Understanding the Challenges
An innovative startup faces daunting challenged right out of the gate. According to a Forbes, 90% of all startups FAIL. Let that sink in for a moment. Nine out of ten startups will fail! That is a sobering fact for entrepreneurs when they are investing time and money into a new business. The fact is, new entrepreneurs need a cold, hard dose of reality when considering entering the realm of competition. Why those bold entrepreneurs continue to jump into the fire, despite all of these facts, is the challenge. An entrepreneur thrives on challenges, and it drives them to overcome opposition and fight to win. This competitive environment requires fledgling entrepreneurs work harder, smarter and use every possible competitive edge to survive. Six Sigma is that competitive advantage for entrepreneurs to become agile, and eventually successful.
The Innovative Startup Strategy
An innovative startup faces numerous challenges right out of the gate. The first and foremost is the competition. They are entering an arena where other entrepreneurs are successfully operating. Surfing the competitive hurdle requires that they can deliver a product or service that is of higher quality, more affordable and with more ease to the consumer in a timely manner. A new entrepreneur can compete at the levels by deploying a logical Six Sigma program. Differentiation by utilizing a robust Six Sigma strategy will provide significant agility with competing businesses. Embracing this strategy of continuous improvement creates an environment for innovation to blossom. Nurturing and encouraging that innovation pushes a startup forward, without spreading assets too thin.
Finding a Balance For Success
An innovative startup that reaches successful position have found balance in their position. Six Sigma strategies that are properly implemented will fuel innovation, balance asset allocation, and keep a focus on continuous quality improvement. Finding that balance and remaining agile in a continuously changing environment will keep an innovative startup out of that 90% segment that fails.