Proper tools are required to be set in place for new ventures to penetrate the market and generate revenue from sales, especially for young entrepreneurs.
Many companies or, rather, innovative industries, have designed templates for new ventures, as they have demonstrated strategic leadership in business. Examples of such companies include Amazon and Apple.
Average enthusiasts of these platforms are probably bound to think that, these companies had it figured out on their own, when they got established, but on the flip side, that seems not to be the case, as a number of them built their platforms on trial and error basis, before they eventually scaled in the market. Google is not also left out in this regards.
Ask a question from your friend, who has no grasp of the solution at that moment and the next possible phrase you get is, “Google it’. Yes, the online company has become the largest search engine platform and a household name in the online world.
How did Google find itself in this top spot? How much of sweat did the online company have to break to be an inspiration to many online companies in the world? The biggest question would be, how did the online company come up with its innovation?
We shall explore some answers to these questions, moving ahead and how they will be of benefit to Startups and young entrepreneurs.
Positive mindset for Driving Business
You might be familiar with these statements that, “Successful Entrepreneurs know how to say, No!” The talk has been that, saying “yes” to everything thrown at your doorstep, does not make you appear weak and not a relative risk- taker. To make a successful business, you must learn how to say “no”. That has been the narrative we have grown to know.
On the other hand, Google does not agree with this philosophy of “No”. Much of the success recorded by Google has come from its positive attitude of saying “Yes”.
Eric Schmidt, Google’s Executive Chairman, (2001-2015), stressed the importance of giving a positive nod. He emphasized the significance of saying, ‘yes’ at every stage of life, with the deep effect it has in complementing an individual success in achieving your business goals.
Making Product Decision
The “Toothbrush Test”, a term coined by Larry Page, Google’s CEO, noted that you need to create a simple assessment of getting to know, if your product is what can be of use, either once or twice a day, for your customer’s benefit.
The concept that Larry is trying to portray, is for you to identify if your product would be a good fit in the market while considering its long term usability. Only then, could you determine the viability of the product and how well it will impact your proposed target audience.
What determines the life cycle of a product is not just the way it was embraced in the market at the initial stage, but for how long it will be demanded, by customers. If the product is used daily, then, the need for modifications and updates on it may be required from time to time.
If this is not done, your competitors may catch up with you and possibly send you out of the market.
Core Strength
Google’s success has the core of its business built around search engine and advertising. With time, Google has found a way around its advertising, through the adoption of new trends and the introduction of brilliant features, which appears to be the delight of its users.
Innovation may be the core of a business, but neglecting important aspects like strengthening your team, can negatively affect your business. You might not, eventually, scale, if you fail to establish a strong foundation with your team.
When you establish a strong team, you could, even, extend hands of useful resources to other platforms, just like Google is currently engaged in, with assisting Startups and young entrepreneurs, especially, the ones in the tech space.
Have Dedicated Departments
Integrating the workflow into carefully selected dedicated departments tends to assist organizations in attaining efficiency in their workflow and this ensures that flaws that pose a threat to the strength of the organization are cut off.
Startup companies, most of the times, often subject their projects to poor coordination, when they are just starting up. This often leads to poor execution of projects and definitely, you do not want to start your startup in such a manner.
There are so many aspects to the functionality of Google; such that only integration could have seen the search engine company continues to hold its ground. Google did not just divide work among its employees on precise project execution, but has also allocated a work description to its workers, based on the passion towards work.
Down the line, there are also dedicated sub-departments that collaborate to ensure project completion. In 2019 young entrepreneurs have a lot they can learn from.
