If you wait too long to launch your business, will you miss your shot?
That’s the topic for today’s episode!
My name is Dan Holloway. I’m a business coach and mentor, and my mission is to help 1 million creative entrepreneurs to earn a diverse, stable income, from doing what they love…
If that’s you and you come to the right place.
So to the topic in this episode, if you wait too long to launch your business, will you miss your shot?
There are two ways of looking at this.
One way. The answer is probably yes. The other way, the answer is definitively. No.
If you are, for example, starting a software based business.
In that software business, the route to market and the time it actually takes to get to market means the difference between you having competitors or not!
The speed at which you grow means the difference between you having competitors who may potentially, or likely, overtake you or not.
If you’re in a highly competitive space, let’s say for example, a software development space or a startup business that is not as defensible as let’s say a personal brand…
We’ll get to that one in a minute…
Then the thing that you have on your side is speed and time to execution. And. Really just launching, growing and scaling as quickly as you possibly can. Because in those markets and in those spaces and verticals, the people who win, the businesses that win, the brands that win, are normally not necessarily those that are first, but those who are fastest to gain a foothold in that market and to gain authority in that space.
If you are a start up, for example, that enters the market, you’re first into the market, but you are slow to grow and then scale. And while you’re spinning up. And while you’re slowly building your way up through growth and through scale .And other competitors enter the market who are quicker than you, leaner than you, and frankly, more efficient and more effective than you in terms of growing and scaling.
Even if that growth and scale is messy, even if it’s a little bit rough, a little ready, not quite as polished as you would necessarily like within your own business. If they hit that, not so much the finishing line, but if they hit pace and if they hit growth, if they hit scale and they effectively gain a foothold in that market segment before you…
Then your role and your job to overtake them as a competitor is exponentially harder.
So if you are in a startup based business… If you’re in a market that’s highly competitive and you are not as fast as your competitors. You’re not as lean as your competitors. You’re not as efficient or effective as your competitors. If your trying to launch a product that’s perfect before it actually goes into the market, whereas your competitors are quite happy to launch something is a little bit rough around the edges.
Chances are, they will actually succeed before you do. And that’s just the way it is. That’s just the way it goes. I’ve seen it countless times. I have mentored and coached quite literally hundreds of startup founders over the past decade and the ones that win, the one six succeed, the ones that exit for large valuations, predominantly based upon market-segment domination and growth and scale.
Those ones are the ones that get investment. Those ones are the ones that get acquired. Those ones are the ones with founders that exit that business with large paydays,
The ones that are slow, the ones that are ineffective, inefficient, or waiting until everything’s perfect before they launch, before they reiterate or pivots or release updates or upgrades.
The ones that are slow, tend not to succeed.
And that’s just, like I said, that’s the way it is. So that’s the first one.
Let’s, for example, say a personal brand, even if that’s a startup business or an established business that leverages a personal brand, or the personal brands of the founders or the management team or the leadership team.
Those ones are very defensible! Because if those businesses base their market domination and our authority upon their personal brand and not the IP and not the technology, for example, that their business may or may not have. Then by its nature a personal brand is defensible because there is only one you and someone cannot replicate. You.
Let’s take a great example of this as Gary Vaynerchuk. Now he has VaynerMedia.
VaynerMedia essentially is a social media management agency for influencers and brands. Now that business, VaynerMedia, and those that come under the Vayner Group of companies, there are startups in there. There are media businesses in there. There’s all sorts of different businesses under his group umbrella.
Now all of them. Are basing their authority and the status they have within the eyes of their audience, their authority within the markets, they are basing that authority upon the personal brands, not only of him, because that is a very, very powerful personal brand. But they also are very intentional about placing the personal brands of the execs and the leadership within those businesses at the forefront of what they do.
You will see thought leadership, you will see market dominance or authority, status in the eyes of the audience and their markets. You will see all of that coming from not only Gary Vaynerchuk himself, but also from the people he puts in charge of those different business divisions.
Because they know that when you have a defensible market and when you have a defensible brand. A brand that is a person, a personal brand, heading up a larger organization, that is defensible. The audience connects with the person more than the brand itself.
And the brand resonate s with the values and the beliefs and the vibe that the leadership team puts across and builds and nurtures with that audience. So they’re very symbiotic in that way.
So the answer to this question is if you wait too long to launch your business, will you miss your shot? It depends if you’re startup founder, or you’re trying to launch a business and it’s in a market where there are other people doing what you do, then there is plenty of opportunity and business and money out there for everyone.
There are billions of people in the world and there is always opportunities. If you can actually build your personal brand, if you can actually put out content, if you can build relationships, if you can develop trust within the eyes of your audience or authority within your markets. Then you can build a business that is defensible upon that personal brand, because you will not have competition.
There is only one you.
If you are launching a business, that’s fast paced, in a new space.
One where really your time to get to dominance means the difference between you succeeding and becoming the dominant player in that market or not. Then waiting too long is the last thing you want to do.
Because if you wait too long, you will have people overtake you. They will hit that finishing line of dominance before you, and you would have wasted an awful lot of energy, an awful lot of time, and you will not get to the point which you would have otherwise potentially got to, if you had moved faster…
I’m on a mission to help create entrepreneurs, to earn a diverse, stable income from doing what they love. So if that is you, and if what I’ve been speaking about resonates, and you really want to level yourself up and take your business, that next step beyond where it is right now, then by all means book a call with me.
And let’s talk. It’s not a sales call. It’s a discovery call.
If we’re a good fit to work together, great!.
If we’re not, then I will point you in the right direction of where I believe your next logical step should be.
To book that call, go to:
Thanks for reading. And I will catch you again in the next episode.
Business Coach & Mentor
to Creative Entrepreneurs
Founder, The #DanKnows Vault