Building A Successful Start-up Cannabis Business
Building a start-up business is not easy. Then you have a start-up business in the cannabis industry. While the challenges are set high, they are achievable — with collaboration. A recent Forbes article included a research study where participants who collaborated with others were able to perform 64% longer than working alone. I find collaboration deepens the relationship between entrepreneurs and its cohorts because it strengthens their bond in the following 3 ways.
Trust is a key component in the cannabis industry because it alleviates some of the burden when you are doing a start up alone. Harvard Business Review states “Leaders understand the stakes—at least in principle. In its 2016 global CEO survey, PwC reported that 55% of CEOs think that a lack of trust is a threat to their organization’s growth. But most have done little to increase trust, mainly because they aren’t sure where to start. In this article I provide a science-based framework that will help them.”
Start up cannabis companies value competency because it solidifies the business-like mindedness and sets the foundation. The HR Trove says it best “For employees, competencies offer a description of the standards of excellence for current roles and potential future roles – in other words, they describe what “great” performance looks like. For managers, they provide resources to help them select and develop employees, and provide language to guide performance feedback. For organizations, they provide an action-oriented translation of what it looks like to demonstrate the values that are key to success.” Efficiency is key when it comes to cannabis startups.
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Nobody wants to be unhappy in the workplace. Wework.com stated “Most satisfied employees rank “opportunities to work on a collaborative team” as the best way to boost their careers. More than half of all happy employees collaborate — with five or more people at their office on any given day, and more than two-thirds collaborate with people outside their office at least once a week”. Keeping your employees happy produces a bigger output and lowers the turnover rate.
Collaborating in your cannabis company can create a higher success rate and positive outcome more than you can imagine. How is your company collaborating?