Starting a business can be your failure, or it can the beginning of your huge success. Many things must be addressed to bring a valuable initiative. Those can be related to your background, education, circle of friends, and colleagues. In the meantime, many factors can come your way without any reason. Some people call it luck, others coincidence. Whatever you call it, every single detail must be taken into account seriously before starting a business.
The thing is many authors, entrepreneurs, and so-called life coaches usually teach based on some success stories and attractive examples from the lives of business tycoons. Hence when you want to generate your idea, you subconsciously look back at the success stories or failures, and you try to copy step by step what others did, thinking that it’s going to work, but it is not.
Copying other businesses doesn’t mean at all to have the chance of the same success. Other businessmen have their life, networks, and circumstances. What they do, they do in their time, and time flows, as you know. So, we try to explain the importance of building your business from scratch, and instead of looking at other people, just feel your time, opportunities, and risks.
What is the biggest value that any business may have? It’s the readiness to bring help, to make people’s life easier and happier. To put this as a cornerstone in the strategy, you need to understand your time and people’s desires. There is no right time for everyone, but that doesn’t mean that a wrong time for others can’t be your best opportunity. Covid lockdowns were the worst periods for airline companies, but the best-for streaming services when, for example, Netflix added more than 25 million new subscribers worldwide.
The gaming industry followed the ongoing trends and accented new offers for people who had limited movement rights. What happened in the case of casinos is pretty much impressive. During Covid, online gambling offers were in demand more than ever. The number of players increased by more than 60% globally. And today, when Covid is in the past, people still prefer online gambling rather than going to a physical casino, because it’s easy, convenient, and always available. We can say the same about online betting and the rise of esports.
The right time to implement the best idea can last very short, but once you caught it, you may gain the success you had been looking for. Feel the time and don’t be deaf when opportunities knock on your door.
Our world is too old to get easily surprised, but give it a try, if you wish big rewards. Fresh ideas can be an advantage in terms of struggling with competitors because you might even put yourself in a spot, where there is no competitor at all. This saves a lot of effort and money for your business. Truth be told, new ideas cannot come out of nowhere, and when generating a new idea, we usually create not a new thing, but a new extension of old things. And this works perfectly.
Haven’t forgotten about feeling the time yet, right? Currently, the trendiest field for startups is software engineering. Global spending on enterprise software is more than $800 billion as of 2023, which is a huge number. One interesting fact is that spending has been constantly growing since 2009, and it means this field can bring so many opportunities if you have the right approach and good strategy.
Think of other fields as well, you don’t need to limit yourself. Look beyond the horizon: Real estate, renewable energy, artificial intelligence, etc.
Wherever you work, whatever you do, often the biggest key to a successful decision is data. It is such a useful tool for businesses, that many of them hire data analysts to contribute to their business goals and marketing strategy.
When at the beginning of the article we mentioned not looking at the previous case studies, but creating your own game, we didn’t mean to avoid them, but just do not copy other people. Always gather a significant amount of data and analyze it wisely. When data is followed by a smart conclusion, risks start getting away from your destiny. Data is the key during the whole process of running the business: from planning to customer satisfaction.
Starting from scratch can be challenging, and while analyzing the other case studies, you will see the importance of social media in the popularity of a brand. Only, please, don’t even think about not using social media at all, just to separate yourself from the rest, because its influence is so impactful that rather not go to that risk. Consider using social media platforms wisely according to the algorithms, latest trends, and marketing strategy, tailored specifically for your business.