Startup businesses – Entrepreneur must at Key Factors

Start-up companies face many challenges from cash flow to inventory management, from marketing to retaining quality human resource, from keeping the overheads under control to dealing with legal matters.

Globally, a large number of startups do not succeed because the lack of business acumen and skill set required pushing business from one stage to the next. Entrepreneurs become passionate about their idea to an extent where they ignore the complications in implementing the idea.

Laura Parkin, chief executive of the Bangalore-based National Entrepreneurship Network says that;
“in some cases, what we’re seeing is the lack of ability to innovate besides cutting prices and a get-rich-quick mentality.”

There is no doubt that one of the key success factor for small business is “keeping lean”, however a million dollar question is “for how long this business should remain lean”?
Jared Chung – Founder, Starfish says,

“Lean Startup requires that you confront all of the most uncertain parts of your business model up-front, based on the realization that uncertainty is the greatest foe of a startup.”

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How did Coke created a Top Brand?

Who can deny the fact that Coca Cola has created a brand that is well known and respected around the globe? Recent report on Best Global Brand by Interbrand has put Coca Cola at the top of the list. Commonly known as Coke, has left all other competitors wondering about the unique branding and marketing strategies created and implemented by the company.

Started in 1866, continuous improvement in the packaging and brand positioning resulted in the success of this company. Since its inception the company is closely aligning the product with the dynamics of consumer sophistication and acceptability of innovation.

The company does not miss any opportunity to associate its brand with mega global celebrations and events. For example in 2010, at FIFA World Cup, Coke launched a new version of Somali-Canadian K’Naan’s Waving Flag song. An event which was according to FIFA, the International Association of Football Association, cumulatively watched by 26 billion people (64 matches). That was the largest activation in Coke’s history. The song went viral through social media, TV commercials and was linked by the common thread of celebration.

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Creativity and Innovation – Massive Challenges for Corporates and Entrepreneurs

I am sure my readers will agree that most corporate, particularly multinational companies try to implement ideas that worked in one culture or environment. I sometime wonder how these corporate can encourage their executives to act creatively in their respective societies and work environment.
Creativity is not a new topic. It has been discussed widely in all major business journals. Researchers have written heaps of stuff on creativity.

Having spoken to several senior executives, I have come to a conclusion that creativity in the developing and under developed countries is less challenging as compared to developed countries. Reason is simple, due to lack to technological advancement, there are more opportunities in the developing or under developed countries for experimenting with creative ideas whereas creative ideas in the developed world face fierce competition!

Following is a statement by Michael Schrage, a research fellow at MIT Sloan School’s Center for Digital Business, is the author of Serious Play and the forthcoming Getting Beyond Ideas. Scharge says:

“This point is vital: genuine creativity isn’t about ideas. It’s about translating ideas into ingenious products, services and solutions. Ideas are the seeds, not the substance, of creativity. Getting them to take root is easier than it’s ever been.”

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