A search for “formula for company success” on Amazon yields almost a thousand results, mostly consisting of self help books. Although I do not claim to have discovered the elusive formula, I believe that certain characteristics can help achieve success, which I have identified after analyzing the best companies currently active in the market.

I'm the founder of a deep-tech company that's trying to push the boundaries of what's possible in computing. For me, following these principles is crucial to achieving this ambitious goal. However, I am sure that these principles are not exclusive to any field or industry and can be applied to any business that wants to prioritize and use them as tools for development.

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Elegance

Elegance goes beyond mere aesthetics; it is the epitome of beauty in every aspect of a company. What does beauty consist of? Honestly, everything. If the founder wants to ensure the elegance of their product, they must pay attention to the structure that must be respected in every process of interaction with their company. They can range from how your employees present themselves at networking events or in store to how quickly your support team helps customers. This will not only give your brand consistency, but it will also make it more attractive because, after all, people are aesthetic creatures.

When you think of stylish products or packaging, I'm sure one of the brand names that comes to mind is Apple. From the logo to the store decor, elegance is evident in every aspect of the brand's endeavors. In your business, the aspects of elegance are obviously different from theirs, but their role is the same.

Focus on goals and values

Focusing on the bottom line is especially important for technology companies, especially those developing new technology, as it allows them to deliver on their promises to both themselves and their customers. Most importantly, it allows them to focus only on those aspects that are truly important and relevant to their ultimate goal. To achieve this, a detailed planning is needed, where the most optimal route is chosen from thousands of possible options. Furthermore, before any action is taken, it must involve thousands of hours of research, hypothesis testing, and more, but all must contribute to the company's goals.

According to Gartner Product Manager Survey 2019, only 55% of new products are launched on time, and another 45% are delayed by at least a month. This underscores the importance of establishing not only the founders realistic goals but also communicating them clearly to both your customers and employees. Furthermore, the company must not deviate from its original purpose and must always keep its eye on the ultimate goal. To stay on track, some things must be prioritized, such as the good Time management, both in your life and in your business, or for example, preparing emergency plans in advance. You can use these tools to provide proactive and adaptive responses to unforeseen obstacles to ensure a smooth, or at least steady, march to success.

Starting and turning on

While it is important to keep up with the market and its latest developments, it is essential to use this information to create new trends rather than simply following existing ones. To follow this approach, business owners must create and maintain a clear picture of how their businesses differentiate themselves from their competitors, allowing them to have an opportunity to become industry leaders. The problem with using trends as a basis for a company is that the trend cycle inevitably leads to obsolescence.

Netflix is ​​a prime example of this. It started as one DVD by mail service in 1998just a year after DVD players were introduced in the USA before they became an essential part of every family. The company not only competed against Blockbuster, the largest rental chain at the time, but also revolutionized the rental process by introducing a new way for consumers to interact with their services, introducing a subscription model in 1999. Netflix entered in 2000 only with 300,000 subscribers, now this number reaches 247.2 million. Why? Because they were able to come up with an idea for a truly unique service.

The pursuit of excellence

One of the biggest enemies of any entrepreneur's long-term success are these three words: “It will be done.” This phrase not only affects you as an entrepreneur, undermining your abilities and limiting your potential success, but it also affects every aspect of your business. The pursuit of perfection does not mean that you should not try to release anything until everything is perfect, but it does suggest that everything you can do should be done to the best possible quality.

The pursuit of perfection, or rather the lack of it, is why the aforementioned DVD rental chain now only has one store in the U.S. When the market began to expand and Netflix entered the game, Blockbuster had the opportunity to acquire it, but aired it arguing that Netflix was a very special business. Blockbuster's opposition to online streaming and the fact that it was stagnant and content with the same while an entirely new industry was developing prevented it from innovating.

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Embracing challenges

As technology has advanced more in the last two centuries than at any other time in human history, the possibilities for further development and creation are endless. It's not unusual to run into a bunch of problems when creating something new, especially in the beginning. However, a Business owner should not avoid working on a unique product or service simply because of the problems it may present and to seek innovative solutions.

As obvious as it may seem, the easiest way to approach a challenge is through hypothesis testing. Whenever you are faced with seemingly impossible problems, it is very important not to be intimidated by them, as this can lead to stagnation or the inability to deliver the promised product or service. Using hypothesis testing, dozens of possible solutions can be generated and tested to avoid stagnation and start making progress. This not only expands the range of feasible solutions, but also allows the company to create a really great product or service, because you will be able to achieve something that no one has ever done.

Positive influence

In the 21st century, it is essential to prioritize more than just EARNINGS, especially at a time when we are experiencing such a rapid escalation of climate change and other disturbing events. We are at the peak of technological development and it would be irresponsible not to use it to improve the world around us or at least try to preserve it for future generations.

As the founder of a technology company, I often pay attention to this detail and believe that a positive influence is essential when it comes to running such a company and that those who have a genuine desire to make the world a better place and safer, have a real chance to create a thriving business. Of course, this principle is not exclusive to one industry; for example, food delivery and ride-hailing services have a better chance of success if they are inclusive and convenient for everyone. Remember, if you have an opportunity to impact the world with your business, there are hundreds if not thousands of options available, especially today.