If your company is a start up, you’re probably in a constant grind, hoping that every decision you make is the right one and later evaluating them, step-by-step as you lay in your bed.
In a recent survey by Statistic Brain, it was found that 25% of start ups fail in year one, 36% by year two, 55% by year five and a whopping 71% by year ten. Almost half of these failures are a direct result of incompetence in the areas of emotional pricing, improper allocation of funds, nonpayment of taxes, a weak pricing strategy or lack of knowledge, unorganized planning and no experience in finance or book keeping.
What makes a start up succesful? Some say it’s all about not making the same mistakes twice, keeping a low cost of failure and meticulously planning each move and evaluating the reactions and consequences of those moves. Others say its about developing a new technology that will be in demand, creating a scalable marketing plan, being adaptable across all phases in the company and hiring leadership with experience.
I believe your start up is as good as the people who control and create it. We are all just people who are trying to connect with other people. After all, great employees are definitely not replaceable, and if your company views it’s outstanding employees in an inverted light, chances are you have an inverted mindset.
Jon Stein of Fast Company gives six different personalities that will help feed the energy your startup craves.
1. The Dreamer
This person is the motivation of your business; they’re the ones that say it can be done, no matter how ridiculous the idea, and they know that it can be done. When Bill Gates stated that his goal was to have a computer in every single home, he was ridiculed and attacked for months. We soon found out that this idea was beyond possible.
The CEO needs to be at least somewhat of a dreamer, but they also need to hire other dreamers who will fuel the fire on a daily basis. People who think outside of the box and aren’t afraid to throw ideas out their are usually the ones who come up with more creative, innovative ideas.
2. The Manager
The manager is the leader who puts the vision together. They take what the dreamer has created and translate into basic steps. They’re pragmatic, reliable and motivated to turn ideas into actions. The manager is there to define roles, goals and monitor how each individual is performing on completing actual tasks related to the vision of the company.
Stein says that most articles about start ups don’t discuss the structure of the company, but states that it may the single most important thing for your company to succeed. A company with solid blueprint is a company that understands it’s path and where it needs to go.
3. The Builder
The builder is exactly how they sound: They have a clear understanding of where the company wants to go and how they want to do it. They builder knows how to do this, step bight step, and has the ability to think in an inventive, spatial manner. This type of person seems to understand exactly what you want with ease, and has the ability to do it efficiently and effectively. They also have a distinct ability to work smart, instead of working hard.
4. The Worker
As general as this term is, it is a very specific role that is crucial in keeping the start up churning. The worker is there to help and team work is a number one priority. The worker will accomplish things that aren’t even on their agenda, simply because they know that it should be done and it will only better the company. They are excellent in team environments and following direction from bosses or other coworkers. It’s important to recognize the worker’s contribution, since this position is typically over looked but holds great value to any start up.
5. The Grinch
This may be the most important role in the start up, since the financial situation is always somewhat shaky at first. Nothing is worse than wasteful or unnecessary usage of funds when a company is barely staying a live. We all know how important it is to have an efficient, clear-cut budget. The grinch is there to question every single person and weigh it over the costs and benefits, while exploring alternative options. They also know how to flex the budget and different ways, but will not break under pressure or spend unnecessarily. It is an understanding in the difference between need and want. The grinch cares about the company in the long-term picture, and will help you get there if you let them do their job correctly.
6. The Socializer
This person is the charisma, the face, and the life and soul of the company. They are the person that is always talking, never second-guessing themselves and constantly improving morale. Happiness is contagious and a culture of fun and happiness is like a tidal wave of great energy. No body should dread going to work, and work shouldn’t have to be this sort of official play where every one must where a suit and tie and mind their P’s and Q’s. Work should be a playground with rules; the socializer finds a happy medium between these two and uses it to their advantage. This type of person will help your team members laugh at themselves, create connections, change perspectives and give people a break from the typical hum of a days work.
Trevor Micklow is a business writer and content curator based out of Chicago, IL. US. He specializes in digital strategies, social media, psychology, executive education and business school related topics. He has been working and coordinating the general content of IntelligentHQ’s business school directory, which gives key information and programme details on the top business schools in the world. He has a BS, Psychology from Central Michigan University.