Startups have been a major component in refocusing industries and markets, thanks to their perspective of challenging the “we’ve always done it this way” to examine new ideas, which leads to a variety of learnings and experiences, ranging from developing new lines of business to entering new nations, adapting to new cultural approaches, and ultimately seeking finance.
That is why, at least for the next few years, it is critical to leave behind the “it has always been done this way” and nourish ourselves with the experiences and learnings of the startup ecosystem, to be prepared to adapt to a world that is vastly different from the one we leave in.
Trends have intensified and customers are moving quicker, it is critical to build a network of allies with more broad perspectives, in addition to the necessary digitization, to ensure that we do not lose control of our company.
What are the main learnings that traditional businesses can take from the startup approach?
Innovate, innovate, and then innovate some more. It is quite easy for the competitors to “catch up” with a business notion. Someone will always be willing to offer the market a product that is cheaper, comfier, or more similar to yours, thus the most important thing is to keep improving.
One of the most significant roadblocks is the belief that innovation is limited to a single sector of the business or only applies to finished goods. Innovation is a multi-faceted process that involves the entire business and incorporates all important operational aspects, from procedures through product or service delivery to the end-user.
Trust your differentiators (and continually seek to strengthen them).
Almost every entrepreneur I know is extremely forthright about their main concern: how to fund the idea. Focus on differentiators is one of the lessons we’ve learned at Justo. It was difficult for us to break into a market saturated with meal delivery apps.
We’ve shifted our focus: we aim to provide a platform for restaurant owners to manage their businesses. We were able to join the Y Combinator accelerator program and begin our Latin American expansion process using this strategy.
Explore different paths.
Startups have been defined by their ability to convey a story that differs from that of traditional entrepreneurship. The hunt for allies and drawing the interest of investors interested in providing value to the company beyond the capital, as well as entering new markets, are two examples.
In all of these areas, it is critical to research and learn about the varied regulations of each country to showcase the project’s capabilities.
As entrepreneurs, we can respond quickly to changes in our clients, partners, and surroundings. I understand that it appears like we are constructing the plane on which we will be flying: One of the most important lessons is to remember that the only constant is change and adaptation.
