Starting a new business means refining ideas by mapping out an ingenious plan to create an impressive framework to work out the possibilities of profitable outcomes. While considering the success rate of a startup business, the road to entrepreneurial success can be quite long. Entrepreneurial success also includes a strategic business partnership, which is an effective marketing strategy that combines brilliant leadership, customer focus, and much more to pave the way for success. Also, the entrepreneurial journey needs great innovative ideas at every juncture. The success mantra for this journey is picking smart people with smart ideas and implementing them in the right environment to drive innovation.
How does this work out:
Smart people will always focus on the evolution of the product by collaborating great talents as a team. These great talents need to be built by keeping their progress and performance on track by keeping in times with the business and product evolution. Some of the start-up businesses are lucky enough to take off from the get-go by keeping the framework and team in order, but unfortunately, not all start-ups are fortunate. Thankfully, a simple and effective system like OKR tools exists to help businesses and startups to get on track.
When you start your own business, you need to refine your idea and write a business plan in order to create something grand and great; a handful of good, smaller pieces have to work together to get to the best possible final outcome. In business, the road to entrepreneurial success can be long. It takes more than a great idea. It takes a team of the right group of people to have a strategic business partnership, an effective marketing strategy, brilliant leadership, customer focus, and so much more to correctly pave the pathway for success. While some new businesses to business partnerships are lucky enough to take off from the get-go with all of the correct working pieces in order, not all start-ups are as fortunate. Thankfully, a simple and effective system exists to help get businesses back on track.
You don’t build a business –you build people– and then people build the business.
So how to build people? If you’re thinking about ways to build people, you need to definitely focus on three P’s – People, Process, and Product – plays a huge role in the success of a company and helps in multiplying success rate. While each of these three facets functions independently, they must also maintain a harmonious relationship to ultimately lead to success.
People are the most important platform to make products reach great heights. However, when you pick people make sure that they are more than just smart. They must know and understand the product goal to effectively use the processes at the right place to attain the end objective. According to Investopedia, network marketing is a business model that depends on person-to-person sales by independent representatives, often working from home. However, this multi-level marketing process may include pyramid schemes that use money from new recruits to pay people at the top. It’s not about using the manpower to run a business, it is more like placing the right talents to use it to build customer trust.
Smart people always use good processes to create amazing products. Be it like creating a sales pitch, developing a marketing strategy, speaking with potential customers and clients, or simply answering questions over the phone, “people” cannot effectively create or push a product to market without following a system of processes that work.
To help ensure that your business is working through a good process, create a business modeling process that you believe will align effectively with your workforce. Watch and evaluate this process, and iterate it to see whether it fits to help guarantee the best possible outcome of the product. If you have the right people in place, but your business is not growing the way it should, your process could be fallacious. Be sure to audit your process with your employees and adjust it as needed to avoid the disruption that could halt company success. If the business is steadily growing, your process is working.
Marcus Lemonis, CEO of Camping World, has a passion for business and uses the proceeds of the three P’s to evaluate his own organization’s work. By successfully implementing people, process, and product into Camping World, a Recreational Vehicle (RV) retailer, Lemonis’ company productively employs over 6,000 people and generates more than $3 billion per year in sales – a true success story of smart people using good processes to create great products.
Great things in business are never done by one person. They’re done by a team of people.
Lemonis, and all others who implemented the procedure of the three P’s into their company, begins with choosing the right people and placing them into the right roles. This first task is vital, as employing the correct people will prove to be effective, while hiring the wrong people will quickly cause company destruction. As a whole, the company must then create a process that best fits the business.
This process should aid in achieving the end goal, but also be flexible enough to undergo small changes when necessary i.e process improvement, without disrupting company success. The people, if chosen correctly, will ensure that they fully understand the process that has been put in place in order to work through it effectively, even if it must be simplified to help reach the end product.
Finally, the product – the end result of the process – should be relevant, necessary, and desired by a specific target market. A business must ensure their product is something that people actually want! There should be a strong consumer base for the final product. The product should be trusted by the company’s employees. It should have the potential to be the best on the market. A business must pay close attention to risks and opportunities for growth throughout the product’s development.
PERFECTING THE SYSTEM
Ultimately, all three smaller working parts of this larger relationship have an important role to play, operating harmoniously to be successful. The right people must believe in their product and have an effective process to create that product in order to achieve success. It is unfortunate that many organizations don’t use all three P’s to their fullest potential. They rely on only one or a combination of two to reach their end goal. More than likely, they fail. When people, processes, and products are all approached equally, a quality outcome is highly probable.
The procedure of perfecting the relationship between people, process, and product may seem insignificant, but a failed three P relationship has been detrimental to the business in the past. If you find your company is suffering, consider evaluating each piece of this procedure separately. Once each part is fixed, your business should be back on the road to success.
How does OKR help People in creating a great product?
Objectives and Key Results (OKR), is a proven method to meet and exceed your business goals. How does it help people create a great product? OKRs help people set long term objectives and achieve them through numerous key results. Let’s walk through an OKR example to get a clear picture of how OKR Methodology works. Assume you want to adopt advanced technologies to increase the efficiency of the processes within the organization. That can be achieved by proposing new techniques, conducting training sessions, and checking the satisfaction score of the employees.
As you see in the OKR Canvas, the OKR Methodology allows you to think through the Objective, progress towards it, and achieve the organization’s goals effortlessly.
There are many other factors that determine the successful rollout of any OKR Program. Read on to understand how businesses can adopt OKRs successfully here. There is a whole spectrum of possibilities on where and how to get started. Based on your unique DNA, you can prepare yourself to plan how to get started with OKRs. But it’s important to just get started and progress with the best OKR software.
It’s very important to have a structured, repeatable process, which becomes a habit in your organization. Both the concept and process of your own iterative business execution system need to be a part of your organizational DNA.
Overall, the combination of people, processes, and products working together can easily determine a project’s success where success is business achieving its goals while employees are highly engaged and motivated. If the final product satisfies the targeted customer base by delivering exactly what was initially promised with the intent of the project, a business has achieved its goal.