It is no secret that entrepreneurship is an incredible and challenging journey that presents just as many challenges as it does rewards. There is a lot to be said about the tremendous value associated with embracing the journey of entrepreneurship for what it is as well as what it can offer in the future and beyond.
Anyone who has ever started a business knows this all too well. And now more than ever before, we have witnessed a thriving digital ecosystem driving fundamental changes in entrepreneurship.
Startups continue to embrace digital
Today, startups are more digitally adept than ever before. As the world around us has steadily become more digitally connected thanks to rapid technological advancement, the professional landscape has evolved. As a result, determination and investment empower this trend.
Various technology trends that have slowly made traction, have seen an unprecedented boost in recent years. You’ve likely noticed a few of them as you’ve transitioned your team to working remotely or explored launching or redesigning an e-commerce platform.
The need for digital value is greater and the barriers to change are lower—yet inertia persists. As a result, more companies will enter the digital race to break through the clutter, but the successful companies will scale impact and prevail as clear leaders.
Startups with a clear digital strategy will take lead
In the years ahead, startups that plan for longevity will center efforts around their investment in digital. Digital transformation requires a strategy, as tactics emerge.
Whether it’s offering employees perks to build culture, such as a free Forex course or investing in remote work initiatives with new collaboration and intranet software priorities, those that offer unique opportunities in digital for their employees and customers will take the lead.
Thankfully, businesses won’t need to reinvent the wheel. There are “areas of marked difference in how companies with the best economic performance approach digital strategy, compared with all others,” according to McKinsey & Company.
- The best performers have increased the agility of their digital-strategy practices, which enables first-mover opportunities.
- They have taken advantage of digital platforms to access broader ecosystems and to innovate new digital products and business models.
- They have used M&A to build new digital capabilities and digital businesses.
- They have invested ahead of their peers in digital talent.
Startups that achieve longevity and success will be driven and empowered by a strong digital strategy and effective rollout of technological advancement.
Invest in a digital future
Startups that aim to lead digitally will need to double down on strategic efforts and plans. “As the pace of digital-related changes continues to accelerate, companies are required to make larger bets and to reallocate capital and people more quickly.
These tactical changes to the creation, execution, and continuous modification of digital strategy enables companies to apply a ‘fail fast’ mentality and become better at both spotting emerging opportunities and cutting their losses in obsolescent ones, which enables greater profitability and higher revenue growth.”
As a result, startups will thrive and lead the digital era today and tomorrow.
Craig Lebrau is the CMO of Media Insider, a Wyoming-based PR company that aims to disrupt the way companies communicate their brand in the digital era.
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