With the developments in the world of technology, it looks as if the startup hysteria has gripped the world like nothing ever before. Disbelievers in the startup cause hold that the growth experienced by startups are rarely sustained and woefully short.
But most investors who keep the startup machinery cog running dare to differ. They never lose sight of the great potential of startups when it comes to growth and returns offered by a startup. Startups thrive in a world where innovation and dynamism are held in high esteem.
Great ideas form the backbone behind the success of a startup. Their newness, the brilliant flurry of ideas characterizes a startup vis a vis a traditional corporate organization.
People who believe in startups tend to see them as a great business minus the fat and the bureaucratic puddles that a large group often degenerates into. Businesses have a lot to learn from startups and can perhaps even imbibe some of the growth and innovation that startups flaunt to their advantage.
1. Agility and innovation is a strength- Startups are famed for their innovation
In fact, it is the key characteristic of a startup. The team is still being formed, the responsiveness is nimble, and there is no fixed law to slow things down. Large businesses can often do with some experimentation.
Startups dare to do different things differently without the fear of failure bogging them down. If you do the same thing the same way always innovation comes to an end, and you do not conclude with any worthwhile ideas. Think different.
2. A cultural advantage
The startup culture is envied, and the teams collectively exhibit far more energy, enthusiasm, and vigor than their traditional counterparts. Vision and fun characterize the startup experience rather than the dull monotony of routine and rules.
Businesses would do their margins a world of good by tapping into this culture of employees who love their job and are treasured by those who employ them. Most startups do not fail to recognize the contributions of individual employees on a periodic basis. Motivated and creative teams are also the ones which are the most productive, never lose sight of this fact.
3. Know thy customer
With a plethora of options open to a customer for the same purchase the experience of the purchase often becomes a key differentiator and the resultant emphasis on customer experience in today’s world.
You have a small chance of attracting attention before the client turns his fleeting eyes to something else. The advantage of startups in catering to the customer needs is well known and need not be overemphasized.
They make sure they understand the intention of a customer and do elaborate exercises to target them with down to the grain accuracy. Traditional businesses must imbibe this characteristic and refine and fine tune their sales pitch accordingly.
4. Solve a problem
Many if not most businesses address a particular problem faced by a customer in the course of their day to day lives. Some problems may be financial some may deal with health, but most products deal with issues, the common underlying element.
There is a gap in the market that a product addresses. It has been observed in the cases of many, many businesses that slowly corporates lost their way and failed to focus on what mattered the most, their solution. They lose sight of the customer and eventually end up losing the whole picture itself.
5. Set Definite Goals and Track Progress
Sounds simple right? But you would be amazed at just how much we forget to keep this simple thing in mind as business goes about their daily chores. Have a definite vision for your company.
Make sure that this vision is communicated to all employees. This often works like a charm with the actions of employees following in quick succession by the rewards a company hopes for. Measure how far you have progressed in achieving your goals indefinite terms at regular intervals.
Accountability is a great virtue. All this will result in you getting a sense of exactly what is working and what is not. This will, in turn, let you address the issues that are behind the underperforming areas.