The formerly elusive idea of the ‘startup mindset’ has become pervasive in small and big business mentalities alike. Startups thrive on their ability to create products that fill market gaps and reach consumers at increased speeds. A huge part of this comes from the ‘startup learning mindset.’ Startups learn from their mistakes and integrate solutions into updated versions of their products.
What do startups do differently?
The purpose of tech startups is to fix specific gaps in the market. On the other hand, small businesses tend to focus on generating profits and contributing to local market shares. Whereas tech startups often stay small, small businesses expand through growing teams, distribution and manufacturing. The centre of small businesses is a team that serves customers on a more individual level and because of this, expansion means creating a bigger team. Startups, on the other hand, focus on creating a platform that enables them to help large amounts of customers at once – this means that their expansion doesn’t necessarily depend on the physical size of their team.
Let’s talk about scalability. Scalability refers to the ability of a platform to cope with increased workloads – in this case, increased market demands. What startups do incredibly well is getting products to customers at increased speeds. Startups test products and run surveys to determine whether customers are willing to trust Softwares to perform certain tasks for them. Rather than investing large amounts in untested products, startups start small and improve the flaws in their original product. This doesn’t mean their products are free of practical issues. The products succeed because they become available quickly and are updated frequently based on real user feedback.
“Creating a brand is not a one-time affair. Your brand lays the foundation for a long-term relationship with your client, which will succeed or fail based on whether your products and behaviour deliver what your clients have been led to expect. If you fail to live up to the values you profess to represent, your brand will fail.”
– Kavit Haria, Online Business Building Strategist
It’s no secret that creativity is the strength of startups. Their job is to shake up the status quo and they succeed because they are able to develop unique solutions to market gaps. Startups work quickly and efficiently because they are constrained by access to resources. This forces startups to think outside the box and integrate changes faster than larger businesses. Startups also often don’t have access to extra funds to solve their problems so they streamline their processes by removing excess features that end up enhancing the product’s operational efficiency.
Startups take risks, understand teamwork and implement product changes tapered to user feedback. Their ability to learn from their mistakes and adapt to change is what makes them thrive. Small businesses play a key role in the development of any thriving economy and using the educational foundations of the ‘startup learning mindset’ can help push small businesses to the forefront of their local economies.
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By Juliana Schneider