Big companies are making waves with innovative solutions but let’s not forget they sometimes buy off small startups with innovative solutions. Why do they buy off startups? This is a topic for another day.
Do startups think differently from giant companies? If yes, then how do startups think? Let’s find out:
1. While big companies strive to remain relevant and be among the top companies with little or no improvements, Startups strive to create change and work hard to build it.
2. Prioritise agility – startups move quickly with urgency. They take advantage of new information and think outside the box and make the best out of the information.
3. Curiosity: 99% of employees in startups are below 45 years and they are inherently curious. They seek new ways to do things easier, faster, and better. This is the 21st century, the norm of getting things done the hard way is old school.
3. Future-Focused: And why clam up with the past when we can build a future we envision. They are future-focused
4. Fail fast and pivot: It’s hard for a big company to admit failing, probably due to fear of investors, society, and family. But startups go all in. Some are unmarried, no family, few worries about failure, and going broke again. (They know it’s a 50/50 chance anyway). They place business before family. They accept failure as a lesson, re- strategies, and get back better.
5. Sprint: Startups are the frontiers of sprint. They sprint toward their goals while big companies are changing policies and organizing meetings. They act with urgency, the team won’t mind staying awake all night fixing a problem. They work around the clock, and even when taking a walk, their minds are clouded with how to solve the problem that made them take a walk.
6. Ability to make swift decisions – Big companies have a lineup of which department or C-level executive should decide for a certain problem. Which is cool by the way but what If the head isn’t available? the problem lingers, a project is delayed, or more damage.
In other to attain the startup mentality, big companies have to forgo their hierarchical and bureaucratic management model and also remember that big no longer beat small.
The core attributes of startups are agility, creativity, curiosity, and their ability to make decisions quickly and easily without waiting on a C-level executive.
There are endless motivational quotes for startups, “Start from where you are, with what you have” “Think BIG but start small”. I bet you’re familiar with these quotes.
These quotes shape and inspire startups but big companies don’t have a lot of motivational quotes. They are tasked with how to raise funds for investors, how not to get kicked out of business, etc.
The startup mentality might not seem like a big mentality for big companies but big companies should always remember they were once a startup and such mentality was fruitful and still fruitful.
Big companies no longer beat small. Smart beats the big but dull, and fast beats slow.
Thanks for reading, kindly like, comment, share, and Think like a StartUp.