There are constant changes in things like technology and information, it is becoming increasingly difficult to keep up with the modern world. There are success stories such as Facebook and Google, but for every one successful startup, there are nine unsuccessful ones. Roughly 90 percents of startups fail, so what does the ten percent do differently?
According to this 2015 Forbes article, theses are the key factors that contribute to the success of the startups:
- The product is perfect for the market
- The entrepreneur doesn’t ignore anything
- They grow rapidly
- They respond and recover from the rapid growth
All these factors show that startups must be aware of the context of their market and be willing to adapt to that environment.
According to the Center for Creative Leadership Leading Insight Study of 2013, “Rapid organizational change is the No. 2 leadership development challenge in the next two to five years and, logically, change is the second most important topic for leadership development.”
Through understanding and finding out the perfect methods for your startup to evolve with the environment is necessary to survive.
To combat odds and to face an ever revolutionizing world, the CCL came up with these tips:
- Discover: Understand why the change is happening.
- Decide: Engage employees in making the decision to change and how to change.
- Do: Communicate the change and take the step to initiate the change.
- Discern: Figure out if the change was successful and sustainable, if not make adjustments.
Through open communication, collaborative decisions, and being flexible, you are taking the proactive step towards creating a more sustainable business. For more insight with adapting to the changing world then check out Center for Creative Leadership and TeamEQ!