The 5 Pillars to Launching a Disruptive Start-Up outside Your Expertise
Entrepreneur's New Year’s Guide
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Have you ever been curious about how to make a coffee filter work better, even though you are a die-hard fan of tea and invention and science are far removed from your profession as a ballet dance teacher? Well, if you’re passionate, curious, intelligent and fearless, there is nothing stopping you from launching a disruptive start-up completely unrelated to your area of expertise and even making lots of money while you’re at it. Risky business, some would say, but what’s life without a few challenges and risks, especially when they pay off well.
So if you have been secretly nurturing a brilliant idea, far from your comfort zone, which you feel will make the world a better place, here are a few tips to remember
Research Well to Know for Sure your Idea is Disruptive:
It is almost always a personal experience or a little word, gesture or conversation that gives birth to great ideas. However, if you aren't familiar at all with the industry your idea falls under, make sure you read up and research intensively to back up your idea with facts and data. Examine the sector from the perspective of your idea – ask yourself why it hasn’t been thought of earlier? What could be the possible pros and cons? Only when you’re convinced that there is, indeed, a huge untapped gap that your idea can fill, should you go ahead and take the plunge.
Curiosity and Passion Keep the Ball Rolling:
Nothing keeps a start-up ball rolling better than undying passion, curiosity and dedication to see it through. When you are in an unfamiliar surrounding, you become more alert. Use this newness to approach everything with a fresh set of eyes and perspective. Be curious about even the most mundane things. Entrepreneurship is never easy and comes with its own set of ups and downs. Being curious helps you investigate the ‘unknowns’ better. Never be shy to ask what you think are ‘stupid’ questions. It is important for you to know every tiny detail about the industry your idea will nurture.
Talk to People to Know the Industry Well:
Try and collect as much information and advice as you can from people in the industry you aren't familiar with. Research and know about your competitors. Talk to everyone who can give you different insights. This will add a multi-dimensional approach to your concept, basing it on a solid foundation of relevant experience.
Try to Keep a Fresh Perspective at Every Stage:
A fresh approach to everything will ensure you don't fall into the trap of going down a beaten path. Don’t lose sight of what you're bringing to the table and why. Try not to hire your team from the same industry so that when you all put your heads down, there is no dearth of exciting ideas that are out of the box. After all, if you're going to do the same stuff that others are doing, how are you disrupting the space? An ideal boardroom would be a team that is a good balance of fresh minds and old experienced hands.
Be Fearless and Don’t get Waylaid:
When you are working in a new field, the fear of failure can be your biggest downfall. It is okay to feel overwhelmed at times with the constant pressure to succeed, to show profits start making you uncertain about your idea. It’s what all entrepreneurs go through. Don't let fear paralyse your pace. Take a step back to re-evaluate what you’re doing and get your head back in the game with intelligent structuring, be it finances, manpower or timelines. Be confident enough to stand up to naysayers who think your start-up is going to be a failure, because only you know your idea best and only you can make it work.