What huge Organizations can learn from Startups
With the evolution of new tech and non-tech startups, the market is filled with products from different startups. Even with low capital and very few staff in comparison to the large institutions, A team of few folks can compete with the huge junk of people from large organizations. This brings us to the fundamental question, Is there anything Big Organizations have to learn from startups? The answer is YES.
Just this how a team of few people with very little experience can compete with sometimes a global company with large funds in their bank account. How they beat and stand out in the market. Yes, this happens. And we have to look at the things how this team of people called a new startup team can overtake the already well-established organization. The qualities and the methods these follow are worthy to be noted.
So here are the few things that the established organizations have to learn from new startups.
1.Innovation
When it comes to startups, one thing they focus on is innovation. A startup revolves around solving a problem which is bugging the life of people. They find the solution and understand the market in creating the product.
One thing that is kept at the top in this cycle is innovation. Innovation is the result of the hard work of young entrepreneurs. Big organizations back their long back product which created a revolution long back and is still looking at popularising the same old product. This product needs a complete change. This product is not accepted by people any longer. Time is changing and with time new tech has to come in to play.
To name a few consider Shopify. There is no new type of product introduced to the market. It just modified the already existed e-commerce and made it simple that anyone can start a store.
Consider the example of instamojo the payments provider. It also innovatively simplified the process of providing payment options to customers and at a low price.
This is where innovations come into play. It is not always that you have to invent some never existed product to start a company. You just have to innovatively simplify the already existed process and at a low cost. There are many huge organizations that provide payment options. But the simple to use at an affordable cost feature is not provided by any big payment providers of that time. Not at least at the cost instamojo provided.
2.Competition
Startup grows from very small available resources. At the time of incubation, the founders are not sure of whether the product will be a success. They just know that their product will solve the problem. They also know about the competition they are going to get in the market.
So right from the beginning startups work to beat the competition. They try to be one step ahead of the competition. Both in terms of new tech and in terms of low cost.
This makes the founders think out of the box to beat the competition. Huge organizations take the market for granted. And once a startup comes to their competition they realize. But its already late for them.
Consider the entry of blackberry into the smartphone industry around 2013. The product is good. And it has a lot of features. But what failed in the competition. When the competitors are providing you with a better feature phone you have to stay a step ahead. This is were blackberry failed.
Startup- the word which even tells about the competition in the market that has to be faced.
3.Coming back from Scratch
Sometimes is important rather than to work on the bugs of a product, you have to start back from scratch
Huge organizations spend time and money in making the product which was initially developed years back to make it suitable for the current market requirement. But this increases both the cost and the product many times not satisfy the market.
It is necessary that you have to start from scratch understanding the market requirement and accordingly work on your product. This is where startups stay many steps ahead. Startups understand the market. They will design the requirement of the current market in mind. And the result is a better and optimized product that can sustain the current market and even the competition from the huge organizations.
4.Customer Importance and Feedback
It is important to mention that all or at least most of the developed organizations treated their customer as their primary importance. They considered customer satisfaction like everything. But on their growth towards a top company and to earn huge profits to the investors they forget the importance of customer service and feedback. They lose their track.
Startups know the importance of customer satisfaction and feedback. It is important to note that most of the startups always look out for feedback to develop their product so that all the customers get satisfied. This is where the acceptance from the market is diverted from huge organizations towards startups. They understand the market. They develop in accordance with the feedback of the market. And they standout
Final Words
It is very important that few things are to be always kept in mind in case of a company.
- Always try to be innovative. If you stop being innovative, there will be a new startup that comes as competition to your product.
- Always be competitive. Never take the market for granted. Always be with the view that you have to be more optimized to face the upcoming competition. Predict the competition in advance. Prepare accordingly. Stay top in the market.
- Accept feedback and act accordingly to sustain with the changing market needs. Market conditions change rapidly and you have to be always sure of your startup that is sustains the changes.
- Go for the top. Don’t ever try to be satisfied with small results. Go to the top. Compete with huge organizations. Beat them and try to be at the top of the ladder. Find the problems which other large competitors failed to solve and work on it.
It is always important that your learning continues. Even after grown go a big organization you never have to be of the view that you have reached the top. Always and always you will get a competition. Remember all the big organizations which are presently the big players in the market are a startup some time back. Now it’s your turn.
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