A common request I get while mentoring entrepreneurs is for a copy of the startup checklist they need to follow, in order to build a successful new business. I wish it was that easy. The challenge is that every new business needs to be innovative and different, in order to rise above the crowd, bring real change to the world, and give you the satisfaction you seek.
Nevertheless, there is nothing wrong with studying and learning from the wisdom and experience of others. So for those of you that love checklists, I saw some real value in the classic book by James M. Kerr, “The Executive Checklist: A Guide for Setting Direction and Managing Change.” His checklists cover everything from building a vision, to consistently delivering results, for entrepreneurs up to mature business executives.
Although I’m not an aficionado of checklists in general, I really appreciate one he has included for keeping up with the latest technological trends that are reshaping business strategies, which should be the driver for startups to fill in the gaps. I’m sure you can find some gaps, niches, or extensions for each of these technologies:
- Internet of Things. The physical world is quickly becoming Internet enabled, allowing it to be fused with the digital world. Everyday devices, like Internet soda vending, have an embedded computer allowing full remote reporting and control. Other examples include smart-home remote control, cell-phone tracking, and remote auto traffic sensors.
- Mobile Computing. From tablets to smart phones to the Apple watch, people are increasingly relying on their mobile devices to assist them in managing their lives. The next phase of evolution will demand device independence, enabling an uninterrupted computing experience as we move from device to device throughout our daily lives.
- Cloud Computing. This is a phrase used to describe a variety of computing technology concepts that involve a large number of computers connected through the Internet. There are already a variety of cloud computing solutions available for common business usage, including the following:
- Software as a Service (SaaS). This is a software distribution and pricing model in which new applications are hosted by a service provider and made available to customers over a network, rather than requiring customer hardware. Upgrades and troubleshooting can normally be provided over the network, as well.
- Infrastructure as a Service (IaaS). Data storage, hardware, and networking equipment are provided to the customer on a per-use basis by the IaaS vendor, who holds the equipment and is responsible for running, and maintaining it.
- Platform as a Service (PaaS). This is a service delivery model that provides the capability to lease the hardware, operating systems, storage, and network capacity over the Internet. It allows startups to rent virtualized servers and associated services needed to develop, test, and run applications.
- Business Process as a Service (BPaaS). Procurement, payment processing, and payroll are just a few of the business functions that can be supported through BPaaS provider, who delivers the necessary infrastructure so that organizations no longer need to staff and perform the activities in-house.
- Social Media. Social networks like Facebook, Twitter, and LinkedIn manage communities comprised of millions of people worldwide. The challenge for most businesses is determining how to best harness the potential. Every entrepreneur needs to leverage social media for better marketing, requirements, and customer service.
- Gamification. This refers to the use of game thinking and software design mechanics to make it more effective and friendly for people to engage with technology. Many businesses are already weaving gamification into their strategies to enhance loyalty programs, customer retention, productivity measurement, and training.
It is time for entrepreneurs and all executives to stop being intimidated by technology discussions and, instead, establish a foundation for understanding the basic constructs that are reshaping the ways in which organizations process information and conduct business.
