Malaysia is experiencing a renaissance of sorts. There is a palpable sense of excitement and high expectations, as our new government goes about its business of recalibrating the nation.
In just a week, the “Tabung Harapan Malaysia” fund, which was set up by the government, for people to contribute towards alleviating the country’s debt, has received over RM40 million in cash donations from Malaysians of all walks of life.
Regardless of whether this amount will actually make any significant dent in the nation’s debt situation, I think it is spectacularly heart-warming. This sum was raised in a short span of time by ordinary Malaysians, who are contributing as much as they can, for the good of our country.
As I reflected on the significance of this unprecedented coming together of people to shape a better future for all, I realised that Malaysia now feels like a “startup”.
A startup company is an entrepreneurial venture that aims to meet a marketplace need, by developing a viable business model around a product, service, process or a platform.
I reckon this is what Malaysia is, at present. It’s a startup which is developing a feasible model of governance around the agenda of institutional reform. It is vested in providing sustainable solutions for its people, and it is committed to creating a fairer society, for everyone.
In my work life, I have spent many years in entrepreneurial ventures. Each time I start a new business, I know that I am filled with excitement. But this exhilaration also comes with a tinge of nervousness. Just like how we all feel about our country, right now.
In your careers, some of you are currently bootstrapping with minimal financial resources in your companies; or perhaps you are in the process of building on a new idea at work; or are considering moving on from your present job to setting up an enterprise.
I want to share four traits that make for a successful startup. These traits are also immensely useful for your careers, in general.
The first trait that makes for an effective startup is clear goals.
Your goals must be clearly established from the onset. Most startups I know often lack the cash to pay for top notch talent. The only way that they do this is by setting goals that talented people find compelling.
The enduring purpose of your venture must form its mission. Your short-terms goals must be benchmarked by clear milestones and you must create your long-term goal around realising the return of your investment.
The second trait is making informed choices.
You must select the right market place to offer your product, service or platform. The most successful entrepreneurial ventures will have founders who understand, and who are passionate of their industry.
You will find that these startups will have leaders who would have studied, and gained a wealth of knowledge about the sector they ply their trade in.
The strongest focus for successful startups is industry growth.
Growth industries are often associated with new or pioneer industries that did not exist in the past. And, they will concentrate on solving customer problems that the marketplace has thus far ignored.
The next trait of an effective startup is the ability to build a strong team.
I understood early on that as the founder of a fledgling enterprise, I simply couldn’t do everything myself. I had to learn about my own strengths and weaknesses. And, I had to focus on building a business that can attract, retain, and motivate talented people.
You must identify the skills needed for the successful implementation of your ideas. You must then hire people who will complement your strengths, and mitigate your weaknesses. Following from this, you will need to inspire and engage your team. And, of course you must compensate your people, by linking their incentives to the values of your startup.
The fourth, and perhaps most important trait, is that prosperous startups adapt well to changing circumstances, and shifting customer demands.
For this, you will need to monitor your customer’s needs, keep an eye out on competitors, and be acutely aware of all new technological advancements.
Winning startups are highly capable of recognising critical threats, and identifying hidden opportunities. They will then modify their products, and pricing to boost growth, accordingly.
Based on the four traits above, I reiterate that Malaysia currently feels like a startup.
There is a clear mission of reform that is anchored on short-terms benchmarks, and a long-term mission. The leader, our prime minister, understands the landscape, is quite evidently passionate, and has a track record of in-depth knowledge in public service.
The team that runs the new administration comes across as being hugely talented, diverse, and is committed by a compelling goal. And, even in just the past month, you have witnessed the government’s ability to modify, and adapt to change.
These are the successful traits of any startup. The entrepreneurial venture is a new Malaysia.
Shankar R. Santhiram is managing consultant and executive leadership coach at EQTD Consulting. He is also the author of the national bestseller “So, You Want To Get Promoted?”