When you create a business that fills an existing gap in the marketplace, being creative is not just possible, it’s essential. It is completely up to you to open up your creative channels and to take chances experimenting with your ideas. It requires a willingness to explore your options, read everything, look at the examples of others, and then allow yourself to put your own twist on things. It relies heavily on trusting your intuition.
You May Have Little or No Competition
When you find a clear market opening, there may be little or no competition, at least in the beginning. This is an incredible opportunity to create a new space in the market. If your idea is a good one, competition will eventually come on your heels, but you will already have paved the way and still have the opportunity to lead or to sell your business to those who want to enter the market.
You Have No Rulebook
The best part of creating a business from scratch in a clear market space is that there is no prescribed corporate structure, process, or requirements. You make it up as you go. Although it can be a daunting task at times to create the system, at least it is your system, and you have complete freedom and flexibility to make the necessary adjustments as you move forward.
SOLVE A PROBLEM: THE CONS
You Have No Rulebook
It’s both a pro and a con. You have to make up the rules as you go along, and you may travel down many blind alleys before you find the rules that lead to your success.
Your Risk Is High and Unknown
Not only don’t you have a rulebook, you don’t have a road map either.
Creating a brand-new product or service is not like buying a franchise,on your own. You must rely on your own vision of the gap in the market and create the business out of thin air. There is no “right” way to do it. It’s nice to have this freedom; however, the risks of failure are high. No matter how much you research the space and how hard you work, you are venturing into uncharted territory. You will earn the respect of some, but the passion and belief in your vision will need to come from you, especially when things don’t go as you had planned.
You Have a Large Learning Curve
Learn from the mistakes of others. You can’t live long enough to make them all yourself. —Eleanor Roosevelt
When you start a new company from scratch, every aspect of your business needs to be created. This is an enormous task that requires a tremendous amount of learning, patience, and skill acquisition—or the knowledge to do what you know and outsource what you don’t. You will make mistakes. It’s inevitable. What’s important is that you try to make as few of them as possible, and learn from the ones you do make.
Most Start-Up Businesses Fail
As you probably already know, most small businesses fail within the first three years. However, if entrepreneurs dwelled on this statistic, new businesses would never be created. Start by devoting substantial time and effort developing and critiquing your plan. Focus on what you can do and what will work. Let go of ideas that aren’t working quickly. There is no place for an ego in this process. When I can see that an entrepreneur is so in love with his idea that he can’t see the glaring warning signs before him or hear the messages that people are telling him, things will fall apart quickly. Be willing to let go and move on. I have seen many inventions that were fantastic in concept. However, that does not mean they should all be taken to market. The business case must be scrutinized.
You May Have Little or No Competition
When you find a clear market opening, there may be little or no competition, at least in the beginning. This is an incredible opportunity to create a new space in the market. If your idea is a good one, competition will eventually come on your heels, but you will already have paved the way and still have the opportunity to lead or to sell your business to those who want to enter the market.
You Have No Rulebook
The best part of creating a business from scratch in a clear market space is that there is no prescribed corporate structure, process, or requirements. You make it up as you go. Although it can be a daunting task at times to create the system, at least it is your system, and you have complete freedom and flexibility to make the necessary adjustments as you move forward.
SOLVE A PROBLEM: THE CONS
You Have No Rulebook
It’s both a pro and a con. You have to make up the rules as you go along, and you may travel down many blind alleys before you find the rules that lead to your success.
Your Risk Is High and Unknown
Not only don’t you have a rulebook, you don’t have a road map either.
Creating a brand-new product or service is not like buying a franchise,on your own. You must rely on your own vision of the gap in the market and create the business out of thin air. There is no “right” way to do it. It’s nice to have this freedom; however, the risks of failure are high. No matter how much you research the space and how hard you work, you are venturing into uncharted territory. You will earn the respect of some, but the passion and belief in your vision will need to come from you, especially when things don’t go as you had planned.
You Have a Large Learning Curve
Learn from the mistakes of others. You can’t live long enough to make them all yourself. —Eleanor Roosevelt
When you start a new company from scratch, every aspect of your business needs to be created. This is an enormous task that requires a tremendous amount of learning, patience, and skill acquisition—or the knowledge to do what you know and outsource what you don’t. You will make mistakes. It’s inevitable. What’s important is that you try to make as few of them as possible, and learn from the ones you do make.
Most Start-Up Businesses Fail
As you probably already know, most small businesses fail within the first three years. However, if entrepreneurs dwelled on this statistic, new businesses would never be created. Start by devoting substantial time and effort developing and critiquing your plan. Focus on what you can do and what will work. Let go of ideas that aren’t working quickly. There is no place for an ego in this process. When I can see that an entrepreneur is so in love with his idea that he can’t see the glaring warning signs before him or hear the messages that people are telling him, things will fall apart quickly. Be willing to let go and move on. I have seen many inventions that were fantastic in concept. However, that does not mean they should all be taken to market. The business case must be scrutinized.
