Why Big Brands Want to Be More Like Your Startup

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As an entrepreneur, you have opportunities and qualities more and more big companies are clamoring to emulate. Here are three and how to capitalize on them.

StartUP Product‘s insight:

By Peter S. Cohan

@PeterCohan

What lessons can large companies like IBM — attempting to grow its revenue — learn from your startup? And how can those lessons teach you about the most valuable aspects of your business?

1. Exploit and explore – company’s core “exploit” business and its new “explore” business both report to the CEO.

Startup Opportunity: offer big company customers the same or better product features at a fraction of the big company’s price

2. Firefighting by design – design thinking starts by observing customers performing activities and ends with a new product that meets their needs based on iterative prototyping.

Startup Opportunity:  execute design thinking strategy with agility

3. Culture of frugal experimentation – meant to overcome the tendency of big organizations to smother the creativity of their best people

Startup Opportunity: be on the lookout for good people at big companies who are not able to realize their full potential.

About The Author

Peter Cohan is president of Peter S. Cohan & Associates a management consulting and venture capital firm. He is the author of Hungry Start-up Strategy: Creating New Ventures with Limited Resources and Unlimited Vision (Berrett-Koehler, 2012).

Read more: http://www.entrepreneur.com/article/227824#ixzz2bybfvZGU

See on www.entrepreneur.com

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