What can we encounter in our entrepreneurial journey in the 21st century?
I will give some examples for this question through a podcast which I conducted with Sinem (co-founders of the Plavel app,).
The Power of “Wish”: From Problems to Opportunities
When do we use the word “I wish”?
Recall the times you’ve used the phrase “I wish”. You’ll notice that we usually use this phrase when faced with a problem, an issue, or regret.
However, the word “wish” can also be thought of as a passive word that reflects the desire to approach negative situations with a positive perspective and seek solutions.
Entrepreneurship is about understanding this “power of wishes” and turning problems into opportunities. Entrepreneurs fall in love with the problems they encounter and seek creative solutions to solve them. The key is to identify these problems and find solutions because a successful venture provides its audience with a valuable solution to their needs.
As discussed in the podcast, Sinem encounters a problem while traveling with her co-founders, and by using the phrase “I wish” she identifies a problem. Recognizing this problem emerges as one of the first steps in the process of starting this application.
Furthermore, identifying this problem is crucial because 42% of startups fail due to the market not needing their product. This highlights the importance of startups finding the real problem.
Approaching Perfection
Can we be perfect?
For me, what matters is starting with what we have and continuing from there. We can get lost when we focus too much on details, which can prolong the process. However, starting with what we have is an important step.
Sometimes a perfectionist attitude can be a big obstacle in the beginning. Being aware of this attitude, we can try to give it up so that it does not prevent us from getting started. Because in reality, our initial production is our experience that brings us closer to perfection.
Sinem also emphasizes the concept of MVP (Minimum Viable Product) in the podcast, which is a crucial concept to consider in the entrepreneurial journey. MVP is the version of a product with the minimum effort and feature set to quickly gather feedback from its target audience and understand if there is a need for the product in the market.
In short, it is important to aim for approaching perfection while showcasing the basic working version of the product using the available resources. Waiting for perfection at the beginning can prolong the MVP stage, and prolonging the MVP stage means not having any knowledge about product-market fit.
Customer-Centric Entrepreneurship
Entrepreneurs hear many voices on their entrepreneurial journey. Mentors’ guidance and investors’ ideas can provide significant support. However, it should not be forgotten that these pieces of advice should not surpass customer demands.
As mentioned in Sinem’s podcast, ultimately, the users of the product are the customers; not mentors, investors, or others.
Therefore, focusing on the customer and finding solutions to their expectations and needs is an integral part of 21st-century entrepreneurship.
Finally, in this blog, we examined the issues we may encounter in 21st-century entrepreneurship. In short, an entrepreneur primarily focuses on the problem, and with the resources at hand, strives to create a useful product as quickly as possible to solve the identified problem. In this process, diversity within the team and customer focus are valued.
This approach enables entrepreneurs to take the right steps towards success and is necessary for them to survive in a competitive market.
Thanks for reading; I hope you also learn a few new things and give them a try. You can share your thoughts in the comments, and you can follow our Instagram Account :))
