One thing that separates startups from more established companies is their growth — “rapid, insane, incredible growth.”
That’s according to Ginger Wilcox, chief industry officer for mortgage tech startup Sindeo and a former Trulia exec. A veteran of several startups, Wilcox walked through some of the steps any real estate business can take to set itself up for startup-like growth at today’s inaugural Inman Select Live event.
1. Take everything you know and turn it upside down. Doing things the way others have always done them is a barrier to innovation, Wilcox said.
“You have to come at it unconstrained. As if there were no [legacy] systems, no processes, as if there were no regulation or compliance,” she said.
Compliance is obviously still important, but that’s something that can be brought into the process later, she added.
2. Set a big, hairy, audacious goal. When you set a realistic goal, you’re more likely to keep doing things the way they’ve always been done, Wilcox said.
Agreeing on a goal will also help your business pivot should it need to, she added.
3. Break down the goal into measurable, actionable steps. Separating out a goal into actionable, achievable items helps everyone avoid the feeling that something cannot be done, according to Wilcox.
4. Only pay attention to the things that matter. “You have to be very focused on what your goals are and how you’re going to get there because if you don’t, you’re likely to run out of money. That’s a big incentive,” Wilcox said.
It may seem that everything needs to be measured, “but the reality is you only need to measure things you’re willing to change,” she added.
5. Hire people willing to figure it out. “Your people are your No. 1 most important asset. If you hire people only for skill, you’re going to be missing out on that drive of people willing to figure it out,” Wilcox said.
Startups fail and they fail often — companies need people with the grit and determination to pick themselves up and help your business grow, she added.