The world has plenty of startups and we still need more.
If you’ve ever had a startup idea that you thought would really make a difference, or it can make someone’s life easier in any way, then I think it’s your responsibility to look further into it.
A lot of times I’ve been told by highly capable founders, that “no matter what business idea I try to pursue, I feel like I am entering a really saturated market with some competitor or the other solving this problem in some way already.” And then that’s it, that’s the end of the life of a startup that could’ve potentially been a million-dollar success. The fact is, that humanity is fueled by improvements and progress and the constant desire to want more they are presently getting. And if that wasn’t the case, we’d all still be stuck in the stone-age. I mean you can still defend yourself with a rock or build a house with a bunch of stone-age technology. And people were happy with back then, they were getting their problems solved by all these products that were in the market. But no, some entrepreneurially spirited cavemen decided that we can do better than this. And then came the industrial age. And the same thing happened, when most people said, wow there’s literally a solution to everything. And now we have fully automated computer programs doing all the work for us.
If you’re facing a problem that you think requires a solution, chances are other people could use it as well
Of course, these examples are generational in nature, but if you look at the entrepreneurial environment today, there are about a 50million small businesses and startups being registered globally every year. And this is a conservative number. So the question you’re probably asking yourself right now is “are there 50million problems in the world that I’m not aware of?” Well, there’s definitely a lot of problems we can’t all come across. But the thing these aren’t 50 million unique businesses. And the key point here is, you don’t have to be one, to be successful. What makes you successful is not always about what you’re doing, but rather how you’re doing and for whom you’re doing it.
Let’s take a really relevant example that you’ve probably been using a lot these days. Zoom. Zoom wasn’t the first video calling startup, in fact when it launched there were hundreds of video-calling apps and skype had an 8 year and a billion-dollar lead over zoom. Slack is another amazing example. It wasn’t the first business communication platform. But they did it right. They did better than everyone else, if it was marginally, they understood their customers and what they wanted and made an interface that was more user-friendly than its competitors. And they targeted the right people, the younger, modern companies, and banked on their more relaxed and laid-back office culture that has been trending this past decade. And look where they are now. They did it right, they did better, and they targeted the right people.
The point of me saying all of this is that despite slack’s success, there’s going to more businesses coming in and doing things differently. People love new products and services, and they always will. So, if you’re facing a problem that you think requires a solution, chances are other people could use it as well. So, if you have a business solution, don’t stop there, dive deeper into it because you might just find something, we all could do use.