🎯 Who makes a great business?
Wow, did you do something with your hair? You look fantastic. I know, I'm a smoothy. Ok ok, on to the good stuff...
I often think about "What makes a great business?". It's a poor question. It should be, "Who makes a great business?". Here are some of the characteristics and traits I've noticed.
Strong Domain Knowledge 🧠
In the world of probability, it is the people who have had long term exposure to a sector or industry that truly stand out to me.
They understand what functions well and what is heavily broken within it. They see the frustration on a daily basis. This, strong domain knowledge, compounded with the drive to build a solution is one of the strongest traits I've found to build a successful business.
Unfortunately, I've also found a lot of fear in this cohort. A couple of decades of career-building and experience can be too risky to bet against a new business venture.
Customer over Product 💁♀️
I have witnessed entrepreneurs place their products over their customers many times. "People love coffee and people love sunbathing. Offering a Deliveroo style coffee service on the beach is a no brainer! #ICO".
Sounds crazy when you think about the customer right? Offering a hot drink whilst they embrace the hot sun isn't ideal.
Honestly, I have seen this method of idea and product creation happen multiple times. The chart below that was shared by Connor Murphy speaks volumes on this.
The goal is not to solely focus on go to market strategy and sales but to place the majority of focus on it. Understand your customer, get to know them and adapt the product to fit the gap. In the beginning, you must go to them. They do not meet you halfway.
Embrace Failure 🙌
Failing makes you stronger. Failing is healthy. When I meet someone who has previously built a business, failed and would like to go again, I'm blown away.
The tenacity, drive and hunger for success are alive and well. It should be respected and nurtured where possible.
A small caveat is the ability to learn must be strong. There is little point in failing, recouping energy and starting again with the same recipe. Understand and learn from the failure and progress into the future.
Keep that head up and keep crushing it,