Tuesday, May 5, 2020

The Third Powerful Secret to Battling Giant Competitors - Vision - How Startups can Competing Against FAANG - Facebook, Amazon, Apple, Netflix, Alphabet Google - David vs. Goliath

This is part three 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
Click here for part 2

The Third Powerful Secret to Battling Giant Competitors - Vision

The Philistines declare war on the Israelites and wrench the Arch of the Alliance from them. David was not born into royalty. He entered life as a humble shepherd, rose to found a dynasty, and became a central figure in Judaism, Christianity, and Islam.

Samuel the prophet had informed David that God had chosen him to be the next king of Israel and anointed him with his brothers around him (1 Samuel 16:13). David knew this information when he arrived in the camp and heard Goliath’s sneering rants. And he drew additional confidence by remembering how God had helped him in the past (1 Samuel 17:34–36).

As Israel's second king, David built a small empire. He conquered Jerusalem, which he made Israel's political and religious centre. He defeated the Philistines (Goliath was a Philistine) so thoroughly that they never seriously threatened the Israelites' security again, and he annexed the coastal region.

David's vision was to be King of Israel. What is your vision?

Building Your Vision 

Your vision for your company should be exciting and motivating. One way to do this is to use your business that solves a problem or reaches a goal that is meaningful to you. If you can do this, the bare minimum outcome of success will be doing something that benefits you. If it benefits you, it is likely to benefit others as well.

Adopting this methodology avoids the challenge of developing a solution looking that is looking for a problem. This is one of the problems we see in some of the pitches we receive. Start with the problem and find a solution.

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.

Examples of Famous Clear, Concise Visions

“Give me liberty or give me death.”
– Patrick Henry, United States Revolutionary War leader, 1776

“We shall never surrender.”
– Winston Churchill, England prime minister, 1941

“By the end of the decade, we will put a man on the moon.”
– John F. Kennedy, United States president, 1962

“A computer on every desk and in every home.”
– Bill Gates, Microsoft chairman and chief executive officer, 1980

One of My Favorite Story About Vision

Alexis Ohanian and Steve Huffman launched Reddit in 2005 as a social website that allows users to post thoughts or content and have others rank submissions by voting it up or down. Soon after, they flew to meet with Yahoo executives in Sunnyvale. Upon hearing that Reddit had about 10,000 users at the time, one executive sneered, “You guys are just a rounding error compared to Yahoo. What are you guys even doing here?”

“The first thing I did when I got back to my desk, I put this on my wall, ‘You are a rounding error,’ because I wanted to know every single morning who we were proving wrong,” Ohanian said.

As of 2018 Reddit has 330 Million Monthly Active Users.

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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