The giant corporations that now dominate our attention weren’t always the juggernauts you see today. They were once small businesses hoping to find the right opportunity to break through. The success stories of many small businesses becoming huge enterprises can teach us many things and inspire us to not view the size of the companies with trepidation but with pure ambition.
Recognize the Existing Markets and Persevere
Some of these giants’ stories teach us to recognize existing markets. Sometimes thinking outside the box does not mean disregarding the existing markets; you just need to wait for the right time and present the world with the right idea. Most of the time, the market needs you to innovate an existing idea instead of coming up with a new one.
Moreover, perseverance is key if you are chasing your dream, especially when you are facing numerous challenges on your journey. Push through; nothing comes easy in the beginning. The journey will get easier, or you’ll get stronger.
A perfect example of both ideas is Zoom. The founder, Eric Yuan, faced many obstacles when applying for his work visa, but he did not let it stop him or any shape or form. Zoom did not introduce a new idea, they innovated an already existing idea in the market by bringing video meetings from laptops and computers to mobile phones. Zoom took the world by storm by putting a unique twist on an existing concept.
You Do Not Need Massive Ads
One of the most underappreciated types of advertising is word-of-mouth (WOM) promotion. Amidst the popular choices of paid search, pop-ups, and advertisements, WOM advertising is free, endless, and guaranteed to help businesses grow if they make an excellent first impression. Early users are more than capable of developing the business’s advertising engine. If you deliver what a customer group needs, they will do the advertising for you.
Another lesson that can be learned from the stories of giants is to invest in user experience (UX) and explore alternative business models. Just because a business model has proven to be successful does not mean it is the only one or that you need to stick with it.
A perfect example of these notions is Canva. The success story of Canva is one to behold. Canva did not have a massive marketing budget; they just gave customers what they needed. The app was so brilliant that people had to talk about it, creating a buzz way stronger than any ad campaign can create.
Make Your Business Irresistible
When starting a business, it’s important to keep your clients in mind. Many startups often overlook the value and significance of focusing on their customers from day one in a rush to achieve product-market fit or scale as quickly as possible. However, this laser focus on how customers interact with your business is fundamental to the company’s rapid initial development.
Furthermore, it’s essential to know when to change course. Sometimes, you can become attached to a project or an idea to the point that you can’t let go of it. But sometimes, letting go can be the best decision you make. Changing course to a new direction can unlock a whole path for you to grow and further your journey.
Additionally, it’s crucial to back your product no matter what. Once you find what works for you and what you truly believe in, stick to it. Put the necessary effort into the idea or the product to thrive. A perfect example of these values is Slack. After creating Glitch, Stewart Butterfield realized that it wasn’t going to be the success he had hoped for. However, he found a great product and idea while changing course – a revolutionary messaging system that simply makes communication in the workplace less tedious.
It Takes Belief
Belief is essential when starting a business. You need to have confidence in the potential of your business. If you don’t believe in your business, how can you expect investors to believe in it? When ambition and potential are paired with true belief, there are no limits to what can be achieved.
Remember, there are no small businesses, only small ideas.