Israel’s startups keep making headlines. Morphisec is going to work with the United States’ Department of Homeland Security (DHS). That’s a massive achievement, and it’s just one of the news headlines including Israeli startups in the last week.
It’s an exciting time to start a business in Israel, but for the small company that doesn’t have aspirations to become a multinational company or to have a large exit, there’s still a lot that people can learn.
1. It’s Time to Think Outside the Box
Following the status quo isn’t always the best course of action. Startups find a problem that has yet to be answered, so they learn to think outside of the box. Not only are these startups looking at what their competition is doing, but they’re deciding to research their potential customers.
This in-depth research finds the customers’ pain points, and this can lead to new, innovative solutions to problems in the niche.
Morphisec would not have won a contract with the DHS if the company followed in the same path as other businesses in the industry. And it’s never too late to start looking at past decisions and making changes if the decision no longer seems right.
2. Start with a Strong Vision for the Company
Luca Torzulli, CEO of Couponbuffer, knows something about being fast and flexible in the business world. Entering the coupon space required speed and flexibility to be able to compete in the fast-paced niche. What Torzulli recommends is that every small business needs to define what is truly important to the business.
It’s what is important to the goal of the business that keeps businesses from making last-minute decisions based on what’s happening in the moment.
Don’t fool yourself – Israeli companies sold themselves for $23 billion in 2017. A lot of these businesses started with the vision of a hefty exit.
3. Fast and Flexible is the Key to Success
Speed and efficiency are the key to small business success. When a business is inefficient and slow, they will not be able to deliver the right outcome or product for their clients. But flexibility and speed are about more than just getting product to market.
Instead, a company must be flexible to be able to meet the demands of their customers, enter a market quickly, gain market share and do it all within budget.
This may mean flexible work hours, sometimes locking yourself in the office until a deadline is met. Tesla’s Elon Musk is changing the world, but he is another person that celebrates his “obsessive overwork.” The billionaire has missed his own birthday, opting to stay in the office and working countless hours that have led to exhaustion.
He claims “you think this is an option. It is not.” He understands that he needs to put in the hours to make his billion-dollar enterprises a success, yet there does need to be a work balance even for Musk.
Create a positive culture, work hard and leverage this moment when Israeli startups are in the spotlight to bring your own business ideas to life.