![]() ![]() Or providing oil refining services for those with all the resources, but none of the technology to unlock its real value. If you tour some of the most magnificent mansions today, many of their ultra wealthy owners got there by simply providing a small part to a really big engine.įor example, inventing a car part for Ford and gaining lifetime royalties. Perhaps a good hack for creating a unicorn is to simply tap into an existing multi-billion dollar machine with a billion customers. At the beginning of each episode, I always ask guests how they came up with their million dollar idea which in most instances turned out to be a billion dollar idea.Ĩ) Find a Way to Serve a Big Multi-Billion Dollar Company ![]() I have the pleasure of interviewing some of the most successful entrepreneurs on the DealMakers Podcast. Learning from other entrepreneurs is without a doubt the best way to go. Perhaps what is even more important than the base idea is how to execute it and scale it into a million dollar business. Assume each of those entrepreneurs had many more ideas before they launched that one. While some investors still believe that the idea itself can be at least half the success of the venture, it’s the execution that makes all the difference.Ĭonsider the millions of failed business startups in just the last couple of years. Recognize the common points of frustration out there among consumers and find a way to give them what they want and a solution that matches their lifestyles.ħ) Find Other Entrepreneurs with Great Ideas Yet, they were serving people like Uber and Lyft. Taxis were entrenched and had many advantages, including regulation. See how you can use that model for your product or brand.įind an industry which is out still in the stone ages and disrupt it by bringing it into the future. Find billion dollar companies of the past and see how they have done it. Some of the geniuses that I’ve had the pleasure of meeting with have gotten their idea simply by looking to other proven business models and putting a new spin on it. ![]() If there are nine billion people on earth when you hit peak, you only need just over 10% of them to give you $1 a year to make $1 billion annually. Virtually everyone on the planet is, will be, or has been a customer of these types of businesses. We survived just fine before they were created. We didn’t need Google, Facebook or Alibaba. Many of the biggest startup success stories haven’t been necessities at all. Then there is healthcare, transport, logistics and financial technology.Ĥ) Find Businesses with Big Addressable Markets Water, food and housing are the most obvious constants. Successful startups are those which solve really big problems. ![]()
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