4 ms·
There are different ways to do this. This is where the initial idea of pivoting came in. As long as you pick a profitable & big industry and stick to it 1-2 ye
by jiggywiggy 4y ago
There are different ways to do this. This is where the initial idea of pivoting came in.
As long as you pick a profitable & big industry and stick to it 1-2 years, you can most of the time can find a way to make money.
The startup mindset is focusing on "ideas" but probably easier to be successful if you think in terms of industries.
Then there are the variables of costs, scalability, competition, etc. but this is the game.
So if you are not heavy funded the best is to keep costs low as long as possible.
If startups are really innovative there is a difference, but most companies are hardly innovative.
- mediaman 4y agoThis is a good point - and a mistake I often see is to "pivot" from industry to industry, never really getting one's teeth into the details of any particular industry. This inevitably leads to failures because you get two valuable assets from spending time in one industry: (1) an understanding of what companies' actual problems are, in detail and (2) relationships and reputation within that industry. Pressing 'reset' frequently makes success much more remote, but continuing to pick at a single (good-sized) industry over years will almost always yield some success to those who are good at listening and willing to adapt what they do to what they hear from customers. Even if the first idea or two don't get traction.