The underlying guarding philosophy to Startup success is built on the proposition that to be entrepreneurial, an individual or organisation must have a quality startup vision, opportunity, mission, strategy and resources.
Vision is a picture (dream) of what a startup founder wants to create. This picture must address why the founder thinks his or her vision will change life for the better, and create a new source of value.
Vision exists in the tension between what is and what might be, the reward that will be earned by creating something new, and why people will be attracted to it. It defines where the founder wants to go, illuminates why he or she want to be there and provides signpost on how to get there.
In specific terms:
1. It provides a sense of direction by being the light at the end of the tunnel.
2. It will lead the founder to define goals.
3. It guides the generation of business strategy for the startup.
4. It gives the business a moral content and helps define social responsibilities.
Entrepreneurs whose startups succeed never seem to lack opportunity, while the ones who fail complain of lack of it.
Opportunity is a combination of circumstance that creates a profitable market for something which we have to sell or maybe able to produce. It an entrepreneur perceive an opportunity to increase his business or to start a new one, and does not act promptly, the opportunity is lost to him and someone else will seize it.
“Opportunity offers itself to men in proportion to their ability, their will for action, their power of vision, their experience and their knowledge of business. Inversely, opportunity is concealed from men in proportion to their slothfulness, their reliance upon others, their passion for imitation, and their ignorance of business”. Gratton.
A mission is a formal statement as to the purpose of a business, what it aims to achieve and how it will achieve it. It helps the founder decode his or her vision we. Developing a mission statement can help a startup articulate its vision, define scope, provide guide for setting objectives, clarify strategy and easily encourage the ability to quickly analyse setout startup goals.
A mission statement also helps startups define the value it will uphold while going about its business.
The components of a mission statement can potentially include product/service scope, customer needs/group served and benefits offered. This can also include the innovation on which the startup is built, the source of sustainable competitive advantage, and the aspirations of the startup.
These are actions a founder takes to pursue his or her startup objectives.
The idea that an organisation ahs a strategy lies at the centre of its management thinking. Strategy drives performance and an effective strategy result in good performance.
Resources are inputs startups convert into outputs in order to satisfy customer needs; resources are centred around finances, operation and human.
FINANCIAL RESOURCES: Seed, Loans, Over draft, Investor capital.
OPERATING RESOURCES: Premises, Vehicles, Machinery, Office equipment.
HUMAN RESOURCES: Productive Labour, Technical expertise, Provision of Business Services, Communication Skills, Leadership Skills, Motivation skills