Emerging businesses are agile and innovative

In 2007, two San Fransisco guys couldn’t afford their rent, so they bought three air mattresses to rent out from their bedroom floor and cooked the guests breakfast. Fast forward 13 years and their business - Airbnb - is worth $10 billion USD.

In Amazon’s early days, when it was only an online book shop competing with local stores, Jeff Bezoz’ team worked from his garage and would ring a bell to celebrate each and every sale. In 1999, Bezoz said: "There's no guarantee that Amazon.com can be a successful company. What we're trying to do is very complicated.” Now, the company’s market value is $1.76 trillion USD.

What would have happened if the owners of the world’s biggest companies gave up as soon as things got tough, listened to everyone who ever doubted them or stopped dreaming big? We probably never would have heard about them because they wouldn’t exist. The beauty of emerging businesses is that every business that is now a household name, were once a start up. 

There’s something in an emerging business that intrigues me – Is it their energy, their soul, the successful learnings that’s born from failures or is it that the successful starts up have identified their why and have put a strategy behind that why that has filled a gap in the market. 

Emerging businesses require a kind of energy and soul that drives agility and innovation. They identify their “why” and build a strategy to fill a gap in the market. Take Uber, for example. After a conference in Paris, Travis Kalanick and Garrett Camp complained about life’s many inconveniences, including finding a taxi. So, they started brainstorming ways to find cars at the right place and time. Social media app Snapchat began because its founders found a hole in the market for photos that would disappear in chats.

Emerging businesses inspire people to contribute their talent, money, and enthusiasm and fosters a sense of growth, the pains that come with it, deep connection and shared determination. They learn to thrive on successful learnings born from failures. As the saying goes,

“Failure is not the opposite of success, it’s part of it.”

The creators of the mega successful video puzzle game Angry Birds definitely took this perspective. They attempted the project 51 times before discovering what worked. Networking platform LinkedIn faced slow growth in the beginning with just 20 sign ups a day, but the team persevered.

The brains behind successful emerging business often advise to be passionate about what you’re making, have skills in the area and ensure there will be market demand. Author Ben Casnocha believes the key to success lies in combining all three points. He said:

“Fit those three puzzle pieces together to arrive at a smart “Plan A” for your career. How can you leverage your strengths to achieve some of your aspirations while navigating the realities around you?”

Founders should view their businesses as more than their product or service: it’s a story.

Most founders could tell a story that says they are more than a product or service. These companies are unique and inspiring as they are trying to grow, but look after their business intent, customer connection, and employee experience – with a much smaller pool of talent, many people looking after many areas of the businesses. 

Successful businesses are unique and inspiring as they grow, but still look after their business intent, customer connection, and employee experience. They realise the importance of forming and keeping close bonds with clients or customers and understand the wants and needs of those who could one day become their customers. Especially when companies are in their infancy, customers feel personally connected to the business in a way that encourages loyalty, energy and creativity.

Over the last few years of the awards I have built quite a connection with emerging business, seeing them go from strength to strength each year. The founder is often still working inside the business and every employee has access to them, they have a unique passion born from the need to create a solution, and they have likely invested heavily.

It is important that they find other people who are committed to the same cause or passion as them to ensure their success. Their employees have a different attitude, they had a unique type of motivation to go beyond the basic requirements of their jobs and because they are part of a young business they become part of the brand story. It does take a special type of personality to join an emerging business, they have to understand the pressures that are associated with an emerging business, more so if they are challenged with fast growth.

Starting a business is daunting, but it’s based on a simple recipe: look for a solution to a problem you know you can fix. Those who start businesses do so because they’ve found a way to do something, not solely for their desire for success. This craving can and should be there, but only as a support system to a brilliant solution.

It can be difficult for both the founders and employees of a new business. They must be motivated to go beyond basic requirements, willing to be part of the brand story and resilient in the face of adversity. Not everything will go as smoothly as planned, but the end result will be worth it.

In the wise words of Einstein: "A person who never made a mistake never tried anything new."

Best Emerging Business recognises a business that has achieved significant business growth during the last one to five years as a result of effective planning and delivery. The business must have started trading after 31 March 2016. If you are proud of your first 5 years in business, click here.