“Pessimism is only the name that men of weak nerves give to wisdom” – Bernard de Voto
The most successful startup owners in the world are not always the most satisfied ones. The majority of startup owners possess the same mind set – err on the side of caution but won’t be afraid of new ideas, target success primarily but never be happy with it; continuing to break things and learn things in the process.
In 2015, it can be disheartening to research your potential startup idea only to find your desired company name is taken, the ideas already been used and the market is already incredibly saturated. Is your USP even that U anymore? Big businesses are constantly adapting startup-like etiquette and culture, further devaluing the appeal of working for a smaller company.
A great technique of the visionary startup owner is that of metaphorical reverse engineering; take a bestselling product or service, figure out how it was made, who buys it and why it’s so popular. The aim of course is to replicate these features in a new product or service.
How can the process be more efficient? Were there any unnecessary steps that can be eliminated or shortened? What’s big cog and what’s small cog? What change of procedure will make the biggest impact? Successful start-up owners are restless and are always looking to find better ways of doing things.
“If new startup ideas are almost impossible to come up with anymore, then the future lies in efficiency and the improvement of user experience of current services or products”
For example, as mobile searches have now surpassed desktop and companies are utilising smartphone usage to make financial transactions much easier, how long will it be until everything we buy is done in a click of a button?
I’m not just talking about online shopping. What if we can still browse in person, trying on clothes for example, and then pay for them ourselves without ever having to take them to the checkout?
Time is money, but so is hiring dedicated members of staff to handle all aspects of your startup. That’s why many successful startup owners of late have delved into wealth management services too.
Although this service used to be limited to only the largest and most wealthy businesses, recent improvement in technology has allowed innovative startups to produce really handy offerings.
These ingenious startups are allowing for the same investment assistance convenience to small business owners that were originally only set aside for the biggest and wealthiest companies.
Retail transactions and financial management aren’t the only areas that startups can find their USP. For example, generating leads and sales, which is inherently a person to person process, can benefit from software-driven automation as well.
To conclude, I’m not suggesting that startup owners are naturally pessimistic or negative in their approach. I believe there is a strong difference between prudency and blind optimism. A lot of startup founders don’t make this distinction and that’s why half of all the UK’s businesses fail within the first five years.
Successful startup owners will plan for success but they will always have a crisis plan set in place to make sure they don’t go under. They are restless and will always strive for being better, more efficient and making more money.
When you get downbeat that the competition in your industry is too fierce or that all the good ideas are taken, be like the best startup owners and pull everything apart, question everything and do it better than your rivals.