What Startups leaders can teach us all about crisis
/If you’ve ever run a startup, you’ve lived at the junction of opportunity and crisis every day. If you haven’t, thinking like a startup can help you overcome a crisis.
What is a startup? I’ve heard CEOs of ten-year-old companies describe their business as a startup. Does that mean they’re still struggling with cashflow? Or that they haven’t found as many customers as they’d expected?
Or is “startup” simply a mindset? Run lean, be extra-intimate with your customers and invest in the future. I had a few things to say about this in Trusting Technology, including:
”Startups do not represent the model way to run every business—too much chaos, a pile of uncertainty, maybe a lack of discipline. But the startup model has evolved around the ability to try a lot of ideas very quickly, supported by the venture capital funding model that embraces the stakes.”
Either way, extending a shortened runway, being a customer validation zealot and investing in the future—rather than scrimping—are all skills that successful startup leaders need.
Given recent events, a lot of years-old businesses should learn how to run like a startup. I may have to take back that comment about “the model way to run every business”.
Startups find opportunity
healthpath is a European startup providing vital support for the 35% of us that suffer from gut disorder. Their model is test-based, with a large body of educational support. I’ve known founder Richard Nehme for a few years and have seen he and his team master “Agile”.
Five weeks ago, healthpath decided to pivot.
Last week, they launched a COVID testing service in the UK.
Agile—done! (Keep reading for more about Rich.)
Are you thinking like a startup?
Consider three questions:
How long is your runway?
How efficient is your customer validation process? Can you reach 10% of your customers at least once a month?
Have you considered how your products could change—even transform—to attract more business from your established customer base?
How are you investing in the recovery? If you don’t have cycles for the future right now, how soon could you begin?
Five CEOs talk about 100 days that shook the world
I speak with a lot of CEOs and recently had the pleasure of recording five of those conversations. I'm pleased to present a two-part compilation featuring Wayne Bryce, Hazel Weldon, Sean Smith, Bruce Robinson, and Richard Nehme.
In the first part, we discuss how colleagues and customers are doing after the early days of the COVID crisis and talk about what the immediate future holds. Click here to listen.
Trusting Technology is a book about forming ideas, exploring opportunities with customers and colleagues, and building your future together. Order your copy here.