Entrepreneurs aren’t just the catalyst for economic growth, but they can also teach us what the future of our world could look like.
If you’re on the internet, you must have already come across a form where you have to decode a distorted sequence of characters in order to ascertain that you’re a human and not an AI robot. This challenge-response test was called a captcha and was created by Luis von Ahn back in 2003 as a security measure to thwart scammers.
Captchas were proven effective, and about 200 million captchas are getting generated every day. According to experts, it takes 10 seconds on average to complete a captcha, and if you would multiply that by 200 million, you’ll come to realize that 200 million times get squandered each day just to top off these annoying captures.
Despite the innovation, computers are having a hard time determining texts, especially from books that were washed out. To make captchas more worthwhile, Luis thought of digitizing old books through these security tests. He improved his current program and launched reCAPTCHA. With this new program, old books get transcribed each time you enter the right word.
A lot of websites adopted this solution. Eventually, Google took an interest in this and bought the company in 2009.
Luis then launched another start-up, an app that helps people learn other languages, called Duolingo. In the United States, Duolingo became the go-to spot for citizens who wants to learn another language. In fact, more people rely on the app than on the public school system.
Currently, his net worth is around $700 million. Now, what’s the main point of all of this?
Simple— why do highly successful entrepreneurs make silly, simple-minded businesses? What do aspiring entrepreneurs fail to understand?
On chances that you have an idea for a side hustle or a full-time business, always ask yourself what your business will do to contribute to a particular community or even the world?
Most entrepreneurs struggle to put up and sustain their business because they either have no idea what they are doing or are trying to do too much.
You must have heard of brilliant ideas from entrepreneurs claiming that they will be the next trailblazer and they will leave a legacy in their generation. However, this isn’t how business works.
Take It From Richard Branson
Richard Branson, who was supposed to fly to the Virgin Isles, got his flight canceled. Dejected by the situation, he went to the airport and catechized if he could rent out a plane.
Luckily, there’s one available plane that’s available for rent, and Branson took advantage of the opportunity. He rented the plane, asked out people who wanted to ride with him and split the bill among those people.
After coming back on his trip, he chattered at the airport if he could rent out a plane for the entire year— this crazy idea gave birth to Virgin Airlines, which now has reached £16.6 billion in revenue.
Of course, this crazy antic isn’t for every one of us. We are not as rich as Richard Branson to rent a plane just not to miss a flight!
But that’s not what we are trying to point out here. What we are trying to say is that… a business should be established with just the money to be earned in mind, but with a solution to offer to real people.
Idea and Execution
Do you know how much a brilliant idea is worth? Sorry to burst your bubble, but it isn’t worth that much until you combine them with execution.
In 1980, Apple released a business-oriented computer called Apple III. Even back then, Steve Jobs has always had the drive to push the idea of having the thinnest and most quiet hardware on the market. His mission has always been, “To bring the best user experience to customers through innovative hardware, software, and services.”
To make computers as silent as possible, Jobs pursues not having fans or air vents. However, although it may seem to be a good idea, he has undergone a terrible execution. Since there were no fans nor air vents, the Apple III ran hot to the point that it literally melted some parts inside.
They had to do a recall on about 14,000 units that were sold and eventually discontinue putting the product on sale. But Jobs was extremely persistent about his mission, so he kept the idea and put an effort into finding ways to improve the execution of the future products.
Many people say that Apple’s success is attributable to Steve Job’s excellent marketing, but it’s all about the idea, mission, and execution!
There’s also the YouTube sensation, Mr. Beast, who has opened up a restaurant chain called MrBeast Burger.
Mr. Beast started off by launching a virtual restaurant. In fact, there were no physical stores for his products. If a person owns a small, family-owned, or independent business, they can sign up to sell his burger after going through a course where they teach you how to make it.
People who made a deal with him will get all ingredients and packaging from his store and keep the majority of the profits from his store. He surely hit the nail on the head and reached success through it.
Initially, he launched a burger in 300 restaurants, and they all sold out immediately! The demand grew so high that they kept adding 50 restaurants every week just to keep up. In the first three months alone, he managed to make $8 million!
Let us tell you a simple secret recipe to building a successful business:
Starting small forces you to solve a real problem for real people
By starting small, you will get the opportunity to test your product in the market as fast as possible and receive instant feedback. Every effort you give in is all centered on one point— how does your simple product would benefit the customer? This is the most crucial part of launching and sustaining a business.
Starting small gives you the flexibility to enhance and pivot your product.
If you would come to think of it, although Apple III was a failure, the philosophy where it was founded still remains and is getting used for the greater good these days. So keep in mind that despite the failures you will face in your business venture, you could still make it if you would stay true to your core.
You don’t have an infrastructure that holds you down
Going back to Mr.Beast’s story, we would realize that businesses aren’t all physical. Why build expensive infrastructure for your business when you have other alternatives?
