When you get an epiphany, that moment should be tempered with the realisation that the same has been experienced by several others across the world and the gravity of the idea accounts for nothing much in the larger schemes of things, it’s anyone’s market at this time.
The truth, which is reinforced by a look at any industry, is that we are all doing variations and upgrades of product and service permutations, unless of course one has a moonshot idea, where we then put them in the crazy bin.
Technology is now commoditised and the barrier to entry for tools and systems to build out solutions is low, not to mention that key platform vendors — Google Cloud, Microsoft Azure, Amazon Web Services and Alibaba Cloud — offer credits, programmes and other hooks to try and drive adoption of their own platforms.
Capital is increasingly becoming readily available for every business stage, with local angel networks forming and investing in syndicated deals, larger venture firms closing on funds to pump into growth stage and banks reworking strategy to improve their loan book deal pipeline.
With all these building blocks being readily available and accessible, what is the secret sauce that would determine success of an operation? The answer is unequivocally people.
Every business harbouring hopes of running a successful enterprise must know and understand that people make or break the business.
Teams must be as diverse as they are skilled. And emerging opportunities for innovation and disruption will continue to drive this point home for the discerning.
You may have the most brilliant idea for a product or service, but if you cannot rally a core founding team at the start or elicit interest and hire right for growth and scale, you may be firmly on your way to the dead pool.
Teams create their own working dynamic and can bring both personal relationships and emotion into the mix, which are all part and parcel of creating a glue that drives synergy.
The presence or lack of this synergy can be felt and it is important that founders, business owners and HR executives not only develop a sensitivity to it but also plan for different courses of action to ensure that the optimal dynamic is maintained as a running concern.
Yes, you may be leveraging technology to power your new startup or chase new opportunities as a corporate but before the tech, comes the people.