We live in a time when it seems that everyone wants to be an entrepreneur. It’s sexy to be running a startup, working on the next great App. Putting a dent in the world as Steve Jobs so eloquently put it, when he snared John Scully from Pepsi all those years ago.
However, the majority of those startups will fail. Several research studies have been published on this recently, and all of them point to the same thing as the primary cause of failure – no market need. Close in its heels comes no businesss model. Here’s one of those studies from Forbes magazine.
So, no market need and no business model. Both of which would be thoroughly tested in a design-led approach, although very few people take this approach. But I digress.
Everyone’s trying to create the next BIG THING. The next Facebook. However those are extremely rare, and the reality is that you’re more likely to become one of the 99% that don’t make it. I say this from experience, having tried to build a software business a few years back and failed.
Now don’t get me wrong, I’m a huge advocate for entrepreneurship, for taking a risk, and trying to make a difference. However, maybe instead of trying to be the next Facebook, we should take a look around us. There are opportunities everywhere.
In our customer experience workshops, we get people to dissect bad experiences. Most of those are in what we’d call ‘traditional’ industries. Car sales, cafes, building companies, IT support, accountants. Every one of those industries is ripe for disruption. Put the customer at the heart of the business and deliver an outstanding service. Take the ordinary and make it extraordinary.
Very few companies are doing this. You can innovate on the business model, and you already know there’s a market need, it’s just that the market is pissed off with the current offerings. 84% of customers now expect to be let down.
There’s the opportunity!