In architecture, a pillar is a vertical structural element that provides support for a building, holding up its weight and allowing it to stand tall. As a matter of truth, throughout history, pillars have been used to support some of the most iconic buildings and structures in the world. From ancient temples and monuments to modern skyscrapers. 

Just as a building requires a strong foundation and pillars to support its structure, a successful startup needs a solid foundation to thrive. Starting a successful startup is a dream for many entrepreneurs. However, the road to success is full of challenges and uncertainties. 

Therefore, to build a thriving business, it takes more than just a great idea and hard work. It requires a solid foundation and a clear understanding of what it takes to build a successful startup. These understanding and the foundation are what is referred to as Pillars. 

These pillars are the fundamental areas of business that every entrepreneur must master to turn their vision into reality. By focusing on these pillars, you can create a startup that is not only successful but also sustainable in the long term. 

So what are these 7 pillars? There are;

Pillar #1. Leadership (strategy)

 A leader is someone who can inspire and influence others toward a common goal or vision. Leaders are responsible for guiding, directing, and motivating a group of people. Whether it be a team, an organization, or a community. 

Leaders possess strong communication skills and the ability to make tough decisions. They also possess a willingness to take risks. They have a clear vision and purpose for the organization or people they're leading. Leaders are also often characterized by their ability to build strong relationships. Trust with their team or followers. Their commitment is to empower others to reach their full potential.

The unique characteristics of a leader are probably why Leadership strategy is one of the 7 pillars of success. Therefore, if your startup must succeed, you as a founder must be a true leader. In fact, it is a prerequisite for anyone who wants to be an entrepreneur. Why is leadership so important to the success of a startup? Let's take a look at the roles a leader plays within a startup organization:

Generator of ideas‍

It is the responsibility of the leader to bring fresh ideas and new opportunities for the company (and solve tough problems). Even the business idea that the startup in question revolves around, comes from the leader.

Generating ideas seems to be the first task of a leader because, without ideas, the team cannot work successfully. So if your startup is grounded in amazing actionable ideas, then it is bound to be successful. 

‍Decision-maker‍

Imagine yourself in a taxi where the driver is not going forward or backward because he is confused about which road to take. You would be annoyed and hurry out of a such taxi. It is the same with a startup. You cannot yearn for success for your startup and not know when to take decisions and what to decide on at a given time. 

As a leader, you have to be able to draw people to follow you with your ability to make accurate and timely decisions. You must understand that every business faces tough times in the long run. So, you are the one who must make difficult decisions when the time comes. 

‍Image-maker‍

The leader serves as the company's public face and brand ambassador. Just like whenever you think of Microsoft, you think of Bill Gates. When you think of Facebook, you think of Mark Zuckerberg. It is the same way people think of you when they think of your startup or hear the name of your startup. Here, you have to understand that a good public image of yourself as a leader means an edge to your startup.

‍Creating a Vision‍

Your startup's vision is its overall goal. Your startup's vision has to be something that inspires and motivates everyone in the organization and outside the organization. As a leader, you have to create a vision that is clear, concise, and easy to understand. 

This involves identifying the company's core values and goals and articulating them in a way that inspires the team and stakeholders. If you're able to do this, the success of your startup is partly guaranteed.

Note – the leader's vision gives answers to unavoidable questions such as WHY, HOW, and WHAT. These questions lay the foundation for the startup's value proposition. 

‍Strategic Planning‍

Once the vision is in place, you have to develop a strategic plan that outlines how the company will achieve its goals. This is where you break down the visions you set earlier into specific, measurable objectives. Here also, you lead your team to identify the key milestones and actions that need to be taken to achieve them. 

‍Building a Strong Team

‍A startup's success depends on the strength of its team. The leader should assemble a team of talented individuals who share in the company's vision and values, and who have the skills and experience to contribute to the company's success. 

This involves creating a culture of openness, transparency, and trust. You have to also foster an environment that encourages innovation, creativity, and collaboration. A leader also provides ongoing training and development opportunities for the team. This is to help them grow and develop in their roles.

Also Read: Do You Have What It Takes To Be an Entrepreneur? Here's a Checklist To Help You Find Out

Pillar #2. Team building

"United we stand, divided we fall", is a very popular phrase in the world today. The phrase speaks of unity and team spirit. 

What does team building mean for your startup? Team building is a deliberate act from you as a leader that inspires and motivates your team members. You encourage your team members to put aside their differences so that they can work together towards a single objective.

It means engaging your workers in activities that inspire them to cooperate toward achieving a common objective. A startup with a strong team tends to benefit from the diversity of people who make up the team. Because each of them differs in terms of their knowledge or expertise. 

They also differ in way of thinking, personality quirks, and demographic origins. It is the same way they contribute their quota differently towards the success of the startup. To know more about team building, check out our article on building a successful team.

Read Also: Do You Have a Startup? Here are 4 Ways You Attract and Retain the Best Minds 

Pillar #3. Marketing strategy

A Quora user once asked:

"Why is marketing so important to businesses these days?" My curiosity concerning this question was satisfied when I read from another user thus: "there is no time in history where marketing was never important to businesses. The big deal now is the strategy you apply."  

As simple as it sounds, marketing can be a very difficult task for a startup that doesn't understand the right strategy to apply. Marketing describes the actions a business takes to encourage the purchase or sale of a good or service. Advertising, selling, and delivering goods to customers or other firms are all included in marketing.

Advertising is one of the primary methods used by marketing and promotion specialists to capture the interest of important target markets. Targeted promotions may include celebrity endorsements as you see Apple and other big brands like Amazon do. It also includes memorable slogans or taglines that sometimes come through brand voices. Lastly, eye-catching packaging or graphic designs, and general media exposure.

Examining the best companies in the world will give you an understanding of how important the marketing pillar is to your business. Without effective marketing, a startup may struggle to reach its target audience, not to mention generate profit. 

Read Also: Everything You Need To Know About AI Marketing

Pillar #4 - Sales

Sales is one of the essential pillars of a successful startup because it determines the amount of revenue generated. Revenue is essential for your startup to cover its operating expenses, invest in growth, and provide a return to investors. Without revenue, your startup cannot survive in the long term, and it will eventually run out of funds to continue operating.

A successful sales strategy involves identifying the target market, understanding their needs, and creating a sales plan that persuades potential customers to purchase the product or service. This sales plan may include promotional activities, such as advertising, email campaigns, and social media marketing.

Your startup's sales team plays a critical role in the success of the company. The sales team needs to have the right skills and experience to persuade potential customers and convert them into paying customers. They need to be able to identify potential customers, build relationships with them, and understand their needs. They also need to be able to provide excellent customer service and support to retain customers and encourage repeat purchases.

In addition to generating revenue, sales also play a critical role in validating your startup's product or service in the market through customers feedbacks. If people are willing to pay for the product or service, it indicates that there is demand in the market, and their feedback will help you further refine and improve the product or service to better meet the needs of your customers.

Sales as a pillar for success can also help your startup assess the market competition and identify areas of differentiation. By studying the competition and understanding their strengths and weaknesses, you can position yourself better in the market and develop unique selling propositions that set you apart from the competition. This differentiation can be used as a key selling point by the sales team to persuade potential customers to purchase the product or service.

Finally, sales can help you identify opportunities for growth and expansion. By analyzing sales data, the sales team can identify trends and patterns in customer behavior. This would then help the startup develop new products or services that meet the evolving needs of its customers. This data can also help your company identify new markets or customer segments that it can target to drive growth and expand its reach.

Some good advice for massive sales in the long run:

1. Know your product/service very well
2. Be genuine with your offer
3. Let your solution get to the route of your customers' problem
4. As you agree on the price of your product and service, let your customer be clear on what he/she will get.
5. You must not discount your offering
6. Remember that marketing is your strength
7. Have a strong follow-up team

Read Also: Startup Pricing - A Simple Guide On How To Set The Right Price 

Pillar #5 – Operations

Operations refer to the activities and processes that are involved in producing and delivering your company's products or services. These can include a wide range of activities, such as manufacturing, logistics, supply chain management, customer service, and more.

It is the engine that drives a business because this is where all the units in your company come together to function towards a common objective. They are responsible for transforming inputs into outputs. In a manufacturing business, for instance, operations would involve designing, producing, and delivering products to customers. In a service-based business, operations would involve the delivery of high-quality services to customers.

Effective operations management is essential to the success of any business. Why? It ensures that the business can deliver products or services that meet customer needs, while also minimizing costs and maximizing efficiency. By optimizing processes, managing resources effectively, and continuously improving operations, your business can increase productivity, improve quality, and drive growth and profitability

Please note that the activities and processes involved in a business's operations can vary depending on the type of business and industry. Common examples of operations in business include

‍Manufacturing: Which involves producing products through a series of processes, such as assembly, packaging, and shipping. Manufacturing operations can include both large-scale production facilities and small-scale operations.

‍Supply Chain Management: This concerns the management of the flow of goods and services, from the point of origin to the point of consumption. Including the sourcing of raw materials, logistics, inventory management, and distribution.

‍Customer Service: Provides support and assistance to customers throughout the entire customer journey, from pre-sales to post-sales. Customer service operations can include help desks, call centers, and online support systems.

‍Quality Control: Involves ensuring that products or services meet the required quality standards, through inspections, testing, and other quality assurance measures.

‍Project Management: Deals with the planning, organizing, and executing of specific projects, such as the development of new products or the implementation of new systems or processes.

Accurate operations management involves ensuring that all of these activities and processes are aligned and integrated, in order to achieve the business's goals and objectives. This can involve a variety of techniques, such as process optimization, automation, and continuous improvement methodologies like Lean Six Sigma. Through proper operations management, your businesses can improve productivity, reduce costs, and provide better products or services to customers.

‍Also Read: The 5 Principles of Lean Management Every Entrepreneur Should Know 

Pillar #6–Financial and legal 

What is the end goal of every company? Revenue generation of course. In that regard, shouldn't there be a means of managing that? You know the answer and that's why we have the 6th pillar revolving around finance.

Let's take it bit by bit;

‍Financials: A startup's financials are crucial for its success. Financial management is essential for tracking and managing cash flow, allocating resources effectively, and making sound financial decisions. A startup needs to have a solid financial plan and an understanding of the financial metrics that are critical to its success. 

For instance revenue, profitability, and return on investment. Proper financial management also involves forecasting, budgeting, and financial reporting to ensure that the startup has the resources it needs to grow and succeed. The financial management of a startup involves several important components, such as

Financial Planning

Financial planning is the process of creating a roadmap for a startup's financial future. It involves setting financial goals, identifying key performance indicators (KPIs), and creating a budget that outlines the expenses and revenues of the startup. Financial planning can help startups make informed decisions about how to allocate their resources and track their progress toward achieving their financial goals.

Cash Flow Management

Cash flow management is the process of tracking the cash inflows and outflows of a startup. It involves monitoring the timing and amount of cash receipts and payments, as well as ensuring that the startup has enough cash on hand to meet its immediate and long-term financial obligations. Proper cash flow management can help startups avoid cash shortages and ensure that they have the resources they need to fund their operations and growth.

Financial Reporting

Financial reporting involves creating and analyzing financial statements, such as balance sheets, income statements, and cash flow statements, to provide insights into a startup's financial performance. It can help startups identify areas where they can improve their financial performance, such as by reducing costs, increasing revenues, or improving margins.

Funding and Investment

Securing funding and investment is critical for many startups, particularly in the early stages of their development. This can involve raising capital from investors, such as angel investors, venture capitalists, or crowdfunding platforms, as well as applying for grants or loans. Effective financial management can help startups develop a compelling financial plan and pitch that will attract investors and secure the funding they need to grow and succeed.

‍Legals: Legal compliance is also critical for a startup's success, as it helps to protect the business from potential legal issues and minimize risks. A startup needs to have a clear understanding of the legal requirements that apply to its industry, such as regulations around intellectual property, contracts, and data privacy. It's also important to have legal documents in place, such as contracts, employment agreements, and shareholder agreements, to ensure that the business operates smoothly and that all parties are clear on their rights and responsibilities.

Legal considerations for startups can vary depending on the industry, location, and specific needs of the business. Here are some examples of legal issues that successful startups commonly face:

‍Business formation: When starting a business, it is important to choose the appropriate legal structure, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has its own legal requirements and tax implications.

‍Intellectual property (IP) protection: Startups often have unique ideas, inventions, or products that need to be protected from competitors. This can involve filing for patents, trademarks, or copyrights to prevent others from copying or stealing their intellectual property.

‍Contracts: Startups typically need to enter into contracts with suppliers, customers, and other parties. These contracts can include terms and conditions, payment schedules, and limitations of liability. It is important to have these contracts drafted or reviewed by an experienced attorney to ensure that they are legally binding and protect the interests of the business.

‍Regulatory compliance: Depending on the industry and location, startups may need to comply with various laws and regulations. For example, a startup in the healthcare industry needs to comply with Health Insurance Portability and Accountability Act (HIPAA) regulations, while a startup in the food industry may need to comply with Food and Drugs Administration (FDA) regulations.

Neglecting these legal considerations can lead to costly legal disputes, lawsuits, and damage to the reputation of the startup. Therefore, it is important for startups to seek legal advice and guidance from experienced attorneys to ensure that they are complying with all legal requirements and protecting their interests.

Read Also: The 3 Financial Skills Every Founder Must Have

Pillar #7– Technology

Were you wondering if technology would be exempted from the 7 Pillars of a successful startup? Wait! How possible could that even be? Because first of all, you're able to read this article right now because of technology. Why? When I was a 4th grader, the simplest meaning of technology my teacher taught me goes like this: "Technology is anything that makes life simple and tasks easy to accomplish". Whether or not this definition is acceptable, I do think it is suitable at the same time.

Now, in what ways can technology help your business or startup?

Product development

Technology can play a significant role in helping you develop your product or service. For example, with 3D printing, you can create physical models of your product and test them quickly and cost-effectively. This can help you identify design flaws, make improvements, and speed up the development process.

Similarly, rapid prototyping software can help you create digital models of your product, test them in virtual environments, and refine them based on user feedback. This can help you identify usability issues and make improvements before launching your product to the market.

Marketing and sales

Technology has transformed the way companies market and sell their products. With social media platforms like Facebook, Twitter, and LinkedIn, you can connect with potential customers and build brand awareness without spending a lot of money on advertising.

Email marketing tools can help you create targeted campaigns that reach specific segments of your audience, and digital advertising can help you target potential customers based on their demographics, interests, and online behavior.

In addition to these tools, data analytics platforms can help you track your marketing and sales performance, allowing you to see what's working and what's not. This can help you make data-driven decisions about your marketing and sales strategy, and optimize your efforts for better results.

Customer service

With technology's aid, you can provide better customer service. How? By allowing you to respond to customer inquiries quickly and efficiently. Chatbots, for example, can answer frequently asked questions, route customers to the right department, and provide personalized recommendations based on their past interactions with your company.

Automated customer service systems can also help you provide 24/7 support to your customers, ensuring that they can always get help when they need it. This can help improve customer satisfaction and reduce the workload on your customer service team.

Data analysis

Very importantly, technology can help you collect, analyze, and interpret data about your customers, products, and market. This can help you make better business decisions, identify new opportunities, and optimize your operations.

For example, web analytics tools can help you track website traffic, user behavior, and conversions, allowing you to optimize your website for better results. Customer relationship management (CRM) software can help you track customer interactions, purchase history, and feedback. Allowing you to identify trends and patterns that can inform your marketing and sales strategy.

Conclusion

Do you want your startup to be successful? Then pay attention to these 7 pillars;  leadership strategy, team building, marketing strategy, sales, operations, finance and legal, and technology. These pillars are interdependent and work together to ensure the success of a startup. A strong foundation in these areas can help startups successfully navigate the challenges of starting and scaling.

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