Show notes from podcast episode 121.
Don't try to reinvent the wheel with entrepreneurship
You have to be really good, have money, and have a lot of luck to make a new revolutionary idea work.
There are a lot of bad businesses out there right now making good money. Some of them suck at sales. Some suck at recruiting. Or marketing. Or SEO. Maybe they run their businesses like its 1980. Some suck at many of these!
Yet they still make really good money. Don’t try to reinvent the wheel with a revolutionary idea. Its expensive. The odds of success are low. Its risky.
All of the wealthiest people I know started with simple regular old business ideas.
Don’t try to have 20 differentiators. Just one could be enough. Instead of trying to be the Uber of lawn care maybe just be the only business in town who uses a service like Jobber that allows customers to schedule appointments, request quotes and pay online.
Check out this list for a few businesses that I think are ripe for entry.
I’m not advocating for halting progress and not innovating. I’m just saying that the first step is making a minimally viable business that is profitable and sustainable. Then begin to innovate slowly and steadily. You’ll be amazing at the progress you can make in 5 years.
Just carve out your piece of the pie by doing the fundamentals a little bit better. Find one of these businesses and compete with them!