When you think of your startup, think of it like you think of the Olympics. In many ways, it is highly analogous.
Just as in the Olympics, in the competitive startup space, the best rise to the top. Startups are also increasingly up against global competition, just like the elite athletes who compete on worldwide stages such as the Olympics.
When you think of your startup, why does it matter that you think of it like you think of the Olympics?
First, even if you are competing mainly in a local competition, you definitely want to try to be on the “podium”. If you’re not one of the top few market leaders, you’ll definitely be leaving money on the table, and as easy as it is for customers to switch providers in most markets, your business may not even survive.
Second, when you think of your startup as you would think of the Olympics, it is a useful reminder that you must constantly strive to make your business better. How many elite athletes do you know of who get to a certain level of success, decide they’re good enough, don’t practice any more, and still stay at the top of their sport? The clear answer is: none. The best in the world, whether it’s in sport or almost any other endeavor are always striving to get better. As the saying goes, if you stand still, you die.
Third, thinking of your startup as you would think of the Olympics reminds you that we live in a global community. There may be no opening or closing ceremony in your business to remind you of all the companies participating, but rest assured that in most markets, your competition, and your potential allies, are represented by most of the countries o the world. Embrace the global nature of most of today’s markets as an opportunity and a challenge. You will need to up your game to compete, but with the right perspective, you will also have access to allies, resources, and potential customers from around the world.
Fourth, when you think of your startup as you think of the Olympics, it serves to remind you that the world is watching. With the existence and continued expansion of the internet and social media, hardly anything goes unnoticed. This can be both a challenge and an opportunity. It can be a challenge when you make mistakes in your business, as they may be quickly broadcast to the world, and depending on the severity of the mistake, they can be very costly to your business. On the flip side, you can harness the power of the internet and social media to help get the word out and create a narrative that makes sense about the value you are delivering with your product and service offerings.
Fifth, and finally for now, just was with the Olympics, your startup is not winner take all. In some markets, it may be pretty close to winner take all, but in most markets there are at least a few “podium” spots. It will always pay for you to be as close to the top as possible, but you can still make a go of most businesses that are in the top three or even top ten, depending on the size of the market you are addressing.
Strive to have your startup be number one in your market, just as an elite athlete would. Work from the beginning and practice deliberately to maximize the value that your startup is creating for your customers. Get the word out to the market and work on perfecting your startup’s game in closing sales and in delivering the value that you’ve promised. If you do this on an ongoing basis, you will increase the probability that you can build a profitable business that can compete at an elite level for years to come.
Image by Remaztered Studio from Pixabay
