The sole purpose of a business is to make money. Said otherwise, a business exists only if the net output is valued larger than the net input (all resources put together). Businesses have consistently been changing and the startups have always been there.
Startups are businesses that operate on the edge. Some characteristics are –
- A lot of current and upcoming technology
- Innovation in process, application, delivery etc.
- Scarce resources
- Collaboration and Leverage
- Unchartered territory
Let us explore what makes networking a critical success factor:
Building a network is like planting a large number of intelligent sensors across the war zone. These are friendly signals, which allow the startup to take educated decisions and make mid-course corrections. We will look at the different aspects mentioned above and see the larger impact of networking.
The new and upcoming technology is known to select people and it may not always be possible to hire them. A strong network helps access these resources and leverage their capabilities without burning a hole in the pocket.
Scale up can happen only when processes, applications and delivery systems are streamlined. Leakages are discovered early and plugged. Having a large network allows the organization to ‘test’ the solutions in various settings without having the risk of bad mouthing.
Since the organization runs on shoe-string budgets, a resourceful network comes in handy to enable larger achievements while saving the critical resources of time, energy and money.
As a startup, you are creating something for a segment that is less explored. You do not have reliable historic data. How do you counter this without shooting yourself in the foot. This is where you rely on your network that will support you with inputs from adjacent industries, other geographies, intelligence form grandma’s stories etc..
…..and you thought disruption happens just by fluke. You become a seeker, who is consistently listening to everything that is happening all around. This too cannot happen without a network. Heterogeneous contacts expose you to various aspects and parameters. You collect your post-it notes, scribbles and notebooks and put them together to make a data storehouse that makes sense. The world calls this disruption.
Revolution in ICT has given a major thrust to bringing in velocity. As the telecom pulse has been reducing, the reach of an average person has been increasing. This allows us to turn around responses faster. It also adds to the number of responses and inputs, thus enriching the product or service.