New software companies are popping up left and right. Acquiring certain characteristics in this type of industry can ensure you don’t get lost in the shuffle. We found the most significant type of qualities amongst the most successful companies and how you can apply them when planning and building your billion-dollar software company.
All iconic companies start with great leaders. Great leaders share many characteristics, but the most noteworthy is, Vision, Conviction, and Integrity. Vision is the foundation of your idea and will bring direction and ‘why’ to your organization. As Brian Jacobs, Founder of Emergence Capital said, “Conviction is a belief about the future, and that’s how you change the future.” Integrity is the anchor in building an iconic business and the difference between right and wrong. Great leaders with integrity are consistent and clear with their actions, methods, expectations, and outcomes.
You cannot do this alone. A great leader brings together the team and with that, they bring a playbook. Once you’ve combined a great leader with their team and an exceptional playbook, it’s time to execute.
The team and playbook have been brought together, now is the time to focus. A great leader is following one course until they have reached extreme success. When you stay focused and own a market or industry, the success of your business has no ceiling.
4. Market Size
Opportunity depends greatly on market size. The larger the market, the greater opportunity to build billion-dollar companies. These opportunities allow organizations to transcend business models and deliver new value to existing and new customers.
5. Market Penetration
The deeper you penetrate your market the more successful your company will be. Market penetration is a key component to the overall success and growth of your company. As Doug Landis mentioned in his presentation, “market penetration is a great indicator of needing to refocus, so you can execute well on one thing.”
Analyze the opportunities for others to provide what you provide. Defensibility is having the skillset to stay ahead of everybody else. Having the ability and focus to leverage your defense will make your company unique and show everyone else you are the best at what you do.
7. Go-to-Market Strategy
The worlds best companies have a go-to-market strategy. A go-to-market strategy means creating clear customer profiles and knowing your buyers. Make sure your message is resonating with customers. Know how to find your customers and fill your funnel. Lastly, distinguish what metrics are most important and concentrate on them.
The worlds best companies have focused on and measured themselves on these characteristics. Take a moment to measure yourself. Determine your level of leadership and if you have kept your focus. Realize where you resonate with these characteristics and where you can make improvements.