Journey of a Serial Entrepreneur

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How to get from where you are to where you want to be

Competence

“A competent leader can get efficient service from poor troops, while on the contrary an incapable leader can demoralize the best of troops.” John J. Pershing

Competence is a pre-requisite for the process of trust building. An individual or business is deemed competent in a particular skill set when they have proved themselves adequately. However, for a new startup, without a track record, this is often a very challenging task. Competence needs to be communicated through actions in a younger team. For example, take two startups, both aiming to develop similar ebay replicas in a virgin market. Both teams have identical skill sets in terms of technical capabilities. One of the team, actively looks for individuals with prior experience in this sector, and adds them to their advisory body. Along with this, they get a major courier company to sign up with them as well as a reputable payment processor. A customer evaluating which website to use, will clearly choose the team which has put in extra effort in developing weaker areas of expertise. 

This example goes to show that younger startups need to think creatively about areas of competence and work pro-actively on weaker aspects. Areas of competence must be clearly communicated to their target audience. Some areas which can be emphasized for younger startups are:

1. Education: Many startups comprise of young team members who may still be at university or have recently graduated. Emphasis on your team’s specialized educational background to show they have adequate technical, managerial or marketing skills required by the business is an asset. Any other certifications or external program qualifications of team members can also be added when relevant. 

2. References: References from established members of your target industry whom you or other team members have worked with, can be very helpful. This serves as a validation of your skill sets and capabilities. This is particularly handy when a team is involved in raising seed funding at an early stage of the venture, from angels, friends or even family. 

3. Talent: All of us have some particular talent which makes us unique. Some may be good at public speaking, sales, programming, art, writing, sports or another talent. When your talent pool adds direct value to the business you are embarking on, it is advisable to highlight them. They add depth to your overall profile and provide keen insights into team member’s skill sets. For example if you were a swimming champion throughout university, it shows that you have discipline, and thrive on competition and high endurance levels. Many valuable characteristics can be extrapolated from that one talent.

Once credibility has been established, the display of competence becomes a lot easier to communicate. We all know that google is by the far the best search engine today and that it’s team is highly competent at creating algorithms which continually improve the product. A new startup wanting to challenge google will have a very difficult and challenging task to communicate that level of competence. Developing competence levels within your business is a constant work in progress. Set goals, and keep developing the team’s capabilities in strategic areas, to ensure that long term trust can be built with your customers.

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