What The Startup Mindset Can Teach Traditional Businesses
Established businesses will often dismiss the expertise of a startup founder and its young team, however, there are some key behaviours that startups can teach institutions in today’s economy.
The startup mindset is adaptable to change according to the market’s behaviour.
Operating in a very nimble way and not getting drowned in layers of red tape.
Decisions do not need to take months to be made. We are living in an era of speed and innovation. So rather than over-analysing every decision, do what you feel is best for your company and let the results dictate the actions. In this market, there is a lot of trial and error that parallel each other.
The young energy of startups is not marred in the traditional business relationships of the past. Offices are open, people go out together, dogs are in the office and although on the outside this might look completely unnatural to big businesses, this community spirit fosters a sense of belonging. The era of speed and innovation requires creative comfort. This is the era millennials are entering the business world in. Keep in mind; you will be hiring millennials in the not so distant future.
Startups no longer spend a fortune on magazine ads or industry expos—they reach customers day in and day out via social media and online campaigns. They don’t wait for one isolated event to communicate.
Startups have learnt the value of working remotely and whilst traditional business is spending lots of money on recruitment fees, they are building entire teams they’ve never met.
What can startups learn from the establishment?