4 Ways Successful Companies Can Benefit From A Startup Culture
While every startup doesn’t always become a successful business, every thriving company was once a startup in one form or another. Some of the things that characterise startup culture can be left behind – and nobody wants to work out of their garage forever – but there are many ways in which companies can benefit from startup culture, no matter their size.
Startups aren’t complacent
Startups, or their founders, are hungry. They want big things, and often everything is on the line. That hunger creates a keen edge that makes you more aware of possible competitors and more willing to take risks. As businesses become more established, they often lose that edge, making them ripe for disruption in their turn.
Startups are open to new ideas
When you’re an established company, it can be hard to move out of old patterns and try new things. But just as startups use their agility and innovation to carve out their own spaces, older businesses can benefit from the same open mindedness. The world of business is always changing, and being willing to adapt is critical to continued success. Whether it’s embracing the virtual office or making space for employees to test out their own ideas, a culture where innovation is valued will stand an established company in good stead.
Startups hire with care
When you’re a small company working on a tight budget, every new hire matters. You need technical expertise, but more than that: your hires should have a generalist approach and be willing to step out of their role if the circumstances require it. The same principles can benefit larger companies as well. No matter how big you are, your staff work in teams, and the best way to retain talent is to make sure every member of that team is a great fit with transferable skills.
Startups have little hierarchy
Startups are often begun by a small group of like-minded individuals, an environment that fosters mutual respect and collaborative thinking. As companies grow, they hire more staff, and that often results in there being several layers of bureaucracy between workers and the CEO. While the head of a large company can’t keep an open door policy for everyone on their staff, it can stifle ideas to have a large formalised process. Emphasise collaboration and make sure everyone feels as if they’re in it together.
What aspects of startup culture do you value the most?
This article was written by Tanya Ashworth-Keppel on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following sources were used to compile this article: Chicago Tribune, Forbes, Entrepreneur and LinkedIn.