2014-06-25 00:00:00 General English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2014/07/08200150/innovation.jpg How to be a Disruptive Entrepreneur

How to be a Disruptive Entrepreneur

2 min read

Every startup or small business begins with the desire to do something different; to shake up the industry with an idea that has not been done before, or to present a solution to a consumer pain point that no other business thought of before. Many disruptive entrepreneurs have confessed that people often react to their ideas by wondering why they never thought of themselves. The core of the disruption lies in its unexpected simplicity. This is called ‘disruptive entrepreneurship’.  Here are the key points one needs to keep in mind to be a disruptive entrepreneur: 1. Identify a potential pain point: The key value that disruptive entrepreneurs add is in terms of a novel solution to an existing pain point that consumers face. Your idea, product or solution must ideally target the problem, the group that most commonly faces this problem and should stand out from competitors also in the process of solving it. 2. Build up a feedback mechanism: Disruptive entrepreneurs take their customer problems very seriously – and they usually do this by maintaining open lines of communication with them. Take time to read any emails or social media messages, and be open to suggestions about your product. Receiving feedback at every stage of scaling up your idea can provide a lot of inputs about improving and scaling your offering. 3. Be willing to change: While your initial idea may be novel, it is important to be flexible and open to adaptation. There may be additional factors you need to take into account for your enterprise along the way. 4. Encourage a sense of ownership: In order to maintain your business’ disruptive edge, it is vital to take ownership of the product or idea, and draw from your existing experience in the industry to develop your product further. Taking it a step further, it is also a good idea to have every employee have their own stake in the company, driving them to excel at their work. 5. Think about scale: The heart of an excellent idea is often in making it scalable and in monetizing it. If you figure out a way to scale costs, operations and production, it is half the battle won. It also increases your chances of finding venture capital firms that would be willing to invest in your growing business. It could also pave the way to bigger opportunities along the way. 6. Ask yourself some key questions: The following are some important questions for which you should have a refutable answer: • Which of your services could be provided for 90 percent less- or free – and be offered to a wider market? • What services or processes are fundamentally unsatisfactory, expensive, or exasperating? • How can you create a product that stands out from all the alternatives out there? Finally, the key to being disruptive is to be extremely passionate about your product and your work, while at the same time being critical of it too, to the right degree. Being critical and thinking about every possible question your potential audience may ask can help you crack a great product or idea that no one in your industry has thought of before. Taking calculated risks and having a strong overall vision also contributes to disruptive entrepreneurship.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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