inclusive approach to business development. Pablo is part of Payfit, which has digitized payroll processes and labour consulting, reducing costs and saving time for companies of all sizes.
Teresa Baró Teresa is an extraordinary woman who has laid the popularisation of non-verbal communication in Spain. 7 books and millions of copies sold, appearances on national television in addition to the extensive content on social media. Right now she is focused on helping women entrepreneurs on a global basis, reaching new audiences in the USA.
We’ll be hosting more breakfast later in 2023, get in touch if you’d like to be involved or if you have any comments or questions about what we discussed.
About
Esperanza has been part of the immersive team since 2021. She joined initially as a Talent Sourcer in one of the first corporate engagements immersive won before moving into a broader internal talent sourcing role. More recently, she has been developing relationships with potential clients across Europe, talking to organisations about how they can add capacity or capability to their talent attraction functions.
If you want to find out how Esperanza or the wider immersive team can support your hiring on a local, regional or global basis, click the link.