As an entrepreneur, you have a keen eye for recognizing unmet needs, market
trends and potential business opportunities, regardless of the industry. Fancy accolades
alone won’t help you strike gold, even in territory you know
front-to-back. You simply need a critical eye, passion and the willingness to
carry the burden to win big.
Here are five ways we fused our passion and market opportunity to succeed
in an unfamiliar market:
1. Set your
expectations high.
First, you need to outline what you hope to get out of running a business.
Pursue fulfilling work that aligns with your passion. Defining a few deal
breakers will help you weed out the duds. This is about the type of
business you want, not necessarily the industry.
For example, I knew I wanted to help people and sell products rather than
services. I especially cared about people with substance abuse problems, so
selling products that helped people cope with these issues at home and in
businesses seemed like the perfect option.
2. Never stop
studying.
You can’t discover unmet needs and propose viable solutions without
continuously studying the ins and outs of an industry. Investigate potential
government regulations, key industry players and national and international
trends to further expand your knowledge base. Learn enough to sense
possibilities, then conduct more research before acting on that information,
whether you move forward or course-correct.
Listening is also a crucial component of research. You will only identify
gaps by listening to the market and responding to it. Conduct interviews
and surveys to hear directly from key stakeholders.
It took me six to eight months to learn about the industry players, the
technologies used and the distribution channels, so be patient. Make learning a
part of your life, not a task you check off. Constant improvement is the only
way to stay competitive.
3. Find your light
bulb.
Unearthing your brilliant idea is more about observation than innovation.
Along with industry research, seek out inspiration in a bigger landscape.
Attend investment events, and visit venture capitalist and angel investor
websites, such as Tech Coast Angels. Read publications such as the PricewaterhouseCoopers MoneyTree Report
to learn which companies are getting funded. Look to other entrepreneurs, and
discover how they’re building successful companies by perceiving things
differently.
When sorting through your ideas, make sure to hone a unique selling point.
You don’t necessarily need to dream up a brand-new invention; you can also
enhance an existing idea. You might be faster, cheaper or have a sharper focus
on customer service. Just make sure you can differentiate yourself.
4. Build your
spokes.
The advisors, employees and organizations you work with will play a
defining role in your success (or failure). Hire passionate, experienced team
members who will ride out the challenges and instability of the early startup
days. Work with the best manufacturers or partners to ensure a great product
and customer experience. And keep in touch with your old network even as you
develop a new one. My former professors have been invaluable advisors and
introduced me to customers, vendors and even interns.
Clarifying your business’s purpose will lead you to the right people to
build with. We decided early on that we wanted to sell devices, not do medical
research. Instead of wasting time hiring experts, we worked with the best labs
and manufacturers.
5. Be bold.
In every step, you have to be bold enough to overcome internal fears and
external discouragement. Don’t be afraid to learn something new or ignore the naysayers.
Of course, you can’t do it alone. With a great team by your side, you can
compensate for your shortcomings and thrive in any market.
No magic formula will point you to a winning business idea, but repeating
these steps helped me build a business I love. Dive deep into an industry, and
keep your eyes open. Find where your passion intersects with a deep-seated
void, and you’ll be the perfect person to fill it
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