One of the most iconic movies of all time, ‘Dead Poets Society’, has a famous scene in which Robin Williams says the words which are just pure gold :
“No Matter What People Tell You, Words And Ideas Can Change The World.”
Ideas are responsible for the progression and prosperity of humans. Without millions of innovative ideas, we would still be living mundane lives in prehistoric times. No idea is too small, and all sorts of ideas have the potential to change the world as we know it for the better.
Nowadays the usual way of thinking is that if entrepreneurs want to be successful they should strive to create breakthrough tech products in new and huge markets. But this approach is utterly wrong.
Indeed, it is incredible when an entrepreneur develops a billion-dollar technology that changes the world and defines a new category of a business, but it’s also very very rare. Consider that across the globe fewer than 200 tech startups are valued at $1 billion or more right now. That’s right — just 200 out of all the startups out there have made it to the billion-dollar club.
What this stat tells us is that the chances of you starting one are slim. You have a greater chance of being struck by lightning. What entrepreneurs often fail to see is that you don’t have to aim to be a billion-dollar company, start a brand new market from scratch, or create any breakthrough product. You can start with something you already love and know well, copy the existing products out there, and focus your energy on creative marketing.’
This approach works because it puts the odds in your favor. Rather than taking on a big product and market risk, you copy what already works in markets that are already proven. This frees up resources to focus on being the best marketing innovator in your niche.
The challenge with this approach, of course, is that large, competitive markets tend to have well-funded, well-branded competitors. Fortunately, small bootstrapped startups have two advantages: speed and edginess. Startups can go from decision to action in just hours.
Moreover, startups are willing to break the norms and are audacious enough to experiment. On the other hand, large companies are almost always reluctant to experiment with new things and are never early adopters because of risk-aversion and decision inertia.
In other words, it is about finding your niche. Instead of focusing on your big billion-dollar idea, focus on doing some really smart work with the tools that are out there. The number of social media and marketing platforms is exploding, and this means that there has never been a better time to succeed as a creative marketer. Market your ideas creatively and using social media websites.
It’s a reality that about 99% of startups fail and yet we still love to increase our chances of failure. We are surrounded by the misconception that if you want to start a company, it’s got to be a billion-dollar company. Absolutely false it is.
Even most entrepreneurs who have done it also tell others to chase big startup ideas. But guess what? On day 1, even they didn’t know that they were starting billion dollar companies. Be it the Facebook founder Zuckerberg or Snapchat founder Spiegel they didn’t think that they would be multi-billionaires in few years.
So the thing is: stop waiting for your billion-dollar tech innovation idea and find something you have a passion for and defeat your competition by doing it differently and in a better way than them.