Experienced entrepreneurs and investors say: “No business idea is completely unique”. It is also our experience. No matter how smart you are, and how unique my idea is, there is a great risk that somewhere on the globe there is another individual sitting and having the same thought. Against this background, it is extremely important to find a strategy for how I will succeed with my business concept. Our experience is that it is almost impossible to protect yourself through copyright or other legal arrangements. There is really only one successful strategy and that is: “Bring it out to the market as fast as possible” – Time-To-Market. The one who succeeds in first getting his business concept established is the one that almost always succeeds. There are always “copies” or that someone else has the same idea, but the first established one has so many advantages. Of course, to succeed with this strategy, speed is required, but also resources. Therefore, the supply of capital in combination with the supply of knowledge and help is very important.
Communication is also a crucial success factor. Reaching out to the market and being seen throughout the huge supply is crucial. A startup, for natural reasons, does not have as much resources as a mature company. Therefore, you have to work smarter and use communication that doesn’t cost that much money. Social Media is an excellent channel that one should definitely use. It’s relatively cheap. fast and has a very large audience. When using social media, you should tell their story and share knowledge and interesting information. Clean ads and promotional items are not effective. The people behind the company must also be seen as most customers are interested in who is behind the company, and that there is a history and personality of the company. As always communication, perseverance and repetition are necessary.