Tech startups have a reputation for being innovative, scrappy and constantly evolving to get ahead of the competition. However, these qualities aren’t just useful in the technology industry. Companies in any sector can apply the “tech startup mentality” to their operations and keep improving.
Below, 10 members of Young Entrepreneur Council each share one aspect of this mentality that can be applied to any business. Here’s why they believe all companies can benefit from adopting these traits.
Young Entrepreneur Council members discuss why every company should think like a tech startup.
Photos courtesy of the individual members.
1. Learning From The Competition
You can always build something better than what is on the market already. Don’t be discouraged by the competition; study them and build a superior product. However, always study what your customers are after. – Alexandru Stan, Tekpon
2. Asking Questions
Tech startups like Uber, Facebook and Tesla are pioneers because they asked questions and thought deeply about how they could improve the world. Adopt that mindset and always ask yourself how you can make your products better, cut costs, solve more problems and foster a more tight-knit community. – Ron Lieback, ContentMender
3. Facing Challenges
Never be intimidated by challenges. Face them and find ways to defeat them. This is one tech startup mentality that every business should adopt. Facing challenges can help you discover new possibilities and learn new lessons that can be very helpful in the long run. – Josh Kohlbach, Wholesale Suite
4. Being Willing To Pivot
There are so many tech startups that begin with one aim, then discover a new solution they can offer that becomes their bread and butter. While it’s good to run a stable business with well-developed processes, the courage and open-mindedness it takes to pivot will let you stay competitive as the gameboard of your industry rearranges. – Tyler Bray, TK Trailer Parts
5. Getting Things Done
The tasks have to get done regardless of whose “job” it is. Startups usually have a smaller crew of people working together to accomplish a large number of tasks in a fast-paced environment working for forward progress. Any business can adopt the attitude that everyone is there to get the tasks accomplished and move the needle, regardless of what their job title may be. – Mary Harcourt, CosmoGlo
6. Thinking Big
Many tech startups that revolutionized the world started out with nothing more than a grand vision. Seek out opportunities to make big impacts. With energy, persistence and a bit of luck, you may find your company is in a position to disrupt an entire industry. – Jack Perkins, CFO Hub
7. Striving For Simplicity
Always striving for simplicity is one goal that can help businesses grow faster. Always think of ways to help make your users’ lives easier. They shouldn’t have to think twice about using your product or service. It’s a good way to bring in more customers and grow your conversions while being a popular name in the market. – Thomas Griffin, OptinMonster
8. Worrying Little About Short-Term Profits
Tech startups do not worry too much about the bottom line. They work on creating long-term value with their innovative solutions. Innovations usually take time to be accepted, so tech startups work patiently on their business plans without worrying too much about short-term profits. Profits are, of course, expected, but if you have to deliver innovation, you have to have patience. – Sujay Pawar, CartFlows
9. Creating Internal Documentation
It’s safe to say that most businesses can benefit from the internal documentation strategies used by tech startups. Basically, tech leaders know they need to carefully track workflows and team progress if they want to reach their goals consistently. Applying this same strategy to your business will make it easier to onboard new employees and cross-train existing team members. – John Turner, SeedProd LLC
10. Staying Agile And Nimble
Technology has the ability to disrupt almost every industry. With this in mind, it’s important for any company to be agile, nimble and responsive to best compete. Implementing a “tech startup mentality” would allow your business to stay ahead of the curve by adapting to new trends quickly and efficiently. – Kristin Kimberly Marquet, Marquet Media, LLC