Tuesday, April 28, 2020

David vs. Goliath - Part 2 - Battling Giants - How Startups can Competing Against FAANG - Facebook FB, Amazon AMZN, Apple AAP, Netflix NFLX; and Alphabet/Google GOOG

This is part two of a series we are doing on David vs. Goliath and battling giants. I will talk about how startups can compete against the FAANG companies and other major, well-funded, legacy competitors. The FAANG are Facebook FB, Amazon AMZN, Apple AAP, Netflix NFLX; and Alphabet/Google GOOG

Click here for part 1

Battling Giants - Lesson 2 - Confidence

"If you hear a voice within you say ‘you cannot paint,’ then by all means paint, and that voice will be silenced."

Vincent Van Gogh

In the story of David and Goliath, we are told David goes into battle with five stones. Why five? Maybe so he can have five shots at Goliath?

Bible scholars speculate that David chose five smooth stones because Goliath had four brothers, and David was readying himself to dispatch all five giants. This theory is based on 2 Samuel 21:15–22. That passage lists four very large Philistines who were related to Goliath in some way.

Now that is confidence.

Entrepreneurs must demonstrate confidence. Customers need to believe that you will deliver your products or services. Investors want to be assured that you will produce a healthy returns on their investments. Your team needs to know that you will still be there tomorrow. 

Tips for Building Entrepreneurial Confidence

  1. Fake It Until You Make It. Ask yourself "If I was a successful entrepreneur, what would I do?" Than do those things. It may sound a bit silly, but it works.
  2. Keep learning. Learning about your business and industry will do wonders. Always be aware of seminars and courses that can keep you up-to-date on your industry or make you more in-the-know in regard to business overall.
  3. Have a clear vision. One method to improve your confidence is to establish objectives. By having a concise vision of what you want your business to become, you will be in an improved position to work toward that goal. Do not make goals that are overly broad, such as "I want to make a lot of money." Instead, aim toward something like "I want to add three new customers a month" or "I want to see a rise in my search each week." As you establish measurable objectives, it is possible to view your progress. Also, it will make you more confident.
  4. Become optimistic. Negativity has the ability to reduce your motivation and drag you down. As we surround ourselves with good energy, we are automatically more productive. Have a power group of positive influences around you who'll support your goals. Not only are they able to provide you a little push when you are feeling sluggish, they're also able to reel you in when you get a bit off track.
  5. Take calculated risks. Helen Keller once said, "Life either is nothing at all or an adventure." Do things that temporarily remove from your comfort zone. Make sure these things are consistent with your vision. Don't forget to manage your downside risk. Taking caluculated risks means that the reward for taking the risk far outweighs the downside risk of failing. That is the difference between calculated risk-taking and reckless gambling.
  6. Ditch doubt. If you possess good ideas, but a phobia of moving ahead has you paralyzed, take it step by step. Many times we'll blame lack of knowledge, funds, and support when in fact we're blocking our road to success. Do not listen to negativity; have faith. You may be shocked at what you're able achieve.
  7. Recognize small things you have accomplished. As you make that initial sale, celebrate. As you diffuse a problem that might have exploded out of control, give yourself a pat on your back. Those little victories will serve as a reminder of how talented you are and that you have more business successes to go.

One of My Favorite Story About Confidence

On November 14, 2013, The Wall Street Journal reported that Facebook offered to acquire Snapchat for $3 billion from Evan Spiegel. Spiegel was a college dropout and living in his father's basement. Spiegel declined the cash offer. 

Was that a good decision?

In 2020, Snapchat is a publicly traded company on the New York Stock Exchange (NYSE) and Evan Spiegel's net worth is estimated to be $3.4 billion dollars.

Are you looking for investors for your business, contact us today, funding@omegaaccelerator.com.  

Are you interested in angel investing and helping us fund early-stage businesses? Email info@OmegaAccelerator.com

Sources and Links

Disclaimer: This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. We are not offering any legal, investment, tax, or medical advice. Please consult the appropriate professional before doing anything you learn from the content posted on any of our digital properties. All stories are based on true events, but are altered to protect the identity of the individuals involved.

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