Ren Carlton: Startup Compete FAANG

Showing posts with label Startup Compete FAANG. Show all posts

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
https://www.britannica.com/biography/David
https://www.desiringgod.org/articles/where-real-courage-comes-from
https://www.nationalgeographic.com/culture/people-in-the-bible/story-king-david-goliath/#close
https://www.imdb.com/title/tt0054788/plotsummary
https://en.wikipedia.org/wiki/Goliath
https://www.reliableplant.com/Read/2432/power-of-a-clear,-concise-vision
https://www.inc.com/murray-newlands/6-tips-to-build-self-confidence-for-business-success.html
https://www.ocregister.com/2014/01/28/status-update-reddits-ohanian-motivated-by-rounding-error/

https://www.linkedin.com/in/rencarlton

https://rencarlton.blogspot.com
https://twitter.com/RenCarlton
https://www.youtube.com/channel/UCmxQWgUDlPJo0IHCIa6SzrQ
https://omegalegacyacceleratorx.com/924-2/https://www.facebook.com/TheOmegaAccelerator/
https://www.instagram.com/omega.funding/
https://rencarlton.blogspot.com/2019/09/funding-session-with-ren-carlton.html

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.

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

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.
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.
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.
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.
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.
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.
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
https://www.goalcast.com/2018/07/16/confidence-quotes/
https://www.gotquestions.org/five-smooth-stones.html
https://www.inc.com/murray-newlands/6-tips-to-build-self-confidence-for-business-success.html
www.investopedia.com
https://www.biblegateway.com/passage/?search=1+Samuel+17&version=NIV
https://abcnews.go.com/Business/ceos-founders-lived-parents/story?id=26888490

https://www.linkedin.com/in/rencarlton

Wednesday, April 22, 2020

David vs. Goliath - Battling Giants - How Startups can Competing Against FAANG - Part 1 - Facebook FB, Amazon AMZN, Apple AAP, Netflix NFLX; and Alphabet/Google GOOG

This is part one 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

The Original Story - David vs. Goliath

Here are some excerpts from the Samuel 17, just in case you are unfamiliar with the bible story of David and Goliath.

A champion named Goliath, who was from Gath, came out of the Philistine camp. His height was six cubits and a span [about 9 feet 9 inches]. He had a bronze helmet on his head and wore a coat of scale armor of bronze weighing five thousand shekels [about 125 pounds or about 58 kilograms]; 6 on his legs he wore bronze greaves, and a bronze javelin was slung on his back. His spear shaft was like a weaver’s rod, and its iron point weighed six hundred shekels [about 15 pounds or about 6.9 kilograms].

He [David] took his staff in his hand, chose five smooth stones from the stream, put them in the pouch of his shepherd’s bag and, with his sling in his hand, approached the Philistine.

Meanwhile, the Philistine, with his shield bearer in front of him, kept coming closer to David. He looked David over and saw that he was little more than a boy, glowing with health and handsome, and he despised him.

As the Philistine moved closer to attack him, David ran quickly toward the battle line to meet him. Reaching into his bag and taking out a stone, he slung it and struck the Philistine on the forehead. The stone sank into his forehead, and he fell facedown on the ground.

So David triumphed over the Philistine with a sling and a stone; without a sword in his hand he struck down the Philistine and killed him.

David ran and stood over him. He took hold of the Philistine’s sword and drew it from the sheath. After he killed him, he cut off his head with the sword.

In Malcolm Gladwell's book David and Goliath, Gladwell points out that giants are not what we think they are. The same qualities that appear to give them strength are often the sources of great weakness. And the fact of being an underdog can change people in ways that we often fail to appreciate.

Battling Giants - Lesson 1 - Target a Specific Niche

David was properly equipped to battle Goliath. He wore no armor and used a deadly projectile weapon. He was fast and mobile. Goliath wore heavy armor and held a heavy weapon. He was slow and immobile. He was well equipped to go into a war leading a massive army. But he was not prepared to battle with a fast, single sharpshooter. Goliath didn't stand a chance.

Battling modern day giants with virtually unlimited resources requires you to focus on a specific niche. Otherwise, your marketing costs alone will likely bury before you get started.

Amazon launched in 1995 as a website that only sold books, founder Jeff Bezos had a vision for the company's explosive growth and eCommerce domination. He knew from the very beginning that he wanted Amazon to be "an everything store."

In 1997, Reed Hastings founded Netflix, a DVD-by-mail rental service at the time, in part after being frustrated with a $40 late fee from Blockbuster.

Mark Zuckerberg competed with MySpace by focusing on students at Harvard.

Notice a pattern? All of these FAANG companies started by attacking a very specific niche. Niches may include:

-Type of service or a subset of a service, e.g. Uber for eats

-Specific attribute of an existing business model, e.g. Free delivery

-Geography, e.g. city or state
-Demographic, e.g. white females 25-35
-and more

Once you pick your specific niche, you can properly equip yourself for battle.

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
https://www.reliableplant.com/Read/2432/power-of-a-clear,-concise-vision
https://www.ocregister.com/2014/01/28/status-update-reddits-ohanian-motivated-by-rounding-error/
https://deanyeong.com/reading-note/david-and-goliath/
www.investopedia.com
https://www.goodreads.com/quotes/536961-the-reasonable-man-adapts-himself-to-the-world-the-unreasonable
https://www.biblegateway.com/passage/?search=1+Samuel+17&version=NIV
https://www.linkedin.com/in/rencarlton
https://rencarlton.blogspot.com
https://twitter.com/RenCarlton
https://www.youtube.com/channel/UCmxQWgUDlPJo0IHCIa6SzrQ
https://omegalegacyacceleratorx.com/924-2/https://www.facebook.com/TheOmegaAccelerator/
https://www.instagram.com/omega.funding/
https://rencarlton.blogspot.com/2019/09/funding-session-with-ren-carlton.html

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.