It´s been predicted that 40 % of all enterprise companies no longer will exist in 10 years, so you better make sure you´re not one of them.
– Things change and if you don’t follow the past your going be out of business, warns the chief executive of technology company Novelda AS, Alf-Egil Bogen during his speech at the IOT conference in Oslo.
So which companies do succeed, you might ask?
According to Bogen, the biggest problem for established companies is that they stop thinking like a startup, which is crucial if you want to be successful in the long run. Here are his best tips to enter and keep staying in the ball game:
- You need to think bigger, be smarter and act much faster. Timing is usually the most important parameter. Take Air BnB for example, they started up when the recession was at it´s highest in the U.S. and people needed extra money. They couldn’t pick a better time to launch their idea, hence their massive success.
- Remember, it´s usually very small consumer details that determens whether your idea will be a success or not. At the same time you rarely succeed unless you are able to solve a problem. Like the founder of NEST said; Gadgets come and go. Solve a problem!
- Make sure you don´t only have the best people, but also a huge variety of people in your company. You need to amplify differences in order to really create the good ideas.
- You also need to fail fast and learn quickly. Don´t wait until tomorrow if you solved the problem already today. It doesn´t matter if its not perfect, you can do the changes along the way. The Marshmallow building challenge is a good example of this, where one study showed that children where able to build a higher tower than the CEOs in 18 minutes, using 20 sticks of spaghetti, tape, strings and a marshmallow. Whereas the kids started off failing and learning from their mistakes, the CEOs used most of the time making a plan before they started, leaving them with little time to correct their mistakes in the end.
- Have the passion and goal and make sure that you do things for a reason. By doing that, you will attact people with the same passion and drive as yourself, which I believe is one of the biggest driving forces you need in order to succeed.
- And don’t forget, to explore new fields means taking risks. However not exploring new areas makes up for a even greater one!
