Little Summaries of Company Building: Part 3
Little Summaries of Company Building: Part 3
Little Summaries of Company Building: Part 3
Previous Note:


Observations from experiences on company building:

  • Creating IP: Create IP from day one. Loads of IP. Small is good. IP is anything that your company does in a unique way. Small variations create useful IP. I have seen companies build IP using process, culture, and even location. This is one way of reducing company dependence on people. IP creation extracts knowledge and experience from people.
 
  • Building Moat: Imagine a crazy strong competitor. What if this competitor comes behind your company? Your moat will make it difficult for competition to win long-term. So figure out what is your true moat. Moats are quite simple to describe. And super hard to replicate. Three moats that come to the top of my head that have helped companies. Culture, frugality, and execution.
 
  • Executing Execution: Defining your vision will guide you every day. Figuring out your passage to achieve the same gives clarity. Execution is the foundation to build the passage to achieve the vision. Hard work. Consistency. Taking risks. Tolerating failures. Not slowing. Execution is not fancy. It is boring. Repetitive. I like it. A lot. 
 
  • Growing Net-New: After a point, I see companies obsess over their current customer base. But getting net-new customers on a continuous basis is even better. What should you do if you feel comfortable with your existing customer? You should think of selling the company or letting someone else grow it. 
 
  • Streamlining Back-Office: Expenses. Time-off. Vacations. HR policies. Taxes. These are some things that irritate the best of people. Keep your team members happy. Run your back-office like a well-oiled machine. Almost like electricity. 
 
  • Accepting Boomerangs: If a team member comes back to the company, it is a big positive. It shows many good things. Tolerance and acceptance. Good work environment. Talent is hard to find and keep. Welcome the boomerangs with happiness. It is good for business.
 
  • Balancing Careers: Promoting from within versus hiring from outside? This is a delicate art to balance. No easy way around this. Start somewhere. Practice. Because it is rare to build a sizable company without external hires. Don't let long-timers build fiefdoms. And orient newcomers fast.
Let's Talk: If you have a true experience that resonates, please send me an email.
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