The economy seems to be awash with anxiety about the poor prospects for business growth, not to mention jobs. We are at risk of descending into inveterate hand wringing from which no good can come. It’s time to look around for what’s working (somewhere, something is ALWAYS working out well) and figure out how to apply it to our business or company.
According to Peter Cohan, “[New] jobs [and revenue growth] are going to come from innovative companies that are either jumping on a wave of growth in demand or creating a new wave through path-breaking technology.”
After studying more than 30 leading startup companies, Cohan suggests the following general lessons for managers in mature, established firms:
- Tailor your product to 1 million customers
- Lock in customers for the long-term and keep renewing the relationships
- Create more network value than competitors
- Reinvent the business from the customer’s perspective
- Use peer pressure to sell your products
Cohan’s lessons are not panaceas, but they look like a good
place to start.