Citation:

Prasoon Vidyarthi. "From Practice to Product: Applying Startup Principles to Professional Services for Small Business Success" International Research Journal of Economics and Management Studies, Vol. 3, No. 9, pp. 21-33, 2024.

Abstract:

When it comes to the development of small businesses, professional services play a large role in the longevity of those businesses. Typically, these services have been provided by applying standard and proven procedures. But, due to the increasing competitive pressure in today’s market environment there is a need to search for more and more efficient and customer-oriented approaches, processes and methods. Specifically, this paper focuses on the process that relates to the adaptation of the principles of startups for increasing the effectiveness of professional service delivery and their success rates for SMBs. By reviewing a variety of sources, discussing several cases, and conducting quantitative analysis, it is proved that the utilization of the principles of startups contributes to the enhancement of service quality, customer satisfaction, and company performance. The study indicates that the providers of professional services to embrace these principles in order to be relevant providers of service in today’s changing business environment. Finally, this paper gives implications or steps on how to go about applying these principles.

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Keywords:

Startup Principles, Professional Services, Small Business, Lean Methodology, Customer Development, Agile Practices, customers, innovation.