Speaking on behalf of her high school business students, Annette Moran from Wavell Heights, Queensland, asked a similar question.
The ‘people factor’ appears again and again on my list of top tips. It is the foundation of many business successes and, because many business leaders dismiss it, it is the cause of countless failures local business and technology transfe.
While the current school of thought in business schools claims that all someone with an idea needs to succeed is focus, clarity and a good business plan, I have found that it is much more important to assemble a great team, which is united by powerful motivation, determination and courage. Let’s discuss how to get started.
- Find good people.
The successes of Virgin companies such as Active, Atlantic, Money and Mobile were all based on us putting together a great management team that had vision, passion and a true sense of ownership.
We are specifically looking for leaders who have the ability to listen to the feedback that employees and customers give them; This is crucial to keeping a product or service fresh and innovative. Often, when things start to go wrong, you will find that staff members feel ignored and that good ideas are not rising to the surface.
A good leader must have the character to make complex decisions, and the passion and ability to inspire his staff and keep them going in difficult times.
- Realize that employees are the business.
A successful business is not the product or service it sells, its supply chain or its corporate culture; It is a group of people closely united by a common purpose and vision. In the case of Virgin, we fly the same planes that our competitors use and our gyms offer much of the same equipment that other gyms have. What separates Virgin businesses from the competition? Our employees.
The best-designed business plan will be useless if it is not executed by enthusiastic and passionate staff. This is especially true when things go slightly wrong; A friendly and proactive team can often draw people in, preventing a potential disaster or even turning it around to your advantage.
Earlier this year, a Virgin America flight was diverted from New York to an airport in nearby Connecticut because of bad weather. Passengers were trapped on the aircraft for many hours while the weather cleared. Everything took too long.
Later, CEO David Cush himself called several of the passengers to apologize, which may have given those customers an idea that all Virgin staff members had been worried about them.
- Bring out the best in your people, be generous with your praise, never criticize.
Instead of focusing on mistakes, a leader needs to highlight each day to someone when they are doing something right. If this culture of encouraging employee development through recognition and praise starts at the top, it will go a long way in dispelling workers’ fear of failure, which can impede a company’s growth, particularly in the early days. .
When mistakes happen – which they inevitably do – always adopt the attitude that you need to learn from them and not continue to regret what went wrong.
- Don’t take it too seriously.
At Virgin we pride ourselves on trying to find fun in our work, by which I mean we try to make sure that both our staff and our customers feel a real sense of warmth and affection. I have openly championed this attitude – having fun with costumes, trying all kinds of adventures, and generally showing that I don’t take myself too seriously.
My approach surely won’t work for every business, but maintaining a sense of perspective and not allowing management to be seen as isolated will help keep your staff on your side.
To encourage your employees’ sense of friendliness and personal interest in your customers’ needs, it is crucial to ensure that everyone who works with you enjoys what they do, which means everyone should be proud of your company.
- Screw it, do it!
Finally, to succeed in business you must have the courage to try. Starting a company or business is a big risk; An entrepreneur needs determination and the conviction that he will overcome the first obstacles. Most startups fail in the first few years, so a key ingredient to success is the ability to get up and try again.
If it starts to look like your business won’t survive, some on your team may become worthless. At that crucial moment, your knowledge of the ‘people factor’ can save or sink your company.