How is it that startups can compete with huge corporations without having the same manpower, insane budgets, and reach?
In short, startups have the ability to run.
Startups may have fewer resources, yet their agility allows them to flip the switch on any strategy and execution based on priority and importance as they see fit. They are able to pivot, amend, and adjust any tactic in a snap based on real-time results or new updates. And let’s not forget their inherent and insatiable curiosity to innovate and disrupt.
While corporations have so many people working for them, broken down into different departments with enormous budgets for so many activities, they are extremely hindered by the lack of speed to not only change an unsuccessful activity rather start one in the first place.
Within such companies, their size and power actually require them to have so many checks and balances, work across various departments with their own rules and regulations, as well as continuous adherence to legal requirements put in place to actually protect the organization, its employees, and more.
And startups…they’re small, agile in movement, and can adapt accordingly on-the-fly to optimize specific activity, experiment quickly, fail fast to gain the insight needed, and move on from mistakes much faster, as well as and aren’t limited or slowed down by so much red tape.
Still, as startups grow, so does their size, their culture changes, and bureaucratic requirements take place, so success could also slow them down.
So as long as they are able to, startups gotta keep running…or they die.