While we mostly talk about startups and young entrepreneurs on IndianWeb2, today is going to a bit different. Today, we're going to talk about ways in which established enterprises can keep pace with their startup counterparts.
According to me, there has been no better approach in the history which has been able to capture the yearning of big companies wanting to get more nimble than the lean startup method. The startup method involves quick building and launching of minimum viable products (MVPs) and then iterating and pivoting based on the market feedback.
"We have to disrupt ourselves before the market does." It's not an uncommon mandate today. Established enterprises need to innovate to keep pace with the more nimble, smaller startups.
Here are some ways in which big startups can keep with startups.
1) Make failure an option -
In a big enterprise, the team building the minimum viable products should try acting like a real startup. They need to workout a mechanism where they should have funding to take care of salaries for the team as well as money for all their expenses. Further, this funding needs to be calculated on the basis of the company's expectations around the team's performance. If those expectations are not met by the team, the funding also needs to stop. We know this is a little harsh but this can prove to be very effective for the business.
2) Build a good team -
A good team can take you great miles. Startups have the option of hiring and building a team with the right people according to their needs and demands. This is what makes a lot of difference to their business. They have people who are right for the job and enthusiastic about the product. When forming a team for a particular purpose or project in a big company, make sure you get the right people on the team. Even if it takes a lot of time or involves hiring people from outside the company on freelance basis.
3) Get out of those cubicles -
A major reason for the success of the startups and their products is their proximity to their end users. They know what the consumer needs and how they need it. This is majorly because of the rigorous ground work that they have done. Nothing new can be achieved if the big enterprises keep themselves confined in those buildings. There is an urgent need for them to get out of their building and get to know their users/customers.
4) Creating a realistic MVP is the key -
Nowadays, the concept of MVP means different things to different people. In order to be successful, remember to keep it simple and stick to basics. MVPs are meant to be very simple products that let you test your concept. A good MVP can become a catalyst in enabling big enterprises to innovate and give a good competition to smaller organisations.
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