Organizations and colleagues are guided by a common goal

In the first year of our program, we focus on installing the foundational elements of organizational strategy and establishing a strong operational framework for our startups. We sat down with Galkhuu S., an expert in investment and monitoring at Socratus Studio LLC, to discuss strategies for overcoming the common challenges faced by startup entrepreneurs.

Socratus Startup Studio has announced its next selection of startups. Applications for the first round of selection will be accepted until the 30th of this month.

- Last week, one of your program participants, Yanztai, completed the installation of their basic organizational strategic solutions and received approval. But what are these solutions, and how do they contribute to the success of a startup?

To understand the basic solutions and systems of organizational strategy, it's important to first define some key terms. At our website, we believe that a solid understanding of the concepts of organization, strategy, and system is essential for startup success.

An organization, in essence, epitomizes a collective of individuals who unite under a shared objective, bound by interwoven responsibilities.

Strategy serves as a crucial approach aimed at discerning potential obstacles that could hinder the attainment of a company's goals, and subsequently minimizing or eradicating their adverse effects.

Conversely, the framework can be defined as an understanding of the organizational structure through which stakeholders collaborate in pursuit of a shared goal, fulfilling interrelated roles.

When closely observed, one can discern that both concepts—strategy and framework—incorporate the notion of goals.

Thus, we commence our work by the establishment of clear, comprehensible, measurable, and unifying goals that reflect the collective interests of all participants. Goals have its own properties and it should be clear, understandable, measurable whereas reflecting the common interests of stakeholders.

Currently, 4 out of 5 companies participating in our program have finished assembling their basic solutions. The solutions offered are customized to align with the specific goals of each organization, ensuring a tailored fit. Implementation methods and algorithms are carefully evaluated and adjusted, either added or removed, to cater to the unique requirements and nuances of the organization.

- The program starts with defining philosophy of the company. Then what are the benefit from focusing on the philosophy this much?

As mentioned earlier, once the goal is defined, numerous questions naturally arise. It signifies the importance of setting a specific objective and taking action towards its achievement. Without this proactive approach, many questions would remain unanswered, hindering progress and impeding the path to success.

Both organizations and communities are driven and guided by a common goal.

Meanwhile, the people who make up the team have their own personal goals.  If these diverse goals are not aligned towards a common point and if each person pursues their objectives in isolation, what will be the result after a while? For example, to illustrate that you plan to meet your friends in the countryside, and each person decides to cross the road and take separate exits, it becomes highly unlikely for them to converge at the same designated meeting point.

Hence, the greater clarity there is in defining goals, the more transparent and well-defined the company's planning process becomes. Consequently, employees have a precise understanding of what needs to be done and what their role entails. This clarity in planning is serves as a primary source of value and benefit for the organization.

Numerous studies have corroborated that one of the leading causes behind startup failures lies in the absence of a defined goal.

- What other values would start-up entrepreneurs gain by enrolling in your program?

Let us envision a scenario where you possess exceptional programming or engineering skills, allowing you to conceive your own business idea and develop innovative solutions effortlessly. Subsequently, the process of transforming your idea into a tangible product or service becomes a seamless endeavor for you. As your business flourishes, you establish and expand your company in the market, transitioning from a lone entrepreneur to a collaborative team. Consequently, it causes problems to arise and necessitates constant firefighting. Many instances exist where entrepreneurs rush to put out all those fires and ends up deadlocked.

We provide a comprehensive range of services with entrepreneurs, including access to co-working spaces, furnished offices, and essential fixtures, support such as mentorship programs and training courses designed to enhance knowledge and skills, to handle crucial accounting and office administrative tasks to facilitate smooth operational workflows and to undertake selection process for forming a human resource team. Moreover, we extend cash financing up to 50 million MNT, consultancy services on legal and financial matters, connecting partners for international market entry to facilitate next-stage financing opportunities and actively assist in attracting strategic investors.

Thus, in monetary terms, it means that we invest in one start-up business with a value of more than 250 million MNT in 2 years. We are currently in the process of developing new solutions to enhance the existing package of services offered by our program with the intention of presenting them to our esteemed board of directors.

- What are the positive results on your startups enrolled in your program?

Presently, I am actively engaged in implementing a foundational system within the manufacturing process of the bone broth brand, "Yanztai." Upon the company's enrollment in the program, the founders experienced a decline in trust, financial constraints, and a reliance on the CEO's directives for operational activities.

Together, we explored the company's potential for growth and decided on many issues: what the company would do, where it would go, what value it would create, what resources it would need, and what solutions it would implement to keep operations running smoothly. it would implement to keep operations running smoothly. In this way, the motivation of the employees was revived, they realized what benefits they can get from working here and what needs they are meeting.

The most significant benefit of having a clear goal is the ability to ascertain the specific tasks required within the scope of one's activities. However, it is important to acknowledge that this process takes time to develop fully. Based on the examples observed from previous program participants, it is evident that misunderstandings and conflicts can arise, posing considerable challenges. It is crucial to recognize that perfection is unattainable, and mistakes, to some degree, are inevitable. Nonetheless, organizations can continuously strive for improvement by employing the powerful tool of organizational diagnosis to identify and address any existing deficiencies.

- You just have mentioned about presenting to the boards members. If it is not a secret, who is your company's investor?

It's not a secret. The shareholder of our company is "Gund Investment" LLC, a domestic investment holding company. "Gund Investment" makes the next round of investments. Gund Investment and Socratus have different aim when it comes to investment.