Startup is a term that means you start with a new business. I would now like to bring in focus on business, which is what the core of a startup is.
If you think that starting up your business needs a very unique idea, you need to rethink. It’s not only a unique idea that will succeed. Even if it is a very popular theory to be the first in the market to be a successful company, it’s not always the most important tactic, and it’s like playing a major risk businesswise as you don’t know what the customer reaction to it will be.
An entrepreneur can cut down the risk by entering into a business that already exist even though his idea is not unique.
Building a successful business takes “drive, determination, belief in what you’re creating, bulls**t and charm.” – Richard Branson.
This is what you need to create a successful business. A unique idea is no bad, but entering into a market that already exist is not bad too.
It’s a tricky thought, entering into a market product that already exist may be a major risk as we are actually competing the already existing successful businesses. All it takes is, long term vision for your company, its customers and your determination.
Think about the changes that you would like to see as a customer. Even if you have found only a few, those little changes may add up to a bigger idea that leads to an entirely new and truly disruptive product or service. It’s less necessary to have entire knowledge about the industry you enter with a business but it is necessary to have the drive, determination and belief in your company and its products/services.
A classic example to this is Virgin records, Richard and his team lacked the insider knowledge about the music industry yet created a very successful business, and instead this lack of knowledge was countered by the idea of inviting potential customers to a cool shop they setup where customers could spend hours listening to their favorite music.
Judge from your own customer experience, you will always find better ways of doing the same thing. “Just do it.”
I think drive, determination and belief are the 3 keys to a successful business.