Startups have been a critical element in refocusing industries and trades, thanks to their perspective of demanding the “we have always done it this way” to consider new solutions, which leads to various learnings and experiences: from developing new lines of ventures, entering new countries, adapt to new cultural approaches until seeking financing.
According to the Inter-American Development Bank (IDB) survey: “Large companies, startups, and innovation in Latin America. Promises and challenges “. One of the key features that distinguish Latin American ecosystems is the low articulation between large companies and the world of innovation and entrepreneurship. This means that new entrepreneurs cannot gain the necessary knowledge and can also create barriers that should not exist for the creation of dynamic businesses.
This is why it is vital to abandon the “it has always worked this way” mindset and learn from the startup community to adapt to a different world. 2020 is a time when trends are more vital, and consumers move faster. Therefore, it is necessary to build a network of allies and digitize our businesses to ensure that we do not lose control.
What are essential lessons traditional businesses can learn by using the startup approach?
Innovate, innovate and then innovate again. It is easy for a business to become “caught up by the competition.” It is straightforward for a business concept to become “caught up” by the competition. There will always be someone who offers a lower, more comfortable, or closer product to yours. So the critical thing to do is to improve constantly. It is common to think that innovation can only be applied to certain areas of the business. Innovation is an integrated process that involves all the operational aspects of the organization, from the production and delivery of the product to the end-user.
Don’t forget to trust your differentiators. Nearly all of the entrepreneurs I know are very aware of their primary concern: finance the project. One of the sessions that we have learned is just the key is to focus on differentiators. We found it challenging to enter a market primarily dominated by apps that allow you to order food delivery.
We have shifted the focus. We want to provide a platform that allows restaurant owners to own the business. We participated in the Y Combinator accelerator program, and we began our expansion throughout Latin America.
Explore different paths. Startups tell a different story from traditional entrepreneurship. For example, startups seek out allies and attract investors who want to add value to the company beyond the capital. It is crucial to learn the laws of each country to highlight the strengths and weaknesses of these projects.
We have the chance to respond quickly to any changes that may be occurring in the business, our clients, or the environment. Although it might seem like we’re building the plane from scratch, that is one of the most important lessons.