The principal focus of digital transformation is to move the analog businesses forward. During that process, many things inspire a large corporate to adopt lean and mean entrepreneurial behaviors that startups portray in order to reach the holy grail.
It is often believed that these startups are by definition ‘digital’ and hence are perfectly sorted, but that is not the case. The challenges suffered by other companies are suffered by these startups too, compounded by the notion that they are new and the world existing is relatively smaller.
Here are a few things that one must not plagiarize from a startup even though they sound really tempting:
- The assumption of investor success indicating consumer success
A startup, within the tech world, have a tendency to focus on their marketing and recruitment activities. Investors hide away in Valleys and alleys so this does definitely make sense. An early user, customer, client or a customer on a platform should not be well- thought- out as a case study but be considered as important as an early investor in the platform. Focusing on what money- men want to hear opposite to what customers want leads to an outcome of Investor- rather than customer- centricity.
One must beware of this action : because any insight gleamed may be biased towards the thinking that the end product is only suitable for those in the know, even if you have a strong focus on your early customers. A startup have an excuse of being in need of cash; everyone doesn’t.
- The focus on qualities while conversing in tongues
Startups have limited resources by their very nature to push beyond their immediate circles. The client base to which they hold access or believe to be the key goes way off the mark as a result. In a wider ecosystem of choices and of the business context in which startups live, this would clearly determine a fundamental lack of understanding of their duties as a company.
This might not be a good idea because: When you have launched something, and you focus your marketing efforts on the features, it will show where the holes are. The ultimate consequence of this will be that instead of saying “It is a must try because it will make your life easier”, you will spend your time in saying “It’s coming soon, trust us”.
Instead of plotting a course, startups are often motivated and encouraged to rely on the pivot and celebrate. ‘Pivot’ basically means that you have to look at the assets you have access to, if a business isn’t working, and redirect those assets towards a new aim on the awareness gathered from your initial round. This requires experience, instinct, and third party data, and it relies on being able to understand what market intelligence actually means.
Why you shouldn’t: the notion of fast fail forward in the corporate land is actually becoming a vindication for lack of a lucid strategy. It doesn’t mean that one should not experiment, innovate or bring in change. Just take care that you do it in a way that it doesn’t leave much wreckage, and only that much is done what is necessary to excel.
- Keeping Interim goals with all eyes on the exit
The definition of success to most people is often the big money associated with an IPO or a sale. It is very difficult to build trust conversing with someone who is continuously wanting to go by the exit from the brand development point of view.
If you feel that a good home by you can be provided to them, do so, but do not expect disrupted companies to solve your problem in isolation.
- Believing everyone else is wrong, and only they are right
Littered with the combination of the heavyweight driven coders and the passionate evangelist sales guy, startups have learnt to be steadfast in their vision for the business. To actually convert, a lot of preaching is required as a result.
You shouldn’t do this: because passion and vision are okay as long as they are backed up with cold, insight and hard data. You don’t have an excuse to cut corners, startups do.
In conclusion, it all means that take the time to understand and analyze the encouragements behind the activities of startups before learning anything from them. So, keep the ones beneficial to you, discard the rest, put yourself in their shoes and do the test.