Disruptive companies are well-liked by investors and stakeholders, in this tough and cutthroat industry.
According to a study, 70% of startups fail, usually within two years of operation.
Four strategies for being a disrupter in this volatile industry:
There was a time when Netflix used to deliver DVDs on mail, but now they have disrupted the digital distribution of content. Google didn't have a viable business model till 2002, but now Youtube, Android, and its ads businesses are shattering records consistently.
We need to disrupt ourselves instead of getting comfortable in what we do now.
Just remember many companies started and flourished during economic downturns. If your idea is good enough, you don't have to worry about the economy and just keep building and refining your product or service.
Every company can benefit from big data, and insights using analytics. It is no longer a luxury option, but an important growth driver for the business.
Your company's life depends on market and customer data, and harnessing data can be its strongest asset.
Have a concrete and compelling vision that attracts the right people who are smart enough to push it forward and turn it into reality for you.
Invest in people, give them the right skills, and build an environment of trust.
The companies which disrupt are the ones who adapt, remain agile, keep learning, and never get comfortable.