Bessemer, a global venture capital firm who has backed hundreds of companies, says “The single determinant of success above all else is the quality of the team and how well they work together. This not only applies at the early stages, but also to the extended team that they hire as the company grows.”
How do you build a team that works so well together that success is inevitable?
You are a Managing Director. In front of you stands a genie.
Businesses have to make decisions every day. So do we as individuals.
Who is going to win the World Cup? It is the million pound question of the moment.
You may have heard of the Marshmallow Experiment. It was conducted in the 1960’s by a Stanford psychological studies professor called Walter Mischel. The experiment began by placing a 4-5 year old child in a private room with a marshmallow on a table in front of them.
The researcher then offered them a deal.
He told them that he was going to leave the room for a few minutes and that if the marshmallow was still on the table when he came back they would be rewarded with a second marshmallow. If it wasn’t, then they wouldn’t get a second marshmallow.
Some of the children ate the marshmallow immediately, others waited a couple minutes and then ate it, and others waited until the researcher came back in order to get the second.
Your client needs an important legal document sent to them by 4pm. At 3:30pm the unthinkable happens. The internet goes down. You are unable to send the document, you lose the project and you lose the client.
Small businesses can’t afford to spend money on things that don’t add value or save resource. So start with your business phone provider—can you afford to keep the one you’ve got?
In today's highly competitive business environment, you can't afford not to be efficient. Efficient businesses produce more with less resources and generally have happier employees. Those that aren't lose to those who are.
