Why Entrepreneurs Should Not Copy the Big Companies
Sometimes, when we plan for new business strategies, we copy what the big companies are currently doing. On the other hand, big corporations worship Mr. Jack Welch, the legendary Chairman and CEO of GE, noted for having keen business acumen and leadership skills. Managers Realm highlights a lesson from Mr. Welch about being either number 1 or number 2 all the time.
But do you know that Mr. Welch is really a pro-entrepreneur guy and that we should also listen to his teachings? Need proof? I happen to unearth a more interesting lesson from Mr. Welch himself that will surely blow your mind. Are you ready? Really? Here we go. Jack Welch recommends we should:
Behave Like a Small Company. Small companies have huge competitive advantages. They “are uncluttered, simple, informal. They thrive on passion and ridicule bureaucracy. Small companies grow on good ideas - regardless of their source. They need everyone, involve everyone, and reward or remove people based on their contribution to winning. Small companies dream big dreams and set the bar high - increments and fractions don’t interest them.”
It’s very ironic that many entrepreneurs keep following the footsteps of the big players when in fact they envy us small business owners, and they should be following us. In this competitive landscape where niche markets and personal attention are becoming more and more important, the upper hand is on our side. We should learn how to maximize these opportunities before it’s too late.
