Culture is the engine that drives successful companies. Think about your car. You can’t go anywhere with a faulty engine. No matter how beautiful the car is, how expensive it is, or how experienced the drive is, it won’t move an inch. In fact, it is one of the main reasons why 50% of all startups fail before scaling up. Good entrepreneurs should work to ensure that their startup culture provides a serene environment for success. To start you off, here are 5 necessary features of a great startup culture.
Watch your money
You need money to make money. But what you need even more than that is extensive skills on how to manage that little money you already have to avoid wastage. Great startups are frugal, have a culture of saving, and always look for ways to cut down costs. The more you can save, the higher your chances of surviving.
It’s very tempting as a startup to hide bad news from employees and stakeholders. While you may have good intentions, it will work against you in the long run. Lack of transparent communication leads to trust issues, which then lead to poor performance.
Startups need strong leaders who know what they’re doing. Strong leadership will help keep things in order and maintain the trajectory of the company even when things seem to go off the rail. Without a strong leadership, you’re bound to sink the ship.
This cannot be stressed enough. As a startup, it’s hard to please your customers or even make them trust you. You have to focus on their needs, give them unforgettable experience, and always put them first in all your decisions. Afterall, they’re the reason you exist in the first place.
Startups begin to fail when team members begin competing against each other. Always ensure that every leader, employee and all stakeholders have received the same amount of attention to reduce tension and increase collaboration.