I’ve seen some people start up certain businesses in a specific industry and succeed, and I’ve seen people start up the same kind of service, in the same kind of industry, and fail. You must have seen this too. Do you ever wonder why one business fails even though it is exactly the same as another business?
I do think that it has a lot to do with what the company offers, how they get out their message, and how they relate to others. I am more willing to work with a business that offers value, has a great message, and is social with their customers.
Don’t Listen To Me Though, Listen To An Expert In Business
If you want an insightful look into what makes businesses succeed and what makes them fail, there is a great new TED talk for that.
Bill Gross, who has been a part of a lot of startups and is the founder of Idealab, wanted to know why some businesses succeed and why some failed. So, he went ahead and looked at the data from hundreds of companies, and he found that one thing stood out above the rest.
If you are in the process of starting up a business, or if you are just curious as to what makes one business more likely to succeed over another, then this is a short 6:41 minute talk that you will want to watch.
As Bill says in the video, there are 5 things that matter to startups: timing, team, ideas, business model, and funding. You would think it would be the idea or possibly the funding that has the biggest impact on business success, but, the most important aspect seems to be the timing.
When you think about it, it’s not surprising that timing is so important. If a service comes out right when it is needed, then why wouldn’t it be successful?
I personally don’t look for services until I need them, and it is very easy for me to spend money on something when I do need it. When that need doesn’t just come from me, but thousands or millions of other people, then you have a good shot of reaching a lot of people and having a lot of success.
An Example Of Good Timing
I think a lot of people already take advantage of creating a business at the perfect time.
For instance, I’ve noticed that lately a lot of fitness and diet products are coming out that help people fix their hormonal issues to lose weight rather than their calorie in and calorie out issues.
That makes sense to me because hormonal issues are now being discussed much more in the dieting community, and the demand for it is there. While there may still be some people who are willing to buy a diet focused on calories, it would be wiser to start a business focused on hormones.
If you have any examples of businesses that came out at just the right time, please share in the comments below.
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