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What Facebook’s Julie Zhuo says about big companies vs. startups

(ENTREPRENEUR NEWS) A new breed of classic job-search duel has sprouted up between startups and big companies.

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The charms and pitfalls

A new breed of classic job-search duel has sprouted up between startups and big companies. Facebook’s Julie Zho recently wrote an article adding her own insight into the debate. She argues that startups aren’t strictly better than large companies or vice versa. Both have their charms and their pitfalls.

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Startups for the risk-takers

A startup’s primary goal is to make a product that people will use, which means they oftentimes have to take big risks. This is great for people who want to feel directly responsible for the company’s success. As an individual at a startup with only 20 people, you know exactly how you contributed. Although this does mean that isn’t just a typical job and every week you’ll have highs and lows because the startup will have both successes and failures that you’ll feel more deeply and directly responsible for.

Startups need people who take high-risk plays and operate on their intuition.

These people also need to be a jack-of-all-trades and can jump in to solve any problem. They also have to be able to live in the realm of ambiguity and be optimistic. This means you have to believe that what you’re doing is valuable. And most times, you’re seeing that value quite often whether it be in the form of regular product launches or seeing someone using something you made.

When things don’t work out

As Julie points out, the downsides of startups is those times when you won’t feel so empowered, or to put as she does, you’ll feel sucky. Times such as when you face the reality that no one uses the product you built or when you realize that no one at your company actually knows what they’re doing 100%.

Startups also don’t always invest in their employees because they’re mainly focused on shipping their product.

Being the best cog you can be

Big companies on the other hand have, for lack of a better word, “made it” and they focus on growing what is already successful. This means big companies are more averse to taking risks and try to do things right for the long-term. Therefore, people who thrive at big companies are those who are team players and have become really good at one skill such as icon designing or front-end developing. Big companies also need people who are strong at communicating and aligning a 20-person team.

The most satisfaction you’ll derive from a big company will be when you realize you’re having an impact on millions of people. You’ll also feel good when someone takes the time to invest in your career growth.

Big companies also give you the ability to try a lot of different projects without having to leave your job.

Feeling the red tape

One of the downsides of big companies is that its often difficult to get stuff done because there are so many people involved in the decision-making process. Another downside is that you’ll feel a looser connection to the product your company is shipping, nor will you have a context on everything that is going on. Additionally, you won’t always be part of the decision-making process the outcomes of which could negatively affect you.

#DavidVsGoliath

Nichole earned a Master's in Sociology from Texas State University and has publications in peer-reviewed journals. She has spent her career in tech and advertising. Her writing interests include the intersection of tech and society. She is currently pursuing her PhD in Communication and Media Studies at Murdoch University.

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Business Entrepreneur

What to consider before you pivot your business model

(BUSINESS ENTREPRENEUR) Many businesses have had to pivot during the global pandemic but maybe yours isn’t one of them. Consider these questions first!

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Two women working at a laptop, no need to pivot business.

When Ross asked Rachel and Chandler (Friends TV show 1994-2004) to move a couch, many of us will never forget his voice inflection and how many times he yelled “PIVOT”! It’s actually a really funny scene and if you’ve never seen it, it might be worth 3.5 minutes of your time. Ross had the best of intentions by starting with a sketch and enlisting help from friends but even that ends up in hilarity as getting his couch in to his apartment doesn’t work and he ends up being offered $4 when he tries to return it (stay for the end of the clip).

The best plans and intentions for your business are often met with what the market and customers demand, where technology grows, and where your ROI is the best. You often know that your original plans will grow and evolve, even in uncertainty and now… a global pandemic.

Many entrepreneurs and small businesses have had to lean on technology to add virtual services (or expand their offerings) to meet our current norm where people are just not out and about like they used to be. Some have seen this work well and others have had to completely re-design their offerings to maintain safe and socially distanced considerations.

The thing is, businesses that have pivoted are being highlighted. But it is also worth looking at what has worked for some businesses that didn’t have to completely shift their strategies in 2020. It is likely that they had to adapt but maybe not a ridiculous Ross-type “pivot” that resulted in a complete failure of the mission.

Harvard Business Review (HBR) shared an incredible article, “You Don’t Have to Pivot in a Crisis” with great insights about what to consider if you think you need to make changes or if you want reassurance you are still on the right track.

HBR shares a powerful thought:

“The lesson here is that when a crisis hits, it pays to resist knee-jerk reactions on how to handle external shocks and ask what is going to work best for your company, based on the particular realities of its business. Ignoring the playbook of rapid cuts plus strategic pivoting can be the smart move… However, staying the course doesn’t mean inaction.”

Here are three thought starters you may want to consider for your business:

  1. What product line or service is best serving your customers right now? Is that one of your strongest and/or could it use some attention?
  2. What product line or service is not quite meeting your needs or customer demands at the moment that had seemingly always worked (not forever! Just right now)? For example, in person gatherings and promotions like events, conferences, trade shows.
  3. Is there something you’ve always wanted to explore? And could now be a great time since people want things more virtually? Examples: Selling branded swag, workbooks, content subscriptions, educational webinars.

These are three simple things but could help point you in the right direction of where to focus your time and energy – at least for now. You may not need a complete re-design or to take a new road, it might be some tweaks and adjustments to hang on to what you’ve worked so hard to build.

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Business Entrepreneur

How to choose the right software for your business

(BUSINESS ENTREPRENEUR) What are the best software products for your up-and-coming company? Use these questions to decide which kind is best for you.

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It’s almost impossible to run a successful modern business without some kind of software to help you stay productive and operate efficiently. There are millions of companies and even more independent developers working hard to produce new software products and services for the businesses of the world, so to say that choosing the right software is intimidating is putting it lightly.

Fortunately, your decisions will become much easier with a handful of decision-making rubrics.

Determining Your Core Needs

First, you need to decide which types of software you really need. For most businesses, these are the most fundamental categories:

  • Proposal software. Customer acquisition starts and ends with effective proposals, which is why you need proposal software that helps you create, send, and track the status of your sales documents.
  • Lead generation and sales. You’ll also want the support of lead generation and sales software, including customer relationship management (CRM) platforms. These help you identify and track prospects throughout the sales process.
  • Marketing and advertising. Marketing and advertising platforms help you plan and implement your campaigns, but even more importantly—they help you track your results.
  • Finance and accounting. With finance and accounting software, you’ll track accounts payable and receivable, and countless variables influencing the financial health of your company.
  • Supply chain and logistics. Certain types of businesses require support when it comes to supply chain management and logistics—and software can help.
  • Productivity and tracking. Some software products, including time trackers and project management platforms, focus on improving productivity and tracking employee actions.
  • Comprehensive analytics. Enterprise resource planning (ERP) software and other “big picture” software products attempt to provide you with comprehensive analytics related to your business’s performance.

Key Factors to Consider

From there, you’ll need to choose a software product in each necessary category—or try to find one that covers all categories simultaneously. When reviewing the thousands (if not millions) of viable options, keep these factors in mind:

    • Core features/functionality. Similar products in a given niche can have radically different sets of features. It’s tempting to go with the most robust product in all cases, but superfluous features and functionality can present their own kind of problem.
    • Integrations. If you use a number of different software products, you’ll need some way to get them to work together. Prioritize products that make it easy to integrate with others—especially ones you’re already using.
    • Intuitiveness/learnability. Software should be intuitive and easy to learn. Not only will this cut down on the amount of training and education you have to provide employees, but it will also reduce the possibilities of platform misuse in the future.
    • Customizability/flexibility. Out-of-the-box software products work well for many customers, but they may not suit your current or future needs precisely. Platforms with greater customizability and flexibility are favorable.
    • Security. If you’re handling sensitive data (and most businesses will be), it’s vital to have a software developed with security in mind. There should be multiple layers of security in place, and ample settings for you to tightly control accessibility.
    • Ongoing developer support. Your chosen software might be impressive today, but how is it going to look in three years? It’s ideal to choose a product that features ongoing developer support, with the potential for more features and better functionality in the near and distant future.
    • Customer support. If you have an issue with the app, will someone be available to help you? Good customer service can elevate the value of otherwise average apps.
    • Price. Finally, you’ll need to consider price. The best apps will often have a price that matches their quality; it’s up to you to decide whether the extra expense is worth it.

Read about each product as you conduct your research, and pay close attention to reviews and testimonials from past customers. Additionally, most software companies are happy to offer free demos and trials, so you can get some firsthand experience before finalizing your decision. Take them up on the offer.

Finding the Balance

It may seem like purchasing or subscribing to new software products will always improve your business fundamentals, but this isn’t always the case. If you become bogged down with too many apps and services, it’s going to make operations more confusing for your staff, decrease consistency, and drain your budget dry at the same time. Instead, try to keep your systems as simplified and straightforward as possible, while still getting all the services you need.

You won’t find or implement the perfect suite of software products for your business overnight. It’s going to take weeks, if not months of research, free trials, and in-house experiments. Remain patient, and don’t be afraid to cut your losses on products that aren’t working the way you originally intended.

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Business Entrepreneur

Simple ways to keep your company’s operations lean

(BUSINESS) Keeping your operations lean means more than saving money, it means accomplishing more in less time.

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The past year and a half has been challenging, not just economically but politically, and socially as well. While it would be nice to think that things are looking up, in reality, the problems never end. Taking a minimalist approach to your business, AKA keeping it lean, can help you weather the future to be more successful.

Here are some tips to help you trim the fat without putting profits above people.

Automate processes

Artificial intelligence frees up human resources. AI can manage many routine elements of your business, giving your team time to focus on important tasks that can’t be delegated to machines. This challenges your top performers to function at higher levels, which can only benefit your business.

Consider remote working

Whether you rent or own your property, it’s expensive to keep an office open. As we learned in the pandemic, many jobs can be done just as effectively from home as the workplace. Going remote can save you money, even if you help your team outfit their home office for safety and efficiency.

In today’s world, many are opting to completely shutter office doors, but you may be able to save money by using less space or renting out some of your office space.

Review your systems to find the fat

As your business grows (or downsizes), your systems need to change to fit how you work. Are there places where you can save money? If you’re ordering more, you may be able to ask vendors for discounts. Look for ways to bring down costs.

Talk to your team about where their workflow suffers and find solutions. An annual review through your budget with an eye on saving money can help you find those wasted dollars.

Find the balance

Operating lean doesn’t mean just saving money. It can also mean that you look at your time when deciding to pay for services. The point is to be as efficient as possible with your resources and systems, while maintaining customer service and safety. When you operate in a lean way, it sets your business up for success.

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