A company may have started as a small business, but now it wants to become an industry leader, and the only way of achieving these goals is through growth.
One problem with growing a business is that it consumes resources, time, and effort so much that companies might find themselves in a position where they can no longer keep up.
Startups can teach beneficial traits on how to embrace failure, experimentation, quickness, and agility.
They can also help big companies transition to the digital age, especially if they stay relevant.
What if big companies could learn these valuable lessons from startups?
Here are some examples:
1) Embrace a culture of experimentation and trial-and-error
Many startups don't even know where their products will lead until they start experimenting with the consumer. These experiments could lead to products, services, or new markets.
Why it matters: If both enterprises and startups follow this mentality, then the feedback loop is quick and more efficient.
A continuous customer feedback loop helps in developing products that meet the needs of customers.
Feedback also helps to fail faster and determine if your product or value proposition is something that customers can benefit from.
2) Don't be scared of failure. Fail fast, fail often!
The more often companies try something new, the more likely they will find what works for their business.
Why it matters: As long as companies learn from your failures, it's time well spent.
Startups learn from failure and experiment quickly. Experiments lead to innovation and iteration, which leads to a successful business in the end.
Enterprises should adopt this strategy too.
Some famous examples of learning from startup failures are Groupon's pivot from a coupon site to a daily deal powerhouse to make a comeback and PayPal pivoting from exclusively a payment service for eBay to becoming a money transfer company.
Don't take failure too seriously. Laugh at failure.
3) Make the most of data and insights to your advantage
As companies grow more prominent, it's sometimes all-too-easy to make decisions based on internal data or opinions rather than what your actual customers are saying.
Why it matters: Enterprises should test their assumptions of new initiatives before taking the plunge and spend money on them.
Testing with markets helps to validate whether or not your initiatives will work in the real world.
Always have a robust plan to conduct customer research initiatives and use that data to run experiments to validate your assumptions.
Enterprises and startups may work together to learn from one another's experiences and mistakes.
This will be discussed in greater depth later. Stay tuned.
#enterprisetech #enterprise #productinnovation #startupstrategies #innovation #collaboration
One problem with growing a business is that it consumes resources, time, and effort so much that companies might find themselves in a position where they can no longer keep up.
Startups can teach beneficial traits on how to embrace failure, experimentation, quickness, and agility.
They can also help big companies transition to the digital age, especially if they stay relevant.
What if big companies could learn these valuable lessons from startups?
Here are some examples:
1) Embrace a culture of experimentation and trial-and-error
Many startups don't even know where their products will lead until they start experimenting with the consumer. These experiments could lead to products, services, or new markets.
Why it matters: If both enterprises and startups follow this mentality, then the feedback loop is quick and more efficient.
A continuous customer feedback loop helps in developing products that meet the needs of customers.
Feedback also helps to fail faster and determine if your product or value proposition is something that customers can benefit from.
2) Don't be scared of failure. Fail fast, fail often!
The more often companies try something new, the more likely they will find what works for their business.
Why it matters: As long as companies learn from your failures, it's time well spent.
Startups learn from failure and experiment quickly. Experiments lead to innovation and iteration, which leads to a successful business in the end.
Enterprises should adopt this strategy too.
Some famous examples of learning from startup failures are Groupon's pivot from a coupon site to a daily deal powerhouse to make a comeback and PayPal pivoting from exclusively a payment service for eBay to becoming a money transfer company.
Don't take failure too seriously. Laugh at failure.
3) Make the most of data and insights to your advantage
As companies grow more prominent, it's sometimes all-too-easy to make decisions based on internal data or opinions rather than what your actual customers are saying.
Why it matters: Enterprises should test their assumptions of new initiatives before taking the plunge and spend money on them.
Testing with markets helps to validate whether or not your initiatives will work in the real world.
Always have a robust plan to conduct customer research initiatives and use that data to run experiments to validate your assumptions.
Enterprises and startups may work together to learn from one another's experiences and mistakes.
This will be discussed in greater depth later. Stay tuned.
#enterprisetech #enterprise #productinnovation #startupstrategies #innovation #collaboration
