Good Isn’t Good Enough: Companies that remain satisfied with second-best solutions won’t succeed in the long run
Some basic rules can be applied to any emerging start-up. You need a good team of entrepreneurs. You must keep an eye on expenditures. A company’s team of employees is responsible for product development - and it helps if they’re truly enthusiastic about the product or the idea behind the company. One advantage that newcomers enjoy over established players is that they can operate on a low cost basis.
Some additional rules require more conscious efforts, and it’s tempting to relegate them to the periphery of company policy. When a start-up commences its operations, many decisions must be made, often under considerable time pressure. In the heat of the moment, concessions are made: Because of the circumstances, because of time pressure, because of the constraints imposed by life or the cosmos. But it’s important to stay demanding and constantly seek better solutions.
A good example for the rule that “good isn’t good enough” is the selection of employees: Let’s assume that the team of founding entrepreneurs has formed. Now they’re looking to hire.
The selection process takes time: Job descriptions must be written, applicants must be screened and invited for interviews, the interviews must be conducted and de-briefings must be organized. Sometimes the founders might find themselves opposite applicants who fit 90 percent of the requirements - but questions remain. What should be done? The clock is ticking, after all.