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.
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.
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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