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All of these companies were started between 50 and 150 years ago, when there was much less competition. These days you need a better story for how you're going
by a13n 7y ago
All of these companies were started between 50 and 150 years ago, when there was much less competition. These days you need a better story for how you're going to win a market and keep it.
- dheera 7y agoWhile that's true that there were fewer people starting businesses, there were also proportionally fewer consumers in the world. I'm not sure things were any easier 50-150 years ago in that respect. IMO only VCs want a bullsh!t "story". The rest of the world just wants X for $C and doesn't have access to it yet because the competitors aren't big enough. Brand loyalty, network effects, and cost of switching applies to some certain markets, but also doesn't apply to a lot of markets. Nobody reads the story behind the founding of Taco Bell or Del Taco. They just get hungry, see the sign, and eat. Billion dollar business right there.
- a13n 7y agoI think VCs want a good story because they've been burned too many times by companies that sound like they could be big, but then fail because: – not enough product differentiation – not a large enough market – not defensible enough Again, Taco Bell / Del Taco were both started 50+ years ago, and have nothing to do with starting a company in today's internet age.