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.
By Peter S. Cohan
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
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