Popular wisdom holds that new businesses are 1% inspiration, 99% perspiration. At Vocollect, we find that many potential new markets for our core competitive advantage look very attractive from the outside until one gets into the detail. Fortunately, we have the resources of a large company to investigate these new markets before proverbially "leaving our jobs" to enter these markets.
Start-ups don't have the same resources, but they can be more agile and resourceful when it comes to fulfilling customer needs. Usually, individuals starting the company also do not need a $5 million business within one or two years in order to be successful. Consequently, many smart start-ups target a few customers and learn to serve them well before expanding. In these situations, a gigantic market opportunity will serve them particularly well. Check out my favorite resource on start-ups for more insight.
In case I ever need that 1% inspiration, today I started a new blog to collect all my great (and not so great) business ideas. If you have the sweat but need the inspiration, feel free to steal one of my ideas. Just let me know if you're doing it, please, so that I can track your success... and know not to compete head-on.
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