June - 2008 issue > Last Word

By Arvind Thakur

On the face of it, the management challenges for the major segments of the software industry viz off-the-shelf packaged products, enterprise solutions and services look different. For companies providing off-the-shelf products, success lies in its emphasis on marketing, while enterprise solutions providers depend on partnering. It can be argued, on the other hand, that IT services companies need to be completely “people focused.” Not withstanding these special areas of focus, there are 10 common themes that remain important to the successful running of a software company.

1. An inspiring vision
Without doubt, people are the main assets in any software firm. To get these assets to deliver their best, they need to be aligned to an inspiring vision and everyone aligning to this brings out the best in them and produces unbelievable results.

2. Culture of innovation
Anyone can start a software company. The barriers to entry are low, particularly in IT services. Good ideas and business models easily attract funding. Speed, therefore, is of essence and the only way to stay ahead and survive is to continuously innovate. The culture of innovation instills a sense of creativity and risk taking, with a heightened tolerance for failure.

3. Ability to take risks
To keep pace with rapid changes in the environment, it is important to take risks. Software businesses need to build on multiple options and prepare for uncertainties. The culture of innovation allows people to take risks. With such a culture the organization is not scared of failures, but learns from them.

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