Do you think there are lessons that big business can learn about their younger, more agile and smarter contemporaries in a time of seismic changes for businesses?
Yes. These are five lessons companies can learn form startups.
- Diligence delivers.
Startups can take advantage of stagnating markets Cameron Chell Calgary by knowing exactly what customers want, and then quickly creating a product or service that serves them.
These companies are able identify trends at the earliest stages of their growth by continually seeking customer feedback and constant market analysis. These smaller technology companies are able satisfy customers’ needs and not just what the market offers.
Any company that hopes to be a disruptive force must have a deep and complete understanding of the market they are targeting and all the players within it. Blackberry was forced to learn this lesson the hard-way in 2013. In 2013, Blackberry launched products with minor innovations relative to their current offerings. If anything, there was very little that met customer needs or made the space more competitive.
Innovation and disruption are the lifeblood for the tech startup industry. Startups that don’t have it quickly lose their market advantage, leading to funding drying up and eventual bankruptcy. It is not as safe as a larger, more established business. Because of this, they will look for every possible innovation to be able to support their growth.
Ask any startup why the chosen product or service is being built. You’ll likely hear an extensive and detailed explanation. The process of creating, developing, and growing a company is not for the weakhearted. This is why startups are often led by passionate people who have clear motives.
Big businesses are more likely to be different. Multi-tiered management decisions can lead to confusion when it comes to instigating new products and services. Take a look at Colgate frozen meals and Bic cologne for proof.
If disruption is how startups get into a market, then they must compete against themselves to improve the product they have created. This is how they will stay in the market. Even if a product is successful, the next step for a startup is to create a better product. This will allow them to retain existing users and bring in new customers.
It is a sign that a big business has stopped innovating and instead acted to protect its position. This allows other businesses to find better solutions and reduce their market share. Startup entrepreneurs are more likely to fight tooth for every ounce of growth and momentum. As they age, other big businesses might find it necessary to do the same.
You can chalk it up to youth’s youthful optimism, but many startups think the entire world is their oyster. Many of the startups in the technology space are able to access widely-used hardware systems. This means that they are not limited by geographical boundaries.
These companies are able focus on the type of customers they serve and not where they operate. GoPro, for example is not focused on North American extreme sports enthusiasts. Instead, the company’s focus is on all types of enthusiasts, regardless if they reside in North America. Because startups push for growth far beyond their borders, many are successfully entering markets that bigger, more established companies wouldn’t have thought of.