With decades of professional experience spanning the military and private sectors, odix CEO Dr. Oren Eytan is uniquely positioned to offer his thoughts on what is essential to succeed in the startup ecosystem. In the blog below we will outline some of Dr. Eytan’s insights and reflect upon the critical steps and simple processes which will help your startup flourish.
- Focus on your Team.
Success is driven by the high-quality and committed employees you hire. By investing in your team, providing them the flexibility to do their jobs, and instilling the understanding that the executive team cares about their needs, your organization has the potential to achieve great things. Success is the direct result of the people you hire to realize your vision. Thus, making sure the people you hire are dedicated, loyal, and invested is paramount to startup survival.
- Be responsive to the Market!
Businesses often fail because they feel their solutions don’t need to adapt to market trends. While in every generation there may be one product that can withstand the test of time, for everyone else the key is evolving to the needs of the user. This tenant is as true in product development as it is in marketing and hiring practices. The only way to optimize user demand is to be responsive to direct and clear industry needs and constantly refine the functionality to meet market requirements.
- Make sure you have the budget!
Lofty ideas and catchy buzzwords are great to bring attention to your startup. Unfortunately, they don’t pay the bills. Understanding the financial limitations of your business, regardless of the hype you have generated, or your perceived understanding of market trends is key to keeping your startup in the black. By understanding budget constraints, you can hire the right talent, plan your marketing output, and ensure your startup doesn’t become a passing fad.
From hiring the best employees and investing in their professional needs to showing market responsiveness and being aware of the almighty dollar, startups can push towards the future with an eye towards stability and market growth.