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A new report claims that big businesses must try to stay true to the values shown by business start-ups if they are to remain successful.
The Leading Lights - the DNA of Business Success report, produced by Vodafone, claims that firms should try to mimic the business practices of successful smaller outfits if they are keen to remain successful in the long-term and keep hold of staff, reports IT Pro.
The seven-point plan for success includes remembering to display entrepreneurial values of taking risks, innovating, leading, diversifying, employing a single identity, adopting new technology at an early stage and maintaining a long-term strategy.
Gerard Burke, the director of the Business Growth and Development Programme (BGP) at the Cranfield School of Management, claims that the "report provides a valuable insight into the vital characteristics that successful businesses share".
"My own work with owner managers from hundreds of successful growing businesses has shown me that important conclusions can be drawn from businesses that succeed and those that fail," he added.
Business start-ups in Liverpool were found to be the most pioneering, with two-thirds of employees claiming their companies were innovative.
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