The co-founder of Diapers.com and Jet.com, Marc Lore, is all too familiar with leaping into the unknown. One thing he’s learned from all of his audacious endeavors is that you can’t leap alone. You need to convince your team and, more importantly, your customers to leap with you.
Look before you leap!
- Sometimes, taking risks and exploring uncharted territories can lead to great success in entrepreneurship. Finding a gap in the market and asking “why doesn’t it exist?” can be a starting point to create a successful business.
- Convincing others to join you is just as important as taking risks. A successful founder must persuade their team, customers, and investors. Marc Lore’s childhood passion for numbers helped hone his persuasion skills.
- Before taking the plunge into entrepreneurship, consider having a backup plan to fall back on. Having a solid plan in place can make the transition smoother and instill confidence in investors and business partners.
Taking on the competition: risks and rewards
Poking the bear of a larger competitor can be risky, but sometimes it can accelerate growth and elevate your brand. However, it’s essential to have a clear strategy and a unique value proposition that sets you apart from the competition.
Customers need to be convinced to make the leap with you, and you can’t rely solely on being faster or better. If you’re going to take on Goliath, it’s important to understand their playbook and come up with one of your own that leverages your strengths.
Success requires a deep understanding of your customers and a willingness to iterate and innovate to stay ahead of the competition.
Sometimes you just jump and see what happens.
If you want to move fast, spend a lot of time upfront on clarity. What exactly is your vision?
The right people are crucial to success. Prioritizing hiring the right people for key roles requires creating non-traditional positions like a Chief People Officer
The importance of persuasion in successful entrepreneurship
Entrepreneurship requires the willingness to take risks, which is a valuable asset for an entrepreneur. However, the ability to convince others to take the plunge with you is equally important.
Founding a company is similar to jumping off a cliff and building an airplane on the way down. To achieve true success, founders must also convince their team, customers, and investors to join them.
Example: Marc Lore has refined his method of bringing people along with him as he takes entrepreneurial leaps. His childhood passion for numbers helped him escape from others, but he learned the importance of persuading others later in life.
A long-term vision
- It’s important to have a long-term vision in entrepreneurship and be willing to take calculated risks, even if they mean temporary setbacks, to achieve future profitability.
- Start with a niche product, build customer loyalty and trust, offer specialized experiences, sell long-tail products with higher profit margins, avoid public comparisons, and be cautious in expanding to new markets.
- Developing a clear strategy and unique value proposition sets you apart from the competition.
- Success requires deep customer understanding and the willingness to iterate to stay ahead.
- Take people with you as you make a business leap, have a mission-driven approach, and build something you’re proud of, not just focused on transactions and profit.
Scaling with the right people
- Creating a unique approach to logistics and incentivizing customers can pay off in a big way. Don’t be afraid to change the narrative and invest in marketing to accelerate growth.
- To scale your business, create a clear vision and strategy with objectives and success metrics.
- Build your organizational structure around your strategy, and be deliberate about roles and responsibilities. The right people are crucial to success.
- Focus on finding individuals who are smart, passionate, and have the right traits to succeed. Building a supportive team is crucial.
