As an entrepreneur, one may have strong dislike for big organizations. Big organizations are infamous for their bureaucracy, slow speed and labyrinths of processes. It is hard to get a project started unless its financial and technical feasibility has been studied to death. It seems that big organization cannot move a single step without checking everything under the sun.
In my opinion, big organization though slow in progress and inefficient do have a few things that every small entrepreneurs can learn.
Projects have to be approved at multiple levels before they can be started. A project has to pass through financial, legal, technical committees. That means better planning and better risk analysis.
Entrepreneurs: Detailed planning is the key. The more the better .
Processes over arbitrary decision
Every step in the progress of project is scrutinized by experts. That means a project has to go through many processes. There are checks and balances . Processes are can be used over and over again.
Entrepreneurs: Create processes for repeating tasks.
Budget and costs.
Large organization concentrate a lot on budgeting their resources and keeping a check on the costs. Even though they can absorb any financial shock, they try to minimize them.
Entrepreneurs: Cost planning and budgeting is fundamental
They are very committed to see the projects through. They put more resources wherever needed and also spend if they can accelerate the project speed.
Entrepreneurs: Do not hesitate to spend money if it improves your productivity
Focus towards company objectives
Most of the projects in large organizations are tied to their objectives. It usually about building a portfolio of service / products that support their main product/service. That way they are able to dominate their market.
Entrepreneurs: Develop a vision and focus
Take slow concrete steps
Large organizations often take their time to get into new areas. Though sometimes they may be late starters but they are more better prepared to handle things when they go wrong.
Entrepreneurs: Plan your resources before you get into something new
Build an ecosystem
They thrive on ecosystem of partners, suppliers and customers. They rarely do everything by themselves. They often leverage synergies from the ecosystem.
Entrepreneurs: Develop an ecosystem for your business.
Work for long term returns
The projects of large organizations often run for years and have high gestation period. These projects ensure revenue for long after they have been completed .
Entrepreneurs: Think long term, develop your own products.
Do you think there is anything else that large organizations can teach entrepreneurs?