Key rules to build a disruptive Start-up!
Now to simplify things further and help you understand more, let us enlighten ourselves with the concept ‘disruptive innovation’.
The term disruptive innovation is introduced by Clayton Christensen. He described it to be a process in which an underrated product or service gains popularity so much so that it replaces or takes over the existing standard products and service. Disruptive innovation is known to have low gross margins, smaller market targets and manufactures honest-to-goodness products and services that often tend to grab the attention of the people. For example; Netflix is an innovative idea that has created disruption in the entertainment industry. Like Netflix, there are a number of companies who have created great disruption in the market and there are many who wish to do the same. There are no specific rules as to how a company can bring in disruption in the market but there are certain guidelines which every start-up should follow if it wishes to bring turmoil in the business ecosystem.
1. You need to build a startup based on your idea not on what people want. The fact is right that you need to cater the customers need but not by generating services or products that they wish to have. If you are to create a distinct impression, you need to stand out. Work on your own idea and with a well-planned strategy win the attention and the market.
2. Go ahead and build your unique product but make sure to add value to it. Just drafting an unconventional product is not the only way to be a disruptive startup; you need to make one that has got good value too. This will automatically solve your problem of sales and pricing.
3. Get your startup the best engineering team. There’s a saying that we eat food first with our eyes and that true. We get attracted to things that look appealing and striking. Similarly, you need to design your product very well, this will grab attention and pull customer towards it.
“Disruptors don’t have to discover something new; they just have to discover a practical use for new discoveries.”- Independent Vice Chairman of Deloitte.
4. Trust yourselves. Yes, there’s nobody in the world who will have complete trust in your idea. There will be people discouraging you calling your innovation a worthless venture. But as an entrepreneur, you need to have full trust and confidence in yourself and your idea that is when you will be able to gain the trust of the customers in the market.
5. Take chances and adopt changes. It is a normal thing to change business ideas and strategies while you are still moulding your product or services. Products vision and business models are subjected to frequent changes. In fact, this may lead to the invention of something even more distinctive and unique than what you ever thought.
These are just five basic disruption rules discussed above. Hundreds of more such rules can be listed out. Think of a few such rules you would implement to create a disruptive start-up.