Big companies can learn a thing or two from startups
It might seem counterintuitive that a big company would be interested in being more like a smaller company, especially when startups are striving to reach that higher level of success. So, what are startups doing that bigger companies should emulate?
A recent article in Entrepreneur discusses the idea that bigger companies, while they may have greater resources, more employees and technology at their disposal, are slower to grow. As the article suggests, bigger companies could benefit from adopting a startup mentality, which focuses on doing more with fewer resources in a shorter amount of time.
If you want to stay ahead of the competition you can't afford to become complacent. A big company may have achieved a high level of success, but in order to keep that momentum going a company can't just sit back and relax. Startups are pushed to excel because they have a sense of urgency. Larger companies that keep this mindset will stay ahead of the game.
Fostering a sense of optimism is another key element to success in business. If you have the attitude that you will find a way to make something work, you probably will.
Importantly, a willingness to take risks is another attribute of startups that large companies should continually aim to foster if they want to stay innovative.
So how can startups benefit from the lessons of larger companies? One way is to learn what they did and try to replicate it. Find out what others did to lead to achieve their success and apply that knowledge to growing your own business.
If you're a small business owner and you haven't done so yet, think about incorporating your business. Incorporating may be easier than you think, and offers many advantages and benefits that companies of all sizes can't afford to miss out on.