The noise behind the "right way" in entrepreneurship 🎧
Is there a right way to do entrepreneurship? Should you listen to your entrepreneurship professor that has never started a company?
I'm writing this blog post because this is a topic that I have dwelled on for a long time. How can I optimize my chances of succeeding and creating a valuable startup in the shortest amount of time? What is the right industry to go into for fast growth? These questions led me down a path of chasing the "right problem" to pursue.
The truth I have learned is that most of the time, waiting for the right idea to fall from outer space into your lap just will not happen. What happens when you keep chasing the right idea? What happened to me was that I kept pivoting as soon as I saw a "better" opportunity with "more" potential. So how did I escape this rabbit hole I dug for myself? I simply changed the way I thought about what a great idea means.
Me before: A good idea is…
in an industry that is relevant and "hot"
a complex solution to a very big problem
a combination of all the buzzwords combined… big data, AI, machine learning, blockchain
Me now: A good idea is…
in an industry that I understand well and have the skills for
a solution to an existing niche problem I understand
something I am very passionate about
creating real value in your customer’s/user’s life
The truth is that startups are not easy (we won't say hard because no negativity is allowed) and in order to succeed, you need two things: CONFIDENCE and DETERMINATION. Without being or wanting to be deeply knowledgeable about the industry you are operating in and the problem you are solving, it is very unlikely you will succeed. Likewise, if you are not confident in your idea, which you won't be if you aren't passionate about it, you will give up or pivot the moment you see a better opportunity or things get too difficult.
Reading "Pattern Breakers" by Peter Ziebelman completely changed my approach to entrepreneurship - you should give it a try!