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Right now, you are probably working most times remotely based on the current state of the new normal where are in today. Take some time and really think about what potential customers are struggling with in terms of problems. What are small and medium companies tolerating? Use online videos to connect with people you have not talked to in a while, rebuild that network. It’s no coincidence that most companies are beginning to come out of chaos. When you leverage your time well, you’ll see that You always don’t Need A Big Idea To Start A Business of Your Own.
With time, you get to discover that it’s actually a simple iteration or innovation that is needed, not necessarily always a crazy breakthrough innovation as most people would believe. It may be counter intuitive to think that just a simple few degrees of innovation would matter most but people are resistant to radical change. Most things that succeed in the marketplace are incremental innovations.
START LEAN BUT SCALE BIG
Starting a company with a lean but current/future bent with regards to technology processes. A small startup is not a bad idea, but the use of latest cloud ecommerce technology that would scale during take off is not a bad idea either. For instance, you could kick off with your business just by utilizing platforms like Shopify early, depending on the kind of business you are in. Shopify platform or any type of lean technology that will allow you to scale easily can be put into consideration. It is advisable that you don’t hire employees early on. As it is more cost effective to use freelancers or even remote employees at an early stage of your business until you can justify full time employee positions.
YOU DON’T BUILD A COMPANY, A TEAM DOES.
It’s hard to understand why so many “want to be preneurs”. Many think they can create a company, and without putting together the right kind of people. The lone wolf entrepreneur is a rare breed. Better to surround yourself with a strong network of knowledgeable people such that if you bring together 2-5 of them, it would be the nucleus for an amazing team.
FOCUS ON SOLVING A NEED.
No matter the industry you are in, there are a remarkable number of needs in that marketplace. The key is to focus on starting small and finding your way to scale up gradually to begin competing with the big players in the industry. You could decide to identify the sub-segment of the large customer group and start studying what they buy today. Examine the current products or services very closely and look for problems that people are tolerating yet need adequate solutions. Slightly improve on the current solutions or come up with new ones and scale up the business as the beginning of a company.
NEW INNOVATATION BUT CRITICAL LEVEL OF DIFFERENCES
A good and appropriate way to innovate is to select an industry and look for a problem that most businesses seems to have ignore. Then you carve a solution. For instance Taxi’s ignored delivering a consistent service on a local/national scale and Uber stepped in. Do business a better way than your competitors. The many companies out there that only innovated just slightly to give their customers what they wanted. It’s not just about your innovation being critical alone; it’s what your customers actually need and reaching out to satisfy that need in an innovative way.
Written By Samson Olorunniyi
(Buzwallet Contributor)
