Today, a conversation with a colleague got me thinking. We were brainstorming business ideas, and it struck me: most concepts aren’t entirely groundbreaking. Many times, they’re iterations or improvements on existing ideas.
So, can one carve out a niche in an industry already dominated by titans? Despite the challenges, I remain optimistic. The more pressing concern is, “How can we thrive in such an environment, especially with limited resources?”
New businesses emerge daily. Many are treading paths others have already walked. While numerous startups don’t make it past their first few years, the success stories of those that do are enlightening. What strategies or unique approaches allowed them to thrive where others faltered?
Throughout the years, I’ve gleaned insights from various successful CEOs. A recurring theme among them is their relationship with failure. Embracing mistakes, rather than avoiding them, seems integral to their success.
Mark Zuckerberg, for instance, once shared that he wouldn’t avoid any of the mistakes made during Facebook’s (now Meta) journey. In fact, he wished he’d encountered them sooner, believing they paved the way for his success.
Elon Musk, discussing Tesla, admitted he initially doubted the company’s potential. What intrigued me was his rationale for persevering despite the anticipated failure. Musk’s perspective was clear: “If you’re passionate about something, pursue it, regardless of the odds.”
Numerous success stories echo this sentiment. Take EPIC Systems in the USA, for example. They dominate the market in Electronic Health Records systems today. However, they entered a market with established competitors and still managed to emerge as leaders.
I’m now more convinced than ever that with the right mindset and approach, one can thrive even in saturated markets. If the research supports the vision, and the passion is there, then nothing should deter one from pursuing their dream.
But beyond that, it’s vital to continuously seek and understand what makes some businesses rise above the rest.
Ehoneah Obed: Pharmacist, Software Engineer, Health Informatics Student.
Inspiring tech enthusiasts and future healthcare innovators. Sharing insights on software engineering, health informatics, and motivating young minds in technology and healthcare.