I have immense respect for start-ups and their founders, many of whom leave lucrative careers to start ventures from scratch. They are fuelled by a vision. Their courage and conviction command respect. Start-up founders are also generally more pressed for time, at least until they are in start-up mode. Some of them seem to be in a race with only the finish line in sight. For them, and other business leaders sharing their plight, this forced pit stop in the form of the Covid-19 crisis should help.
Many businesses have pivoted to seize opportunities that have arisen from the crisis. Some investors that I interacted with are talking of another kind of pivot – one where businesses rethink their approaches to different functions. They have the time to do so now. But will they?
Anecdotal evidence and firsthand feedback suggest that in the case of several start-ups, passion blinds everything except the destination. They are very clear about where they want to get and even how. It is worth pondering over whether they are indeed on the best go-to-market path?
A pit stop is a place where you check the vitals for the road ahead. The current crisis is an opportunity to do just that in the context of business. One may even have to change paths but that is something businesses are doing. The ignored bit is assessing if they can do the rest of the journey better. For which they need to look back, look within, and listen.
The gap often resides in a function that is not the domain of the founder. If s/he’s the product person, it’s likely that marketing hasn’t been given its due. If the founder is from sales, it could be something else. The solution lies in the founder listening to counsel. For sage counsel, you need counselors who are not just knowledgeable but will also speak their minds. If they did not in buoyant times, what are the chances that they will now?
This forced slowing down is undeniably causing unrest but it is an opportunity for introspection. Leaders who blink – and listen – stand to gain.
Whether it is CEOs, heads of family businesses or start-up founders, their rise to the top comes with a fair share of learning. With start-up founders, it is usually also accompanied by hard-earned degrees and/or professional success.
But one will need a different perspective and new kind of learning, especially to navigate what is now fashionably called the new normal. It is not necessary that the founder learn everything. The driver may not be best placed to change the tyres at the pit stop.
The ones more amenable to that change will finish the race.
Gokul Krishnamoorthy
Editor
gokul.krishnamoorthy@stimulusmag.com