By Vartika Kashyap
Founding a startup and creating a successful company are two different things. Anyone can have a startup idea, but not everyone can turn an idea into a sustainable business.
According to the Small Business Administration, about half of all new businesses survive five years or longer, and the percentage drops down to one-third after 10 years. So while it may be easy to say you’ve come up with a great startup idea, to actually succeed and stay in business is not as easy as it may seem.
One area that plays an important role in a startup’s growth—and is often overlooked—is culture. To create a startup culture that will have a positive impact on your company’s growth, consider the following tips.
Encourage innovative thinking
One of the biggest bottlenecks to startup growth is having a fixed mindset. Always going by the book and saying, “This is how things have always been done,” can cripple the creativity of the people who work with you, and should not be part of your startup culture.
Always encourage your staff to come up with new ideas, no matter how unrealistic they may seem. Companies like Tesla and Snapchat were able to become what they are today because they were never shy to experiment. They don’t adhere to a “this is how things have been done in the past” mentality.
A work culture that encourages innovative thinking also allows you to have an ongoing flow of ideas, from marketing to product development, and every other aspect of your business. And these ideas are what can eventually become your startup’s success story.
Keep everyone in the loop
One of the things I like about a startup culture is how there are often no barriers between people with different titles. I see managers working side-by-side with interns, and CEOs who embrace an open work environment and don’t have separate offices.
Embracing an open culture ensures two things: It makes employees feel valued, and at the same time keeps everyone in the loop in regard to what’s going on. Nothing happens behind closed doors that could make a team member feel like they’re not a part of the team.
This can turn out to be the best way to win the trust of your employees. Don’t forget, your employees can be your biggest assets for developing your startup’s success story. When your employees trust you, they will not be reluctant to go out of their way to do things for the better of your company.
Walk the talk
You can hire the best people, but if they don’t have a strong leader to guide them, they will be of no use to the company. In order for your company to reach the levels of success you’ve dreamed of, as the business owner, you need to be the one taking the responsibility of getting things done.
After all, the company is your vision. You cannot assume your employees are seeing things the same way that you do. But you can share your vision with people, and inspire your staff by being present during every step and every stage of building the business.