How to be a non-consensus entrepreneur [Venture Beat]

Being an original thinker and challenging the status quo are the most exciting dimensions of entrepreneurship for both founders and funders.

It is, of course, possible to be successful founders and funders by following established consensus. Some founders launch companies by analyzing existing ones, copying them, and adding operational excellence and regional expertise. In the same vein, some funders base their investment strategy on joining “party deals” and blindly follow proven investors.

That said, it is important to recognize that extraordinary, game-changing and industry-defining tech companies (i.e. Google, Facebook, Uber, AirBnB, Spotify) were not built by making operational or feature improvements to an existing idea or business. Rather, they were all non-consensus business ideas, applying brand new thinking and approaches to existing and new problems.

If you’re a founder or funder pursuing a non-consensus based business idea, here are three key things you need to keep in mind:

1. Accept that you’re going to feel alone

Tip: Once you’ve made the decision to work on a non-consensus venture, try to protect yourself from the noise of consensus. Try not to be influenced by what others say and think. This is tough because the noise can be high and can come from many directions: friends, press, other founders and funders.

2 . Challenge your own thinking — you may know too much

Tip: Founders with strong experience in an industry should always be sure to challenge their own thinking. The most traditional industries can be disrupted if approached from a new angle. Sometimes we observe spectacular failures from serial entrepreneurs who just work within the constraints of what they know, unable to free themselves from the past.

See also  Entrepreneur or Small Business Owner: Which One Are You? [Business News Daily]

3 .  Don’t court the cool factor

Tip: There is nothing cool about working on a non-consensus business idea. Avoid seeking publicity until product-market fit is proven and focus on execution. Hype is not validation.


Curated from How to be a non-consensus entrepreneur [Venture Beat]

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