Quantcast

What is the Core of Your Startup?

 

6188820602_0320bb3f4d_b

In many of my yoga classes, the teachers spend a lot of time on core exercises. If you do any competitive sports, your coach works obsessively on your core. A strong core is needed for overall body strength and resilience. It makes sense, because, by definition, the core is at the center.

The same is true about startups. The core defines what you are made of, and how you are going to grow. The core defines how your startup will withstand extreme pressure & competition, and survive & win. Here is what shapes the core of a startup.

  1. Vision.A strong body starts with a strong mind. A strong startup core starts with a strong vision. Why do you exist? What is your purpose? Why do you get up every day? What is your true north? Having clarity around your vision is the foundation of having clarity around execution, hiring, fundraising, and every other aspect of your company.

“Vision is the very foundation of the company’s core.

  1. Values. The second thing that helps shape the core of your company is your values. It can be speed. It can be exceptional customer service. Some companies have life-work balance as a core value, although it tends to be difficult for early startups. Values help you shape the culture. They provide the blueprint for the kind of people you may or may not hire, and for the kind of company you may or may not want to become.

“Ultimately, the founding teams values become the companys culture.

  1. Product & Engineering. In the past, great companies were about great sales and marketing. In the future, more and more companies become great because of its product and engineering. A great product is necessary to win in today’s market. To build a great product, you need to have engineering excellence and focus.

“Companies that have strong product and engineering core tend to win.”

  1. Feedback loops. The company core is constantly influenced by relationship between employees inside the company, its customers, and business partners. Every single interaction is a small feedback loop. The sum of all interactions over time will become a force that helps shapeand evolve the core of your company.

“Truly great companies have a core that evolves to be stronger over time.”

  1. Resilience. A strong core is a resilient core. You get knocked down a lot–when the product is not working right, when the sale would not close, when competition is breathing down your neck, when the funding does not come through. When you get knocked down, does your core help you get up? Is your core truly resilient?

“Winning the startup game means not dying. Is your core strong enough to survive?”

What is the CORE of YOUR startup?

 


 

 

Reprinted by permission

Image credit: CC by halfrain

About the author: Alex Iskold

Alex Iskold is the Managing Director of Techstars in New York City.

Previously Alex was Founder/CEO of GetGlue (acquired by i.tv),  founder/CEO of Information Laboratory (acquired by IBM), and Chief Architect DataSynapse (acquired by TIBCO).

Alex routinely writes about entrepreneurship and startups at Alex Iskold.

You are seconds away from signing up for the hottest list in New York Tech!

Join the millions and keep up with the stories shaping entrepreneurship. Sign up today.