How to succeed as 21st century entrepreneur
As an entrepreneur in last century, once you are able to create a product or offer a particular service that offers a solution to customers want as an entrepreneur. You are already a rich person as this worked really well for old century successful entrepreneurs the like of John D ,Rockefeller, Thomas Edison, Henry Ford. In fact you will be rich for a very long period of time. This occurs as result of slowly changing in technology and world at large
However, in our present century reverse is the case. You new product or service as an entrepreneur will only last for a week or less before another competitors enter the market with total resemblance of your product. Perhaps they saw it already before you did but you take action faster, or they intentionally want to create superior product and lower price.
In a few months, you can start experiencing an unexpected market battle and if care is not taken, your business may join the like of Motorola, Sagem, Nokia, Yahoo!, My Space etc.
In this post, you share read an important skill every entrepreneur must have to actually succeed in the business world of this century. this will additional knowledge to brilliant advice from successful entrepreneurs
Let’s kick start according what I have learnt, the only common important skill you can have as a 21st-century entrepreneur is what I call “Startup skill”
Yes start up skill……..what does it mean?
Whenever you are ready to start a new business as an entrepreneur, you must be fully ready to plan it well.
You must give 100% attention to the market/customer. You must be ready to find out who the major market players are, what their strengths are and what their weaknesses. Which are called competitors analysis.
In the same way, You would like to know who the customers are, what their taste, wants and complaints are. This is called potential customers analysis. You next focus of research the emerging or expected threats and possible opportunities. You should try and create products and so as to see what market thinks about them. Never forget, you are like a new baby that need to know you can only survive if you learn in the right way.
But, in the past century once you succeed after proper plan and avoidance of don’t of business start up. You have become champion and control the market. In our present century i.e 21st century, this kind power is no longer available. The big companies could rest and stop trying in the previous centuries because of these 3 factors
The high cost of the production processes
During the year 1920 you had an idea to produce a best car. How easy do you think it was to compete with Henry Ford? Am sure you know it very difficult then. Although you could get people to support with fund, but how easy will it be? It’s possible to start automobile company but how easy can you win the competition? Let’s think of our 21st century now, Yahoo! was the king of the internet in the last 15 years.
King Yahoo! was so profitable that Microsoft wanted to acquire them for over $44 Billion. Now, where is Yahoo!? And how did they decline in the market? King Yahoo! was outsmarted by little Google, a company that was a new babe when Yahoo! was the king of the internet.
Another example happen in mobile phone industry, Nokia was the first mobile company to sell over a billion phones. A very Long time before Apple was anything in the mobile phone market, Nokia was already the king. Now, what is Nokia position in the industry? Facebook killed MySpace and we’re waiting for who may kill Google and Facebook.
Are you also thinking why is changing of power happening so fast? Well, small companies are killing big companies so fast today because it’s far cheaper and easy to start a company now unlike before. Recently, I read about a guy from Silicon Valley is working on a super technology which could allow the surf online without the internet. If he succeeded on this and the market really accepts his invention instead of Google or YouTube, which is possible market would prefer him as issue of I don’t have data or money to browse could be a thing of the past.
2. The challenges faced before you can enter a market.
entrance into a market as new entrepreneur is one of tough entrepreneur challenge in the past. As a result of the huge money of running businesses and the very little connection with people who can make it possible for easy entrance into the market. It was difficult in the past to compete against the big companies.
3. Also, you have to go through several regulations
So many documentation and policies to pass through from one stage to another, from one process to another or in a state to another. All successful companies in the 20th century had passed through all above difficult stages and process. They also had enough money and power to block your struggles to get government approval like them.
Opposite is the case today, with the dominance of internet, I sell my company’s products and services to different state, which is even possible across country. I am free of any restrictions, so to compete with big companies is easier. Unbelievable competitive advantage the big companies has totally reduce. It’s possible to even overcome any of them as time goes on.
After you have read about the reasons why Giants companies in the some years back could become semi-gods. What should you do if you’re an entrepreneur or a business starter in 21 century? wait a minute…..
My answer is very simple but difficult if care is not taken. Ensure you behave like a startup.
Jeff Bezos said, “at Amazon, we act like we’re startup”. If you don’t, you will become history
Almost immediately. You must act new in every business day
The following are some detailed activities you have to do;
Engage people who have new generation knowledge. It’s natural for people to resent the generation above and below them. You must be ready to go against sentiment like this provided you want go far and reach a milestone. You can have people who are older than you but a good number new generation people is very important too.
Leverage on young people who hold key to the new revolution, many people call them indomie generation….lol They have knowledge of where the world is going and you can ever catch up with. Most new technologies naturally came up during their time, so understanding and usage is easier for them.
As you grow old, you become less adventurous. For you not miss on what is trending and technologies. You need to be around them. Hanging around them will keep you up to date with opportunity to see where the world is going and best way to can take advantage of the new trends.
I am not saying you should go to university to learn history. You only need to read books and online information about the past as related to your business and the world at large. You can develope yourself on how you can read one book in a week which is related to your industry.
Why do you need this?
Well, as a business owner, you need to live in the future and to live in the future; you have to know the past because the greatest way to know tomorrow is by studying yesterday. Learn about history related to your business and the world at large. Watch some documentaries videos. Have Knowledge of the past so that you make the best use of the future.
Never take upcoming threat for granted, Every now and then a new startup shows up as Google showed up to Yahoo! Had yahoo seen Google as a serious threat they would have bought them for a million dollars, but Yahoo! don’t buy. This later become a big mistake of Yahoo! as they take Google for granted.
Pay attention to the small company threat in your industry.
Their mission is to kill you, the big company or well to do company their success over is possible only if you allow them. Only when you pay close attention to the small companies and treat them as threat, that’s how you can easily outsmart them. Serth godin explain better in his books titled purple cow
Compete with yourself to be better everyday
You must admit change is only constant thing in life. So to be relevant in business for the 21 century is to compete with yourself every day. You should reorganized some of your products, processes, and strategies before someone from the outside do it your business.
Endeavor to be yourself biggest critic so you can win for a long time.
Be willing to step aside
Old dogs cannot play a new trick. If you find it hard to catch up with the trends and technologies of the new world, stay back and let a younger person ride the vehicle of your business. Let go of the belief that owner or boss is always right. Listen and get useful suggestion from your team members when necessary
The world is changing every day and that has given emerging business more power than ever so if you struggle to build a good company, watch your back because some smaller ones will come after you and if you let them, they will kick you off the market.
The only way to stop emerging companies is for you to continue as emerging company yourself. Let your Startup spirit continue with you and you will win for a long time.
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