SUMMARY
Instead of chasing rapid expansion at all costs, founders can focus on honing their product or service
Measured growth allows startups to cultivate meaningful relationships with customers, suppliers, and other stakeholders
One must remember that all modern legendary brands, which were startups once upon a time, have taken years to become icons for their customers
‘Rome wasn’t built in a day’, this adage is a testimony to the importance of time in building great things. It applies to everything, right from building cities to companies and emphasises the importance of patience and perseverance, the two must-have qualities for any creator.
However, in the ever-changing startup universe in India, ‘speed’ has often been defined as the key mantra for success. Entrepreneurs often dream of overnight success, fuelled by skyrocketing valuations.
Therefore, being a mentor to many budding entrepreneurs, I have often come across this question – can modern-day Romes be built overnight?
As an entrepreneur myself and having worked in the startup ecosystem for so long, I am still a firm believer in the old-school way of achieving triumph, i.e., slowly and steadily. Amidst all the excitement, it is essential to recognize the value of slow and steady growth as a pathway to long-term success and profitability.
In recent years, we have been bombarded with the stories of unicorns—companies that achieve billion-dollar valuations in record time. While these success stories are impressive, they represent only a small fraction of the overall story. For every unicorn, countless startups fizzle out due to unsustainable growth strategies.
So, what exactly does slow and steady growth entail, and why is it crucial for startups? Let us delve into the reasons behind this approach.
Why Slow & Steady?
Primarily, slow, and steady growth allows them to build a solid foundation. Instead of chasing rapid expansion at all costs, founders can focus on honing their product or service, refining their business model, and establishing a loyal customer base. This iterative process enables them to identify and address potential challenges early on, setting the stage for sustainable growth in the future.
Moreover, prioritising profitability over hypergrowth can safeguard startups against unforeseen market fluctuations and economic downturns. By maintaining a lean operation and generating steady revenue streams, startups can weather storms that might otherwise sink their high-flying counterparts.
This resilience is particularly crucial in today’s unpredictable business environment, where agility and adaptability are paramount.
There is a noticeable shift in the way corporates approach their partnerships. Increasingly, listed technology partners are becoming the preferred choice over their venture capital-backed counterparts. What’s driving this trend? It’s much more than financial stability; it’s about trust.
The conversation around listed technology partners is evolving, and it’s reflective of a broader change in mindset. Corporates are growing more confident in these companies because of the robust compliance frameworks they adhere to. And these were built over time through stringent checks and balances, significantly reducing the likelihood of unexpected business shocks. This enhanced compliance strengthens the foundation of trust between the technology partner and the corporate entity.
Furthermore, slow, and steady growth fosters a culture of efficiency and discipline within startups. Rather than succumbing to the pressure to scale rapidly, founders can focus on optimising their operations, streamlining processes, and maximising resource utilisation. This disciplined approach not only enhances operational efficiency but also instils a mindset of long-term sustainability—an asset in an increasingly competitive marketplace.
Measured Growth Vs Innovation
Measured growth allows startups to cultivate meaningful relationships with customers, suppliers, and other stakeholders. By prioritising quality over quantity, founders can deliver exceptional experiences and build trust with their target audience.
These strong relationships solidify successful businesses, fostering loyalty and driving word-of-mouth referrals—a powerful engine for organic growth.
This doesn’t mean that ambition or innovation takes a backseat. On the contrary, it encourages startups to think strategically and act deliberately, laying the groundwork for scalable growth opportunities down the line.
By focusing on incremental progress and continuous improvement, founders can chart a course toward sustainable success—one that prioritises longevity over fleeting fame.
In Conclusion
While the allure of rapid growth may be tempting, it would be wise to choose the power of slow and steady progress. By building a solid foundation, prioritising profitability, driving efficiency, cultivating relationships, and maintaining a long-term perspective, startups can chart a course toward sustainable success.
One must remember that all modern legendary brands, which were startups once upon a time, have taken years to become icons for their customers. While the charm of overnight success can be intoxicating, the followers of steady growth eventually emerge as the true champions of entrepreneurship.
