What makes a Start-up successful?
At this year’s MEA KULMA Innovation Festival CEO Klaus Pilsl shared his view on success factors of a start-up. Check out the video of his speech.
Recognise trends and think innovation
The improvement of an existing product is not innovation.
Innovation means to stop what you are doing, return to the start and walk down a different path. One that nobody has ever walked down before.
Start to think about things that are perceived as impossible by others. This newly achieved mental position will open the possibility for you to do something you thought you couldn’t do.
Nobody can be an expert in everything
Founding a company is much more work than one might expect. Nobody can be excellent in everything and every individual has their own strengths and weaknesses. Do not try to turn the weaknesses into strengths but rather make them irrelevant by creating a diverse team.
Plan well and thoroughly. Then, throw the plan overboard.
Despite the intense workload and it being unpopular by nowaday perception: Make a business plan and consider every aspect very thoroughly. When you are done, forget the plan because it won’t withstand: Start-ups must have the ability to react extremely fast to changing conditions and shifting markets. But having a plan is essential in order for you to understand you entire business and to evaluate whether the planned efforts can create the aspired returns.
Learn to anticipate and manage crises
The line that divides triumph from failure is an extremely thin one. Every now successful company has times of crisis to look back to. So anticipate them and try to manage them. This is especially important because we, as humans, do not grow from the successes we celebrate but from the crises we manage to overcome.