There are five Startup strategies that Enterprise CEOs can learn from them and implement in their working approach.
The economy was soaring high when CEOs entered 2020 completely oblivious of the disruption that was coming ahead. No one anticipated what was lying ahead in the future that year; the business leaders set long-term plans in motion and firmly placed the business processes. Before the pandemic, the biggest problem they faced was attracting talent amid a historically low unemployment rate.
Then March happened. The whole world came to a standstill and the CEOs were reeling in many ways from the initial shock of Covid-19’s commotion ensuing scramble to get employees and processes working remotely. The semblance of normalcy for most of us went out the window in early March – a month that feels like never-ending till now.You will find more infographics at Statista
Previously, the recession of 2008 was easier to weather because leaders across all businesses in the world could replicate the successful strategies of their counterparts. However, the disruption of 2020 offered no such direction. Instead, they must go in a distinctive administration by taking insights from a different source – startups, with the advent of 2021. If the moguls want to emerge from the pandemic as better leaders and stronger organizations, they need to channelize with a startup mindset.
The entrepreneurs lead a dynamic approach to building a better working world and they provide practical exemplars that other business tycoons can follow. These are five strategies that CEOs can learn from Startup Founders and implement in their working approach.
Developing the culture of agility to meet changing demands and the times
In a time of uncertainty, agility is a key driver of any business community. For such restrictive conditions, the first step is to develop the attitude to react fast and be very fast and agile. The second step is to plan to improve the chances of survival. Most entrepreneurs are champions of agility. They teach very important lessons about facing adversity and operating at a lightning speed, to become more empathetic and transparent leaders.
Good communication is vital and so is sharing knowledge
Business leaders and employees need reassurance and guidance during unsettling times. They must communicate well with the employees and encourage them with other innovative ideas that they can work upon for endurance. Incepted with the motto, “When life gives you lemons, what do you do – you make margaritas”, they must empower the employees with skills to tackle unforeseen challenges, exemplified by the pandemic.
Making bold decisions quickly is the key to survival
The pandemic is a reminder for CEOs that bold decisions are sometimes necessary and easier to employ during a disruption. Lockdown restrictions have forced many businesses to close their doors and dismiss employees. However, the ability to act quickly in any tough situation is vital.
Entrepreneurs’ zeal to make a better world for all
Entrepreneurs demonstrate both generosity of spirit and an ambition to make a difference to the communities by stepping up to help others. Small gestures matter and so does showing you are a human being, not just a corporate executive for which teams can thank you for simple motivations in a stressful time.
Prioritize the safety and welfare of your team
This pandemic is a nudge to many that people are the greatest asset to any organization and that the growth of any business depends on the welfare of its employees. Working from home or any remote location must be encouraged to ensure the safety of human resources. CEOs can roll up their sleeves and pull late nights with others to set the tonality for how employees will face disruption in the future. They can also help all employees to calm anxiety and boost morale by being transparent and honest in their approach that the most successful small startups bake into their environment.
In the middle of the global pandemic, all need energy, passion, and determination of entrepreneurs like never before. CEOs as key drivers of business communities need to focus on safeguarding their teams by adopting the important qualities of agility, effective communication, quick and difficult decision-making and passion. These qualities can guide everyone through the tough times, into the next and beyond.
How some top CEOs faced the pandemic and made positive shifts in business strategies:
Sachin Gupta, the founder and CEO of a tech startup HackerEarth had to make countless difficult choices during the pandemic. In the first two weeks of the pandemic, he made some critical decisions of creating an effective crisis response, pivoting to remote work, reinventing communication with customers and employees and evaluating potential strategic business shifts.
Nykaa’s founder and CEO faced a big learning curve when Covid-19 pandemic stifled businesses. She navigated the world of beauty from retail to technology. Nykaa has adopted 360-degree marketing strategy to promote its products online through prominent influencers to reduce the marketing cost considerably during the crisis.
Watch: Entrepreneurial Lessons From A $2 Billion Dollar Company Founder
Jeff Maggioncalda, the CEO of Coursera has learnt how productive remote working can be during the pandemic. With the help of technology tools like Zoom and Google Docs, he can work collaboratively on shared documents and meet face-to-face with his employees thus increasing the flexibility in virtual work. He plans to build a more robust virtual workforce at Coursera beyond the pandemic.
In the middle of the global pandemic, all need energy, passion and determination of entrepreneurs like never before. Be it a startup or an enterprise, CEOs as key drivers of business communities need to focus on safeguarding their teams by adopting the important qualities of agility, effective communication, quick and difficult decision-making and passion. These qualities can guide everyone through the tough times, into the next and beyond.