Cost to starting business today is lot easier due to technology Have a great discipline and thoughtfulness Balancing responsibility for customer and investors.
All people have some insecurity. Self-Doubt is common. Personal decision—are you willing to sacrifice for this endeavor. Have courage and conviction Ability to look back and live your life to the fullest. If you know you have it, just jump into the pool.
How did I start ?
I didn’t have all the answer back then. 1987 – 11 Starbucks stores. Belief to build a different kind of company. Company to give health insurance and stock options to part-time workers. Success is best when shared. Free college tuition to every single employee.
Expanding to China
3500 stores and opening a store a day. Transfer of culture to Un-American place. Understand your customer and customer region. After 9 yrs of being unsuccessful. Belinda Wong—CEO of Starbucks china. Integrate the culture of company and regional culture. Family unit is important in China. Value based company is not in conflict with profit based company. we have to make profit.
Be intellect curious. Having courage to put yourself in uncomfortable positions. Put yourself in learning position Life experience of learning, observing and practicing your craft. We learn from mistakes, and we learn from the environment. Humility of rejection will teach you so much.
self-awareness of situation and culture of the company. Creating relationship before asking questions. You need to understand the strategy and how decisions made. How a company makes a decision. They teach them so much Not have a fear of failure. You need to ask questions.
Find a mentor
Mentorship will evolve. Whom you respect and whom you can relate to. Know what you’re asking your mentor of the obligation.
There is always a place for niche player. If we present ourselves in different , they can do something a big company cannot do. Be sponge and talk to all your peer. There are things you cannot prepare for. Observe and learn from everywhere.
There has to be priority in an Organization There can be 3 to 5 big audacious goals that you can manage. Engage with people Ask questions on everything. Be curious. Get your hands dirty Don’t operate at the high level. Every meeting—One chair will be partnered, and another share is customer. This decision will make our customer’s proud. Debate more before making decisions.
Find Right Investors
Do your homework about investors and their history. How they act and do they share your values. Can you rely on them when things get difficult. Create a scenario and ask them about how they deal. Make due diligence about the investors. We have the lot of insecurities, with healthy level of skepticism. You will be served well, if you under-promised and over deliver. Let them know why are you in the business. Know about investors. Know their history understand their values.
Overinvest in culture
Most underestimate the concept of culture. Understanding the human behavior and empowering people to create a behavior. It is the foundation of the company. Define the culture early. It is like raising a child. Teaching child for self-esteem. This action is not consistent to the culture of the company, then swiftly stop it. It is who we are, it is why we do something. - Do culture audit. Having honest conversation. Bring people from all walks of life and come talk to the team. Work-Life Balance. It is the fundamental issue for young minds. We need to decide about this early. Establish responsibility. Company should develop deep level of sensitivity on work environment.
Hire a Value based Team
Team should be the priority. Company should attract like-minded people to join the team. How to balance out the pay. If he is not interested in equity when joining a startup that is a red flag. He is not looking out for future, long term and not hungry. Everyone going in same direction is important.
Interviewing a candidate
Intimate conversation. Reduce tension. " What’s the last book he read ?” - he is not curious. Your opportunity to show that you are a servant leader. You will make hiring mistakes. Involve many people to interview that person. Culture fit is essential. Prep organizations for new hires. Before a new hire makes a decision, he needs to be immersed into the business.
Don’t manage, lead
No one wants to be managed. People wanted to be valued. It’s a team sport. Balance input. Don’t micromanage. Give early feedback. Establish the culture early on Many people are conflict avoidant. If you’re not honest with the person. One standard for everybody. That is excellence. Be specific about excellence Show your displease , as it can affect downstream
You have to control your destiny. You cannot allow others to dictate what you have to do Do your homework for the market. Be mindful of competitors. But competition should be there in the decision-making room Pricing is not competitive edge. It is not sustainable You have to invest in the future of the business. Innovation—it must be disruptive. You have to fracture and disrupt the market / norms. Chasing too many things too early is not good. You cannot multitask. You cannot spoil the core business. Know if you have resource Same time, don’t be afraid about innovation. You have evolved to be innovative naturally
Leadership in crisis
Self-Belief in crisis situation is vital Be transparent about challenges and address the needs and thereby letting them know what is going to be affected Do I have trust on people? How I can ask them if I am not transparent and granular enough ? We have to be transparent Significant Cuts—Do it early. 100% empathy while doing this. Every company has experienced some kind of disappointment down the line Success has to be earned everyday Remind people, what sacrifices and culture we had to get it here
If you work with high aspirations and surround with good people who share your values, you can achieve it It’s a team game and understand sharing success with each other
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