Very few entrepreneurs ever go into field they don’t have unfair advantage in, a deep knowledge or passion about something. Breakout success is really difficult.
Focus on Biggest Idea
Great entrepreneurs have great sense of broad range of trends, this knowledge enable to them to see great opportunities at right with correct timing. When they see one big opportunity they focus on it. Choosing among many options isn’t natural, and in fact the hardest part often as there is opportunity cost associated with every action. Keeping options open enable dilution of focus and prevent from failing fast, delays the inevitable as well.
Build Painkillers, Not Vitamins
If your service is akin to vitamin then revaluate your value proposition. Painkillers are businesses which customers can’t do without, a necessity. As market matures all side services like vitamins often have nothing left to give.
Be Ten Times Better
People won’t leave competition if your product is just better or equal. There is learning cost, and all sorts of other costs associated with change. Change has to be worth the pain. However, this is the simplest and hardest part. You have to be better ten times in one important thing, and whole company should be geared toward it. Only from this winning position you can leverage in future into other opportunities.
Have Monopolistic Mindset
Mediocre goals results in mediocre executions and plans. Monopolistic thinking helps keep focus on bigger picture and bigger goals.
COMPANIES ARE ABOUT PEOPLE, STARTING WITH THE FOUNDER.
Take Risks life is short, life lived without adventure is a boring life.
Everyone is influenced by Comparison, Follow your own path your requirements might be different than of others.
Become strong as a person, focus on being productive
How confidently you value your focus, efforts and time? if highly then stop all that waste them. The physical and intellectual time recovered if repurposed into useful things will greatly improve you as a person. It could be simple as outsourcing chores..Basically you are valuable as much as you value can create and increase the amount of value you can create.
Contempt kills companies, culture that doesn’t celebrate risk suffer death.
Create 7:1 rule, meaning succeed 7 times more per 1 failure. This is unrealistic, but that’s the point, create culture where failure is normal, and born out of trying hard. It’s thus important to get rid of people who dont accept this look on failure from and team and investors as they will lead company to death through mediocrity.
It’s only when you stare the death you mature as a startup, so solve problem you are passionate about and its big enough otherwise it’s logical to quit in face of odds faced by startups.
Chris Anderson: ceo of tedtalks
Passion is a proxy for potential: passion of others can show untapped opportunities.
You cant win until other people do work for you, ideally people should love you and your product. Network effect can be great for this, the more people you get, the more you will get.
Spread for niche, while maintaining Broad appeal: win small group of people and then they tell others.
Engage in whole process and keep rearranging parts until it “SNAPS”.
Stay in touch with audiences to avoid surprises by shift in technology or etc.
Failure drives determination: preparation for failure shows your determination.
Don’t Make Big Decisions when Weak.
Define brand in 8 words or less: ..BUSINESS 2.0
Don’t be afraid to give away, if something can be shared online, it should be.
Build relationship through transparency.
Vision is a team thing..