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

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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.

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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  5 Signs You are Meant to be an Entrepreneur & More

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]

More Posts Across the Web

Here's how to turn your hobby into a business [CNBC] – How do you make the transition from catering for your friends and family to serving hundreds of strangers who are foaming at the mouth for the opportunity to give you a nasty Yelp review? “Worst. Restaurant. Ever.” The simple answer is: business knowledge.

The vital lesson Magic Johnson taught Starbucks CEO Howard Schultz [Business Insider] – If there's one theme to Johnson's business career, it's to see the opportunity that others have ignored, particularly in urban communities.

 

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