There is a common perception saying to be a successful entrepreneur—you have to stride in a common direction, like you have to innovate something unique, take risks (better say gamble!). But I would say—it’s not always the case. There’s only one simple recipe—stick to the basics and take calculated risks. If you have fire in the belly alongside the guts to venture out with newer ideas—no one can stop you.
Re-inventing the wheel only way to success? Bet not
Many experts (are they?) would say that to be a successful entrepreneur—you have to have invented something ‘unique’ and great. But guys… take a good look around you—is it the case in reality? When Zuckerberg created ‘Facebook’, MySpace and Orkut were dominating the social media market—‘Facebook’ was just another social networking site (but work differently). The same thing when Kerry Packer started ‘World Series’, it was not new—he simply packaged and transformed pre-historic One Day cricket to the form we see today. One more good example is “LinkedIn”; they emerged after Facebook have pre-dominated the social networking market. Later, LinkedIn acquired CardMunch in January 2011, an app designed to instantly scan and store the information on a business card, creating digital contact details; the goal of this business decision is NOT to kill the business card, but to thoughtfully replace it.
The important part to succeed—is to know your product and its consumers well and the ability to keep in touch with their pulse.
The simple formula or rule is: Successful Innovation <NOT ALWAYS EQUAL TO> New Invention or New Product; It could be a more useful Refurbished Product.
Success: Deserves much more than enthusiasm and idea
Execution in the key to every success! Many ‘great’ ideas failed due to lack of application and faulty execution. To make your product ‘sellable’ you ought to have a sustainable business idea. It’s about creating the market, making people buy your products and ideas—that brings your entrepreneurial success.
Your entrepreneurial success depends on continuously improving your products, tilting the market status quo in your favor and increasing your market share.
Still waiting for the jump-start?