Melissa Morris, the CEO and co-founder of Lantum, on taking the leap and founding your own business.
Starting a business is a daunting task. Regardless of how confident you are about your idea, the sheer amount of focus, planning and unknown logistics that goes into a startup can seem overwhelming.
If your idea has a place in the market, however, you should not let these challenges deter you. Like many people who decide to start a business, I was working in a very different role when I saw an opportunity. Going from working in the NHS to launching a business was a huge leap. The two working environments are worlds apart, but my experiences in the NHS assured me that I had a product that was needed and could bring about positive change.
It is a competitive market out there and the only way you will succeed is by executing your business plan faster than your competitors. As the CEO, it is your responsibility to build your business fast; it is up to you to learn from mistakes and employ the lessons speedily in order to proceed at a quick pace.
The ability to build your business rapidly will depend on your capability to transform mistakes into lessons, the clarity of your mission, and the efficiency of the team you choose.
Getting a head start
A successful startup relies on fast learning – the faster you can learn from your mistakes, the quicker your company will grow. Rising ahead of your competition will depend on your ability to assimilate knowledge and employ those lessons rapidly.
From deciding what CRM to choose and what billing system works well, to how to structure your tech team – questions arise early that test your perseverance.
One way to fast-track the learning process is to gain experience working in another startup. There’s a myriad of elements that can aid or hinder your success and learning the ropes somewhere else will put you at an immediate advantage.
Another way to ensure you scale rapidly is to ensure that your investors believe in your cause. Finding investors who are tech entrepreneurs themselves or experts in your sector can help speed up progress, by providing you with invaluable advice and networking opportunities. Tech entrepreneurs investing at the moment are still running their own companies and are great sources of valuable and relevant guidance.
Driving forward with mission and purpose
Once you are up and running, keeping focused on your initial idea will require a mission and strong sense of purpose. It is impossible to move forward quickly without a clear destination.
In order to be successful, you need to have your team rowing in the same direction and this be achieved by conveying your mission with passion and conviction. The direction that fuels your business must be communicated effectively – only when the founder’s vision permeates throughout the organisation and is embraced by the entire team can a business reach its intended potential.
Not every company will be structured and guided by the same sense of purpose, but for many, a mission is the driving force behind all of the hard work. In times of uncertainty or when tough decisions need to be made, it enables you to keep your eye on the prize and keep moving forward in the right direction.
The right team
Whatever sector you are in, the heart of your company is the people within in it. The company culture will shape how people work so decide what kind of culture you want, relate this to your goals and hire a team driven by your mission. When teams are small and employee roles are multi-faceted, finding the right co-workers cannot be underestimated.
Efficiency is key and regardless of how talented and skilled someone may be, if they are not a team player they will only slow you down.
A common mistake made by many entrepreneurial women is to compensate for their own fears about being a woman in tech by employing people who hold the confidence and experience to impress the board. If they do not share yours vision or the team’s chemistry, however, their net contribution to your business will be a negative one.
From the investors you work with to the sales team you employ, finding those who are aligned and passionate about achieving your mission will be key to your startup, and will set the tone for success.
When you are at the beginning of your startup journey, these components – knowledge, purpose and people – will provide you with an invaluable head start. Moving at a fast-pace is vital in staying ahead of your competitors and the speed at which you drive your business forward will ultimately determine whether your startup is a success or whether it gets left behind.